0001752724-21-214634.txt : 20210929 0001752724-21-214634.hdr.sgml : 20210929 20210929165824 ACCESSION NUMBER: 0001752724-21-214634 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210731 FILED AS OF DATE: 20210929 PERIOD START: 20211031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INVESCO ACTIVELY MANAGED EXCHANGE-TRADED FUND TRUST CENTRAL INDEX KEY: 0001418144 IRS NUMBER: 000000000 FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-22148 FILM NUMBER: 211292464 BUSINESS ADDRESS: STREET 1: 3500 LACEY ROAD STREET 2: SUITE 700 CITY: DOWNERS GROVE STATE: IL ZIP: 60515 BUSINESS PHONE: 800-983-0903 MAIL ADDRESS: STREET 1: 3500 LACEY ROAD STREET 2: SUITE 700 CITY: DOWNERS GROVE STATE: IL ZIP: 60515 FORMER COMPANY: FORMER CONFORMED NAME: Powershares Actively Managed Exchange-Traded Fund Trust DATE OF NAME CHANGE: 20071109 0001418144 S000060784 Invesco Total Return Bond ETF C000197600 Invesco Total Return Bond ETF GTO NPORT-P 1 primary_doc.xml NPORT-P false 0001418144 XXXXXXXX S000060784 C000197600 Invesco Actively Managed Exchange-Traded Fund Trust 811-22148 0001418144 549300S7YWBLZ3UGI217 3500 Lacey Road Suite 700 Downers Grove 60515 800-983-0903 Invesco Total Return Bond ETF S000060784 549300G68D7JXKISYN27 2021-10-31 2021-07-31 N 1018911192.10 197062857.17 821848334.93 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 85256629.73000000 0.00000000 0.00000000 51906095.09000000 USD N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 Federal National Mortgage Association 3138LLZ73 1000000.00000000 PA USD 1148265.98000000 0.139717503972 Long ABS-MBS USGSE US N 2 2033-01-01 Fixed 3.31000000 N N N N N N Charter Communications Operating LLC / Charter Communications Operating Capital N/A Charter Communications Operating LLC / Charter Communications Operating Capital 161175BY9 777000.00000000 PA USD 776785.18000000 0.094516852682 Long DBT CORP US N 2 2061-04-01 Fixed 3.85000000 N N N N N N Expedia Group, Inc. CI7MUJI4USF3V0NJ1H64 Expedia Group, Inc. 30212PBK0 2097000.00000000 PA USD 2394014.97000000 0.291296443425 Long DBT CORP US N 2 2027-08-01 Fixed 4.62500000 N N N N N N Broadcom, Inc. 549300WV6GIDOZJTV909 Broadcom, Inc. 11135FBH3 365000.00000000 PA USD 363472.87000000 0.044226270779 Long DBT CORP US N 2 2031-02-15 Fixed 2.45000000 N N N N N N Retail Properties of America, Inc. 549300OVTYLM7DH6CM14 Retail Properties of America, Inc. 76131VAB9 237000.00000000 PA USD 267754.89000000 0.032579598767 Long DBT CORP US N 2 2030-09-15 Fixed 4.75000000 N N N N N N Freddie Mac Multifamily Structured Pass Through Certificates S6XOOCT0IEG5ABCC6L87 Freddie Mac Multifamily Structured Pass Through Certificates, Series 2014-K037, Class X1 3137B8G50 6052739.45000000 PA USD 121443.98000000 0.014776933265 Long ABS-APCP USGSE US N 2 2024-01-25 Variable 0.94337600 N N N N N N Pacific LifeCorp VFN8KLUEIK7XMVX1JM30 Pacific LifeCorp 694476AE2 363000.00000000 PA USD 397150.91000000 0.048324112019 Long DBT CORP US N 2 2050-09-15 Fixed 3.35000000 N N N N N N Government National Mortgage Association 549300M8ZYFG0OCMTT87 Government National Mortgage Association 36179UV90 96100.06000000 PA USD 101939.24000000 0.012403655962 Long ABS-MBS USGA US N 2 2049-07-20 Fixed 4.00000000 N N N N N N SA Global Sukuk Ltd. 5493007DFAVKU7UOGR47 SA Global Sukuk Ltd. 78397PAA9 337000.00000000 PA USD 336978.10000000 0.041002467934 Long DBT CORP KY N 2 2024-06-17 Fixed 0.94600000 N N N N N N ConocoPhillips WPTL2Z3FIYTHSP5V2253 ConocoPhillips 20825CAZ7 4000.00000000 PA USD 4177.32000000 0.000508283563 Long DBT CORP US N 2 2031-02-15 Fixed 2.40000000 N N N N N N Global Atlantic Fin Co. N/A Global Atlantic Fin Co. 37959GAA5 407000.00000000 PA USD 454287.68000000 0.055276340012 Long DBT CORP US N 2 2029-10-15 Fixed 4.40000000 N N N N N N Freddie Mac Multifamily Structured Pass Through Certificates S6XOOCT0IEG5ABCC6L87 Freddie Mac Multifamily Structured Pass Through Certificates, Series 2017-K066, Class AM 3137F2LK0 250000.00000000 PA USD 279221.80000000 0.033974857419 Long ABS-APCP USGSE US N 2 2027-06-25 Fixed 3.20000000 N N N N N N Goldman Sachs Group, Inc. (The) 784F5XWPLTWKTBV3E584 Goldman Sachs Group, Inc. (The) 38141GXX7 1987000.00000000 PA USD 1989988.11000000 0.242135686771 Long DBT CORP US N 2 2027-03-09 Floating 0.85565500 N N N N N Apple, Inc. HWUPKR0MPOU8FGXBT394 Apple, Inc. 037833DW7 373000.00000000 PA USD 368466.17000000 0.044833840301 Long DBT CORP US N 2 2050-05-11 Fixed 2.65000000 N N N N N N SVB Financial Group 549300D2KJ20JMXE7542 SVB Financial Group 78486QAF8 726000.00000000 PA USD 706133.57000000 0.085920180158 Long DBT CORP US N 2 2031-02-02 Fixed 1.80000000 N N N N N N Lennar Corp. 529900G61XVRLX5TJX09 Lennar Corp. 526057CD4 2387000.00000000 PA USD 2787324.72000000 0.339153174805 Long DBT CORP US N 2 2027-11-29 Fixed 4.75000000 N N N N N Athene Global Funding 549300LM1QSI4MSIL320 Athene Global Funding 04685A2Q3 617000.00000000 PA USD 625170.84000000 0.076068881985 Long DBT CORP US N 2 2023-10-13 Fixed 1.20000000 N N N N N N Altria Group, Inc. XSGZFLO9YTNO9VCQV219 Altria Group, Inc. 02209SBP7 2540000.00000000 PA USD 2510119.72000000 0.305423715461 Long DBT CORP US N 2 2061-02-04 Fixed 4.00000000 N N N N N N Ford Motor Credit Co. LLC UDSQCVRUX5BONN0VY111 Ford Motor Credit Co. LLC 345397B28 395000.00000000 PA USD 412871.22000000 0.050236911416 Long DBT CORP US N 2 2025-11-13 Fixed 3.37500000 N N N N N N Royalty Pharma PLC 549300FGFN7VOK8BZR03 Royalty Pharma PLC 78081BAN3 530000.00000000 PA USD 522057.38000000 0.063522350513 Long DBT CORP GB N 2 2031-09-02 Fixed 2.15000000 N N N N N N Clarivate Science Holdings Corp. N/A Clarivate Science Holdings Corp. 18064PAA7 1154000.00000000 PA USD 1165078.40000000 0.141763187985 Long DBT CORP US N 2 2028-06-30 Fixed 3.87500000 N N N N N N Blackstone Secured Lending Fund 549300KM7KWQHVBNH962 Blackstone Secured Lending Fund 09261XAC6 1348000.00000000 PA USD 1332047.08000000 0.162079427965 Long DBT CORP US N 2 2027-02-15 Fixed 2.12500000 N N N N N N California State University N/A California State University, Series 2021 B, Ref. RB 13077DRW4 695000.00000000 PA USD 696760.99000000 0.084779753196 Long DBT MUN US N 2 2052-11-01 Fixed 2.71900000 N N N N N N Verizon Communications, Inc. 2S72QS2UO2OESLG6Y829 Verizon Communications, Inc. 92343VFT6 321000.00000000 PA USD 314323.90000000 0.038245973939 Long DBT CORP US N 2 2040-11-20 Fixed 2.65000000 N N N N N N Alexandria Real Estate Equities, Inc. MGCJBT4MKTQBVLNUIS88 Alexandria Real Estate Equities, Inc. 015271AS8 79000.00000000 PA USD 94102.11000000 0.011450057875 Long DBT CORP US N 2 2050-02-01 Fixed 4.00000000 N N N N N Octagon Investment Partners 49 Ltd. N/A Octagon Investment Partners 49 Ltd., Series 2020-5A, Class A1 67578FAA5 3000000.00000000 PA USD 3003250.76000000 0.365426397104 Long ABS-CBDO CORP KY N 2 2033-01-15 Floating 1.34613000 N N N N N N Berry Global, Inc. 549300AP2Q7ERHX6RI89 Berry Global, Inc. 08576PAC5 1515000.00000000 PA USD 1520681.25000000 0.185031858722 Long DBT CORP US N 2 2024-02-15 Fixed 0.95000000 N N N N N N Atento Luxco 1 SA 549300MLFF3HYCZQTC48 Atento Luxco 1 SA 04684LAC2 1305000.00000000 PA USD 1444085.43000000 0.175711912846 Long DBT CORP LU N 2 2026-02-10 Fixed 8.00000000 N N N N N N Seasoned Credit Risk Transfer Trust N/A Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT 35563PDD8 550198.09000000 PA USD 598087.50000000 0.072773463737 Long ABS-O USGSE US N 2 2057-06-25 Variable 3.25000000 N N N N N N GCAT Trust N/A GCAT Trust, Series 2019-NQM2, Class A1 36166MAA3 425751.03000000 PA USD 428517.43000000 0.052140694552 Long ABS-MBS CORP US N 2 2059-09-25 Variable 2.85500000 N N N N N N African Export-Import Bank (The) 21380068LJCDYA42GJ76 African Export-Import Bank (The) 00831TAB7 398000.00000000 PA USD 406771.52000000 0.049494718515 Long DBT CORP XX N 2 2026-05-17 Fixed 2.63400000 N N N N N Arthur J Gallagher & Co. 54930049QLLMPART6V29 Arthur J Gallagher & Co. 363576AB5 582000.00000000 PA USD 636802.00000000 0.077484126077 Long DBT CORP US N 2 2051-05-20 Fixed 3.50000000 N N N N N N Piedmont Operating Partnership L.P. 549300WKGDPAS39FBD10 Piedmont Operating Partnership L.P. 720198AE0 240000.00000000 PA USD 249035.18000000 0.030301841521 Long DBT CORP US N 2 2030-08-15 Fixed 3.15000000 N N N N N N Life Financial Services Trust N/A Life Financial Services Trust, Series 2021-BMR, Class B 53218CAC4 1235000.00000000 PA USD 1238505.92000000 0.150697624775 Long ABS-MBS CORP US N 2 2038-03-15 Floating 0.97400000 N N N N N N Comcast Corp. 51M0QTTNCGUN7KFCFZ59 Comcast Corp. 20030NCN9 47000.00000000 PA USD 66591.81000000 0.008102688436 Long DBT CORP US N 2 2058-10-15 Fixed 4.95000000 N N N N N N BENCHMARK Mortgage Trust N/A BENCHMARK Mortgage Trust, Series 2019-B9, Class C 08160JAK3 3369000.00000000 PA USD 3929173.74000000 0.478089882646 Long ABS-MBS CORP US N 2 2052-03-15 Variable 4.97060000 N N N N N N Fox Corp. 549300DDU6FDRBIELS05 Fox Corp. 35137LAH8 218000.00000000 PA USD 257876.93000000 0.031377678707 Long DBT CORP US N 2 2029-01-25 Fixed 4.70900000 N N N N N N Leidos, Inc. 5493006I78VIN6J1BQ95 Leidos, Inc. 52532XAH8 555000.00000000 PA USD 551991.90000000 0.067164691651 Long DBT CORP US N 2 2031-02-15 Fixed 2.30000000 N N N N N N Essential Properties L.P. 254900XX9FNFCDE1NX02 Essential Properties L.P. 29670VAA7 768000.00000000 PA USD 778251.92000000 0.094695321134 Long DBT CORP US N 2 2031-07-15 Fixed 2.95000000 N N N N N N Silgan Holdings, Inc. KAF673KJXD92C8KSLU49 Silgan Holdings, Inc. 827048AX7 404000.00000000 PA USD 402529.44000000 0.048978555153 Long DBT CORP US N 2 2026-04-01 Fixed 1.40000000 N N N N N N COLT Funding LLC N/A COLT Funding LLC, Series 2020-1R, Class A1 12597VAA3 282553.57000000 PA USD 283718.03000000 0.034521944979 Long ABS-MBS CORP US N 2 2065-09-25 Variable 1.25500000 N N N N N N Raymond James Financial, Inc. RGUZHJ05YTITL6D76949 Raymond James Financial, Inc. 754730AH2 422000.00000000 PA USD 475187.60000000 0.057819378564 Long DBT CORP US N 2 2051-04-01 Fixed 3.75000000 N N N N N N N/A N/A CDX.NA.HY.36.V1 5YR RTP @ 108.0000 N/A -19363000.00000000 NC USD -129710.80000000 -0.01578281472 N/A DCR N/A N 2 GOLDMAN SACHS INTERNATIONAL W22LROWP2IHZNBB6K528 Put Written Markit CDX North America High Yield Index, Series 36, Version 1 Swap ICE 1.00000000 108.00000000 USD 2021-09-15 XXXX -3851.30000000 N N N Goldman Sachs Group, Inc. (The) 784F5XWPLTWKTBV3E584 Goldman Sachs Group, Inc. (The) 38141GYJ7 971000.00000000 PA USD 986650.44000000 0.120052617747 Long DBT CORP US N 2 2032-07-21 Variable 2.38300000 N N N N N N Lundin Energy Finance B.V. 549300JSNI1KL271GM17 Lundin Energy Finance B.V. 55037AAB4 779000.00000000 PA USD 796620.64000000 0.096930370987 Long DBT CORP NL N 2 2031-07-15 Fixed 3.10000000 N N N N N N Hospitality Properties Trust 529900IS770AG1K9QG27 Hospitality Properties Trust 44106MAV4 180000.00000000 PA USD 181920.60000000 0.022135544025 Long DBT CORP US N 2 2026-02-15 Fixed 5.25000000 N N N N N N Allison Transmission, Inc. MWKQ3I0U1GXP2YDSZW75 Allison Transmission, Inc. 019736AG2 395000.00000000 PA USD 393587.88000000 0.047890573390 Long DBT CORP US N 2 2031-01-30 Fixed 3.75000000 N N N N N N WEC Energy Group, Inc. 549300IGLYTZUK3PVP70 WEC Energy Group, Inc. 92939UAD8 662000.00000000 PA USD 658078.59000000 0.080072996686 Long DBT CORP US N 2 2027-10-15 Fixed 1.37500000 N N N N N N Lamar Media Corp. N/A Lamar Media Corp. 513075BR1 612000.00000000 PA USD 623199.60000000 0.075829027511 Long DBT CORP US N 2 2028-02-15 Fixed 3.75000000 N N N N N N HSBC Holdings PLC MLU0ZO3ML4LN2LL2TL39 HSBC Holdings PLC 404280CT4 552000.00000000 PA USD 572465.41000000 0.069655845935 Long DBT CORP GB N 2 2032-05-24 Variable 2.80400000 N N N N N N Diversified Healthcare Trust N/A Diversified Healthcare Trust 25525PAB3 497000.00000000 PA USD 485824.96000000 0.059113700101 Long DBT CORP US N 2 2031-03-01 Fixed 4.37500000 N N N N N N Sumitomo Mitsui Financial Group, Inc. 35380028MYWPB6AUO129 Sumitomo Mitsui Financial Group, Inc. 86562MCB4 997000.00000000 PA USD 1011328.63000000 0.123055384675 Long DBT CORP JP N 2 2030-07-08 Fixed 2.13000000 N N N N N N Comcast Corp. 51M0QTTNCGUN7KFCFZ59 Comcast Corp. 20030NCY5 748000.00000000 PA USD 817672.16000000 0.099491855765 Long DBT CORP US N 2 2039-11-01 Fixed 3.25000000 N N N N N N Ellington Financial Mortgage Trust N/A Ellington Financial Mortgage Trust, Series 2019-2, Class A1 31573TAA6 563166.34000000 PA USD 574266.91000000 0.069875046963 Long ABS-MBS CORP US N 2 2059-11-25 Variable 2.73900000 N N N N N N Sonic Capital LLC N/A Sonic Capital LLC, Series 2020-1A, Class A2I 83546DAG3 1610363.41000000 PA USD 1720512.43000000 0.209346707521 Long ABS-O CORP US N 2 2050-01-20 Fixed 3.84500000 N N N N N N Ellington Financial Mortgage Trust N/A Ellington Financial Mortgage Trust, Series 2021-1, Class A1 31574XAA6 714837.74000000 PA USD 713694.71000000 0.086840196623 Long ABS-MBS CORP US N 2 2066-02-25 Variable 0.79700000 N N N N N N Parkland Corp. 549300Q72GWZCL8MQC95 Parkland Corp. 70137WAG3 587000.00000000 PA USD 604610.00000000 0.073567101654 Long DBT CORP CA N 2 2029-10-01 Fixed 4.50000000 N N N N N N Illumina, Inc. SQ95QG8SR5Q56LSNF682 Illumina, Inc. 452327AM1 1683000.00000000 PA USD 1742207.20000000 0.211986460999 Long DBT CORP US N 2 2031-03-23 Fixed 2.55000000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 Federal National Mortgage Association 3140Q73S4 151864.83000000 PA USD 163368.78000000 0.019878215122 Long ABS-MBS USGSE US N 2 2047-11-01 Fixed 4.00000000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 Federal National Mortgage Association 3140HBY77 742886.67000000 PA USD 779531.20000000 0.094850980024 Long ABS-MBS USGSE US N 2 2034-10-01 Fixed 2.50000000 N N N N N N Goldman Sachs Group, Inc. (The) 784F5XWPLTWKTBV3E584 Goldman Sachs Group, Inc. (The) 38141GXJ8 296000.00000000 PA USD 321495.61000000 0.039118605749 Long DBT CORP US N 2 2025-04-01 Fixed 3.50000000 N N N N N N American Tower Corp. 5493006ORUSIL88JOE18 American Tower Corp. 03027XBM1 1158000.00000000 PA USD 1214830.55000000 0.147816877928 Long DBT CORP US N 2 2031-04-15 Fixed 2.70000000 N N N N N N Anadolu Efes Biracilik Ve Malt Sanayii AS 7890006LGARYVIPOJX03 Anadolu Efes Biracilik Ve Malt Sanayii AS 032523AB8 1193000.00000000 PA USD 1220595.28000000 0.148518312701 Long DBT CORP TR N 2 2028-06-29 Fixed 3.37500000 N N N N N N Suzano Austria GmbH 254900287ZNSGVP1R341 Suzano Austria GmbH 86964WAK8 1667000.00000000 PA USD 1654080.75000000 0.201263503215 Long DBT CORP AT N 2 2032-01-15 Fixed 3.12500000 N N N N N N Skyworks Solutions, Inc. 549300WZ3ORQ2BVKBD96 Skyworks Solutions, Inc. 83088MAK8 181000.00000000 PA USD 184365.98000000 0.022433090409 Long DBT CORP US N 2 2026-06-01 Fixed 1.80000000 N N N N N N Bank of America Corp. 9DJT3UXIJIZJI4WXO774 Bank of America Corp. 06051GKB4 1587000.00000000 PA USD 1603969.81000000 0.195166156799 Long DBT CORP US N 2 2052-07-21 Variable 2.97200000 N N N N N N WMG Acquisition Corp. 549300NAS11NXI33CP80 WMG Acquisition Corp. 92933BAR5 1576000.00000000 PA USD 1528830.32000000 0.186023412717 Long DBT CORP US N 2 2031-02-15 Fixed 3.00000000 N N N N N N Boyne USA, Inc. N/A Boyne USA, Inc. 103557AC8 131000.00000000 PA USD 135257.50000000 0.016457720269 Long DBT CORP US N 2 2029-05-15 Fixed 4.75000000 N N N N N N Federal Home Loan Mortgage Corp. S6XOOCT0IEG5ABCC6L87 Federal Home Loan Mortgage Corp. 3132D53U4 442195.87000000 PA USD 466563.96000000 0.056770080338 Long ABS-MBS USGSE US N 2 2034-10-01 Fixed 3.00000000 N N N N N N Citigroup Mortgage Loan Trust 549300R1KUK063S4I339 Citigroup Mortgage Loan Trust, Series 2019-IMC1, Class A1 17328BAA2 125462.93000000 PA USD 126918.68000000 0.015443078072 Long ABS-MBS CORP US N 2 2049-07-25 Variable 2.72000000 N N N N N N Avolon Holdings Funding Ltd. 635400ZRKEX9L1BKCH30 Avolon Holdings Funding Ltd. 05401AAL5 279000.00000000 PA USD 305215.17000000 0.037137651441 Long DBT CORP KY N 2 2026-04-15 Fixed 4.25000000 N N N N N N LSEGA Financing PLC 2138009YFYTGEHZNNZ09 LSEGA Financing PLC 50220PAC7 677000.00000000 PA USD 694422.32000000 0.084495190959 Long DBT CORP GB N 2 2028-04-06 Fixed 2.00000000 N N N N N N JBS Finance Luxembourg Sarl N/A JBS Finance Luxembourg Sarl 46592QAA7 924000.00000000 PA USD 928564.56000000 0.112984904943 Long DBT CORP LU N 2 2032-01-15 Fixed 3.62500000 N N N N N CVS Health Corp. 549300EJG376EN5NQE29 CVS Health Corp. 126650DP2 464000.00000000 PA USD 462959.58000000 0.056331510367 Long DBT CORP US N 2 2040-08-21 Fixed 2.70000000 N N N N N N GS Mortgage Securities Trust 5493005BBCF84ICNQ550 GS Mortgage Securities Trust, Series 2020-GC45, Class A5 36258YBG2 1560000.00000000 PA USD 1695180.55000000 0.206264401587 Long ABS-MBS CORP US N 2 2053-02-13 Fixed 2.91060000 N N N N N N Goldman Sachs Group, Inc. (The) 784F5XWPLTWKTBV3E584 Goldman Sachs Group, Inc. (The) 38141GYB4 363000.00000000 PA USD 375684.47000000 0.045712141040 Long DBT CORP US N 2 2032-04-22 Variable 2.61500000 N N N N N N Oman Government Bond 549300SZ20F0QTKNQC75 Oman Government Bond 68205LAA1 245000.00000000 PA USD 256657.35000000 0.031229283931 Long DBT NUSS OM N 2 2025-02-01 Fixed 4.87500000 N N N N N N Kia Corp. 988400V8MJK9N7OI5X76 Kia Corp. 49374JAB9 1586000.00000000 PA USD 1597113.70000000 0.194331926235 Long DBT CORP KR N 2 2024-04-16 Fixed 1.00000000 N N N N N N Tencent Holdings Ltd. 254900N4SLUMW4XUYY11 Tencent Holdings Ltd. 88032WAT3 200000.00000000 PA USD 203997.05000000 0.024821739161 Long DBT CORP KY N 2 2026-01-26 Fixed 1.81000000 N N N N N N Amazon.com, Inc. ZXTILKJKG63JELOEG630 Amazon.com, Inc. 023135BX3 1587000.00000000 PA USD 1602153.98000000 0.194945212140 Long DBT CORP US N 2 2026-05-12 Fixed 1.00000000 N N N N N Credit Suisse Group AG 549300506SI9CRFV9Z86 Credit Suisse Group AG AM2522820 2158000.00000000 PA USD 2250189.76000000 0.273796230321 Long DBT CORP CH N 2 N/A Variable 7.12500000 N N N N Y United States Dollar USD SWAP SEMI 30/360 5YR USSW5 CURNCY USD XXXX N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 Federal National Mortgage Association 3138LKBT3 500000.00000000 PA USD 556314.22000000 0.067690618372 Long ABS-MBS USGSE US N 2 2029-09-01 Fixed 2.99000000 N N N N N N Ameriprise Financial, Inc. 6ZLKQF7QB6JAEKQS5388 Ameriprise Financial, Inc. 03076CAK2 299000.00000000 PA USD 321424.20000000 0.039109916798 Long DBT CORP US N 2 2025-04-02 Fixed 3.00000000 N N N N N N BPCE S.A. 9695005MSX1OYEMGDF46 BPCE S.A. 05583JAJ1 701000.00000000 PA USD 697131.87000000 0.084824880743 Long DBT CORP FR N 2 2032-01-20 Variable 2.27700000 N N N N N N Charter Communications Operating LLC/Charter Communications Operating Capital Corp. 549300TPZNMN50BJ3745 Charter Communications Operating LLC/Charter Communications Operating Capital Corp. 161175BR4 226000.00000000 PA USD 269694.38000000 0.032815589998 Long DBT CORP US N 2 2029-03-30 Fixed 5.05000000 N N N N N N AerCap Ireland Capital DAC / AerCap Global Aviation Trust N/A AerCap Ireland Capital DAC / AerCap Global Aviation Trust 00774MAP0 442000.00000000 PA USD 473196.85000000 0.057577150173 Long DBT CORP IE N 2 2023-09-15 Fixed 4.50000000 N N N N N N Freddie Mac Military Housing Bonds Resecuritization Trust Ctfs. 549300ZG8WH0M4JSUM77 Freddie Mac Military Housing Bonds Resecuritization Trust Ctfs., Series 2015-R1, Class B1 35563CAD0 936190.85000000 PA USD 1138557.96000000 0.138536261693 Long ABS-APCP USGSE US N 2 2055-11-25 Variable 4.49230000 N N N N N N MAG Mutual Insurance Co. N/A MAG Mutual Insurance Co. 55261HAC4 3179000.00000000 PA USD 3179000.00000000 0.386811028858 Long DBT CORP US N 3 2041-04-30 Fixed 4.75000000 N N N N N N Fairfax Financial Holdings Ltd. GLS7OQD0WOEDI8YAP031 Fairfax Financial Holdings Ltd. 303901BH4 281000.00000000 PA USD 299967.79000000 0.036499166239 Long DBT CORP CA N 2 2031-03-03 Fixed 3.37500000 N N N N N N Fidelity National Information Services, Inc. 6WQI0GK1PRFVBA061U48 Fidelity National Information Services, Inc. 31620MBU9 300000.00000000 PA USD 315795.65000000 0.038425051992 Long DBT CORP US N 2 2041-03-01 Fixed 3.10000000 N N N N N Bain Capital Credit CLO, Ltd. N/A Bain Capital Credit CLO, Ltd., Series 2017-2A, Class AR2 05683HAN5 3000000.00000000 PA USD 3000142.85000000 0.365048236090 Long ABS-CBDO CORP KY N 2 2034-07-25 Floating 1.31501000 N N N N N N Freddie Mac N/A Freddie Mac, Series 2020-DNA5, Class M2, STACR 35566AAH2 942000.00000000 PA USD 954035.93000000 0.116084183595 Long ABS-MBS USGSE US N 2 2050-10-25 Floating 2.85000000 N N N N N N Citigroup, Inc. 6SHGI4ZSSLCXXQSBB395 Citigroup, Inc. 172967ME8 599000.00000000 PA USD 682627.52000000 0.083060035652 Long DBT CORP US N 2 2030-03-20 Variable 3.98000000 N N N N N N Healthcare Trust of America Holdings L.P. 549300IYGAS4GE6VDL07 Healthcare Trust of America Holdings L.P. 42225UAH7 288000.00000000 PA USD 285417.22000000 0.034728697238 Long DBT CORP US N 2 2031-03-15 Fixed 2.00000000 N N N N N N Blue Owl Finance LLC N/A Blue Owl Finance LLC 09581JAA4 1727000.00000000 PA USD 1748073.80000000 0.212700291003 Long DBT CORP US N 2 2031-06-10 Fixed 3.12500000 N N N N N N Vontier Corp. N/A Vontier Corp. 928881AA9 333000.00000000 PA USD 335013.47000000 0.040763417745 Long DBT CORP US N 2 2026-04-01 Fixed 1.80000000 N N N N N N Galaxy Pipeline Assets Bidco Ltd. 549300L82YB0C6JQIC26 Galaxy Pipeline Assets Bidco Ltd. 36321PAD2 1816000.00000000 PA USD 1802598.83000000 0.219334730434 Long DBT CORP JE N 2 2034-03-31 Fixed 2.16000000 N N N N N SVB Financial Group 549300D2KJ20JMXE7542 SVB Financial Group 78486QAH4 551000.00000000 PA USD 566038.77000000 0.068873871971 Long DBT CORP US N 2 2028-05-15 Fixed 2.10000000 N N N N N N BAT Capital Corp. 2138005GYEXN7XRHFA84 BAT Capital Corp. 05526DBR5 321000.00000000 PA USD 323258.55000000 0.039333114914 Long DBT CORP US N 2 2028-03-25 Fixed 2.25900000 N N N N N N U.S. Treasury Notes 254900HROIFWPRGM1V77 U.S. Treasury Notes 91282CCK5 253000.00000000 PA USD 252836.93000000 0.030764426872 Long DBT UST US N 2 2023-06-30 Fixed 0.12500000 N N N N N Mizuho Financial Group, Inc. 353800CI5L6DDAN5XZ33 Mizuho Financial Group, Inc. 60687YBQ1 1188000.00000000 PA USD 1193738.87000000 0.145250506603 Long DBT CORP JP N 2 2032-05-22 Variable 2.17200000 N N N N N N Sasol Financing USA LLC 549300XRB1PFMESFEL85 Sasol Financing USA LLC 80386WAC9 1785000.00000000 PA USD 1833275.33000000 0.223067353437 Long DBT CORP US N 2 2026-09-18 Fixed 4.37500000 N N N N N N Global Atlantic Fin Co. N/A Global Atlantic Fin Co. 37959GAB3 653000.00000000 PA USD 668730.03000000 0.081369031435 Long DBT CORP US N 2 2031-06-15 Fixed 3.12500000 N N N N N N Nationwide Financial Services, Inc. 5493001H7AZNDS6BKJ36 Nationwide Financial Services, Inc. 638612AM3 182000.00000000 PA USD 208693.02000000 0.025393130475 Long DBT CORP US N 2 2049-11-30 Fixed 3.90000000 N N N N N N MetLife, Inc. C4BXATY60WC6XEOZDX54 MetLife, Inc., Series G 59156RCA4 338000.00000000 PA USD 354477.50000000 0.043131741579 Long DBT CORP US N 2 N/A Variable 3.85000000 N N N N N Comcast Corp. 51M0QTTNCGUN7KFCFZ59 Comcast Corp. 20030NCL3 46000.00000000 PA USD 57955.91000000 0.007051898450 Long DBT CORP US N 2 2038-10-15 Fixed 4.60000000 N N N N N N Vodafone Group PLC 213800TB53ELEUKM7Q61 Vodafone Group PLC 92857WBV1 691000.00000000 PA USD 703251.43000000 0.085569490149 Long DBT CORP GB N 2 2081-06-04 Variable 3.25000000 N N N N N Angel Oak Mortgage Trust N/A Angel Oak Mortgage Trust, Series 2019-3, Class A1 03464QAA3 849117.26000000 PA USD 854113.98000000 0.103925985330 Long ABS-MBS CORP US N 2 2059-05-25 Variable 2.93000000 N N N N N N JPMDB Commercial Mortgage Securities Trust 2020-COR7 N/A JPMDB Commercial Mortgage Securities Trust 2020-COR7, Series 2020-COR7, Class A5 46652JAW2 3000000.00000000 PA USD 3087277.50000000 0.375650514673 Long ABS-MBS CORP US N 2 2053-05-13 Fixed 2.17980000 N N N N N N N/A N/A Forward Foreign Currency Contract N/A 1.00000000 NC N/A 27664.06000000 0.003366078487 N/A DFE N/A N 2 Merrill Lynch, Pierce, Fenner & Smith Incorporated 8NAV47T0Y26Q87Y0QP81 885000.00000000 EUR 1077455.46000000 USD 2021-08-17 27664.06000000 N N N Delta Air Lines, Inc. / SkyMiles IP Ltd. Q2CCMS6R0AS67HJMBN42 Delta Air Lines, Inc. / SkyMiles IP Ltd. 830867AB3 915661.00000000 PA USD 1024225.85000000 0.124624679088 Long DBT CORP XX N 2 2028-10-20 Fixed 4.75000000 N N N N N N Credit Suisse Group AG 549300506SI9CRFV9Z86 Credit Suisse Group AG 225401AR9 671000.00000000 PA USD 705388.75000000 0.085829552731 Long DBT CORP CH N 2 N/A Variable 5.25000000 N N N N Y UNITED STATE DOLLAR US TREASURY YIELD CURVE RATE T NOTE CONSTANT MATURITY 5 YEAR US TREASURY YIELD CURVE RATE T USD XXXX N N N Kimco Realty Corp. 549300EA7I6T15IBYS12 Kimco Realty Corp. 49446RAW9 214000.00000000 PA USD 223665.25000000 0.027214905779 Long DBT CORP US N 2 2030-10-01 Fixed 2.70000000 N N N N N N Uniform Mortgage-Backed Securities N/A Uniform Mortgage-Backed Securities, TBA 01F020695 25804850.00000000 PA USD 26251394.67000000 3.194189676400 Long ABS-MBS USGSE US N 2 2051-09-01 Fixed 2.00000000 N N N N N N Alimentation Couche-Tard, Inc. 549300OSW32RVX8CCZ87 Alimentation Couche-Tard, Inc. 01626PAQ9 1304000.00000000 PA USD 1413215.50000000 0.171955753870 Long DBT CORP CA N 2 2051-05-13 Fixed 3.62500000 N N N N N N WFRBS Commercial Mortgage Trust N/A WFRBS Commercial Mortgage Trust, Series 2014-C23, Class B 92939HBB0 307000.00000000 PA USD 334087.59000000 0.040650759489 Long ABS-MBS CORP US N 2 2057-10-15 Variable 4.38373500 N N N N N N Freeport-McMoRan, Inc. 549300IRDTHJQ1PVET45 Freeport-McMoRan, Inc. 35671DCG8 141000.00000000 PA USD 149751.17000000 0.018221265851 Long DBT CORP US N 2 2028-08-01 Fixed 4.37500000 N N N N N N Mattamy Group Corp. 5493008TNY7A82WCXU31 Mattamy Group Corp. 57701RAM4 200000.00000000 PA USD 207931.00000000 0.025300410204 Long DBT CORP CA N 2 2030-03-01 Fixed 4.62500000 N N N N N N Duke Energy Progress LLC 0NIFZ782LS46WOC9QK20 Duke Energy Progress LLC 26442UAK0 1228000.00000000 PA USD 1185005.04000000 0.144187800794 Long DBT CORP US N 2 2050-08-15 Fixed 2.50000000 N N N N N N Domino's Pizza Master Issuer LLC N/A Domino's Pizza Master Issuer LLC, Series 2019-1A, Class A2 25755TAL4 1970000.00000000 PA USD 2151665.13000000 0.261808053694 Long ABS-O CORP US N 2 2049-10-25 Fixed 3.66800000 N N N N N N American Tower Corp. 5493006ORUSIL88JOE18 American Tower Corp. 03027XBD1 413000.00000000 PA USD 417685.15000000 0.050822655744 Long DBT CORP US N 2 2050-06-15 Fixed 3.10000000 N N N N N N Sasol Financing USA LLC 549300XRB1PFMESFEL85 Sasol Financing USA LLC 80386WAD7 3250000.00000000 PA USD 3393000.00000000 0.412849896482 Long DBT CORP US N 2 2031-03-18 Fixed 5.50000000 N N N N N N Taconic Park CLO Ltd. 5493003DVTX8QGKNET67 Taconic Park CLO Ltd., Series 2016-1A, Class A1R 873549AJ8 958000.00000000 PA USD 959401.58000000 0.116737059530 Long ABS-CBDO CORP KY N 2 2029-01-20 Floating 1.13425000 N N N N N N OCP S.A. 213800D26TAPVTCVWG40 OCP S.A. 67091TAD7 230000.00000000 PA USD 233742.79000000 0.028441110125 Long DBT CORP MA N 2 2031-06-23 Fixed 3.75000000 N N N N N N/A N/A U.S. Treasury 10 Year Ultra Futures N/A -500.00000000 NC USD -75125000.00000000 -9.14098098238 N/A DIR N/A N 1 BOFA SECURITIES, INC. 549300HN4UKV1E2R3U73 Short United States Treasury Note/Bond U.S. Treasury Notes 2021-09-21 72522941.00000000 USD -2602059.00000000 N N N Fannie Mae Connecticut Avenue Securities N/A Fannie Mae Connecticut Avenue Securities, Series 2019-R06, Class 2M2 20754JAB0 102369.37000000 PA USD 102805.89000000 0.012509107292 Long ABS-MBS USGSE US N 2 2039-09-25 Floating 2.18925000 N N N N N N Hyundai Capital America 549300RIPPWJB5Z0FK07 Hyundai Capital America 44891ABK2 221000.00000000 PA USD 256705.28000000 0.031235115907 Long DBT CORP US N 2 2025-04-07 Fixed 5.87500000 N N N N N N Fomento Economico Mexicano S.A.B. de C.V. 549300A8MDWDJNMLV153 Fomento Economico Mexicano S.A.B. de C.V. 344419AC0 582000.00000000 PA USD 625297.89000000 0.076084341042 Long DBT CORP MX N 2 2050-01-16 Fixed 3.50000000 N N N N N N Lennar Corp. 529900G61XVRLX5TJX09 Lennar Corp. 526057BN3 1370000.00000000 PA USD 1428231.85000000 0.173782897561 Long DBT CORP US N 2 2022-11-15 Fixed 4.75000000 N N N N N N Office Properties Income Trust N/A Office Properties Income Trust 67623CAD1 197000.00000000 PA USD 202775.45000000 0.024673098597 Long DBT CORP US N 2 2026-06-15 Fixed 2.65000000 N N N N N N VEON Holdings B.V. 5493000XDKGUH5NQGE22 VEON Holdings B.V. 91823N2A0 1510000.00000000 PA USD 1525620.95000000 0.185632906359 Long DBT CORP NL N 2 2027-11-25 Fixed 3.37500000 N N N N N N American Homes 4 Rent L.P. 549300N4PXZ37U8QKI55 American Homes 4 Rent L.P. 02666TAC1 260000.00000000 PA USD 263424.87000000 0.032052735134 Long DBT CORP US N 2 2031-07-15 Fixed 2.37500000 N N N N N N salesforce.com, Inc. RCGZFPDMRW58VJ54VR07 salesforce.com, Inc. 79466LAL8 1943000.00000000 PA USD 1996918.95000000 0.242979010253 Long DBT CORP US N 2 2051-07-15 Fixed 2.90000000 N N N N N N HSBC Holdings PLC MLU0ZO3ML4LN2LL2TL39 HSBC Holdings PLC 404280CJ6 303000.00000000 PA USD 307637.85000000 0.037432435757 Long DBT CORP GB N 2 2026-04-18 Variable 1.64500000 N N N N N N U.S. Treasury Notes 254900HROIFWPRGM1V77 U.S. Treasury Notes 91282CCB5 47563800.00000000 PA USD 49254544.69000000 5.993142846020 Long DBT UST US N 2 2031-05-15 Fixed 1.62500000 N N N N N N Apple, Inc. HWUPKR0MPOU8FGXBT394 Apple, Inc. 037833EG1 1672000.00000000 PA USD 1667246.97000000 0.202865528728 Long DBT CORP US N 2 2061-02-08 Fixed 2.80000000 N N N N N N CIFC Funding Ltd. 549300Y56VCWZJQV2Z14 CIFC Funding Ltd., Series 2014-5A, Class A1R2 12550AAT3 1281000.00000000 PA USD 1282668.79000000 0.156071228167 Long ABS-CBDO CORP KY N 2 2031-10-17 Floating 1.33388000 N N N N N N Fifth Third Bancorp THRNG6BD57P9QWTQLG42 Fifth Third Bancorp 316773CY4 309000.00000000 PA USD 324863.39000000 0.039528386953 Long DBT CORP US N 2 2025-01-28 Fixed 2.37500000 N N N N N N AES Corp. (The) 2NUNNB7D43COUIRE5295 AES Corp. (The) 00130HCD5 895000.00000000 PA USD 894239.07000000 0.108808283961 Long DBT CORP US N 2 2026-01-15 Fixed 1.37500000 N N N N N N Freddie Mac Multifamily Structured Pass Through Certificates S6XOOCT0IEG5ABCC6L87 Freddie Mac Multifamily Structured Pass Through Certificates, Series 2013-K026, Class X1 3137B1BT8 4837141.81000000 PA USD 49821.59000000 0.006062139190 Long ABS-APCP USGSE US N 2 2022-11-25 Variable 0.94406400 N N N N N N Delaware Life Global Funding N/A Delaware Life Global Funding, Series 21-1 246114AA0 4125000.00000000 PA USD 4208737.50000000 0.512106348716 Long DBT CORP US N 2 2026-06-29 Fixed 2.66200000 N N N N N N CCO Holdings LLC / CCO Holdings Capital Corp. N/A CCO Holdings LLC / CCO Holdings Capital Corp. 1248EPCK7 193000.00000000 PA USD 199031.25000000 0.024217515755 Long DBT CORP US N 2 2031-02-01 Fixed 4.25000000 N N N N N N Deephaven Residential Mortgage Trust N/A Deephaven Residential Mortgage Trust, Series 2019-4A, Class A1 24381MAA8 1037998.55000000 PA USD 1046104.59000000 0.127286817474 Long ABS-MBS CORP US N 2 2059-10-25 Variable 2.79100000 N N N N N N Morgan Stanley IGJSJL3JD5P30I6NJZ34 Morgan Stanley 6174468Y8 343000.00000000 PA USD 340677.94000000 0.041452653186 Long DBT CORP US N 2 2052-01-25 Variable 2.80200000 N N N N N N SBA Communications Corp. 5299001HX8ZN8Y8QIT49 SBA Communications Corp. 78410GAD6 1407000.00000000 PA USD 1452825.99000000 0.176775437541 Long DBT CORP US N 2 2027-02-15 Fixed 3.87500000 N N N N N Brookfield Finance I UK Plc 213800JCKNPJE9FDCJ76 Brookfield Finance I UK Plc 11272BAA1 1200000.00000000 PA USD 1212994.84000000 0.147593514331 Long DBT CORP GB N 2 2032-01-30 Fixed 2.34000000 N N N N N N ING Groep N.V. 549300NYKK9MWM7GGW15 ING Groep N.V. 456837AX1 1516000.00000000 PA USD 1531096.21000000 0.186299119305 Long DBT CORP NL N 2 2027-04-01 Floating 1.06000300 N N N N N N Amazon.com, Inc. ZXTILKJKG63JELOEG630 Amazon.com, Inc. 023135BY1 1248000.00000000 PA USD 1275012.40000000 0.155139621972 Long DBT CORP US N 2 2028-05-12 Fixed 1.65000000 N N N N N N N/A N/A Energy Select Sector SPDR Fund Option N/A 760.00000000 NC USD 166060.00000000 0.020205674568 N/A DE N/A N 1 UBS Securities LLC T6FIZBDPKLYJKFCRVK44 Call Purchased Energy Select Sector SPDR Fund (The) ETF Energy Select Sector SPDR Fund (The) ETF 100.00000000 57.00000000 USD 2022-06-17 XXXX -191166.37000000 N N N ZoomInfo Technologies LLC/ZoomInfo Finance Corp. N/A ZoomInfo Technologies LLC/ZoomInfo Finance Corp. 98981BAA0 2685000.00000000 PA USD 2685617.55000000 0.326777756412 Long DBT CORP US N 2 2029-02-01 Fixed 3.87500000 N N N N N Masco Corp. 5GCSNMQXHEYA1JO8QN11 Masco Corp. 574599BS4 1446000.00000000 PA USD 1433781.20000000 0.174458125552 Long DBT CORP US N 2 2028-02-15 Fixed 1.50000000 N N N N N Angel Oak Mortgage Trust N/A Angel Oak Mortgage Trust, Series 2021-3, Class A1 03465EAA9 2331748.38000000 PA USD 2337697.14000000 0.284443861554 Long ABS-MBS CORP US N 2 2066-05-25 Variable 1.06800000 N N N N N N Avolon Holdings Funding Ltd. 635400ZRKEX9L1BKCH30 Avolon Holdings Funding Ltd. 05401AAM3 525000.00000000 PA USD 527934.54000000 0.064237465425 Long DBT CORP KY N 2 2026-02-21 Fixed 2.12500000 N N N N N N AES Corp. (The) 2NUNNB7D43COUIRE5295 AES Corp. (The) 00130HCF0 510000.00000000 PA USD 515903.03000000 0.062773507966 Long DBT CORP US N 2 2031-01-15 Fixed 2.45000000 N N N N N N American Builders & Contractors Supply Co., Inc. 549300H5GQ4C1BEKG397 American Builders & Contractors Supply Co., Inc. 024747AG2 1285000.00000000 PA USD 1280309.75000000 0.155784187371 Long DBT CORP US N 2 2029-11-15 Fixed 3.87500000 N N N N N N Realty Income Corp. 549300CUWDAUZSH43859 Realty Income Corp. 756109AX2 274000.00000000 PA USD 303994.98000000 0.036989182441 Long DBT CORP US N 2 2031-01-15 Fixed 3.25000000 N N N N N N LSEGA Financing PLC 2138009YFYTGEHZNNZ09 LSEGA Financing PLC 50220PAB9 729000.00000000 PA USD 734125.64000000 0.089326169902 Long DBT CORP GB N 2 2026-04-06 Fixed 1.37500000 N N N N N N Citigroup, Inc. 6SHGI4ZSSLCXXQSBB395 Citigroup, Inc. 172967MV0 1693000.00000000 PA USD 1737018.00000000 0.211355054962 Long DBT CORP US N 2 N/A Variable 3.87500000 N N N N N N UBS Group AG 549300SZJ9VS8SGXAN81 UBS Group AG 902613AD0 714000.00000000 PA USD 737205.00000000 0.089700857039 Long DBT CORP CH N 2 N/A Variable 4.37500000 N N N N N Ross Stores, Inc. 549300ENZFLPGRDFZQ60 Ross Stores, Inc. 778296AA1 974000.00000000 PA USD 1040059.20000000 0.126551232848 Long DBT CORP US N 2 2024-09-15 Fixed 3.37500000 N N N N N N Enel Finance International N.V. 0YQH6LCEF474UTUV4B96 Enel Finance International N.V. 29278GAP3 1280000.00000000 PA USD 1298978.14000000 0.158055700156 Long DBT CORP NL N 2 2031-07-12 Fixed 2.25000000 N N N N N N Athene Holding Ltd 549300H316CT32FQXI76 Athene Holding Ltd 04686JAD3 200000.00000000 PA USD 228691.92000000 0.027826535661 Long DBT CORP BM N 2 2051-05-25 Fixed 3.95000000 N N N N N U.S. Treasury Notes 254900HROIFWPRGM1V77 U.S. Treasury Notes 91282CCH2 28828500.00000000 PA USD 29314980.94000000 3.566957514429 Long DBT UST US N 2 2028-06-30 Fixed 1.25000000 N N N N N N SA Global Sukuk Ltd. 5493007DFAVKU7UOGR47 SA Global Sukuk Ltd. 78397PAB7 541000.00000000 PA USD 541859.65000000 0.065931830359 Long DBT CORP KY N 2 2026-06-17 Fixed 1.60200000 N N N N N N Star Trust N/A Star Trust, Series 2021-SFR1, Class D 85521DAG7 1665000.00000000 PA USD 1666121.54000000 0.202728589836 Long ABS-MBS CORP US N 2 2038-04-17 Floating 1.39000000 N N N N N N Saudi Arabian Oil Co. 5586006WD91QHB7J4X50 Saudi Arabian Oil Co. 80414L2M6 360000.00000000 PA USD 352085.40000000 0.042840678144 Long DBT CORP SA N 2 2070-11-24 Fixed 3.50000000 N N N N N N Sumitomo Mitsui Financial Group, Inc. 35380028MYWPB6AUO129 Sumitomo Mitsui Financial Group, Inc. 86562MBP4 205000.00000000 PA USD 221549.72000000 0.026957494538 Long DBT CORP JP N 2 2029-07-16 Fixed 3.04000000 N N N N N N Credit Suisse Group AG 549300506SI9CRFV9Z86 Credit Suisse Group AG 225401AP3 383000.00000000 PA USD 436719.33000000 0.053138676741 Long DBT CORP CH N 2 2031-04-01 Variable 4.19400000 N N N N N Altria Group, Inc. XSGZFLO9YTNO9VCQV219 Altria Group, Inc. 02209SBL6 717000.00000000 PA USD 705559.52000000 0.085850331504 Long DBT CORP US N 2 2032-02-04 Fixed 2.45000000 N N N N N N Angel Oak Mortgage Trust N/A Angel Oak Mortgage Trust, Series 2020-5, Class A1 03464WAA0 889908.56000000 PA USD 894249.62000000 0.108809567652 Long ABS-MBS CORP US N 2 2065-05-25 Variable 1.37300000 N N N N N N Extra Space Storage LP 549300YNKSKNZFR8UC42 Extra Space Storage LP 30225VAF4 503000.00000000 PA USD 515845.54000000 0.062766512758 Long DBT CORP US N 2 2031-06-01 Fixed 2.55000000 N N N N N N Gray Oak Pipeline LLC N/A Gray Oak Pipeline LLC 38937LAC5 486000.00000000 PA USD 504410.84000000 0.061375173321 Long DBT CORP US N 2 2025-10-15 Fixed 2.60000000 N N N N N N Fannie Mae Connecticut Avenue Securities N/A Fannie Mae Connecticut Avenue Securities, Series 2019-R03, Class 1M2 20753MAF5 81163.51000000 PA USD 81658.19000000 0.009935919625 Long ABS-MBS USGSE US N 2 2031-09-25 Floating 2.23925000 N N N N N N Verus Securitization Trust N/A Verus Securitization Trust, Series 2021-1, Class A1B 92537QAD3 2152020.95000000 PA USD 2157094.34000000 0.262468663416 Long ABS-MBS CORP US N 2 2066-01-25 Variable 1.31500000 N N N N N N Triton Container International Ltd. 549300O4LZFLCX53XZ54 Triton Container International Ltd. 89680YAA3 1176000.00000000 PA USD 1194100.84000000 0.145294550009 Long DBT CORP BM N 2 2026-04-15 Fixed 2.05000000 N N N N N N Avis Budget Car Rental LLC / Avis Budget Finance, Inc. N/A Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 053773BG1 1448000.00000000 PA USD 1471175.24000000 0.179008118344 Long DBT CORP US N 2 2028-04-01 Fixed 4.75000000 N N N N N Baidu, Inc. 254900AL64IANZYI1E02 Baidu, Inc. 056752AS7 235000.00000000 PA USD 237384.07000000 0.028884169975 Long DBT CORP KY N 2 2026-04-09 Fixed 1.72000000 N N N N N N Ford Motor Credit Co. LLC UDSQCVRUX5BONN0VY111 Ford Motor Credit Co. LLC 345397A29 1446000.00000000 PA USD 1475144.13000000 0.179491040780 Long DBT CORP US N 2 2023-01-09 Fixed 3.08700000 N N N N N N Crowdstrike Holdings, Inc. 549300YBY08K9KM4HX32 Crowdstrike Holdings, Inc. 22788CAA3 1665000.00000000 PA USD 1692264.38000000 0.205909570911 Long DBT CORP US N 2 2029-02-15 Fixed 3.00000000 N N N N N N Temasek Financial I Ltd. 549300XMGMDF3VRJMF12 Temasek Financial I Ltd. 87973PBC7 4000000.00000000 PA USD 3962696.64000000 0.482168846924 Long DBT CORP SG N 2 2061-08-02 Fixed 2.75000000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 Federal National Mortgage Association 3138LFUS5 500000.00000000 PA USD 555361.31000000 0.067574671188 Long ABS-MBS USGSE US N 2 2029-09-01 Fixed 2.86000000 N N N N N N Morgan Stanley IGJSJL3JD5P30I6NJZ34 Morgan Stanley 61747YED3 1612000.00000000 PA USD 1625515.85000000 0.197787813263 Long DBT CORP US N 2 2032-07-21 Variable 2.23900000 N N N N N N OCP CLO Ltd. 254900M77QLN2EBJHE11 OCP CLO Ltd., Series 2017-13A, Class A1A 67097LAA4 3000000.00000000 PA USD 3001553.90000000 0.365219928352 Long ABS-CBDO CORP KY N 2 2030-07-15 Floating 1.38613000 N N N N N N TransJamaican Highway Ltd. 254900AWJ3QIGYQ04W45 TransJamaican Highway Ltd. 893727AA5 1360816.11000000 PA USD 1355216.35000000 0.164898594108 Long DBT CORP JM N 2 2036-10-10 Fixed 5.75000000 N N N N N N United Airlines, Inc. K1OQBWM7XEOO08LDNP29 United Airlines, Inc. 90932LAH0 412000.00000000 PA USD 425575.40000000 0.051782717310 Long DBT CORP US N 2 2029-04-15 Fixed 4.62500000 N N N N N N Tencent Music Entertainment Group 213800XTZK2GOHQTYK41 Tencent Music Entertainment Group 88034PAA7 250000.00000000 PA USD 247289.17000000 0.030089392347 Long DBT CORP KY N 2 2025-09-03 Fixed 1.37500000 N N N N N N Octagon Investment Partners 31 LLC N/A Octagon Investment Partners 31 LLC, Series 2017-1A, Class AR 67575XAN1 4000000.00000000 PA USD 4004228.07000000 0.487222264718 Long ABS-CBDO CORP KY N 2 2030-07-20 Floating 1.18425000 N N N N N N Uniform Mortgage-Backed Securities N/A Uniform Mortgage-Backed Securities, TBA 01F012494 8760000.00000000 PA USD 8914280.94000000 1.084662529706 Long ABS-MBS USGSE US N 2 2036-09-01 Fixed 1.50000000 N N N N N N Star Trust N/A Star Trust, Series 2021-SFR1, Class B 85521DAC6 475000.00000000 PA USD 474466.77000000 0.057731670167 Long ABS-MBS CORP US N 2 2038-04-17 Floating 0.84000000 N N N N N N SA Global Sukuk Ltd. 5493007DFAVKU7UOGR47 SA Global Sukuk Ltd. 78397PAD3 684000.00000000 PA USD 702403.02000000 0.085466258206 Long DBT CORP KY N 2 2031-06-17 Fixed 2.69400000 N N N N N N Starwood Mortgage Residential Trust N/A Starwood Mortgage Residential Trust, Series 2020-1, Class A1 85573AAA3 217071.52000000 PA USD 219931.13000000 0.026760549441 Long ABS-MBS CORP US N 2 2050-02-25 Variable 2.27500000 N N N N N N Blackstone Holdings Finance Co. LLC 549300D2L6J4NC1QVZ22 Blackstone Holdings Finance Co. LLC 09261BAB6 241000.00000000 PA USD 243004.12000000 0.029568000526 Long DBT CORP US N 2 2050-09-30 Fixed 2.80000000 N N N N N N Store Master Funding I-VII N/A Store Master Funding I-VII, Series 2016-1A, Class A2 86212VAB0 460023.93000000 PA USD 497538.42000000 0.060538958206 Long ABS-O CORP US N 2 2046-10-20 Fixed 4.32000000 N N N N N N Minerva Luxembourg S.A. 222100NM3G3RCPGZ2Z17 Minerva Luxembourg S.A. 603374AF6 2693000.00000000 PA USD 2649238.75000000 0.322351294929 Long DBT CORP LU N 2 2031-03-18 Fixed 4.37500000 N N N N N Starwood Mortgage Residential Trust N/A Starwood Mortgage Residential Trust, Series 2020-INV1, Class A1 85573EAA5 1661564.21000000 PA USD 1663970.32000000 0.202466835945 Long ABS-MBS CORP US N 2 2055-11-25 Variable 1.02700000 N N N N N N Marvell Technology, Inc. N/A Marvell Technology, Inc. 573874AG9 1187000.00000000 PA USD 1240137.53000000 0.150896154106 Long DBT CORP US N 2 2031-04-15 Fixed 2.95000000 N N N N N N GCAT Trust N/A GCAT Trust, Series 2019-NQM3, Class A1 36167VAA2 678497.28000000 PA USD 696921.60000000 0.084799295731 Long ABS-MBS CORP US N 2 2059-11-25 Variable 2.68600000 N N N N N N Ellington Financial Mortgage Trust N/A Ellington Financial Mortgage Trust, Series 2020-1, Class A1 31574PAA3 133337.11000000 PA USD 135116.07000000 0.016440511497 Long ABS-MBS CORP US N 2 2065-05-25 Variable 2.00600000 N N N N N N Government National Mortgage Association 549300M8ZYFG0OCMTT87 Government National Mortgage Association, TBA 21H022697 5400000.00000000 PA USD 5602289.02000000 0.681669449446 Long ABS-MBS USGA US N 2 2051-09-01 Fixed 2.50000000 N N N N N N Vodafone Group PLC 213800TB53ELEUKM7Q61 Vodafone Group PLC 92857WBX7 1195000.00000000 PA USD 1228221.00000000 0.149446187063 Long DBT CORP GB N 2 2081-06-04 Variable 5.12500000 N N N N N N Republic Services, Inc. NKNQHM6BLECKVOQP7O46 Republic Services, Inc. 760759AY6 397000.00000000 PA USD 394670.84000000 0.048022344662 Long DBT CORP US N 2 2025-11-15 Fixed 0.87500000 N N N N N N N/A N/A U.S. Treasury Ultra Bond Future N/A -97.00000000 NC USD -19354531.25000000 -2.35500036045 N/A DIR N/A N 1 BOFA SECURITIES, INC. 549300HN4UKV1E2R3U73 Short United States Treasury Note/Bond U.S. Treasury Bond 2021-09-21 17995558.34000000 USD -1358972.91000000 N N N Healthpeak Properties, Inc. PZ9HF5U52KPF0MH0QN75 Healthpeak Properties, Inc. 42250PAB9 166000.00000000 PA USD 177263.80000000 0.021568918797 Long DBT CORP US N 2 2031-01-15 Fixed 2.87500000 N N N N N N N/A N/A U.S. Treasury 2 Year Notes Future N/A 536.00000000 NC USD 118271750.00000000 14.39094599006 N/A DIR N/A N 1 BOFA SECURITIES, INC. 549300HN4UKV1E2R3U73 Long United States Treasury Note/Bond U.S. Treasury Notes 2021-09-30 118276991.01000000 USD -5241.01000000 N N N Benchmark 2019-B14 Mortgage Trust N/A Benchmark 2019-B14 Mortgage Trust 08162YAJ1 930000.00000000 PA USD 999987.89000000 0.121675478004 Long ABS-MBS CORP US N 2 2062-12-15 Variable 3.77529000 N N N N N N Comcast Corp. 51M0QTTNCGUN7KFCFZ59 Comcast Corp. 20030NDL2 289000.00000000 PA USD 286882.60000000 0.034907000210 Long DBT CORP US N 2 2051-01-15 Fixed 2.80000000 N N N N N N Pershing Square Holdings Ltd. U7LC4KOKCTZ0YWGI2G56 Pershing Square Holdings Ltd. 71531QAD3 1000000.00000000 PA USD 1034380.00000000 0.125860205105 Long DBT CORP GG N 2 2030-11-15 Fixed 3.25000000 N N N N N N Vodafone Group PLC 213800TB53ELEUKM7Q61 Vodafone Group PLC 92857WBW9 1043000.00000000 PA USD 1056600.72000000 0.128563954575 Long DBT CORP GB N 2 2081-06-04 Variable 4.12500000 N N N N N N National Retail Properties, Inc. 5493008JKH5SOTI0JS97 National Retail Properties, Inc. 637417AQ9 611000.00000000 PA USD 660879.59000000 0.080413813828 Long DBT CORP US N 2 2051-04-15 Fixed 3.50000000 N N N N N N DT Auto Owner Trust N/A DT Auto Owner Trust, Series 2019-3A, Class C 26253KAC8 150000.00000000 PA USD 151704.39000000 0.018458927706 Long ABS-O CORP US N 2 2025-04-15 Fixed 2.74000000 N N N N N N HP Communities LLC N/A HP Communities LLC 44329HAJ3 150000.00000000 PA USD 181013.82000000 0.022025209799 Long DBT CORP US N 2 2046-03-15 Fixed 5.78000000 N N N N N N Penn Mutual Life Insurance Co. (The) BIYXEJSLUQ3IWFUXX074 Penn Mutual Life Insurance Co. (The) 707567AE3 275000.00000000 PA USD 294189.77000000 0.035796114379 Long DBT CORP US N 2 2061-04-29 Fixed 3.80000000 N N N N N N British Airways Pass Through Trust N/A British Airways Pass Through Trust, Series 2019-1, Class AA 11043XAA1 257631.97000000 PA USD 265958.66000000 0.032361038977 Long DBT CORP US N 2 2032-12-15 Fixed 3.30000000 N N N N N N Galton Funding Mortgage Trust N/A Galton Funding Mortgage Trust, Series 2019-H1, Class A1 36418XAA5 255100.19000000 PA USD 259536.74000000 0.031579639328 Long ABS-MBS CORP US N 2 2059-10-25 Variable 2.65700000 N N N N N N Amazon.com, Inc. ZXTILKJKG63JELOEG630 Amazon.com, Inc. 023135CA2 2772000.00000000 PA USD 2919648.78000000 0.355253963037 Long DBT CORP US N 2 2041-05-12 Fixed 2.87500000 N N N N N N T-Mobile USA, Inc. 549300V2JRLO5DIFGE82 T-Mobile USA, Inc. 87264ABU8 1018000.00000000 PA USD 1045124.61000000 0.127167576495 Long DBT CORP US N 2 2026-04-15 Fixed 2.62500000 N N N N N National Australia Bank Ltd. F8SB4JFBSYQFRQEH3Z21 National Australia Bank Ltd. 632525AY7 656000.00000000 PA USD 675221.21000000 0.082158858429 Long DBT CORP AU N 2 2031-05-21 Fixed 2.99000000 N N N N N N AerCap Ireland Capital DAC / AerCap Global Aviation Trust N/A AerCap Ireland Capital DAC / AerCap Global Aviation Trust 00774MAS4 1560000.00000000 PA USD 1551707.20000000 0.188807001736 Long DBT CORP IE N 2 2026-01-30 Fixed 1.75000000 N N N N N American Homes 4 Rent L.P. 549300N4PXZ37U8QKI55 American Homes 4 Rent L.P. 02666TAD9 256000.00000000 PA USD 265313.83000000 0.032282578028 Long DBT CORP US N 2 2051-07-15 Fixed 3.37500000 N N N N N N Standard Chartered PLC U4LOSYZ7YG4W3S5F2G91 Standard Chartered PLC 853254BH2 2570000.00000000 PA USD 2799346.80000000 0.340615984850 Long DBT CORP GB N 2 N/A Variable 7.75000000 N N N N Y United States Dollar USD SWAP SEMI 30/360 5YR USSW5 CURNCY USD XXXX N N N Aircastle Ltd. 549300PNK8AKY3OIKP58 Aircastle Ltd. 00928QAR2 300000.00000000 PA USD 321074.70000000 0.039067390703 Long DBT CORP BM N 2 2023-09-25 Fixed 4.40000000 N N N N N N Clarivate Science Holdings Corp. N/A Clarivate Science Holdings Corp. 18064PAB5 306000.00000000 PA USD 309004.92000000 0.037598776667 Long DBT CORP US N 2 2029-06-30 Fixed 4.87500000 N N N N N N Amazon.com, Inc. ZXTILKJKG63JELOEG630 Amazon.com, Inc. 023135BZ8 2196000.00000000 PA USD 2269832.51000000 0.276186300261 Long DBT CORP US N 2 2031-05-12 Fixed 2.10000000 N N N N N N N/A N/A S&P 500 Index Option N/A 26.00000000 NC USD 596050.00000000 0.072525546949 N/A DE N/A N 2 UBS Securities LLC T6FIZBDPKLYJKFCRVK44 Call Purchased S&P 500 Index SPX N/A 100.00000000 4425.00000000 USD 2022-04-14 XXXX -36192.90000000 N N N Oman Government Bond 549300SZ20F0QTKNQC75 Oman Government Bond 68205LAT0 295000.00000000 PA USD 305845.38000000 0.037214333472 Long DBT NUSS OM N 2 2051-01-25 Fixed 7.00000000 N N N N N N N/A N/A U.S. Treasury Long Bond Future N/A 38.00000000 NC USD 6259312.50000000 0.761614063564 N/A DIR N/A N 1 BOFA SECURITIES, INC. 549300HN4UKV1E2R3U73 Long United States Treasury Note/Bond U.S. Treasury Bond 2021-09-21 6075416.67000000 USD 183895.83000000 N N N Athene Holding Ltd. 549300H316CT32FQXI76 Athene Holding Ltd. 04686JAB7 317000.00000000 PA USD 406860.61000000 0.049505558715 Long DBT CORP BM N 2 2030-04-03 Fixed 6.15000000 N N N N N N GE Capital International Funding Co. Unlimited Co. 549300G6UZOB126GBY72 GE Capital International Funding Co. Unlimited Co. 36164QNA2 273000.00000000 PA USD 334952.65000000 0.040756017353 Long DBT CORP IE N 2 2035-11-15 Fixed 4.41800000 N N N N N N Illinois (State of) 54930048FV8RWPR02D67 Illinois (State of), Series 2010 1, GO Bonds 452152GF2 200000.00000000 PA USD 259995.28000000 0.031635433078 Long DBT MUN US N 2 2035-02-01 Fixed 6.63000000 N N N N N N Electronic Arts, Inc. 549300O7A67PUEYKDL45 Electronic Arts, Inc. 285512AF6 828000.00000000 PA USD 828743.78000000 0.100839016735 Long DBT CORP US N 2 2051-02-15 Fixed 2.95000000 N N N N N N GoldenTree Loan Management US CLO1, Ltd. N/A GoldenTree Loan Management US CLO1, Ltd., Series 2021-9A, Class A 38138JAC7 4000000.00000000 PA USD 4009321.14000000 0.487841973950 Long ABS-CBDO CORP KY N 2 2033-01-20 Floating 1.20425000 N N N N N N Citigroup, Inc. 6SHGI4ZSSLCXXQSBB395 Citigroup, Inc., Series U 172967MG3 1414000.00000000 PA USD 1490568.10000000 0.181367782429 Long DBT CORP US N 2 N/A Variable 5.00000000 N N N N N Equitable Holdings, Inc. 549300FIBAKMNHPZ4009 Equitable Holdings, Inc., Series B 29452EAA9 318000.00000000 PA USD 345825.00000000 0.042078931756 Long DBT CORP US N 2 N/A Variable 4.95000000 N N N N N N Extended Stay America Trust N/A Extended Stay America Trust, Series 2021-ESH, Class B 30227FAE0 695000.00000000 PA USD 698930.02000000 0.085043674154 Long ABS-MBS CORP US N 2 2038-07-15 Floating 1.47400000 N N N N N N AT&T, Inc. 549300Z40J86GGSTL398 AT&T, Inc. 00206RKD3 446000.00000000 PA USD 445903.08000000 0.054256127444 Long DBT CORP US N 2 2043-02-01 Fixed 3.10000000 N N N N N N AES Andres B.V. 7245003VZ59682IZLJ86 AES Andres B.V. 00109YAA3 1910000.00000000 PA USD 1976458.45000000 0.240489438987 Long DBT CORP NL N 2 2028-05-04 Fixed 5.70000000 N N N N N N General Electric Co. 3C7474T6CDKPR9K6YT90 General Electric Co. 36962GT95 230000.00000000 PA USD 274570.50000000 0.033408901415 Long DBT CORP US N 2 2026-01-05 Fixed 5.55000000 N N N N N N Kinder Morgan, Inc. 549300WR7IX8XE0TBO16 Kinder Morgan, Inc. 28368EAD8 1815000.00000000 PA USD 2630165.49000000 0.320030518796 Long DBT CORP US N 2 2031-08-01 Fixed 7.80000000 N N N N N N MetLife, Inc. C4BXATY60WC6XEOZDX54 MetLife, Inc. 59156RBS6 350000.00000000 PA USD 535374.57000000 0.065142745594 Long DBT CORP US N 2 2038-04-08 Fixed 9.25000000 N N N N N N MPLX L.P. 5493000CZJ19CK4P3G36 MPLX L.P. 55336VBR0 1132000.00000000 PA USD 1150873.45000000 0.140034772972 Long DBT CORP US N 2 2026-03-01 Fixed 1.75000000 N N N N N N Commonwealth Bank of Australia MSFSBD3QN1GSN7Q6C537 Commonwealth Bank of Australia 202712BN4 667000.00000000 PA USD 677517.95000000 0.082438318751 Long DBT CORP AU N 2 2031-03-11 Fixed 2.68800000 N N N N N Standard Chartered PLC U4LOSYZ7YG4W3S5F2G91 Standard Chartered PLC 853254BA7 2068000.00000000 PA USD 2145953.26000000 0.261113050765 Long DBT CORP GB N 2 N/A Variable 7.50000000 N N N N Y United States Dollar USD SWAP SEMI 30/360 5YR USSW5 CURNCY USD XXXX N N Hertz Vehicle Financing LLC 5493004IHDYOZ9K9WF47 Hertz Vehicle Financing LLC, Series 2021-1A, Class A 42806MAA7 394000.00000000 PA USD 397197.15000000 0.048329738361 Long ABS-O CORP US N 2 2025-12-26 Fixed 1.21000000 N N N N N N Uniform Mortgage-Backed Securities N/A Uniform Mortgage-Backed Securities, TBA 01F022691 17400000.00000000 PA USD 18079007.68000000 2.199798540875 Long ABS-MBS USGSE US N 2 2051-09-01 Fixed 2.50000000 N N N N N N Spirit Realty L.P. 549300GTBVIBJRX5BW73 Spirit Realty L.P. 84861TAJ7 310000.00000000 PA USD 314109.44000000 0.038219879100 Long DBT CORP US N 2 2032-02-15 Fixed 2.70000000 N N N N N N Invesco Private Government Fund N/A Invesco Private Government Fund N/A 12177226.05000000 NS USD 12177226.05000000 1.481687743643 Long STIV PF US N 2 N N U.S. Treasury Notes 254900HROIFWPRGM1V77 U.S. Treasury Notes 91282CCJ8 77900500.00000000 PA USD 78594301.33000000 9.563114992098 Long DBT UST US N 2 2026-06-30 Fixed 0.87500000 N N N N N N Goldman Sachs Group, Inc. (The) 784F5XWPLTWKTBV3E584 Goldman Sachs Group, Inc. (The) 38141GYK4 771000.00000000 PA USD 783116.56000000 0.095287235699 Long DBT CORP US N 2 2042-07-21 Variable 2.90800000 N N N N N N U.S. Treasury Notes 254900HROIFWPRGM1V77 U.S. Treasury Notes 91282CCL3 1190200.00000000 PA USD 1191269.32000000 0.144950019288 Long DBT UST US N 2 2024-07-15 Fixed 0.37500000 N N N N N N Verus Securitization Trust N/A Verus Securitization Trust, Series 2021-R1, Class A1 92538BAA1 2549488.21000000 PA USD 2552204.43000000 0.310544454679 Long ABS-MBS CORP US N 2 2063-10-25 Variable 0.82000000 N N N N N N Residential Mortgage Loan Trust N/A Residential Mortgage Loan Trust, Series 2020-1, Class A1 76119CAA9 174044.98000000 PA USD 176155.80000000 0.021434100735 Long ABS-MBS CORP US N 2 2024-02-25 Variable 2.37600000 N N N N N N Energy Transfer Operating L.P. MTLVN9N7JE8MIBIJ1H73 Energy Transfer Operating L.P. 29278NAN3 2115000.00000000 PA USD 2512800.79000000 0.305749939885 Long DBT CORP US N 2 2027-06-01 Fixed 5.50000000 N N N N N N Intertape Polymer Group, Inc. 549300ESFR3Z1YNR6O65 Intertape Polymer Group, Inc. 460919AB9 107000.00000000 PA USD 109701.75000000 0.013348174515 Long DBT CORP CA N 2 2029-06-15 Fixed 4.37500000 N N N N N N Mattamy Group Corp. 5493008TNY7A82WCXU31 Mattamy Group Corp. 57701RAJ1 698000.00000000 PA USD 728205.95000000 0.088605880069 Long DBT CORP CA N 2 2027-12-15 Fixed 5.25000000 N N N N N N MSCI, Inc. 549300HTIN2PD78UB763 MSCI, Inc. 55354GAL4 334000.00000000 PA USD 355335.92000000 0.043236191508 Long DBT CORP US N 2 2031-02-15 Fixed 3.87500000 N N N N N Freddie Mac S6XOOCT0IEG5ABCC6L87 Freddie Mac, Series 2016-HQA4, Class M3 3137G0LU1 243117.10000000 PA USD 251147.65000000 0.030558880431 Long ABS-MBS USGSE US N 2 2029-04-25 Floating 3.98925000 N N N N N N Wells Fargo & Co. PBLD0EJDB5FWOLXP3B76 Wells Fargo & Co. 949746TD3 537000.00000000 PA USD 557816.81000000 0.067873448943 Long DBT CORP US N 2 N/A Variable 3.90000000 N N N N N N Boeing Co. (The) RVHJWBXLJ1RFUBSY1F30 Boeing Co. (The) 097023DA0 1163000.00000000 PA USD 1216997.75000000 0.148080576217 Long DBT CORP US N 2 2026-02-01 Fixed 2.75000000 N N N N N N Aragvi Finance International DAC 635400VKAYT1VT6VBF50 Aragvi Finance International DAC 03851RAB0 886000.00000000 PA USD 923424.64000000 0.112359495146 Long DBT CORP IE N 2 2026-04-29 Fixed 8.45000000 N N N N N N Dominion Energy, Inc. ILUL7B6Z54MRYCF6H308 Dominion Energy, Inc., Series C 25746UDG1 240000.00000000 PA USD 266137.03000000 0.032382742495 Long DBT CORP US N 2 2030-04-01 Fixed 3.37500000 N N N N N N CK Hutchison International 21 Ltd 254900E16YL0NL5TFN79 CK Hutchison International 21 Ltd 12565WAA9 3623000.00000000 PA USD 3670868.53000000 0.446660092133 Long DBT CORP KY N 2 2026-04-15 Fixed 1.50000000 N N N N N N U.S. Treasury Bills 254900HROIFWPRGM1V77 U.S. Treasury Bills 912796H69 2976000.00000000 PA USD 2975575.92000000 0.362059006939 Long DBT UST US N 2 2021-11-18 None 0.00000000 N N N N N N salesforce.com, Inc. RCGZFPDMRW58VJ54VR07 salesforce.com, Inc. 79466LAM6 1180000.00000000 PA USD 1230951.77000000 0.149778458832 Long DBT CORP US N 2 2061-07-15 Fixed 3.05000000 N N N N N N Brazilian Government International Bond 254900ZFY40OYEADAP90 Brazilian Government International Bond 105756CE8 2785000.00000000 PA USD 2757150.00000000 0.335481606863 Long DBT NUSS BR N 2 2031-09-12 Fixed 3.75000000 N N N N N Morgan Stanley BAML Trust N/A Morgan Stanley BAML Trust, Series 2015-C25, Class B 61765TAL7 1032000.00000000 PA USD 1147728.48000000 0.139652102610 Long ABS-MBS CORP US N 2 2048-10-15 Variable 4.52580200 N N N N N N Goldman Sachs Group, Inc. (The) 784F5XWPLTWKTBV3E584 Goldman Sachs Group, Inc. (The) 38141GXR0 568000.00000000 PA USD 559746.43000000 0.068108239222 Long DBT CORP US N 2 2032-01-27 Variable 1.99200000 N N N N N Verizon Communications, Inc. 2S72QS2UO2OESLG6Y829 Verizon Communications, Inc. 92343VGC2 516000.00000000 PA USD 571434.63000000 0.069530423767 Long DBT CORP US N 2 2061-03-22 Fixed 3.70000000 N N N N N N COLT Mortgage Loan Trust N/A COLT Mortgage Loan Trust, Class 2020-1, Class A1 12597KAA7 1429297.12000000 PA USD 1436979.31000000 0.174847261827 Long ABS-MBS CORP US N 2 2050-02-25 Variable 2.48800000 N N N N N N New Residential Mortgage Loan Trust N/A New Residential Mortgage Loan Trust, Series 2019-NQM4, Class A1 64828EAA3 409291.67000000 PA USD 412814.73000000 0.050230037885 Long ABS-MBS CORP US N 2 2059-09-25 Variable 2.49188000 N N N N N N Kimco Realty Corp. 549300EA7I6T15IBYS12 Kimco Realty Corp. 49446RAX7 413000.00000000 PA USD 417199.88000000 0.050763609569 Long DBT CORP US N 2 2028-03-01 Fixed 1.90000000 N N N N N MDC Holdings, Inc. 5299005FV4VNV75R8R35 MDC Holdings, Inc. 552676AT5 1036000.00000000 PA USD 1129405.76000000 0.137422649897 Long DBT CORP US N 2 2030-01-15 Fixed 3.85000000 N N N N N N Benchmark 2019-B15 Mortgage Trust N/A Benchmark 2019-B15 Mortgage Trust 08160KAJ3 2000000.00000000 PA USD 2208799.20000000 0.268759953159 Long ABS-MBS CORP US N 2 2072-12-15 Fixed 3.56400000 N N N N N N N/A N/A Microsoft Corp. Option N/A 5.00000000 NC USD 10387.50000000 0.001263919333 N/A DE N/A N 1 UBS Securities LLC T6FIZBDPKLYJKFCRVK44 Call Purchased Microsoft Corp Microsoft Corp. 100.00000000 295.00000000 USD 2022-06-17 XXXX -603.80000000 N N N Texas (State of) Transportation Commission (Central Texas Turnpike System) N/A Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB 88283KBL1 580000.00000000 PA USD 595062.19000000 0.072405353239 Long DBT MUN US N 2 2041-08-15 Fixed 3.02900000 N N N N N N Morgan Stanley IGJSJL3JD5P30I6NJZ34 Morgan Stanley 61772BAC7 263000.00000000 PA USD 283218.21000000 0.034461128405 Long DBT CORP US N 2 2042-04-22 Variable 3.21700000 N N N N N N PayPal Holdings, Inc. 5493005X2GO78EFZ3E94 PayPal Holdings, Inc. 70450YAD5 128000.00000000 PA USD 137901.74000000 0.016779463331 Long DBT CORP US N 2 2026-10-01 Fixed 2.65000000 N N N N N N NBN Co. Ltd. 2549007CRZ2NT7S96A24 NBN Co. Ltd. 62878U2B7 1360000.00000000 PA USD 1412527.77000000 0.171872072980 Long DBT CORP AU N 2 2031-05-05 Fixed 2.62500000 N N N N N N JPMDB Commercial Mortgage Securities Trust 2020-COR7 N/A JPMDB Commercial Mortgage Securities Trust 2020-COR7, Series 2020-COR7, Class C 46652JBC5 2908000.00000000 PA USD 3190668.65000000 0.388230834618 Long ABS-MBS CORP US N 2 2053-05-13 Variable 3.72546300 N N N N N N FMG Resources August 2006 Pty Ltd 549300EFD6S2NFE9D745 FMG Resources August 2006 Pty Ltd 30251GBC0 882000.00000000 PA USD 961380.00000000 0.116977787645 Long DBT CORP AU N 2 2031-04-01 Fixed 4.37500000 N N N N N N Star Trust N/A Star Trust, Series 2021-SFR1, Class C 85521DAE2 1125000.00000000 PA USD 1125688.95000000 0.136970399787 Long ABS-MBS CORP US N 2 2038-04-17 Floating 1.14000000 N N N N N N Credit Suisse Group AG 549300506SI9CRFV9Z86 Credit Suisse Group AG 225401AU2 446000.00000000 PA USD 466035.13000000 0.056705733916 Long DBT CORP CH N 2 2032-05-14 Variable 3.09100000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 Federal National Mortgage Association 3140J5PG8 322892.45000000 PA USD 346240.32000000 0.042129466628 Long ABS-MBS USGSE US N 2 2047-05-01 Fixed 3.50000000 N N N N N N Global Atlantic Fin Co. N/A Global Atlantic Fin Co. 37959GAC1 1948000.00000000 PA USD 1978695.24000000 0.240761604775 Long DBT CORP US N 2 2051-10-15 Variable 4.70000000 N N N N N N MGM China Holdings Ltd. 529900VZFN87OS7WJM66 MGM China Holdings Ltd. 55300RAA9 218000.00000000 PA USD 222228.11000000 0.027040038965 Long DBT CORP KY N 2 2024-05-15 Fixed 5.37500000 N N N N N N Trust F/1401 N/A Trust F/1401 898339AB2 385000.00000000 PA USD 459022.03000000 0.055852401287 Long DBT CORP MX N 2 2050-01-15 Fixed 6.39000000 N N N N N N Verizon Communications, Inc. 2S72QS2UO2OESLG6Y829 Verizon Communications, Inc. 92343VES9 300000.00000000 PA USD 344291.84000000 0.041892381521 Long DBT CORP US N 2 2029-02-08 Fixed 3.87500000 N N N N N N NGPL PipeCo. LLC 549300K3NT1HSQFEM073 NGPL PipeCo. LLC 62912XAC8 1148000.00000000 PA USD 1680212.91000000 0.204443184780 Long DBT CORP US N 2 2037-12-15 Fixed 7.76800000 N N N N N N Goldentree Loan Management US CLO 2 Ltd. 549300UYD6YMBA6XSE43 Goldentree Loan Management US CLO 2 Ltd., Series 2017-2A, Class A 38136MAC2 2000000.00000000 PA USD 2002364.89000000 0.243641655631 Long ABS-CBDO CORP KY N 2 2030-11-28 Floating 1.28425000 N N N N N N Office Properties Income Trust N/A Office Properties Income Trust 81618TAC4 570000.00000000 PA USD 618643.30000000 0.075274630817 Long DBT CORP US N 2 2025-02-01 Fixed 4.50000000 N N N N N N Hilton Domestic Operating Co., Inc. 5493003EG7H0N1E4XV50 Hilton Domestic Operating Co., Inc. 432833AN1 575000.00000000 PA USD 574364.63000000 0.069886937235 Long DBT CORP US N 2 2032-02-15 Fixed 3.62500000 N N N N N N Benchmark Mortgage Trust N/A Benchmark Mortgage Trust, Series 2019-B14, Class A5 08162YAE2 2000000.00000000 PA USD 2196082.40000000 0.267212611702 Long ABS-MBS CORP US N 2 2062-12-15 Fixed 3.04860000 N N N N N N Sonic Capital LLC N/A Sonic Capital LLC, Series 2021-1A, Class A2II 83546DAQ1 1880000.00000000 PA USD 1888930.00000000 0.229839244020 Long ABS-O CORP US N 2 2051-08-20 Fixed 2.63600000 N N N N N N Merit N/A Merit, Series 2021-STOR, Class A 55293BAB1 815000.00000000 PA USD 816670.75000000 0.099370007249 Long ABS-MBS CORP US N 2 2038-07-15 Floating 0.80000000 N N N N N N DraftKings, Inc. 5493008P45UYYL683Z97 DraftKings, Inc., Conv. 26142RAA2 1567000.00000000 PA USD 1381310.50000000 0.168073650732 Long DBT CORP US N 2 2028-03-15 None 0.00000000 N N N Y N DraftKings Inc DraftKings, Inc. USD XXXX N N N Match Group Holdings II LLC 549300BIJKT86CPCKK96 Match Group Holdings II LLC 57665RAJ5 339000.00000000 PA USD 371757.57000000 0.045234327819 Long DBT CORP US N 2 2029-02-15 Fixed 5.62500000 N N N N N N Credit Agricole S.A. 969500TJ5KRTCJQWXH05 Credit Agricole S.A. 225313AD7 597000.00000000 PA USD 674615.97000000 0.082085214671 Long DBT CORP FR N 2 N/A Variable 7.87500000 N N N N Y United States Dollar USD SWAP SEMI 30/360 5YR USSW5 CURNCY USD XXXX N N N SVB Financial Group 549300D2KJ20JMXE7542 SVB Financial Group, Series C 78486QAJ0 1880000.00000000 PA USD 1957550.00000000 0.238188716433 Long DBT CORP US N 2 N/A Variable 4.00000000 N N N N N N LSEGA Financing PLC 2138009YFYTGEHZNNZ09 LSEGA Financing PLC 50220PAE3 559000.00000000 PA USD 599944.44000000 0.072999410536 Long DBT CORP GB N 2 2041-04-06 Fixed 3.20000000 N N N N N N GS Mortgage Securities Trust 549300ITVQSU1IHX4H03 GS Mortgage Securities Trust, Series 2013-GC14, Class B 36198FAP7 325000.00000000 PA USD 346143.66000000 0.042117705334 Long ABS-MBS CORP US N 2 2046-08-10 Variable 4.74128800 N N N N N N Republic of Turkey Bond 5493000PCHOG3B6S3Q85 Republic of Turkey Bond 900123DB3 1065000.00000000 PA USD 1054544.90000000 0.128313808665 Long DBT NUSS TR N 2 2026-01-26 Fixed 4.75000000 N N N N N N Starwood Residential Mortgage Trust N/A Starwood Residential Mortgage Trust, Series 2021-1, Class A11 85573GAA0 2337910.81000000 PA USD 2347210.08000000 0.285601367094 Long ABS-MBS CORP US N 2 2065-05-25 Variable 1.21900000 N N N N N N International Game Technology PLC 549300UQ6KHRCZDRGZ76 International Game Technology PLC 460599AF0 389000.00000000 PA USD 405744.51000000 0.049369755069 Long DBT CORP GB N 2 2026-04-15 Fixed 4.12500000 N N N N N N Crown Castle International Corp. 54930012H97VSM0I2R19 Crown Castle International Corp. 22822VAY7 1445000.00000000 PA USD 1480790.83000000 0.180178114022 Long DBT CORP US N 2 2031-07-15 Fixed 2.50000000 N N N N N N PayPal Holdings, Inc. 5493005X2GO78EFZ3E94 PayPal Holdings, Inc. 70450YAE3 89000.00000000 PA USD 96891.96000000 0.011789518318 Long DBT CORP US N 2 2029-10-01 Fixed 2.85000000 N N N N N N Broadcom, Inc. 549300WV6GIDOZJTV909 Broadcom, Inc. 11135FBD2 428000.00000000 PA USD 511145.22000000 0.062194592149 Long DBT CORP US N 2 2030-04-15 Fixed 5.00000000 N N N N N N Freddie Mac Multifamily Structured Pass Through Certificates S6XOOCT0IEG5ABCC6L87 Freddie Mac Multifamily Structured Pass Through Certificates, Series 2018-K154, Class A3 3137FDET5 1000000.00000000 PA USD 1173124.60000000 0.142742225072 Long ABS-APCP USGSE US N 2 2032-11-25 Fixed 3.45900000 N N N N N N Qatar Petroleum 254900QTESJKJ3P87J26 Qatar Petroleum 74730DAE3 685000.00000000 PA USD 711700.62000000 0.086597561831 Long DBT CORP QA N 2 2041-07-12 Fixed 3.12500000 N N N N N N Rent-A-Center, Inc. 529900QUHE15UQNCCJ63 Rent-A-Center, Inc. 76009NAL4 139000.00000000 PA USD 149725.24000000 0.018218110767 Long DBT CORP US N 2 2029-02-15 Fixed 6.37500000 N N N N N N Canadian Natural Resources Ltd. 549300T15RIMIKZC5Q38 Canadian Natural Resources Ltd. 136385AZ4 455000.00000000 PA USD 469342.80000000 0.057108201118 Long DBT CORP CA N 2 2025-07-15 Fixed 2.05000000 N N N N N N Mitsubishi UFJ Lease & Finance Co. Ltd. 353800MZ3QX9RLMH7B09 Mitsubishi UFJ Lease & Finance Co. Ltd. 60682LAF9 894000.00000000 PA USD 970240.31000000 0.118055883155 Long DBT CORP JP N 2 2025-04-13 Fixed 3.63700000 N N N N N CI Financial Corp. 549300M9W7JJQSVCEM78 CI Financial Corp. 125491AN0 705000.00000000 PA USD 734294.46000000 0.089346711405 Long DBT CORP CA N 2 2030-12-17 Fixed 3.20000000 N N N N N N Mayo Clinic 5493001OHMD58DCY4635 Mayo Clinic 578454AF7 613000.00000000 PA USD 689080.99000000 0.083845274208 Long DBT CORP US N 2 2061-11-15 Fixed 3.19600000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 Federal National Mortgage Association 3140QBS82 1261314.27000000 PA USD 1345122.31000000 0.163670382092 Long ABS-MBS USGSE US N 2 2049-09-01 Fixed 3.00000000 N N N N N N Level 3 Financing, Inc. 254900AE5FEFIJOXWL19 Level 3 Financing, Inc. 527298BT9 1000000.00000000 PA USD 981280.00000000 0.119399158980 Long DBT CORP US N 2 2029-07-15 Fixed 3.75000000 N N N N N N U.S. Treasury Bonds 254900HROIFWPRGM1V77 U.S. Treasury Bonds 912810SY5 685700.00000000 PA USD 735841.81000000 0.089534988236 Long DBT UST US N 2 2041-05-15 Fixed 2.25000000 N N N N N N StoneCo Ltd. 549300O1A9LEF0XZCR35 StoneCo Ltd. 861787AA7 690000.00000000 PA USD 685932.45000000 0.083462169459 Long DBT CORP KY N 2 2028-06-16 Fixed 3.95000000 N N N N N N Charter Communications Operating LLC / Charter Communications Operating Capital N/A Charter Communications Operating LLC / Charter Communications Operating Capital 161175BZ6 621000.00000000 PA USD 634205.53000000 0.077168195522 Long DBT CORP US N 2 2041-06-01 Fixed 3.50000000 N N N N N N Atlantic Marine Corps Communities LLC N/A Atlantic Marine Corps Communities LLC 048677AB4 93833.38000000 PA USD 110470.02000000 0.013441655267 Long DBT CORP US N 2 2050-12-01 Fixed 5.34300000 N N N N N N Trust F/1401 N/A Trust F/1401 898339AA4 1080000.00000000 PA USD 1189020.60000000 0.144676401893 Long DBT CORP MX N 2 2030-01-15 Fixed 4.86900000 N N N N N N VEREIT Operating Partnership L.P. 5493005TQOUJE1LCS698 VEREIT Operating Partnership L.P. 92340LAH2 266000.00000000 PA USD 274771.96000000 0.033433414453 Long DBT CORP US N 2 2028-06-15 Fixed 2.20000000 N N N N N N Owl Rock Capital Corp. 2549000BD79OOCPF2L94 Owl Rock Capital Corp. 69121KAF1 541000.00000000 PA USD 547824.26000000 0.066657585921 Long DBT CORP US N 2 2027-01-15 Fixed 2.62500000 N N N N N N Welltower, Inc. T6IZ0MBEG5ACZDTR7D06 Welltower, Inc. 95040QAJ3 73000.00000000 PA USD 78790.97000000 0.009587045036 Long DBT CORP US N 2 2030-01-15 Fixed 3.10000000 N N N N N N Pacific Beacon LLC 549300RDBP3BJOLTTC39 Pacific Beacon LLC 69403WAC1 500000.00000000 PA USD 596783.91000000 0.072614846880 Long DBT CORP US N 2 2036-07-15 Fixed 5.50800000 N N N N N N N/A N/A U.S. Treasury 10 Year Notes Future N/A -308.00000000 NC USD -41411562.50000000 -5.03883268237 N/A DIR N/A N 1 BOFA SECURITIES, INC. 549300HN4UKV1E2R3U73 Short United States Treasury Note/Bond U.S. Treasury Notes 2021-09-21 40649220.92000000 USD -762341.58000000 N N N Charles Schwab Corp. (The) 549300VSGCJ7E698NM85 Charles Schwab Corp. (The), Series H 808513BJ3 546000.00000000 PA USD 569177.70000000 0.069255807404 Long DBT CORP US N 2 N/A Variable 4.00000000 N N N N N N Morgan Stanley Capital I Trust 2019-L3 N/A Morgan Stanley Capital I Trust 2019-L3 61691UBH1 1580000.00000000 PA USD 1749821.56000000 0.212912953111 Long ABS-MBS CORP US N 2 2052-11-15 Fixed 3.49000000 N N N N N N Saudi Arabian Oil Co. 5586006WD91QHB7J4X50 Saudi Arabian Oil Co. 80414L2L8 215000.00000000 PA USD 210809.65000000 0.025650675561 Long DBT CORP SA N 2 2050-11-24 Fixed 3.25000000 N N N N N N Teledyne Technologies, Inc. 549300VSMO9KYQWDND94 Teledyne Technologies, Inc. 879360AE5 311000.00000000 PA USD 327175.43000000 0.039809708932 Long DBT CORP US N 2 2031-04-01 Fixed 2.75000000 N N N N N N iStar, Inc. QFFLKWYYS3UPWD86E794 iStar, Inc. 45031UCF6 603000.00000000 PA USD 640211.13000000 0.077898938622 Long DBT CORP US N 2 2024-10-01 Fixed 4.75000000 N N N N N N Credit Suisse Mortgage Trust N/A Credit Suisse Mortgage Trust, Series 2021-NQM2, Class A1 12662EAA1 527816.40000000 PA USD 528491.58000000 0.064305244354 Long ABS-MBS CORP US N 2 2066-02-25 Variable 1.17900000 N N N N N N Los Angeles (City of), CA Department of Water & Power System Revenue N/A Los Angeles (City of), CA Department of Water & Power System Revenue, Series 2010, RB 544495VY7 255000.00000000 PA USD 424851.98000000 0.051694693770 Long DBT MUN US N 2 2045-07-01 Fixed 6.57400000 N N N N N N Broadcom, Inc. 549300WV6GIDOZJTV909 Broadcom, Inc. 11135FBL4 1847000.00000000 PA USD 1966536.66000000 0.239282185826 Long DBT CORP US N 2 2034-04-15 Fixed 3.46900000 N N N N N N Federal Home Loan Mortgage Corp. S6XOOCT0IEG5ABCC6L87 Federal Home Loan Mortgage Corp. 3134A3ZU3 150000.00000000 PA USD 134359.62000000 0.016348468967 Long DBT USGSE US N 2 2029-12-14 None 0.00000000 N N N N N N Calpine Corp. 43R4VPJBXTU2O15HEF41 Calpine Corp. 131347CR5 985000.00000000 PA USD 949421.80000000 0.115522750323 Long DBT CORP US N 2 2031-03-01 Fixed 3.75000000 N N N N N N Fifth Third Bancorp THRNG6BD57P9QWTQLG42 Fifth Third Bancorp 316773DA5 188000.00000000 PA USD 200609.89000000 0.024409599858 Long DBT CORP US N 2 2027-05-05 Fixed 2.55000000 N N N N N N Angel Oak Mortgage Trust N/A Angel Oak Mortgage Trust, Series 2020-1, Class A1 03464RAA1 218956.54000000 PA USD 220174.81000000 0.026790199680 Long ABS-MBS CORP US N 2 2059-12-25 Variable 2.15613000 N N N N N N AdaptHealth LLC N/A AdaptHealth LLC 00653VAC5 817000.00000000 PA USD 814945.25000000 0.099160053669 Long DBT CORP US N 2 2029-08-01 Fixed 4.62500000 N N N N N OCP CLO Ltd. N/A OCP CLO Ltd., Series 2020-8RA, Class A1 670898AC9 1730000.00000000 PA USD 1730998.86000000 0.210622664356 Long ABS-CBDO CORP KY N 2 2032-01-17 Floating 1.35388000 N N N N N N Western Midstream Operating L.P. L6D8A6MLSY454J2JXJ60 Western Midstream Operating L.P. 958667AD9 917000.00000000 PA USD 912217.85000000 0.110995887103 Long DBT CORP US N 2 2023-01-13 Floating 2.22863000 N N N N N N Sumitomo Mitsui Financial Group, Inc. 35380028MYWPB6AUO129 Sumitomo Mitsui Financial Group, Inc. 86562MBZ2 785000.00000000 PA USD 772700.06000000 0.094019787734 Long DBT CORP JP N 2 2030-09-23 Fixed 2.14200000 N N N N N Agree LP 549300DXY3G299V1BO77 Agree LP 008513AB9 418000.00000000 PA USD 421489.78000000 0.051285591524 Long DBT CORP US N 2 2028-06-15 Fixed 2.00000000 N N N N N N Cox Co.mmunications, Inc. 5493001NEDZNIFRP2R92 Cox Co.mmunications, Inc. 224044CN5 790000.00000000 PA USD 814387.87000000 0.099092233370 Long DBT CORP US N 2 2031-06-15 Fixed 2.60000000 N N N N N N Owens & Minor, Inc. 549300LMT5KQQXCEZ733 Owens & Minor, Inc. 690732AF9 408000.00000000 PA USD 418724.28000000 0.050949093914 Long DBT CORP US N 2 2029-03-31 Fixed 4.50000000 N N N N N N Macy's, Inc. 529900NZQ81TIOW3CW52 Macy's, Inc. 55616PAA2 4000000.00000000 PA USD 4365000.00000000 0.531119893352 Long DBT CORP US N 2 2025-06-15 Fixed 8.37500000 N N N N N N Residential Mortgage Loan Trust N/A Residential Mortgage Loan Trust, Series 2019-3, Class A1 76119NAA5 77529.02000000 PA USD 78566.89000000 0.009559779665 Long ABS-MBS CORP US N 2 2059-09-25 Variable 2.63300000 N N N N N N Drax Finco PLC 5493000MW6H7G7JFNQ88 Drax Finco PLC 26151AAA7 200000.00000000 PA USD 206250.00000000 0.025095871249 Long DBT CORP GB N 2 2025-11-01 Fixed 6.62500000 N N N N N N Bear Stearns Asset Backed Securities I Trust N/A Bear Stearns Asset Backed Securities I Trust, Series 2006-HE9, Class 2A 07389MAD9 226251.12000000 PA USD 223075.17000000 0.027143106643 Long ABS-MBS CORP US N 2 2036-11-25 Floating 0.22925000 N N N N N N Western & Southern Life Insurance Co. (The) IN763J7JWIZ46OJ1T526 Western & Southern Life Insurance Co. (The) 95765PAE9 255000.00000000 PA USD 283538.39000000 0.034500086931 Long DBT CORP US N 2 2061-04-28 Fixed 3.75000000 N N N N N N ING Groep N.V. 549300NYKK9MWM7GGW15 ING Groep N.V. AL2981127 446000.00000000 PA USD 462570.68000000 0.056284190201 Long DBT CORP NL N 2 N/A Variable 6.87500000 N N N N Y UNITED STATE DOLLAR USD ICE SWAP RATE 11:00AM NY 5Y USD ICE SWAP RATE 11:00AM NY 5 USD XXXX N N N GFL Environmental, Inc. 549300FYK4MBXWIVZU26 GFL Environmental, Inc. 36168QAM6 846000.00000000 PA USD 849993.12000000 0.103424571648 Long DBT CORP CA N 2 2028-09-01 Fixed 3.50000000 N N N N N N Life Financial Services Trust N/A Life Financial Services Trust, Series 2021-BMR, Class C 53218CAE0 500000.00000000 PA USD 501757.40000000 0.061052310830 Long ABS-MBS CORP US N 2 2038-03-15 Floating 1.19400000 N N N N N N T-Mobile USA, Inc. 549300V2JRLO5DIFGE82 T-Mobile USA, Inc. 87264ACC7 1000000.00000000 PA USD 1012620.00000000 0.123212514640 Long DBT CORP US N 2 2026-02-15 Fixed 2.25000000 N N N N N N Verizon Communications, Inc. 2S72QS2UO2OESLG6Y829 Verizon Communications, Inc. 92343VGJ7 386000.00000000 PA USD 401072.90000000 0.048801327806 Long DBT CORP US N 2 2031-03-21 Fixed 2.55000000 N N N N N N Triton Container International Ltd. 549300O4LZFLCX53XZ54 Triton Container International Ltd. 89680YAB1 257000.00000000 PA USD 257795.38000000 0.031367755952 Long DBT CORP BM N 2 2024-06-07 Fixed 1.15000000 N N N N N N Belrose Funding Trust N/A Belrose Funding Trust 080807AA8 405000.00000000 PA USD 406876.34000000 0.049507472693 Long DBT CORP US N 2 2030-08-15 Fixed 2.33000000 N N N N N Freddie Mac S6XOOCT0IEG5ABCC6L87 Freddie Mac, Series 2016-DNA4, Class M3 3137G0LJ6 233396.74000000 PA USD 241895.37000000 0.029433091206 Long ABS-MBS USGSE US N 2 2029-03-25 Floating 3.88925000 N N N N N N SunCoke Energy, Inc. 1KF1J2NXQE2PI0QOB943 SunCoke Energy, Inc. 86722AAD5 694000.00000000 PA USD 701051.04000000 0.085301753401 Long DBT CORP US N 2 2029-06-30 Fixed 4.87500000 N N N N N N Fannie Mae STRIPS B1V7KEBTPIMZEU4LTD58 Fannie Mae STRIPS 31358DDR2 850000.00000000 PA USD 749277.55000000 0.091169808120 Long DBT CORP US N 2 2030-05-15 None 0.00000000 N N N N N N Micron Technology, Inc. B3DXGBC8GAIYWI2Z0172 Micron Technology, Inc. 595112BP7 166000.00000000 PA USD 188473.91000000 0.022932930808 Long DBT CORP US N 2 2027-02-15 Fixed 4.18500000 N N N N N N Delta Air Lines, Inc. / SkyMiles IP Ltd. Q2CCMS6R0AS67HJMBN42 Delta Air Lines, Inc. / SkyMiles IP Ltd. 830867AA5 1450708.00000000 PA USD 1560342.83000000 0.189857758868 Long DBT CORP XX N 2 2025-10-20 Fixed 4.50000000 N N N N N N PPM CLO 3 Ltd. 549300UEAJV6RALDS969 PPM CLO 3 Ltd., Series 2019-3A, Class AR 69355EAL9 250000.00000000 PA USD 250001.58000000 0.030419430127 Long ABS-CBDO CORP KY N 2 2034-04-17 Floating 1.22388000 N N N N N N Agree LP 549300DXY3G299V1BO77 Agree LP 008513AC7 547000.00000000 PA USD 555312.78000000 0.067568766206 Long DBT CORP US N 2 2033-06-15 Fixed 2.60000000 N N N N N N Fannie Mae STRIPS B1V7KEBTPIMZEU4LTD58 Fannie Mae STRIPS, STRIPS 31358DDC5 450000.00000000 PA USD 407148.22000000 0.049540554223 Long DBT USGSE US N 2 2029-05-15 None 0.00000000 N N N N N N Goldman Sachs Group, Inc. (The) 784F5XWPLTWKTBV3E584 Goldman Sachs Group, Inc. (The) 38141GXW9 1402000.00000000 PA USD 1406424.21000000 0.171129410406 Long DBT CORP US N 2 2024-03-08 Floating 0.62428800 N N N N N N N/A N/A U.S. Treasury 5 Year Notes Future N/A 43.00000000 NC USD 5351148.46000000 0.651111431704 N/A DIR N/A N 1 BOFA SECURITIES, INC. 549300HN4UKV1E2R3U73 Long United States Treasury Note/Bond U.S. Treasury Notes 2021-09-30 5326022.79000000 USD 25125.67000000 N N N Anheuser-Busch InBev Worldwide, Inc. 549300CRGMZK3K53BF92 Anheuser-Busch InBev Worldwide, Inc. 035240AT7 211000.00000000 PA USD 262460.42000000 0.031935383798 Long DBT CORP US N 2 2050-06-01 Fixed 4.50000000 N N N N N N Fresenius Medical Care US Finance III, Inc. 5299006ZHLMXOOUVTU44 Fresenius Medical Care US Finance III, Inc. 35805BAC2 1775000.00000000 PA USD 1802579.38000000 0.219332363817 Long DBT CORP US N 2 2026-12-01 Fixed 1.87500000 N N N N N N AT&T, Inc. 549300Z40J86GGSTL398 AT&T, Inc. 00206RMC3 673000.00000000 PA USD 696315.85000000 0.084725589917 Long DBT CORP US N 2 2053-09-15 Fixed 3.50000000 N N N N N N Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC N/A Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons L.P. / Albertsons LLC 013092AD3 584000.00000000 PA USD 599496.44000000 0.072944899261 Long DBT CORP US N 2 2023-02-15 Fixed 3.50000000 N N N N N N Credit Suisse Group AG 549300506SI9CRFV9Z86 Credit Suisse Group AG 225401AN8 492000.00000000 PA USD 508605.00000000 0.061885505924 Long DBT CORP CH N 2 N/A Variable 5.10000000 N N N N Y UNITED STATE DOLLAR US TREASURY YIELD CURVE RATE T NOTE CONSTANT MATURITY 5 YEAR US TREASURY YIELD CURVE RATE T USD XXXX N N Amazon.com, Inc. ZXTILKJKG63JELOEG630 Amazon.com, Inc. 023135CC8 835000.00000000 PA USD 912117.92000000 0.110983727925 Long DBT CORP US N 2 2061-05-12 Fixed 3.25000000 N N N N N N First American Financial Corp. 549300B6VEZK3N0A1P55 First American Financial Corp. 31847RAH5 994000.00000000 PA USD 984289.03000000 0.119765288577 Long DBT CORP US N 2 2031-08-15 Fixed 2.40000000 N N N N N N Masco Corp. 5GCSNMQXHEYA1JO8QN11 Masco Corp. 574599BQ8 330000.00000000 PA USD 326871.06000000 0.039772674118 Long DBT CORP US N 2 2031-02-15 Fixed 2.00000000 N N N N N Angel Oak Mortgage Trust N/A Angel Oak Mortgage Trust, Series 2020-3, Class A1 03465LAA3 664170.49000000 PA USD 670769.95000000 0.081617242682 Long ABS-MBS CORP US N 2 2065-04-25 Variable 1.69100000 N N N N N N Qatar Petroleum 254900QTESJKJ3P87J26 Qatar Petroleum 74730DAD5 1070000.00000000 PA USD 1111268.83000000 0.135215803545 Long DBT CORP QA N 2 2051-07-12 Fixed 3.30000000 N N N N N Netflix, Inc. 549300Y7VHGU0I7CE873 Netflix, Inc. ZS2929843 100000.00000000 PA 144801.33000000 0.017618984409 Long DBT CORP US N 2 2029-11-15 Fixed 3.87500000 N N N N N N GS Mortgage Securities Corp. Trust N/A GS Mortgage Securities Corp. Trust, Series 2017-STAY, Class C 36253VAJ8 500000.00000000 PA USD 499672.55000000 0.060798632638 Long ABS-MBS CORP US N 2 2032-07-15 Floating 1.94313000 N N N N N N Republic of Egypt Bond 529900GFIVH4086NMH82 Republic of Egypt Bond 038461AS8 1415000.00000000 PA USD 1487612.14000000 0.181008110228 Long DBT NUSS EG N 2 2025-10-06 Fixed 5.25000000 N N N N N US Bancorp N1GZ7BBF3NP8GI976H15 US Bancorp 91159HJA9 286000.00000000 PA USD 278692.01000000 0.033910394187 Long DBT CORP US N 2 2030-07-22 Fixed 1.37500000 N N N N N N Merit N/A Merit, Series 2021-STOR, Class B 55293BAD7 615000.00000000 PA USD 616334.55000000 0.074993709155 Long ABS-MBS CORP US N 2 2038-07-15 Floating 1.00000000 N N N N N N Kingdom of Morocco Bond 529900F3MBW9XY5K1X07 Kingdom of Morocco Bond 617726AK0 585000.00000000 PA USD 577687.50000000 0.070291253926 Long DBT NUSS MA N 2 2027-12-15 Fixed 2.37500000 N N N N N N Corning, Inc. 549300X2937PB0CJ7I56 Corning, Inc. 219350BQ7 1584000.00000000 PA USD 2310273.77000000 0.281107069493 Long DBT CORP US N 2 2079-11-15 Fixed 5.45000000 N N N N N N Freddie Mac STRIPS S6XOOCT0IEG5ABCC6L87 Freddie Mac STRIPS, STRIPS 3134A4CN2 350000.00000000 PA USD 308081.26000000 0.037486388534 Long DBT USGSE US N 2 2030-09-15 None 0.00000000 N N N N N N Progress Residential Trust N/A Progress Residential Trust, Series 2020-SFR1, Class A 74331CAA6 870000.00000000 PA USD 884156.03000000 0.107581410391 Long ABS-MBS CORP US N 2 2037-04-17 Fixed 1.73200000 N N N N N N Invesco Private Prime Fund N/A Invesco Private Prime Fund N/A 28402166.60000000 NS USD 28413527.73000000 3.457271435905 Long STIV PF US N 2 N N Federal Home Loan Mortgage Corp. S6XOOCT0IEG5ABCC6L87 Federal Home Loan Mortgage Corp. 31334XD97 279359.58000000 PA USD 300046.60000000 0.036508755599 Long ABS-MBS USGSE US N 2 2049-07-01 Fixed 4.00000000 N N N N N N Marriott Ownership Resorts, Inc. BW4532OH033VURR0IT68 Marriott Ownership Resorts, Inc. 57164PAF3 474000.00000000 PA USD 480256.80000000 0.058436183367 Long DBT CORP US N 2 2028-01-15 Fixed 4.75000000 N N N N N N JPMorgan Chase & Co. 8I5DZWZKVSZI1NUHU748 JPMorgan Chase & Co. 46647PBK1 440000.00000000 PA USD 456643.46000000 0.055562984140 Long DBT CORP US N 2 2026-04-22 Variable 2.08300000 N N N N N N BP Capital Markets America, Inc. 5493009NTB34VXE1T760 BP Capital Markets America, Inc. 10373QBP4 1564000.00000000 PA USD 1535368.24000000 0.186818926892 Long DBT CORP US N 2 2051-06-04 Fixed 2.93900000 N N N N N N KeyCorp RKPI3RZGV1V1FJTH5T61 KeyCorp 49326EEK5 378000.00000000 PA USD 395577.45000000 0.048132658203 Long DBT CORP US N 2 2027-04-06 Fixed 2.25000000 N N N N N N AT&T, Inc. 549300Z40J86GGSTL398 AT&T, Inc., Series B ZP9910362 500000.00000000 PA 605061.35000000 0.073622020546 Long DBT CORP US N 2 N/A Variable 2.87500000 N N N N N N FREMF Mortgage Trust N/A FREMF Mortgage Trust, Series 2013-K29, Class X2A 30291JAQ6 26935340.82000000 PA USD 37203.09000000 0.004526758578 Long ABS-APCP USGSE US N 2 2046-05-25 Fixed 0.12500000 N N N N N N Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. N/A Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 226373AR9 282000.00000000 PA USD 293667.75000000 0.035732596577 Long DBT CORP US N 2 2029-02-01 Fixed 6.00000000 N N N N N N Credit Suisse Group AG 549300506SI9CRFV9Z86 Credit Suisse Group AG 225401AJ7 831000.00000000 PA USD 901635.00000000 0.109708198177 Long DBT CORP CH N 2 N/A Variable 7.50000000 N N N N Y United States Dollar USD SWAP SEMI 30/360 5YR USSW5 CURNCY USD XXXX N N N U.S. Treasury Bonds 254900HROIFWPRGM1V77 U.S. Treasury Bonds 912810SU3 33140500.00000000 PA USD 32876411.64000000 4.000301545029 Long DBT UST US N 2 2051-02-15 Fixed 1.87500000 N N N N N N Mercer International, Inc. 549300Z5IAG39VRTY874 Mercer International, Inc. 588056BB6 503000.00000000 PA USD 513688.75000000 0.062504081126 Long DBT CORP US N 2 2029-02-01 Fixed 5.12500000 N N N N N N Spirit Realty L.P. 549300GTBVIBJRX5BW73 Spirit Realty L.P. 84861TAF5 199000.00000000 PA USD 215355.39000000 0.026203787347 Long DBT CORP US N 2 2030-01-15 Fixed 3.40000000 N N N N N N Life Financial Services Trust N/A Life Financial Services Trust, Series 2021-BMR, Class A 53218CAA8 1830000.00000000 PA USD 1834941.55000000 0.223270094007 Long ABS-MBS CORP US N 2 2038-03-15 Floating 0.79400000 N N N N N N Brazilian Government International Bond 254900ZFY40OYEADAP90 Brazilian Government International Bond 105756CB4 1449000.00000000 PA USD 1394372.70000000 0.169663019408 Long DBT NUSS BR N 2 2050-01-14 Fixed 4.75000000 N N N N N N Organon & Co. / Organon Foreign Debt Co-Issuer B.V. 549300SH15FO4Y2G3V63 Organon & Co. / Organon Foreign Debt Co-Issuer B.V. 68622TAA9 1120000.00000000 PA USD 1149920.80000000 0.139918857424 Long DBT CORP US N 2 2028-04-30 Fixed 4.12500000 N N N N N N Freddie Mac Multifamily Structured Pass Through Certificates S6XOOCT0IEG5ABCC6L87 Freddie Mac Multifamily Structured Pass Through Certificates, Series 2013-K035, Class X1 3137B5KX0 7776852.26000000 PA USD 47682.99000000 0.005801920862 Long ABS-APCP USGSE US N 2 2023-08-25 Variable 0.33747200 N N N N N N Citigroup, Inc. 6SHGI4ZSSLCXXQSBB395 Citigroup, Inc. 172967JM4 390000.00000000 PA USD 429975.00000000 0.052318047226 Long DBT CORP US N 2 N/A Variable 5.95000000 N N N N N N Toyota Motor Credit Corp. Z2VZBHUMB7PWWJ63I008 Toyota Motor Credit Corp. 89236THP3 1939000.00000000 PA USD 1929416.32000000 0.234765496016 Long DBT CORP US N 2 2025-10-16 Fixed 0.80000000 N N N N N N Banco Santander S.A. 5493006QMFDDMYWIAM13 Banco Santander S.A. 05971KAG4 600000.00000000 PA USD 605435.89000000 0.073667593431 Long DBT CORP ES N 2 2030-12-03 Fixed 2.74900000 N N N N N N Micron Technology, Inc. B3DXGBC8GAIYWI2Z0172 Micron Technology, Inc. 595112BM4 37000.00000000 PA USD 42849.70000000 0.005213820869 Long DBT CORP US N 2 2026-02-06 Fixed 4.97500000 N N N N N N Twilio, Inc. 5493004W8TRGD63APX93 Twilio, Inc. 90138FAD4 844000.00000000 PA USD 883883.22000000 0.107548215702 Long DBT CORP US N 2 2031-03-15 Fixed 3.87500000 N N N N N N Fannie Mae Connecticut Avenue Securities B1V7KEBTPIMZEU4LTD58 Fannie Mae Connecticut Avenue Securities, Series 2018-C05, Class 1M2 30711XY24 105925.02000000 PA USD 107286.66000000 0.013054313726 Long ABS-MBS USGSE US N 2 2031-01-25 Floating 2.43925000 N N N N N N Taco Bell Funding LLC N/A Taco Bell Funding LLC, Series 2016-1A, Class A23 87342RAC8 144000.00000000 PA USD 155659.51000000 0.018940174650 Long ABS-O CORP US N 2 2046-05-25 Fixed 4.97000000 N N N N N N Citizens Financial Group, Inc. 2138004JDDA4ZQUPFW65 Citizens Financial Group, Inc. 174610AS4 260000.00000000 PA USD 269963.27000000 0.032848307713 Long DBT CORP US N 2 2030-02-06 Fixed 2.50000000 N N N N N N United Airlines, Inc. K1OQBWM7XEOO08LDNP29 United Airlines, Inc. 90932LAG2 281000.00000000 PA USD 289466.53000000 0.035221404935 Long DBT CORP US N 2 2026-04-15 Fixed 4.37500000 N N N N N N Vontier Corp. N/A Vontier Corp. 928881AE1 568000.00000000 PA USD 578422.80000000 0.070380722989 Long DBT CORP US N 2 2031-04-01 Fixed 2.95000000 N N N N N N Enel Finance International N.V. 0YQH6LCEF474UTUV4B96 Enel Finance International N.V. 29278GAN8 1975000.00000000 PA USD 1999488.14000000 0.243291621460 Long DBT CORP NL N 2 2028-07-12 Fixed 1.87500000 N N N N N N Blackstone Holdings Finance Co. LLC 549300D2L6J4NC1QVZ22 Blackstone Holdings Finance Co. LLC 09261BAA8 524000.00000000 PA USD 508587.68000000 0.061883398479 Long DBT CORP US N 2 2031-03-30 Fixed 1.60000000 N N N N N N Citigroup, Inc. 6SHGI4ZSSLCXXQSBB395 Citigroup, Inc., Series W 172967MU2 817000.00000000 PA USD 846248.60000000 0.102968949869 Long DBT CORP US N 2 N/A Variable 4.00000000 N N N N N N S&P Global, Inc. Y6X4K52KMJMZE7I7MY94 S&P Global, Inc. 78409VAS3 240000.00000000 PA USD 231029.01000000 0.028110905647 Long DBT CORP US N 2 2030-08-15 Fixed 1.25000000 N N N N N N Verus Securitization Trust N/A Verus Securitization Trust, Series 2020-INV1, Class A1 92537TAA3 181033.12000000 PA USD 182432.16000000 0.022197789086 Long ABS-MBS CORP US N 2 2060-03-25 Variable 0.32820000 N N N N N N Standard Chartered PLC U4LOSYZ7YG4W3S5F2G91 Standard Chartered PLC 853254BU3 1002000.00000000 PA USD 1014803.57000000 0.123478204781 Long DBT CORP GB N 2 2036-02-18 Variable 3.26500000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 Federal National Mortgage Association 3138LKMB0 750000.00000000 PA USD 844851.86000000 0.102798998804 Long ABS-MBS USGSE US N 2 2032-10-01 Fixed 3.08000000 N N N N N N Kingdome of Morocco Bond 529900F3MBW9XY5K1X07 Kingdome of Morocco Bond 617726AM6 365000.00000000 PA USD 343696.05000000 0.041819887610 Long DBT NUSS MA N 2 2050-12-15 Fixed 4.00000000 N N N N N N Wells Fargo & Co. PBLD0EJDB5FWOLXP3B76 Wells Fargo & Co., Class A, Series L, Conv. Pfd. 949746804 266.00000000 NS USD 402327.66000000 0.048954003178 Long EP CORP US N 1 N N N Textainer Marine Containers Ltd. 549300X48KLHDDGPK024 Textainer Marine Containers Ltd., Series 2021-2A, Class A 88315LAQ1 1577803.64000000 PA USD 1613892.74000000 0.196373548671 Long ABS-O CORP US N 2 2046-04-20 Fixed 2.23000000 N N N N N N GS Mortgage Securities Trust 5493005BBCF84ICNQ550 GS Mortgage Securities Trust, Series 2020-GC47, Class A5 36258RBA0 1530000.00000000 PA USD 1599225.77000000 0.194588916474 Long ABS-MBS CORP US N 2 2053-05-12 Fixed 2.37720000 N N N N N N New Residential Mortgage Loan Trust N/A New Residential Mortgage Loan Trust, Series 2020-NQM1, Series A1 64830VAA1 1217278.53000000 PA USD 1236463.20000000 0.150449072833 Long ABS-MBS CORP US N 2 2060-01-26 Variable 2.46413000 N N N N N N Berry Global, Inc. 549300AP2Q7ERHX6RI89 Berry Global, Inc. 085770AA3 1427000.00000000 PA USD 1509280.82000000 0.183644689154 Long DBT CORP US N 2 2026-07-15 Fixed 4.87500000 N N N N N N Corp. Nacional del Cobre de Chile 549300UVMBCBCIPSUI70 Corp. Nacional del Cobre de Chile 21987BBD9 405000.00000000 PA USD 392028.01000000 0.047700773164 Long DBT CORP CL N 2 2051-01-15 Fixed 3.15000000 N N N N N N Brixmor Operating Partnership L.P. 549300CJHBL7JBUA6503 Brixmor Operating Partnership L.P. 11120VAJ2 266000.00000000 PA USD 302967.55000000 0.036864167891 Long DBT CORP US N 2 2030-07-01 Fixed 4.05000000 N N N N N N Brookfield Finance, Inc. N/A Brookfield Finance, Inc. 11271LAF9 1057000.00000000 PA USD 1127581.35000000 0.137200661250 Long DBT CORP CA N 2 2051-03-30 Fixed 3.50000000 N N N N N N Charter Co.mmunications Operating LLC / Charter Co.mmunications Operating Capital N/A Charter Co.mmunications Operating LLC / Charter Co.mmunications Operating Capital 161175CA0 1013000.00000000 PA USD 1050436.11000000 0.127813863623 Long DBT CORP US N 2 2052-06-01 Fixed 3.90000000 N N N N N N Alimentation Couche-Tard, Inc. 549300OSW32RVX8CCZ87 Alimentation Couche-Tard, Inc. 01626PAP1 1194000.00000000 PA USD 1266226.62000000 0.154070595045 Long DBT CORP CA N 2 2041-05-13 Fixed 3.43900000 N N N N N Fidelity National Financial, Inc. 549300CAZYIH39SYQ287 Fidelity National Financial, Inc. 31620RAK1 379000.00000000 PA USD 382451.54000000 0.046535537488 Long DBT CORP US N 2 2031-03-15 Fixed 2.45000000 N N N N N N KKR Group Finance Co. VIII LLC N/A KKR Group Finance Co. VIII LLC 48252MAA3 211000.00000000 PA USD 229209.90000000 0.027889561888 Long DBT CORP US N 2 2050-08-25 Fixed 3.50000000 N N N N N N Republic of Egypt Bond 529900GFIVH4086NMH82 Republic of Egypt Bond 03846JAC4 2891000.00000000 PA USD 2699847.08000000 0.328509162244 Long DBT NUSS EG N 2 2061-02-16 Fixed 7.50000000 N N N N N N Sensata Technologies B.V. PUCKW5P5O3XMOZVH7T53 Sensata Technologies B.V. 81725WAK9 2575000.00000000 PA USD 2649739.38000000 0.322412210061 Long DBT CORP NL N 2 2029-04-15 Fixed 4.00000000 N N N N N N Bank of America Corp. 9DJT3UXIJIZJI4WXO774 Bank of America Corp. 06051GJT7 1494000.00000000 PA USD 1560957.11000000 0.189932502586 Long DBT CORP US N 2 2032-04-22 Variable 2.68700000 N N N N N N WEC Energy Group, Inc. 549300IGLYTZUK3PVP70 WEC Energy Group, Inc. 92939UAE6 628000.00000000 PA USD 614727.47000000 0.074798164560 Long DBT CORP US N 2 2030-10-15 Fixed 1.80000000 N N N N N N Broadcom, Inc. 549300WV6GIDOZJTV909 Broadcom, Inc. 11135FAS0 386000.00000000 PA USD 445898.55000000 0.054255576247 Long DBT CORP US N 2 2032-11-15 Fixed 4.30000000 N N N N N N Australia & New Zealand Banking Group Ltd. JHE42UYNWWTJB8YTTU19 Australia & New Zealand Banking Group Ltd. 052528AM8 532000.00000000 PA USD 525769.42000000 0.063974020224 Long DBT CORP AU N 2 2035-11-25 Variable 2.57000000 N N N N N N Mexico Remittances Funding Fiduciary Estate Management Sarl 54930007WQ6S3GFCM563 Mexico Remittances Funding Fiduciary Estate Management Sarl 593035AA6 496000.00000000 PA USD 488510.40000000 0.059440456254 Long DBT CORP LU N 2 2028-01-15 Fixed 4.87500000 N N N N N N Enel Finance International N.V. 0YQH6LCEF474UTUV4B96 Enel Finance International N.V. 29278GAQ1 1160000.00000000 PA USD 1165931.72000000 0.141867017361 Long DBT CORP NL N 2 2041-07-12 Fixed 2.87500000 N N N N N N United Airlines Pass Through Trust N/A United Airlines Pass Through Trust, Series 2020-1 Class A 90931GAA7 929329.95000000 PA USD 1035577.08000000 0.126005862150 Long DBT CORP US N 2 2027-10-15 Fixed 5.87500000 N N N N N N One Bryant Park Trust N/A One Bryant Park Trust, Series 2019-OBP, Class A 68236JAA9 457000.00000000 PA USD 481222.37000000 0.058553670981 Long ABS-MBS CORP US N 2 2054-09-15 Fixed 2.51641000 N N N N N N Avis Budget Car Rental LLC / Avis Budget Finance, Inc. N/A Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 053773BF3 550000.00000000 PA USD 572726.00000000 0.069687553732 Long DBT CORP US N 2 2029-03-01 Fixed 5.37500000 N N N N N Tencent Music Entertainment Group 213800XTZK2GOHQTYK41 Tencent Music Entertainment Group 88034PAB5 590000.00000000 PA USD 567766.66000000 0.069084116359 Long DBT CORP KY N 2 2030-09-03 Fixed 2.00000000 N N N N N N Berry Global, Inc. 549300AP2Q7ERHX6RI89 Berry Global, Inc. 08576PAD3 1369000.00000000 PA USD 1370177.34000000 0.166719001762 Long DBT CORP US N 2 2027-01-15 Fixed 1.65000000 N N N N N N Duke Realty L.P. 2549009GZDBNY1KE9O81 Duke Realty L.P. 26441YBC0 1250000.00000000 PA USD 1339584.13000000 0.162996513233 Long DBT CORP US N 2 2029-11-15 Fixed 2.87500000 N N N N N N EnfraGen Energia Sur S.A. / EnfraGen Spain S.A. / Prime Energia S.p.A. 2549002TO75PYMY3VY07 EnfraGen Energia Sur S.A. / EnfraGen Spain S.A. / Prime Energia S.p.A. 29280LAA1 1450000.00000000 PA USD 1449927.50000000 0.176422758114 Long DBT CORP ES N 2 2030-12-30 Fixed 5.37500000 N N N N N N Energy Transfer Operating L.P. MTLVN9N7JE8MIBIJ1H73 Energy Transfer Operating L.P. 29278NAE3 42000.00000000 PA USD 53551.46000000 0.006515978401 Long DBT CORP US N 2 2048-06-15 Fixed 6.00000000 N N N N N N WR Berkley Corp. SQOAGCLKBDWNVYV1OV80 WR Berkley Corp. 084423AU6 195000.00000000 PA USD 228432.07000000 0.027794917905 Long DBT CORP US N 2 2050-05-12 Fixed 4.00000000 N N N N N N Fannie Mae STRIPS B1V7KEBTPIMZEU4LTD58 Fannie Mae STRIPS, STRIPS 31358DDG6 1300000.00000000 PA USD 1151415.60000000 0.140100740132 Long DBT USGSE US N 2 2030-01-15 None 0.00000000 N N N N N N Braskem Idesa S.A.P.I. YH0V7ZHY352ITDGEYB83 Braskem Idesa S.A.P.I. 10554NAA6 289000.00000000 PA USD 299525.38000000 0.036445335139 Long DBT CORP MX N 2 2029-11-15 Fixed 7.45000000 N N N N N N Enel Finance International N.V. 0YQH6LCEF474UTUV4B96 Enel Finance International N.V. 29278GAM0 924000.00000000 PA USD 930134.81000000 0.113175968176 Long DBT CORP NL N 2 2026-07-12 Fixed 1.37500000 N N N N N N Boeing Co. (The) RVHJWBXLJ1RFUBSY1F30 Boeing Co. (The) 097023DG7 1142000.00000000 PA USD 1152288.28000000 0.140206925174 Long DBT CORP US N 2 2026-02-04 Fixed 2.19600000 N N N N N N JPMorgan Chase & Co. 8I5DZWZKVSZI1NUHU748 JPMorgan Chase & Co. 46647PAW6 169000.00000000 PA USD 171481.99000000 0.020865405782 Long DBT CORP US N 2 2024-07-23 Floating 1.02788000 N N N N N OCP S.A. 213800D26TAPVTCVWG40 OCP S.A. 67091TAE5 508000.00000000 PA USD 519471.66000000 0.063207727985 Long DBT CORP MA N 2 2051-06-23 Fixed 5.12500000 N N N N N N National Securities Clearing Corp. 549300RYC9NELN2ICA34 National Securities Clearing Corp. 637639AB1 265000.00000000 PA USD 271764.48000000 0.033067473455 Long DBT CORP US N 2 2025-04-23 Fixed 1.50000000 N N N N N N Freddie Mac Multifamily Structured Pass Through Certificates S6XOOCT0IEG5ABCC6L87 Freddie Mac Multifamily Structured Pass Through Certificates, Series 2014-K036, Class X1 3137B7N21 5694889.46000000 PA USD 80022.88000000 0.009736940089 Long ABS-APCP USGSE US N 2 2023-10-25 Variable 0.76613000 N N N N N N Wells Fargo & Co. PBLD0EJDB5FWOLXP3B76 Wells Fargo & Co. 95000U2D4 599000.00000000 PA USD 692615.24000000 0.084275310974 Long DBT CORP US N 2 2029-01-24 Fixed 4.15000000 N N N N N N Royalty Pharma PLC 549300FGFN7VOK8BZR03 Royalty Pharma PLC 78081BAP8 530000.00000000 PA USD 519182.21000000 0.063172508592 Long DBT CORP GB N 2 2051-09-02 Fixed 3.35000000 N N N N N N Charter Co.mmunications Operating LLC / Charter Co.mmunications Operating Capital N/A Charter Co.mmunications Operating LLC / Charter Co.mmunications Operating Capital 161175CC6 411000.00000000 PA USD 451766.69000000 0.054969593634 Long DBT CORP US N 2 2061-12-01 Fixed 4.40000000 N N N N N N Xiaomi Best Time International Ltd. 254900IGJCVEY8WNJT74 Xiaomi Best Time International Ltd. 98422HAC0 1062000.00000000 PA USD 1063733.05000000 0.129431794747 Long DBT CORP HK N 2 2031-07-14 Fixed 2.87500000 N N N N N Bank of New York Mellon Corp. (The) WFLLPEPC7FZXENRZV188 Bank of New York Mellon Corp. (The), Series G 064058AH3 345000.00000000 PA USD 382542.90000000 0.046546653894 Long DBT CORP US N 2 N/A Variable 4.70000000 N N N N N N Standard Industries, Inc. 54930064UHXCIUWVI755 Standard Industries, Inc. 853496AH0 543000.00000000 PA USD 527250.29000000 0.064154207971 Long DBT CORP US N 2 2031-01-15 Fixed 3.37500000 N N N N N N Fairfax Financial Holdings Ltd. GLS7OQD0WOEDI8YAP031 Fairfax Financial Holdings Ltd. 303901BF8 292000.00000000 PA USD 339214.45000000 0.041274580185 Long DBT CORP CA N 2 2030-04-29 Fixed 4.62500000 N N N N N N JPMorgan Chase & Co. 8I5DZWZKVSZI1NUHU748 JPMorgan Chase & Co. 46647PCC8 925000.00000000 PA USD 961987.82000000 0.117051745329 Long DBT CORP US N 2 2032-04-22 Variable 2.58000000 N N N N N N Verizon Communications, Inc. 2S72QS2UO2OESLG6Y829 Verizon Communications, Inc. 92343VFU3 378000.00000000 PA USD 368714.31000000 0.044864033219 Long DBT CORP US N 2 2050-11-20 Fixed 2.87500000 N N N N N N Zaxby's Funding LLC N/A Zaxby's Funding LLC, Series 2021-1A, Class A2 98920MAA0 4300000.00000000 PA USD 4461176.47000000 0.542822353029 Long ABS-O CORP US N 2 2051-07-30 Fixed 3.23800000 N N N N N N Spirit Realty L.P. 549300GTBVIBJRX5BW73 Spirit Realty L.P. 84861TAH1 309000.00000000 PA USD 312600.75000000 0.038036306300 Long DBT CORP US N 2 2028-03-15 Fixed 2.10000000 N N N N N N Expedia Group, Inc. CI7MUJI4USF3V0NJ1H64 Expedia Group, Inc. 30212PBH7 691000.00000000 PA USD 709616.27000000 0.086343944477 Long DBT CORP US N 2 2031-03-15 Fixed 2.95000000 N N N N N N BNP Paribas S.A. R0MUWSFPU8MPRO8K5P83 BNP Paribas S.A. 09659W2N3 1908000.00000000 PA USD 1891470.42000000 0.230148354581 Long DBT CORP FR N 2 2027-01-13 Variable 1.32300000 N N N N N N Freddie Mac Multifamily Structured Pass Through Certificates S6XOOCT0IEG5ABCC6L87 Freddie Mac Multifamily Structured Pass Through Certificates, Series 2015-K042, Class X1 3137BFXU0 4240923.61000000 PA USD 129184.47000000 0.015718772492 Long ABS-APCP USGSE US N 2 2024-12-25 Variable 1.03442100 N N N N N N EQT Corp. 4NT01YGM4X7ZX86ISY52 EQT Corp. 26884LAM1 196000.00000000 PA USD 202149.50000000 0.024596934909 Long DBT CORP US N 2 2026-05-15 Fixed 3.12500000 N N N N N N Tennessee Valley Authority 549300HE1ISW43LNKM54 Tennessee Valley Authority 880591DZ2 100000.00000000 PA USD 167321.93000000 0.020359222363 Long DBT USGA US N 2 2056-04-01 Fixed 5.37500000 N N N N N N AbbVie, Inc. FR5LCKFTG8054YNNRU85 AbbVie, Inc. 00287YBM0 928000.00000000 PA USD 951262.05000000 0.115746666333 Long DBT CORP US N 2 2022-11-21 Fixed 2.30000000 N N N N N N Murphy Oil Corp. QBKYQD0ODE7DC7PDIN91 Murphy Oil Corp. 626717AN2 700000.00000000 PA USD 741030.50000000 0.090166332217 Long DBT CORP US N 2 2028-07-15 Fixed 6.37500000 N N N N N N Wendy's Funding LLC 5493009DRVSTWJOXUL48 Wendy's Funding LLC, Series 2019-1A, Class A2II 95058XAH1 472500.00000000 PA USD 520099.65000000 0.063284139894 Long ABS-O CORP US N 2 2049-06-15 Fixed 4.08000000 N N N N N N Turkey Government International Bond 5493000PCHOG3B6S3Q85 Turkey Government International Bond 900123CW8 2500000.00000000 PA USD 2583490.00000000 0.314351187463 Long DBT NUSS TR N 2 2024-11-14 Fixed 5.60000000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 Federal National Mortgage Association 3138LKVW4 500000.00000000 PA USD 554056.78000000 0.067415939955 Long ABS-MBS USGSE US N 2 2029-10-01 Fixed 2.82000000 N N N N N N Altria Group, Inc. XSGZFLO9YTNO9VCQV219 Altria Group, Inc. 02209SBN2 1540000.00000000 PA USD 1507265.53000000 0.183399474810 Long DBT CORP US N 2 2051-02-04 Fixed 3.70000000 N N N N N N Broadcom, Inc. 549300WV6GIDOZJTV909 Broadcom, Inc. 11135FBK6 730000.00000000 PA USD 779006.77000000 0.094787168981 Long DBT CORP US N 2 2033-04-15 Fixed 3.41900000 N N N N N N Perusahaan Penerbit SBSN Indonesia III 254900G208H6Q0L5B953 Perusahaan Penerbit SBSN Indonesia III 71567PAT7 1886000.00000000 PA USD 1916798.38000000 0.233230183542 Long DBT NUSS ID N 2 2051-06-09 Fixed 3.55000000 N N N N N N CSMC 2021-NQM1 N/A CSMC 2021-NQM1 126407AA3 1087975.25000000 PA USD 1090135.97000000 0.132644421563 Long ABS-MBS CORP US N 2 2065-05-25 Variable 0.80900000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 Federal National Mortgage Association 3138LKZP5 500000.00000000 PA USD 551089.66000000 0.067054909838 Long ABS-MBS USGSE US N 2 2029-10-01 Fixed 3.05000000 N N N N N N Standard Chartered PLC U4LOSYZ7YG4W3S5F2G91 Standard Chartered PLC 853254BZ2 1519000.00000000 PA USD 1513531.01000000 0.184161839316 Long DBT CORP GB N 2 2027-01-14 Variable 1.45600000 N N N N N N Citigroup, Inc. 6SHGI4ZSSLCXXQSBB395 Citigroup, Inc. 172967MY4 972000.00000000 PA USD 1005050.86000000 0.122291524759 Long DBT CORP US N 2 2032-05-01 Variable 2.56100000 N N N N N Philip Morris International, Inc. HL3H1H2BGXWVG3BSWR90 Philip Morris International, Inc. 718172CR8 1065000.00000000 PA USD 1057786.38000000 0.128708222069 Long DBT CORP US N 2 2026-05-01 Fixed 0.87500000 N N N N N N Lamar Media Corp. N/A Lamar Media Corp. 513075BX8 625000.00000000 PA USD 618046.88000000 0.075202060250 Long DBT CORP US N 2 2031-01-15 Fixed 3.62500000 N N N N N N Centene Corp. 549300Z7JJ4TQSQGT333 Centene Corp. 15135BAX9 3867000.00000000 PA USD 3877498.91000000 0.471802246862 Long DBT CORP US N 2 2031-03-01 Fixed 2.50000000 N N N N N N Citizens Bank N.A. DRMSV1Q0EKMEXLAU1P80 Citizens Bank N.A. 17401QAM3 250000.00000000 PA USD 251558.42000000 0.030608861672 Long DBT CORP US N 2 2022-05-26 Floating 0.95088000 N N N N N N Citigroup Commercial Mortgage Trust N/A Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class B 17322VAW6 184000.00000000 PA USD 197609.21000000 0.024044486263 Long ABS-MBS CORP US N 2 2047-07-10 Variable 4.17500000 N N N N N N Republic of Paraguay Bond 529900UXKJTJPCU0HK83 Republic of Paraguay Bond 699149AH3 1200000.00000000 PA USD 1417512.00000000 0.172478538892 Long DBT NUSS PY N 2 2050-03-30 Fixed 5.40000000 N N N N N N COLT Funding LLC N/A COLT Funding LLC, Series 2020-2, Class A1 19688JAA5 261863.58000000 PA USD 263437.07000000 0.032054219593 Long ABS-MBS CORP US N 2 2065-03-25 Variable 1.85300000 N N N N N N Petronas Capital Ltd. 549300G7YFX3540OYR85 Petronas Capital Ltd. 71675CAE8 1716000.00000000 PA USD 1776571.90000000 0.216167852934 Long DBT CORP MY N 2 2061-04-28 Fixed 3.40400000 N N N N N N Oman Government Bond 549300SZ20F0QTKNQC75 Oman Government Bond 68205LAS2 795000.00000000 PA USD 860762.40000000 0.104734944808 Long DBT NUSS OM N 2 2031-01-25 Fixed 6.25000000 N N N N N N Federal Home Loan Mortgage Corp. S6XOOCT0IEG5ABCC6L87 Federal Home Loan Mortgage Corp. 3132XEAF8 477486.79000000 PA USD 541410.77000000 0.065877212009 Long ABS-MBS USGSE US N 2 2033-10-01 Fixed 3.55000000 N N N N N N Square, Inc. 549300OHIIUWSTIZME52 Square, Inc. 852234AM5 1664000.00000000 PA USD 1728771.20000000 0.210351609478 Long DBT CORP US N 2 2031-06-01 Fixed 3.50000000 N N N N N Verus Securitization Trust N/A Verus Securitization Trust, Series 2021-2, Class A1 92538FAA2 2679305.79000000 PA USD 2682893.38000000 0.326446287711 Long ABS-MBS CORP US N 2 2066-02-25 Variable 1.03100000 N N N N N N Morgan Stanley IGJSJL3JD5P30I6NJZ34 Morgan Stanley 6174468Q5 221000.00000000 PA USD 229525.03000000 0.027927905946 Long DBT CORP US N 2 2026-04-28 Variable 2.18800000 N N N N N N Lowe's Cos., Inc. WAFCR4OKGSC504WU3E95 Lowe's Cos., Inc. 548661EA1 739000.00000000 PA USD 777157.76000000 0.094562187081 Long DBT CORP US N 2 2031-04-01 Fixed 2.62500000 N N N N N N Boston Properties L.P. BVHHEFJI6SHNOKQT2572 Boston Properties L.P. 10112RBD5 179000.00000000 PA USD 194981.43000000 0.023724746003 Long DBT CORP US N 2 2031-01-30 Fixed 3.25000000 N N N N N N Citizens Financial Group, Inc. 2138004JDDA4ZQUPFW65 Citizens Financial Group, Inc., Series G 174610BD6 1750000.00000000 PA USD 1785000.00000000 0.217193358450 Long DBT CORP US N 2 N/A Variable 4.00000000 N N N N N N Athene Global Funding 549300LM1QSI4MSIL320 Athene Global Funding 04685A2U4 378000.00000000 PA USD 381798.62000000 0.046456092173 Long DBT CORP US N 2 2026-01-08 Fixed 1.45000000 N N N N N N Jabil, Inc. 5493000CGCQY2OQU7669 Jabil, Inc. 466313AK9 384000.00000000 PA USD 397326.28000000 0.048345450506 Long DBT CORP US N 2 2031-01-15 Fixed 3.00000000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 Federal National Mortgage Association 3138LLLA1 500000.00000000 PA USD 553440.76000000 0.067340984519 Long ABS-MBS USGSE US N 2 2029-11-01 Fixed 2.90000000 N N N N N N Tricon American Homes N/A Tricon American Homes, Series 2020-SFR2, Class A 89613JAA8 1143361.63000000 PA USD 1140085.56000000 0.138722135404 Long ABS-MBS CORP US N 2 2039-11-17 Fixed 1.48200000 N N N N N N SMBC Aviation Capital Finance DAC 549300OD7VKRVNWB2J98 SMBC Aviation Capital Finance DAC 78448TAD4 204000.00000000 PA USD 216550.18000000 0.026349165751 Long DBT CORP IE N 2 2023-07-15 Fixed 4.12500000 N N N N N N Comcast Corp. 51M0QTTNCGUN7KFCFZ59 Comcast Corp. 20030NCZ2 599000.00000000 PA USD 670133.78000000 0.081539835456 Long DBT CORP US N 2 2050-02-01 Fixed 3.45000000 N N N N N Galaxy Pipeline Assets Bidco Ltd. 549300L82YB0C6JQIC26 Galaxy Pipeline Assets Bidco Ltd. 36321PAE0 2267000.00000000 PA USD 2288122.00000000 0.278411709648 Long DBT CORP JE N 2 2040-09-30 Fixed 2.94000000 N N N N N N Bank of America Corp. 9DJT3UXIJIZJI4WXO774 Bank of America Corp. 06051GJE0 1231000.00000000 PA USD 1215640.03000000 0.147915372987 Long DBT CORP US N 2 2041-06-19 Variable 2.67600000 N N N N N N HSBC Holdings PLC MLU0ZO3ML4LN2LL2TL39 HSBC Holdings PLC 404280CN7 693000.00000000 PA USD 713443.50000000 0.086809630156 Long DBT CORP GB N 2 N/A Variable 4.60000000 N N N N N N Vontier Corp. N/A Vontier Corp. 928881AC5 666000.00000000 PA USD 670135.86000000 0.081540088544 Long DBT CORP US N 2 2028-04-01 Fixed 2.40000000 N N N N N N Cox Communications, Inc. 5493001NEDZNIFRP2R92 Cox Communications, Inc. 224044CM7 215000.00000000 PA USD 205098.39000000 0.024955746855 Long DBT CORP US N 2 2050-10-01 Fixed 2.95000000 N N N N N N Qatar Petroleum 254900QTESJKJ3P87J26 Qatar Petroleum 74730DAC7 664000.00000000 PA USD 672881.66000000 0.081874189117 Long DBT CORP QA N 2 2031-07-12 Fixed 2.25000000 N N N N N LSEGA Financing PLC 2138009YFYTGEHZNNZ09 LSEGA Financing PLC 50220PAD5 352000.00000000 PA USD 366070.97000000 0.044542399666 Long DBT CORP GB N 2 2031-04-06 Fixed 2.50000000 N N N N N N VeriSign, Inc. LMPL4N8ZOJRMF0KOF759 VeriSign, Inc. 92343EAM4 671000.00000000 PA USD 695377.43000000 0.084611405833 Long DBT CORP US N 2 2031-06-15 Fixed 2.70000000 N N N N N N British Airways Pass-Through Trust N/A British Airways Pass-Through Trust, Series 2021-1, Class A 11042CAA8 1341000.00000000 PA USD 1367820.00000000 0.166432167817 Long DBT CORP US N 2 2035-03-15 Fixed 2.90000000 N N N N N N Commonwealth Edison Co. D8YOXB8L2ZDC8P7Q0771 Commonwealth Edison Co., Series 127 202795JQ4 399000.00000000 PA USD 433652.84000000 0.052765555585 Long DBT CORP US N 2 2049-11-15 Fixed 3.20000000 N N N N N N AT&T, Inc. 549300Z40J86GGSTL398 AT&T, Inc. 00206RGD8 82000.00000000 PA USD 84090.75000000 0.010231906110 Long DBT CORP US N 2 2024-06-12 Floating 1.29900000 N N N N N N Bank of America Corp. 9DJT3UXIJIZJI4WXO774 Bank of America Corp. 06051GKA6 977000.00000000 PA USD 986922.06000000 0.120085667641 Long DBT CORP US N 2 2032-07-21 Variable 2.29900000 N N N N N N British Airways Pass Through Trust 635400GSHSFIWYIDXC76 British Airways Pass Through Trust, Series 2019-1, Class A 11043XAB9 288398.44000000 PA USD 290152.68000000 0.035304893575 Long DBT CORP US N 2 2029-06-15 Fixed 3.35000000 N N N N N N W R Berkley Corp. SQOAGCLKBDWNVYV1OV80 W R Berkley Corp. 084423AV4 612000.00000000 PA USD 665890.91000000 0.081023575968 Long DBT CORP US N 2 2052-03-30 Fixed 3.55000000 N N N N N N Federal Home Loan Mortgage Corp. S6XOOCT0IEG5ABCC6L87 Federal Home Loan Mortgage Corp. 3132DVKR5 3086856.19000000 PA USD 3315507.90000000 0.403420893987 Long ABS-MBS USGSE US N 2 2049-08-01 Fixed 3.50000000 N N N N N N Uniform Mortgage-Backed Securities N/A Uniform Mortgage-Backed Securities, TBA 01F020497 4687000.00000000 PA USD 4856879.33000000 0.590970270739 Long ABS-MBS USGSE US N 2 2036-09-01 Fixed 2.00000000 N N N N N N Coca-Cola Europacific Partners PLC 549300LTH67W4GWMRF57 Coca-Cola Europacific Partners PLC 19123MAF0 698000.00000000 PA USD 699102.50000000 0.085064660994 Long DBT CORP GB N 2 2027-01-15 Fixed 1.50000000 N N N N N N Citigroup, Inc. 6SHGI4ZSSLCXXQSBB395 Citigroup, Inc. 172967MP3 284000.00000000 PA USD 333723.99000000 0.040606517749 Long DBT CORP US N 2 2031-03-31 Variable 4.41200000 N N N N N N Verizon Communications, Inc. 2S72QS2UO2OESLG6Y829 Verizon Communications, Inc. 92343VGB4 187000.00000000 PA USD 203895.47000000 0.024809379216 Long DBT CORP US N 2 2051-03-22 Fixed 3.55000000 N N N N N N Amazon.com, Inc. ZXTILKJKG63JELOEG630 Amazon.com, Inc. 023135CB0 3378000.00000000 PA USD 3642479.26000000 0.443205772304 Long DBT CORP US N 2 2051-05-12 Fixed 3.10000000 N N N N N N MMAF Equipment Finance LLC N/A MMAF Equipment Finance LLC, Series 2020-A, Class A5 60700MAE8 1500000.00000000 PA USD 1526897.70000000 0.185788257407 Long ABS-O CORP US N 2 2042-10-09 Fixed 1.56000000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 Federal National Mortgage Association 3140QB3Q9 3166133.00000000 PA USD 3393075.59000000 0.412859094043 Long ABS-MBS USGSE US N 2 2049-10-01 Fixed 3.00000000 N N N N N N Baidu, Inc. 254900AL64IANZYI1E02 Baidu, Inc. 056752AQ1 210000.00000000 PA USD 223274.10000000 0.027167311839 Long DBT CORP KY N 2 2025-04-07 Fixed 3.07500000 N N N N N N Federal Home Loan Mortgage Corp. S6XOOCT0IEG5ABCC6L87 Federal Home Loan Mortgage Corp. 3131Y7TD9 167912.61000000 PA USD 179313.07000000 0.021818267723 Long ABS-MBS USGSE US N 2 2048-11-01 Fixed 4.00000000 N N N N N N DT Auto Owner Trust N/A DT Auto Owner Trust, Series 2019-3A, Class D 26253KAD6 214000.00000000 PA USD 221157.74000000 0.026909799606 Long ABS-O CORP US N 2 2025-04-15 Fixed 2.96000000 N N N N N N BP Capital Markets America, Inc. 5493009NTB34VXE1T760 BP Capital Markets America, Inc. 10373QBR0 1576000.00000000 PA USD 1625263.60000000 0.197757120252 Long DBT CORP US N 2 2041-06-17 Fixed 3.06000000 N N N N N N Nomura Holdings, Inc. 549300B3CEAHYG7K8164 Nomura Holdings, Inc. 65535HAX7 745000.00000000 PA USD 756562.82000000 0.092056257565 Long DBT CORP JP N 2 2031-07-14 Fixed 2.60800000 N N N N N N Southern Co. (The) 549300FC3G3YU2FBZD92 Southern Co. (The), Series A 842587DE4 197000.00000000 PA USD 221808.12000000 0.026988935862 Long DBT CORP US N 2 2030-04-30 Fixed 3.70000000 N N N N N African Export-Import Bank (The) 21380068LJCDYA42GJ76 African Export-Import Bank (The) 00831TAC5 500000.00000000 PA USD 518489.50000000 0.063088221751 Long DBT CORP XX N 2 2031-05-17 Fixed 3.79800000 N N N N N N Fort Benning Family Communities LLC N/A Fort Benning Family Communities LLC 346845AF7 200000.00000000 PA USD 264642.09000000 0.032200842753 Long DBT CORP US N 2 2051-01-15 Fixed 5.81000000 N N N N N N Race Point VIII CLO Ltd. 5493008ABAJEYBWITR69 Race Point VIII CLO Ltd., Series 2013-8A, Class AR2 74982LAY6 672369.89000000 PA USD 672836.26000000 0.081868664983 Long ABS-CBDO CORP KY N 2 2030-02-20 Floating 1.19525000 N N N N N N Northern Natural Gas Co. 5493007M02M6CT9EXE41 Northern Natural Gas Co. 665501AM4 1288000.00000000 PA USD 1362910.21000000 0.165834759538 Long DBT CORP US N 2 2051-10-16 Fixed 3.40000000 N N N N N N 1011778 BC ULC / New Red Finance, Inc. N/A 1011778 BC ULC / New Red Finance, Inc. 68245XAM1 882000.00000000 PA USD 880897.50000000 0.107184922395 Long DBT CORP CA N 2 2030-10-15 Fixed 4.00000000 N N N N N N Berkshire Hathaway Finance Corp. 549300RLHFT5RU20WM87 Berkshire Hathaway Finance Corp. 084664CV1 382000.00000000 PA USD 391977.19000000 0.047694589541 Long DBT CORP US N 2 2050-10-15 Fixed 2.85000000 N N N N N N Kaiser Foundation Hospitals DW4Z57L3G4IRMHYZYK62 Kaiser Foundation Hospitals 48305QAG8 2180000.00000000 PA USD 2311679.35000000 0.281278096182 Long DBT CORP US N 2 2051-06-01 Fixed 3.00200000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 Federal National Mortgage Association 3140J9H87 506988.06000000 PA USD 543173.71000000 0.066091721174 Long ABS-MBS USGSE US N 2 2047-05-01 Fixed 3.50000000 N N N N N N Cox Communications, Inc. 5493001NEDZNIFRP2R92 Cox Communications, Inc. 224044CP0 2022000.00000000 PA USD 2161180.27000000 0.262965826922 Long DBT CORP US N 2 2051-06-15 Fixed 3.60000000 N N N N N N Arthur J Gallagher & Co. 54930049QLLMPART6V29 Arthur J Gallagher & Co. 363576AA7 391000.00000000 PA USD 396753.07000000 0.048275704060 Long DBT CORP US N 2 2031-05-20 Fixed 2.50000000 N N N N N N Mid-Atlantic Military Family Communities LLC N/A Mid-Atlantic Military Family Communities LLC 59524EAC6 224726.57000000 PA USD 249886.71000000 0.030405453096 Long DBT CORP US N 2 2050-08-01 Fixed 5.30000000 N N N N N N Cascades, Inc./Cascades USA, Inc. FPD41G4F3GH7OJ38TS94 Cascades, Inc./Cascades USA, Inc. 14739LAB8 362000.00000000 PA USD 381488.27000000 0.046418329731 Long DBT CORP XX N 2 2028-01-15 Fixed 5.37500000 N N N N N N CVS Health Corp. 549300EJG376EN5NQE29 CVS Health Corp. 126650DM9 587000.00000000 PA USD 583380.13000000 0.070983915791 Long DBT CORP US N 2 2027-08-21 Fixed 1.30000000 N N N N N N Credit Agricole S.A. 969500TJ5KRTCJQWXH05 Credit Agricole S.A. 22535WAG2 250000.00000000 PA USD 255974.99000000 0.031146256446 Long DBT CORP FR N 2 2026-06-16 Variable 1.90700000 N N N N N N Seasoned Credit Risk Transfer Trust N/A Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT 35563PBX6 327457.16000000 PA USD 358032.29000000 0.043564277590 Long ABS-O USGSE US N 2 2056-07-25 Variable 3.25000000 N N N N N N Hertz Vehicle Financing III L.P. N/A Hertz Vehicle Financing III L.P., Series 2021-2A, Class A 42806MAE9 539000.00000000 PA USD 547332.19000000 0.066597712343 Long ABS-O CORP US N 2 2027-12-27 Fixed 1.68000000 N N N N N N ONEOK, Inc. 2T3D6M0JSY48PSZI1Q41 ONEOK, Inc. 682680BE2 741000.00000000 PA USD 964432.91000000 0.117349256427 Long DBT CORP US N 2 2031-01-15 Fixed 6.35000000 N N N N N N AMC East Communities LLC N/A AMC East Communities LLC 00164TAD0 187984.53000000 PA USD 231662.52000000 0.028187989213 Long DBT CORP US N 2 2053-01-15 Fixed 6.01000000 N N N N N N Interpublic Group of Cos., Inc. (The) 5493008IUOJ5VWTRC333 Interpublic Group of Cos., Inc. (The) 460690BR0 438000.00000000 PA USD 527750.78000000 0.064215106068 Long DBT CORP US N 2 2030-03-30 Fixed 4.75000000 N N N N N N CSAIL Commercial Mortgage Trust N/A CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3 12597NAS2 1459000.00000000 PA USD 1535695.84000000 0.186858788261 Long ABS-MBS CORP US N 2 2053-03-15 Fixed 2.56080000 N N N N N N BENCHMARK Mortgage Trust N/A BENCHMARK Mortgage Trust, Series 2018-B3, Class C 08161BBC6 2500000.00000000 PA USD 2808990.00000000 0.341789340029 Long ABS-MBS CORP US N 2 2051-04-10 Variable 4.55540000 N N N N N N Nemak S.A.B. de C.V. 5493000MY3DAIB0BP706 Nemak S.A.B. de C.V. 64045DAC8 955000.00000000 PA USD 957688.33000000 0.116528596493 Long DBT CORP MX N 2 2031-06-28 Fixed 3.62500000 N N N N N N Freddie Mac Multifamily Structured Pass Through Certificates S6XOOCT0IEG5ABCC6L87 Freddie Mac Multifamily Structured Pass Through Certificates, Series 2018-K074, Class AM 3137F4D58 1000000.00000000 PA USD 1142842.90000000 0.139057640129 Long ABS-APCP USGSE US N 2 2028-02-25 Fixed 3.60000000 N N N N N N Twitter, Inc. 549300I8RX485XMK6836 Twitter, Inc. 90184LAG7 1746000.00000000 PA USD 1869739.02000000 0.227504144077 Long DBT CORP US N 2 2027-12-15 Fixed 3.87500000 N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 Federal National Mortgage Association 3138LLDY8 468598.39000000 PA USD 526972.38000000 0.064120392729 Long ABS-MBS USGSE US N 2 2032-11-01 Fixed 3.24000000 N N N N N N Masco Corp. 5GCSNMQXHEYA1JO8QN11 Masco Corp. 574599BR6 755000.00000000 PA USD 769918.14000000 0.093681292189 Long DBT CORP US N 2 2051-02-15 Fixed 3.12500000 N N N N N N Republic of Egypt Bond 529900GFIVH4086NMH82 Republic of Egypt Bond 03846JAB6 689000.00000000 PA USD 665057.25000000 0.080922138761 Long DBT NUSS EG N 2 2031-02-16 Fixed 5.87500000 N N N N N Triton Container International Ltd. 549300O4LZFLCX53XZ54 Triton Container International Ltd. 89680YAC9 4818000.00000000 PA USD 4922918.94000000 0.599005769162 Long DBT CORP BM N 2 2031-06-15 Fixed 3.15000000 N N N N N N Athene Global Funding 549300LM1QSI4MSIL320 Athene Global Funding 04685A2L4 1257000.00000000 PA USD 1320355.69000000 0.160656855271 Long DBT CORP US N 2 2025-01-14 Fixed 2.50000000 N N N N N N SBA Communications Corp. 5299001HX8ZN8Y8QIT49 SBA Communications Corp. 78410GAE4 1421000.00000000 PA USD 1397564.16000000 0.170051346532 Long DBT CORP US N 2 2029-02-01 Fixed 3.12500000 N N N N N N VMware, Inc. 549300BUDHS3LRWBE814 VMware, Inc. 928563AL9 705000.00000000 PA USD 705165.48000000 0.085802385918 Long DBT CORP US N 2 2031-08-15 Fixed 2.20000000 N N N N N N Verizon Communications, Inc. 2S72QS2UO2OESLG6Y829 Verizon Communications, Inc. 92343VFS8 581000.00000000 PA USD 578004.56000000 0.070329832821 Long DBT CORP US N 2 2025-11-20 Fixed 0.85000000 N N N N N N Avolon Holdings Funding Ltd. 635400ZRKEX9L1BKCH30 Avolon Holdings Funding Ltd. 05401AAP6 556000.00000000 PA USD 561566.45000000 0.068329693707 Long DBT CORP KY N 2 2028-02-21 Fixed 2.75000000 N N N N N N Citizens Bank N.A. DRMSV1Q0EKMEXLAU1P80 Citizens Bank N.A. 75524KNH3 387000.00000000 PA USD 406514.25000000 0.049463414686 Long DBT CORP US N 2 2025-04-28 Fixed 2.25000000 N N N N N N Hyundai Capital America 549300RIPPWJB5Z0FK07 Hyundai Capital America 44891ABX4 1303000.00000000 PA USD 1305196.60000000 0.158812343412 Long DBT CORP US N 2 2028-06-15 Fixed 2.00000000 N N N N N N Freddie Mac Multifamily Structured Pass Through Certificates S6XOOCT0IEG5ABCC6L87 Freddie Mac Multifamily Structured Pass Through Certificates, Series 2017-KGX1, Class AFX 3137FCKD5 1000000.00000000 PA USD 1104652.30000000 0.134410724345 Long ABS-APCP USGSE US N 2 2027-10-25 Fixed 3.00000000 N N N N N N First American Financial Corp. 549300B6VEZK3N0A1P55 First American Financial Corp. 31847RAE2 195000.00000000 PA USD 205407.22000000 0.024993324348 Long DBT CORP US N 2 2023-02-01 Fixed 4.30000000 N N N N N N Vistra Operations Co. LLC 549300ZH5GKBTJZ7NM23 Vistra Operations Co. LLC 92840VAH5 447000.00000000 PA USD 459220.98000000 0.055876608917 Long DBT CORP US N 2 2029-05-01 Fixed 4.37500000 N N N N N N Sonic Capital LLC N/A Sonic Capital LLC, Series 2021-1A, Class A2I 83546DAN8 1840000.00000000 PA USD 1848740.00000000 0.224949047339 Long ABS-O CORP US N 2 2051-08-20 Fixed 2.19000000 N N N N N N Mizuho Financial Group, Inc. 353800CI5L6DDAN5XZ33 Mizuho Financial Group, Inc. 60687YBH1 907000.00000000 PA USD 914741.59000000 0.111302968093 Long DBT CORP JP N 2 2031-07-10 Variable 2.20100000 N N N N N N Aviation Capital Group LLC 549300ODEK8HY3445C77 Aviation Capital Group LLC 05369AAD3 61000.00000000 PA USD 66412.70000000 0.008080894877 Long DBT CORP US N 2 2025-08-01 Fixed 4.12500000 N N N N N N Citigroup, Inc. 6SHGI4ZSSLCXXQSBB395 Citigroup, Inc. 172967MS7 504000.00000000 PA USD 521875.86000000 0.063500263712 Long DBT CORP US N 2 2031-06-03 Variable 2.57200000 N N N N N N JPMorgan Chase & Co. 8I5DZWZKVSZI1NUHU748 JPMorgan Chase & Co., Series I 46625HHA1 834000.00000000 PA USD 838188.26000000 0.101988192270 Long DBT CORP US N 2 N/A Variable 3.59850000 N N N N N N Bunge Ltd Finance Corp. 549300QHC068L40NNM71 Bunge Ltd Finance Corp. 120568BC3 1926000.00000000 PA USD 1975784.58000000 0.240407444540 Long DBT CORP US N 2 2031-05-14 Fixed 2.75000000 N N N N N N Hertz Vehicle Financing LLC 5493004IHDYOZ9K9WF47 Hertz Vehicle Financing LLC, Series 2021-1A, Class B 42806MAB5 175000.00000000 PA USD 176327.62000000 0.021455007269 Long ABS-O CORP US N 2 2025-12-26 Fixed 1.56000000 N N N N N N MSCI, Inc. 549300HTIN2PD78UB763 MSCI, Inc. 55354GAM2 644000.00000000 PA USD 681706.20000000 0.082947932243 Long DBT CORP US N 2 2031-11-01 Fixed 3.62500000 N N N N N Goldman Sachs Group, Inc. (The) 784F5XWPLTWKTBV3E584 Goldman Sachs Group, Inc. (The) 38141GYC2 381000.00000000 PA USD 403575.49000000 0.049105835328 Long DBT CORP US N 2 2042-04-22 Variable 3.21000000 N N N N N N Xiaomi Best Time International Ltd. 254900IGJCVEY8WNJT74 Xiaomi Best Time International Ltd. 98422HAE6 539000.00000000 PA USD 549570.46000000 0.066870058214 Long DBT CORP HK N 2 2051-07-14 Fixed 4.10000000 N N N N N Verizon Communications, Inc. 2S72QS2UO2OESLG6Y829 Verizon Communications, Inc. 92343VFR0 356000.00000000 PA USD 345682.75000000 0.042061623210 Long DBT CORP US N 2 2031-01-20 Fixed 1.75000000 N N N N N N T-Mobile USA, Inc. 549300V2JRLO5DIFGE82 T-Mobile USA, Inc. 87264ABS3 1332000.00000000 PA USD 1334104.56000000 0.162329775859 Long DBT CORP US N 2 2029-02-15 Fixed 2.62500000 N N N N N N Tennessee Valley Authority 549300HE1ISW43LNKM54 Tennessee Valley Authority 880591ES7 250000.00000000 PA USD 366209.38000000 0.044559240973 Long DBT USGA US N 2 2065-09-15 Fixed 4.25000000 N N N N N N Oracle Corp. 1Z4GXXU7ZHVWFCD8TV52 Oracle Corp. 68389XBX2 545000.00000000 PA USD 570287.73000000 0.069390872471 Long DBT CORP US N 2 2050-04-01 Fixed 3.60000000 N N N N N N Federation des caisses Desjardins du Quebec 549300B2Q47IR0CR5B54 Federation des caisses Desjardins du Quebec 31429KAD5 662000.00000000 PA USD 688227.29000000 0.083741398594 Long DBT CORP CA N 2 2025-02-10 Fixed 2.05000000 N N N N N N Wells Fargo Commercial Mortgage Trust 549300SGFUCMB43V8P22 Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class XA 95000CBE2 1518219.32000000 PA USD 79190.32000000 0.009635636726 Long ABS-MBS CORP US N 2 2059-01-15 Variable 1.42790900 N N N N N N Standard Chartered PLC U4LOSYZ7YG4W3S5F2G91 Standard Chartered PLC 853254CC2 1244000.00000000 PA USD 1263265.38000000 0.153710280389 Long DBT CORP GB N 2 2032-06-29 Variable 2.67800000 N N N N N N Skyworks Solutions, Inc. 549300WZ3ORQ2BVKBD96 Skyworks Solutions, Inc. 83088MAL6 366000.00000000 PA USD 383846.21000000 0.046705236682 Long DBT CORP US N 2 2031-06-01 Fixed 3.00000000 N N N N N N Credit Suisse Group AG 549300506SI9CRFV9Z86 Credit Suisse Group AG 225401AS7 1010000.00000000 PA USD 1007071.00000000 0.122537329236 Long DBT CORP CH N 2 N/A Variable 4.50000000 N N N N N Government National Mortgage Association 549300M8ZYFG0OCMTT87 Government National Mortgage Association, TBA 21H020691 6645000.00000000 PA USD 6793993.39000000 0.826672404292 Long ABS-MBS USGA US N 2 2051-09-01 Fixed 2.00000000 N N N N N N Meituan 21380033K525E5JLIA77 Meituan 58533EAB9 870000.00000000 PA USD 845674.25000000 0.102899064712 Long DBT CORP KY N 2 2025-10-28 Fixed 2.12500000 N N N N N Ally Financial, Inc. 549300JBN1OSM8YNAI90 Ally Financial, Inc., Series C 02005NBN9 1321000.00000000 PA USD 1375425.20000000 0.167357545369 Long DBT CORP US N 2 N/A Variable 4.70000000 N N N N N N Square, Inc. 549300OHIIUWSTIZME52 Square, Inc. 852234AL7 1833000.00000000 PA USD 1876671.23000000 0.228347634257 Long DBT CORP US N 2 2026-06-01 Fixed 2.75000000 N N N N N Lundin Energy Finance B.V. 549300JSNI1KL271GM17 Lundin Energy Finance B.V. 55037AAA6 779000.00000000 PA USD 788185.03000000 0.095903951678 Long DBT CORP NL N 2 2026-07-15 Fixed 2.00000000 N N N N N N Macy's Retail Holdings LLC 549300JMONK27O4SQQ19 Macy's Retail Holdings LLC 55617LAP7 292000.00000000 PA USD 308403.10000000 0.037525549045 Long DBT CORP US N 2 2029-04-01 Fixed 5.87500000 N N N N N Africa Finance Corp. 213800LXFHRRXIJRXW97 Africa Finance Corp. 00830YAC5 280000.00000000 PA USD 306506.20000000 0.037294740035 Long DBT CORP XX N 2 2026-04-17 Fixed 4.37500000 N N N N N N Energy Transfer Operating L.P. MTLVN9N7JE8MIBIJ1H73 Energy Transfer Operating L.P., Series 20Y 29278NAD5 42000.00000000 PA USD 52267.35000000 0.006359731811 Long DBT CORP US N 2 2038-06-15 Fixed 5.80000000 N N N N N N Commonwealth Bank of Australia MSFSBD3QN1GSN7Q6C537 Commonwealth Bank of Australia 202712BQ7 337000.00000000 PA USD 354699.43000000 0.043158745345 Long DBT CORP AU N 2 2041-03-11 Fixed 3.30500000 N N N N N N Qatar Government International Bond 52990074F6OJOAXK4P65 Qatar Government International Bond 74727PAZ4 200000.00000000 PA USD 214287.00000000 0.026073788908 Long DBT NUSS QA N 2 2024-03-14 Fixed 3.37500000 N N N N N N Hyundai Capital America 549300RIPPWJB5Z0FK07 Hyundai Capital America 44891ABJ5 437000.00000000 PA USD 472935.32000000 0.057545328000 Long DBT CORP US N 2 2023-04-06 Fixed 5.75000000 N N N N N N Credit Suisse Mortgage Trust N/A Credit Suisse Mortgage Trust, Series 2020-SPT1, Class A1 12659LAA0 491860.74000000 PA USD 494678.12000000 0.060190925621 Long ABS-MBS CORP US N 2 2065-04-25 Variable 1.61600000 N N N N N N AT&T, Inc. 549300Z40J86GGSTL398 AT&T, Inc. 00206RMD1 289000.00000000 PA USD 298884.20000000 0.036367318311 Long DBT CORP US N 2 2055-09-15 Fixed 3.55000000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 Federal National Mortgage Association 3140K42M1 2453061.36000000 PA USD 2601187.14000000 0.316504521509 Long ABS-MBS USGSE US N 2 2034-12-01 Fixed 2.50000000 N N N N N N American International Group, Inc. ODVCVCQG2BP6VHV36M30 American International Group, Inc. 026874DR5 420000.00000000 PA USD 464921.41000000 0.056570219861 Long DBT CORP US N 2 2030-06-30 Fixed 3.40000000 N N N N N N Axalta Co.ating Systems LLC 549300G80QONCHILSF69 Axalta Co.ating Systems LLC 05453GAC9 502000.00000000 PA USD 494542.79000000 0.060174459079 Long DBT CORP US N 2 2029-02-15 Fixed 3.37500000 N N N N N N CCO Holdings LLC / CCO Holdings Capital Corp. N/A CCO Holdings LLC / CCO Holdings Capital Corp. 1248EPCL5 546000.00000000 PA USD 569103.99000000 0.069246838596 Long DBT CORP US N 2 2033-06-01 Fixed 4.50000000 N N N N N Blackstone Secured Lending Fund 549300KM7KWQHVBNH962 Blackstone Secured Lending Fund 09261XAB8 1558000.00000000 PA USD 1597401.32000000 0.194366922959 Long DBT CORP US N 2 2026-09-16 Fixed 2.75000000 N N N N N N UniCredit S.p.A. 549300TRUWO2CD2G5692 UniCredit S.p.A. 904678AY5 790000.00000000 PA USD 806020.52000000 0.098074119730 Long DBT CORP IT N 2 2032-06-03 Variable 3.12700000 N N N N N N Electronic Arts, Inc. 549300O7A67PUEYKDL45 Electronic Arts, Inc. 285512AE9 843000.00000000 PA USD 836933.69000000 0.101835540017 Long DBT CORP US N 2 2031-02-15 Fixed 1.85000000 N N N N N N Arabian Centres Sukuk II Ltd. 549300X92PKHJD8UYG94 Arabian Centres Sukuk II Ltd. 03847QAA1 1483000.00000000 PA USD 1541830.61000000 0.187605248373 Long DBT CORP KY N 2 2026-10-07 Fixed 5.62500000 N N N N N N Omega Healthcare Investors, Inc. 549300OJ7ENK42CZ8E73 Omega Healthcare Investors, Inc. 681936BN9 898000.00000000 PA USD 918395.33000000 0.111747544037 Long DBT CORP US N 2 2033-04-15 Fixed 3.25000000 N N N N N Goldman Sachs Group, Inc. (The) 784F5XWPLTWKTBV3E584 Goldman Sachs Group, Inc. (The) 38141GXM1 497000.00000000 PA USD 494037.40000000 0.060112964765 Long DBT CORP US N 2 2026-12-09 Variable 1.09300000 N N N N N N American Equity Investment Life Holding Co. 549300RK5RZQ740FPL83 American Equity Investment Life Holding Co. 025676AM9 752000.00000000 PA USD 860079.09000000 0.104651801730 Long DBT CORP US N 2 2027-06-15 Fixed 5.00000000 N N N N N N Pacific Beacon LLC 549300RDBP3BJOLTTC39 Pacific Beacon LLC 69403WAA5 70688.18000000 PA USD 78248.11000000 0.009520991486 Long DBT CORP US N 2 2026-07-15 Fixed 5.37900000 N N N N N N Neuberger Berman CLO Ltd. 549300Y2YE54ON4DJE28 Neuberger Berman CLO Ltd., Series 2021-40A, Class A 64134JAA1 1023000.00000000 PA USD 1025950.24000000 0.124834497606 Long ABS-CBDO CORP KY N 2 2033-04-16 Floating 1.18638000 N N N N N N Ukraine Government International Bond 6354001WLTJXOMEXPY07 Ukraine Government International Bond ZP6261280 309000.00000000 PA 342095.11000000 0.041625090112 Long DBT NUSS UA N 2 2030-01-27 Fixed 4.37500000 N N N N N N Boeing Co. (The) RVHJWBXLJ1RFUBSY1F30 Boeing Co. (The) 097023CW3 1604000.00000000 PA USD 2179038.38000000 0.265138747307 Long DBT CORP US N 2 2050-05-01 Fixed 5.80500000 N N N N N N Republic of Ghana Bond 213800PP4399SNNXZ126 Republic of Ghana Bond 37443GAL5 1581000.00000000 PA USD 1596419.49000000 0.194247456878 Long DBT NUSS GH N 2 2029-04-07 Fixed 7.75000000 N N N N N N MDC Partners, Inc. 529900SR4J92B5C43M74 MDC Partners, Inc. 552697AQ7 250000.00000000 PA USD 255387.50000000 0.031074772454 Long DBT CORP CA N 2 2024-05-01 Variable 7.50000000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 Federal National Mortgage Association 3140J5RU5 1706062.26000000 PA USD 1861814.18000000 0.226539873705 Long ABS-MBS USGSE US N 2 2047-06-01 Fixed 3.50000000 N N N N N N Volkswagen Group of America Finance LLC 5493002SQ1AVQBY41K40 Volkswagen Group of America Finance LLC 928668BN1 993000.00000000 PA USD 997879.97000000 0.121418992725 Long DBT CORP US N 2 2027-11-24 Fixed 1.62500000 N N N N N N Southern Co. (The) 549300FC3G3YU2FBZD92 Southern Co. (The) 842587DJ3 564000.00000000 PA USD 576210.60000000 0.070111549237 Long DBT CORP US N 2 2051-09-15 Variable 3.75000000 N N N N N N IDEX Corp. 549300U5Y5EL6PHYLF13 IDEX Corp. 45167RAH7 1230000.00000000 PA USD 1278625.01000000 0.155579193344 Long DBT CORP US N 2 2031-06-15 Fixed 2.62500000 N N N N N N California State University N/A California State University, Series 2021 B, Ref. RB 13077DRV6 1040000.00000000 PA USD 1043955.22000000 0.127025288685 Long DBT MUN US N 2 2052-11-01 Fixed 2.93900000 N N N N N N Petronas Capital Ltd. 549300G7YFX3540OYR85 Petronas Capital Ltd. 71675CAB4 922000.00000000 PA USD 931271.55000000 0.113314283234 Long DBT CORP MY N 2 2032-01-28 Fixed 2.48000000 N N N N N N Republic of Egypt Bond 529900GFIVH4086NMH82 Republic of Egypt Bond 03846JAA8 842000.00000000 PA USD 822876.50000000 0.100125103991 Long DBT NUSS EG N 2 2026-02-16 Fixed 3.87500000 N N N N N N N/A N/A Apple, Inc. Option N/A 4.00000000 NC USD 6410.00000000 0.000779949259 N/A DE N/A N 1 UBS Securities LLC T6FIZBDPKLYJKFCRVK44 Call Purchased Apple Inc Apple, Inc. 100.00000000 145.00000000 USD 2022-06-17 XXXX 1477.86000000 N N N JPMorgan Chase & Co. 8I5DZWZKVSZI1NUHU748 JPMorgan Chase & Co. 46647PBD7 599000.00000000 PA USD 673930.09000000 0.082001758883 Long DBT CORP US N 2 2030-05-06 Variable 3.70200000 N N N N N N Verizon Communications, Inc. 2S72QS2UO2OESLG6Y829 Verizon Communications, Inc. 92343VFV1 880000.00000000 PA USD 853747.47000000 0.103881389511 Long DBT CORP US N 2 2060-11-20 Fixed 3.00000000 N N N N N N AT&T, Inc. 549300Z40J86GGSTL398 AT&T, Inc. 00206RKF8 286000.00000000 PA USD 286111.31000000 0.034813151994 Long DBT CORP US N 2 2061-02-01 Fixed 3.50000000 N N N N N N Freddie Mac Multifamily Connecticut Avenue Securities Trust 549300HG8ZEWVWVSN227 Freddie Mac Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class M7 62547NAA7 1567560.84000000 PA USD 1569531.58000000 0.190975817957 Long ABS-APCP USGSE US N 2 2049-10-15 Floating 1.78925000 N N N N N N Visio Trust N/A Visio Trust, Series 2020-1R, Class A1 92837MAA5 608167.32000000 PA USD 612315.14000000 0.074504639600 Long ABS-MBS CORP US N 2 2055-11-25 Fixed 1.31200000 N N N N N N Twilio, Inc. 5493004W8TRGD63APX93 Twilio, Inc. 90138FAC6 848000.00000000 PA USD 869742.72000000 0.105827642769 Long DBT CORP US N 2 2029-03-15 Fixed 3.62500000 N N N N N N Gazprom PJSC via Gaz Finance PLC 213800UNP9N6BPNYMQ45 Gazprom PJSC via Gaz Finance PLC BN6473167 2875000.00000000 PA USD 2823871.00000000 0.343600014744 Long DBT CORP GB N 2 2029-01-27 Fixed 2.95000000 N N N N N N Lowe's Cos., Inc. WAFCR4OKGSC504WU3E95 Lowe's Cos., Inc. 548661EB9 1133000.00000000 PA USD 1246801.84000000 0.151707047031 Long DBT CORP US N 2 2051-04-01 Fixed 3.50000000 N N N N N Freddie Mac N/A Freddie Mac, Series 2020-DNA5, Class M1, STACR 35566AAA7 35691.38000000 PA USD 35694.24000000 0.004343166309 Long ABS-MBS USGSE US N 2 2050-10-25 Floating 1.35000000 N N N N N N Comcast Corp. 51M0QTTNCGUN7KFCFZ59 Comcast Corp. 20030NCT6 146000.00000000 PA USD 169888.56000000 0.020671522077 Long DBT CORP US N 2 2028-10-15 Fixed 4.15000000 N N N N N N UniCredit S.p.A. 549300TRUWO2CD2G5692 UniCredit S.p.A. 904678AW9 992000.00000000 PA USD 994809.45000000 0.121045381211 Long DBT CORP IT N 2 2027-06-03 Variable 1.98200000 N N N N N N Brookfield Finance, Inc. N/A Brookfield Finance, Inc. 11271LAH5 645000.00000000 PA USD 677893.61000000 0.082484027914 Long DBT CORP CA N 2 2031-04-15 Fixed 2.72400000 N N N N N N HP Communities LLC N/A HP Communities LLC 44329HAK0 100000.00000000 PA USD 127491.39000000 0.015512763679 Long DBT CORP US N 2 2053-09-15 Fixed 5.86000000 N N N N N N Citigroup, Inc. 6SHGI4ZSSLCXXQSBB395 Citigroup, Inc., Series A 172967GD7 293000.00000000 PA USD 308088.04000000 0.037487213504 Long DBT CORP US N 2 N/A Variable 5.95000000 N N N N N N Petrobras Global Finance B.V. 549300FNENFFSMO3GT38 Petrobras Global Finance B.V. 71647NBJ7 1516000.00000000 PA USD 1493047.76000000 0.181669499899 Long DBT CORP NL N 2 2051-06-10 Fixed 5.50000000 N N N N N N Alphabet, Inc. 5493006MHB84DD0ZWV18 Alphabet, Inc. 02079KAG2 387000.00000000 PA USD 351866.34000000 0.042814023591 Long DBT CORP US N 2 2060-08-15 Fixed 2.25000000 N N N N N N Citigroup, Inc. 6SHGI4ZSSLCXXQSBB395 Citigroup, Inc. 172967MQ1 339000.00000000 PA USD 363194.38000000 0.044192384964 Long DBT CORP US N 2 2026-04-08 Variable 3.10600000 N N N N N N Sumitomo Mitsui Financial Group, Inc. 35380028MYWPB6AUO129 Sumitomo Mitsui Financial Group, Inc. 86562MCA6 417000.00000000 PA USD 423900.95000000 0.051578975339 Long DBT CORP JP N 2 2025-07-08 Fixed 1.47400000 N N N N N N Freddie Mac Multifamily Structured Pass Through Ctfs. S6XOOCT0IEG5ABCC6L87 Freddie Mac Multifamily Structured Pass Through Ctfs., Series K038, Class X1 3137BBBE9 3987277.06000000 PA USD 96618.50000000 0.011756244539 Long ABS-APCP USGSE US N 2 2024-03-25 Variable 1.10596000 N N N N N N Chase Home Lending Mortgage Trust N/A Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A3 16159GAC3 169910.93000000 PA USD 174748.80000000 0.021262901264 Long ABS-MBS CORP US N 2 2049-07-25 Variable 3.50000000 N N N N N N BENCHMARK Mortgage Trust N/A BENCHMARK Mortgage Trust, Series 2020-B17, Class C 08162MBD9 3000000.00000000 PA USD 3164296.80000000 0.385021988305 Long ABS-MBS CORP US N 2 2053-03-15 Variable 3.37070000 N N N N N N Fidelity National Financial, Inc. 549300CAZYIH39SYQ287 Fidelity National Financial, Inc. 31620RAJ4 222000.00000000 PA USD 242818.23000000 0.029545381998 Long DBT CORP US N 2 2030-06-15 Fixed 3.40000000 N N N N N N N/A N/A Energy Select Sector SPDR Fund Option N/A -760.00000000 NC USD -46360.00000000 -0.00564094347 N/A DE N/A N 1 MORGAN STANLEY AND CO. INTERNATIONAL 4PQUHN3JPFGFNF3BB653 Call Written Energy Select Sector SPDR Fund (The) ETF Energy Select Sector SPDR Fund (The) ETF 100.00000000 70.00000000 USD 2022-06-17 XXXX 72933.00000000 N N N Verizon Communications, Inc. 2S72QS2UO2OESLG6Y829 Verizon Communications, Inc. 92343VGK4 422000.00000000 PA USD 456571.13000000 0.055554183247 Long DBT CORP US N 2 2041-03-22 Fixed 3.40000000 N N N N N N Temasek Financial I Ltd. 549300XMGMDF3VRJMF12 Temasek Financial I Ltd. 87973PBB9 4000000.00000000 PA USD 3969799.64000000 0.483033118311 Long DBT CORP SG N 2 2041-08-02 Fixed 2.37500000 N N N N N N Dominican Republic Bond 254900EHU7Q8FGVPI369 Dominican Republic Bond 25714PEG9 560000.00000000 PA USD 567705.60000000 0.069076686764 Long DBT NUSS DO N 2 2041-01-21 Fixed 5.30000000 N N N N N N Kaiser Foundation Hospitals DW4Z57L3G4IRMHYZYK62 Kaiser Foundation Hospitals 48305QAF0 1760000.00000000 PA USD 1845814.89000000 0.224593128871 Long DBT CORP US N 2 2041-06-01 Fixed 2.81000000 N N N N N N PacifiCorp SGY07Y7FNYBNLM6Z1M11 PacifiCorp 695114CY2 2083000.00000000 PA USD 2133393.19000000 0.259584779736 Long DBT CORP US N 2 2052-06-15 Fixed 2.90000000 N N N N N N Hertz Vehicle Financing III L.P. N/A Hertz Vehicle Financing III L.P., Series 2021-2A, Class B 42806MAF6 286000.00000000 PA USD 290909.13000000 0.035396936105 Long ABS-O CORP US N 2 2027-12-27 Fixed 2.12000000 N N N N N N Match Group Holdings II LLC 549300BIJKT86CPCKK96 Match Group Holdings II LLC 57665RAN6 215000.00000000 PA USD 226225.15000000 0.027526386607 Long DBT CORP US N 2 2028-06-01 Fixed 4.62500000 N N N N N N Goldman Sachs Group, Inc. (The) 784F5XWPLTWKTBV3E584 Goldman Sachs Group, Inc. (The) 38141GXN9 1172000.00000000 PA USD 1172975.65000000 0.142724101290 Long DBT CORP US N 2 2026-12-09 Floating 0.83565500 N N N N N 2021-08-30 Invesco Actively Managed Exchange-Traded Fund Trust Sheri Morris Sheri Morris Vice President XXXX NPORT-EX 2 edgar.htm
Schedule of Investments(a)
Invesco Active U.S. Real Estate ETF (PSR)
July 31, 2021
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.96%
Apartments-9.57%
American Campus Communities, Inc.

  34,072   $1,714,162
AvalonBay Communities, Inc.

  7,576   1,726,040
Camden Property Trust

  11,956   1,786,107
Equity Residential

  20,511   1,725,590
Essex Property Trust, Inc.

  5,215   1,711,041
Mid-America Apartment Communities, Inc.

  9,306   1,796,989
UDR, Inc.

  32,444   1,784,096
        12,244,025
Data Centers-10.35%
CoreSite Realty Corp.

  24,536   3,391,120
CyrusOne, Inc.

  45,266   3,226,108
Digital Realty Trust, Inc.

  21,416   3,301,491
Equinix, Inc.

  4,051   3,323,481
        13,242,200
Diversified-1.57%
JBG SMITH Properties

  20,641   673,516
Washington REIT

  27,021   656,340
WP Carey, Inc.

  8,463   682,879
        2,012,735
Free Standing-5.04%
Agree Realty Corp.

  14,303   1,074,870
Essential Properties Realty Trust, Inc.

  37,258   1,110,288
Four Corners Property Trust, Inc.

  36,504   1,048,030
National Retail Properties, Inc.

  21,820   1,066,343
NETSTREIT Corp.

  41,767   1,083,854
Realty Income Corp.

  15,188   1,067,565
        6,450,950
Health Care-9.47%
CareTrust REIT, Inc.

  50,378   1,215,117
Healthcare Realty Trust, Inc.

  38,791   1,236,657
Healthcare Trust of America, Inc., Class A

  43,471   1,242,836
Healthpeak Properties, Inc.

  33,999   1,256,943
Medical Properties Trust, Inc.

  58,655   1,233,515
National Health Investors, Inc.

  17,737   1,210,196
Omega Healthcare Investors, Inc.

  31,978   1,160,162
Sabra Health Care REIT, Inc.

  64,827   1,205,134
Ventas, Inc.

  19,925   1,191,116
Welltower, Inc.

  13,480   1,170,873
        12,122,549
Industrial-12.50%
Americold Realty Trust

  44,554   1,730,923
Duke Realty Corp.

  34,823   1,771,794
EastGroup Properties, Inc.

  10,157   1,789,867
First Industrial Realty Trust, Inc.

  32,266   1,767,531
Prologis, Inc.

  13,818   1,769,257
PS Business Parks, Inc.

  11,208   1,722,333
Rexford Industrial Realty, Inc.

  29,725   1,828,682
STAG Industrial, Inc.

  44,237   1,827,873
Terreno Realty Corp.

  26,218   1,792,263
        16,000,523
Infrastructure REITs-19.66%
American Tower Corp.

  29,913   8,459,397
Crown Castle International Corp.

  41,688   8,049,536
SBA Communications Corp., Class A

  25,368   8,650,234
        25,159,167
Lodging Resorts-2.65%
Apple Hospitality REIT, Inc.

  23,376   349,471
  Shares   Value
Lodging Resorts-(continued)
Chatham Lodging Trust(b)

  28,062   $344,601
DiamondRock Hospitality Co.(b)

  37,078   319,242
Host Hotels & Resorts, Inc.(b)

  21,047   335,279
Pebblebrook Hotel Trust(c)

  15,193   341,691
RLJ Lodging Trust

  24,037   344,931
Ryman Hospitality Properties, Inc.(b)

  4,412   338,400
Summit Hotel Properties, Inc.(b)

  38,049   342,821
Sunstone Hotel Investors, Inc.(b)

  29,338   338,560
Xenia Hotels & Resorts, Inc.(b)

  19,129   338,201
        3,393,197
Manufactured Homes-4.21%
Equity LifeStyle Properties, Inc.

  21,571   1,807,650
Sun Communities, Inc.

  9,359   1,835,394
UMH Properties, Inc.

  75,208   1,750,842
        5,393,886
Office-4.56%
Alexandria Real Estate Equities, Inc.

  4,371   880,057
Columbia Property Trust, Inc.

  47,551   792,675
Corporate Office Properties Trust

  28,365   835,066
Cousins Properties, Inc.

  21,613   858,468
Douglas Emmett, Inc.

  24,275   810,785
Highwoods Properties, Inc.

  17,759   846,927
Kilroy Realty Corp.

  11,782   816,139
        5,840,117
Regional Malls-0.81%
Simon Property Group, Inc.

  8,206   1,038,223
Self Storage-7.03%
CubeSmart

  45,688   2,268,866
Extra Space Storage, Inc.

  12,830   2,234,216
Life Storage, Inc.

  19,449   2,282,535
Public Storage

  7,065   2,207,671
        8,993,288
Shopping Centers-4.12%
Federal Realty Investment Trust(c)

  8,843   1,039,318
Kimco Realty Corp.(c)

  48,894   1,042,909
Regency Centers Corp.

  16,006   1,046,953
Retail Opportunity Investments Corp.

  59,524   1,051,789
SITE Centers Corp.

  68,670   1,089,106
        5,270,075
Single Family Homes-2.70%
American Homes 4 Rent, Class A

  41,071   1,724,982
Invitation Homes, Inc.

  42,607   1,733,253
        3,458,235
Specialty-2.97%
Gaming and Leisure Properties, Inc.

  26,860   1,271,552
Lamar Advertising Co., Class A

  11,934   1,272,165
VICI Properties, Inc.(c)

  40,106   1,250,906
        3,794,623
Timber REITs-2.75%
PotlatchDeltic Corp.

  22,348   1,160,755
Rayonier, Inc.

  31,764   1,197,820
Weyerhaeuser Co.

  34,501   1,163,719
        3,522,294
Total Common Stocks & Other Equity Interests

(Cost $109,871,396)

  127,936,087
See accompanying notes which are an integral part of this schedule.

Invesco Active U.S. Real Estate ETF (PSR)—(continued)
July 31, 2021
(Unaudited)
  Shares   Value
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)

(Cost $10,676)

  10,676   $10,676
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.97%

(Cost $109,882,072)

  127,946,763
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-2.88%
Invesco Private Government Fund, 0.02%(d)(e)(f)

  1,104,616   1,104,616
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.12%(d)(e)(f)

  2,576,406   $2,577,437
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $3,682,053)

  3,682,053
TOTAL INVESTMENTS IN SECURITIES-102.85%

(Cost $113,564,125)

  131,628,816
OTHER ASSETS LESS LIABILITIES-(2.85)%

  (3,645,366)
NET ASSETS-100.00%

  $127,983,450
 
Investment Abbreviations:
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Property type classifications used in this report are generally according to FTSE National Association of Real Estate Investment Trusts ("NAREIT") Equity REITs Index, which is exclusively owned by NAREIT.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at July 31, 2021.
(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended July 31, 2021.
    
  Value
October 31, 2020
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
July 31, 2021
  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $185   $2,138,840   $(2,128,349)   $-   $-   $10,676   $20
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 197,061   9,158,569   (8,251,014)   -   -   1,104,616   48*
Invesco Private Prime Fund 295,591   14,830,353   (12,548,507)   -   -   2,577,437   761*
Total $492,837   $26,127,762   $(22,927,870)   $-   $-   $3,692,729   $829
    
* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(e) The rate shown is the 7-day SEC standardized yield as of July 31, 2021.
(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.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments
Invesco Balanced Multi-Asset Allocation ETF (PSMB)
July 31, 2021
(Unaudited)
Schedule of Investments in Affiliated Issuers- 109.02%(a)
  % of
Net
Assets
07/31/21
  Value
10/31/20
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Dividend
Income
  Shares
07/31/21
  Value
07/31/21
Domestic Equity Funds-46.60%
Invesco Preferred ETF(b)

1.97%   $232,732   $327,999   $(191,353)   $8,836   $1,531   $10,353   24,934   $379,745
Invesco RAFI™ Strategic US ETF

8.52%   712,438   1,128,191   (500,539)   229,313   70,873   12,140   43,428   1,640,276
Invesco RAFI™ Strategic US Small Company ETF

5.61%   631,196   904,423   (814,602)   250,393   108,410   4,425   28,040   1,079,820
Invesco Russell 1000 Dynamic Multifactor ETF

7.66%   769,193   1,123,950   (750,713)   173,037   159,235   9,352   31,504   1,474,702
Invesco S&P 500® Low Volatility ETF

4.46%   477,427   720,492   (460,487)   69,135   51,995   7,658   13,615   858,562
Invesco S&P 500® Pure Growth ETF(b)

8.84%   728,660   1,213,712   (589,273)   245,062   103,090   771   8,787   1,701,251
Invesco S&P MidCap Low Volatility ETF

5.00%   321,895   639,825   (99,895)   93,941   7,726   4,180   17,627   963,492
Invesco S&P SmallCap Low Volatility ETF(b)

4.54%   284,947   600,390   (115,502)   95,581   8,318   4,615   18,480   873,734
Total Domestic Equity Funds

    4,158,488   6,658,982   (3,522,364)   1,165,298   511,178   53,494       8,971,582
Fixed Income Funds-37.55%
Invesco 1-30 Laddered Treasury ETF

6.94%   500,119   954,415   (129,806)   15,549   (4,276)   5,953   35,943   1,336,001
Invesco Emerging Markets Sovereign Debt ETF

0.98%   -   191,634   (3,199)   1,263   10   1,878   6,866   189,708
Invesco Fundamental High Yield® Corporate Bond ETF

2.95%   183,961   411,576   (37,888)   8,988   2,057   7,775   29,119   568,694
Invesco Investment Grade Defensive ETF

1.98%   649,440   697,590   (953,141)   (5,362)   452   5,208   14,190   380,576
Invesco Investment Grade Value ETF

0.99%   352,301   384,150   (536,957)   (562)   (3,222)   4,533   6,827   190,473
Invesco PureBetaSM 0-5 Yr US TIPS ETF

3.97%   210,948   581,954   (45,876)   16,466   862   4,608   28,442   764,234
Invesco Senior Loan ETF(b)

3.44%   -   671,896   (6,705)   (3,716)   20   4,118   30,027   661,495
Invesco Taxable Municipal Bond ETF

12.36%   424,940   2,024,237   (139,756)   68,451   1,856   19,549   70,699   2,379,728
Invesco Variable Rate Investment Grade ETF

3.94%   804,047   922,807   (974,941)   (4,361)   11,447   4,039   30,239   758,999
Total Fixed Income Funds

    3,125,756   6,840,259   (2,828,269)   96,716   9,206   57,661       7,229,908
Foreign Equity Funds-15.84%
Invesco RAFI™ Strategic Developed ex-US ETF

5.52%   326,284   752,159   (144,017)   106,245   21,794   9,644   34,384   1,062,465
Invesco RAFI™ Strategic Emerging Markets ETF(b)

2.88%   163,452   440,552   (70,359)   16,995   4,097   5,346   19,415   554,737
Invesco S&P Emerging Markets Low Volatility ETF

2.94%   -   584,452   (7,220)   (11,581)   163   4,005   23,500   565,814
Invesco S&P International Developed Low Volatility ETF

4.50%   383,524   597,010   (179,938)   67,705   (1,294)   9,841   27,359   867,007
Total Foreign Equity Funds

    873,260   2,374,173   (401,534)   179,364   24,760   28,836       3,050,023
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)

0.01%   -   110,538   (109,393)   -   -   1   1,145   1,145
TOTAL INVESTMENTS IN AFFILIATED ISSUERS

(excluding investments purchased with cash collateral from securities on loan)-100.00%

(Cost $17,650,335)

100.00%   8,157,504   15,983,952   (6,861,560)   1,441,378   545,144   139,992       19,252,658
See accompanying notes which are an integral part of this schedule.

Invesco Balanced Multi-Asset Allocation ETF (PSMB)—(continued)
July 31, 2021
(Unaudited)
Schedule of Investments in Affiliated Issuers- 109.02%(a)
  % of
Net
Assets
07/31/21
  Value
10/31/20
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Dividend
Income
  Shares
07/31/21
  Value
07/31/21
Investments Purchased with Cash Collateral from Securities on Loan                                  
Money Market Funds-9.02%
Invesco Private Government Fund, 0.02%(c)(d)

2.71%   $157,691   $7,648,501   $(7,285,100)   $-   $-   $37*   521,092   $521,092
Invesco Private Prime Fund, 0.12%(c)(d)

6.31%   236,537   11,987,037   (11,007,732)   -   40   434*   1,215,396   1,215,882
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,736,974)

9.02%   394,228   19,635,538   (18,292,832)   -   40   471       1,736,974
TOTAL INVESTMENTS IN AFFILIATED ISSUERS

(Cost $19,387,309)

109.02%   $8,551,732   $35,619,490   $(25,154,392)   $1,441,378   $545,184(e)   $140,463       $20,989,632
OTHER ASSETS LESS LIABILITIES

(9.02)%                               (1,736,083)
NET ASSETS

100.00%                               $19,253,549
    
Investment Abbreviations:
ETF- Exchange-Traded Fund
    
Notes to Schedule of Investments:
(a) Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.
(b) All or a portion of this security was out on loan at July 31, 2021.
(c) The rate shown is the 7-day SEC standardized yield as of July 31, 2021.
(d) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
(e) Includes capital gains distributions from affiliated underlying funds as follows:
    
Fund Name Capital Gain
Invesco Investment Grade Defensive ETF $8,403
Invesco Investment Grade Value ETF 5,237
Invesco PureBetaSM 0-5 Yr US TIPS ETF 120
    
* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments
Invesco Conservative Multi-Asset Allocation ETF (PSMC)
July 31, 2021
(Unaudited)
Schedule of Investments in Affiliated Issuers- 115.03%(a)
  % of
Net
Assets
07/31/21
  Value
10/31/20
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Dividend
Income
  Shares
07/31/21
  Value
07/31/21
Domestic Equity Funds-19.34%
Invesco Preferred ETF(b)

3.98%   $470,471   $1,456,330   $(1,511,225)   $(4,619)   $19,884   $21,754   28,289   $430,841
Invesco RAFI™ Strategic US ETF(b)

4.54%   367,255   1,231,576   (1,253,245)   12,901   134,072   5,148   13,041   492,559
Invesco RAFI™ Strategic US Small Company ETF

1.54%   -   175,923   (14,926)   5,442   656   196   4,339   167,095
Invesco Russell 1000 Dynamic Multifactor ETF

3.09%   338,079   1,108,234   (1,258,859)   (5,508)   152,699   3,493   7,149   334,645
Invesco S&P 500® Low Volatility ETF

1.50%   184,602   611,364   (676,953)   (1,968)   45,335   2,986   2,575   162,380
Invesco S&P 500® Pure Growth ETF(b)

3.67%   440,954   1,485,040   (1,669,996)   1,477   140,006   476   2,053   397,481
Invesco S&P SmallCap Low Volatility ETF(b)

1.02%   -   118,495   (10,867)   2,288   246   257   2,330   110,162
Total Domestic Equity Funds

    1,801,361   6,186,962   (6,396,071)   10,013   492,898   34,310       2,095,163
Fixed Income Funds-75.65%
Invesco 1-30 Laddered Treasury ETF

8.99%   270,688   1,483,470   (801,899)   20,700   1,378   4,546   26,213   974,337
Invesco Emerging Markets Sovereign Debt ETF

1.49%   589,654   1,797,130   (2,257,213)   22,398   9,418   21,360   5,841   161,387
Invesco Fundamental High Yield® Corporate Bond ETF(b)

11.91%   597,421   2,295,355   (1,631,046)   22,393   6,361   25,787   66,077   1,290,484
Invesco Investment Grade Defensive ETF

3.99%   1,001,746   2,960,434   (3,510,043)   (10,445)   4,047   9,665   16,101   431,829
Invesco Investment Grade Value ETF

2.00%   537,036   1,614,121   (1,921,604)   (5,466)   653   8,443   7,748   216,168
Invesco PureBetaSM 0-5 Yr US TIPS ETF

6.00%   352,318   1,222,315   (946,149)   3,026   19,037   5,480   24,203   650,332
Invesco Senior Loan ETF(b)

7.92%   481,192   1,657,632   (1,284,432)   3,976   (630)   17,252   38,935   857,738
Invesco Taxable Municipal Bond ETF

17.95%   664,899   3,134,978   (1,919,111)   52,031   11,102   24,699   57,751   1,943,899
Invesco Variable Rate Investment Grade ETF(b)

15.40%   1,256,515   3,818,145   (3,417,270)   (3,585)   14,642   9,199   66,472   1,668,447
Total Fixed Income Funds

    5,751,469   19,983,580   (17,688,767)   105,028   66,008   126,431       8,194,621
Foreign Equity Funds-5.01%
Invesco RAFI™ Strategic Developed ex-US ETF

2.02%   73,852   358,265   (245,332)   5,755   26,634   2,058   7,093   219,174
Invesco RAFI™ Strategic Emerging Markets ETF(b)

0.97%   -   120,624   (11,353)   (4,514)   133   804   3,671   104,890
Invesco S&P International Developed Low Volatility ETF

2.02%   75,707   350,019   (223,843)   8,904   7,779   2,189   6,897   218,566
Total Foreign Equity Funds

    149,559   828,908   (480,528)   10,145   34,546   5,051       542,630
Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)

-   -   173,504   (173,385)   -   -   1   119   119
TOTAL INVESTMENTS IN AFFILIATED ISSUERS

(excluding investments purchased with cash collateral from securities on loan)-100.00%

(Cost $10,646,431)

100.00%   7,702,389   27,172,954   (24,738,751)   125,186   593,452   165,793       10,832,533
See accompanying notes which are an integral part of this schedule.

Invesco Conservative Multi-Asset Allocation ETF (PSMC)—(continued)
July 31, 2021
(Unaudited)
Schedule of Investments in Affiliated Issuers- 115.03%(a)
  % of
Net
Assets
07/31/21
  Value
10/31/20
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Dividend
Income
  Shares
07/31/21
  Value
07/31/21
Investments Purchased with Cash Collateral from Securities on Loan                                  
Money Market Funds-15.03%
Invesco Private Government Fund, 0.02%(c)(d)

4.51%   $431,211   $10,659,900   $(10,602,676)   $-   $-   $40*   488,435   $488,435
Invesco Private Prime Fund, 0.12%(c)(d)

10.52%   697,313   15,722,303   (15,279,981)   -   47   483*   1,139,227   1,139,682
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,628,117)

15.03%   1,128,524   26,382,203   (25,882,657)   -   47   523       1,628,117
TOTAL INVESTMENTS IN AFFILIATED ISSUERS

(Cost $12,274,548)

115.03%   $8,830,913   $53,555,157   $(50,621,408)   $125,186   $593,499(e)   $166,316       $12,460,650
OTHER ASSETS LESS LIABILITIES

(15.03)%                               (1,627,680)
NET ASSETS

100.00%                               $10,832,970
    
Investment Abbreviations:
ETF- Exchange-Traded Fund
    
Notes to Schedule of Investments:
(a) Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.
(b) All or a portion of this security was out on loan at July 31, 2021.
(c) The rate shown is the 7-day SEC standardized yield as of July 31, 2021.
(d) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
(e) Includes capital gains distributions from affiliated underlying funds as follows:
    
Fund Name Capital Gain
Invesco Investment Grade Defensive ETF $13,910
Invesco Investment Grade Value ETF 8,572
Invesco PureBetaSM 0-5 Yr US TIPS ETF 215
    
* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments
Invesco Growth Multi-Asset Allocation ETF (PSMG)
July 31, 2021
(Unaudited)
Schedule of Investments in Affiliated Issuers- 106.13%(a)
  % of
Net
Assets
07/31/21
  Value
10/31/20
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Dividend
Income
  Shares
07/31/21
  Value
07/31/21
Domestic Equity Funds-57.60%
Invesco RAFI™ Strategic US ETF(b)

10.98%   $632,353   $1,205,499   $(286,267)   $291,378   $35,566   $14,252   49,736   $1,878,529
Invesco RAFI™ Strategic US Small Company ETF

7.11%   548,076   980,169   (694,014)   310,409   71,622   5,089   31,583   1,216,262
Invesco Russell 1000 Dynamic Multifactor ETF

9.67%   703,022   1,232,575   (649,006)   197,306   169,292   11,147   35,317   1,653,189
Invesco S&P 500® Low Volatility ETF

5.92%   442,203   827,668   (396,136)   103,666   35,973   9,293   16,070   1,013,374
Invesco S&P 500® Pure Growth ETF(b)

11.91%   632,619   1,340,431   (322,818)   391,939   (4,426)   900   10,525   2,037,745
Invesco S&P MidCap Low Volatility ETF

5.98%   279,494   666,446   (29,323)   107,859   (1,077)   4,666   18,723   1,023,399
Invesco S&P SmallCap Low Volatility ETF(b)

6.03%   311,008   647,994   (62,379)   144,646   (10,376)   6,218   21,804   1,030,893
Total Domestic Equity Funds

    3,548,775   6,900,782   (2,439,943)   1,547,203   296,574   51,565       9,853,391
Fixed Income Funds-19.70%
Invesco 1-30 Laddered Treasury ETF

5.92%   115,812   899,413   (30,083)   30,908   (2,647)   3,500   27,264   1,013,403
Invesco Fundamental High Yield® Corporate Bond ETF

0.98%   -   167,750   (700)   734   (2)   1,246   8,591   167,782
Invesco Investment Grade Defensive ETF

0.98%   380,835   508,901   (710,191)   (4,499)   (35)   3,653   6,280   168,430
Invesco Investment Grade Value ETF

0.99%   203,928   301,438   (330,156)   770   (3,303)   3,525   6,044   168,627
Invesco PureBetaSM 0-5 Yr US TIPS ETF

1.98%   117,216   224,393   (12,957)   9,547   101   2,552   12,587   338,211
Invesco Senior Loan ETF(b)

1.96%   -   337,787   (1,263)   (1,974)   (2)   2,204   15,186   334,548
Invesco Taxable Municipal Bond ETF

4.93%   231,528   606,663   (20,743)   25,343   (349)   9,341   25,028   842,442
Invesco Variable Rate Investment Grade ETF

1.96%   117,583   226,588   (9,941)   1,644   (11)   862   13,381   335,863
Total Fixed Income Funds

    1,166,902   3,272,933   (1,116,034)   62,473   (6,248)   26,883       3,369,306
Foreign Equity Funds-22.69%
Invesco RAFI™ Strategic Developed ex-US ETF

7.49%   315,104   891,004   (72,135)   149,287   (1,003)   12,127   41,497   1,282,257
Invesco RAFI™ Strategic Emerging Markets ETF

3.83%   113,530   564,557   (31,767)   8,519   (269)   6,168   22,909   654,570
Invesco S&P Emerging Markets Low Volatility ETF

4.39%   86,129   661,806   (6,103)   9,621   (220)   6,891   31,201   751,233
Invesco S&P International Developed Low Volatility ETF

6.98%   385,443   752,754   (26,900)   85,494   (3,219)   13,495   37,664   1,193,572
Total Foreign Equity Funds

    900,206   2,870,121   (136,905)   252,921   (4,711)   38,681       3,881,632
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)

0.01%   -   82,307   (80,679)   -   -   -   1,628   1,628
TOTAL INVESTMENTS IN AFFILIATED ISSUERS

(excluding investments purchased with cash collateral from securities on loan)-100.00%

(Cost $15,293,192)

100.00%   5,615,883   13,126,143   (3,773,561)   1,862,597   285,615   117,129       17,105,957
See accompanying notes which are an integral part of this schedule.

Invesco Growth Multi-Asset Allocation ETF (PSMG)—(continued)
July 31, 2021
(Unaudited)
Schedule of Investments in Affiliated Issuers- 106.13%(a)
  % of
Net
Assets
07/31/21
  Value
10/31/20
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Dividend
Income
  Shares
07/31/21
  Value
07/31/21
Investments Purchased with Cash Collateral from Securities on Loan                                  
Money Market Funds-6.13%
Invesco Private Government Fund, 0.02%(c)(d)

1.84%   $87,858   $5,869,608   $(5,642,861)   $-   $-   $33*   314,605   $314,605
Invesco Private Prime Fund, 0.12%(c)(d)

4.29%   131,787   9,580,175   (8,977,933)   -   49   383*   733,784   734,078
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,048,683)

6.13%   219,645   15,449,783   (14,620,794)   -   49   416       1,048,683
TOTAL INVESTMENTS IN AFFILIATED ISSUERS

(Cost $16,341,875)

106.13%   $5,835,528   $28,575,926   $(18,394,355)   $1,862,597   $285,664(e)   $117,545       $18,154,640
OTHER ASSETS LESS LIABILITIES

(6.13)%                               (1,048,062)
NET ASSETS

100.00%                               $17,106,578
    
Investment Abbreviations:
ETF- Exchange-Traded Fund
    
Notes to Schedule of Investments:
(a) Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.
(b) All or a portion of this security was out on loan at July 31, 2021.
(c) The rate shown is the 7-day SEC standardized yield as of July 31, 2021.
(d) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
(e) Includes capital gains distributions from affiliated underlying funds as follows:
    
Fund Name Capital Gain
Invesco Investment Grade Defensive ETF $6,581
Invesco Investment Grade Value ETF 4,050
Invesco PureBetaSM 0-5 Yr US TIPS ETF 89
    
* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments(a)
Invesco High Yield Bond Factor ETF (IHYF)
July 31, 2021
(Unaudited)
  Principal
Amount
  Value
U.S. Dollar Denominated Bonds & Notes-97.81%
Advertising-0.59%
Advantage Sales & Marketing, Inc., 6.50%, 11/15/2028(b)

$ 118,000   $122,425
MDC Partners, Inc., 7.50%, 05/01/2024(b)(c)

  117,000   119,521
        241,946
Aerospace & Defense-1.90%
Bombardier, Inc. (Canada)        
7.50%, 03/15/2025(b)

  60,000   61,299
7.88%, 04/15/2027(b)(d)

  46,000   47,727
Howmet Aerospace, Inc., 6.88%, 05/01/2025

  115,000   133,971
Rolls-Royce PLC (United Kingdom), 5.75%, 10/15/2027(b)

  200,000   218,750
Spirit AeroSystems, Inc., 7.50%, 04/15/2025(b)

  164,000   174,250
Triumph Group, Inc., 8.88%, 06/01/2024(b)

  131,000   145,247
        781,244
Agricultural Products-0.43%
JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 04/15/2029(b)(d)

  159,000   178,427
Airlines-0.81%
American Airlines Pass-Through Trust, Series 2014-1, Class A, 3.70%, 10/01/2026

  33,199   33,847
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/2029(b)

  37,000   39,967
Delta Air Lines, Inc.        
3.80%, 04/19/2023

  42,000   43,363
2.90%, 10/28/2024(d)

  211,000   214,018
        331,195
Alternative Carriers-1.31%
Lumen Technologies, Inc.        
Series P, 7.60%, 09/15/2039

  177,000   201,969
Series U, 7.65%, 03/15/2042

  75,000   85,006
Series Y, 7.50%, 04/01/2024

  140,000   157,645
Qwest Corp., 7.25%, 09/15/2025

  77,000   91,245
        535,865
Apparel, Accessories & Luxury Goods-0.60%
G-III Apparel Group Ltd., 7.88%, 08/15/2025(b)

  88,000   95,908
Hanesbrands, Inc., 4.63%, 05/15/2024(b)

  143,000   151,653
        247,561
Application Software-0.46%
Open Text Corp. (Canada), 5.88%, 06/01/2026(b)

  182,000   188,161
Auto Parts & Equipment-1.40%
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027(b)

  25,000   27,031
IHO Verwaltungs GmbH (Germany), 6.38% 7.13% PIK Rate, 6.38% Cash Rate, 05/15/2029(b)(e)

  200,000   217,575
Tenneco, Inc.        
7.88%, 01/15/2029(b)

  238,000   269,809
5.13%, 04/15/2029(b)

  60,000   61,800
        576,215
Automobile Manufacturers-2.98%
Ford Motor Co.        
8.90%, 01/15/2032

  114,000   157,952
9.98%, 02/15/2047

  100,000   155,830
  Principal
Amount
  Value
Automobile Manufacturers-(continued)
Ford Motor Credit Co. LLC        
3.37%, 11/17/2023

$ 200,000   $207,500
5.58%, 03/18/2024

  202,000   220,392
3.66%, 09/08/2024

  200,000   209,264
PM General Purchaser LLC, 9.50%, 10/01/2028(b)

  123,000   129,322
Winnebago Industries, Inc., 6.25%, 07/15/2028(b)

  134,000   144,528
        1,224,788
Automotive Retail-0.11%
AAG FH L.P./AAG FH Finco, Inc. (Canada), 9.75%, 07/15/2024(b)

  45,000   44,777
Biotechnology-0.20%
Emergent BioSolutions, Inc., 3.88%, 08/15/2028(b)

  84,000   83,654
Broadcasting-2.40%
AMC Networks, Inc.        
5.00%, 04/01/2024

  55,000   55,998
4.25%, 02/15/2029

  218,000   218,280
iHeartCommunications, Inc., 8.38%, 05/01/2027

  25,000   26,625
Liberty Interactive LLC        
8.50%, 07/15/2029

  155,000   178,273
8.25%, 02/01/2030

  79,000   90,416
Sinclair Television Group, Inc., 4.13%, 12/01/2030(b)

  83,000   80,520
TEGNA, Inc., 5.00%, 09/15/2029

  134,000   140,225
Urban One, Inc., 7.38%, 02/01/2028(b)

  67,000   71,783
Videotron Ltd. (Canada), 5.38%, 06/15/2024(b)

  113,000   124,922
        987,042
Building Products-1.37%
North Queensland Export Terminal Pty. Ltd. (Australia), 4.45%, 12/15/2022(b)

  200,000   191,386
SRM Escrow Issuer LLC, 6.00%, 11/01/2028(b)

  195,000   208,428
Standard Industries, Inc., 5.00%, 02/15/2027(b)

  156,000   161,070
        560,884
Cable & Satellite-3.67%
Altice Financing S.A. (Luxembourg), 7.50%, 05/15/2026(b)

  200,000   208,336
CSC Holdings LLC, 6.50%, 02/01/2029(b)

  200,000   221,167
DISH DBS Corp., 7.38%, 07/01/2028(d)

  176,000   190,638
Radiate Holdco LLC/Radiate Finance, Inc., 6.50%, 09/15/2028(b)

  40,000   41,618
Sirius XM Radio, Inc., 4.63%, 07/15/2024(b)

  183,000   187,575
Telenet Finance Luxembourg Notes S.a r.l. (Belgium), 5.50%, 03/01/2028(b)

  200,000   211,040
Telesat Canada/Telesat LLC (Canada)        
5.63%, 12/06/2026(b)

  180,000   167,175
4.88%, 06/01/2027(b)

  137,000   123,060
Ziggo B.V. (Netherlands), 5.50%, 01/15/2027(b)

  150,000   155,860
        1,506,469
Casinos & Gaming-3.98%
Affinity Gaming, 6.88%, 12/15/2027(b)

  187,000   198,758
Caesars Entertainment, Inc., 8.13%, 07/01/2027(b)(d)

  44,000   48,443
Caesars Resort Collection LLC/CRC Finco, Inc., 5.25%, 10/15/2025(b)

  27,000   27,254
See accompanying notes which are an integral part of this schedule.

Invesco High Yield Bond Factor ETF (IHYF)—(continued)
July 31, 2021
(Unaudited)
  Principal
Amount
  Value
Casinos & Gaming-(continued)
International Game Technology PLC, 6.50%, 02/15/2025(b)

$ 200,000   $223,420
Melco Resorts Finance Ltd. (Hong Kong)        
5.75%, 07/21/2028(b)

  200,000   207,644
5.38%, 12/04/2029(b)

  200,000   207,125
MGM Resorts International, 6.75%, 05/01/2025

  168,000   178,500
Sabre GLBL, Inc., 9.25%, 04/15/2025(b)

  121,000   142,089
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.        
4.25%, 05/30/2023(b)

  197,000   202,171
5.50%, 03/01/2025(b)

  189,000   200,104
        1,635,508
Commodity Chemicals-0.92%
Methanex Corp. (Canada)        
5.13%, 10/15/2027

  190,000   206,267
5.25%, 12/15/2029(d)

  153,000   169,417
        375,684
Communications Equipment-0.34%
Plantronics, Inc., 4.75%, 03/01/2029(b)(d)

  145,000   141,556
Computer & Electronics Retail-0.37%
Dell International LLC/EMC Corp., 7.13%, 06/15/2024(b)

  150,000   153,659
Construction & Engineering-1.12%
Dycom Industries, Inc., 4.50%, 04/15/2029(b)

  63,000   63,869
Fluor Corp., 4.25%, 09/15/2028

  200,000   206,625
Michael Baker International LLC, 8.75%, 03/01/2023

  42,000   42,420
New Enterprise Stone & Lime Co., Inc., 6.25%, 03/15/2026(b)

  143,000   146,993
        459,907
Construction Machinery & Heavy Trucks-0.37%
Manitowoc Co., Inc. (The), 9.00%, 04/01/2026(b)

  40,000   43,310
Trinity Industries, Inc., 4.55%, 10/01/2024

  100,000   106,593
        149,903
Construction Materials-0.38%
Summit Materials LLC/Summit Materials Finance Corp., 5.13%, 06/01/2025(b)

  155,000   156,874
Consumer Finance-3.44%
ASG Finance Designated Activity Co. (Cyprus), 7.88%, 12/03/2024(b)

  200,000   194,500
Credit Acceptance Corp., 5.13%, 12/31/2024(b)

  80,000   82,951
Ford Holdings LLC, 9.30%, 03/01/2030

  125,000   171,875
goeasy Ltd. (Canada), 5.38%, 12/01/2024(b)

  129,000   134,283
Navient Corp.        
6.13%, 03/25/2024

  163,000   177,071
5.88%, 10/25/2024

  77,000   83,932
5.00%, 03/15/2027

  153,000   159,320
5.63%, 08/01/2033

  62,000   60,301
OneMain Finance Corp., 6.13%, 03/15/2024

  181,000   195,027
PRA Group, Inc., 7.38%, 09/01/2025(b)

  140,000   151,367
        1,410,627
Copper-0.40%
Freeport-McMoRan, Inc., 4.55%, 11/14/2024

  151,000   164,588
Department Stores-1.10%
Macy’s Retail Holdings LLC, 3.63%, 06/01/2024

  172,000   176,942
  Principal
Amount
  Value
Department Stores-(continued)
Nordstrom, Inc.        
4.38%, 04/01/2030

$ 94,000   $99,200
5.00%, 01/15/2044

  177,000   176,495
        452,637
Diversified Banks-1.62%
Commerzbank AG (Germany), 8.13%, 09/19/2023(b)

  200,000   227,164
Intesa Sanpaolo S.p.A. (Italy), 5.02%, 06/26/2024(b)

  200,000   217,068
UniCredit S.p.A. (Italy), 5.46%, 06/30/2035(b)(f)

  200,000   220,984
        665,216
Diversified Capital Markets-0.93%
Deutsche Bank AG (Germany), 4.30%, 05/24/2028(f)

  370,000   383,263
Diversified Chemicals-0.37%
NOVA Chemicals Corp. (Canada), 4.25%, 05/15/2029(b)(d)

  150,000   151,996
Diversified Metals & Mining-0.63%
FMG Resources August 2006 Pty. Ltd. (Australia), 5.13%, 05/15/2024(b)

  153,000   165,699
Mineral Resources Ltd. (Australia), 8.13%, 05/01/2027(b)

  86,000   94,295
        259,994
Diversified REITs-1.89%
iStar, Inc., 4.75%, 10/01/2024

  139,000   147,578
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc., 5.63%, 05/01/2024

  226,000   244,908
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 02/15/2025(b)

  210,000   223,969
VICI Properties L.P./VICI Note Co., Inc., 3.50%, 02/15/2025(b)

  157,000   160,235
        776,690
Diversified Support Services-0.92%
MPH Acquisition Holdings LLC, 5.75%, 11/01/2028(b)

  208,000   202,035
Prime Security Services Borrower LLC/Prime Finance, Inc., 5.25%, 04/15/2024(b)

  117,000   125,190
Ritchie Bros. Auctioneers, Inc. (Canada), 5.38%, 01/15/2025(b)

  49,000   50,250
        377,475
Drug Retail-0.15%
Rite Aid Corp., 8.00%, 11/15/2026(b)

  60,000   60,308
Electric Utilities-1.65%
Drax Finco PLC (United Kingdom), 6.63%, 11/01/2025(b)

  200,000   206,250
InterGen N.V. (Netherlands), 7.00%, 06/30/2023(b)

  200,000   198,733
Midland Cogeneration Venture L.P., 6.00%, 03/15/2025(b)

  107,152   110,744
Talen Energy Supply LLC, 7.25%, 05/15/2027(b)

  179,000   163,531
        679,258
 
See accompanying notes which are an integral part of this schedule.

Invesco High Yield Bond Factor ETF (IHYF)—(continued)
July 31, 2021
(Unaudited)
  Principal
Amount
  Value
Electrical Components & Equipment-0.61%
Sensata Technologies B.V.        
4.88%, 10/15/2023(b)

$ 125,000   $134,125
5.63%, 11/01/2024(b)

  106,000   118,247
        252,372
Electronic Components-0.92%
Brightstar Escrow Corp., 9.75%, 10/15/2025(b)

  141,000   151,099
Imola Merger Corp., 4.75%, 05/15/2029(b)

  221,000   228,400
        379,499
Environmental & Facilities Services-1.15%
GFL Environmental, Inc. (Canada), 4.25%, 06/01/2025(b)

  267,000   277,680
Stericycle, Inc., 5.38%, 07/15/2024(b)

  187,000   192,716
        470,396
Fertilizers & Agricultural Chemicals-0.56%
CVR Partners L.P./CVR Nitrogen Finance Corp., 9.25%, 06/15/2023(b)

  23,000   23,147
OCI N.V. (Netherlands), 5.25%, 11/01/2024(b)

  200,000   205,958
        229,105
Food Distributors-0.54%
C&S Group Enterprises LLC, 5.00%, 12/15/2028(b)

  224,000   222,600
Footwear-0.40%
Abercrombie & Fitch Management Co., 8.75%, 07/15/2025(b)

  147,000   162,439
Gas Utilities-0.33%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.63%, 05/20/2024

  122,000   133,455
Health Care Distributors-0.20%
Owens & Minor, Inc., 4.38%, 12/15/2024(d)

  78,000   82,208
Health Care Equipment-0.29%
Varex Imaging Corp., 7.88%, 10/15/2027(b)

  108,000   120,855
Health Care Facilities-1.60%
HCA, Inc., 5.38%, 02/01/2025

  198,000   224,661
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/2026(b)

  26,000   27,663
Tenet Healthcare Corp.        
6.75%, 06/15/2023

  38,000   41,277
4.63%, 07/15/2024

  142,000   144,128
4.63%, 09/01/2024(b)

  121,000   123,874
6.13%, 10/01/2028(b)

  89,000   94,900
        656,503
Health Care REITs-0.23%
Diversified Healthcare Trust, 4.75%, 05/01/2024

  92,000   95,306
Health Care Services-1.22%
Akumin, Inc., 7.00%, 11/01/2025(b)(d)

  155,000   158,294
Community Health Systems, Inc.        
8.00%, 12/15/2027(b)

  145,000   160,712
6.88%, 04/15/2029(b)

  26,000   27,452
6.13%, 04/01/2030(b)

  36,000   36,517
Global Medical Response, Inc., 6.50%, 10/01/2025(b)

  112,000   116,340
        499,315
  Principal
Amount
  Value
Home Improvement Retail-0.30%
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/2026(b)

$ 117,000   $123,143
Homebuilding-0.74%
Lennar Corp., 4.88%, 12/15/2023

  67,000   72,867
New Home Co., Inc. (The), 7.25%, 10/15/2025(b)

  80,000   85,326
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.88%, 06/15/2024

  133,000   147,546
        305,739
Homefurnishing Retail-0.24%
Bed Bath & Beyond, Inc., 3.75%, 08/01/2024

  97,000   100,266
Hotel & Resort REITs-1.05%
Service Properties Trust        
4.50%, 06/15/2023

  31,000   31,736
4.65%, 03/15/2024(d)

  108,000   110,237
4.35%, 10/01/2024

  138,000   139,738
4.75%, 10/01/2026

  150,000   147,634
        429,345
Hotels, Resorts & Cruise Lines-2.23%
Carnival Corp.        
10.50%, 02/01/2026(b)

  87,000   99,723
9.88%, 08/01/2027(b)

  103,000   118,187
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.13%, 12/01/2024

  90,000   94,083
Royal Caribbean Cruises Ltd.        
9.13%, 06/15/2023(b)

  111,000   120,928
11.50%, 06/01/2025(b)

  190,000   217,787
Travel + Leisure Co.        
5.65%, 04/01/2024

  95,000   101,888
6.60%, 10/01/2025

  144,000   161,787
        914,383
Independent Power Producers & Energy Traders-0.66%
EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Spain), 5.38%, 12/30/2030(b)

  270,000   269,986
Industrial Conglomerates-0.51%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.        
6.75%, 02/01/2024

  42,000   43,035
4.75%, 09/15/2024

  161,000   167,999
        211,034
Industrial Machinery-0.56%
Amsted Industries, Inc., 4.63%, 05/15/2030(b)

  77,000   79,406
JPW Industries Holding Corp., 9.00%, 10/01/2024(b)

  65,000   68,378
TriMas Corp., 4.13%, 04/15/2029(b)

  81,000   82,398
        230,182
Insurance Brokers-0.19%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/2027(b)

  50,000   52,253
HUB International Ltd., 7.00%, 05/01/2026(b)

  26,000   26,949
        79,202
Integrated Oil & Gas-1.53%
Cenovus Energy, Inc. (Canada), 3.80%, 09/15/2023

  50,000   52,697
 
See accompanying notes which are an integral part of this schedule.

Invesco High Yield Bond Factor ETF (IHYF)—(continued)
July 31, 2021
(Unaudited)
  Principal
Amount
  Value
Integrated Oil & Gas-(continued)
Occidental Petroleum Corp.        
6.95%, 07/01/2024

$ 110,000   $122,382
8.88%, 07/15/2030

  334,000   451,152
        626,231
Integrated Telecommunication Services-2.84%
CommScope, Inc., 5.50%, 03/01/2024(b)

  219,000   225,535
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom), 6.75%, 10/01/2026(b)

  200,000   210,500
Embarq Corp., 8.00%, 06/01/2036

  217,000   243,382
Ligado Networks LLC, 15.50% 15.50% PIK Rate, 0.00% Cash Rate, 11/01/2023(b)(e)

  29,186   28,723
Telecom Italia S.p.A. (Italy), 5.30%, 05/30/2024(b)

  200,000   217,131
T-Mobile USA, Inc., 2.25%, 02/15/2026

  40,000   40,505
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/2028(b)(d)

  198,000   202,242
        1,168,018
Interactive Media & Services-1.03%
Audacy Capital Corp.        
6.50%, 05/01/2027(b)

  79,000   81,668
6.75%, 03/31/2029(b)(d)

  150,000   153,179
Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026(b)(d)

  74,000   78,169
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/2026(b)

  191,000   111,019
        424,035
Internet & Direct Marketing Retail-0.29%
QVC, Inc., 4.85%, 04/01/2024

  108,000   117,232
Investment Banking & Brokerage-0.25%
FS Energy and Power Fund, 7.50%, 08/15/2023(b)

  47,000   48,909
NFP Corp., 6.88%, 08/15/2028(b)

  25,000   25,948
StoneX Group, Inc., 8.63%, 06/15/2025(b)

  26,000   28,273
        103,130
IT Consulting & Other Services-0.22%
Dell, Inc., 6.50%, 04/15/2038

  69,000   91,166
Leisure Facilities-0.78%
NCL Corp. Ltd., 12.25%, 05/15/2024(b)

  106,000   125,213
Vail Resorts, Inc., 6.25%, 05/15/2025(b)

  184,000   195,666
        320,879
Life & Health Insurance-0.26%
Genworth Holdings, Inc., 4.90%, 08/15/2023

  15,000   15,095
Provident Financing Trust I, 7.41%, 03/15/2038

  75,000   92,657
        107,752
Managed Health Care-0.40%
Magellan Health, Inc., 4.90%, 09/22/2024

  147,000   163,896
Metal & Glass Containers-1.06%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/2025(b)

  200,000   209,000
Ball Corp., 4.00%, 11/15/2023

  156,000   165,890
Mauser Packaging Solutions Holding Co.        
8.50%, 04/15/2024(b)

  30,000   31,197
7.25%, 04/15/2025(b)

  28,000   27,325
        433,412
  Principal
Amount
  Value
Mortgage REITs-0.64%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/01/2025(b)

$ 82,000   $83,471
New Residential Investment Corp., 6.25%, 10/15/2025(b)

  115,000   115,040
Starwood Property Trust, Inc., 5.50%, 11/01/2023(b)

  63,000   66,150
        264,661
Movies & Entertainment-1.13%
Banijay Entertainment S.A.S.U. (France), 5.38%, 03/01/2025(b)

  200,000   207,356
Cinemark USA, Inc., 8.75%, 05/01/2025(b)

  145,000   155,324
Netflix, Inc., 5.75%, 03/01/2024

  91,000   101,596
        464,276
Office Services & Supplies-0.62%
ACCO Brands Corp., 4.25%, 03/15/2029(b)

  171,000   171,000
Pitney Bowes, Inc., 6.88%, 03/15/2027(b)

  78,000   82,814
        253,814
Oil & Gas Drilling-0.40%
Harvest Midstream I L.P., 7.50%, 09/01/2028(b)

  84,000   89,947
Patterson-UTI Energy, Inc., 5.15%, 11/15/2029

  71,000   73,486
        163,433
Oil & Gas Equipment & Services-0.16%
Oceaneering International, Inc., 4.65%, 11/15/2024

  66,000   65,753
Oil & Gas Exploration & Production-6.11%
Baytex Energy Corp. (Canada), 8.75%, 04/01/2027(b)

  72,000   72,258
Continental Resources, Inc., 3.80%, 06/01/2024

  152,000   159,575
CrownRock L.P./CrownRock Finance, Inc., 5.63%, 10/15/2025(b)

  119,000   122,305
Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/2028(b)

  161,000   161,175
Endeavor Energy Resources L.P./EER Finance, Inc., 6.63%, 07/15/2025(b)

  137,000   145,049
EQT Corp., 6.63%, 02/01/2025

  137,000   158,476
Genesis Energy L.P./Genesis Energy Finance Corp.        
5.63%, 06/15/2024

  138,000   137,453
8.00%, 01/15/2027

  112,000   115,221
MEG Energy Corp. (Canada), 6.50%, 01/15/2025(b)

  113,000   116,911
Murphy Oil Corp.        
6.88%, 08/15/2024

  167,000   170,487
5.88%, 12/01/2027

  139,000   144,335
6.38%, 12/01/2042

  90,000   90,241
PDC Energy, Inc.        
6.13%, 09/15/2024

  157,000   160,225
5.75%, 05/15/2026

  80,000   82,868
Southwestern Energy Co.        
6.45%, 01/23/2025

  162,000   177,586
7.75%, 10/01/2027(d)

  85,000   91,277
Talos Production, Inc., 12.00%, 01/15/2026

  78,000   81,568
Vermilion Energy, Inc. (Canada), 5.63%, 03/15/2025(b)

  144,000   145,210
WPX Energy, Inc., 5.25%, 09/15/2024

  161,000   178,320
        2,510,540
 
See accompanying notes which are an integral part of this schedule.

Invesco High Yield Bond Factor ETF (IHYF)—(continued)
July 31, 2021
(Unaudited)
  Principal
Amount
  Value
Oil & Gas Refining & Marketing-2.17%
Calumet Specialty Products Partners L.P./Calumet Finance Corp., 9.25%, 07/15/2024(b)

$ 118,000   $129,146
CVR Energy, Inc., 5.25%, 02/15/2025(b)

  161,000   156,775
EnLink Midstream Partners L.P.        
4.40%, 04/01/2024

  47,000   49,462
4.85%, 07/15/2026

  118,000   123,494
5.45%, 06/01/2047

  96,000   93,527
PBF Holding Co. LLC/PBF Finance Corp.        
9.25%, 05/15/2025(b)(d)

  198,000   181,913
6.00%, 02/15/2028

  231,000   120,962
Weatherford International Ltd., 11.00%, 12/01/2024(b)

  35,000   36,283
        891,562
Oil & Gas Storage & Transportation-3.89%
Altera Infrastructure L.P./Teekay Offshore Finance Corp., 8.50%, 07/15/2023(b)

  107,000   98,451
Buckeye Partners L.P., 4.13%, 03/01/2025(b)

  110,000   113,886
EnLink Midstream LLC, 5.38%, 06/01/2029

  194,000   202,053
EQM Midstream Partners L.P.        
4.00%, 08/01/2024

  118,000   120,985
6.50%, 07/15/2048

  187,000   205,970
Neptune Energy Bondco PLC (United Kingdom), 6.63%, 05/15/2025(b)

  200,000   203,946
Southeast Supply Header LLC, 4.25%, 06/15/2024(b)

  100,000   99,081
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp.        
5.50%, 09/15/2024(b)

  125,000   126,807
7.50%, 10/01/2025(b)

  75,000   81,573
6.00%, 12/31/2030(b)

  138,000   145,198
Western Midstream Operating L.P., 4.35%, 02/01/2025

  190,000   199,280
        1,597,230
Other Diversified Financial Services-1.24%
AG Issuer LLC, 6.25%, 03/01/2028(b)

  192,000   201,807
CNG Holdings, Inc., 12.50%, 06/15/2024(b)

  75,000   71,926
Global Aircraft Leasing Co. Ltd. (Cayman Islands), 6.50% 7.25% PIK Rate, 6.50% Cash Rate, 09/15/2024(b)(e)

  232,120   233,571
        507,304
Packaged Foods & Meats-0.69%
Aramark Services, Inc., 6.38%, 05/01/2025(b)

  94,000   99,301
Pilgrim’s Pride Corp., 5.88%, 09/30/2027(b)

  170,000   182,123
        281,424
Paper Packaging-0.20%
Graphic Packaging International LLC, 4.13%, 08/15/2024

  75,000   80,336
Paper Products-0.20%
Clearwater Paper Corp., 5.38%, 02/01/2025(b)

  75,000   80,163
Personal Products-1.52%
Avon Products, Inc. (United Kingdom), 8.45%, 03/15/2043

  116,000   150,800
Herbalife Nutrition Ltd./HLF Financing, Inc., 7.88%, 09/01/2025(b)

  247,000   268,612
Oriflame Investment Holding PLC (Switzerland), 5.13%, 05/04/2026(b)

  200,000   205,900
        625,312
  Principal
Amount
  Value
Pharmaceuticals-3.43%
AdaptHealth LLC, 6.13%, 08/01/2028(b)

$ 147,000   $154,720
Bausch Health Cos., Inc.        
5.50%, 11/01/2025(b)

  160,000   163,607
5.00%, 01/30/2028(b)

  151,000   144,205
6.25%, 02/15/2029(b)

  215,000   214,187
5.25%, 01/30/2030(b)(d)

  172,000   162,095
Elanco Animal Health, Inc., 5.27%, 08/28/2023

  81,000   86,809
Endo DAC/Endo Finance LLC/Endo Finco, Inc., 6.00%, 06/30/2028(b)

  36,000   24,347
Endo Luxembourg Finance Co. I S.a.r.l./Endo US, Inc., 6.13%, 04/01/2029(b)

  210,000   209,001
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/2025(b)

  61,000   63,970
Par Pharmaceutical, Inc., 7.50%, 04/01/2027(b)

  183,000   186,916
        1,409,857
Real Estate Development-0.41%
Howard Hughes Corp. (The)        
5.38%, 08/01/2028(b)

  83,000   87,980
4.13%, 02/01/2029(b)

  80,000   79,434
        167,414
Regional Banks-0.18%
CIT Group, Inc., 4.75%, 02/16/2024

  67,000   72,395
Reinsurance-0.17%
Enstar Finance LLC, 5.75%, 09/01/2040(f)

  65,000   69,388
Restaurants-0.13%
Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/2025(b)(d)

  52,000   53,950
Retail REITs-0.17%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 5.75%, 05/15/2026(b)

  68,000   70,642
Security & Alarm Services-0.64%
CoreCivic, Inc.        
4.63%, 05/01/2023(d)

  120,000   121,274
4.75%, 10/15/2027

  153,000   140,560
        261,834
Specialized REITs-1.39%
Iron Mountain, Inc.        
4.88%, 09/15/2029(b)

  127,000   133,219
5.25%, 07/15/2030(b)

  188,000   200,573
SBA Communications Corp., 4.88%, 09/01/2024

  232,000   236,141
        569,933
Specialty Stores-1.01%
LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/2026(b)

  111,000   116,139
Michaels Cos., Inc. (The), 7.88%, 05/01/2029(b)

  31,000   32,209
Staples, Inc., 7.50%, 04/15/2026(b)

  263,000   267,283
        415,631
Steel-2.32%
ArcelorMittal S.A. (Luxembourg), 3.60%, 07/16/2024

  176,000   188,401
Carpenter Technology Corp., 6.38%, 07/15/2028

  172,000   189,164
Cleveland-Cliffs, Inc.        
9.88%, 10/17/2025(b)

  47,000   54,990
6.75%, 03/15/2026(b)

  75,000   81,039
 
See accompanying notes which are an integral part of this schedule.

Invesco High Yield Bond Factor ETF (IHYF)—(continued)
July 31, 2021
(Unaudited)
  Principal
Amount
  Value
Steel-(continued)
Infrabuild Australia Pty. Ltd. (Australia), 12.00%, 10/01/2024(b)(d)

$ 102,000   $109,021
SunCoke Energy, Inc., 4.88%, 06/30/2029(b)

  123,000   124,250
Warrior Met Coal, Inc., 8.00%, 11/01/2024(b)

  202,000   206,181
        953,046
Systems Software-0.87%
Banff Merger Sub, Inc., 9.75%, 09/01/2026(b)

  25,000   26,314
NortonLifeLock, Inc., 5.00%, 04/15/2025(b)

  150,000   152,074
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/2025(b)

  171,000   177,480
        355,868
Technology Distributors-0.24%
CDW LLC/CDW Finance Corp., 5.50%, 12/01/2024

  90,000   99,370
Technology Hardware, Storage & Peripherals-1.68%
EMC Corp., 3.38%, 06/01/2023

  128,000   132,567
Seagate HDD Cayman, 4.88%, 03/01/2024

  121,000   131,573
Xerox Corp., 6.75%, 12/15/2039

  147,000   166,139
Xerox Holdings Corp.        
5.00%, 08/15/2025(b)

  57,000   60,826
5.50%, 08/15/2028(b)

  189,000   199,636
        690,741
Thrifts & Mortgage Finance-0.41%
MGIC Investment Corp., 5.75%, 08/15/2023

  21,000   22,692
NMI Holdings, Inc., 7.38%, 06/01/2025(b)

  81,000   92,608
Radian Group, Inc., 4.50%, 10/01/2024

  49,000   52,525
        167,825
Tires & Rubber-0.28%
FXI Holdings, Inc., 12.25%, 11/15/2026(b)

  101,000   115,029
Tobacco-0.26%
Vector Group Ltd., 5.75%, 02/01/2029(b)

  106,000   108,014
Trading Companies & Distributors-0.38%
AerCap Holdings N.V. (Ireland), 5.88%, 10/10/2079(f)

  150,000   157,719
Trucking-0.71%
XPO Logistics, Inc.        
6.13%, 09/01/2023(b)

  108,000   108,656
6.75%, 08/15/2024(b)

  175,000   182,103
        290,759
  Principal
Amount
  Value
Wireless Telecommunication Services-2.16%
Sprint Corp.        
7.88%, 09/15/2023

$ 235,000   $266,210
7.13%, 06/15/2024

  235,000   270,485
7.63%, 02/15/2025

  130,000   153,414
Vmed O2 UK Financing I PLC (United Kingdom), 4.25%, 01/31/2031(b)

  200,000   198,517
        888,626
Total U.S. Dollar Denominated Bonds & Notes

(Cost $39,665,147)

  40,170,304
U.S. Treasury Securities-0.18%
U.S. Treasury Bills-0.18%
0.04%, 11/18/2021(g)(h)

(Cost $70,991)

  71,000   70,990
  Shares    
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(i)(j)

(Cost $22,257)

  22,257   22,257
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-98.04%

(Cost $39,758,395)

  40,263,551
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-6.48%
Invesco Private Government Fund, 0.02%(i)(j)(k)

  797,852   797,852
Invesco Private Prime Fund, 0.12%(i)(j)(k)

  1,860,910   1,861,654
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $2,659,506)

  2,659,506
TOTAL INVESTMENTS IN SECURITIES-104.52%

(Cost $42,417,901)

  42,923,057
OTHER ASSETS LESS LIABILITIES-(4.52)%

  (1,854,395)
NET ASSETS-100.00%

  $41,068,662
 
See accompanying notes which are an integral part of this schedule.

Invesco High Yield Bond Factor ETF (IHYF)—(continued)
July 31, 2021
(Unaudited)
Investment Abbreviations:
PIK -Pay-in-Kind
REIT -Real Estate Investment Trust
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at July 31, 2021 was $24,719,458, which represented 60.19% of the Fund’s Net Assets.
(c) Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.
(d) All or a portion of this security was out on loan at July 31, 2021.
(e) All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.
(f) Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(g) $70,990 was pledged as collateral to cover margin requirements for open futures contracts.  
(h) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(i) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended July 31, 2021.
    
  Value
October 31, 2020
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
July 31, 2021
  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $26,910,894   $(26,888,637)   $-   $-   $22,257   $132
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund -   6,400,798   (5,602,946)   -   -   797,852   65*
Invesco Private Prime Fund -   10,726,137   (8,864,483)   -   -   1,861,654   1,019*
Total $-   $44,037,829   $(41,356,066)   $-   $-   $2,681,763   $1,216
    
* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(j) The rate shown is the 7-day SEC standardized yield as of July 31, 2021.
(k) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
    
Open Futures Contracts
Long Futures Contracts   Number of
Contracts
  Expiration
Month
  Notional
Value
  Value   Unrealized
Appreciation
(Depreciation)
Interest Rate Risk                    
U.S. Treasury Long Bonds   1   September-2021   $164,719   $8,404   $8,404
U.S. Treasury Ultra Bonds   1   September-2021   199,531   6,967   6,967
U.S. Treasury 10 Year Notes   17   September-2021   2,285,703   41,683   41,683
U.S. Treasury 10 Year Ultra Bonds   11   September-2021   1,652,750   61,766   61,766
Subtotal—Long Futures Contracts               118,820   118,820
Short Futures Contracts                    
Interest Rate Risk                    
U.S. Treasury 2 Year Notes   10   September-2021   (2,206,562)   (352)   (352)
Total Futures Contracts   $118,468   $118,468
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments
Invesco Moderately Conservative Multi-Asset Allocation ETF (PSMM)
July 31, 2021
(Unaudited)
Schedule of Investments in Affiliated Issuers- 107.17%(a)
  % of
Net
Assets
07/31/21
  Value
10/31/20
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Dividend
Income
  Shares
07/31/21
  Value
07/31/21
Domestic Equity Funds-33.05%
Invesco Preferred ETF

2.97%   $162,929   $430,087   $(126,275)   $7,866   $1,863   $8,760   31,285   $476,470
Invesco RAFI™ Strategic US ETF

7.55%   232,768   975,236   (109,854)   105,615   6,688   5,476   32,048   1,210,453
Invesco RAFI™ Strategic US Small Company ETF

2.56%   177,872   409,787   (275,640)   77,195   21,149   1,317   10,656   410,363
Invesco Russell 1000 Dynamic Multifactor ETF

5.64%   257,927   768,816   (237,767)   66,651   49,117   3,723   19,328   904,744
Invesco S&P 500® Low Volatility ETF

2.99%   140,377   417,348   (122,954)   30,973   13,260   2,812   7,596   479,004
Invesco S&P 500® Pure Growth ETF(b)

7.31%   302,738   953,917   (276,517)   150,021   42,537   330   6,057   1,172,696
Invesco S&P MidCap Low Volatility ETF

2.01%   118,297   299,977   (133,579)   29,265   8,315   1,368   5,896   322,275
Invesco S&P SmallCap Low Volatility ETF

2.02%   107,702   289,086   (108,779)   20,259   16,640   1,656   6,872   324,908
Total Domestic Equity Funds

    1,500,610   4,544,254   (1,391,365)   487,845   159,569   25,442       5,300,913
Fixed Income Funds-56.52%
Invesco 1-30 Laddered Treasury ETF

7.96%   204,246   1,112,050   (68,810)   32,637   (2,962)   3,847   34,360   1,277,161
Invesco Emerging Markets Sovereign Debt ETF

0.99%   169,858   273,470   (289,656)   15,510   (10,475)   5,707   5,744   158,707
Invesco Fundamental High Yield® Corporate Bond ETF

8.90%   151,609   1,295,809   (34,021)   14,141   (520)   11,594   73,068   1,427,018
Invesco Investment Grade Defensive ETF

2.48%   475,320   717,689   (786,410)   1,156   (3,722)   4,010   14,838   397,955
Invesco Investment Grade Value ETF

1.49%   254,847   404,900   (416,790)   2,320   (2,515)   3,608   8,567   239,018
Invesco PureBetaSM 0-5 Yr US TIPS ETF

4.98%   165,396   657,311   (38,681)   14,119   1,113   4,043   29,742   799,165
Invesco Senior Loan ETF(b)

4.44%   73,788   656,129   (16,204)   (1,770)   (440)   5,123   32,297   711,503
Invesco Taxable Municipal Bond ETF

15.88%   310,332   2,273,507   (104,783)   67,748   1,022   16,661   75,693   2,547,826
Invesco Variable Rate Investment Grade ETF

9.40%   497,725   1,324,286   (318,940)   5,100   (439)   3,494   60,069   1,507,732
Total Fixed Income Funds

    2,303,121   8,715,151   (2,074,295)   150,961   (18,938)   58,087       9,066,085
Foreign Equity Funds-10.44%
Invesco RAFI™ Strategic Developed ex-US ETF

3.53%   109,199   471,359   (57,123)   41,781   408   4,046   18,305   565,624
Invesco RAFI™ Strategic Emerging Markets ETF

1.93%   -   325,497   (2,633)   (13,504)   (90)   2,011   10,824   309,270
Invesco S&P Emerging Markets Low Volatility ETF

1.97%   -   320,656   -   (5,148)   -   1,983   13,104   315,508
Invesco S&P International Developed Low Volatility ETF

3.01%   119,962   384,018   (45,226)   28,165   (3,488)   4,047   15,255   483,431
Total Foreign Equity Funds

    229,161   1,501,530   (104,982)   51,294   (3,170)   12,087       1,673,833
Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class

-   58   58,081   (58,139)   -   -   -   -   -
TOTAL INVESTMENTS IN AFFILIATED ISSUERS

(excluding investments purchased with cash collateral from securities on loan)-100.01%

(Cost $15,372,207)

100.01%   4,032,950   14,819,016   (3,628,781)   690,100   137,461   95,616       16,040,831
See accompanying notes which are an integral part of this schedule.

Invesco Moderately Conservative Multi-Asset Allocation ETF (PSMM)—(continued)
July 31, 2021
(Unaudited)
Schedule of Investments in Affiliated Issuers- 107.17%(a)
  % of
Net
Assets
07/31/21
  Value
10/31/20
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Dividend
Income
  Shares
07/31/21
  Value
07/31/21
Investments Purchased with Cash Collateral from Securities on Loan                                  
Money Market Funds-7.16%
Invesco Private Government Fund, 0.02%(c)(d)

2.15%   $89,597   $5,717,890   $(5,462,799)   $-   $-   $27*   344,688   $344,688
Invesco Private Prime Fund, 0.12%(c)(d)

5.01%   199,099   8,236,773   (7,631,616)   -   16   334*   803,950   804,272
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,148,960)

7.16%   288,696   13,954,663   (13,094,415)   -   16   361       1,148,960
TOTAL INVESTMENTS IN AFFILIATED ISSUERS

(Cost $16,521,167)

107.17%   $4,321,646   $28,773,679   $(16,723,196)   $690,100   $137,477(e)   $95,977       $17,189,791
OTHER ASSETS LESS LIABILITIES

(7.17)%                               (1,149,508)
NET ASSETS

100.00%                               $16,040,283
    
Investment Abbreviations:
ETF- Exchange-Traded Fund
    
Notes to Schedule of Investments:
(a) Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.
(b) All or a portion of this security was out on loan at July 31, 2021.
(c) The rate shown is the 7-day SEC standardized yield as of July 31, 2021.
(d) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
(e) Includes capital gains distributions from affiliated underlying funds as follows:
    
Fund Name Capital Gain
Invesco Investment Grade Defensive ETF $6,078
Invesco Investment Grade Value ETF 3,744
Invesco PureBetaSM 0-5 Yr US TIPS ETF 93
    
* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments(a)
Invesco S&P 500® Downside Hedged ETF (PHDG)
July 31, 2021
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-60.59%
Communication Services-6.81%
Activision Blizzard, Inc.

  2,630   $219,921
Alphabet, Inc., Class A(b)

  1,019   2,745,726
Alphabet, Inc., Class C(b)

  964   2,607,061
AT&T, Inc.

  24,166   677,856
Charter Communications, Inc., Class A(b)

  466   346,727
Comcast Corp., Class A

  15,519   912,983
Discovery, Inc., Class A(b)(c)

  571   16,565
Discovery, Inc., Class C(b)

  1,018   27,598
DISH Network Corp., Class A(b)

  839   35,146
Electronic Arts, Inc.

  966   139,065
Facebook, Inc., Class A(b)

  8,112   2,890,306
Fox Corp., Class A

  1,108   39,511
Fox Corp., Class B

  512   17,019
Interpublic Group of Cos., Inc. (The)

  1,333   47,135
Live Nation Entertainment, Inc.(b)

  487   38,419
Lumen Technologies, Inc.

  3,365   41,962
Netflix, Inc.(b)

  1,501   776,873
News Corp., Class A

  1,327   32,684
News Corp., Class B

  414   9,733
Omnicom Group, Inc.

  726   52,867
Take-Two Interactive Software, Inc.(b)

  389   67,460
T-Mobile US, Inc.(b)

  1,983   285,592
Twitter, Inc.(b)

  2,698   188,185
Verizon Communications, Inc.

  14,015   781,757
ViacomCBS, Inc., Class B

  2,051   83,947
Walt Disney Co. (The)(b)

  6,147   1,081,995
        14,164,093
Consumer Discretionary-7.31%
Advance Auto Parts, Inc.

  222   47,077
Amazon.com, Inc.(b)

  1,453   4,834,988
Aptiv PLC(b)

  915   152,668
AutoZone, Inc.(b)

  76   123,391
Bath & Body Works, Inc.

  897   71,823
Best Buy Co., Inc.

  756   84,937
Booking Holdings, Inc.(b)

  140   304,956
BorgWarner, Inc.

  812   39,772
Caesars Entertainment, Inc.(b)

  706   61,676
CarMax, Inc.(b)

  552   73,940
Carnival Corp.(b)(c)

  2,698   58,412
Chipotle Mexican Grill, Inc.(b)

  96   178,890
D.R. Horton, Inc.

  1,112   106,118
Darden Restaurants, Inc.

  444   64,771
Dollar General Corp.

  800   186,112
Dollar Tree, Inc.(b)

  786   78,435
Domino’s Pizza, Inc.

  131   68,839
eBay, Inc.

  2,190   149,380
Etsy, Inc.(b)

  432   79,276
Expedia Group, Inc.(b)

  478   76,896
Ford Motor Co.(b)

  13,264   185,033
Gap, Inc. (The)

  702   20,477
Garmin Ltd.

  505   79,386
General Motors Co.(b)

  4,322   245,662
Genuine Parts Co.

  487   61,810
Hanesbrands, Inc.

  1,180   21,547
Hasbro, Inc.

  435   43,256
Hilton Worldwide Holdings, Inc.(b)

  942   123,826
Home Depot, Inc. (The)

  3,597   1,180,499
Las Vegas Sands Corp.(b)

  1,113   47,136
Leggett & Platt, Inc.

  452   21,710
Lennar Corp., Class A

  933   98,105
LKQ Corp.(b)

  940   47,705
  Shares   Value
Consumer Discretionary-(continued)
Lowe’s Cos., Inc.

  2,393   $461,107
Marriott International, Inc., Class A(b)

  904   131,966
McDonald’s Corp.

  2,526   613,085
MGM Resorts International

  1,377   51,679
Mohawk Industries, Inc.(b)

  200   38,980
Newell Brands, Inc.

  1,281   31,705
NIKE, Inc., Class B

  4,317   723,141
Norwegian Cruise Line Holdings Ltd.(b)

  1,252   30,086
NVR, Inc.(b)

  12   62,671
O’Reilly Automotive, Inc.(b)

  236   142,506
Penn National Gaming, Inc.(b)

  501   34,258
Pool Corp.

  135   64,506
PulteGroup, Inc.

  896   49,164
PVH Corp.(b)

  241   25,213
Ralph Lauren Corp.

  161   18,277
Ross Stores, Inc.

  1,204   147,719
Royal Caribbean Cruises Ltd.(b)

  739   56,807
Starbucks Corp.

  3,989   484,384
Tapestry, Inc.(b)

  943   39,889
Target Corp.

  1,676   437,520
Tesla, Inc.(b)

  2,610   1,793,592
TJX Cos., Inc. (The)

  4,079   280,676
Tractor Supply Co.

  388   70,201
Ulta Beauty, Inc.(b)

  188   63,130
Under Armour, Inc., Class A(b)

  640   13,088
Under Armour, Inc., Class C(b)

  665   11,651
VF Corp.

  1,086   87,097
Whirlpool Corp.

  213   47,188
Wynn Resorts Ltd.(b)

  356   35,005
Yum! Brands, Inc.

  1,009   132,573
        15,197,373
Consumer Staples-3.55%
Altria Group, Inc.

  6,261   300,778
Archer-Daniels-Midland Co.

  1,889   112,811
Brown-Forman Corp., Class B

  616   43,687
Campbell Soup Co.

  688   30,079
Church & Dwight Co., Inc.

  829   71,775
Clorox Co. (The)

  423   76,516
Coca-Cola Co. (The)

  13,133   748,975
Colgate-Palmolive Co.

  2,865   227,767
Conagra Brands, Inc.

  1,624   54,388
Constellation Brands, Inc., Class A

  572   128,322
Costco Wholesale Corp.

  1,496   642,861
Estee Lauder Cos., Inc. (The), Class A

  785   262,057
General Mills, Inc.

  2,065   121,546
Hershey Co. (The)

  494   88,367
Hormel Foods Corp.

  953   44,200
JM Smucker Co. (The)

  370   48,511
Kellogg Co.

  851   53,919
Kimberly-Clark Corp.

  1,143   155,128
Kraft Heinz Co. (The)

  2,194   84,403
Kroger Co. (The)

  2,561   104,233
Lamb Weston Holdings, Inc.

  493   32,918
McCormick & Co., Inc.

  841   70,787
Molson Coors Beverage Co., Class B(b)

  639   31,241
Mondelez International, Inc., Class A

  4,753   300,675
Monster Beverage Corp.(b)

  1,252   118,089
PepsiCo, Inc.

  4,678   734,212
Philip Morris International, Inc.

  5,278   528,275
Procter & Gamble Co. (The)

  8,288   1,178,802
Sysco Corp.

  1,731   128,440
Tyson Foods, Inc., Class A

  999   71,389
See accompanying notes which are an integral part of this schedule.

Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
July 31, 2021
(Unaudited)
  Shares   Value
Consumer Staples-(continued)
Walgreens Boots Alliance, Inc.

  2,427   $114,433
Walmart, Inc.

  4,645   662,145
        7,371,729
Energy-1.54%
APA Corp.

  1,279   23,981
Baker Hughes Co., Class A

  2,459   52,229
Cabot Oil & Gas Corp.

  1,355   21,680
Chevron Corp.

  6,542   666,041
ConocoPhillips

  4,568   256,082
Devon Energy Corp.

  2,018   52,145
Diamondback Energy, Inc.

  611   47,126
EOG Resources, Inc.

  1,974   143,826
Exxon Mobil Corp.

  14,330   824,978
Halliburton Co.

  3,010   62,247
Hess Corp.

  929   71,013
Kinder Morgan, Inc.

  6,590   114,534
Marathon Oil Corp.

  2,666   30,899
Marathon Petroleum Corp.

  2,157   119,110
NOV, Inc.(b)

  1,325   18,298
Occidental Petroleum Corp.

  2,845   74,254
ONEOK, Inc.

  1,507   78,319
Phillips 66

  1,482   108,823
Pioneer Natural Resources Co.

  786   114,261
Schlumberger N.V.

  4,731   136,395
Valero Energy Corp.

  1,384   92,686
Williams Cos., Inc. (The)

  4,112   103,006
        3,211,933
Financials-6.62%
Aflac, Inc.

  2,141   117,755
Allstate Corp. (The)

  1,015   132,001
American Express Co.

  2,201   375,337
American International Group, Inc.

  2,902   137,410
Ameriprise Financial, Inc.

  390   100,448
Aon PLC, Class A

  765   198,923
Arthur J. Gallagher & Co.

  694   96,681
Assurant, Inc.

  206   32,509
Bank of America Corp.

  25,521   978,986
Bank of New York Mellon Corp. (The)

  2,731   140,182
Berkshire Hathaway, Inc., Class B(b)

  6,416   1,785,509
BlackRock, Inc.

  479   415,374
Capital One Financial Corp.

  1,527   246,916
Cboe Global Markets, Inc.

  360   42,649
Charles Schwab Corp. (The)

  5,075   344,846
Chubb Ltd.

  1,520   256,485
Cincinnati Financial Corp.

  505   59,529
Citigroup, Inc.

  6,996   473,070
Citizens Financial Group, Inc.

  1,444   60,879
CME Group, Inc., Class A

  1,218   258,374
Comerica, Inc.

  472   32,408
Discover Financial Services

  1,031   128,174
Everest Re Group Ltd.

  134   33,879
Fifth Third Bancorp

  2,383   86,479
First Republic Bank

  594   115,842
Franklin Resources, Inc.

  922   27,245
Globe Life, Inc.

  322   29,981
Goldman Sachs Group, Inc. (The)

  1,151   431,487
Hartford Financial Services Group, Inc. (The)

  1,212   77,107
Huntington Bancshares, Inc.

  4,991   70,273
Intercontinental Exchange, Inc.

  1,907   228,516
Invesco Ltd.(d)

  460   11,215
JPMorgan Chase & Co.

  10,244   1,554,834
  Shares   Value
Financials-(continued)
KeyCorp

  3,286   $64,603
Lincoln National Corp.

  604   37,219
Loews Corp.

  759   40,705
M&T Bank Corp.

  437   58,493
MarketAxess Holdings, Inc.

  128   60,822
Marsh & McLennan Cos., Inc.

  1,721   253,366
MetLife, Inc.

  2,519   145,346
Moody’s Corp.

  547   205,672
Morgan Stanley

  5,037   483,451
MSCI, Inc.

  277   165,081
Nasdaq, Inc.

  387   72,265
Northern Trust Corp.

  704   79,446
People’s United Financial, Inc.

  1,449   22,749
PNC Financial Services Group, Inc. (The)

  1,440   262,670
Principal Financial Group, Inc.

  854   53,059
Progressive Corp. (The)

  1,980   188,417
Prudential Financial, Inc.

  1,336   133,974
Raymond James Financial, Inc.

  415   53,734
Regions Financial Corp.

  3,251   62,582
S&P Global, Inc.

  815   349,407
State Street Corp.

  1,176   102,477
SVB Financial Group(b)

  192   105,592
Synchrony Financial

  1,831   86,094
T. Rowe Price Group, Inc.

  769   156,999
Travelers Cos., Inc. (The)

  849   126,433
Truist Financial Corp.

  4,552   247,765
U.S. Bancorp

  4,588   254,818
Unum Group

  691   18,933
W.R. Berkley Corp.

  473   34,609
Wells Fargo & Co.

  13,988   642,609
Willis Towers Watson PLC

  438   90,263
Zions Bancorporation N.A.

  555   28,943
        13,769,899
Health Care-8.14%
Abbott Laboratories

  6,013   727,453
AbbVie, Inc.

  5,978   695,241
ABIOMED, Inc.(b)

  151   49,398
Agilent Technologies, Inc.

  1,028   157,520
Align Technology, Inc.(b)

  243   169,079
AmerisourceBergen Corp.

  499   60,963
Amgen, Inc.

  1,945   469,795
Anthem, Inc.

  828   317,960
Baxter International, Inc.

  1,702   131,650
Becton, Dickinson and Co.

  986   252,170
Biogen, Inc.(b)

  507   165,652
Bio-Rad Laboratories, Inc., Class A(b)

  75   55,463
Boston Scientific Corp.(b)

  4,809   219,290
Bristol-Myers Squibb Co.

  7,563   513,301
Cardinal Health, Inc.

  984   58,430
Catalent, Inc.(b)

  577   69,130
Centene Corp.(b)

  1,972   135,299
Cerner Corp.

  1,021   82,078
Charles River Laboratories International, Inc.(b)

  183   74,466
Cigna Corp.

  1,161   266,438
Cooper Cos., Inc. (The)

  164   69,170
CVS Health Corp.

  4,457   367,079
Danaher Corp.

  2,150   639,604
DaVita, Inc.(b)

  237   28,499
DENTSPLY SIRONA, Inc.

  737   48,672
DexCom, Inc.(b)

  328   169,087
Edwards Lifesciences Corp.(b)

  2,102   235,992
 
See accompanying notes which are an integral part of this schedule.

Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
July 31, 2021
(Unaudited)
  Shares   Value
Health Care-(continued)
Eli Lilly and Co.

  2,692   $655,502
Gilead Sciences, Inc.

  4,246   289,959
HCA Healthcare, Inc.

  890   220,898
Henry Schein, Inc.(b)

  475   38,071
Hologic, Inc.(b)

  869   65,210
Humana, Inc.

  438   186,527
IDEXX Laboratories, Inc.(b)

  291   197,452
Illumina, Inc.(b)

  493   244,405
Incyte Corp.(b)

  635   49,117
Intuitive Surgical, Inc.(b)

  408   404,516
IQVIA Holdings, Inc.(b)

  650   161,005
Johnson & Johnson

  8,916   1,535,335
Laboratory Corp. of America Holdings(b)

  331   98,026
McKesson Corp.

  537   109,457
Medtronic PLC

  4,555   598,117
Merck & Co., Inc.

  8,573   659,007
Mettler-Toledo International, Inc.(b)

  80   117,897
Moderna, Inc.(b)

  1,033   365,269
Organon & Co.(b)

  854   24,775
PerkinElmer, Inc.

  378   68,883
Perrigo Co. PLC

  453   21,758
Pfizer, Inc.

  18,945   811,035
Quest Diagnostics, Inc.

  443   62,817
Regeneron Pharmaceuticals, Inc.(b)

  354   203,412
ResMed, Inc.

  491   133,454
STERIS PLC

  331   72,141
Stryker Corp.

  1,111   301,014
Teleflex, Inc.

  156   61,999
Thermo Fisher Scientific, Inc.

  1,332   719,293
UnitedHealth Group, Inc.

  3,195   1,317,043
Universal Health Services, Inc., Class B

  262   42,027
Vertex Pharmaceuticals, Inc.(b)

  879   177,189
Viatris, Inc.

  4,093   57,589
Waters Corp.(b)

  210   81,860
West Pharmaceutical Services, Inc.

  249   102,521
Zimmer Biomet Holdings, Inc.

  705   115,211
Zoetis, Inc.

  1,606   325,536
        16,924,206
Industrials-5.09%
3M Co.

  1,961   388,160
A.O. Smith Corp.

  455   32,000
Alaska Air Group, Inc.(b)

  423   24,547
Allegion PLC

  306   41,800
American Airlines Group, Inc.(b)

  2,170   44,225
AMETEK, Inc.

  782   108,737
Boeing Co. (The)(b)

  1,859   421,026
C.H. Robinson Worldwide, Inc.

  451   40,216
Carrier Global Corp.

  2,764   152,711
Caterpillar, Inc.

  1,853   383,108
Cintas Corp.

  300   118,254
Copart, Inc.(b)

  704   103,488
CSX Corp.

  7,690   248,541
Cummins, Inc.

  493   114,425
Deere & Co.

  1,055   381,477
Delta Air Lines, Inc.(b)

  2,165   86,384
Dover Corp.

  486   81,220
Eaton Corp. PLC

  1,350   213,367
Emerson Electric Co.

  2,031   204,908
Equifax, Inc.

  414   107,888
Expeditors International of Washington, Inc.

  572   73,359
Fastenal Co.

  1,944   106,473
FedEx Corp.

  825   230,959
  Shares   Value
Industrials-(continued)
Fortive Corp.

  1,147   $83,341
Fortune Brands Home & Security, Inc.

  468   45,616
Generac Holdings, Inc.(b)

  214   89,743
General Dynamics Corp.

  776   152,119
General Electric Co.

  29,699   384,602
Honeywell International, Inc.

  2,348   548,939
Howmet Aerospace, Inc.(b)

  1,325   43,487
Huntington Ingalls Industries, Inc.

  135   27,693
IDEX Corp.

  255   57,806
IHS Markit Ltd.

  1,268   148,153
Illinois Tool Works, Inc.

  970   219,870
Ingersoll Rand, Inc.(b)

  1,263   61,723
J.B. Hunt Transport Services, Inc.

  280   47,166
Jacobs Engineering Group, Inc.

  442   59,781
Johnson Controls International PLC

  2,425   173,194
Kansas City Southern

  310   83,018
L3Harris Technologies, Inc.

  694   157,358
Leidos Holdings, Inc.

  450   47,889
Lockheed Martin Corp.

  827   307,371
Masco Corp.

  857   51,171
Nielsen Holdings PLC

  1,215   28,783
Norfolk Southern Corp.

  845   217,866
Northrop Grumman Corp.

  504   182,962
Old Dominion Freight Line, Inc.

  323   86,935
Otis Worldwide Corp.

  1,365   122,236
PACCAR, Inc.

  1,174   97,430
Parker-Hannifin Corp.

  438   136,669
Pentair PLC

  564   41,550
Quanta Services, Inc.

  471   42,814
Raytheon Technologies Corp.

  5,129   445,967
Republic Services, Inc.

  712   84,272
Robert Half International, Inc.

  380   37,320
Rockwell Automation, Inc.

  390   119,894
Rollins, Inc.

  751   28,786
Roper Technologies, Inc.

  356   174,917
Snap-on, Inc.

  186   40,544
Southwest Airlines Co.(b)

  1,999   100,989
Stanley Black & Decker, Inc.

  548   107,983
Teledyne Technologies, Inc.(b)

  155   70,179
Textron, Inc.

  765   52,793
Trane Technologies PLC

  809   164,720
TransDigm Group, Inc.(b)

  188   120,525
Union Pacific Corp.

  2,251   492,429
United Airlines Holdings, Inc.(b)(c)

  1,097   51,252
United Parcel Service, Inc., Class B

  2,447   468,258
United Rentals, Inc.(b)

  244   80,410
Verisk Analytics, Inc.

  550   104,467
W.W. Grainger, Inc.

  147   65,353
Wabtec Corp.

  600   50,922
Waste Management, Inc.

  1,312   194,517
Xylem, Inc.

  608   76,517
        10,587,572
Information Technology-16.86%
Accenture PLC, Class A

  2,153   683,965
Adobe, Inc.(b)

  1,618   1,005,797
Advanced Micro Devices, Inc.(b)

  4,114   436,866
Akamai Technologies, Inc.(b)

  553   66,316
Amphenol Corp., Class A

  2,025   146,792
Analog Devices, Inc.

  1,248   208,940
ANSYS, Inc.(b)

  297   109,433
Apple, Inc.

  53,127   7,749,104
Applied Materials, Inc.

  3,106   434,623
 
See accompanying notes which are an integral part of this schedule.

Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
July 31, 2021
(Unaudited)
  Shares   Value
Information Technology-(continued)
Arista Networks, Inc.(b)

  188   $71,513
Autodesk, Inc.(b)

  742   238,278
Automatic Data Processing, Inc.

  1,443   302,496
Broadcom, Inc.

  1,382   670,823
Broadridge Financial Solutions, Inc.

  390   67,661
Cadence Design Systems, Inc.(b)

  941   138,939
CDW Corp.

  474   86,908
Cisco Systems, Inc.

  14,263   789,742
Citrix Systems, Inc.

  423   42,617
Cognizant Technology Solutions Corp., Class A

  1,787   131,398
Corning, Inc.

  2,623   109,799
DXC Technology Co.(b)

  865   34,583
Enphase Energy, Inc.(b)

  459   87,026
F5 Networks, Inc.(b)

  203   41,922
Fidelity National Information Services, Inc.

  2,098   312,707
Fiserv, Inc.(b)

  2,018   232,292
FleetCor Technologies, Inc.(b)

  280   72,302
Fortinet, Inc.(b)

  459   124,958
Gartner, Inc.(b)

  293   77,566
Global Payments, Inc.

  1,000   193,410
Hewlett Packard Enterprise Co.

  4,418   64,061
HP, Inc.

  4,064   117,328
Intel Corp.

  13,668   734,245
International Business Machines Corp.

  3,022   425,981
Intuit, Inc.

  925   490,222
IPG Photonics Corp.(b)

  121   26,397
Jack Henry & Associates, Inc.

  251   43,697
Juniper Networks, Inc.

  1,110   31,235
Keysight Technologies, Inc.(b)

  621   102,186
KLA Corp.

  521   181,391
Lam Research Corp.

  482   307,232
Mastercard, Inc., Class A

  2,962   1,143,154
Maxim Integrated Products, Inc.

  909   90,818
Microchip Technology, Inc.

  926   132,529
Micron Technology, Inc.(b)

  3,796   294,494
Microsoft Corp.

  25,508   7,267,484
Monolithic Power Systems, Inc.

  144   64,693
Motorola Solutions, Inc.

  574   128,530
NetApp, Inc.

  755   60,090
NortonLifeLock, Inc.

  1,963   48,722
NVIDIA Corp.

  8,434   1,644,546
NXP Semiconductors N.V. (China)

  933   192,562
Oracle Corp.

  6,145   535,475
Paychex, Inc.

  1,083   123,267
Paycom Software, Inc.(b)

  179   71,600
PayPal Holdings, Inc.(b)

  3,978   1,096,058
PTC, Inc.(b)

  355   48,085
Qorvo, Inc.(b)

  380   72,044
QUALCOMM, Inc.

  3,817   571,787
salesforce.com, inc.(b)

  3,266   790,143
Seagate Technology Holdings PLC

  675   59,332
ServiceNow, Inc.(b)

  670   393,886
Skyworks Solutions, Inc.

  560   103,326
Synopsys, Inc.(b)

  513   147,739
TE Connectivity Ltd.

  1,119   165,019
Teradyne, Inc.

  564   71,628
Texas Instruments, Inc.

  3,124   595,497
Trimble, Inc.(b)

  848   72,504
Tyler Technologies, Inc.(b)

  137   67,492
VeriSign, Inc.(b)

  336   72,700
Visa, Inc., Class A

  5,727   1,411,076
  Shares   Value
Information Technology-(continued)
Western Digital Corp.(b)

  1,038   $67,397
Western Union Co. (The)

  1,385   32,146
Xilinx, Inc.

  831   124,517
Zebra Technologies Corp., Class A(b)

  183   101,104
        35,054,195
Materials-1.57%
Air Products and Chemicals, Inc.

  751   218,564
Albemarle Corp.

  392   80,768
Amcor PLC

  5,217   60,309
Avery Dennison Corp.

  278   58,569
Ball Corp.

  1,112   89,939
Celanese Corp.

  380   59,193
CF Industries Holdings, Inc.

  725   34,256
Corteva, Inc.

  2,496   106,779
Dow, Inc.

  2,528   157,140
DuPont de Nemours, Inc.

  1,802   135,240
Eastman Chemical Co.

  462   52,077
Ecolab, Inc.

  840   185,497
FMC Corp.

  438   46,844
Freeport-McMoRan, Inc.

  4,959   188,938
International Flavors & Fragrances, Inc.

  841   126,688
International Paper Co.

  1,328   76,705
Linde PLC (United Kingdom)

  1,759   540,699
LyondellBasell Industries N.V., Class A

  873   86,715
Martin Marietta Materials, Inc.

  212   77,020
Mosaic Co. (The)

  1,169   36,508
Newmont Corp.

  2,714   170,493
Nucor Corp.

  1,013   105,372
Packaging Corp. of America

  323   45,705
PPG Industries, Inc.

  803   131,307
Sealed Air Corp.

  512   29,056
Sherwin-Williams Co. (The)

  810   235,734
Vulcan Materials Co.

  450   80,995
Westrock Co.

  902   44,387
        3,261,497
Real Estate-1.59%
Alexandria Real Estate Equities, Inc.

  464   93,422
American Tower Corp.

  1,537   434,664
AvalonBay Communities, Inc.

  472   107,536
Boston Properties, Inc.

  480   56,342
CBRE Group, Inc., Class A(b)

  1,136   109,579
Crown Castle International Corp.

  1,464   282,684
Digital Realty Trust, Inc.

  952   146,760
Duke Realty Corp.

  1,269   64,567
Equinix, Inc.

  306   251,045
Equity Residential

  1,164   97,927
Essex Property Trust, Inc.

  220   72,182
Extra Space Storage, Inc.

  453   78,885
Federal Realty Investment Trust

  239   28,090
Healthpeak Properties, Inc.

  1,824   67,433
Host Hotels & Resorts, Inc.(b)

  2,391   38,089
Iron Mountain, Inc.

  980   42,885
Kimco Realty Corp.

  1,468   31,312
Mid-America Apartment Communities, Inc.

  386   74,537
Prologis, Inc.

  2,505   320,740
Public Storage

  513   160,302
Realty Income Corp.

  1,264   88,847
Regency Centers Corp.

  536   35,060
SBA Communications Corp., Class A

  369   125,825
Simon Property Group, Inc.

  1,113   140,817
UDR, Inc.

  1,006   55,320
 
See accompanying notes which are an integral part of this schedule.

Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
July 31, 2021
(Unaudited)
  Shares   Value
Real Estate-(continued)
Ventas, Inc.

  1,269   $75,861
Vornado Realty Trust

  533   23,185
Welltower, Inc.

  1,411   122,559
Weyerhaeuser Co.

  2,535   85,506
        3,311,961
Utilities-1.51%
AES Corp. (The)

  2,257   53,491
Alliant Energy Corp.

  844   49,399
Ameren Corp.

  867   72,759
American Electric Power Co., Inc.

  1,693   149,187
American Water Works Co., Inc.

  612   104,107
Atmos Energy Corp.

  443   43,675
CenterPoint Energy, Inc.

  1,964   50,003
CMS Energy Corp.

  982   60,678
Consolidated Edison, Inc.

  1,160   85,573
Dominion Energy, Inc.

  2,731   204,470
DTE Energy Co.

  656   76,962
Duke Energy Corp.

  2,606   273,917
Edison International

  1,283   69,924
Entergy Corp.

  680   69,986
Evergy, Inc.

  778   50,741
Eversource Energy

  1,162   100,246
Exelon Corp.

  3,308   154,814
FirstEnergy Corp.

  1,840   70,509
NextEra Energy, Inc.

  6,640   517,256
NiSource, Inc.

  1,330   32,944
NRG Energy, Inc.

  828   34,147
Pinnacle West Capital Corp.

  380   31,749
PPL Corp.

  2,606   73,932
Public Service Enterprise Group, Inc.

  1,710   106,413
Sempra Energy

  1,065   139,142
Southern Co. (The)

  3,582   228,782
  Shares   Value
Utilities-(continued)
WEC Energy Group, Inc.

  1,066   $100,353
Xcel Energy, Inc.

  1,822   124,352
        3,129,511
Total Common Stocks & Other Equity Interests

(Cost $124,995,140)

  125,983,969
Money Market Funds-31.46%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(d)(e)

(Cost $65,415,488)

  65,415,488   65,415,488
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-92.05%

(Cost $190,410,628)

  191,399,457
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.05%
Invesco Private Government Fund, 0.02%(d)(e)(f)

  30,636   30,636
Invesco Private Prime Fund, 0.12%(d)(e)(f)

  71,454   71,483
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $102,119)

  102,119
TOTAL INVESTMENTS IN SECURITIES-92.10%

(Cost $190,512,747)

  191,501,576
OTHER ASSETS LESS LIABILITIES-7.90%

  16,424,398
NET ASSETS-100.00%

  $207,925,974
 
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 July 31, 2021.
(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended July 31, 2021.
    
  Value
October 31, 2020
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
July 31, 2021
  Dividend
Income
Invesco Ltd. $6,031   $-   $-   $5,184   $-   $11,215   $221
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class 43,312,656   450,766,042   (428,663,210)   -   -   65,415,488   8,183
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund -   2,475,409   (2,444,773)   -   -   30,636   9*
Invesco Private Prime Fund -   3,638,778   (3,567,300)   -   5   71,483   151*
Total $43,318,687   $456,880,229   $(434,675,283)   $5,184   $5   $65,528,822   $8,564
    
* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
See accompanying notes which are an integral part of this schedule.

Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
July 31, 2021
(Unaudited)
(e) The rate shown is the 7-day SEC standardized yield as of July 31, 2021.
(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.  
    
Open Futures Contracts(a)
Long Futures Contracts   Number of
Contracts
  Expiration
Month
  Notional
Value
  Value   Unrealized
Appreciation
Equity Risk                    
CBOE Volatility Index (VIX) Futures   891   August-2021   $18,064,134   $99,191   $99,191
CBOE Volatility Index (VIX) Futures   594   September-2021   13,112,491   110,858   110,858
S&P 500 E-Mini Futures   229   September-2021   50,259,775   435,297   435,297
S&P 500 Micro E-Mini Futures   23   September-2021   504,792   206   206
Total Futures Contracts   $645,552   $645,552
    
(a) Futures contracts collateralized by $15,842,499 cash held with Merrill Lynch International, the futures commission merchant.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments(a)
Invesco Total Return Bond ETF (GTO)
July 31, 2021
(Unaudited)
  Principal
Amount
  Value
U.S. Dollar Denominated Bonds & Notes-50.77%
Advertising-0.25%
Interpublic Group of Cos., Inc. (The), 4.75%, 03/30/2030

$ 438,000   $527,751
Lamar Media Corp.        
3.75%, 02/15/2028

  612,000   623,200
3.63%, 01/15/2031(b)

  625,000   618,047
MDC Partners, Inc., 7.50%, 05/01/2024(b)(c)

  250,000   255,387
        2,024,385
Aerospace & Defense-0.59%
Boeing Co. (The)        
2.75%, 02/01/2026

  1,163,000   1,216,998
2.20%, 02/04/2026

  1,142,000   1,152,288
5.81%, 05/01/2050

  1,604,000   2,179,038
Teledyne Technologies, Inc., 2.75%, 04/01/2031

  311,000   327,176
        4,875,500
Agricultural & Farm Machinery-0.24%
Bunge Ltd. Finance Corp., 2.75%, 05/14/2031

  1,926,000   1,975,785
Airlines-0.76%
British Airways Pass-Through Trust (United Kingdom)        
Series 2019-1, Class A, 3.35%, 06/15/2029(b)

  288,398   290,153
Series 2019-1, Class AA, 3.30%, 12/15/2032(b)

  257,632   265,959
Series 2021-1, Class A, 2.90%, 03/15/2035(b)

  1,341,000   1,367,820
Delta Air Lines, Inc./SkyMiles IP Ltd.        
4.50%, 10/20/2025(b)

  1,450,708   1,560,343
4.75%, 10/20/2028(b)

  915,661   1,024,226
United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 10/15/2027

  929,330   1,035,577
United Airlines, Inc.        
4.38%, 04/15/2026(b)

  281,000   289,466
4.63%, 04/15/2029(b)

  412,000   425,575
        6,259,119
Apparel Retail-0.13%
Ross Stores, Inc., 3.38%, 09/15/2024

  974,000   1,040,059
Application Software-0.39%
salesforce.com, inc.        
2.90%, 07/15/2051

  1,943,000   1,996,919
3.05%, 07/15/2061

  1,180,000   1,230,952
        3,227,871
Asset Management & Custody Banks-0.19%
Ameriprise Financial, Inc., 3.00%, 04/02/2025

  299,000   321,424
CI Financial Corp. (Canada), 3.20%, 12/17/2030

  705,000   734,295
Owl Rock Capital Corp., 2.63%, 01/15/2027

  541,000   547,824
        1,603,543
Auto Parts & Equipment-0.37%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.        
4.75%, 04/01/2028(b)(d)

  1,448,000   1,471,175
5.38%, 03/01/2029(b)(d)

  550,000   572,726
Nemak S.A.B. de C.V. (Mexico), 3.63%, 06/28/2031(b)

  955,000   957,689
        3,001,590
  Principal
Amount
  Value
Automobile Manufacturers-1.08%
Allison Transmission, Inc., 3.75%, 01/30/2031(b)

$ 395,000   $393,588
Ford Motor Credit Co. LLC        
3.09%, 01/09/2023

  1,446,000   1,475,144
3.38%, 11/13/2025

  395,000   412,871
Hyundai Capital America        
5.75%, 04/06/2023(b)

  437,000   472,935
5.88%, 04/07/2025(b)

  221,000   256,705
2.00%, 06/15/2028(b)

  1,303,000   1,305,197
Kia Corp. (South Korea), 1.00%, 04/16/2024(b)

  1,586,000   1,597,114
Toyota Motor Credit Corp., 0.80%, 10/16/2025

  1,939,000   1,929,416
Volkswagen Group of America Finance LLC (Germany), 1.63%, 11/24/2027(b)

  993,000   997,880
        8,840,850
Biotechnology-0.12%
AbbVie, Inc., 2.30%, 11/21/2022

  928,000   951,262
Brewers-0.18%
Anadolu Efes Biracilik ve Malt Sanayii A.S. (Turkey), 3.38%, 06/29/2028(b)

  1,193,000   1,220,595
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 4.50%, 06/01/2050

  211,000   262,461
        1,483,056
Broadcasting-0.03%
Fox Corp., 4.71%, 01/25/2029

  218,000   257,877
Building Products-0.41%
HP Communities LLC        
5.78%, 03/15/2046(b)

  150,000   181,014
5.86%, 09/15/2053(b)

  100,000   127,492
Masco Corp.        
1.50%, 02/15/2028(d)

  1,446,000   1,433,781
2.00%, 02/15/2031(d)

  330,000   326,871
3.13%, 02/15/2051

  755,000   769,918
Standard Industries, Inc., 3.38%, 01/15/2031(b)

  543,000   527,250
        3,366,326
Cable & Satellite-1.12%
CCO Holdings LLC/CCO Holdings Capital Corp.        
4.25%, 02/01/2031(b)

  193,000   199,031
4.50%, 06/01/2033(b)(d)

  546,000   569,104
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.        
5.05%, 03/30/2029

  226,000   269,694
3.50%, 06/01/2041

  621,000   634,205
3.90%, 06/01/2052

  1,013,000   1,050,436
3.85%, 04/01/2061

  777,000   776,785
4.40%, 12/01/2061

  411,000   451,767
Comcast Corp.        
4.15%, 10/15/2028

  146,000   169,889
4.60%, 10/15/2038

  46,000   57,956
3.25%, 11/01/2039

  748,000   817,672
3.45%, 02/01/2050(d)

  599,000   670,134
2.80%, 01/15/2051

  289,000   286,883
4.95%, 10/15/2058

  47,000   66,592
Cox Communications, Inc.        
2.60%, 06/15/2031(b)

  790,000   814,388
2.95%, 10/01/2050(b)

  215,000   205,098
3.60%, 06/15/2051(b)

  2,022,000   2,161,180
        9,200,814
Casinos & Gaming-0.26%
Boyne USA, Inc., 4.75%, 05/15/2029(b)

  131,000   135,258
DraftKings, Inc., Conv., 0.00%, 03/15/2028(b)(e)

  1,567,000   1,381,310
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2021
(Unaudited)
  Principal
Amount
  Value
Casinos & Gaming-(continued)
International Game Technology PLC, 4.13%, 04/15/2026(b)

$ 389,000   $405,745
MGM China Holdings Ltd. (Macau), 5.38%, 05/15/2024(b)

  218,000   222,228
        2,144,541
Commodity Chemicals-0.06%
Axalta Coating Systems LLC, 3.38%, 02/15/2029(b)

  502,000   494,543
Computer & Electronics Retail-0.09%
Leidos, Inc., 2.30%, 02/15/2031

  555,000   551,992
Rent-A-Center, Inc., 6.38%, 02/15/2029(b)

  139,000   149,725
        701,717
Consumer Finance-0.17%
Ally Financial, Inc., Series C, 4.70%(f)(g)

  1,321,000   1,375,425
Copper-0.02%
Freeport-McMoRan, Inc., 4.38%, 08/01/2028

  141,000   149,751
Data Processing & Outsourced Services-0.59%
Fidelity National Information Services, Inc., 3.10%, 03/01/2041(d)

  300,000   315,796
PayPal Holdings, Inc.        
2.65%, 10/01/2026

  128,000   137,902
2.85%, 10/01/2029

  89,000   96,892
Square, Inc.        
2.75%, 06/01/2026(b)(d)

  1,833,000   1,876,671
3.50%, 06/01/2031(b)(d)

  1,664,000   1,728,771
StoneCo Ltd. (Brazil), 3.95%, 06/16/2028(b)

  690,000   685,932
        4,841,964
Department Stores-0.57%
Macy’s Retail Holdings LLC, 5.88%, 04/01/2029(b)(d)

  292,000   308,403
Macy’s, Inc., 8.38%, 06/15/2025(b)

  4,000,000   4,365,000
        4,673,403
Diversified Banks-5.13%
Africa Finance Corp. (Supranational), 4.38%, 04/17/2026(b)

  280,000   306,506
African Export-Import Bank (The) (Supranational)        
2.63%, 05/17/2026(b)(d)

  398,000   406,772
3.80%, 05/17/2031(b)

  500,000   518,490
Australia & New Zealand Banking Group Ltd. (Australia), 2.57%, 11/25/2035(b)(f)

  532,000   525,769
Banco Santander S.A. (Spain), 2.75%, 12/03/2030

  600,000   605,436
Bank of America Corp.        
2.69%, 04/22/2032(f)

  1,494,000   1,560,957
2.30%, 07/21/2032(f)

  977,000   986,922
2.68%, 06/19/2041(f)

  1,231,000   1,215,640
2.97%, 07/21/2052(f)

  1,587,000   1,603,970
BNP Paribas S.A. (France), 1.32%, 01/13/2027(b)(f)

  1,908,000   1,891,470
BPCE S.A. (France), 2.28%, 01/20/2032(b)(f)

  701,000   697,132
Citigroup, Inc.        
3.88%(f)(g)

  1,693,000   1,737,018
3.11%, 04/08/2026(f)

  339,000   363,194
3.98%, 03/20/2030(f)

  599,000   682,628
4.41%, 03/31/2031(f)

  284,000   333,724
2.57%, 06/03/2031(f)

  504,000   521,876
2.56%, 05/01/2032(d)(f)

  972,000   1,005,051
Series A, 5.95%(f)(g)

  293,000   308,088
Series P, 5.95%(f)(g)

  390,000   429,975
  Principal
Amount
  Value
Diversified Banks-(continued)
Citizens Bank N.A.        
0.95% (3 mo. USD LIBOR + 0.81%), 05/26/2022(h)

$ 250,000   $251,558
2.25%, 04/28/2025

  387,000   406,514
Commonwealth Bank of Australia (Australia)        
2.69%, 03/11/2031(b)(d)

  667,000   677,518
3.31%, 03/11/2041(b)

  337,000   354,699
Credit Agricole S.A. (France)        
1.91%, 06/16/2026(b)(f)

  250,000   255,975
7.88%(b)(f)(g)

  597,000   674,616
Federation des Caisses Desjardins du Quebec (Canada), 2.05%, 02/10/2025(b)

  662,000   688,227
HSBC Holdings PLC (United Kingdom)        
4.60%(f)(g)

  693,000   713,444
1.65%, 04/18/2026(f)

  303,000   307,638
2.80%, 05/24/2032(f)

  552,000   572,465
ING Groep N.V. (Netherlands)        
6.88%(b)(f)(g)

  446,000   462,571
1.06% (SOFR + 1.01%), 04/01/2027(h)

  1,516,000   1,531,096
JPMorgan Chase & Co.        
1.03% (3 mo. USD LIBOR + 0.89%), 07/23/2024(d)(h)

  169,000   171,482
2.08%, 04/22/2026(f)

  440,000   456,643
3.70%, 05/06/2030(f)

  599,000   673,930
2.58%, 04/22/2032(f)

  925,000   961,988
Mizuho Financial Group, Inc. (Japan)        
2.20%, 07/10/2031(f)

  907,000   914,742
2.17%, 05/22/2032(f)

  1,188,000   1,193,739
National Australia Bank Ltd. (Australia), 2.99%, 05/21/2031(b)

  656,000   675,221
Standard Chartered PLC (United Kingdom)        
1.46%, 01/14/2027(b)(f)

  1,519,000   1,513,531
2.68%, 06/29/2032(b)(f)

  1,244,000   1,263,265
3.27%, 02/18/2036(b)(f)

  1,002,000   1,014,804
7.50%(b)(d)(f)(g)

  2,068,000   2,145,953
7.75%(b)(f)(g)

  2,570,000   2,799,347
Sumitomo Mitsui Financial Group, Inc. (Japan)        
1.47%, 07/08/2025

  417,000   423,901
3.04%, 07/16/2029

  205,000   221,550
2.13%, 07/08/2030

  997,000   1,011,329
2.14%, 09/23/2030(d)

  785,000   772,700
U.S. Bancorp, 1.38%, 07/22/2030

  286,000   278,692
UniCredit S.p.A. (Italy)        
1.98%, 06/03/2027(b)(f)

  992,000   994,809
3.13%, 06/03/2032(b)(f)

  790,000   806,021
Wells Fargo & Co.        
4.15%, 01/24/2029

  599,000   692,615
Series BB, 3.90%(f)(g)

  537,000   557,817
        42,141,018
Diversified Capital Markets-0.85%
Credit Suisse Group AG (Switzerland)        
4.19%, 04/01/2031(b)(d)(f)

  383,000   436,719
3.09%, 05/14/2032(b)(f)

  446,000   466,035
4.50%(b)(d)(f)(g)

  1,010,000   1,007,071
5.10%(b)(d)(f)(g)

  492,000   508,605
5.25%(b)(f)(g)

  671,000   705,389
7.13%(b)(f)(g)

  2,158,000   2,250,190
7.50%(b)(f)(g)

  831,000   901,635
UBS Group AG (Switzerland), 4.38%(b)(d)(f)(g)

  714,000   737,205
        7,012,849
Diversified Chemicals-0.09%
OCP S.A. (Morocco)        
3.75%, 06/23/2031(b)(d)

  230,000   233,743
5.13%, 06/23/2051(b)

  508,000   519,471
        753,214
 
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2021
(Unaudited)
  Principal
Amount
  Value
Diversified Metals & Mining-0.16%
Corp. Nacional del Cobre de Chile (Chile), 3.15%, 01/15/2051(b)

$ 405,000   $392,028
FMG Resources August 2006 Pty. Ltd. (Australia), 4.38%, 04/01/2031(b)

  882,000   961,380
        1,353,408
Diversified REITs-0.36%
Atlantic Marine Corps Communities LLC, 5.34%, 12/01/2050(b)

  93,833   110,470
Brixmor Operating Partnership L.P., 4.05%, 07/01/2030

  266,000   302,967
Fort Benning Family Communities LLC, 5.81%, 01/15/2051(b)

  200,000   264,642
iStar, Inc., 4.75%, 10/01/2024

  603,000   640,211
Trust Fibra Uno (Mexico)        
4.87%, 01/15/2030(b)

  1,080,000   1,189,021
6.39%, 01/15/2050(b)

  385,000   459,022
        2,966,333
Diversified Support Services-0.34%
Atento Luxco 1 S.A. (Brazil), 8.00%, 02/10/2026(b)

  1,305,000   1,444,086
TransJamaican Highway Ltd. (Jamaica), 5.75%, 10/10/2036(b)

  1,360,816   1,355,216
        2,799,302
Drug Retail-0.45%
CK Hutchison International 21 Ltd. (United Kingdom), 1.50%, 04/15/2026(b)

  3,623,000   3,670,869
Electric Utilities-1.29%
Commonwealth Edison Co., Series 127, 3.20%, 11/15/2049

  399,000   433,653
Drax Finco PLC (United Kingdom), 6.63%, 11/01/2025(b)

  200,000   206,250
Duke Energy Progress LLC, 2.50%, 08/15/2050

  1,228,000   1,185,005
Enel Finance International N.V. (Italy)        
1.38%, 07/12/2026(b)

  924,000   930,135
1.88%, 07/12/2028(b)

  1,975,000   1,999,488
2.25%, 07/12/2031(b)

  1,280,000   1,298,978
2.88%, 07/12/2041(b)

  1,160,000   1,165,932
PacifiCorp, 2.90%, 06/15/2052

  2,083,000   2,133,393
Southern Co. (The)        
Series 2021-A, 3.75%, 09/15/2051(f)

  564,000   576,211
Series A, 3.70%, 04/30/2030(d)

  197,000   221,808
Vistra Operations Co. LLC, 4.38%, 05/01/2029(b)

  447,000   459,221
        10,610,074
Electrical Components & Equipment-0.56%
AES Andres B.V. (Dominican Republic), 5.70%, 05/04/2028(b)

  1,910,000   1,976,459
Sensata Technologies B.V., 4.00%, 04/15/2029(b)

  2,575,000   2,649,739
        4,626,198
Electronic Components-0.28%
Corning, Inc., 5.45%, 11/15/2079

  1,584,000   2,310,274
Electronic Equipment & Instruments-0.19%
Vontier Corp.        
1.80%, 04/01/2026(b)

  333,000   335,013
2.40%, 04/01/2028(b)

  666,000   670,136
2.95%, 04/01/2031(b)

  568,000   578,423
        1,583,572
Electronic Manufacturing Services-0.05%
Jabil, Inc., 3.00%, 01/15/2031

  384,000   397,326
  Principal
Amount
  Value
Environmental & Facilities Services-0.15%
GFL Environmental, Inc. (Canada), 3.50%, 09/01/2028(b)

$ 846,000   $849,993
Republic Services, Inc., 0.88%, 11/15/2025

  397,000   394,671
        1,244,664
Financial Exchanges & Data-0.15%
MSCI, Inc.        
3.88%, 02/15/2031(b)(d)

  334,000   355,336
3.63%, 11/01/2031(b)(d)

  644,000   681,706
S&P Global, Inc., 1.25%, 08/15/2030

  240,000   231,029
        1,268,071
Food Distributors-0.16%
American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/2029(b)

  1,285,000   1,280,310
Food Retail-0.40%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 3.50%, 02/15/2023(b)

  584,000   599,496
Alimentation Couche-Tard, Inc. (Canada)        
3.44%, 05/13/2041(b)(d)

  1,194,000   1,266,227
3.63%, 05/13/2051(b)

  1,304,000   1,413,216
        3,278,939
Forest Products-0.20%
Suzano Austria GmbH (Brazil), 3.13%, 01/15/2032

  1,667,000   1,654,081
Health Care Distributors-0.05%
Owens & Minor, Inc., 4.50%, 03/31/2029(b)

  408,000   418,724
Health Care REITs-0.24%
Diversified Healthcare Trust, 4.38%, 03/01/2031

  497,000   485,825
Healthcare Trust of America Holdings L.P., 2.00%, 03/15/2031

  288,000   285,417
Healthpeak Properties, Inc., 2.88%, 01/15/2031

  166,000   177,264
Omega Healthcare Investors, Inc., 3.25%, 04/15/2033(d)

  898,000   918,395
Welltower, Inc., 3.10%, 01/15/2030

  73,000   78,791
        1,945,692
Health Care Services-0.43%
CVS Health Corp.        
1.30%, 08/21/2027

  587,000   583,380
2.70%, 08/21/2040

  464,000   462,960
Fresenius Medical Care US Finance III, Inc. (Germany), 1.88%, 12/01/2026(b)

  1,775,000   1,802,579
Mayo Clinic, Series 2021, 3.20%, 11/15/2061

  613,000   689,081
        3,538,000
Home Improvement Retail-0.25%
Lowe’s Cos., Inc.        
2.63%, 04/01/2031

  739,000   777,158
3.50%, 04/01/2051(d)

  1,133,000   1,246,802
        2,023,960
Homebuilding-0.76%
Lennar Corp.        
4.75%, 11/15/2022

  1,370,000   1,428,232
4.75%, 11/29/2027(d)

  2,387,000   2,787,324
M.D.C. Holdings, Inc., 3.85%, 01/15/2030

  1,036,000   1,129,406
Mattamy Group Corp. (Canada)        
5.25%, 12/15/2027(b)

  698,000   728,206
4.63%, 03/01/2030(b)

  200,000   207,931
        6,281,099
 
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2021
(Unaudited)
  Principal
Amount
  Value
Hotel & Resort REITs-0.02%
Service Properties Trust, 5.25%, 02/15/2026

$ 180,000   $181,921
Hotels, Resorts & Cruise Lines-0.51%
Expedia Group, Inc.        
4.63%, 08/01/2027

  2,097,000   2,394,015
2.95%, 03/15/2031

  691,000   709,616
Hilton Domestic Operating Co., Inc., 3.63%, 02/15/2032(b)

  575,000   574,365
Marriott Ownership Resorts, Inc., 4.75%, 01/15/2028

  474,000   480,257
        4,158,253
Independent Power Producers & Energy Traders-0.46%
AES Corp. (The)        
1.38%, 01/15/2026(b)

  895,000   894,239
2.45%, 01/15/2031(b)

  510,000   515,903
Calpine Corp., 3.75%, 03/01/2031(b)

  985,000   949,422
EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Spain), 5.38%, 12/30/2030(b)

  1,450,000   1,449,927
        3,809,491
Industrial Conglomerates-0.07%
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/2035

  273,000   334,953
General Electric Co., 5.55%, 01/05/2026

  230,000   274,570
        609,523
Industrial Machinery-0.16%
IDEX Corp., 2.63%, 06/15/2031

  1,230,000   1,278,625
Industrial REITs-0.16%
Duke Realty L.P., 2.88%, 11/15/2029

  1,250,000   1,339,584
Insurance Brokers-0.13%
Arthur J. Gallagher & Co.        
2.50%, 05/20/2031

  391,000   396,753
3.50%, 05/20/2051

  582,000   636,802
        1,033,555
Integrated Oil & Gas-1.52%
BP Capital Markets America, Inc.        
3.06%, 06/17/2041

  1,576,000   1,625,263
2.94%, 06/04/2051

  1,564,000   1,535,368
Gray Oak Pipeline LLC, 2.60%, 10/15/2025(b)

  486,000   504,411
Petrobras Global Finance B.V. (Brazil), 5.50%, 06/10/2051

  1,516,000   1,493,048
Petronas Capital Ltd. (Malaysia)        
2.48%, 01/28/2032(b)

  922,000   931,271
3.40%, 04/28/2061(b)

  1,716,000   1,776,572
Qatar Petroleum (Qatar)        
2.25%, 07/12/2031(b)(d)

  664,000   672,882
3.13%, 07/12/2041(b)

  685,000   711,701
3.30%, 07/12/2051(b)(d)

  1,070,000   1,111,269
SA Global Sukuk Ltd. (Saudi Arabia)        
0.95%, 06/17/2024(b)

  337,000   336,978
1.60%, 06/17/2026(b)

  541,000   541,860
2.69%, 06/17/2031(b)

  684,000   702,403
Saudi Arabian Oil Co. (Saudi Arabia)        
3.25%, 11/24/2050(b)

  215,000   210,810
3.50%, 11/24/2070(b)

  360,000   352,085
        12,505,921
  Principal
Amount
  Value
Integrated Telecommunication Services-1.29%
AT&T, Inc.        
1.30% (3 mo. USD LIBOR + 1.18%), 06/12/2024(h)

$ 82,000   $84,091
3.10%, 02/01/2043

  446,000   445,903
3.50%, 09/15/2053(b)

  673,000   696,316
3.55%, 09/15/2055(b)

  289,000   298,884
3.50%, 02/01/2061

  286,000   286,111
Level 3 Financing, Inc., 3.75%, 07/15/2029(b)

  1,000,000   981,280
T-Mobile USA, Inc.        
2.25%, 02/15/2026(b)

  1,000,000   1,012,620
2.63%, 04/15/2026(d)

  1,018,000   1,045,125
2.63%, 02/15/2029

  1,332,000   1,334,104
Verizon Communications, Inc.        
0.85%, 11/20/2025

  581,000   578,005
3.88%, 02/08/2029

  300,000   344,292
1.75%, 01/20/2031

  356,000   345,683
2.55%, 03/21/2031

  386,000   401,073
2.65%, 11/20/2040

  321,000   314,324
3.40%, 03/22/2041

  422,000   456,571
2.88%, 11/20/2050

  378,000   368,714
3.55%, 03/22/2051

  187,000   203,895
3.00%, 11/20/2060

  880,000   853,747
3.70%, 03/22/2061

  516,000   571,435
        10,622,173
Interactive Home Entertainment-0.39%
Electronic Arts, Inc.        
1.85%, 02/15/2031

  843,000   836,934
2.95%, 02/15/2051

  828,000   828,744
WMG Acquisition Corp., 3.00%, 02/15/2031(b)

  1,576,000   1,528,830
        3,194,508
Interactive Media & Services-0.42%
Alphabet, Inc., 2.25%, 08/15/2060

  387,000   351,866
Baidu, Inc. (China)        
3.08%, 04/07/2025

  210,000   223,274
1.72%, 04/09/2026

  235,000   237,384
Match Group Holdings II LLC        
4.63%, 06/01/2028(b)

  215,000   226,225
5.63%, 02/15/2029(b)

  339,000   371,758
Tencent Holdings Ltd. (China), 1.81%, 01/26/2026(b)

  200,000   203,997
Twitter, Inc., 3.88%, 12/15/2027(b)(d)

  1,746,000   1,869,739
        3,484,243
Internet & Direct Marketing Retail-1.64%
Amazon.com, Inc.        
1.00%, 05/12/2026(d)

  1,587,000   1,602,154
1.65%, 05/12/2028

  1,248,000   1,275,012
2.10%, 05/12/2031

  2,196,000   2,269,833
2.88%, 05/12/2041

  2,772,000   2,919,649
3.10%, 05/12/2051

  3,378,000   3,642,479
3.25%, 05/12/2061

  835,000   912,118
Meituan (China), 2.13%, 10/28/2025(b)(d)

  870,000   845,674
        13,466,919
Internet Services & Infrastructure-0.62%
Twilio, Inc.        
3.63%, 03/15/2029

  848,000   869,743
3.88%, 03/15/2031

  844,000   883,883
VeriSign, Inc., 2.70%, 06/15/2031

  671,000   695,377
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/2029(b)(d)

  2,685,000   2,685,618
        5,134,621
Investment Banking & Brokerage-1.89%
Brookfield Finance I (UK) PLC (Canada), 2.34%, 01/30/2032

  1,200,000   1,212,995
 
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2021
(Unaudited)
  Principal
Amount
  Value
Investment Banking & Brokerage-(continued)
Brookfield Finance, Inc. (Canada)        
2.72%, 04/15/2031

$ 645,000   $677,894
3.50%, 03/30/2051

  1,057,000   1,127,581
Goldman Sachs Group, Inc. (The)        
0.62% (SOFR + 0.58%), 03/08/2024(h)

  1,402,000   1,406,424
3.50%, 04/01/2025

  296,000   321,496
0.84% (SOFR + 0.79%), 12/09/2026(d)(h)

  1,172,000   1,172,976
1.09%, 12/09/2026(f)

  497,000   494,037
0.86% (SOFR + 0.81%), 03/09/2027(d)(h)

  1,987,000   1,989,988
1.99%, 01/27/2032(d)(f)

  568,000   559,746
2.62%, 04/22/2032(f)

  363,000   375,684
2.38%, 07/21/2032(f)

  971,000   986,650
3.21%, 04/22/2042(f)

  381,000   403,576
2.91%, 07/21/2042(f)

  771,000   783,117
Morgan Stanley        
2.19%, 04/28/2026(f)

  221,000   229,525
2.24%, 07/21/2032(f)

  1,612,000   1,625,516
3.22%, 04/22/2042(f)

  263,000   283,218
2.80%, 01/25/2052(f)

  343,000   340,678
National Securities Clearing Corp., 1.50%, 04/23/2025(b)

  265,000   271,764
Nomura Holdings, Inc. (Japan), 2.61%, 07/14/2031

  745,000   756,563
Raymond James Financial, Inc., 3.75%, 04/01/2051

  422,000   475,188
        15,494,616
Life & Health Insurance-1.62%
American Equity Investment Life Holding Co., 5.00%, 06/15/2027

  752,000   860,079
Athene Global Funding        
1.20%, 10/13/2023(b)

  617,000   625,171
2.50%, 01/14/2025(b)

  1,257,000   1,320,356
1.45%, 01/08/2026(b)

  378,000   381,799
Athene Holding Ltd.        
6.15%, 04/03/2030

  317,000   406,861
3.95%, 05/25/2051(d)

  200,000   228,692
Belrose Funding Trust, 2.33%, 08/15/2030(b)(d)

  405,000   406,876
Delaware Life Global Funding, Series 21-1, 2.66%, 06/29/2026(b)

  4,125,000   4,208,737
MAG Mutual Holding Co., 4.75%, 04/30/2041(i)

  3,179,000   3,179,000
MetLife, Inc., 9.25%, 04/08/2038(b)

  350,000   535,374
Nationwide Financial Services, Inc., 3.90%, 11/30/2049(b)

  182,000   208,693
Pacific LifeCorp, 3.35%, 09/15/2050(b)

  363,000   397,151
Penn Mutual Life Insurance Co. (The), 3.80%, 04/29/2061(b)

  275,000   294,190
Western & Southern Life Insurance Co. (The), 3.75%, 04/28/2061(b)

  255,000   283,538
        13,336,517
Life Sciences Tools & Services-0.21%
Illumina, Inc., 2.55%, 03/23/2031

  1,683,000   1,742,207
Managed Health Care-0.98%
Centene Corp., 2.50%, 03/01/2031

  3,867,000   3,877,499
Kaiser Foundation Hospitals        
Series 2021, 2.81%, 06/01/2041

  1,760,000   1,845,815
Series 2021, 3.00%, 06/01/2051

  2,180,000   2,311,679
        8,034,993
  Principal
Amount
  Value
Metal & Glass Containers-0.06%
Intertape Polymer Group, Inc. (Canada), 4.38%, 06/15/2029(b)

$ 107,000   $109,702
Silgan Holdings, Inc., 1.40%, 04/01/2026(b)

  404,000   402,529
        512,231
Movies & Entertainment-0.10%
Tencent Music Entertainment Group (China)        
1.38%, 09/03/2025

  250,000   247,289
2.00%, 09/03/2030

  590,000   567,767
        815,056
Multi-line Insurance-0.13%
American International Group, Inc., 3.40%, 06/30/2030

  420,000   464,921
Fairfax Financial Holdings Ltd. (Canada)        
4.63%, 04/29/2030

  292,000   339,215
3.38%, 03/03/2031(b)

  281,000   299,968
        1,104,104
Multi-Utilities-0.19%
Dominion Energy, Inc., Series C, 3.38%, 04/01/2030

  240,000   266,137
WEC Energy Group, Inc.        
1.38%, 10/15/2027

  662,000   658,079
1.80%, 10/15/2030

  628,000   614,727
        1,538,943
Office REITs-0.14%
Alexandria Real Estate Equities, Inc., 4.00%, 02/01/2050(d)

  79,000   94,102
Boston Properties L.P., 3.25%, 01/30/2031

  179,000   194,981
Office Properties Income Trust        
4.50%, 02/01/2025

  570,000   618,643
2.65%, 06/15/2026

  197,000   202,776
        1,110,502
Oil & Gas Exploration & Production-1.21%
Canadian Natural Resources Ltd. (Canada), 2.05%, 07/15/2025

  455,000   469,343
ConocoPhillips, 2.40%, 02/15/2031(b)

  4,000   4,177
EQT Corp., 3.13%, 05/15/2026(b)

  196,000   202,150
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates)        
2.16%, 03/31/2034(b)(d)

  1,816,000   1,802,599
2.94%, 09/30/2040(b)

  2,267,000   2,288,122
Gazprom PJSC via Gaz Finance PLC (Russia), 2.95%, 01/27/2029(b)

  2,875,000   2,823,871
Lundin Energy Finance B.V. (Netherlands)        
2.00%, 07/15/2026(b)

  779,000   788,185
3.10%, 07/15/2031(b)

  779,000   796,621
Murphy Oil Corp., 6.38%, 07/15/2028

  700,000   741,030
        9,916,098
Oil & Gas Refining & Marketing-0.07%
Parkland Corp. (Canada), 4.50%, 10/01/2029(b)

  587,000   604,610
Oil & Gas Storage & Transportation-1.41%
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 6.00%, 02/01/2029(b)

  282,000   293,668
Energy Transfer L.P.        
5.50%, 06/01/2027

  2,115,000   2,512,801
6.00%, 06/15/2048

  42,000   53,551
Series 20Y, 5.80%, 06/15/2038

  42,000   52,267
Kinder Morgan, Inc., 7.80%, 08/01/2031

  1,815,000   2,630,166
MPLX L.P., 1.75%, 03/01/2026

  1,132,000   1,150,873
NGPL PipeCo LLC, 7.77%, 12/15/2037(b)

  1,148,000   1,680,213
Northern Natural Gas Co., 3.40%, 10/16/2051(b)

  1,288,000   1,362,910
 
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2021
(Unaudited)
  Principal
Amount
  Value
Oil & Gas Storage & Transportation-(continued)
ONEOK, Inc., 6.35%, 01/15/2031

$ 741,000   $964,433
Western Midstream Operating L.P., 2.23% (3 mo. USD LIBOR + 2.10%), 01/13/2023(h)

  917,000   912,218
        11,613,100
Other Diversified Financial Services-2.80%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)        
4.50%, 09/15/2023

  442,000   473,197
1.75%, 01/30/2026(d)

  1,560,000   1,551,707
AMC East Communities LLC, 6.01%, 01/15/2053(b)

  187,985   231,662
Aragvi Finance International DAC (Moldova), 8.45%, 04/29/2026(b)

  886,000   923,425
Avolon Holdings Funding Ltd. (Ireland)        
2.13%, 02/21/2026(b)

  525,000   527,935
4.25%, 04/15/2026(b)

  279,000   305,215
2.75%, 02/21/2028(b)

  556,000   561,566
Blackstone Holdings Finance Co. LLC        
1.60%, 03/30/2031(b)

  524,000   508,588
2.80%, 09/30/2050(b)

  241,000   243,004
Blackstone Secured Lending Fund        
2.75%, 09/16/2026

  1,558,000   1,597,401
2.13%, 02/15/2027(b)

  1,348,000   1,332,047
Blue Owl Finance LLC, 3.13%, 06/10/2031(b)

  1,727,000   1,748,074
KKR Group Finance Co. VIII LLC, 3.50%, 08/25/2050(b)

  211,000   229,210
LSEGA Financing PLC (United Kingdom)        
1.38%, 04/06/2026(b)

  729,000   734,126
2.00%, 04/06/2028(b)

  677,000   694,422
2.50%, 04/06/2031(b)

  352,000   366,071
3.20%, 04/06/2041(b)

  559,000   599,944
Mexico Remittances Funding Fiduciary Estate Management S.a.r.l. (Mexico), 4.88%, 01/15/2028(b)

  496,000   488,510
Mid-Atlantic Military Family Communities LLC, 5.30%, 08/01/2050(b)

  224,727   249,887
Pacific Beacon LLC        
5.38%, 07/15/2026(b)

  70,688   78,248
5.51%, 07/15/2036(b)

  500,000   596,784
Pershing Square Holdings Ltd. (Guernsey), 3.25%, 11/15/2030(b)

  1,000,000   1,034,380
Temasek Financial I Ltd. (Singapore)        
2.38%, 08/02/2041(b)(j)

  4,000,000   3,969,800
2.75%, 08/02/2061(b)(j)

  4,000,000   3,962,697
        23,007,900
Packaged Foods & Meats-0.44%
JBS Finance Luxembourg S.a.r.l., 3.63%, 01/15/2032(b)(d)

  924,000   928,564
Minerva Luxembourg S.A. (Brazil), 4.38%, 03/18/2031(b)(d)

  2,693,000   2,649,239
        3,577,803
Paper Packaging-0.58%
Berry Global, Inc.        
0.95%, 02/15/2024(b)

  1,515,000   1,520,681
4.88%, 07/15/2026(b)

  1,427,000   1,509,281
1.65%, 01/15/2027(b)

  1,369,000   1,370,178
Cascades, Inc./Cascades USA, Inc. (Canada), 5.38%, 01/15/2028(b)

  362,000   381,488
        4,781,628
Paper Products-0.06%
Mercer International, Inc. (Germany), 5.13%, 02/01/2029

  503,000   513,689
Pharmaceuticals-0.37%
AdaptHealth LLC, 4.63%, 08/01/2029(b)(d)

  817,000   814,945
  Principal
Amount
  Value
Pharmaceuticals-(continued)
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 04/30/2028(b)

$ 1,120,000   $1,149,921
Royalty Pharma PLC        
2.15%, 09/02/2031

  530,000   522,058
3.35%, 09/02/2051

  530,000   519,182
        3,006,106
Property & Casualty Insurance-0.33%
Fidelity National Financial, Inc.        
3.40%, 06/15/2030

  222,000   242,818
2.45%, 03/15/2031

  379,000   382,452
First American Financial Corp.        
4.30%, 02/01/2023

  195,000   205,407
2.40%, 08/15/2031(j)

  994,000   984,289
W.R. Berkley Corp.        
4.00%, 05/12/2050

  195,000   228,432
3.55%, 03/30/2052

  612,000   665,891
        2,709,289
Real Estate Development-0.31%
Arabian Centres Sukuk II Ltd. (Saudi Arabia), 5.63%, 10/07/2026(b)

  1,483,000   1,541,831
Essential Properties L.P., 2.95%, 07/15/2031

  768,000   778,252
Piedmont Operating Partnership L.P., 3.15%, 08/15/2030

  240,000   249,035
        2,569,118
Regional Banks-0.75%
Citizens Financial Group, Inc.        
2.50%, 02/06/2030

  260,000   269,963
Series G, 4.00%(f)(g)

  1,750,000   1,785,000
Fifth Third Bancorp        
2.38%, 01/28/2025

  309,000   324,863
2.55%, 05/05/2027

  188,000   200,610
KeyCorp, 2.25%, 04/06/2027

  378,000   395,577
SVB Financial Group        
2.10%, 05/15/2028

  551,000   566,039
1.80%, 02/02/2031

  726,000   706,134
Series C, 4.00%(f)(g)

  1,880,000   1,957,550
        6,205,736
Reinsurance-0.42%
Berkshire Hathaway Finance Corp., 2.85%, 10/15/2050

  382,000   391,977
Global Atlantic Fin Co.        
4.40%, 10/15/2029(b)

  407,000   454,288
3.13%, 06/15/2031(b)

  653,000   668,730
4.70%, 10/15/2051(b)(f)

  1,948,000   1,978,695
        3,493,690
Residential REITs-0.20%
American Homes 4 Rent L.P.        
2.38%, 07/15/2031

  260,000   263,425
3.38%, 07/15/2051

  256,000   265,314
Spirit Realty L.P.        
2.10%, 03/15/2028

  309,000   312,601
3.40%, 01/15/2030

  199,000   215,355
2.70%, 02/15/2032

  310,000   314,109
VEREIT Operating Partnership L.P., 2.20%, 06/15/2028

  266,000   274,772
        1,645,576
Restaurants-0.11%
1011778 BC ULC/New Red Finance, Inc. (Canada), 4.00%, 10/15/2030(b)

  882,000   880,898
Retail REITs-0.35%
Agree L.P.        
2.00%, 06/15/2028

  418,000   421,490
2.60%, 06/15/2033

  547,000   555,313
 
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2021
(Unaudited)
  Principal
Amount
  Value
Retail REITs-(continued)
Kimco Realty Corp.        
1.90%, 03/01/2028(d)

$ 413,000   $417,200
2.70%, 10/01/2030

  214,000   223,665
National Retail Properties, Inc., 3.50%, 04/15/2051

  611,000   660,879
Realty Income Corp., 3.25%, 01/15/2031

  274,000   303,995
Retail Properties of America, Inc., 4.75%, 09/15/2030

  237,000   267,755
        2,850,297
Semiconductors-0.74%
Broadcom, Inc.        
5.00%, 04/15/2030

  428,000   511,145
2.45%, 02/15/2031(b)

  365,000   363,473
4.30%, 11/15/2032

  386,000   445,898
3.42%, 04/15/2033(b)

  730,000   779,007
3.47%, 04/15/2034(b)

  1,847,000   1,966,537
Marvell Technology, Inc., 2.95%, 04/15/2031(b)

  1,187,000   1,240,137
Micron Technology, Inc.        
4.98%, 02/06/2026

  37,000   42,850
4.19%, 02/15/2027

  166,000   188,474
Skyworks Solutions, Inc.        
1.80%, 06/01/2026

  181,000   184,366
3.00%, 06/01/2031

  366,000   383,846
        6,105,733
Soft Drinks-0.16%
Coca-Cola Europacific Partners PLC (United Kingdom), 1.50%, 01/15/2027(b)

  698,000   699,102
Fomento Economico Mexicano, S.A.B. de C.V. (Mexico), 3.50%, 01/16/2050

  582,000   625,298
        1,324,400
Sovereign Debt-2.62%
Brazilian Government International Bond (Brazil)        
3.75%, 09/12/2031(d)

  2,785,000   2,757,150
4.75%, 01/14/2050

  1,449,000   1,394,373
Dominican Republic International Bond (Dominican Republic), 5.30%, 01/21/2041(b)

  560,000   567,706
Egypt Government International Bond (Egypt)        
5.25%, 10/06/2025(b)(d)

  1,415,000   1,487,612
3.88%, 02/16/2026(b)

  842,000   822,877
5.88%, 02/16/2031(b)(d)

  689,000   665,057
7.50%, 02/16/2061(b)

  2,891,000   2,699,847
Ghana Government International Bond (Ghana), 7.75%, 04/07/2029(b)

  1,581,000   1,596,420
Morocco Government International Bond (Morocco)        
2.38%, 12/15/2027(b)

  585,000   577,688
4.00%, 12/15/2050(b)

  365,000   343,696
Oman Government International Bond (Oman)        
4.88%, 02/01/2025(b)

  245,000   256,657
6.25%, 01/25/2031(b)

  795,000   860,762
7.00%, 01/25/2051(b)

  295,000   305,845
Paraguay Government International Bond (Paraguay), 5.40%, 03/30/2050(b)

  1,200,000   1,417,512
Perusahaan Penerbit SBSN Indonesia III (Indonesia), 3.55%, 06/09/2051(b)

  1,886,000   1,916,798
Qatar Government International Bond (Qatar), 3.38%, 03/14/2024(b)

  200,000   214,287
Turkey Government International Bond (Turkey)        
5.60%, 11/14/2024

  2,500,000   2,583,490
4.75%, 01/26/2026

  1,065,000   1,054,545
        21,522,322
  Principal
Amount
  Value
Specialized Finance-0.12%
Mitsubishi HC Capital, Inc. (Japan), 3.64%, 04/13/2025(b)(d)

$ 894,000   $970,240
Specialized REITs-0.79%
American Tower Corp.        
2.70%, 04/15/2031

  1,158,000   1,214,831
3.10%, 06/15/2050

  413,000   417,685
Crown Castle International Corp., 2.50%, 07/15/2031

  1,445,000   1,480,791
Extra Space Storage L.P., 2.55%, 06/01/2031

  503,000   515,845
SBA Communications Corp.        
3.88%, 02/15/2027(d)

  1,407,000   1,452,826
3.13%, 02/01/2029(b)

  1,421,000   1,397,564
        6,479,542
Specialty Chemicals-0.67%
Braskem Idesa S.A.P.I. (Mexico), 7.45%, 11/15/2029(b)

  289,000   299,526
Sasol Financing USA LLC (South Africa)        
4.38%, 09/18/2026

  1,785,000   1,833,275
5.50%, 03/18/2031

  3,250,000   3,393,000
        5,525,801
Steel-0.09%
SunCoke Energy, Inc., 4.88%, 06/30/2029(b)

  694,000   701,051
Systems Software-0.54%
Clarivate Science Holdings Corp.        
3.88%, 06/30/2028(b)

  1,154,000   1,165,078
4.88%, 06/30/2029(b)

  306,000   309,005
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029

  1,665,000   1,692,264
Oracle Corp., 3.60%, 04/01/2050

  545,000   570,288
VMware, Inc., 2.20%, 08/15/2031(j)

  705,000   705,166
        4,441,801
Technology Hardware, Storage & Peripherals-0.25%
Apple, Inc.        
2.65%, 05/11/2050

  373,000   368,466
2.80%, 02/08/2061

  1,672,000   1,667,247
        2,035,713
Tobacco-0.74%
Altria Group, Inc.        
2.45%, 02/04/2032

  717,000   705,559
3.70%, 02/04/2051

  1,540,000   1,507,266
4.00%, 02/04/2061

  2,540,000   2,510,120
BAT Capital Corp. (United Kingdom), 2.26%, 03/25/2028

  321,000   323,259
Philip Morris International, Inc., 0.88%, 05/01/2026

  1,065,000   1,057,786
        6,103,990
Trading Companies & Distributors-0.04%
Aircastle Ltd., 4.40%, 09/25/2023

  300,000   321,075
Trucking-0.81%
Aviation Capital Group LLC, 4.13%, 08/01/2025(b)

  61,000   66,413
SMBC Aviation Capital Finance DAC (Ireland), 4.13%, 07/15/2023(b)

  204,000   216,550
Triton Container International Ltd. (Bermuda)        
1.15%, 06/07/2024(b)

  257,000   257,795
2.05%, 04/15/2026(b)

  1,176,000   1,194,101
3.15%, 06/15/2031(b)

  4,818,000   4,922,919
        6,657,778
Wireless Telecommunication Services-0.92%
NBN Co. Ltd. (Australia), 2.63%, 05/05/2031(b)

  1,360,000   1,412,528
 
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2021
(Unaudited)
  Principal
Amount
  Value
Wireless Telecommunication Services-(continued)
VEON Holdings B.V. (Netherlands), 3.38%, 11/25/2027(b)

$ 1,510,000   $1,525,621
Vodafone Group PLC (United Kingdom)        
3.25%, 06/04/2081(d)(f)

  691,000   703,251
4.13%, 06/04/2081(f)

  1,043,000   1,056,601
5.13%, 06/04/2081(f)

  1,195,000   1,228,221
Xiaomi Best Time International Ltd. (China)        
2.88%, 07/14/2031(b)(d)

  1,062,000   1,063,733
4.10%, 07/14/2051(b)(d)

  539,000   549,570
        7,539,525
Total U.S. Dollar Denominated Bonds & Notes

(Cost $405,740,715)

  417,260,373
U.S. Treasury Securities-23.75%
U.S. Treasury Bills-0.36%(k)
0.04%, 11/18/2021(l)

  2,976,000   2,975,576
U.S. Treasury Bonds-4.09%
2.25%, 05/15/2041

  685,700   735,842
1.88%, 02/15/2051

  33,140,500   32,876,411
        33,612,253
U.S. Treasury Notes-19.30%
0.13%, 06/30/2023(d)

  253,000   252,837
0.38%, 07/15/2024

  1,190,200   1,191,269
0.88%, 06/30/2026

  77,900,500   78,594,301
1.25%, 06/30/2028

  28,828,500   29,314,981
1.63%, 05/15/2031

  47,563,800   49,254,545
        158,607,933
Total U.S. Treasury Securities

(Cost $189,312,536)

  195,195,762
Asset-Backed Securities-13.77%
Angel Oak Mortgage Trust        
Series 2019-3, Class A1, 2.93%, 05/25/2059(b)(m)

  849,117   854,114
Series 2020-1, Class A1, 2.16%, 12/25/2059(b)(m)

  218,957   220,175
Series 2020-3, Class A1, 1.69%, 04/25/2065(b)(m)

  664,170   670,770
Series 2021-3, Class A1, 1.07%, 05/25/2066(b)(m)

  2,331,748   2,337,697
Angel Oak Mortgage Trust LLC, Series 2020-5, Class A1, 1.37%, 05/25/2065(b)(m)

  889,909   894,250
Bain Capital Credit CLO Ltd. (Cayman Islands), Series 2017-2A, Class AR2, 1.32% (3 mo. USD LIBOR + 1.18%), 07/25/2034(b)(h)

  3,000,000   3,000,143
Bear Stearns Asset Backed Securities I Trust, Series 2006-HE9, Class 2A, 0.23% (1 mo. USD LIBOR + 0.14%), 11/25/2036(h)

  226,251   223,075
Benchmark Mortgage Trust        
Series 2018-B3, Class C, 4.56%, 04/10/2051(m)

  2,500,000   2,808,990
Series 2019-B14, Class A5, 3.05%, 12/15/2062

  2,000,000   2,196,082
Series 2019-B14, Class C, 3.78%, 12/15/2062(m)

  930,000   999,988
Series 2019-B15, Class B, 3.56%, 12/15/2072

  2,000,000   2,208,799
Series 2019-B9, Class C, 4.97%, 03/15/2052(m)

  3,369,000   3,929,174
Series 2020-B17, Class C, 3.37%, 03/15/2053(m)

  3,000,000   3,164,297
Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A3, 3.50%, 07/25/2049(b)(m)

  169,911   174,749
  Principal
Amount
  Value
CIFC Funding Ltd. (Cayman Islands), Series 2014-5A, Class A1R2, 1.33% (3 mo. USD LIBOR + 1.20%), 10/17/2031(b)(h)

$ 1,281,000   $1,282,669
Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class B, 4.18%, 07/10/2047(m)

  184,000   197,609
Citigroup Mortgage Loan Trust, Inc., Series 2019-IMC1, Class A1, 2.72%, 07/25/2049(b)(m)

  125,463   126,919
COLT Mortgage Loan Trust        
Series 2020-1, Class A1, 2.49%, 02/25/2050(b)(m)

  1,429,297   1,436,979
Series 2020-1R, Class A1, 1.26%, 09/25/2065(b)(m)

  282,554   283,718
Series 2020-2, Class A1, 1.85%, 03/25/2065(b)(m)

  261,864   263,437
Credit Suisse Mortgage Capital Ctfs., Series 2020-SPT1, Class A1, 1.62%, 04/25/2065(b)(c)

  491,861   494,678
Credit Suisse Mortgage Trust        
Series 2021-NQM1, Class A1, 0.81%, 05/25/2065(b)(m)

  1,087,975   1,090,136
Series 2021-NQM2, Class A1, 1.18%, 02/25/2066(b)(m)

  527,816   528,492
CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053

  1,459,000   1,535,696
Deephaven Residential Mortgage Trust, Series 2019-4A, Class A1, 2.79%, 10/25/2059(b)(m)

  1,037,999   1,046,105
Domino’s Pizza Master Issuer LLC, Series 2019-1A, Class A2, 3.67%, 10/25/2049(b)

  1,970,000   2,151,665
DT Auto Owner Trust        
Series 2019-3A, Class C, 2.74%, 04/15/2025(b)

  150,000   151,704
Series 2019-3A, Class D, 2.96%, 04/15/2025(b)

  214,000   221,158
Ellington Financial Mortgage Trust        
Series 2019-2, Class A1, 2.74%, 11/25/2059(b)(m)

  563,166   574,267
Series 2020-1, Class A1, 2.01%, 05/25/2065(b)(m)

  133,337   135,116
Series 2021-1, Class A1, 0.80%, 02/25/2066(b)(m)

  714,838   713,695
Extended Stay America Trust, Series 2021-ESH, Class B, 1.47% (1 mo. USD LIBOR + 1.38%), 07/15/2038(b)(h)

  695,000   698,930
FREMF Mortgage Trust, Series 2013-K29, Class X2A, IO, 0.13%, 05/25/2046(b)(n)

  26,935,341   37,203
Galton Funding Mortgage Trust, Series 2019-H1, Class A1, 2.66%, 10/25/2059(b)(m)

  255,100   259,537
GCAT Trust        
Series 2019-NQM2, Class A1, 2.86%, 09/25/2059(b)(c)

  425,751   428,462
Series 2019-NQM3, Class A1, 2.69%, 11/25/2059(b)(m)

  678,497   696,922
GoldenTree Loan Management US CLO 1 Ltd. (Cayman Islands), Series 2021-9A, Class A, 1.20% (3 mo. USD LIBOR + 1.07%), 01/20/2033(b)(h)

  4,000,000   4,009,321
GoldenTree Loan Management US CLO 2 Ltd. (Cayman Islands), Series 2017-2A, Class A, 1.28% (3 mo. USD LIBOR + 1.15%), 11/28/2030(b)(h)

  2,000,000   2,002,365
GS Mortgage Securities Corp. Trust, Series 2017-STAY, Class C, 1.94% (1 mo. USD LIBOR + 1.60%), 07/15/2032(b)(h)

  500,000   499,673
 
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2021
(Unaudited)
  Principal
Amount
  Value
GS Mortgage Securities Trust        
Series 2013-GC14, Class B, 4.74%, 08/10/2046(b)(m)

$ 325,000   $346,144
Series 2020-GC45, Class A5, 2.91%, 02/13/2053

  1,560,000   1,695,180
Series 2020-GC47, Class A5, 2.38%, 05/12/2053

  1,530,000   1,599,226
Hertz Vehicle Financing III L.P.        
Series 2021-2A, Class A, 1.68%, 12/27/2027(b)

  539,000   547,332
Series 2021-2A, Class B, 2.12%, 12/27/2027(b)

  286,000   290,909
Hertz Vehicle Financing LLC        
Series 2021-1A, Class A, 1.21%, 12/26/2025(b)

  394,000   397,197
Series 2021-1A, Class B, 1.56%, 12/26/2025(b)

  175,000   176,328
JPMDB Commercial Mortgage Securities Trust        
Series 2020-COR7, Class A5, 2.18%, 05/13/2053

  3,000,000   3,087,277
Series 2020-COR7, Class C, 3.73%, 05/13/2053(m)

  2,908,000   3,190,669
Life Mortgage Trust        
Series 2021-BMR, Class A, 0.79% (1 mo. USD LIBOR + 0.70%), 03/15/2038(b)(h)

  1,830,000   1,834,941
Series 2021-BMR, Class B, 0.97% (1 mo. USD LIBOR + 0.88%), 03/15/2038(b)(h)

  1,235,000   1,238,506
Series 2021-BMR, Class C, 1.19% (1 mo. USD LIBOR + 1.10%), 03/15/2038(b)(h)

  500,000   501,757
MHP Commercial Mortgage Trust        
Series 2021-STOR, Class A, 0.80% (1 mo. USD LIBOR + 0.70%), 07/15/2038(b)(h)(j)

  815,000   816,671
Series 2021-STOR, Class B, 1.00% (1 mo. USD LIBOR + 0.90%), 07/15/2038(b)(h)(j)

  615,000   616,335
MMAF Equipment Finance LLC, Series 2020-A, Class A5, 1.56%, 10/09/2042(b)

  1,500,000   1,526,898
Morgan Stanley BAML Trust, Series 2015-C25, Class B, 4.53%, 10/15/2048(m)

  1,032,000   1,147,728
Morgan Stanley Capital I Trust, Series 2019-L3, Class AS, 3.49%, 11/15/2052

  1,580,000   1,749,822
Neuberger Berman Loan Advisers CLO 40 Ltd. (Cayman Islands), Series 2021-40A, Class A, 1.19% (3 mo. USD LIBOR + 1.06%), 04/16/2033(b)(h)

  1,023,000   1,025,950
New Residential Mortgage Loan Trust        
Series 2019-NQM4, Class A1, 2.49%, 09/25/2059(b)(m)

  409,292   412,815
Series 2020-NQM1, Series A1, 2.46%, 01/26/2060(b)(m)

  1,217,279   1,236,463
OCP CLO Ltd. (Cayman Islands)        
Series 2017-13A, Class A1A, 1.39% (3 mo. USD LIBOR + 1.26%), 07/15/2030(b)(h)

  3,000,000   3,001,554
Series 2020-8RA, Class A1, 1.35% (3 mo. USD LIBOR + 1.22%), 01/17/2032(b)(h)

  1,730,000   1,730,999
Octagon Investment Partners 31 LLC (Cayman Islands), Series 2017-1A, Class AR, 1.18% (3 mo. USD LIBOR + 1.05%), 07/20/2030(b)(h)

  4,000,000   4,004,228
Octagon Investment Partners 49 Ltd. (Cayman Islands), Series 2020-5A, Class A1, 1.35% (3 mo. USD LIBOR + 1.22%), 01/15/2033(b)(h)

  3,000,000   3,003,251
One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 09/15/2054(b)

  457,000   481,222
PPM CLO 3 Ltd. (Cayman Islands), Series 2019-3A, Class AR, 1.22% (3 mo. USD LIBOR + 1.09%), 04/17/2034(b)(h)

  250,000   250,002
  Principal
Amount
  Value
Progress Residential Trust, Series 2020-SFR1, Class A, 1.73%, 04/17/2037(b)

$ 870,000   $884,156
Race Point VIII CLO Ltd. (Cayman Islands), Series 2013-8A, Class AR2, 1.20% (3 mo. USD LIBOR + 1.04%), 02/20/2030(b)(h)

  672,370   672,836
Residential Mortgage Loan Trust        
Series 2019-3, Class A1, 2.63%, 09/25/2059(b)(m)

  77,529   78,567
Series 2020-1, Class A1, 2.38%, 02/25/2024(b)(m)

  174,045   176,156
Sonic Capital LLC        
Series 2020-1A, Class A2I, 3.85%, 01/20/2050(b)

  1,610,363   1,720,512
Series 2021-1A, Class A2I, 2.19%, 08/20/2051(b)(j)

  1,840,000   1,848,740
Series 2021-1A, Class A2II, 2.64%, 08/20/2051(b)(j)

  1,880,000   1,888,930
Star Trust        
Series 2021-1, Class A1, 1.22%, 05/25/2065(b)(m)

  2,337,911   2,347,210
Series 2021-SFR1, Class B, 0.84% (1 mo. USD LIBOR + 0.75%), 04/17/2038(b)(h)

  475,000   474,467
Series 2021-SFR1, Class C, 1.14% (1 mo. USD LIBOR + 1.05%), 04/17/2038(b)(h)

  1,125,000   1,125,689
Series 2021-SFR1, Class D, 1.39% (1 mo. USD LIBOR + 1.30%), 04/17/2038(b)(h)

  1,665,000   1,666,121
Starwood Mortgage Residential Trust        
Series 2020-1, Class A1, 2.28%, 02/25/2050(b)(m)

  217,072   219,931
Series 2020-INV1, Class A1, 1.03%, 11/25/2055(b)(m)

  1,661,564   1,663,970
Store Master Funding I-VII, Series 2016-1A, Class A2, 4.32%, 10/20/2046(b)

  460,024   497,538
Taco Bell Funding LLC, Series 2016-1A, Class A23, 4.97%, 05/25/2046(b)

  144,000   155,659
Taconic Park CLO Ltd. (Cayman Islands), Series 2016-1A, Class A1R, 1.13% (3 mo. USD LIBOR + 1.00%), 01/20/2029(b)(h)

  958,000   959,402
Textainer Marine Containers Ltd. (China), Series 2021-2A, Class A, 2.23%, 04/20/2046(b)

  1,577,804   1,613,893
Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039(b)

  1,143,362   1,140,086
Verus Securitization Trust        
Series 2020-INV1, Class A1, 0.33%, 03/25/2060(b)(m)

  181,033   182,432
Series 2021-1, Class A1B, 1.32%, 01/25/2066(b)(m)

  2,152,021   2,157,094
Series 2021-2, Class A1, 1.03%, 02/25/2066(b)(m)

  2,679,306   2,682,893
Series 2021-R1, Class A1, 0.82%, 10/25/2063(b)(m)

  2,549,488   2,552,204
Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055(b)

  608,167   612,315
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class XA, IO, 1.43%, 01/15/2059(o)

  1,518,219   79,190
Wendy’s Funding LLC, Series 2019-1A, Class A2II, 4.08%, 06/15/2049(b)

  472,500   520,100
WFRBS Commercial Mortgage Trust, Series 2014-C23, Class B, 4.38%, 10/15/2057(m)

  307,000   334,088
Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051(b)

  4,300,000   4,461,176
Total Asset-Backed Securities

(Cost $111,663,666)

  113,173,518
 
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2021
(Unaudited)
  Principal
Amount
  Value
U.S. Government Sponsored Agency Mortgage-Backed
Securities-12.14%
Collateralized Mortgage Obligations-0.96%
Fannie Mae Multifamily Connecticut Avenue Securities, Series 2019-01, Class M7, 1.79% (1 mo. USD LIBOR + 1.70%), 10/15/2049(b)(h)(p)

$ 1,567,561   $1,569,532
Freddie Mac Military Housing Bonds Resecuritization Trust Ctfs., Series 2015-R1, Class B1, 4.49%, 11/25/2055(b)(m)

  936,191   1,138,558
Freddie Mac Multifamily Structured Pass-Through Ctfs.        
Series 2013-K026, Class X1, IO, 0.94%, 11/25/2022(o)

  4,837,142   49,822
Series 2013-K035, Class X1, IO, 0.34%, 08/25/2023(o)

  7,776,852   47,683
Series 2014-K036, Class X1, IO, 0.77%, 10/25/2023(o)

  5,694,890   80,023
Series 2014-K037, Class X1, IO, 0.94%, 01/25/2024(o)

  6,052,739   121,444
Series 2015-K042, Class X1, IO, 1.03%, 12/25/2024(o)

  4,240,924   129,184
Series 2017-K066, Class AM, 3.20%, 06/25/2027

  250,000   279,222
Series 2017-KGX1, Class AFX, 3.00%, 10/25/2027

  1,000,000   1,104,652
Series 2018-K074, Class AM, 3.60%, 02/25/2028

  1,000,000   1,142,843
Series 2018-K154, Class A3, 3.46%, 11/25/2032

  1,000,000   1,173,125
Series K038, Class X1, IO, 1.11%, 03/25/2024(o)

  3,987,277   96,618
Seasoned Credit Risk Transfer Trust        
Series 2017-3, Class HT, 3.25%, 07/25/2056(c)

  327,457   358,032
Series 2017-4, Class HT, 3.25%, 06/25/2057(c)

  550,198   598,087
        7,888,825
Federal Home Loan Mortgage Corp. (FHLMC)-0.60%
0.00%, 12/14/2029(e)

  150,000   134,360
3.55%, 10/01/2033

  477,487   541,411
3.00%, 10/01/2034

  442,196   466,564
4.00%, 11/01/2048 to 07/01/2049

  447,272   479,359
3.50%, 08/01/2049

  3,086,856   3,315,508
        4,937,202
Federal National Mortgage Association (FNMA)-1.99%
2.86%, 09/01/2029

  500,000   555,361
2.99%, 09/01/2029

  500,000   556,314
2.82%, 10/01/2029

  500,000   554,057
3.05%, 10/01/2029

  500,000   551,090
2.90%, 11/01/2029

  500,000   553,441
3.08%, 10/01/2032

  750,000   844,852
3.24%, 11/01/2032

  468,598   526,972
3.31%, 01/01/2033

  1,000,000   1,148,266
2.50%, 10/01/2034 to 12/01/2034

  3,195,948   3,380,718
3.50%, 05/01/2047 to 06/01/2047

  2,535,943   2,751,228
4.00%, 11/01/2047

  151,865   163,369
3.00%, 09/01/2049 to 10/01/2049

  4,427,447   4,738,198
        16,323,866
Government National Mortgage Association (GNMA)-1.52%
4.00%, 07/20/2049

  96,100   101,939
TBA, 2.00%, 09/01/2051(q)

  6,645,000   6,793,994
TBA, 2.50%, 09/01/2051(q)

  5,400,000   5,602,289
        12,498,222
Uniform Mortgage-Backed Securities-7.07%
TBA, 1.50%, 09/01/2036(q)

  8,760,000   8,914,281
  Principal
Amount
  Value
Uniform Mortgage-Backed Securities-(continued)
TBA, 2.00%, 09/01/2036 to 09/01/2051(q)

$ 30,491,850   $31,108,274
TBA, 2.50%, 09/01/2051(q)

  17,400,000   18,079,008
        58,101,563
Total U.S. Government Sponsored Agency Mortgage-Backed Securities

(Cost $97,643,762)

  99,749,678
  Shares    
Preferred Stocks-0.71%
Asset Management & Custody Banks-0.05%
Bank of New York Mellon Corp. (The), Series G, Pfd., 4.70%(f)

  345,000   382,543
Diversified Banks-0.44%
Citigroup, Inc.        
Series U, Pfd., 5.00%(d)(f)

  1,414,000   1,490,568
Series W, Pfd., 4.00%(f)

  817,000   846,249
JPMorgan Chase & Co., Series I, Pfd., 3.60% (3 mo. USD LIBOR + 3.47%)(h)

  834,000   838,188
Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50%

  266   402,328
        3,577,333
Integrated Telecommunication Services-0.07%
AT&T, Inc., Series B, Pfd., 2.88%(f)

  500,000   605,061
Investment Banking & Brokerage-0.07%
Charles Schwab Corp. (The), Series H, Pfd., 4.00%(f)

  546,000   569,178
Life & Health Insurance-0.04%
MetLife, Inc., Series G, Pfd., 3.85%(d)(f)

  338,000   354,477
Other Diversified Financial Services-0.04%
Equitable Holdings, Inc., Series B, Pfd., 4.95%(f)

  318,000   345,825
Total Preferred Stocks

(Cost $5,517,225)

  5,834,417
  Principal
Amount
   
U.S. Government Sponsored Agency Securities-0.38%
Fannie Mae STRIPS        
0.00%, 05/15/2029(e)

$ 450,000   407,148
0.00%, 01/15/2030(e)

  1,300,000   1,151,416
0.00%, 05/15/2030(e)

  850,000   749,278
Freddie Mac STRIPS, 0.00%, 09/15/2030(e)

  350,000   308,081
Tennessee Valley Authority        
5.38%, 04/01/2056

  100,000   167,322
4.25%, 09/15/2065

  250,000   366,209
Total U.S. Government Sponsored Agency Securities

(Cost $2,466,831)

  3,149,454
Municipal Obligations-0.37%
California State University        
Series 2021-B, Ref. RB, 2.72%, 11/01/2052

  695,000   696,761
Series 2021-B, Ref. RB, 2.94%, 11/01/2052

  1,040,000   1,043,955
Illinois (State of), Series 2010-1, GO Bonds, (INS - AGM), 6.63%, 02/01/2035(r)

  200,000   259,996
Los Angeles (City of), CA Department of Water & Power, Series 2010, RB, 6.57%, 07/01/2045

  255,000   424,852
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020-C, Ref. RB, 3.03%, 08/15/2041

  580,000   595,062
Total Municipal Obligations(s)

(Cost $2,909,499)

  3,020,626
 
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2021
(Unaudited)
  Principal
Amount
  Value
Agency Credit Risk Transfer Notes-0.22%
Fannie Mae Connecticut Avenue Securities        
Series 2018-C05, Class 1M2, 2.44% (1 mo. USD LIBOR + 2.35%), 01/25/2031(h)(p)

$ 105,925   $107,287
Series 2019-R03, Class 1M2, 2.24% (1 mo. USD LIBOR + 2.15%), 09/25/2031(b)(h)(p)

  81,164   81,658
Series 2019-R06, Class 2M2, 2.19% (1 mo. USD LIBOR + 2.10%), 09/25/2039(b)(h)(p)

  102,369   102,806
Freddie Mac        
Series 2016-DNA4, Class M3, STACR®, 3.89% (1 mo. USD LIBOR + 3.80%), 03/25/2029(h)(t)

  233,397   241,895
Series 2016-HQA4, Class M3, STACR®, 3.99% (1 mo. USD LIBOR + 3.90%), 04/25/2029(h)(t)

  243,117   251,148
Series 2020-DNA5, Class M1, STACR®, 1.35% (30 Day Average SOFR + 1.30%), 10/25/2050(b)(h)(t)

  35,691   35,694
Series 2020-DNA5, Class M2, STACR®, 2.85% (30 Day Average SOFR + 2.80%), 10/25/2050(b)(h)(t)

  942,000   954,036
Total Agency Credit Risk Transfer Notes

(Cost $1,772,151)

  1,774,524
Non-U.S. Dollar Denominated Bonds & Notes-0.06%(u)
Movies & Entertainment-0.02%
Netflix, Inc., 3.88%, 11/15/2029(b)

EUR 100,000   144,801
  Principal
Amount
  Value
Sovereign Debt-0.04%
Ukraine Government International Bond (Ukraine), 4.38%, 01/27/2030(b)

EUR 309,000   $342,095
Total Non-U.S. Dollar Denominated Bonds & Notes

(Cost $454,258)

  486,896
  Shares    
Options Purchased-0.09%
(Cost $1,005,393)

  778,908
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-102.26%

(Cost $818,486,036)

  840,424,156
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-4.94%
Invesco Private Government Fund, 0.02%(v)(w)(x)

  12,177,226   12,177,226
Invesco Private Prime Fund, 0.12%(v)(w)(x)

  28,402,167   28,413,528
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $40,590,753)

  40,590,754
TOTAL INVESTMENTS IN SECURITIES-107.20%

(Cost $859,076,789)

  881,014,910
OTHER ASSETS LESS LIABILITIES-(7.20)%

  (59,166,575)
NET ASSETS-100.00%

  $821,848,335
 
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2021
(Unaudited)
Investment Abbreviations:
AGM -Assured Guaranty Municipal Corp.
CLO -Collateralized Loan Obligation
Conv. -Convertible
Ctfs. -Certificates
EUR -Euro
GO -General Obligation
INS -Insurer
IO -Interest Only
LIBOR -London Interbank Offered Rate
Pfd. -Preferred
RB -Revenue Bonds
Ref. -Refunding
REIT -Real Estate Investment Trust
SOFR -Secured Overnight Financing Rate
STACR® -Structured Agency Credit Risk
STRIPS -Separately Traded Registered Interest and Principal Security
TBA -To Be Announced
USD -U.S. Dollar
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at July 31, 2021 was $292,852,583, which represented 35.63% of the Fund’s Net Assets.
(c) Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.
(d) All or a portion of this security was out on loan at July 31, 2021.
(e) Denotes a zero coupon security issued at a substantial discount from its value at maturity.
(f) Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(g) Perpetual bond with no specified maturity date.
(h) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on July 31, 2021.
(i) Security valued using significant unobservable inputs (Level 3). See Note 1.
(j) All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end.
(k) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(l) $2,975,524 was pledged as collateral to cover margin requirements for open futures contracts.  
(m) Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on July 31, 2021.
(n) Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.
(o) Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on July 31, 2021.
(p) CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a large and diverse reference pool.
(q) Security purchased on a forward commitment basis. This security is subject to dollar roll transactions.  
(r) Principal and/or interest payments are secured by the bond insurance company listed.
(s) 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.
(t) Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from the mortgages in the reference pool to credit investors who invest in the STACR® debt notes.
(u) Foreign denominated security. Principal amount is denominated in the currency indicated.
(v) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended July 31, 2021.
    
  Value
October 31, 2020
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
July 31, 2021
  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $7,969,602   $523,739,931   $(519,532,307)   $-   $-   $12,177,226   $2,568*
Invesco Private Prime Fund 11,954,402   793,094,515   (776,635,452)   1   62   28,413,528   30,502*
Total $19,924,004   $1,316,834,446   $(1,296,167,759)   $1   $62   $40,590,754   $33,070
    
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2021
(Unaudited)
* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(w) The rate shown is the 7-day SEC standardized yield as of July 31, 2021.
(x) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The table below details options purchased.
    
Open Exchange-Traded Equity Options Purchased
Description   Type of
Contract
  Expiration Date   Number of
Contracts
  Exercise Price   Notional
Value*
  Value
Equity Risk                  
Energy Select Sector SPDR Fund   Call   06/17/2022   760     $57   $4,332,000   $166,060
Apple, Inc.   Call   06/17/2022   4     145   58,000   6,410
Microsoft Corp.   Call   06/17/2022   5     295   147,500   10,388
Total Exchange-Traded Equity Options Purchased                 $182,858
    
* Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.
    
Open Exchange-Traded Index Options Purchased
Description   Type of
Contract
  Expiration Date   Number of
Contracts
  Exercise Price   Notional
Value*
  Value
Equity Risk                  
S&P 500 Index   Call   04/14/2022   26     $4,425   $11,505,000   $596,050
    
* Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.
    
Open Exchange-Traded Equity Options Written
Description   Type of
Contract
  Expiration
Date
  Number of
Contracts
  Exercise
Price
  Premiums
Received
  Notional
Value*
  Value   Unrealized
Appreciation
Equity Risk                          
Energy Select Sector SPDR Fund   Call   06/17/2022   760     $ 70 $ (119,293)     $(5,320,000)   $(46,360)   $ 72,933
    
* Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.
    
Open Over-The-Counter Credit Default Swaptions Written
Counterparty   Type of
Contract
  Exercise
Rate
  Reference
Entity
  (Pay)/
Receive
Fixed
Rate
  Payment
Frequency
  Expiration
Date
  Implied
Credit
Spread(a)
  Premiums
Received
  Notional
Value
  Value   Unrealized
Appreciation
(Depreciation)
Credit Risk                                      
Goldman Sachs International   Put   1.08%   Markit CDX North America High Yield Index, Series 35, Version 1   5.00%   Quarterly   09/15/2021   2.919%   $(125,860)   USD (19,363,000)   $(129,711)   $(3,851)
    
(a) Implied credit spreads represent the current level, as of July 31, 2021, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.
    
Open Futures Contracts
Long Futures Contracts   Number of
Contracts
  Expiration
Month
  Notional
Value
  Value   Unrealized
Appreciation
(Depreciation)
Interest Rate Risk                    
U.S. Treasury Long Bonds   38   September-2021   $6,259,313   $183,896   $183,896
U.S. Treasury 2 Year Notes   536   September-2021   118,271,750   (5,241)   (5,241)
U.S. Treasury 5 Year Notes   43   September-2021   5,351,148   25,125   25,125
Subtotal—Long Futures Contracts               203,780   203,780
See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)—(continued)
July 31, 2021
(Unaudited)
Open Futures Contracts—(continued)
Short Futures Contracts   Number of
Contracts
  Expiration
Month
  Notional
Value
  Value   Unrealized
Appreciation
(Depreciation)
Interest Rate Risk                    
U.S. Treasury 10 Year Notes   308   September-2021   $(41,411,563)   $(762,341)   $(762,341)
U.S. Treasury 10 Year Ultra Bonds   500   September-2021   (75,125,000)   (2,602,059)   (2,602,059)
U.S. Treasury Ultra Bonds   97   September-2021   (19,354,531)   (1,358,973)   (1,358,973)
Subtotal—Short Futures Contracts               (4,723,373)   (4,723,373)
Total Futures Contracts   $(4,519,593)   $(4,519,593)
    
Open Centrally Cleared Credit Default Swap Agreements(a)
Reference Entity   Buy/Sell
Protection
  (Pay)/
Receive
Fixed
Rate
  Payment
Frequency
  Maturity Date   Implied
Credit
Spread(b)
  Notional
Value
  Upfront
Payments
Paid
(Received)
  Value   Unrealized
Appreciation
Credit Risk                            
Markit CDX North America High Yield Index, Series 35, Version 1   Buy   (5.00)%   Quarterly   06/20/2026   2.919%   USD 7,716,094   $(774,503)   $(707,936)   $66,567
    
(a) Centrally cleared swap agreements collateralized by $2,037,889 cash held with the broker.
(b) Implied credit spreads represent the current level, as of July 31, 2021, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.
    
Open Forward Foreign Currency Contracts
Settlement Date   Counterparty   Contract to   Unrealized
Appreciation
Deliver   Receive  
Currency Risk                  
8/17/2021   State Street Bank and Trust Co.   EUR 885,000 USD 1,077,455 $27,664  
    
Abbreviations:
EUR -Euro
USD -U.S. Dollar
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments(a)
Invesco Ultra Short Duration ETF (GSY)
July 31, 2021
(Unaudited)
  Principal
Amount
  Value
U.S. Dollar Denominated Bonds & Notes-46.52%
Aerospace & Defense-0.62%
Boeing Co. (The), 1.17%, 02/04/2023

$ 3,046,000   $3,056,464
Raytheon Technologies Corp., 2.50%, 12/15/2022

  15,000,000   15,374,319
        18,430,783
Agricultural & Farm Machinery-0.09%
John Deere Capital Corp., 1.20%, 04/06/2023

  2,687,000   2,732,321
Apparel, Accessories & Luxury Goods-0.12%
Ralph Lauren Corp., 1.70%, 06/15/2022

  3,519,000   3,564,864
Application Software-0.17%
Intuit, Inc., 0.65%, 07/15/2023

  5,000,000   5,033,322
Automobile Manufacturers-4.76%
BMW US Capital LLC (Germany), 3.80%, 04/06/2023(b)

  10,000,000   10,557,438
Daimler Finance North America LLC (Germany)        
3.40%, 02/22/2022(b)

  22,290,000   22,671,696
2.55%, 08/15/2022(b)

  500,000   511,067
3.35%, 02/22/2023(b)

  21,462,000   22,426,254
General Motors Financial Co., Inc., 1.70%, 08/18/2023(c)

  20,000,000   20,414,601
Hyundai Capital America        
1.25%, 09/18/2023(b)

  12,730,000   12,846,724
0.88%, 06/14/2024(b)

  10,526,000   10,510,795
Toyota Motor Credit Corp.        
0.56% (3 mo. USD LIBOR + 0.40%), 05/17/2022(d)

  12,260,000   12,296,518
0.50%, 08/14/2023

  17,606,000   17,683,748
Volkswagen Group of America Finance LLC (Germany)        
2.70%, 09/26/2022(b)

  6,385,000   6,552,026
3.13%, 05/12/2023(b)

  5,091,000   5,312,341
        141,783,208
Biotechnology-2.31%
AbbVie, Inc.        
0.61% (3 mo. USD LIBOR + 0.46%), 11/19/2021(d)

  25,000,000   25,030,698
5.00%, 12/15/2021

  15,850,000   15,941,316
2.30%, 11/21/2022

  8,000,000   8,200,535
Amgen, Inc., 2.65%, 05/11/2022(c)

  9,600,000   9,761,179
Gilead Sciences, Inc., 0.75%, 09/29/2023

  10,000,000   10,005,860
        68,939,588
Cable & Satellite-0.67%
Comcast Corp., 0.58% (3 mo. USD LIBOR + 0.44%), 10/01/2021(d)

  20,000,000   20,015,245
Construction Machinery & Heavy Trucks-0.17%
Caterpillar Financial Services Corp., 0.36% (3 mo. USD LIBOR + 0.22%), 01/06/2022(d)

  4,938,000   4,942,737
Consumer Finance-1.38%
Ally Financial, Inc., 1.45%, 10/02/2023

  5,309,000   5,393,741
American Express Co., 0.78% (3 mo. USD LIBOR + 0.60%), 11/05/2021(d)

  17,000,000   17,013,600
Capital One Financial Corp.        
1.07% (3 mo. USD LIBOR + 0.95%), 03/09/2022(d)

  10,000,000   10,046,285
2.60%, 05/11/2023

  5,823,000   6,040,993
Synchrony Financial, 2.85%, 07/25/2022

  2,566,000   2,622,678
        41,117,297
Data Processing & Outsourced Services-0.80%
Fidelity National Information Services, Inc., 0.38%, 03/01/2023

  3,571,000   3,573,617
  Principal
Amount
  Value
Data Processing & Outsourced Services-(continued)
PayPal Holdings, Inc.        
2.20%, 09/26/2022

$ 10,105,000   $10,337,786
1.35%, 06/01/2023

  9,688,000   9,873,490
        23,784,893
Department Stores-0.20%
7-Eleven, Inc., 0.63%, 02/10/2023(b)

  5,882,000   5,885,995
Diversified Banks-8.00%
ABN AMRO Bank N.V. (Netherlands), 0.71% (3 mo. USD LIBOR + 0.57%), 08/27/2021(b)(d)

  4,834,000   4,836,073
Banco Santander S.A. (Spain), 0.70%, 06/30/2024(e)

  13,600,000   13,648,467
Bank of America Corp., 3.30%, 01/11/2023

  6,000,000   6,263,938
Banque Federative du Credit Mutuel S.A. (France), 0.65%, 02/27/2024(b)

  7,955,000   7,961,238
BPCE S.A. (France)        
1.37% (3 mo. USD LIBOR + 1.22%), 05/22/2022(b)(d)

  12,000,000   12,104,860
5.15%, 07/21/2024(b)

  5,040,000   5,607,588
Canadian Imperial Bank of Commerce (Canada)        
0.45%, 06/22/2023

  15,000,000   15,014,423
0.95%, 06/23/2023

  17,045,000   17,226,995
0.50%, 12/14/2023(c)

  8,571,000   8,566,401
Danske Bank A/S (Denmark), 2.70%, 03/02/2022(b)

  9,000,000   9,116,381
Federation des Caisses Desjardins du Quebec (Canada), 0.70%, 05/21/2024(b)

  9,868,000   9,879,704
Mitsubishi UFJ Financial Group, Inc. (Japan), 1.18% (3 mo. USD LIBOR + 1.06%), 09/13/2021(c)(d)

  5,000,000   5,006,016
Mizuho Financial Group, Inc. (Japan)        
1.26% (3 mo. USD LIBOR + 1.14%), 09/13/2021(d)

  6,850,000   6,858,651
2.60%, 09/11/2022

  6,500,000   6,667,592
National Australia Bank Ltd. (Australia), 0.83% (3 mo. USD LIBOR + 0.71%), 11/04/2021(b)(d)

  12,000,000   12,021,585
National Bank of Canada (Canada), 0.90%, 08/15/2023(e)

  5,000,000   5,024,471
NatWest Markets PLC (United Kingdom), 3.63%, 09/29/2022(b)

  17,600,000   18,275,792
Nordea Bank Abp (Finland), 1.00%, 06/09/2023(b)

  7,407,000   7,501,249
Standard Chartered PLC (United Kingdom), 1.32%, 10/14/2023(b)(e)

  3,787,000   3,821,748
Sumitomo Mitsui Financial Group, Inc. (Japan)        
1.27% (3 mo. USD LIBOR + 1.14%), 10/19/2021(d)

  10,050,000   10,074,852
0.51%, 01/12/2024

  1,364,000   1,363,405
Sumitomo Mitsui Trust Bank Ltd. (Japan), 0.80%, 09/12/2023(b)

  11,102,000   11,191,337
Toronto-Dominion Bank (The) (Canada), 0.49% (3 mo. USD LIBOR + 0.35%), 07/22/2022(d)

  10,000,000   10,026,291
Truist Bank, 0.75% (3 mo. USD LIBOR + 0.59%), 05/17/2022(d)

  10,833,000   10,880,635
U.S. Bank N.A., 0.54% (3 mo. USD LIBOR + 0.38%), 11/16/2021(d)

  9,091,000   9,099,094
UBS AG (Switzerland), 0.38%, 06/01/2023(b)

  10,417,000   10,416,713
        238,455,499
See accompanying notes which are an integral part of this schedule.

Invesco Ultra Short Duration ETF (GSY)—(continued)
July 31, 2021
(Unaudited)
  Principal
Amount
  Value
Diversified Capital Markets-1.44%
Credit Suisse AG (Switzerland)        
0.50% (SOFR + 0.45%), 02/04/2022(d)

$ 15,000,000   $15,023,374
1.00%, 05/05/2023

  13,636,000   13,790,295
0.50%, 02/02/2024

  14,000,000   13,972,857
        42,786,526
Electric Utilities-1.86%
American Electric Power Co., Inc., Series M, 0.75%, 11/01/2023

  3,797,000   3,800,195
Duke Energy Progress LLC, Series A, 0.34% (3 mo. USD LIBOR + 0.18%), 02/18/2022(d)

  9,756,000   9,756,224
Florida Power & Light Co., 0.28% (SOFR + 0.25%), 05/10/2023(c)(d)

  13,043,000   13,046,121
NextEra Energy Capital Holdings, Inc., 0.58% (SOFR + 0.54%), 03/01/2023(d)

  3,704,000   3,722,618
Southern California Edison Co., Series D, 0.40% (3 mo. USD LIBOR + 0.27%), 12/03/2021(d)

  11,245,000   11,248,652
Southern Co. (The), Series 21-A, 0.60%, 02/26/2024

  9,524,000   9,553,770
Xcel Energy, Inc., 0.50%, 10/15/2023

  4,372,000   4,379,938
        55,507,518
Fertilizers & Agricultural Chemicals-0.18%
Nutrien Ltd. (Canada), 1.90%, 05/13/2023

  5,300,000   5,429,813
Financial Exchanges & Data-0.17%
Intercontinental Exchange, Inc., 0.70%, 06/15/2023

  4,938,000   4,971,243
Gas Utilities-0.81%
Atmos Energy Corp., 0.50% (3 mo. USD LIBOR + 0.38%), 03/09/2023(d)

  9,756,000   9,758,755
CenterPoint Energy Resources Corp., 0.63% (3 mo. USD LIBOR + 0.50%), 03/02/2023(d)

  14,493,000   14,496,656
        24,255,411
Health Care Distributors-0.34%
AmerisourceBergen Corp., 0.74%, 03/15/2023

  10,170,000   10,190,008
Hotels, Resorts & Cruise Lines-0.38%
Marriott International, Inc., Series N, 3.13%, 10/15/2021

  11,412,000   11,417,775
Industrial Conglomerates-0.17%
Honeywell International, Inc., 0.38% (3 mo. USD LIBOR + 0.23%), 08/19/2022(d)

  5,096,000   5,096,824
Integrated Oil & Gas-1.14%
BP Capital Markets America, Inc., 3.22%, 11/28/2023

  7,495,000   7,960,019
Exxon Mobil Corp., 1.57%, 04/15/2023

  12,409,000   12,678,568
Shell International Finance B.V. (Netherlands), 0.38%, 09/15/2023

  13,333,000   13,338,314
        33,976,901
Integrated Telecommunication Services-0.69%
AT&T, Inc., 0.69% (SOFR + 0.64%), 03/25/2024(d)

  9,917,000   9,940,910
Verizon Communications, Inc., 0.55% (SOFR + 0.50%), 03/22/2024(d)

  10,417,000   10,490,536
        20,431,446
Investment Banking & Brokerage-2.33%
Goldman Sachs Group, Inc. (The)        
5.75%, 01/24/2022

  15,517,000   15,923,646
0.48%, 01/27/2023

  11,114,000   11,120,965
0.63%, 11/17/2023(e)

  21,111,000   21,123,851
  Principal
Amount
  Value
Investment Banking & Brokerage-(continued)
Morgan Stanley        
3.13%, 01/23/2023

$ 14,598,000   $15,188,687
0.56%, 11/10/2023(e)

  6,000,000   6,012,088
        69,369,237
Life & Health Insurance-4.73%
Athene Global Funding        
2.80%, 05/26/2023(b)(c)

  17,500,000   18,233,813
1.20%, 10/13/2023(b)

  14,974,000   15,172,299
0.95%, 01/08/2024(b)

  5,000,000   5,041,271
0.74% (SOFR + 0.70%), 05/24/2024(b)(d)

  19,000,000   19,099,211
Brighthouse Financial Global Funding, 0.60%, 06/28/2023(b)

  3,255,000   3,260,852
GA Global Funding Trust, 1.00%, 04/08/2024(b)

  17,219,000   17,346,385
Jackson National Life Global Funding, 0.65% (SOFR + 0.60%), 01/06/2023(b)(d)

  10,000,000   10,054,566
MassMutual Global Funding II, 0.41% (SOFR + 0.36%), 04/12/2024(b)(d)

  15,022,000   15,070,883
MET Tower Global Funding, 0.60% (SOFR + 0.55%), 01/17/2023(b)(d)

  10,000,000   10,066,178
New York Life Global Funding        
0.50% (3 mo. USD LIBOR + 0.32%), 08/06/2021(b)(d)

  6,665,000   6,665,229
0.56% (3 mo. USD LIBOR + 0.44%), 07/12/2022(b)(d)

  7,407,000   7,438,008
1.10%, 05/05/2023(b)

  3,243,000   3,293,608
Principal Life Global Funding II, 0.50% (SOFR + 0.45%), 04/12/2024(b)(d)

  5,882,000   5,905,211
Protective Life Global Funding, 0.63%, 10/13/2023(b)(c)

  4,192,000   4,212,704
        140,860,218
Managed Health Care-0.10%
Humana, Inc., 0.65%, 08/03/2023

  2,917,000   2,917,702
Movies & Entertainment-0.16%
Walt Disney Co. (The), 0.38% (3 mo. USD LIBOR + 0.25%), 09/01/2021(d)

  4,762,000   4,763,291
Multi-line Insurance-0.45%
Metropolitan Life Global Funding I        
0.62% (SOFR + 0.57%), 01/13/2023(b)(d)

  3,749,000   3,774,697
0.90%, 06/08/2023(b)

  9,524,000   9,633,679
        13,408,376
Multi-Utilities-0.67%
Consolidated Edison, Inc., Series A, 0.65%, 12/01/2023

  12,195,000   12,203,949
Dominion Energy, Inc., Series D, 0.65% (3 mo. USD LIBOR + 0.53%), 09/15/2023(d)

  7,692,000   7,700,388
        19,904,337
Oil & Gas Exploration & Production-0.63%
ConocoPhillips, 1.06% (3 mo. USD LIBOR + 0.90%), 05/15/2022(d)

  11,853,000   11,927,768
Pioneer Natural Resources Co.        
0.55%, 05/15/2023

  3,509,000   3,514,305
0.75%, 01/15/2024

  3,297,000   3,298,186
        18,740,259
Oil & Gas Refining & Marketing-1.00%
Phillips 66        
4.30%, 04/01/2022

  10,000,000   10,263,642
3.70%, 04/06/2023

  12,500,000   13,165,523
0.90%, 02/15/2024

  6,250,000   6,255,964
        29,685,129
Oil & Gas Storage & Transportation-1.02%
Enbridge, Inc. (Canada)        
0.43% (SOFR + 0.40%), 02/17/2023(d)

  3,571,000   3,579,166
4.00%, 10/01/2023

  15,000,000   16,015,283
 
See accompanying notes which are an integral part of this schedule.

Invesco Ultra Short Duration ETF (GSY)—(continued)
July 31, 2021
(Unaudited)
  Principal
Amount
  Value
Oil & Gas Storage & Transportation-(continued)
MPLX L.P., 1.22% (3 mo. USD LIBOR + 1.10%), 09/09/2022(d)

$ 2,844,000   $2,845,897
Williams Cos., Inc. (The), 4.00%, 11/15/2021

  8,000,000   8,009,765
        30,450,111
Other Diversified Financial Services-0.67%
AIG Global Funding        
0.80%, 07/07/2023(b)(c)

  7,317,000   7,383,941
Series 2019-A2, Class A, 2.30%, 07/01/2022(b)

  5,000,000   5,091,584
USAA Capital Corp., 0.50%, 05/01/2024(b)

  7,500,000   7,507,900
        19,983,425
Packaged Foods & Meats-0.31%
Mondelez International Holdings Netherlands B.V., 2.13%, 09/19/2022(b)

  8,995,000   9,178,196
Paper Products-0.50%
Georgia-Pacific LLC, 0.63%, 05/15/2024(b)

  15,000,000   15,047,428
Personal Products-0.13%
Unilever Capital Corp. (United Kingdom), 0.38%, 09/14/2023

  3,917,000   3,927,955
Pharmaceuticals-1.83%
AstraZeneca PLC (United Kingdom), 0.30%, 05/26/2023

  10,000,000   10,007,378
Bayer US Finance II LLC (Germany), 3.88%, 12/15/2023(b)

  30,000,000   32,110,293
Bristol-Myers Squibb Co., 0.54%, 11/13/2023

  12,500,000   12,513,315
        54,630,986
Regional Banks-1.23%
Fifth Third Bancorp, 3.65%, 01/25/2024

  10,000,000   10,725,895
KeyBank N.A., 0.79% (3 mo. USD LIBOR + 0.66%), 02/01/2022(d)

  18,038,000   18,098,038
Regions Financial Corp., 3.80%, 08/14/2023

  7,342,000   7,829,270
        36,653,203
Restaurants-0.36%
McDonald’s Corp., 0.56% (3 mo. USD LIBOR + 0.43%), 10/28/2021(d)

  10,652,000   10,663,122
Semiconductors-0.82%
NXP B.V./NXP Funding LLC (China), 4.63%, 06/01/2023(b)

  22,725,000   24,352,780
Specialized REITs-0.64%
American Tower Corp., 2.25%, 01/15/2022

  6,747,000   6,806,431
Crown Castle International Corp., 3.15%, 07/15/2023

  11,626,000   12,203,843
        19,010,274
Systems Software-0.27%
VMware, Inc., 0.60%, 08/15/2023

  8,064,000   8,078,822
Technology Hardware, Storage & Peripherals-0.48%
Apple, Inc., 0.75%, 05/11/2023

  7,143,000   7,207,902
Hewlett Packard Enterprise Co., 0.86% (3 mo. USD LIBOR + 0.72%), 10/05/2021(d)

  7,059,000   7,060,328
        14,268,230
Thrifts & Mortgage Finance-0.41%
Nationwide Building Society (United Kingdom), 0.55%, 01/22/2024(b)

  12,195,000   12,184,689
Tobacco-0.44%
B.A.T. Capital Corp. (United Kingdom), 2.76%, 08/15/2022(c)

  12,685,000   12,968,264
Trading Companies & Distributors-0.42%
Air Lease Corp., 3.50%, 01/15/2022

  12,260,000   12,438,717
  Principal
Amount
  Value
Trucking-0.45%
Penske Truck Leasing Co. L.P./PTL Finance Corp., 3.90%, 02/01/2024(b)

$ 12,577,000   $13,506,883
Total U.S. Dollar Denominated Bonds & Notes

(Cost $1,378,795,638)

  1,385,740,851
Asset-Backed Securities-14.33%
ABPCI Direct Lending Fund CLO I LLC (Cayman Islands), Series 2017-1A, Class A1R, 1.73% (3 mo. USD LIBOR + 1.60%), 04/20/2032(b)(d)

  2,000,000   2,000,444
Angel Oak Mortgage Trust        
Series 2020-1, Class A1, 2.16%, 12/25/2059(b)(f)

  3,656,825   3,677,171
Series 2021-3, Class A1, 1.07%, 05/25/2066(b)(f)

  11,653,884   11,683,616
Angel Oak Mortgage Trust I LLC        
Series 2019-1, Class A1, 3.92%, 11/25/2048(b)(f)

  2,649,985   2,682,204
Series 2019-2, Class A1, 3.63%, 03/25/2049(b)(f)

  2,764,907   2,798,920
Series 2019-4, Class A1, 2.99%, 07/26/2049(b)(f)

  2,381,181   2,403,575
Angel Oak Mortgage Trust LLC, Series 2020-5, Class A1, 1.37%, 05/25/2065(b)(f)

  6,685,017   6,717,627
Atrium XIII (Cayman Islands), Series 13A, Class A1, 1.32% (3 mo. USD LIBOR + 1.18%), 11/21/2030(b)(d)

  3,000,000   3,002,114
Avery Point VI CLO Ltd. (Cayman Islands), Series 2015-6A, Class AR2, 1.08% (3 mo. USD LIBOR + 0.90%), 08/05/2027(b)(d)

  7,857,665   7,852,626
Bear Stearns Asset Backed Securities I Trust, Series 2006-HE9, Class 2A, 0.23% (1 mo. USD LIBOR + 0.14%), 11/25/2036(d)

  1,357,506   1,338,450
BMW Vehicle Owner Trust, Series 2020-A, Class A2, 0.39%, 02/27/2023

  1,358,253   1,358,930
CBAM Ltd. (Cayman Islands), Series 2018-5A, Class A, 1.15% (3 mo. USD LIBOR + 1.02%), 04/17/2031(b)(d)

  6,250,000   6,260,312
Chesapeake Funding II LLC (Canada), Series 2018-3A, Class A1, 3.39%, 01/15/2031(b)

  2,534,154   2,583,731
CIT Mortgage Loan Trust, Series 2007-1, Class 1A, 1.44% (1 mo. USD LIBOR + 1.35%), 10/25/2037(b)(d)

  1,105,826   1,117,123
COLT Mortgage Loan Trust        
Series 2019-4, Class A1, 2.58%, 11/25/2049(b)(f)

  3,762,784   3,777,307
Series 2020-1, Class A1, 2.49%, 02/25/2050(b)(f)

  4,280,654   4,303,662
Series 2020-1R, Class A1, 1.26%, 09/25/2065(b)(f)

  5,944,187   5,968,684
Series 2020-2R, Class A1, 1.33%, 10/26/2065(b)(f)

  5,856,094   5,871,216
Countrywide Asset-Backed Ctfs.        
Series 2004-SD2, Class M1, 1.02% (1 mo. USD LIBOR + 0.93%), 06/25/2033(b)(d)

  79,767   79,576
Series 2006-6, Class 1A1, 0.43% (1 mo. USD LIBOR + 0.34%), 09/25/2036(d)

  1,345,661   1,340,698
Credit Suisse Mortgage Trust, Series 2014-2R, Class 27A1, 0.29% (1 mo. USD LIBOR + 0.20%), 02/27/2046(b)(d)

  125,274   123,673
CWABS, Inc. Asset-Backed Ctfs. Trust, Series 2004-4, Class M1, 0.81% (1 mo. USD LIBOR + 0.72%), 07/25/2034(d)

  1,509,893   1,497,014
Deephaven Residential Mortgage Trust, Series 2021-2, Class A1, 0.90%, 04/25/2066(b)(f)

  9,616,212   9,616,339
Diamond CLO Ltd. (Cayman Islands), Series 2019-1A, Class A1R, 1.33% (3 mo. USD LIBOR + 1.20%), 04/25/2029(b)(d)

  9,816,772   9,836,109
 
See accompanying notes which are an integral part of this schedule.

Invesco Ultra Short Duration ETF (GSY)—(continued)
July 31, 2021
(Unaudited)
  Principal
Amount
  Value
Dryden 30 Senior Loan Fund (Cayman Islands), Series 2013-30A, Class AR, 0.98% (3 mo. USD LIBOR + 0.82%), 11/15/2028(b)(d)

$ 14,397,426   $14,424,401
Ellington Financial Mortgage Trust        
Series 2019-2, Class A1, 2.74%, 11/25/2059(b)(f)

  4,056,883   4,136,848
Series 2020-2, Class A1, 1.18%, 10/25/2065(b)(f)

  947,506   949,836
Enterprise Fleet Financing LLC, Series 2019-1, Class A2, 2.98%, 10/20/2024(b)

  1,348,385   1,358,282
Fortress Credit Opportunities IX CLO Ltd. (Cayman Islands), Series 2017-9A, Class A1T, 1.71% (3 mo. USD LIBOR + 1.55%), 11/15/2029(b)(d)

  2,000,000   2,000,584
FS KKR MM CLO 1 LLC, Series 2019-1A, Class A1R, 1.98% (3 mo. USD LIBOR + 1.85%), 01/15/2031(b)(d)

  9,000,000   8,999,339
GCAT LLC, Series 2019-NQM1, Class A1, 2.99%, 02/25/2059(b)(g)

  5,947,269   5,983,026
GCAT Trust, Series 2019-NQM2, Class A1, 2.86%, 09/25/2059(b)(g)

  5,109,011   5,141,546
GoldenTree Loan Management US CLO 2 Ltd. (Cayman Islands), Series 2017-2A, Class A, 1.28% (3 mo. USD LIBOR + 1.15%), 11/28/2030(b)(d)

  10,000,000   10,011,824
GoldenTree Loan Opportunities IX Ltd. (Cayman Islands), Series 2014-9A, Class AR2, 1.24% (3 mo. USD LIBOR + 1.11%), 10/29/2029(b)(d)

  12,000,000   12,005,994
Golub Capital Partners CLO 34 M Ltd. (Cayman Islands), Series 2017-34A, Class AR2, 1.45% (3 mo. USD LIBOR + 1.45%), 03/14/2031(b)(d)

  14,000,000   14,021,137
Golub Capital Partners CLO 36M Ltd. (Cayman Islands), Series 2018-36A, Class A, 1.48% (3 mo. USD LIBOR + 1.30%), 02/05/2031(b)(d)

  5,000,000   4,991,939
Golub Capital Partners CLO 39B Ltd. (Cayman Islands), Series 2018-39A, Class A1, 1.28% (3 mo. USD LIBOR + 1.15%), 10/20/2028(b)(d)

  8,381,543   8,400,170
Golub Capital Partners CLO 45 M Ltd. (Cayman Islands), Series 2019-45A, Class A, 1.85% (3 mo. USD LIBOR + 1.72%), 10/20/2031(b)(d)

  5,000,000   5,010,277
Golub Capital Partners CLO 47 M Ltd. (Cayman Islands), Series 2020-47A, Class A1, 1.86% (3 mo. USD LIBOR + 1.68%), 05/05/2032(b)(d)

  10,000,000   9,997,606
GS Mortgage Securities Corp. Trust, Series 2017-STAY, Class A, 1.44% (1 mo. USD LIBOR + 1.10%), 07/15/2032(b)(d)

  12,200,000   12,228,184
GS Mortgage-Backed Securities Trust, Series 2020-NQM1, Class A1, 1.38%, 09/27/2060(b)(f)

  4,665,484   4,692,454
HSI Asset Securitization Corp. Trust, Series 2006-OPT2, Class M2, 0.48% (1 mo. USD LIBOR + 0.59%), 01/25/2036(d)

  1,885,113   1,888,962
KKR CLO 21 Ltd. (Cayman Islands), Series A, 1.13% (3 mo. USD LIBOR + 1.00%), 04/15/2031(b)(d)

  2,000,000   2,000,000
Nationstar Home Equity Loan Trust, Series 2007-B, Class 1AV1, 0.31% (1 mo. USD LIBOR + 0.22%), 04/25/2037(d)

  1,393,561   1,383,291
Navient Private Education Refi Loan Trust, Series 2020-FA, Class A, 1.22%, 07/15/2069(b)

  3,899,215   3,926,860
Neuberger Berman CLO XIV Ltd. (Cayman Islands), Series 2013-14A, Class AR2, 1.16% (3 mo. USD LIBOR + 1.03%), 01/28/2030(b)(d)

  10,000,000   10,012,978
  Principal
Amount
  Value
Neuberger Berman Loan Advisers CLO 25 Ltd. (Cayman Islands), Series 2017-25A, Class AR, 1.06% (3 mo. USD LIBOR + 0.93%), 10/18/2029(b)(d)

$ 9,750,000   $9,749,836
New Residential Mortgage Loan Trust        
Series 2017-5A, Class A1, 1.59% (1 mo. USD LIBOR + 1.50%), 06/25/2057(b)(d)

  540,038   549,463
Series 2019-NQM4, Class A1, 2.49%, 09/25/2059(b)(f)

  4,911,499   4,953,776
Series 2020-NQM1, Series A1, 2.46%, 01/26/2060(b)(f)

  2,916,396   2,962,360
Newstar Commercial Loan Funding LLC, Series 2017-1A, Class BN, 2.63% (3 mo. USD LIBOR + 2.50%), 03/20/2027(b)(d)

  2,192,936   2,198,394
NextGear Floorplan Master Owner Trust        
Series 2019-1A, Class A1, 0.74% (1 mo. USD LIBOR + 0.65%), 02/15/2024(b)(d)

  12,750,000   12,789,168
Series 2019-2A, Class A1, 0.79% (1 mo. USD LIBOR + 0.70%), 10/15/2024(b)(d)

  10,000,000   10,071,602
OBX Trust, Series 2018-EXP1, Class 2A1, 0.94% (1 mo. USD LIBOR + 0.85%), 04/25/2048(b)(d)

  881,697   888,513
OCP CLO Ltd. (Cayman Islands), Series 2014-7A, Class A1RR, 1.25% (3 mo. USD LIBOR + 1.12%), 07/20/2029(b)(d)

  6,750,000   6,753,382
Octagon Investment Partners XVII Ltd. (Cayman Islands), Series 2013-1A, Class A1R2, 1.13% (3 mo. USD LIBOR + 1.00%), 01/25/2031(b)(d)

  5,000,000   4,998,828
Onslow Bay Financial LLC, Series 2021-NQM2, Class A1, 1.10%, 05/25/2061(b)(f)

  14,575,681   14,625,524
Race Point VIII CLO Ltd. (Cayman Islands), Series 2013-8A, Class AR2, 1.20% (3 mo. USD LIBOR + 1.04%), 02/20/2030(b)(d)

  9,873,273   9,880,121
Residential Mortgage Loan Trust        
Series 2019-3, Class A1, 2.63%, 09/25/2059(b)(f)

  4,820,454   4,884,984
Series 2020-1, Class A1, 2.38%, 02/25/2024(b)(f)

  3,682,569   3,727,231
Star Trust, Series 2021-SFR1, Class A, 0.69% (1 mo. USD LIBOR + 0.60%), 04/17/2038(b)(d)

  19,775,913   19,785,784
Starwood Mortgage Residential Trust        
Series 2020-1, Class A1, 2.28%, 02/25/2050(b)(f)

  3,587,515   3,634,776
Series 2020-INV1, Class A1, 1.03%, 11/25/2055(b)(f)

  8,315,108   8,327,150
Series 2021-2, Class A1, 0.94%, 05/25/2065(b)(f)

  7,644,695   7,655,787
Sudbury Mill CLO Ltd. (Cayman Islands), Series 2013-1A, Class B1R, 1.78% (3 mo. USD LIBOR + 1.65%), 01/17/2026(b)(d)

  1,408,545   1,411,849
Tesla Auto Lease Trust, Series 2020-A, Class A2, 0.55%, 05/22/2023(b)

  1,395,279   1,397,293
TICP CLO II-2 Ltd. (Cayman Islands), Series 2018-IIA, Class A1, 0.97% (3 mo. USD LIBOR + 0.84%), 04/20/2028(b)(d)

  7,080,281   7,082,314
Toorak Mortgage Corp., Series 2021-INV1, Class A1, 1.15%, 07/25/2056(b)(f)

  10,750,000   10,788,126
Verus Securitization Trust        
Series 2020-1, Class A1, 2.42%, 01/25/2060(b)(g)

  6,510,469   6,614,005
Series 2020-5, Class A1, 1.22%, 05/25/2065(b)(g)

  7,047,932   7,071,476
Series 2021-4, Class A1, 0.94%, 07/25/2066(b)(f)

  15,000,000   15,049,554
Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055(b)

  7,558,651   7,610,202
Total Asset-Backed Securities

(Cost $425,364,316)

  426,918,157
 
See accompanying notes which are an integral part of this schedule.

Invesco Ultra Short Duration ETF (GSY)—(continued)
July 31, 2021
(Unaudited)
  Principal
Amount
  Value
U.S. Treasury Securities-0.84%
U.S. Treasury Bills-0.84%(h)
0.05%, 01/20/2022

(Cost $24,994,028)

$ 25,000,000   $24,994,359
Variable Rate Senior Loan Interests-0.06%(i)(j)
Aerospace & Defense-0.06%
Fly Funding II S.a.r.l. (Ireland), Term Loan B, 1.92% (3 mo. USD LIBOR + 1.75%), 08/09/2025

(Cost $1,787,062)

  1,791,141   1,762,600
Commercial Paper-30.54%
Arrow Electronics, Inc., 0.22%, 08/03/2021(b)(h)

  32,500,000   32,498,913
AT&T, Inc.        
0.37%, 10/21/2021(b)(h)

  13,000,000   12,995,654
0.38%, 11/16/2021(b)(h)

  10,700,000   10,695,108
0.38%, 11/18/2021(b)(h)

  9,700,000   9,695,454
0.42%, 12/15/2021(b)(h)

  6,400,000   6,395,903
0.40%, 12/16/2021(b)(h)

  4,500,000   4,497,081
Aviation Capital Group LLC        
0.25%, 08/02/2021(b)(h)

  1,000,000   999,994
0.22%, 08/05/2021(b)(h)

  10,000,000   9,999,875
0.25%, 08/10/2021(b)(h)

  20,000,000   19,999,511
0.33%, 09/17/2021(b)(h)

  13,000,000   12,997,912
Brookfield Infrastructure Holdings Canada, Inc.        
0.26%, 08/10/2021(h)

  9,000,000   8,999,544
0.25%, 08/24/2021(h)

  17,250,000   17,247,520
Cabot Corp., 0.22%, 08/09/2021(b)(h)

  9,300,000   9,299,667
Cigna Corp., 0.22%, 08/24/2021(b)(h)

  9,000,000   8,999,119
CommonSpirit Health, Series A, 0.22%, 12/02/2021(h)

  17,500,000   17,489,852
Conagra Brands, Inc.        
0.25%, 09/09/2021(b)(h)

  21,300,000   21,293,086
0.27%, 10/08/2021(b)(h)

  10,000,000   9,994,322
0.30%, 10/15/2021(b)(h)

  20,000,000   19,987,338
Enbridge US, Inc., 0.25%, 11/19/2021(b)(h)

  17,000,000   16,989,317
Enel Finance America LLC        
0.20%, 09/29/2021(b)(h)

  10,000,000   9,997,187
0.34%, 06/21/2022(b)(h)

  9,300,000   9,276,925
Energy Transfer L.P., 0.35%, 08/02/2021(h)

  6,500,000   6,499,838
ENGIE S.A., 0.14%, 09/02/2021(b)(h)

  23,000,000   22,997,067
Entergy Corp., 0.20%, 09/07/2021(b)(h)

  15,000,000   14,996,994
Fidelity National Information Services, Inc., 0.25%, 08/09/2021(b)(h)

  15,000,000   14,999,463
General Motors Financial Co., Inc.        
0.31%, 08/02/2021(b)(h)

  10,000,000   9,999,792
0.30%, 08/11/2021(b)(h)

  5,000,000   4,999,482
0.32%, 08/25/2021(b)(h)

  3,000,000   2,999,174
0.32%, 08/31/2021(b)(h)

  6,500,000   6,497,706
Glencore Funding LLC        
0.35%%–0.36%, 08/09/2021(b)(h)

  33,200,000   33,198,561
0.21%, 08/20/2021(b)(h)

  10,000,000   9,998,606
Harley-Davidson Financial Services, Inc.        
0.29%, 08/02/2021(b)(h)

  15,000,000   14,999,718
0.35%, 09/09/2021(b)(h)

  5,000,000   4,998,195
0.29%, 10/04/2021(b)(h)

  9,500,000   9,493,295
0.32%, 12/01/2021(b)(h)

  10,000,000   9,980,504
Hawaiian Electric Industries, Inc., 0.28%, 08/03/2021(b)(h)

  9,000,000   8,999,618
HSBC Bank PLC, 0.27%, 02/01/2022(b)(h)

  25,000,000   24,978,429
Humana, Inc.        
0.26%, 10/19/2021(b)(h)

  14,000,000   13,990,172
0.26%, 11/05/2021(b)(h)

  12,000,000   11,989,089
0.26%, 11/08/2021(b)(h)

  13,000,000   12,987,563
Jabil, Inc., 0.47%%–0.53%, 08/09/2021(b)(h)

  46,000,000   45,993,867
  Principal
Amount
  Value
Keurig Dr Pepper, Inc.        
0.30%, 01/14/2022(b)(h)

$ 10,200,000   $10,189,004
0.25%, 02/07/2022(b)(h)

  15,000,000   14,980,880
Molson Coors Beverage Co., 0.20%, 08/04/2021(b)(h)

  26,000,000   25,999,545
Mountcliff Funding LLC, 0.23%, 09/07/2021(b)(h)

  25,000,000   24,997,427
Oglethorpe Power Corp., 0.20%, 08/31/2021(b)(h)

  40,000,000   39,995,200
Plains Midstream Canada ULC, 0.35%, 08/02/2021(b)(h)

  34,500,000   34,499,181
Realty Income Corp., 0.15%, 08/27/2021(h)

  9,560,000   9,558,847
Suncor Energy, Inc., 0.23%, 10/04/2021(b)(h)

  9,300,000   9,296,948
UBS AG, 0.20% (SOFR + 0.19%), 06/16/2022(d)

  16,500,000   16,503,194
Viatris, Inc.        
0.38%, 08/16/2021(b)(h)

  13,000,000   12,997,864
0.35%, 09/15/2021(b)(h)

  17,500,000   17,491,272
0.45%, 10/18/2021(b)(h)

  15,000,000   14,986,167
Volkswagen Group of America Finance LLC, 0.52%, 11/08/2021(b)(h)

  20,000,000   19,974,638
VW Credit, Inc., 0.18%, 08/25/2021(b)(h)

  15,000,000   14,998,462
Waste Management, Inc., 0.40%, 08/16/2021(b)(h)

  22,300,000   22,298,578
WEC Energy Group, Inc., 0.13%, 08/16/2021(b)(h)

  14,700,000   14,699,056
White Plains Capital Co. LLC        
0.75%, 10/13/2021(b)(h)

  15,000,000   14,987,812
0.78%, 10/27/2021(b)(h)

  8,000,000   7,992,188
0.55%, 11/09/2021(b)(h)

  15,000,000   14,982,873
0.78%, 11/16/2021(b)(h)

  12,500,000   12,484,558
Total Commercial Paper

(Cost $909,766,937)

  909,860,109
  Repurchase
Amount
   
Repurchase Agreements-6.80%(k)
Citigroup Global Markets, Inc., joint open agreement dated 03/17/2020 (collateralized by domestic agency mortgage-backed securities and domestic and foreign corporate obligations valued at $244,594,689; 0.90% - 7.38%; 01/09/2022 - 03/20/2065), 0.60%(l)

  -   50,000,000
J.P. Morgan Securities LLC, joint open agreement dated 06/11/2021 (collateralized by domestic and foreign corporate obligations valued at $82,500,001; 5.75% - 15.50%; 11/01/2023 - 03/31/2029), 0.38%(l)

  -   30,000,000
J.P. Morgan Securities LLC, open agreement dated 03/02/2020 (collateralized by domestic corporate obligations valued at $27,004,132; 5.00% - 6.50%; 06/15/2024 - 07/01/2048), 0.48%(l)

  -   25,000,000
Nomura Securities International, Inc., joint term agreement dated 07/30/2021, aggregate maturing value of $50,000,000 (collateralized by domestic and foreign non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $55,000,014; 0.00% - 6.84%; 03/25/2022 - 02/25/2066), 0.74%, 11/30/2021(d)

  25,000,000   25,000,000
 
See accompanying notes which are an integral part of this schedule.

Invesco Ultra Short Duration ETF (GSY)—(continued)
July 31, 2021
(Unaudited)
  Repurchase
Amount
  Value
Societe Generale, joint term agreement dated 06/29/2021, aggregate maturing value of $100,000,000 (collateralized by domestic non-agency asset-backed securities, domestic and foreign corporate obligations, domestic non-agency mortgage-backed securities and U.S. Treasury obligations valued at $109,514,095; 0.24% - 13.00%; 09/15/2021 - 06/05/2115), 0.50%, 01/03/2022(d)

$ 50,000,000   $50,000,000
Truist Securities, joint term agreement dated 07/30/2021, aggregate maturing value of $45,014,000 (collateralized by domestic corporate obligations and U.S. Treasury obligations valued at $49,233,749; 2.75% - 7.50%; 08/31/2023 - 10/23/2045), 0.40%, 08/27/2021

  22,507,000   22,500,000
Total Repurchase Agreements

(Cost $202,500,000)

  202,500,000
  Principal
Amount
   
Certificate of Deposit-0.84%
Diversified Banks-0.84%
Sumitomo Mitsui Banking Corp. (Japan), 0.70%, 07/08/2022

(Cost $25,000,000)

  25,000,000   25,013,861
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.93%

(Cost $2,968,207,981)

  2,976,789,937
  Shares   Value
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-0.28%
Invesco Private Government Fund, 0.02%(m)(n)(o)

  2,525,533   $2,525,533
Invesco Private Prime Fund, 0.12%(m)(n)(o)

  5,890,553   5,892,910
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $8,418,443)

  8,418,443
TOTAL INVESTMENTS IN SECURITIES-100.21%

(Cost $2,976,626,424)

  2,985,208,380
OTHER ASSETS LESS LIABILITIES-(0.21)%

  (6,242,131)
NET ASSETS-100.00%

  $2,978,966,249
 
See accompanying notes which are an integral part of this schedule.

Invesco Ultra Short Duration ETF (GSY)—(continued)
July 31, 2021
(Unaudited)
Investment Abbreviations:
Ctfs. -Certificates
LIBOR -London Interbank Offered Rate
REIT -Real Estate Investment Trust
SOFR -Secured Overnight Financing Rate
USD -U.S. Dollar
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) 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 July 31, 2021 was $1,742,313,018, which represented 58.49% of the Fund’s Net Assets.
(c) All or a portion of this security was out on loan at July 31, 2021.
(d) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on July 31, 2021.
(e) Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(f) Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on July 31, 2021.
(g) Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.
(h) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(i) 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.
(j) Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the LIBOR, on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.
(k) Principal amount equals value at period end.  
(l) Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(m) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended July 31, 2021.
    
  Value
October 31, 2020
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
July 31, 2021
  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $866,215   $68,658,874   $(66,999,556)   $-   $-   $2,525,533   $208*
Invesco Private Prime Fund 1,299,323   89,604,258   (85,010,889)   -   218   5,892,910   2,350*
Total $2,165,538   $158,263,132   $(152,010,445)   $-   $218   $8,418,443   $2,558
    
* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(n) The rate shown is the 7-day SEC standardized yield as of July 31, 2021.
(o) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments(a)
Invesco Variable Rate Investment Grade ETF (VRIG)
July 31, 2021
(Unaudited)
  Principal
Amount
  Value
U.S. Dollar Denominated Bonds & Notes-55.72%
Automobile Manufacturers-3.68%
American Honda Finance Corp.        
0.61% (3 mo. USD LIBOR + 0.45%), 02/15/2022(b)

$ 2,500,000   $2,506,435
0.53% (3 mo. USD LIBOR + 0.37%), 05/10/2023(b)

  2,000,000   2,008,179
Daimler Finance North America LLC (Germany), 1.06% (3 mo. USD LIBOR + 0.90%), 02/15/2022(b)(c)

  1,500,000   1,506,996
Ford Motor Credit Co. LLC        
1.42% (3 mo. USD LIBOR + 1.27%), 03/28/2022(b)

  1,000,000   997,049
1.20% (3 mo. USD LIBOR + 1.08%), 08/03/2022(b)

  3,000,000   2,999,879
General Motors Financial Co., Inc.        
1.28% (3 mo. USD LIBOR + 1.10%), 11/06/2021(b)

  2,000,000   2,004,488
1.46% (3 mo. USD LIBOR + 1.31%), 06/30/2022(b)

  1,000,000   1,009,281
1.14% (3 mo. USD LIBOR + 0.99%), 01/05/2023(b)

  1,000,000   1,010,630
0.80% (SOFR + 0.76%), 03/08/2024(b)

  1,154,000   1,163,191
Volkswagen Group of America Finance LLC (Germany), 1.11% (3 mo. USD LIBOR + 0.94%), 11/12/2021(b)(c)

  2,000,000   2,005,159
        17,211,287
Biotechnology-1.65%
AbbVie, Inc.        
0.61% (3 mo. USD LIBOR + 0.46%), 11/19/2021(b)

  2,750,000   2,753,377
0.80% (3 mo. USD LIBOR + 0.65%), 11/21/2022(b)

  3,000,000   3,019,910
Gilead Sciences, Inc., 0.28% (3 mo. USD LIBOR + 0.15%), 09/17/2021(b)

  1,951,000   1,951,320
        7,724,607
Construction Machinery & Heavy Trucks-1.07%
Caterpillar Financial Services Corp., 0.19% (SOFR + 0.15%), 11/17/2022(b)

  5,000,000   5,002,147
Consumer Finance-1.34%
American Express Co., 0.79% (3 mo. USD LIBOR + 0.65%), 02/27/2023(b)

  5,215,000   5,254,965
Capital One Financial Corp., 0.85% (3 mo. USD LIBOR + 0.72%), 01/30/2023(b)

  1,000,000   1,008,107
        6,263,072
Department Stores-0.33%
7-Eleven, Inc., 0.61% (3 mo. USD LIBOR + 0.45%), 08/10/2022(b)(c)

  1,556,000   1,556,397
Diversified Banks-18.93%
Banco Santander S.A. (Spain), 1.68% (3 mo. USD LIBOR + 1.56%), 04/11/2022(b)

  5,200,000   5,250,285
Bank of America Corp.        
1.13% (3 mo. USD LIBOR + 1.00%), 04/24/2023(b)

  3,281,000   3,302,289
0.92% (3 mo. USD LIBOR + 0.79%), 03/05/2024(b)

  3,750,000   3,783,482
0.78% (SOFR + 0.73%), 10/24/2024(b)(d)

  2,000,000   2,014,830
0.95% (3 mo. USD LIBOR + 0.77%), 02/05/2026(b)(d)

  1,042,000   1,056,792
0.88% (3 mo. USD LIBOR + 0.76%), 09/15/2026(b)

  2,696,000   2,681,751
Bank of Nova Scotia (The) (Canada), 0.59% (SOFR + 0.55%), 03/02/2026(b)

  2,500,000   2,502,450
  Principal
Amount
  Value
Diversified Banks-(continued)
Barclays PLC (United Kingdom)        
1.74% (3 mo. USD LIBOR + 1.63%), 01/10/2023(b)

$ 2,000,000   $2,012,590
1.59% (3 mo. USD LIBOR + 1.43%), 02/15/2023(b)

  2,000,000   2,013,299
1.54% (3 mo. USD LIBOR + 1.38%), 05/16/2024(b)

  3,000,000   3,053,386
BPCE S.A. (France), 1.37% (3 mo. USD LIBOR + 1.22%), 05/22/2022(b)(c)

  4,000,000   4,034,953
Capital One N.A., 1.28% (3 mo. USD LIBOR + 1.15%), 01/30/2023(b)

  3,750,000   3,768,889
Citigroup, Inc.        
0.92% (SOFR + 0.87%), 11/04/2022(b)

  2,500,000   2,505,351
1.08% (3 mo. USD LIBOR + 0.95%), 07/24/2023(b)

  1,500,000   1,511,231
1.57% (3 mo. USD LIBOR + 1.43%), 09/01/2023(b)

  2,500,000   2,532,664
1.16% (3 mo. USD LIBOR + 1.02%), 06/01/2024(b)

  4,010,000   4,070,115
0.72% (SOFR + 0.67%), 05/01/2025(b)

  2,500,000   2,512,457
1.40% (3 mo. USD LIBOR + 1.25%), 07/01/2026(b)

  1,882,000   1,938,363
HSBC Holdings PLC (United Kingdom), 1.50% (3 mo. USD LIBOR + 1.38%), 09/12/2026(b)

  3,000,000   3,097,463
ING Groep N.V. (Netherlands)        
1.15% (3 mo. USD LIBOR + 1.00%), 10/02/2023(b)

  1,250,000   1,271,558
1.06% (SOFR + 1.01%), 04/01/2027(b)

  2,999,000   3,028,864
JPMorgan Chase & Co.        
1.36% (3 mo. USD LIBOR + 1.23%), 10/24/2023(b)

  1,900,000   1,926,296
0.58% (SOFR + 0.54%), 06/01/2025(b)

  4,000,000   4,009,572
Mizuho Financial Group, Inc. (Japan), 0.97% (3 mo. USD LIBOR + 0.84%), 07/16/2023(b)

  2,500,000   2,515,757
Natwest Group PLC (United Kingdom)        
1.63% (3 mo. USD LIBOR + 1.47%), 05/15/2023(b)

  4,000,000   4,039,528
1.70% (3 mo. USD LIBOR + 1.55%), 06/25/2024(b)

  4,000,000   4,089,081
NatWest Markets PLC (United Kingdom)        
1.71% (SOFR + 1.66%), 09/29/2022(b)(c)(d)

  2,500,000   2,541,097
0.56% (SOFR + 0.53%), 08/12/2024(b)(c)

  571,000   572,794
Nordea Bank Abp (Finland), 1.08% (3 mo. USD LIBOR + 0.94%), 08/30/2023(b)(c)

  2,987,000   3,032,387
Standard Chartered PLC (United Kingdom)        
1.33% (3 mo. USD LIBOR + 1.20%), 09/10/2022(b)(c)

  1,667,000   1,668,794
1.28% (3 mo. USD LIBOR + 1.15%), 01/20/2023(b)(c)

  3,316,000   3,331,134
Truist Bank, 0.78% (SOFR + 0.73%), 03/09/2023(b)

  2,000,000   2,015,318
USB Realty Corp., 1.27% (3 mo. USD LIBOR + 1.15%)(b)(c)(e)

  1,100,000   869,314
        88,554,134
Electric Utilities-2.56%
American Electric Power Co., Inc., Series A, 0.61% (3 mo. USD LIBOR + 0.48%), 11/01/2023(b)

  3,000,000   3,002,214
Florida Power & Light Co., 0.28% (SOFR + 0.25%), 05/10/2023(b)(d)

  3,478,000   3,478,832
Southern California Edison Co.        
Series D, 0.40% (3 mo. USD LIBOR + 0.27%), 12/03/2021(b)

  2,506,000   2,506,814
Series F, 0.40% (SOFR + 0.35%), 06/13/2022(b)

  3,000,000   3,001,942
        11,989,802
See accompanying notes which are an integral part of this schedule.

Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
July 31, 2021
(Unaudited)
  Principal
Amount
  Value
Financial Exchanges & Data-0.64%
Intercontinental Exchange, Inc., 0.77% (3 mo. USD LIBOR + 0.65%), 06/15/2023(b)

$ 3,000,000   $2,997,693
Gas Utilities-0.47%
CenterPoint Energy Resources Corp., 0.63% (3 mo. USD LIBOR + 0.50%), 03/02/2023(b)

  2,174,000   2,174,548
Health Care Distributors-0.86%
Cardinal Health, Inc., 0.89% (3 mo. USD LIBOR + 0.77%), 06/15/2022(b)(d)

  4,000,000   4,024,304
Health Care Equipment-0.91%
Becton, Dickinson and Co., 1.16% (3 mo. USD LIBOR + 1.03%), 06/06/2022(b)

  4,225,000   4,258,021
Health Care Services-1.45%
Cigna Corp., 1.02% (3 mo. USD LIBOR + 0.89%), 07/15/2023(b)

  4,543,000   4,602,727
Roche Holdings, Inc. (Switzerland), 0.28% (SOFR + 0.24%), 03/05/2024(b)(c)

  2,161,000   2,164,735
        6,767,462
Integrated Telecommunication Services-2.33%
AT&T, Inc.        
1.04% (3 mo. USD LIBOR + 0.89%), 02/15/2023(b)

  2,669,000   2,698,513
1.30% (3 mo. USD LIBOR + 1.18%), 06/12/2024(b)

  3,832,000   3,929,704
Verizon Communications, Inc., 1.26% (3 mo. USD LIBOR + 1.10%), 05/15/2025(b)

  4,127,000   4,250,188
        10,878,405
Investment Banking & Brokerage-5.70%
Goldman Sachs Group, Inc. (The)        
0.90% (3 mo. USD LIBOR + 0.75%), 02/23/2023(b)

  3,000,000   3,026,831
1.18% (3 mo. USD LIBOR + 1.05%), 06/05/2023(b)

  2,500,000   2,517,740
1.13% (3 mo. USD LIBOR + 1.00%), 07/24/2023(b)(d)

  4,500,000   4,533,099
0.58% (SOFR + 0.54%), 11/17/2023(b)

  3,957,000   3,967,589
0.62% (SOFR + 0.58%), 03/08/2024(b)

  2,069,000   2,075,529
1.88% (3 mo. USD LIBOR + 1.75%), 10/28/2027(b)

  1,220,000   1,288,995
Morgan Stanley, 0.75% (SOFR + 0.70%), 01/20/2023(b)

  5,000,000   5,014,120
TD Ameritrade Holding Corp., 0.56% (3 mo. USD LIBOR + 0.43%), 11/01/2021(b)

  4,250,000   4,253,110
        26,677,013
Life & Health Insurance-3.61%
Athene Global Funding        
1.37% (3 mo. USD LIBOR + 1.23%), 07/01/2022(b)(c)

  5,300,000   5,351,287
0.74% (SOFR + 0.70%), 05/24/2024(b)(c)

  5,000,000   5,026,108
Equitable Financial Life Global Funding, 0.44% (SOFR + 0.39%), 04/06/2023(b)(c)(d)

  2,500,000   2,508,715
Jackson National Life Global Funding, 0.88% (3 mo. USD LIBOR + 0.73%), 06/27/2022(b)(c)

  1,000,000   1,005,698
Pacific Life Global Funding II, 0.66% (SOFR + 0.62%), 06/04/2026(b)(c)

  3,000,000   3,010,257
        16,902,065
Multi-line Insurance-1.02%
Metropolitan Life Global Funding I        
0.62% (SOFR + 0.57%), 01/13/2023(b)(c)

  2,000,000   2,013,709
0.37% (SOFR + 0.32%), 01/07/2024(b)(c)

  2,750,000   2,758,446
        4,772,155
  Principal
Amount
  Value
Multi-Utilities-0.52%
CenterPoint Energy, Inc., 0.68% (SOFR + 0.65%), 05/13/2024(b)

$ 1,639,000   $1,641,191
Dominion Energy, Inc., Series D, 0.65% (3 mo. USD LIBOR + 0.53%), 09/15/2023(b)

  769,000   769,838
        2,411,029
Oil & Gas Exploration & Production-0.32%
ConocoPhillips, 1.06% (3 mo. USD LIBOR + 0.90%), 05/15/2022(b)

  1,500,000   1,509,462
Oil & Gas Refining & Marketing-1.44%
Phillips 66, 0.78% (3 mo. USD LIBOR + 0.62%), 02/15/2024(b)(d)

  3,870,000   3,873,800
Valero Energy Corp., 1.27% (3 mo. USD LIBOR + 1.15%), 09/15/2023(b)

  2,878,000   2,881,293
        6,755,093
Oil & Gas Storage & Transportation-0.55%
Enbridge, Inc. (Canada)        
0.66% (3 mo. USD LIBOR + 0.50%), 02/18/2022(b)

  1,300,000   1,303,334
0.43% (SOFR + 0.40%), 02/17/2023(b)

  357,000   357,816
MPLX L.P., 1.22% (3 mo. USD LIBOR + 1.10%), 09/09/2022(b)

  914,000   914,610
        2,575,760
Packaged Foods & Meats-0.85%
General Mills, Inc., 1.14% (3 mo. USD LIBOR + 1.01%), 10/17/2023(b)(d)

  3,937,000   3,991,760
Pharmaceuticals-0.89%
Bayer US Finance II LLC (Germany), 1.13% (3 mo. USD LIBOR + 1.01%), 12/15/2023(b)(c)

  4,105,000   4,161,341
Regional Banks-0.63%
M&T Bank Corp., 0.81% (3 mo. USD LIBOR + 0.68%), 07/26/2023(b)

  2,940,000   2,969,897
Restaurants-0.85%
McDonald’s Corp., 0.56% (3 mo. USD LIBOR + 0.43%), 10/28/2021(b)

  3,953,000   3,957,127
Semiconductors-1.07%
QUALCOMM, Inc., 0.86% (3 mo. USD LIBOR + 0.73%), 01/30/2023(b)(d)

  4,950,000   4,997,940
Tobacco-0.75%
BAT Capital Corp. (United Kingdom), 1.04% (3 mo. USD LIBOR + 0.88%), 08/15/2022(b)

  3,500,000   3,521,838
Trading Companies & Distributors-1.30%
Air Lease Corp., 0.49% (3 mo. USD LIBOR + 0.35%), 12/15/2022(b)

  3,000,000   3,003,666
BOC Aviation Ltd. (Singapore), 1.27% (3 mo. USD LIBOR + 1.13%), 09/26/2023(b)(c)

  3,082,000   3,086,883
        6,090,549
Total U.S. Dollar Denominated Bonds & Notes

(Cost $259,232,280)

  260,694,908
Agency Credit Risk Transfer Notes-15.28%
Fannie Mae Connecticut Avenue Securities        
Series 2015-C04, Class 1M2, 5.79% (1 mo. USD LIBOR + 5.70%), 04/25/2028(b)(f)

  1,171,935   1,241,653
Series 2017-C03, Class 1M2, 3.09% (1 mo. USD LIBOR + 3.00%), 10/25/2029(b)(f)

  4,220,392   4,339,500
Series 2017-C05, Class 1M2, 2.29% (1 mo. USD LIBOR + 2.20%), 01/25/2030(b)(f)

  4,274,675   4,366,162
Series 2018-C01, Class 1M2, 2.34% (1 mo. USD LIBOR + 2.25%), 07/25/2030(b)(f)

  6,829,106   6,912,854
Series 2018-C04, Class 2M2, 2.64% (1 mo. USD LIBOR + 2.55%), 12/25/2030(b)(f)

  4,324,081   4,383,330
 
See accompanying notes which are an integral part of this schedule.

Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
July 31, 2021
(Unaudited)
  Principal
Amount
  Value
Series 2018-C06, Class 1M2, 2.09% (1 mo. USD LIBOR + 2.00%), 03/25/2031(b)(f)

$ 3,642,456   $3,675,835
Series 2019-R01, Class 2M2, 2.54% (1 mo. USD LIBOR + 2.45%), 07/25/2031(b)(c)(f)

  2,718,245   2,734,142
Freddie Mac        
Series 2016-HQA3, Class M2, STACR®, 1.44% (1 mo. USD LIBOR + 1.35%), 03/25/2029(b)(g)

  359,327   359,223
Series 2017-DNA3, Class M2, STACR®, 2.59% (1 mo. USD LIBOR + 2.50%), 03/25/2030(b)(g)

  5,455,486   5,578,843
Series 2018-HQA1, Class M2, STACR®, 2.39% (1 mo. USD LIBOR + 2.30%), 09/25/2030(b)(g)

  4,229,433   4,271,506
Series 2018-HQA2, Class M2, STACR®, 2.39% (1 mo. USD LIBOR + 2.30%), 10/25/2048(b)(c)(g)

  5,500,000   5,551,092
Series 2019-HQA3, Class M2, STACR®, 1.94% (1 mo. USD LIBOR + 1.85%), 09/25/2049(b)(c)(g)

  3,546,131   3,560,999
Series 2020-DNA3, Class M2, STACR®, 3.09% (1 mo. USD LIBOR + 3.00%), 06/25/2050(b)(c)(g)

  2,152,224   2,164,019
Series 2020-DNA5, Class M1, STACR®, 1.35% (30 Day Average SOFR + 1.30%), 10/25/2050(b)(c)(g)

  67,864   67,869
Series 2020-HQA5, Class M1, STACR®, 1.15% (30 Day Average SOFR + 1.10%), 11/25/2050(b)(c)(g)

  1,421,784   1,423,252
Series 2021-DNA2, Class M1, STACR®, 0.85% (30 Day Average SOFR + 0.80%), 08/25/2033(b)(c)(g)

  3,000,000   3,004,063
Series 2021-DNA2, Class M2, STACR®, 2.35% (30 Day Average SOFR + 2.30%), 08/25/2033(b)(c)(g)

  4,820,000   4,949,534
Series 2021-DNA3, Class M1, STACR®, 0.80% (30 Day Average SOFR + 0.75%), 10/25/2033(b)(c)(g)

  3,000,000   3,004,539
Series 2021-DNA3, Class M2, STACR®, 2.15% (30 Day Average SOFR + 2.10%), 10/25/2033(b)(c)(g)

  3,125,000   3,191,636
Series 2021-DNA5, Class M1, STACR®, 0.70% (30 Day Average SOFR + 0.65%), 01/25/2034(b)(c)(g)

  1,750,000   1,750,590
Series 2021-DNA5, Class M2, STACR®, 1.70% (30 Day Average SOFR + 1.65%), 01/25/2034(b)(c)(g)

  365,000   367,604
Series 2021-HQA1, Class M1, STACR®, 0.75% (30 Day Average SOFR + 0.70%), 08/25/2033(b)(c)(g)

  4,604,000   4,605,896
Total Agency Credit Risk Transfer Notes

(Cost $70,720,773)

  71,504,141
Asset-Backed Securities-15.27%
Adjustable Rate Mortgage Trust, Series 2004-2, Class 6A1, 0.71%, 02/25/2035(h)

  139,469   144,672
BAMLL Commercial Mortgage Securities Trust, Series 2019-RLJ, Class B, 1.44% (1 mo. USD LIBOR + 1.35%), 04/15/2036(b)(c)

  4,000,000   3,987,796
BBCMS Mortgage Trust, Series 2019-BWAY, Class B, 1.40% (1 mo. USD LIBOR + 1.31%), 11/15/2034(b)(c)

  3,250,000   3,233,161
Bear Stearns Adjustable Rate Mortgage Trust        
Series 2003-7, Class 6A, 2.48%, 10/25/2033(h)

  179,393   184,724
Series 2003-8, Class 4A1, 2.67%, 01/25/2034(h)

  181,133   187,519
BX Trust, Series 2020-VKNG, Class A, 1.02% (1 mo. USD LIBOR + 0.93%), 10/15/2037(b)(c)

  2,000,000   2,006,221
  Principal
Amount
  Value
COMM Mortgage Trust, Series 2019-521F, Class C, 1.39% (1 mo. USD LIBOR + 1.30%), 06/15/2034(b)(c)

$ 4,000,000   $3,905,293
Commonbond Student Loan Trust        
Series 2017-BGS, Class A2, 0.74% (1 mo. USD LIBOR + 0.65%), 09/25/2042(b)(c)

  562,442   558,450
Series 2018-AGS, Class A2, 0.59% (1 mo. USD LIBOR + 0.50%), 02/25/2044(b)(c)

  1,071,944   1,065,583
Edsouth Indenture No. 9 LLC, Series 2015-1, Class A, 0.89% (1 mo. USD LIBOR + 0.80%), 10/25/2056(b)(c)

  551,156   554,360
Great Wolf Trust, Series 2019-WOLF, Class B, 1.43% (1 mo. USD LIBOR + 1.33%), 12/15/2036(b)(c)

  1,650,000   1,652,728
GS Mortgage Securities Trust, Series 2021-ROSS, Class A, 1.24% (1 mo. USD LIBOR + 1.15%), 05/15/2026(b)(c)

  2,500,000   2,506,812
Home Equity Asset Trust, Series 2004-5, Class M2, 1.03% (1 mo. USD LIBOR + 0.95%), 11/25/2034(b)

  1,106,896   1,109,775
Home Partners of America Trust        
Series 2017-1, Class A, 0.91% (1 mo. USD LIBOR + 0.82%), 07/17/2034(b)(c)

  2,885,202   2,885,311
Series 2018-1, Class A, 0.99% (1 mo. USD LIBOR + 0.90%), 07/17/2037(b)(c)

  2,929,685   2,938,393
Series 2018-1, Class B, 1.19% (1 mo. USD LIBOR + 1.10%), 07/17/2037(b)(c)

  1,760,000   1,763,144
Invitation Homes Trust        
Series 2017-SFR2, Class A, 0.94% (1 mo. USD LIBOR + 0.85%), 12/17/2036(b)(c)

  1,783,473   1,788,958
Series 2017-SFR2, Class C, 1.54% (1 mo. USD LIBOR + 1.45%), 12/17/2036(b)(c)

  5,619,053   5,628,994
Series 2018-SFR1, Class B, 1.04% (1 mo. USD LIBOR + 0.95%), 03/17/2037(b)(c)

  1,000,000   1,003,150
Series 2018-SFR3, Class B, 1.24% (1 mo. USD LIBOR + 1.15%), 07/17/2037(b)(c)

  4,000,000   4,022,235
Series 2018-SFR4, Class C, 1.49% (1 mo. USD LIBOR + 1.40%), 01/17/2038(b)(c)

  3,000,000   3,012,883
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2018-PHH, Class B, 2.81% (1 mo. USD LIBOR + 1.31%), 06/15/2035(b)(c)

  2,385,000   2,358,696
JP Morgan Mortgage Trust        
Series 2019-6, Class A11, 0.99% (1 mo. USD LIBOR + 0.90%), 12/25/2049(b)(c)

  229,461   230,659
Series 2019-INV2, Class A1, 0.99% (1 mo. USD LIBOR + 0.90%), 02/25/2050(b)(c)

  495,338   499,721
Series 2019-INV3, Class A11, 1.09% (1 mo. USD LIBOR + 1.00%), 05/25/2050(b)(c)

  197,975   199,496
Series 2019-LTV3, Class A1, 0.94% (1 mo. USD LIBOR + 0.85%), 03/25/2050(b)(c)

  378,500   378,576
Series 2020-8, Class A11, 0.92% (30 Day Average SOFR + 0.90%), 03/25/2051(b)(c)

  376,688   377,332
Series 2020-LTV1, Class A11, 1.09% (1 mo. USD LIBOR + 1.00%), 06/25/2050(b)(c)

  140,625   141,338
Series 2021-1, Class A11, 0.67% (30 Day Average SOFR + 0.65%), 06/25/2051(b)(c)

  894,003   891,573
Merrill Lynch Mortgage Investors Trust        
Series 2003-F, Class A1, 0.73% (1 mo. USD LIBOR + 0.64%), 10/25/2028(b)

  127,223   128,032
Series 2005-A2, Class A5, 2.82%, 02/25/2035(h)

  65,726   66,572
OBX Trust        
Series 2018-EXP1, Class 2A1, 0.94% (1 mo. USD LIBOR + 0.85%), 04/25/2048(b)(c)

  922,706   929,839
Series 2018-EXP2, Class 2A2, 1.04% (1 mo. USD LIBOR + 0.95%), 07/25/2058(b)(c)

  897,618   907,786
 
See accompanying notes which are an integral part of this schedule.

Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
July 31, 2021
(Unaudited)
  Principal
Amount
  Value
Series 2019-EXP1, Class 2A2, 1.24% (1 mo. USD LIBOR + 1.15%), 01/25/2059(b)(c)

$ 484,889   $490,265
Series 2019-EXP2, Class 2A2, 1.29% (1 mo. USD LIBOR + 1.20%), 06/25/2059(b)(c)

  911,327   908,160
Series 2020-EXP1, Class 2A2, 1.04% (1 mo. USD LIBOR + 0.95%), 02/25/2060(b)(c)

  777,891   775,959
Series 2020-EXP3, Class 2A2, 1.29% (1 mo. USD LIBOR + 1.20%), 01/25/2060(b)(c)

  1,214,726   1,219,539
Series 2020-INV1, Class A11, 0.99% (1 mo. USD LIBOR + 0.90%), 12/25/2049(b)(c)

  449,211   449,357
Pennsylvania Higher Education Assistance Agency, Series 2009-2, Class A2, 1.23% (3 mo. USD LIBOR + 1.10%), 01/25/2028(b)

  590,330   592,776
RLGH Trust 2021-TROT, Series 2021-TROT, Class B, 1.26% (1 mo. USD LIBOR + 1.16%), 04/15/2036(b)(c)

  3,000,000   3,002,569
SMB Private Education Loan Trust        
Series 2019-B, Class A2B, 1.09% (1 mo. USD LIBOR + 1.00%), 06/15/2037(b)(c)

  3,502,117   3,542,793
Series 2020-A, Class A2B, 0.92% (1 mo. USD LIBOR + 0.83%), 09/15/2037(b)(c)

  2,000,000   2,015,840
Series 2021-A, Class A2A2, 0.82% (1 mo. USD LIBOR + 0.73%), 01/15/2053(b)(c)

  4,550,000   4,566,980
WaMu Mortgage Pass-Through Ctfs. Trust, Series 2004-AR3, Class A2, 2.58%, 06/25/2034(h)

  68,758   70,757
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class A6FL, 1.64% (1 mo. USD LIBOR + 1.55%), 01/15/2059(b)(c)

  2,500,000   2,570,199
Total Asset-Backed Securities

(Cost $71,281,077)

  71,454,976
U.S. Treasury Securities-7.96%
U.S. Treasury Notes-7.96%
0.08% (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%), 04/30/2023(b)

(Cost $37,252,310)

  37,250,000   37,260,910
U.S. Government Sponsored Agency Mortgage-Backed
Securities-5.62%
Collateralized Mortgage Obligations-4.97%
Fannie Mae REMICs        
Series 2005-57, Class KJ, 0.39% (1 mo. USD LIBOR + 0.30%), 04/25/2035(b)

  2,373,219   2,379,920
Series 2011-127, Class FJ, 0.44% (1 mo. USD LIBOR + 0.35%), 09/25/2041(b)

  35,137   35,266
Series 2014-92, Class FB, 0.41% (1 mo. USD LIBOR + 0.32%), 01/25/2045(b)

  983,188   968,936
Series 2016-25, Class FL, 0.59% (1 mo. USD LIBOR + 0.50%), 05/25/2046(b)

  318,855   321,760
Series 2017-100, Class FM, 0.41% (1 mo. USD LIBOR + 0.32%), 12/25/2047(b)

  349,682   348,765
Series 2017-68, Class AF, 0.39% (1 mo. USD LIBOR + 0.30%), 09/25/2047(b)

  1,018,710   1,015,169
Freddie Mac Multifamily Structured Credit Risk, Series 2021-MN2, Class M1, 1.90% (30 Day Average SOFR + 1.80%), 07/25/2041(b)(c)

  715,000   719,928
Freddie Mac Multifamily Structured Pass-Through Ctfs.        
Series KF35, Class A, 0.45% (1 mo. USD LIBOR + 0.35%), 08/25/2024(b)

  593,246   594,074
Series KF35, Class A, 0.49% (1 mo. USD LIBOR + 0.39%), 10/25/2025(b)

  2,016,905   2,025,349
  Principal
Amount
  Value
Collateralized Mortgage Obligations-(continued)
Series KF81, Class AS, 0.43% (30 Day Average SOFR + 0.40%), 06/25/2027(b)

$ 4,685,100   $4,706,014
Series Q008, Class A, 0.49% (1 mo. USD LIBOR + 0.39%), 10/25/2045(b)

  1,710,203   1,716,428
Freddie Mac REMICs        
Series 4001, Class NF, 0.59% (1 mo. USD LIBOR + 0.50%), 01/15/2039(b)

  910,296   910,924
Series 4091, Class JF, 0.59% (1 mo. USD LIBOR + 0.50%), 06/15/2041(b)

  238,308   241,975
Series 4547, Class FA, 0.54% (1 mo. USD LIBOR + 0.45%), 09/15/2040(b)

  835,836   838,998
Series 4683, Class FA, 0.44% (1 mo. USD LIBOR + 0.35%), 09/15/2038(b)

  1,035,237   1,050,186
Series 4750, Class CF, 0.44% (1 mo. USD LIBOR + 0.35%), 01/15/2048(b)

  4,349,934   4,384,190
Series 4770, Class FA, 0.41% (1 mo. USD LIBOR + 0.32%), 08/15/2043(b)

  980,686   995,538
        23,253,420
Federal Home Loan Mortgage Corp. (FHLMC)-0.24%
ARM, 1.98% (1 yr. USD LIBOR + 1.62%), 06/01/2037(b)

  293,640   310,749
ARM, 2.18% (1 yr. USD LIBOR + 1.74%), 11/01/2038(b)

  431,722   458,574
ARM, 2.17% (1 yr. USD LIBOR + 1.73%), 03/01/2043(b)

  345,171   364,454
        1,133,777
Federal National Mortgage Association (FNMA)-0.41%
ARM, 2.02% (1 yr. USD LIBOR + 1.64%), 02/01/2035(b)

  53,705   53,628
ARM, 1.77% (6 mo. USD LIBOR + 1.57%), 07/01/2035(b)

  58,322   60,822
ARM, 2.39% (1 yr. U.S. Treasury Yield Curve Rate + 2.33%), 07/01/2035(b)

  972,869   1,038,557
ARM, 2.27% (1 yr. USD LIBOR + 1.77%), 10/01/2036(b)

  221,312   235,163
ARM, 2.16% (1 yr. USD LIBOR + 1.78%), 03/01/2037(b)

  212,812   213,721
ARM, 1.98% (1 yr. USD LIBOR + 1.59%), 11/01/2037(b)

  294,854   311,897
        1,913,788
Total U.S. Government Sponsored Agency Mortgage-Backed Securities

(Cost $26,195,537)

  26,300,985
  Shares    
Money Market Funds-0.09%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(i)(j)

(Cost $395,875)

  395,875   395,875
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.94%

(Cost $465,077,852)

  467,611,795
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-1.20%
Invesco Private Government Fund, 0.02%(i)(j)(k)

  1,690,008   1,690,008
 
See accompanying notes which are an integral part of this schedule.

Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
July 31, 2021
(Unaudited)
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 0.12%(i)(j)(k)

  3,941,775   $3,943,352
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $5,633,360)

  5,633,360
TOTAL INVESTMENTS IN SECURITIES-101.14%

(Cost $470,711,212)

  473,245,155
OTHER ASSETS LESS LIABILITIES-(1.14)%

  (5,323,795)
NET ASSETS-100.00%

  $467,921,360
Investment Abbreviations:
ARM -Adjustable Rate Mortgage
Ctfs. -Certificates
LIBOR -London Interbank Offered Rate
REMICs -Real Estate Mortgage Investment Conduits
SOFR -Secured Overnight Financing Rate
STACR® -Structured Agency Credit Risk
USD -U.S. Dollar
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on July 31, 2021.
(c) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at July 31, 2021 was $158,271,516, which represented 33.82% of the Fund’s Net Assets.
(d) All or a portion of this security was out on loan at July 31, 2021.
(e) Perpetual bond with no specified maturity date.
(f) CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a large and diverse reference pool.
(g) Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from the mortgages in the reference pool to credit investors who invest in the STACR® debt notes.
(h) Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on July 31, 2021.
(i) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended July 31, 2021.
    
  Value
October 31, 2020
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
  Value
July 31, 2021
  Dividend
Income
Invesco Variable Rate Preferred ETF $1,723,400   $-   $(1,772,361)   $(116,800)   $165,761   $-   $-
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class 886,923   128,454,201   (128,945,249)   -   -   395,875   390
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 302,095   79,009,073   (77,621,160)   -   -   1,690,008   263*
Invesco Private Prime Fund 453,145   137,306,201   (133,816,140)   -   146   3,943,352   3,180*
Total $3,365,563   $344,769,475   $(342,154,910)   $(116,800)   $165,907   $6,029,235   $3,833
    
* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
(j) The rate shown is the 7-day SEC standardized yield as of July 31, 2021.
(k) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Notes to Quarterly Schedules of Portfolio Holdings
July 31, 2021
(Unaudited)
NOTE 1—Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect a Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of July 31, 2021, for each Fund (except for Ultra Short Duration ETF). As of July 31, 2021, all of the securities in Ultra Short Duartion ETF were valued based on Level 2 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
  Level 1   Level 2   Level 3   Total
Invesco Active U.S. Real Estate ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $127,936,087   $-   $-   $127,936,087
Money Market Funds 10,676   3,682,053   -   3,692,729
Total Investments $127,946,763   $3,682,053   $-   $131,628,816
Invesco Balanced Multi-Asset Allocation ETF              
Investments in Securities              
Affiliated Issuers $19,251,513   $-   $-   $19,251,513
Money Market Funds 1,145   1,736,974   -   1,738,119
Total Investments $19,252,658   $1,736,974   $-   $20,989,632
Invesco Conservative Multi-Asset Allocation ETF              
Investments in Securities              
Affiliated Issuers $10,832,414   $-   $-   $10,832,414
Money Market Funds 119   1,628,117   -   1,628,236
Total Investments $10,832,533   $1,628,117   $-   $12,460,650
Invesco Growth Multi-Asset Allocation ETF              
Investments in Securities              
Affiliated Issuers $17,104,329   $-   $-   $17,104,329
Money Market Funds 1,628   1,048,683   -   1,050,311
Total Investments $17,105,957   $1,048,683   $-   $18,154,640

  Level 1   Level 2   Level 3   Total
Invesco High Yield Bond Factor ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $40,170,304   $-   $40,170,304
U.S. Treasury Securities -   70,990   -   70,990
Money Market Funds 22,257   2,659,506   -   2,681,763
Total Investments in Securities 22,257   42,900,800   -   42,923,057
Other Investments - Assets*              
Futures Contracts 118,820   -   -   118,820
Other Investments - Liabilities*              
Futures Contracts (352)   -   -   (352)
Total Other Investments 118,468   -   -   118,468
Total Investments $140,725   $42,900,800   $-   $43,041,525
Invesco Moderately Conservative Multi-Asset Allocation ETF              
Investments in Securities              
Affiliated Issuers $16,040,831   $-   $-   $16,040,831
Money Market Funds -   1,148,960   -   1,148,960
Total Investments $16,040,831   $1,148,960   $-   $17,189,791
Invesco S&P 500® Downside Hedged ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $125,983,969   $-   $-   $125,983,969
Money Market Funds 65,415,488   102,119   -   65,517,607
Total Investments in Securities 191,399,457   102,119   -   191,501,576
Other Investments - Assets*              
Futures Contracts 645,552   -   -   645,552
Total Investments $192,045,009   $102,119   $-   $192,147,128
Invesco Total Return Bond ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $414,081,373   $3,179,000   $417,260,373
U.S. Treasury Securities -   195,195,762   -   195,195,762
Asset-Backed Securities -   113,173,518   -   113,173,518
U.S. Government Sponsored Agency Mortgage-Backed Securities -   99,749,678   -   99,749,678
Preferred Stocks 402,328   5,432,089   -   5,834,417
U.S. Government Sponsored Agency Securities -   3,149,454   -   3,149,454
Municipal Obligations -   3,020,626   -   3,020,626
Agency Credit Risk Transfer Notes -   1,774,524   -   1,774,524
Options Purchased 778,908   -   -   778,908
Non-U.S. Dollar Denominated Bonds & Notes -   486,896   -   486,896
Money Market Funds -   40,590,754   -   40,590,754
Total Investments in Securities 1,181,236   876,654,674   3,179,000   881,014,910
Other Investments - Assets*              
Forward Foreign Currency Contracts -   27,664   -   27,664
Futures Contracts 209,021   -   -   209,021
Swap Agreements -   66,567   -   66,567
  209,021   94,231   -   303,252
Other Investments - Liabilities*              
Futures Contracts (4,728,614)   -   -   (4,728,614)
Options written (46,360)   (129,711)   -   (176,071)
  (4,774,974)   (129,711)   -   (4,904,685)
Total Other Investments (4,565,953)   (35,480)   -   (4,601,433)
Total Investments $(3,384,717)   $876,619,194   $3,179,000   $876,413,477

  Level 1   Level 2   Level 3   Total
Invesco Variable Rate Investment Grade ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $260,694,908   $-   $260,694,908
Agency Credit Risk Transfer Notes -   71,504,141   -   71,504,141
Asset-Backed Securities -   71,454,976   -   71,454,976
U.S. Treasury Securities -   37,260,910   -   37,260,910
U.S. Government Sponsored Agency Mortgage-Backed Securities -   26,300,985   -   26,300,985
Money Market Funds 395,875   5,633,360   -   6,029,235
Total Investments $395,875   $472,849,280   $-   $473,245,155
    
* Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Options written are shown at value.