Domestic Equity

The fiscal year began with increasing volatility and the US stock market saw a selloff through most of September due to increasing concerns of inflation resulting from a spike in oil prices and supply chain shortages causing rising costs. Despite the Consumer Price Index (CPI) increasing monthly from June through September 2021,¹ the US Federal Reserve (the Fed) declined to raise interest rates at its September 2021 Federal Open Market Committee meeting.

Equity markets saw continued volatility in the fourth quarter of 2021 amid record 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 to nearly $85 per barrel in October,² causing higher gas prices for consumers, and pushing energy stocks higher. The CPI reported for November increased 0.8%, resulting in a 6.8% increase over the prior 12 months, the highest since 1982.¹ To combat inflation, the Fed announced a faster pace of “tapering” at its December meeting, pledging to end its asset purchase program by March 2022. The Fed also announced the potential for three 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 inflationary 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 2008.² The CPI rose by another 7.9% for the 12 months ended February 2022 reaching a 40 year high.¹ To combat inflation, the Fed raised the federal funds rate by a one-quarter percentage point in March.

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 for much of 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 8.6% for the 12 months ended May 2022 reaching a 40 year high.¹ 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.² 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 Jackson Hole, Wyoming, an economic policy symposium, sparked a sharp selloff at month end. Due to declining energy prices, the CPI rose by 8.5% for the 12 months ending July,¹ down slightly from June, but still at multi-decade highs and far above the Fed’s 2% annual inflation target. As a result, the Fed indicated that it would continue taking aggressive action to curb inflation, though such measures could “bring pain to households and businesses.” The remarks deflated investor optimism that the Fed would pause rate hikes in the second half of 2022 and increased the likelihood of a US recession. In this environment, US stocks had negative double-digit returns of (11.23)% for the fiscal year ended August 31, 2022, measured by the S&P 500 Index.⁴

 

1	Source: US Bureau of Labor Statistics

2	Source: Bloomberg LP

3	Source: US Federal Reserve

4	Source: Lipper Inc.

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 in 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, 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 moderately 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%¹ and fixed income markets felt the impact of rising interests rates. Bond sectors experienced 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 period, including a 0.50% hike in May, a 0.75% hike in June (the largest since 1994), and an additional 0.75% hike in July to a target range of 2.25-2.50%. We believe that the Fed is unlikely to pivot from its hawkish policies, and we expect the Fed will increase the target range to 3.50-3.75% by the end of the year followed by a 0.50% cut in 2023. While rates remained elevated across all maturities on the yield curve, the two-year Treasury rates increased from 2.92% to 3.45% during the last 2-month period in the fiscal year, while 10-year Treasury rates increased from 3.04% to 3.15% over the same period.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

As an index fund, the Invesco PureBeta^SM MSCI USA ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the MSCI USA Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, MSCI Inc. (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of the large- and mid-capitalization segments of the U.S. equity market. The Index Provider weights securities in the Index by their free float-adjusted market capitalization. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (13.03)%. On a net asset value (“NAV”) basis, the Fund returned (13.10)%. During the same time period, the Index returned (13.08)%. 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 expenses that the Fund incurred during the period.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Exxon Mobil Corp., an energy company (portfolio average weight of 0.85%), and Chevron Corp., an energy company (portfolio average weight of 0.70%). Positions that detracted most significantly from the Fund’s return included Meta Platforms, Inc., Class A, a communication services company (portfolio average weight of 1.52%), and Amazon.com, Inc., a consumer discretionary company (portfolio average weight of 3.45%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Information Technology			27.71
Health Care			13.91
Consumer Discretionary			11.48
Financials			10.64
Communication Services			8.37
Industrials			7.99
Consumer Staples			6.52
Energy			4.62
Utilities			3.07
Real Estate			3.01
Materials			2.58
Money Market Funds Plus Other Assets Less Liabilities			0.10
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Apple, Inc.			7.22
Microsoft Corp.			5.27
Amazon.com, Inc.			3.29
Tesla, Inc.			2.06
Alphabet, Inc., Class A			1.85
Alphabet, Inc., Class C			1.75
UnitedHealth Group, Inc.			1.38
Johnson & Johnson			1.20
Exxon Mobil Corp.			1.14
NVIDIA Corp.			1.07
Total			26.23

 

*	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 0.04% 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. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index performance results are based upon a hypothetical investment in the Index’s constituent securities. Index returns 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 MSCI USA Small Cap ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the MSCI USA Small Cap Index (the “Index”). The Fund generally will invest at least 90% of its total assets in the securities that comprise the Index.

Strictly in accordance with its guidelines and mandated procedures, MSCI Inc. (the “Index Provider”) compiles, maintains and calculates the Index, which is designed to measure the performance of the small-capitalization segment of the U.S. equity market. The Index Provider weights securities in the Index by their free float-adjusted market capitalization. The Fund generally invests in all of the securities comprising the Index in proportion to their weightings in the Index.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (14.62)%. On a net asset value (“NAV”) basis, the Fund returned (14.70)%. During the same time period, the Index returned (14.76)%. 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 proceeds from the securities lending program in which the Fund participates which were partially offset by fees and operating expenses that the Fund incurred during the period.

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

Positions that contributed most significantly to the Fund’s return for the fiscal year ended August 31, 2022, included Marathon Oil Corp., an energy company (no longer held at fiscal year-end), and APA Corp., an energy company (no longer held at fiscal year-end). Positions that detracted most significantly from the Fund’s return included Chegg, Inc., a consumer discretionary company (portfolio average weight of 0.10%), and Trex Co., Inc., an industrials company (portfolio average weight of 0.21%).

Sector Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
Industrials			16.79
Financials			16.22
Health Care			13.88
Consumer Discretionary			12.91
Information Technology			12.85
Real Estate			7.69
Energy			5.53
Materials			5.00
Consumer Staples			4.06
Sector Types Each Less Than 3%			5.03
Money Market Funds Plus Other Assets Less Liabilities			0.04
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Wolfspeed, Inc.			0.34
Ovintiv, Inc.			0.33
Darling Ingredients, Inc.			0.30
First Solar, Inc.			0.29
First Horizon Corp.			0.29
Reliance Steel & Aluminum Co.			0.28
Chesapeake Energy Corp.			0.28
Lamb Weston Holdings, Inc.			0.28
Repligen Corp.			0.28
Antero Resources Corp.			0.27
Total			2.94

 

*	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 0.06% 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. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index performance results are based upon a hypothetical investment in the Index’s constituent securities. Index returns 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 US Aggregate Bond ETF (the “Fund”) is passively managed and seeks to track the investment results (before fees and expenses) of the ICE BofA US Broad Market Index^SM (the “Index”). The Fund generally will invest at least 80% of its total assets in the component securities 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 provide a broad measure of the performance of the domestic investment grade bond market, represented by U.S. dollar-denominated, investment grade debt securities that are publicly offered for sale in the United States. Constituent securities may include U.S. Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities. Transactions in U.S. government agency mortgage-backed securities may occur through standardized agreements for forward or future delivery in which the actual mortgage pools to be delivered are not specified until shortly prior to settlement (to be announced (“TBA”) transactions). The Fund may engage in such TBA transactions. Pending settlement of TBA transactions, the Fund will invest its assets in high-quality, liquid, short-term instruments, including affiliated money market funds. The Fund also may acquire interests in mortgage pools through means other than such standardized agreements for forward or future delivery.

To qualify for inclusion in the Index, securities must have: (i) at least one year to final maturity; (ii) at least 18 months to final maturity when issued; (iii) a fixed coupon schedule; and (iv) with the exception of U.S. Treasuries, an investment grade rating (based on an average of ratings by Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings, a division of S&P Global Inc. (“S&P”) and Fitch Ratings, Inc. (“Fitch”)). Original issue zero coupon bonds, Rule 144A securities, corporate pay-in-kind securities and “hybrid” securities (including those that may convert into preferred shares) are eligible for inclusion in the Index. Index constituents are capitalization-weighted, based on their current amount outstanding times the market price, plus accrued interest. 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.

For the fiscal year ended August 31, 2022, on a market price basis, the Fund returned (11.42)%. On a net asset value (“NAV”) basis, the Fund returned (11.19)%. During the same time period, the Index returned (11.52)%. During the fiscal year, the Fund’s performance, on a NAV basis, differed from the return of the Index primarily due to the positive effects of the Fund’s utilization of a sampling methodology, which were partially offset by fees and expenses that the Fund incurred during the period.

For the fiscal year ended August 31, 2022, the banks sub-industry contributed most significantly to the Fund’s return, followed by the

electric utilities sub-industry. The energy equipment & services sub-industry detracted most significantly from the Fund’s return.

The position that contributed most significantly to the Fund’s return was Halliburton Co., 7.45% coupon, due 09/15/2039, an oil & gas equipment & services company (portfolio average weight of 0.03%). Positions that detracted most significantly from the Fund’s return for the fiscal year ended August 31, 2022, included Citigroup, Inc., 8.13% coupon, due 07/15/2039, a diversified banks company (portfolio average weight of 0.28%), and Georgia Power Co., 4.30% coupon, due 03/15/2043, an electric utilities company (portfolio average weight of 0.18%).

 

Security Type Breakdown (% of the Fund’s Net Assets) as of August 31, 2022
U.S. Treasury Securities			44.04
U.S. Dollar Denominated Bonds & Notes			27.89
U.S. Government Sponsored Agency Mortgage-Backed Securities			24.69
Asset-Backed Securities			1.89
Municipal Obligations			0.37
Money Market Funds Plus Other Assets Less Liabilities			1.12
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of August 31, 2022
Security
Federal Home Loan Mortgage Corp., 3.00%, 06/01/2052			1.10
Government National Mortgage Association, 2.50%, 05/20/2052			0.91
Federal Home Loan Mortgage Corp., 2.00%, 04/01/2052			0.85
Federal Home Loan Mortgage Corp., 4.00%, 06/01/2052			0.77
Federal National Mortgage Association, 3.50%, 06/01/2052			0.76
Government National Mortgage Association, 3.00%, 05/20/2052			0.75
Federal National Mortgage Association, 2.50%, 04/01/2052			0.70
Government National Mortgage Association, 2.00%, 05/20/2052			0.70
Federal Home Loan Mortgage Corp., 2.00%, 08/01/2051			0.65
Federal National Mortgage Association, 2.00%, 05/01/2037			0.54
Total			7.73

 

*	Excluding money market fund holdings

Fund Inception: September 29, 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 0.05% 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. See invesco.com/ETFs to find the most recent month-end performance numbers.

Index performance results are based upon a hypothetical investment in the Index’s constituent securities. Index returns 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.

		Shares				Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-8.37%
Activision Blizzard, Inc.			50,579			$	3,969,946
Alphabet, Inc., Class A(b)			389,123				42,110,891
Alphabet, Inc., Class C(b)			364,898				39,828,617
AMC Entertainment Holdings, Inc., Class A(b)(c)			33,148				302,310
AMC Entertainment Holdings, Inc., Preference Shares(c)			33,148				162,425
AT&T, Inc.(c)			463,110				8,122,949
Cable One, Inc.(c)			342				388,170
Charter Communications, Inc., Class A(b)(c)			7,601				3,136,401
Comcast Corp., Class A(c)			289,198				10,466,076
DISH Network Corp., Class A(b)(c)			15,951				276,750
Electronic Arts, Inc.			18,108				2,297,362
Fox Corp., Class A			20,375				696,417
Fox Corp., Class B			9,552				302,034
IAC, Inc.(b)			5,113				328,613
Interpublic Group of Cos., Inc. (The)			25,429				702,858
Liberty Broadband Corp., Class C(b)(c)			8,461				860,484
Liberty Global PLC, Class A (United Kingdom)(b)			10,076				203,535
Liberty Global PLC, Class C (United Kingdom)(b)			19,462				414,735
Liberty Media Corp.-Liberty Formula One, Class C(b)			12,549				799,120
Liberty Media Corp.-Liberty SiriusXM, Class A(b)(c)			4,879				202,674
Liberty Media Corp.-Liberty SiriusXM, Class C(b)			10,758				444,951
Live Nation Entertainment, Inc.(b)(c)			11,065				999,833
Lumen Technologies, Inc.(c)			59,408				591,704
Match Group, Inc.(b)(c)			18,355				1,037,608
Meta Platforms, Inc., Class A(b)			148,366				24,173,272
Netflix, Inc.(b)(c)			28,740				6,425,114
News Corp., Class A			24,651				417,095
Omnicom Group, Inc.			13,309				890,372
Paramount Global, Class B(c)			39,187				916,584
Pinterest, Inc., Class A(b)			36,730				846,259
ROBLOX Corp., Class A(b)(c)			22,672				886,702
Roku, Inc., Class A(b)(c)			7,660				520,880
Sirius XM Holdings, Inc.(c)			50,912				310,054
Snap, Inc., Class A(b)(c)			70,693				769,140
Take-Two Interactive Software, Inc.(b)			10,487				1,285,287
T-Mobile US, Inc.(b)(c)			40,547				5,837,146
Twitter, Inc.(b)(c)			42,019				1,628,236
Verizon Communications, Inc.			271,672				11,358,606
Walt Disney Co. (The)(b)			117,830				13,206,386
Warner Bros Discovery, Inc.(b)			149,141				1,974,627
ZoomInfo Technologies, Inc., Class A(b)(c) .			16,885				766,917
							190,859,140
Consumer Discretionary-11.48%
Advance Auto Parts, Inc.			3,957				667,308
Airbnb, Inc., Class A(b)(c)			24,294				2,748,137
Amazon.com, Inc.(b)			592,357				75,093,097
Aptiv PLC(b)			17,436				1,629,046
Aramark			14,829				529,544

		Shares				Value
Consumer Discretionary-(continued)
AutoZone, Inc.(b)(c)			1,266			$	2,682,920
Bath & Body Works, Inc.(c)			15,428				575,927
Best Buy Co., Inc.			13,098				925,898
Booking Holdings, Inc.(b)			2,628				4,929,629
BorgWarner, Inc.			15,521				585,142
Burlington Stores, Inc.(b)			4,313				604,639
Caesars Entertainment, Inc.(b)			13,809				595,444
CarMax, Inc.(b)(c)			10,455				924,640
Carnival Corp.(b)(c)			63,345				599,244
Chewy, Inc., Class A(b)(c)			5,907				202,787
Chipotle Mexican Grill, Inc.(b)(c)			1,813				2,894,998
D.R. Horton, Inc.			21,644				1,539,971
Darden Restaurants, Inc.			8,069				998,216
Dollar General Corp.			14,684				3,486,275
Dollar Tree, Inc.(b)(c)			14,462				1,962,204
Domino’s Pizza, Inc.			2,344				871,640
DoorDash, Inc., Class A(b)(c)			12,459				746,294
eBay, Inc.			36,216				1,598,212
Etsy, Inc.(b)			8,202				866,213
Expedia Group, Inc.(b)			9,805				1,006,483
Ford Motor Co.			255,452				3,893,089
Garmin Ltd.			9,927				878,440
General Motors Co.			89,602				3,423,692
Genuine Parts Co.			9,139				1,425,775
Hasbro, Inc.			8,531				672,413
Hilton Worldwide Holdings, Inc.			17,978				2,289,678
Home Depot, Inc. (The)			66,485				19,175,604
Las Vegas Sands Corp.(b)			22,193				835,123
Lear Corp.			3,870				536,537
Lennar Corp., Class A			16,836				1,303,948
LKQ Corp.			17,486				930,605
Lowe’s Cos., Inc.			41,345				8,026,718
Lucid Group, Inc.(b)(c)			26,641				408,673
lululemon athletica, inc.(b)			7,571				2,270,997
Marriott International, Inc., Class A			17,997				2,766,859
McDonald’s Corp.			47,841				12,069,328
MercadoLibre, Inc. (Brazil)(b)			2,928				2,504,494
MGM Resorts International			22,049				719,679
Mohawk Industries, Inc.(b)			3,330				367,499
Newell Brands, Inc.			25,412				453,604
NIKE, Inc., Class B			82,075				8,736,884
NVR, Inc.(b)			202				836,292
O’Reilly Automotive, Inc.(b)			4,252				2,964,154
Pool Corp.(c)			2,583				876,128
PulteGroup, Inc.			15,372				625,026
Rivian Automotive, Inc., Class A(b)(c)			20,215				661,233
Ross Stores, Inc.			22,748				1,962,470
Royal Caribbean Cruises Ltd.(b)(c)			14,760				602,946
Starbucks Corp.(c)			74,192				6,237,321
Target Corp.			29,996				4,809,559
Tesla, Inc.(b)			170,898				47,101,198
TJX Cos., Inc. (The)(c)			75,792				4,725,631
Tractor Supply Co.			7,250				1,342,338
Ulta Beauty, Inc.(b)			3,352				1,407,404
Vail Resorts, Inc.			2,596				583,269
VF Corp.			21,302				882,968
Wayfair, Inc., Class A(b)(c)			4,857				256,012
Whirlpool Corp.(c)			3,636				569,398

		Shares				Value
Consumer Discretionary-(continued)
Wynn Resorts Ltd.(b)(c)			7,095			$	429,886
Yum! Brands, Inc.			18,447				2,052,044
							261,878,824
Consumer Staples-6.52%
Altria Group, Inc.			116,976				5,277,957
Archer-Daniels-Midland Co.			36,401				3,199,284
Brown-Forman Corp., Class B			19,956				1,450,801
Bunge Ltd.			9,815				973,354
Campbell Soup Co.			13,626				686,478
Church & Dwight Co., Inc.			15,633				1,308,638
Clorox Co. (The)			7,909				1,141,585
Coca-Cola Co. (The)			266,408				16,440,038
Colgate-Palmolive Co.			51,373				4,017,882
Conagra Brands, Inc.			30,852				1,060,692
Constellation Brands, Inc., Class A			10,529				2,590,660
Costco Wholesale Corp.			28,659				14,962,864
Estee Lauder Cos., Inc. (The), Class A			15,025				3,822,060
General Mills, Inc.(c)			38,833				2,982,374
Hershey Co. (The)			9,444				2,121,784
Hormel Foods Corp.			19,230				966,884
JM Smucker Co. (The)			6,995				979,230
Kellogg Co.			16,505				1,200,574
Keurig Dr Pepper, Inc.			50,213				1,914,120
Kimberly-Clark Corp.			21,795				2,779,298
Kraft Heinz Co. (The)			47,229				1,766,365
Kroger Co. (The)			44,927				2,153,800
McCormick & Co., Inc.			16,075				1,351,425
Molson Coors Beverage Co., Class B			11,639				601,387
Mondelez International, Inc., Class A			89,368				5,528,305
Monster Beverage Corp.(b)(c)			25,698				2,282,753
PepsiCo, Inc.			89,445				15,408,690
Philip Morris International, Inc.			100,275				9,575,260
Procter & Gamble Co. (The)			155,209				21,409,529
Sysco Corp.(c)			32,958				2,709,807
Tyson Foods, Inc., Class A			18,814				1,418,199
Walgreens Boots Alliance, Inc.			47,200				1,654,832
Walmart, Inc.			97,941				12,982,080
							148,718,989
Energy-4.62%
APA Corp.(c)			21,880				855,727
Baker Hughes Co., Class A			63,691				1,608,835
Cheniere Energy, Inc.			14,796				2,370,023
Chevron Corp.			120,747				19,085,271
ConocoPhillips			83,672				9,157,900
Coterra Energy, Inc.(c)			52,379				1,619,035
Devon Energy Corp.			40,633				2,869,503
Diamondback Energy, Inc.			10,873				1,449,153
EOG Resources, Inc.			37,889				4,595,936
EQT Corp.(c)			21,514				1,028,369
Exxon Mobil Corp.			272,506				26,048,849
Halliburton Co.			58,348				1,758,025
Hess Corp.			18,122				2,188,775
Kinder Morgan, Inc.			132,013				2,418,478
Marathon Oil Corp.			45,780				1,171,510
Marathon Petroleum Corp.			34,997				3,525,948
Occidental Petroleum Corp.			60,626				4,304,446
ONEOK, Inc.			28,891				1,768,996
Phillips 66			31,122				2,784,174
Pioneer Natural Resources Co.			14,825				3,753,987

		Shares				Value
Energy-(continued)
Schlumberger N.V.			91,436			$	3,488,283
Targa Resources Corp.			13,980				953,855
Texas Pacific Land Corp.			401				738,025
Valero Energy Corp.			26,319				3,082,481
Williams Cos., Inc. (The)			78,792				2,681,292
							105,306,876
Financials-10.64%
Aflac, Inc.			39,722				2,360,281
Alleghany Corp.(b)			870				731,827
Allstate Corp. (The)			17,788				2,143,454
Ally Financial, Inc.(c)			20,898				693,814
American Express Co.			41,408				6,294,016
American Financial Group, Inc.			4,654				594,223
American International Group, Inc.			51,246				2,651,980
Ameriprise Financial, Inc.			7,123				1,909,035
Annaly Capital Management, Inc.(c)			111,738				720,710
Aon PLC, Class A			13,771				3,845,689
Apollo Global Management, Inc.(c)			26,013				1,445,803
Arch Capital Group Ltd.(b)			24,419				1,116,437
Arthur J. Gallagher & Co.			13,589				2,467,355
Assurant, Inc.			3,499				554,556
Bank of America Corp.			469,074				15,765,577
Bank of New York Mellon Corp. (The)(c)			49,643				2,061,674
Berkshire Hathaway, Inc., Class B(b)			83,174				23,355,259
BlackRock, Inc.			9,804				6,533,288
Blackstone, Inc., Class A(c)			45,329				4,258,206
Brown & Brown, Inc.			15,486				976,237
Capital One Financial Corp.(c)			25,426				2,690,579
Carlyle Group, Inc. (The)			12,609				410,171
Cboe Global Markets, Inc.			6,862				809,510
Charles Schwab Corp. (The)			94,035				6,671,783
Chubb Ltd.			27,572				5,212,487
Cincinnati Financial Corp.			9,795				949,723
Citigroup, Inc.			125,621				6,131,561
Citizens Financial Group, Inc.			31,914				1,170,606
CME Group, Inc., Class A			23,250				4,547,932
Coinbase Global, Inc., Class A(b)			7,706				514,761
Discover Financial Services			18,175				1,826,406
Equitable Holdings, Inc.			24,647				733,248
Erie Indemnity Co., Class A			1,596				343,028
Everest Re Group Ltd.			2,526				679,620
FactSet Research Systems, Inc.			2,434				1,054,750
Fidelity National Financial, Inc.			17,400				680,340
Fifth Third Bancorp			44,382				1,515,645
First Citizens BancShares, Inc., Class A			782				634,953
First Republic Bank			11,621				1,764,416
Franklin Resources, Inc.(c)			19,371				505,002
Globe Life, Inc.			6,107				593,539
Goldman Sachs Group, Inc. (The)			22,217				7,390,929
Hartford Financial Services Group, Inc. (The)			21,331				1,371,797
Huntington Bancshares, Inc.(c)			92,549				1,240,157
Intercontinental Exchange, Inc.(c)			36,180				3,648,753
Invesco Ltd.(d)			22,328				367,742
JPMorgan Chase & Co.			189,996				21,608,245
KeyCorp			59,830				1,058,393
KKR & Co., Inc., Class A(c)			36,419				1,841,345
Lincoln National Corp.			10,590				487,775
Loews Corp.			13,611				752,824

		Shares				Value
Financials-(continued)
LPL Financial Holdings, Inc.(c)			5,148			$	1,139,407
M&T Bank Corp.			11,555				2,100,468
Markel Corp.(b)			875				1,044,846
MarketAxess Holdings, Inc.			2,436				605,565
Marsh & McLennan Cos., Inc.			32,468				5,239,361
MetLife, Inc.(c)			44,715				2,876,516
Moody’s Corp.			10,748				3,058,021
Morgan Stanley(c)			84,870				7,232,621
MSCI, Inc.			5,248				2,357,612
Nasdaq, Inc.			22,224				1,322,995
Northern Trust Corp.			12,740				1,211,447
PNC Financial Services Group, Inc. (The)			26,754				4,227,132
Principal Financial Group, Inc.			16,346				1,222,027
Progressive Corp. (The)			37,835				4,640,463
Prudential Financial, Inc.			24,171				2,314,373
Raymond James Financial, Inc.(c)			12,488				1,303,373
Regions Financial Corp.			60,306				1,306,831
S&P Global, Inc.			22,454				7,907,850
SEI Investments Co.(c)			7,566				413,860
Signature Bank(c)			4,060				707,902
State Street Corp.			23,748				1,623,176
SVB Financial Group(b)(c)			3,802				1,545,589
Synchrony Financial			32,441				1,062,443
T. Rowe Price Group, Inc.(c)			14,659				1,759,080
Tradeweb Markets, Inc., Class A			6,901				480,241
Travelers Cos., Inc. (The)			15,558				2,514,795
Truist Financial Corp.			86,128				4,034,235
U.S. Bancorp			91,306				4,164,467
W.R. Berkley Corp.			13,684				886,723
Webster Financial Corp.			11,558				543,804
Wells Fargo & Co.			245,195				10,717,473
Willis Towers Watson PLC(c)			7,212				1,491,658
							242,743,795
Health Care-13.91%
Abbott Laboratories			113,267				11,626,858
AbbVie, Inc.			114,313				15,370,526
ABIOMED, Inc.(b)			2,919				756,838
Agilent Technologies, Inc.			19,310				2,476,507
Align Technology, Inc.(b)			4,816				1,173,659
Alnylam Pharmaceuticals, Inc.(b)			7,815				1,615,126
AmerisourceBergen Corp.			10,163				1,489,489
Amgen, Inc.			34,557				8,304,047
Avantor, Inc.(b)			39,257				977,892
Baxter International, Inc.			32,573				1,871,645
Becton, Dickinson and Co.			18,441				4,654,877
Biogen, Inc.(b)(c)			9,453				1,846,927
BioMarin Pharmaceutical, Inc.(b)			11,841				1,056,217
Bio-Rad Laboratories, Inc., Class A(b)			1,465				710,584
Bio-Techne Corp.			2,526				838,152
Boston Scientific Corp.(b)			92,478				3,727,788
Bristol-Myers Squibb Co.			137,728				9,284,244
Cardinal Health, Inc.			17,623				1,246,299
Catalent, Inc.(b)			10,967				965,096
Centene Corp.(b)			37,836				3,395,403
Charles River Laboratories International, Inc.(b)			3,287				674,657
Cigna Corp.			20,524				5,817,528
Cooper Cos., Inc. (The)			3,154				906,586
CVS Health Corp.			84,744				8,317,624

		Shares				Value
Health Care-(continued)
Danaher Corp.			44,682			$	12,060,119
DaVita, Inc.(b)			3,749				319,752
DENTSPLY SIRONA, Inc.			14,105				462,221
DexCom, Inc.(b)			25,391				2,087,394
Edwards Lifesciences Corp.(b)			40,221				3,623,912
Elanco Animal Health, Inc.(b)			27,510				416,226
Elevance Health, Inc.			15,596				7,565,776
Eli Lilly and Co.			52,245				15,737,761
Exact Sciences Corp.(b)(c)			11,236				399,440
Gilead Sciences, Inc.			81,141				5,150,019
HCA Healthcare, Inc.			15,292				3,025,828
Henry Schein, Inc.(b)			8,855				650,046
Hologic, Inc.(b)			16,090				1,087,040
Horizon Therapeutics PLC(b)			14,127				836,460
Humana, Inc.			8,177				3,939,515
IDEXX Laboratories, Inc.(b)			5,402				1,877,843
Illumina, Inc.(b)			10,163				2,049,267
Incyte Corp.(b)(c)			12,096				851,921
Insulet Corp.(b)(c)			4,463				1,140,163
Intuitive Surgical, Inc.(b)			23,221				4,777,489
IQVIA Holdings, Inc.(b)			12,269				2,609,126
Jazz Pharmaceuticals PLC(b)(c)			3,981				617,931
Johnson & Johnson			170,223				27,463,779
Laboratory Corp. of America Holdings			6,033				1,359,054
Masimo Corp.(b)			3,363				493,991
McKesson Corp.			9,404				3,451,268
Medtronic PLC			86,085				7,568,593
Merck & Co., Inc.			163,586				13,963,701
Mettler-Toledo International, Inc.(b)			1,468				1,779,891
Moderna, Inc.(b)(c)			21,871				2,892,877
Molina Healthcare, Inc.(b)			3,780				1,275,259
Neurocrine Biosciences, Inc.(b)			6,169				645,462
Novocure Ltd.(b)(c)			6,081				499,433
PerkinElmer, Inc.			8,149				1,100,604
Pfizer, Inc.(c)			362,965				16,416,907
Quest Diagnostics, Inc.			7,592				951,353
Regeneron Pharmaceuticals, Inc.(b)			6,988				4,060,447
ResMed, Inc.			9,463				2,081,103
Royalty Pharma PLC, Class A			22,355				934,663
Seagen, Inc.(b)			8,877				1,369,632
STERIS PLC			6,456				1,300,109
Stryker Corp.			22,016				4,517,683
Teladoc Health, Inc.(b)(c)			10,310				320,229
Teleflex, Inc.			3,002				679,232
Thermo Fisher Scientific, Inc.			25,323				13,809,138
UnitedHealth Group, Inc.			60,690				31,518,138
Universal Health Services, Inc., Class B			4,363				426,876
Veeva Systems, Inc., Class A(b)			9,058				1,805,441
Vertex Pharmaceuticals, Inc.(b)(c)			16,545				4,661,719
Viatris, Inc.			77,851				743,477
Waters Corp.(b)			3,913				1,168,422
West Pharmaceutical Services, Inc.			4,776				1,416,991
Zimmer Biomet Holdings, Inc.			13,456				1,430,642
Zoetis, Inc.			30,445				4,765,556
							317,261,488
Industrials-7.99%
3M Co.(c)			36,760				4,571,106
A.O. Smith Corp.			8,494				479,486
Allegion PLC			5,662				538,456