Domestic Equity

The fiscal year ended October 31, 2022 began with continued volatility in equity markets in the fourth quarter of 2021 amid substantial inflation and the emergence of a new COVID-19 variant. Pandemic-related supply chain disruption and labor shortages intensified during the quarter, resulting in broadly higher input costs for companies and consumers alike. Additionally, the price of oil rose,¹ causing higher gas prices for consumers, and the Consumer Price Index (CPI) reported for November 2021 increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.² To combat inflation, the US Federal Reserve (the Fed) announced the potential for three or more interest rate increases in 2022. With solid corporate earnings and optimism about the COVID-19 Omicron variant reporting milder symptoms, stocks rallied at the 2021 year-end.

Equity markets declined in the first quarter of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and the Fed’s shift toward tighter monetary policy. Russia’s invasion exacerbated inflation pressures, disrupting already strained supply chains and increasing shortages of oil, gas and raw materials. The price of oil rose sharply, with crude prices reaching their highest price per barrel since 2008.¹ Inflation continued to be a top concern for consumers, investors and the Fed. To combat inflation, the Fed raised the federal funds rate by one-quarter percentage point in March and the Fed indicated it would “taper” its asset purchase program quickly.³

As the war in Ukraine continued and corporate earnings in high-profile names like Netflix reported slowing growth and profits, the equity markets sold off for much of April 2022. The downward direction of the equity markets continued into the second quarter of 2022 amid record inflation, rising interest rates and an increasing likelihood of a US recession. Driven by higher food and energy prices, the CPI rose by yet another 40-year high to 8.6% for the 12 months ended May 2022.² Oil prices peaked near $122 per barrel in early June, resulting in skyrocketing gasoline prices; the national average price reached a record high above $5 per gallon in early June.¹ To tame inflation, the Fed raised the benchmark federal funds rate three more times, by 0.50% in May, by 0.75% in June and another 0.75% in July, which were the largest increases in nearly 30 years.³ US equity markets rose in July and much of August until Fed chairman Jerome Powell’s hawkish comments at an economic policy symposium held in Jackson Hole, Wyoming sparked a sharp selloff at month-end. The Fed reiterated that it would continue taking aggressive action to curb inflation, even though such measures could “bring pain to households and businesses,” and the Fed raised the benchmark federal funds rate by another 0.75% in September.³

After experiencing a sharp drop in September 2022, US equity markets rebounded in October with strong gains, despite mixed data on the economy and corporate earnings. Inflation data

reported in October came in higher than expected; however, the labor market remained strong, with payroll employment gains and a decline in the unemployment rate to a near record low of 3.5% in September.² The initial estimate of third quarter real gross domestic product showed an increase of 2.6% (annualized) after falling in the prior two quarters, but the headline number masked a drop in demand and investment. Corporate earnings were generally in line with expectations, but many companies’ forward earnings guidance was weaker than expected.

In this environment, US stocks had negative double-digit returns for the fiscal year ended October 31, 2022 of -14.61%, as measured by the S&P 500 Index.⁴

 

1	Source: Bloomberg LP

2	Source: US Bureau of Labor Statistics

3	Source: US Federal Reserve

4	Source: Lipper Inc.

Global Equity

At the beginning of the fiscal year ended October 31, 2022, developed global equity markets were mostly positive, despite rising inflation and the emergence of Omicron, a new COVID-19 variant. Pandemic-related supply chain disruptions and labor shortages intensified at the end of 2021, resulting in broadly higher costs for companies and consumers. Emerging market equities declined due in part to COVID-19 concerns and China’s ongoing regulatory tightening in the private education and technology sectors and slowing economic growth.

Global equity markets declined in the first half of 2022 amid volatility sparked by Russia’s invasion of Ukraine, rising commodity prices, rampant global inflation and central banks shifting toward tighter monetary policy. Russia’s invasion exacerbated inflationary pressures, disrupting already strained supply chains, and increasing shortages of oil, gas and raw materials, with the price of oil rising sharply.

Inflation headwinds continued into the third quarter of 2022. The US Federal Reserve (the Fed), the European Central Bank and the Bank of England all raised interest rates. In contrast, the People’s Bank of China lowered its policy rate and the Bank of Japan kept rates the same. Emerging market equities, hampered by the strong US dollar, underperformed developed market equities.

During October 2022, developed market equities rebounded and were in positive territory. Developed market equities outperformed emerging market equities, which declined primarily driven by weakness in China as Chinese markets reacted to the reappointment of President Xi and his authority, with no signs of the country’s zero-COVID-19 policy being relaxed. Despite the rebound in October for developed market equities, at the end of the fiscal year, trailing one-year returns for developed market equities and emerging market equities were both in negative territory.

Fixed Income

In the fourth quarter of 2021, concerns about inflation heightened as US inflation rose 7%,¹ its highest level in nearly 40 years. Though the US Federal Reserve (the Fed) left policy rates unchanged during the quarter, the Fed indicated its accommodative policies were coming to an end in 2022 through a willingness to raise interest rates to combat inflation and the announced reduction of its monthly bond purchase program. Additionally, US interest rate moves and inflation risk significantly affected fixed income valuations during the quarter. The two-year Treasury yield rose moderately from 0.27% to 0.73%, while the 10-year increased slightly from 1.48% to 1.52% during the quarter.² The yield curve, as measured by the yield differential between two- and 10-year Treasuries, flattened during the quarter.

At the beginning of 2022, geopolitical and economic tensions between Ukraine and Russia culminated with the latter invading Ukrainian territory. World leaders levied sanctions against Russia that had material effects on its fixed income markets, particularly sovereign debt and corporates, and levels of liquidity. The Russia-Ukraine war exacerbated inflationary pressures while also exerting downward pressure on economic growth through a surge in commodity/energy prices. Additionally, surges of COVID-19 in China exacerbated supply chain issues and aggravated inflation. During the second quarter of 2022, the two-year Treasury yield rose significantly from 0.78% to 2.28%, while the 10-year increased slightly from 1.63% to 2.32%.²

In the second quarter of 2022, the macro backdrop of tightening financial conditions and slowing economic growth was negative for credit asset classes. Inflation, as measured by the Consumer Price Index, increased further to 9.1% and fixed income markets experienced significant negative performance as all bond sectors felt the impact of rising interest rates with negative performance ranging from -0.9% (Bloomberg Asset-Backed Securities) to -9.8% (Bloomberg US Corporate High Yield).³ Credit spreads increased across all major credit-sensitive sectors, reflecting anticipation of an economic slowdown and increasing concerns about recession risk, with corporate spreads ending the second quarter above their long-term historical average. The Fed continued its rapid tightening of monetary policy in an effort to combat inflation via higher interest rates while simultaneously engineering a soft landing so as to not push the economy into a recession. The Fed aggressively raised its key Fed funds rate during the fiscal year, including a 0.50% hike in May, and three 0.75% hikes in June, July and November, the largest hikes since 1994, to a target Fed funds rate of 3.75-4.00%, the highest since 2008.⁴ At their November 2022 meeting, the Fed signaled that its hawkish policies would continue, though a slowing of the pace of rate increases was likely. While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 2.92% to 4.51% during the fiscal year, while

10-year Treasury rates increased from 2.98% to 4.10%.² At the end of the fiscal year, the yield curve remained inverted, which historically has been an indicator of a potential recession.

 

1	Source: US Bureau of Labor Statistics

2	Source: US Department of the Treasury

3	Source: Bloomberg

4	Source: Federal Reserve of Economic Data

As an index fund, the Invesco PureBeta^SM 0-5 Yr US TIPS ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA 0-5 Year US Inflation-Linked Treasury Index^SM (the “Index”). The Fund generally will invest at least 80% of its total assets in the components that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, ICE Data Indices, LLC (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of the shorter maturity subset of the U.S. Treasury Inflation-Protected Securities (“TIPS”) market, represented by TIPS with a remaining maturity of at least one month and less than five years. TIPS are U.S. dollar-denominated, U.S. government debt securities that are publicly offered for sale in the United States. TIPS are “inflation-linked”, meaning that their principal and interest payments are tied to inflation (as measured by the Consumer Price Index). TIPS are issued by the U.S. Treasury, and their payments are supported by the full faith and credit of the United States.

To qualify for inclusion in the Index, securities must have: (i) at least one month but less than five years remaining term to final maturity; (ii) at least 18 months to maturity when issued; (iii) a minimum amount outstanding of $1 billion; and (iv) meet certain additional inclusion criteria detailed below. Original issue zero coupon bonds may be included in the Index, and the amounts outstanding of qualifying coupon securities are not reduced by any portions that have been stripped. Index constituents are market capitalization- weighted. The Fund generally invests in all of the securities comprising its Index in proportion to their weightings in the Index.

During the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (2.78)%. On a net asset value (“NAV”) basis, the Fund returned (2.79)%. During the same time period, the Index returned (2.67)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to fees and operating expenses as well as trading costs incurred by the Fund during the period.

For the fiscal year ended October 31, 2022, bonds with maturities of less than 1 year contributed most significantly to the Fund’s return, followed by bonds with maturities of 1 year. Bonds with maturities of 3 & 4 years detracted from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022, included Treasury CPI Note, 0.63% coupon, due 04/15/2023 (portfolio average weight of 6.00%) and Treasury CPI Note, 0.13% coupon, due 01/15/2023 (portfolio average weight of 5.60%). Positions that detracted from the Fund’s return included Treasury CPI Note, 0.38% coupon, due 01/15/2027 (portfolio average weight of

4.80%) and Treasury CPI Note, 0.13% coupon, due 10/15/2026 (portfolio average weight of 4.20%).

 

Duration Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Maturing in 0-5 Years			99.86
Money Market Funds Plus Other Assets Less Liabilities			0.14
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
U.S. Treasury Inflation—Indexed Notes, 0.63%, 04/15/2023			5.97
U.S. Treasury Inflation—Indexed Notes, 0.13%, 01/15/2023			5.59
U.S. Treasury Inflation—Indexed Notes, 0.38%, 07/15/2023			5.55
U.S. Treasury Inflation—Indexed Notes, 0.63%, 01/15/2024			5.45
U.S. Treasury Inflation—Indexed Notes, 0.63%, 01/15/2026			5.43
U.S. Treasury Inflation—Indexed Notes, 0.13%, 07/15/2024			5.35
U.S. Treasury Inflation—Indexed Notes, 0.25%, 01/15/2025			5.28
U.S. Treasury Inflation—Indexed Notes, 0.38%, 07/15/2025			5.28
U.S. Treasury Inflation—Indexed Notes, 0.38%, 01/15/2027			4.79
U.S. Treasury Inflation—Indexed Notes, 2.38%, 01/15/2025			4.77
Total			53.46

 

*	Excluding money market fund holdings.

Fund Inception: September 22, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.07% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the index stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Index and Fund Performance History:

 

-	Average Annualized and Cumulative Inception returns for the Fund and index are based on the inception date of the Fund.

As an index fund, the Invesco PureBeta^SM FTSE Developed ex-North America ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE Developed ex North America Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of the large- and mid-capitalization segments of equity markets of countries around the world that are classified as developed markets within the country classification definition of the Index Provider, excluding the United States and Canada. The Index Provider defines the large- and mid-capitalization segments as approximately the top 90% of the eligible universe. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

During the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (23.80)%. On a net asset value (“NAV”) basis, the Fund returned (23.71)%. During the same time period, the Index returned (23.81)%. During the fiscal year, the Fund fully replicated the components of the Index; therefore, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the advantageous dividend tax treatment utilized by the Fund, which was partially offset by fees and operating expenses incurred during the period.

For the fiscal year ended October 31, 2022, the energy sector contributed most significantly to the Fund’s return. The industrials sector detracted most significantly from the Fund’s return, followed by the consumer discretionary and information technology sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022, included Shell PLC, an energy company (portfolio average weight of 1.06%), and BP PLC, an energy company (portfolio average weight of 0.57%). Positions that detracted most significantly from the Fund’s return included ASML Holding N.V., an information technology company (portfolio average weight of 1.37%), and Samsung Electronics Co. Ltd., an information technology company (portfolio average weight of 1.46%).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Financials			16.88
Industrials			15.59
Health Care			12.76
Consumer Discretionary			10.84
Consumer Staples			10.11
Information Technology			9.69
Materials			7.99
Energy			4.78
Communication Services			4.57
Utilities			3.27
Real Estate			3.06
Money Market Funds Plus Other Assets Less Liabilities			0.46
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Nestle S.A.			2.02
Roche Holding AG			1.59
Shell PLC			1.39
Samsung Electronics Co. Ltd.			1.36
ASML Holding N.V.			1.31
AstraZeneca PLC			1.20
Novo Nordisk A/S, Class B			1.17
Toyota Motor Corp.			1.16
Novartis AG			1.14
LVMH Moet Hennessy Louis Vuitton SE			1.08
Total			13.42

 

*	Excluding money market fund holdings.

Fund Inception: September 22, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.07% is expressed as a unitary management fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the

redemption or sale of Fund Shares. See invesco.com/ ETFs to find the most recent month-end performance numbers.

Performance results for the index stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Index and Fund Performance History:

 

-	Average Annualized and Cumulative Inception returns for the Fund and index are based on the inception date of the Fund.

 

-	Net returns reflect reinvested dividends net of withholding taxes.

As an index fund, the Invesco PureBeta^SM FTSE Emerging Markets ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the FTSE Emerging Index (the “Index”). The Fund generally will invest at least 90% of its total assets in securities that comprise the Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of the large- and mid-capitalization segments of equity markets of countries around the world that are classified as emerging markets within the country classification definition of the Index Provider. The Index Provider defines the large- and mid-capitalization segments as approximately the top 90% of the eligible universe. The Fund does not purchase all of the securities in the Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During the fiscal year ended October 31, 2022, on a market price basis, the Fund returned (28.09)%. On a net asset value (“NAV”) basis, the Fund returned (28.46)%. During the same time period, the Index returned (28.39)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the impact of the fees and expenses that the Fund incurred during the period.

For the fiscal year ended October 31, 2022, no sector contributed positively to the Fund’s return. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the information technology and communication services sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2022, included Petroleo Brasileiro S.A., Preference Shares, an energy company (portfolio average weight of 0.47%), and Petroleo Brasileiro S.A., an energy company (portfolio average weight of 0.43%). Positions that detracted most significantly from the Fund’s return included Taiwan Semiconductor Manufacturing Co. Ltd., an information technology company (portfolio average weight of 7.01%) and Tencent Holdings Ltd., a communication services company (portfolio average weight of 4.53%).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2022
Financials			22.14
Information Technology			13.61
Consumer Discretionary			11.48
Exchange-Traded Funds			9.42
Communication Services			8.25
Materials			8.12
Industrials			6.62
Consumer Staples			6.19
Energy			5.24
Health Care			3.82
Sector Types Each Less Than 3%			4.97
Money Market Funds Plus Other Assets Less Liabilities			0.14
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2022
Security
Taiwan Semiconductor Manufacturing Co. Ltd.			5.48
Invesco India ETF			4.99
iShares MSCI India ETF			4.44
Tencent Holdings Ltd.			3.06
Alibaba Group Holding Ltd.			2.25
Reliance Industries Ltd., GDR			1.55
Meituan, B Shares			1.26
Axis Bank Ltd., GDR			1.16
Larsen & Toubro Ltd., GDR			1.07
Infosys Ltd., ADR			1.06
Total			26.32

 

*	Excluding money market fund holdings.

Fund Inception: September 22, 2017

Performance quoted above represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate, and shares of the Fund (“Fund Shares”), when redeemed or sold, may be worth more or less than their original cost. Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information. The adviser has contractually agreed to waive a portion of its management fee through August 31, 2024. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.20% (0.16% after fee waiver) includes the unitary management fee of 0.14% and acquired fund fees and expenses of 0.06%. NAV and Market Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Market Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay

on Fund distributions or the redemption or sale of Fund Shares. See invesco.com/ETFs to find the most recent month-end performance numbers.

Performance results for the index stated above are based upon a hypothetical investment in their respective constituent securities. The returns of an index do not represent Fund returns. An investor cannot invest directly in an index. The index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the hypothetical performance shown. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in the Fund.

Notes Regarding Index and Fund Performance History:

 

-	Average Annualized and Cumulative Inception returns for the Fund and index are based on the inception date of the Fund.

 

-	Net returns reflect reinvested dividends net of withholding taxes.

		Principal   Amount				Value
U.S. Treasury Securities-99.86%
U.S. Treasury Inflation — Indexed Notes-99.86%(a)
0.13%, 01/15/2023		$	6,823,066			$	6,803,215
0.63%, 04/15/2023			7,304,397				7,258,215
0.38%, 07/15/2023			6,806,568				6,750,406
0.63%, 01/15/2024			6,747,197				6,636,170
0.50%, 04/15/2024			4,898,517				4,794,920
0.13%, 07/15/2024			6,682,143				6,509,663
0.13%, 10/15/2024			5,280,666				5,123,443
0.25% - 2.38%, 01/15/2025			12,386,032				12,221,264
0.13%, 04/15/2025			5,323,366				5,104,029
0.38%, 07/15/2025			6,644,451				6,419,709
0.13%, 10/15/2025			5,098,058				4,873,855
0.63% - 2.00%, 01/15/2026			10,715,004				10,489,562
0.13%, 04/15/2026			5,881,716				5,547,422
0.13%, 07/15/2026			5,946,352				5,619,447
0.13%, 10/15/2026			5,418,816				5,099,281
0.38% - 2.38%, 01/15/2027			9,288,331				9,026,676
0.13%, 04/15/2027(b)			5,395,850				5,032,371
0.38%, 07/15/2027			5,789,564				5,465,639
1.63%, 10/15/2027			2,694,488				2,698,504
Total U.S. Treasury Securities (Cost $129,779,238)							121,473,791
		Shares
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 3.07%(c)(d) (Cost $59,418)			59,418				59,418
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.91% (Cost $129,838,656)							121,533,209

		Shares				Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.03%
Invesco Private Government Fund, 3.18%(c)(d)(e)			1,031,059			$	1,031,059
Invesco Private Prime Fund, 3.28%(c)(d)(e)			2,651,295				2,651,295
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $3,682,354)							3,682,354
TOTAL INVESTMENTS IN SECURITIES-102.94% (Cost $133,521,010)							125,215,563
OTHER ASSETS LESS LIABILITIES-(2.94)%							(3,580,140	)
NET ASSETS-100.00%						$	121,635,423

		Shares				Value
Common Stocks & Other Equity Interests-99.54%
Australia-8.73%
Adbri Ltd.			2,452			$	2,469
AGL Energy Ltd.			3,528				15,363
Allkem Ltd.(a)			3,098				28,606
ALS Ltd.			2,575				18,837
Altium Ltd.			584				13,223
Alumina Ltd.			13,530				11,680
AMP Ltd.(a)			17,524				14,119
Ampol Ltd.			1,278				22,253
Ansell Ltd.			690				12,456
APA Group			6,333				42,562
Aristocrat Leisure Ltd.			3,590				85,099
ASX Ltd.			1,039				44,979
Atlas Arteria Ltd.			5,145				21,681
Aurizon Holdings Ltd.			9,472				21,926
Australia & New Zealand Banking Group Ltd.			16,545				270,417
Bank of Queensland Ltd.(b)			3,432				16,152
Beach Energy Ltd.			9,465				9,623
Bendigo & Adelaide Bank Ltd.(b)			2,960				17,054
BHP Group Ltd.			27,015				645,384
BlueScope Steel Ltd.			2,527				25,418
Boral Ltd.(b)			2,158				3,974
Brambles Ltd.			7,451				55,650
carsales.com Ltd.			1,796				23,337
Challenger Ltd.			3,596				16,142
Charter Hall Group			2,529				20,926
Cleanaway Waste Management Ltd.			11,080				19,130
Cochlear Ltd.			343				43,803
Coles Group Ltd.			6,805				71,059
Commonwealth Bank of Australia			9,169				613,751
CSL Ltd.			2,583				463,269
CSR Ltd.			2,603				7,707
Deterra Royalties Ltd.			2,269				5,934
Dexus			5,773				28,646
Domain Holdings Australia Ltd.			1,241				2,650
Domino’s Pizza Enterprises Ltd.			324				13,208
Downer EDI Ltd.			3,696				10,612
EBOS Group Ltd.			847				18,452
Endeavour Group Ltd.			6,805				31,113
Evolution Mining Ltd.			8,988				11,955
Flight Centre Travel Group Ltd.(a)(b)			769				8,187
Fortescue Metals Group Ltd.			8,531				80,191
Glencore PLC			70,271				404,128
Goodman Group			9,836				106,924
GPT Group (The)			10,281				28,335
Harvey Norman Holdings Ltd.			3,178				8,454
IDP Education Ltd.(b)			972				18,391
IGO Ltd.			3,333				32,587
Iluka Resources Ltd.(b)			2,249				12,440
Incitec Pivot Ltd.			10,407				24,955
Insignia Financial Ltd.			3,412				6,873
Insurance Australia Group Ltd.			13,039				40,855
James Hardie Industries PLC, CDI			2,382				51,788
JB Hi-Fi Ltd.(b)			606				16,628
Lendlease Corp. Ltd.(b)			3,689				20,499
Lottery Corp. Ltd. (The)(a)			11,920				32,699
Lynas Rare Earths Ltd.(a)			4,821				25,680
Macquarie Group Ltd.			1,868				202,467

		Shares				Value
Australia-(continued)
Magellan Financial Group Ltd.(b)			748			$	4,750
Medibank Pvt. Ltd.			14,782				26,561
Metcash Ltd.(b)			5,181				13,583
Mineral Resources Ltd.			897				41,946
Mirvac Group			21,111				27,944
National Australia Bank Ltd.			17,054				353,546
Newcrest Mining Ltd.			4,788				53,120
NEXTDC Ltd.(a)			2,430				12,928
Northern Star Resources Ltd.			6,101				34,097
Nufarm Ltd.			2,038				7,259
Orica Ltd.			2,411				21,399
Origin Energy Ltd.			9,424				33,566
Orora Ltd.			4,652				9,013
OZ Minerals Ltd.			1,742				26,923
Perpetual Ltd.(b)			301				4,793
Pilbara Minerals Ltd.(a)			14,101				45,896
Platinum Asset Management Ltd.			2,813				3,220
Pro Medicus Ltd.(b)			217				7,746
Qantas Airways Ltd.(a)			4,460				16,655
QBE Insurance Group Ltd.			7,906				61,879
Qube Holdings Ltd.			8,928				15,528
Ramsay Health Care Ltd.			937				35,093
REA Group Ltd.			270				20,993
Reece Ltd.			1,146				11,381
Rio Tinto Ltd.			1,992				112,348
Rio Tinto PLC			5,854				305,794
Santos Ltd.			16,478				81,134
Scentre Group			27,832				51,612
SEEK Ltd.			1,870				25,817
Seven Group Holdings Ltd.(b)			720				8,444
Shopping Centres Australasia Property Group			5,951				10,351
Sierra Rutile Holdings Ltd.(a)(b)			2,249				302
Sonic Healthcare Ltd.			2,563				53,707
South32 Ltd.			25,031				57,622
Star Entertainment Group Ltd. (The)(a)			4,599				8,646
Stockland			12,801				29,468
Suncorp Group Ltd.			6,773				49,417
Tabcorp Holdings Ltd.(b)			11,157				6,885
Telstra Group Ltd.(a)			22,070				55,322
TPG Telecom Ltd.(b)			1,968				6,166
Transurban Group			16,522				140,092
Treasury Wine Estates Ltd.			3,874				32,080
Vicinity Ltd.			20,218				25,146
Washington H Soul Pattinson & Co. Ltd.			1,428				25,513
Wesfarmers Ltd.			6,080				176,742
Westpac Banking Corp.			18,746				289,010
Whitehaven Coal Ltd.			4,294				24,795
WiseTech Global Ltd.			845				31,426
Woodside Energy Group Ltd.			10,150				233,525
Woolworths Group Ltd.			6,535				137,984
Worley Ltd.			2,003				18,277
							6,810,144
Austria-0.25%
ANDRITZ AG			361				16,791
Erste Group Bank AG			1,761				43,442
Mondi PLC			2,599				43,763
OMV AG			761				35,080

		Shares				Value
Austria-(continued)
Raiffeisen Bank International AG			693			$	9,637
Telekom Austria AG			733				4,260
Verbund AG			354				27,728
voestalpine AG			616				13,382
							194,083
Belgium-0.78%
Ackermans & van Haaren N.V.			120				16,735
Ageas S.A./N.V.			985				34,103
Anheuser-Busch InBev S.A./N.V.(b)			4,651				232,599
D’Ieteren Group			123				20,460
Elia Group S.A./N.V.			202				25,535
Etablissements Franz Colruyt N.V.			267				6,436
Groupe Bruxelles Lambert S.A.			545				40,183
KBC Group N.V.			1,473				73,811
Proximus SADP			750				7,865
Sofina S.A.(b)			82				16,006
Solvay S.A., Class A			361				32,554
UCB S.A.			648				48,879
Umicore S.A.(b)			1,098				36,192
Warehouses De Pauw C.V.A.			755				19,386
							610,744
Brazil-0.05%
Yara International ASA			872				38,916
Burkina Faso-0.02%
Endeavour Mining PLC			985				17,193
Cambodia-0.01%
NagaCorp Ltd.(a)			8,755				3,993
Chile-0.03%
Antofagasta PLC(b)			1,857				25,133
China-0.59%
AAC Technologies Holdings, Inc.(a)			3,807				6,974
BOC Hong Kong Holdings Ltd.			19,114				59,413
Budweiser Brewing Co. APAC Ltd.(c)			8,998				18,936
China Travel International Investment Hong Kong Ltd.(a)			13,198				2,051
Chow Tai Fook Jewellery Group Ltd.			9,309				15,938
ESR Group Ltd.(c)			10,802				18,439
HUTCHMED China Ltd.(a)			2,500				4,204
Kerry Logistics Network Ltd.			1,263				2,005
Lenovo Group Ltd.			39,428				31,543
MMG Ltd.(a)			13,057				2,578
Nexteer Automotive Group Ltd.(b)			4,389				2,376
Prosus N.V.			4,574				199,092
Shangri-La Asia Ltd.(a)			6,527				3,609
SITC International Holdings Co. Ltd.			6,545				10,722
Want Want China Holdings Ltd.			23,387				15,373
Wharf Holdings Ltd. (The)			6,614				18,916
Wilmar International Ltd.			11,302				30,989
Xinyi Glass Holdings Ltd.			10,912				14,040
							457,198
Denmark-2.41%
AP Moller - Maersk A/S, Class A			15				30,030
AP Moller - Maersk A/S, Class B			28				58,583
Carlsberg A/S, Class B			498				58,708
Chr. Hansen Holding A/S			551				30,606
Coloplast A/S, Class B(b)			714				79,622
Danske Bank A/S(b)			3,534				57,050

		Shares				Value
Denmark-(continued)
Demant A/S(a)			544			$	14,870
DSV A/S			1,005				136,089
Genmab A/S(a)			352				135,705
GN Store Nord A/S			686				14,590
H Lundbeck A/S			1,280				4,787
H Lundbeck A/S, Class A(a)			320				1,087
Novo Nordisk A/S, Class B			8,396				912,993
Novozymes A/S, Class B			1,064				55,894
Orsted A/S(c)			1,010				83,320
Pandora A/S			476				25,094
ROCKWOOL A/S, Class B(b)			34				6,771
Royal Unibrew A/S			253				14,453
SimCorp A/S			213				12,725
Tryg A/S			1,933				41,842
Vestas Wind Systems A/S			5,411				106,603
							1,881,422
Finland-1.25%
Elisa OYJ			769				37,174
Fortum OYJ			2,314				32,579
Huhtamaki OYJ			498				17,891
Kesko OYJ, Class B			1,445				28,135
Kojamo OYJ(b)			1,045				13,602
Kone OYJ, Class B			2,106				86,277
Metso Outotec OYJ(b)			3,248				24,661
Neste OYJ			2,231				97,770
Nokia OYJ(b)			30,208				134,561
Nordea Bank Abp			19,273				184,313
Orion OYJ, Class B			556				25,580
Sampo OYJ, Class A			2,636				120,573
Stora Enso OYJ, Class R			3,079				40,139
UPM-Kymmene OYJ			2,858				95,786
Valmet OYJ(b)			940				21,396
Wartsila OYJ Abp			2,613				17,820
							978,257
France-9.89%
Accor S.A.(a)			980				23,479
Adevinta ASA, Class B(a)			1,488				10,190
Aeroports de Paris(a)(b)			152				20,589
Air Liquide S.A.			2,749				359,456
Airbus SE			3,000				324,911
ALD S.A.(c)			432				4,611
Alstom S.A.(b)			1,582				32,616
Amundi S.A.(c)			305				14,403
Arkema S.A.			348				27,557
AXA S.A.			9,946				245,754
BioMerieux			231				20,443
BNP Paribas S.A.			5,753				270,056
Bollore SE			5,298				26,522
Bouygues S.A.			1,141				32,568
Bureau Veritas S.A.			1,521				37,687
Capgemini SE			861				141,474
Carrefour S.A.(b)			3,172				51,054
Cie de L’Odet SE			2				2,392
Cie de Saint-Gobain			2,462				100,739
Cie Generale des Etablissements Michelin S.C.A.			3,752				95,711
Covivio			268				14,356
Credit Agricole S.A.			6,494				58,959
Danone S.A.			3,273				162,844
Dassault Aviation S.A.			124				18,432