Domestic Equity

US equity markets posted gains in the fourth quarter of 2020, as positive news on coronavirus (“COVID-19”) vaccines and strong corporate earnings outweighed investor concerns about the political disagreement over a fiscal stimulus package and sharply rising COVID-19 infections nationwide. Cyclical sectors like energy and financials led the way, while real estate and consumer staples lagged. Market leadership also shifted during the quarter with value stocks outperforming growth for the first time since the fourth quarter of 2016. While the US economy rebounded significantly since the pandemic began, the recovery appeared to slow in the fourth quarter with employment gains and gross domestic product (GDP) growth down from the third quarter of 2020. However, stocks were buoyed by the US Federal Reserve’s (the Fed’s) pledge to maintain its accommodative stance and asset purchases, “until substantial further progress has been made” toward employment and inflation targets.

US political unrest and rising COVID-19 infection rates marked the start of the first quarter of 2021. Additionally, retail investors bid up select stocks like GameStop and AMC Theaters, ultimately causing a sharp selloff in late January. Corporate earnings generally beat expectations, but market volatility rose during the quarter as investors worried about rising bond yields and inflation. Despite the Fed’s commitment to an accommodative policy, the 10-year US Treasury yield rose from 0.92% at year-end to 1.74%¹ at the end of March 2021. Approval of a third COVID-19 vaccine boosted investors’ optimism for faster economic recovery. Although March saw increased volatility with consecutive down days in the US stock market, stocks continued to hit all-time highs through April 2021.

The US stock market once again hit new highs in the second quarter of 2021, despite higher volatility stemming from inflation concerns and the potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the Bureau of Economic Analysis reported that the US GDP grew at a 6.4% annualized rate for the first quarter of 2021. ² Corporate earnings also remained strong as the majority of S&P 500 companies beat Wall Street earnings forecasts. US equity markets continued to move higher in July despite inflation concerns and increasing COVID-19 infection rates due to the rapidly spreading Delta variant. Despite the Consumer Price Index (CPI) increasing in June through September 2021,³ the Fed declined to raise interest rates at its September Federal Open Market Committee (FOMC) meeting. The US stock market saw continued volatility in August 2021 and a selloff through most of September due to increasing concerns of inflation due to a spike in oil prices and supply chain shortages causing rising costs. In October 2021, investor sentiment improved as many S&P 500 index companies met or exceeded earnings expectations and the index hit new record highs. For the fiscal year, the S&P 500 Index returned 42.91%.⁴

 

1	Source: US Department of the Treasury

2	Source: US Bureau of Economic Analysis

3	Source: US Bureau of Labor Statistics, July 13, 2021

4	Source: Lipper Inc.

Global Equity

At the beginning of the fiscal year, global equity markets posted gains as good news about COVID-19 vaccines outweighed concerns about sharply rising infection rates and tightening social restrictions. In most global regions, equity market leadership shifted as value stocks outperformed growth stocks. Emerging market equities posted robust gains amplified by US dollar weakness.

Global equity markets ended the first quarter of 2021 in positive territory amid concerns about rising bond yields and inflation. The value-led equity rally continued in most regions, with value stocks outperforming growth stocks. The successful rollout of COVID-19 vaccinations in the US and UK benefited equity markets. However, even regions facing slower rollouts, including the Eurozone and Japan, performed well, driven by a rebound in global demand for goods.

During the second quarter of 2021, global equity markets were again bolstered by the continued acceleration of vaccination rollouts and easing of COVID-19 related restrictions in most developed markets. In a reversal from the first quarter, growth stocks outperformed value stocks in most regions. Emerging market equities were led by Brazil which benefited from global tailwinds, while regulatory concerns weighed on Chinese equities.

Developed global equity markets were flat in the third quarter of 2021 amid concerns about rising inflation, supply disruptions and the economic growth rate. Energy stocks and energy-driven markets performed well as global shortages pushed oil and gas prices higher. Emerging market equities declined during the quarter, primarily due to weak performance from Chinese equities, which were affected by significant regulatory changes in the private tutoring industry, increased regulation in the technology sector and the potential default of a large Chinese property developer.

In October of 2021, global equity stocks were positive with the US market leading the way, and Chinese equities rebounded after their decline in the third quarter. Overall, developed market equities outperformed emerging market equities for the fiscal year.

Fixed Income

Fixed income markets posted positive gains in the third quarter of 2020 primarily due to the Federal Reserve’s (Fed) continued accommodative pledge to keep interest rates low through 2023, extending central bank support of many fixed income asset classes. Additionally, the Fed announced a revised framework for interest rate policy by changing the way its inflation targets operate, aiming for lower volatility within interest rates. Corporate credit spreads in the US and globally rallied early in the quarter, however, US markets wobbled late in the quarter amid a

resurgence in European COVID-19 cases, as well as questions over refreshed fiscal stimulus measures. Central banks across developed nations in Europe and Asia have taken accommodative stances to keeping interest rate low. Uncertainty regarding the 2020 US presidential election and concerns of smooth transitions of power dampened markets towards the end of the quarter. The unemployment rate fell to 7.9%,¹ its lowest since the beginning of the COVID-19 pandemic.

US corporate markets posted gains in the fourth quarter of 2020, as positive news on COVID-19 vaccines and strong corporate earnings outweighed investor concerns about political disagreement over a fiscal stimulus package and sharply rising COVID-19 infections nationwide. Global corporate markets were also buoyed by similar factors and ultra-accommodative central bank policies. Bonds were buoyed by the Fed’s pledge to maintain its accommodative stance and asset purchases, “until substantial further progress has been made” toward employment and inflation targets. Corporate issuance of investment grade credit slowed in the quarter, concluding a year of record issuance. US interest rate moves subtly affected fixed income valuations during the quarter. The two-year Treasury yield fell from 0.14% to 0.13%, while the 10-year yield saw an increase of 25 basis points, rising from 0.68% to 0.93% (a basis point is one one-hundredth of a percentage point).² The yield curve, as measured by the yield differential between 2- and 10-year Treasuries, steepened modestly during the quarter. Cyclical sectors like energy and financials led the way, while real estate and consumer staples lagged.

In the first quarter of 2021, rising 10-year US Treasury yields increased significantly to 1.74%,² their highest level since January 2020, reflecting higher inflation expectations. Largely a result of economic optimism, government bond yields rose globally during the first quarter of 2021, as investors began to price in higher levels of economic growth and inflation moving towards a post-pandemic world. On the fiscal front, another stimulus package was signed into law and COVID-19 vaccine approvals and administration ramped up. 30-year Treasury yields moved higher by 0.77% to end the quarter at 2.41%. Importantly, short-term rates, which are closely tied to Fed policy, were quite steady. Two-year US Treasury yields moved up just 0.04% to 0.16%.²

Fixed income markets settled down in the second quarter of 2021, posting gains and rebounding from negative performance experienced during the early part of the year due to a sharply rising interest rate environment. Globally, corporate credit markets rallied as economic activity continued to rebound. Yet global corporate credit spreads took a step back at the beginning of the third quarter of 2021, while credit stress from key emerging market country issuers stirred fear of possible global contagion. Despite higher volatility stemming from inflation concerns and potential for rising interest rates, investors remained optimistic about the strength of the economic recovery after the

Bureau of Economic Analysis reported that US GDP grew at a 6.4% annualized rate for the first quarter of 2021.³ As the US COVID-19 vaccination rate neared the 50% threshold, consumers resumed pre-pandemic activities in the third quarter, and economically sensitive areas, such as the consumer discretionary and technology sectors, began to recover. With an inconsistent global vaccine rollout and the threat of COVID-19 variants on the rise, investors remained cautiously optimistic and expected corporate balance sheets to continue to recover meaningfully in 2021.

 

1	Source: US Bureau of Labor Statistics

2	Source: US Department of the Treasury

3	Source: US Bureau of Economic Analysis

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 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 Underlying 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 Underlying 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; and (iii) a minimum amount outstanding of $1 billion. Original issue zero coupon bonds may be included in the Underlying Index, and the amounts outstanding of qualifying coupon securities are not reduced by any portions that have been stripped. Underlying 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, 2021, on a market price basis, the Fund returned 6.50%. On a net asset value (“NAV”) basis, the Fund returned 6.46%. During the same time period, the Index returned 6.55%. 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 incurred by the Fund.

For the fiscal year ended October 31, 2021, bonds with maturities between 2 and 3 years contributed most significantly to the Fund’s return, followed by bonds with maturities between 3 and 4 years. No maturities detracted from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2021, included Treasury CPI Note, 0.375% coupon, due 07/15/2025 (portfolio average weight of 5.70%) and Treasury CPI Note, 0.63% coupon, due 04/15/2023 (portfolio average weight of 5.9%). No positions detracted from the Fund’s return.

Duration Breakdown (% of the Fund’s Net Assets) as of October 31, 2021
Maturing in 0-5 Years			99.88
Money Market Funds Plus Other Assets Less Liabilities			0.12
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2021
Security
U.S. Treasury Inflation—Indexed Notes, 0.63%, 04/15/2023			5.94
U.S. Treasury Inflation—Indexed Notes, 0.63%, 01/15/2026			5.91
U.S. Treasury Inflation—Indexed Notes, 0.38%, 07/15/2025			5.65
U.S. Treasury Inflation—Indexed Notes, 0.63%, 01/15/2024			5.61
U.S. Treasury Inflation—Indexed Notes, 0.25%, 01/15/2025			5.57
U.S. Treasury Inflation—Indexed Notes, 0.13%, 04/15/2022			5.56
U.S. Treasury Inflation—Indexed Notes, 0.38%, 07/15/2023			5.56
U.S. Treasury Inflation—Indexed Notes, 0.13%, 07/15/2024			5.52
U.S. Treasury Inflation—Indexed Notes, 0.13%, 01/15/2023			5.51
U.S. Treasury Inflation—Indexed Notes, 0.13%, 01/15/2022			5.49
Total			56.32

 

*	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. 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 common stocks 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, 2021, on a market price basis, the Fund returned 33.09%. On a net asset value (“NAV”) basis, the Fund returned 33.78%. During the same time period, the Index returned 33.73%. 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 incurred by the Fund during the period, all of which were offset by revenue from securities lending.

For the fiscal year ended October 31, 2021, the financials sector contributed most significantly to the Fund’s return, followed by the industrials and consumer discretionary sectors, respectively. No sector detracted from the Fund’s return.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2021, included ASML Holding N.V., an information technology company (portfolio average weight of 1.34%), and LVMH Moet Hennessy Louis Vuitton SE, a consumer discretionary company (portfolio average weight of 0.94%). Positions that detracted most significantly from the Fund’s return included Nintendo Co. Ltd., a communication services company (portfolio average weight of 0.31%), and SoftBank Group Corp., a communications services company (portfolio average weight of 0.57%).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2021
Financials			16.61
Industrials			16.11
Consumer Discretionary			12.54
Health Care			11.71
Information Technology			11.03
Consumer Staples			9.48
Materials			7.82
Communication Services			4.68
Utilities			3.29
Energy			3.26
Real Estate			3.19
Money Market Funds Plus Other Assets Less Liabilities			0.28
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2021
Security
Nestle S.A.			1.90
ASML Holding N.V.			1.64
Samsung Electronics Co. Ltd.			1.43
Roche Holding AG			1.37
Toyota Motor Corp.			1.10
LVMH Moet Hennessy Louis Vuitton SE			0.99
AstraZeneca PLC			0.98
Novartis AG			0.89
Novo Nordisk A/S, Class B			0.88
SAP SE			0.82
Total			12.00

 

*	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 Underlying Index, as well as American depositary receipts (“ADRs”) and global depositary receipts (“GDRs”) that represent securities in the Underlying Index.

Strictly in accordance with its guidelines and mandated procedures, FTSE International Limited (the “Index Provider”) compiles, maintains and calculates the Underlying 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 Underlying Index; instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.

During the fiscal year ended October 31, 2021, on a market price basis, the Fund returned 15.61%. On a net asset value (“NAV”) basis, the Fund returned 17.02%. During the same time period, the Index returned 17.06%. 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, partially offset by revenue from securities lending.

For the fiscal year ended October 31, 2021, the financials sector contributed most significantly to the Fund’s return, followed by the information technology and materials sectors, respectively. The consumer discretionary sector detracted most significantly from the Fund’s return, followed by the communications services and real estate sectors, respectively.

Positions that contributed most significantly to the Fund’s return for the fiscal year ended October 31, 2021, included Taiwan Semiconductor Manufacturing Co. Ltd., an information technology company (portfolio average weight of 7.17%), and The Invesco India ETF (portfolio average weight of 4.73%). Positions that detracted most significantly from the Fund’s return included Alibaba Group Holding Ltd., a consumer discretionary company (portfolio average weight of 3.04%) and Tencent Holdings Ltd., a communications services company (portfolio average weight of 6.38%).

Sector Breakdown (% of the Fund’s Net Assets) as of October 31, 2021
Financials			23.37
Information Technology			15.08
Consumer Discretionary			14.82
Communication Services			10.22
Materials			7.66
Consumer Staples			5.63
Energy			5.58
Industrials			5.22
Health Care			3.85
Utilities			3.12
Sector Types Each Less Than 3%			5.24
Money Market Funds Plus Other Assets Less Liabilities			0.21
Top Ten Fund Holdings* (% of the Fund’s Net Assets) as of October 31, 2021
Security
Taiwan Semiconductor Manufacturing Co. Ltd.			7.08
Tencent Holdings Ltd.			5.17
Invesco India ETF			4.56
Alibaba Group Holding Ltd.			4.17
iShares MSCI India ETF			2.78
Meituan, B Shares			1.90
GAIL (India) Ltd., GDR			1.25
Reliance Industries Ltd., GDR			0.97
China Construction Bank Corp., H Shares			0.87
Infosys Ltd., ADR			0.80
Total			29.55

 

*	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, 2023. According to the Fund’s current prospectus, the Fund’s expense ratio of 0.19% (0.16% after fee waiver) includes the unitary management fee of 0.14% and acquired fund fees and expenses of 0.05%. 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-99.88%
U.S. Treasury Inflation – Indexed Notes-99.88%(a)
0.13%, 01/15/2022		$	2,874,966			$	2,901,361
0.13%, 04/15/2022			2,883,180				2,938,107
0.13%, 07/15/2022(b)			2,808,193				2,887,271
0.13%, 01/15/2023			2,804,278				2,912,259
0.63%, 04/15/2023			2,983,117				3,137,336
0.38%, 07/15/2023			2,774,956				2,937,082
0.63%, 01/15/2024			2,766,138				2,961,884
0.50%, 04/15/2024			2,015,679				2,162,232
0.13%, 07/15/2024			2,720,847				2,917,843
0.13%, 10/15/2024			2,162,715				2,324,430
0.25% - 2.38%, 01/15/2025			5,068,327				5,637,689
0.13%, 04/15/2025			2,173,591				2,343,073
0.38%, 07/15/2025			2,724,318				2,985,570
0.13%, 10/15/2025			2,084,727				2,266,293
0.63% - 2.00%, 01/15/2026			4,403,050				4,977,198
0.13%, 04/15/2026(b)			2,393,195				2,606,338
0.13%, 07/15/2026			2,426,704				2,660,017
0.13%, 10/15/2026			1,101,243				1,207,065
Total U.S. Treasury Securities (Cost $52,317,559)							52,763,048
		Shares
Money Market Funds-0.11%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(c)(d) (Cost $60,551)			60,551				60,551
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.99% (Cost $52,378,110)							52,823,599

		Shares				Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-9.74%
Invesco Private Government Fund, 0.02%(c)(d)(e)			1,543,304			$	1,543,304
Invesco Private Prime Fund, 0.11%(c)(d)(e)			3,599,602				3,601,042
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,144,346)							5,144,346
TOTAL INVESTMENTS IN SECURITIES-109.73% (Cost $57,522,456)							57,967,945
OTHER ASSETS LESS LIABILITIES-(9.73)%							(5,142,429	)
NET ASSETS-100.00%						$	52,825,516

		Shares				Value
Common Stocks & Other Equity Interests-99.72%
Australia-7.63%
Adbri Ltd.			1,701			$	3,807
Afterpay Ltd.(a)			814				75,379
AGL Energy Ltd.			2,348				10,088
ALS Ltd.			1,797				17,830
Altium Ltd.			408				11,253
Alumina Ltd.			9,346				13,969
AMP Ltd.(a)			12,843				10,418
Ampol Ltd.			864				19,825
Ansell Ltd.			480				11,360
APA Group			4,409				27,155
Appen Ltd.			408				3,294
Aristocrat Leisure Ltd.			2,325				81,518
ASX Ltd.			696				43,400
Atlas Arteria Ltd.			3,524				16,411
Aurizon Holdings Ltd.			6,445				16,314
AusNet Services Ltd.			6,829				12,669
Australia & New Zealand Banking Group Ltd.			10,117				213,832
Bank of Queensland Ltd.(b)			2,347				15,513
Beach Energy Ltd.			6,613				6,929
Bendigo & Adelaide Bank Ltd.			1,965				13,652
BHP Group Ltd.			10,506				288,655
BHP Group PLC			7,394				196,119
BlueScope Steel Ltd.			1,869				28,946
Boral Ltd.(a)			1,462				7,006
Brambles Ltd.			5,295				39,930
carsales.com Ltd.			792				14,670
Challenger Ltd.			2,156				11,238
Charter Hall Group			1,725				22,454
CIMIC Group Ltd.			360				5,386
Cleanaway Waste Management Ltd.			5,057				10,179
Cochlear Ltd.			239				39,572
Coles Group Ltd.			4,624				59,529
Commonwealth Bank of Australia			6,134				482,287
Computershare Ltd.			1,965				27,688
Crown Resorts Ltd.(a)(b)			1,317				9,852
CSL Ltd.			1,626				366,985
CSR Ltd.			1,797				8,004
Deterra Royalties Ltd.			1,557				4,538
Dexus			3,930				32,086
Domain Holdings Australia Ltd.			840				3,609
Domino’s Pizza Enterprises Ltd.			216				21,977
Downer EDI Ltd.			2,228				10,543
Endeavour Group Ltd.			4,624				23,617
Evolution Mining Ltd.			5,966				16,266
Flight Centre Travel Group Ltd.(a)(b)			528				7,928
Fortescue Metals Group Ltd.			5,799				60,674
Glencore PLC			48,214				241,392
Goodman Group			6,614				108,794
GPT Group (The)			6,974				27,029
Harvey Norman Holdings Ltd.(b)			2,228				8,300
IDP Education Ltd.			648				18,227
IGO Ltd.			2,299				16,646
Iluka Resources Ltd.			1,557				10,993
Incitec Pivot Ltd.			7,141				16,037
Insurance Australia Group Ltd.			8,650				31,186
IOOF Holdings Ltd.			2,324				7,122
JB Hi-Fi Ltd.			408				15,473

		Shares				Value
Australia-(continued)
Lendlease Corp. Ltd.			2,468			$	19,390
Macquarie Group Ltd.			1,197				177,862
Magellan Financial Group Ltd.			504				13,124
Medibank Pvt Ltd.			10,305				25,697
Metcash Ltd.(b)			3,522				10,767
Mineral Resources Ltd.			504				14,608
Mirvac Group			14,329				30,350
National Australia Bank Ltd.			11,776				253,939
Newcrest Mining Ltd.			2,972				55,561
NEXTDC Ltd.(a)			1,677				14,788
Northern Star Resources Ltd.			4,218				29,274
Nufarm Ltd.(a)			1,197				3,911
Oil Search Ltd.			7,741				24,943
Orica Ltd.			1,509				17,148
Origin Energy Ltd.			6,589				24,992
Orora Ltd.			3,187				7,899
OZ Minerals Ltd.			1,197				22,594
Perpetual Ltd.			168				4,752
Platinum Asset Management Ltd.			1,125				2,569
Pro Medicus Ltd.(b)			145				5,803
Qantas Airways Ltd.(a)			2,685				10,789
QBE Insurance Group Ltd.			5,417				48,133
Qube Holdings Ltd.			5,417				12,939
Ramsay Health Care Ltd.			647				34,221
REA Group Ltd.(b)			191				22,974
Reece Ltd.			982				14,670
Rio Tinto Ltd.			1,365				92,570
Rio Tinto PLC			3,954				247,177
Santos Ltd.			6,447				33,800
Scentre Group			18,931				42,942
SEEK Ltd.			1,293				31,757
Seven Group Holdings Ltd.			480				7,762
Shopping Centres Australasia Property Group			3,953				8,254
Sonic Healthcare Ltd.			1,748				52,556
South32 Ltd.			17,229				46,198
Star Entertainment Group Ltd. (The)(a)			3,092				8,500
Stockland			8,914				30,464
Suncorp Group Ltd.			4,697				41,347
Sydney Airport(a)			4,817				29,632
Tabcorp Holdings Ltd.			7,596				28,299
Telstra Corp. Ltd.			15,192				43,589
TPG Telecom Ltd.			1,365				6,920
Transurban Group			11,095				112,002
Treasury Wine Estates Ltd.			2,708				23,431
Vicinity Centres(b)			14,019				18,164
Washington H Soul Pattinson & Co. Ltd.			336				8,197
Wesfarmers Ltd.			4,122				177,248
Westpac Banking Corp			13,087				252,327
Whitehaven Coal Ltd.(a)			3,212				6,297
WiseTech Global Ltd.			312				11,970
Woodside Petroleum Ltd.			3,500				61,147
Woolworths Group Ltd.			4,218				120,643
Worley Ltd.			1,197				9,728
							5,382,171
Austria-0.30%
ams AG(a)(b)			934				18,491
ANDRITZ AG			241				13,660

		Shares				Value
Austria-(continued)
Erste Group Bank AG			1,031			$	44,265
Mondi PLC			1,796				44,929
OMV AG			526				31,897
Raiffeisen Bank International AG			480				14,054
Telekom Austria AG(a)			504				4,363
Verbund AG			240				25,024
voestalpine AG			432				16,418
							213,101
Belgium-0.84%
Ackermans & van Haaren N.V.			72				12,390
Ageas S.A./N.V.			648				31,571
Anheuser-Busch InBev S.A./N.V.			2,970				181,372
D’Ieteren Group			73				12,579
Elia Group S.A./N.V.			120				14,012
Etablissements Franz Colruyt N.V.			192				9,430
Galapagos N.V.(a)			168				8,905
Groupe Bruxelles Lambert S.A.			383				44,434
KBC Group N.V.			1,006				93,787
Proximus SADP			504				9,498
Sofina S.A.			49				21,684
Solvay S.A., Class A			241				28,671
Telenet Group Holding N.V.			168				6,039
UCB S.A.			432				51,543
Umicore S.A.			744				42,688
Warehouses De Pauw C.V.A.			504				22,980
							591,583
Bermuda-0.00%
Brightoil Petroleum Holdings Ltd.(a)(c)			462				0
Brazil-0.04%
Yara International ASA			598				31,161
Cambodia-0.01%
NagaCorp Ltd.			4,692				4,313
Chile-0.04%
Antofagasta PLC(b)			1,271				24,836
China-0.88%
AAC Technologies Holdings, Inc.(b)			2,307				10,068
BeiGene Ltd.(a)			2,170				60,756
BOC Hong Kong Holdings Ltd.			13,114				41,640
Budweiser Brewing Co. APAC Ltd.(b)(d)			6,398				17,642
China Travel International Investment Hong Kong Ltd.(a)			9,198				1,336
Chow Tai Fook Jewellery Group Ltd.			5,709				11,684
ESR Cayman Ltd.(a)(d)			6,402				20,780
FIH Mobile Ltd.(a)			11,371				1,769
Kerry Logistics Network Ltd.(b)			2,263				5,498
Lee & Man Paper Manufacturing Ltd.			5,642				4,236
Lenovo Group Ltd.			27,428				29,829
MicroPort Scientific Corp.			1,819				8,582
Minth Group Ltd.			2,329				9,311
MMG Ltd.(a)			9,057				4,191
Nexteer Automotive Group Ltd.			3,389				4,182
Prosus N.V.			3,144				277,282
Shangri-La Asia Ltd.(a)			4,527				3,690
Shui On Land Ltd.			13,144				1,943
SITC International Holdings Co. Ltd.			4,545				15,395
Tingyi Cayman Islands Holding Corp.(b)			6,889				12,894
Towngas China Co. Ltd.			3,488				2,399

		Shares				Value
China-(continued)
Uni-President China Holdings Ltd.			4,548			$	3,882
Want Want China Holdings Ltd.(b)			19,387				15,028
Wharf Holdings Ltd. (The)(b)			4,614				16,015
Wilmar International Ltd.			7,501				24,030
Xinyi Glass Holdings Ltd.(b)			6,912				19,503
							623,565
Denmark-2.41%
Ambu A/S, Class B(b)			624				17,793
AP Moller - Maersk A/S, Class A			15				41,115
AP Moller - Maersk A/S, Class B			19				54,960
Carlsberg A/S, Class B			359				59,281
Chr. Hansen Holding A/S			382				30,425
Coloplast A/S, Class B			480				78,328
Danske Bank A/S			2,397				40,607
Demant A/S(a)			384				18,619
DSV A/S			718				167,036
Genmab A/S(a)			216				96,906
GN Store Nord A/S			478				29,037
H Lundbeck A/S			216				6,011
Novo Nordisk A/S, Class B			5,691				623,515
Novozymes A/S, Class B			719				52,927
Orsted A/S(d)			694				98,027
Pandora A/S			359				50,184
Rockwool International A/S, Class B			24				10,976
Royal Unibrew A/S			169				20,990
SimCorp A/S			144				17,414
Tryg A/S			1,149				27,267
Vestas Wind Systems A/S			3,689				159,706
							1,701,124
Finland-1.28%
Elisa OYJ			528				31,883
Fortum OYJ			1,559				46,367
Huhtamaki OYJ			336				14,644
Kesko OYJ, Class B(b)			1,005				32,670
Kojamo OYJ			720				16,106
Kone OYJ, Class B			1,438				98,117
Metso Outotec OYJ			2,252				22,621
Neste OYJ			1,510				84,210
Nokia OYJ(a)			20,536				118,113
Nokian Renkaat OYJ			504				18,897
Nordea Bank Abp			12,941				158,356
Orion OYJ, Class B(b)			384				16,633
Sampo OYJ, Class A			1,845				98,216
Stora Enso OYJ, Class R			2,108				35,080
UPM-Kymmene OYJ			1,942				68,590
Valmet OYJ			480				19,497
Wartsila OYJ Abp			1,821				25,278
							905,278
France-9.55%
Accor S.A.(a)			671				24,002
Adevinta ASA, Class B(a)			840				13,808
Aeroports de Paris(a)(b)			96				12,765
Air Liquide S.A.			1,657				276,589
Airbus SE(a)			2,014				257,776
ALD S.A.(d)			288				4,286
Alstom S.A.			1,078				38,399
Amundi S.A.(d)			216				19,260
Arkema S.A.			240				32,829