# EDGAR Filing Document

**Accession Number:** 0001378872
**File Stem:** 0001378872-25-000115
**Filing Date:** 2025-9
**Character Count:** 436599
**Document Hash:** 6ff0aa60f3496532542a748b93c972ab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001378872-25-000115.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0001378872-25-000115

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Invesco Exchange-Traded Fund Trust II
- **CENTRAL INDEX KEY:** 0001378872

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21977
- **FILM NUMBER:** 251354654

**BUSINESS ADDRESS:**
- **STREET 1:** 3500 LACEY ROAD
- **STREET 2:** SUITE 700
- **CITY:** DOWNERS GROVE
- **STATE:** IL
- **ZIP:** 60515
- **BUSINESS PHONE:** 800-983-0903

**MAIL ADDRESS:**
- **STREET 1:** 3500 LACEY ROAD
- **STREET 2:** SUITE 700
- **CITY:** DOWNERS GROVE
- **STATE:** IL
- **ZIP:** 60515

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PowerShares Exchange-Traded Fund Trust II
- **DATE OF NAME CHANGE:** 20070919

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PowerShares Global Exchange-Traded Fund Trust
- **DATE OF NAME CHANGE:** 20061023

## Series and Classes Contracts Data

### Invesco Global ex-US High Yield Corporate Bond ETF (Series ID: S000040915)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000126877 | Invesco Global ex-US High Yield Corporate Bond ETF | PGHY            |

## Nport-Ex

Schedule of Investments

**Invesco 0-5 Yr US TIPS ETF (PBTP)**

July 31, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Treasury Securities-99.77%** | **U.S. Treasury Securities-99.77%** | **U.S. Treasury Securities-99.77%** |
| **U.S. Treasury Inflation — Indexed Bonds-25.04%**<sup>(a)</sup> | **U.S. Treasury Inflation — Indexed Bonds-25.04%**<sup>(a)</sup> | **U.S. Treasury Inflation — Indexed Bonds-25.04%**<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp; 2.00%, 01/15/2026 | $2095678 | &nbsp;&nbsp; $2098201 |
| &nbsp;&nbsp;&nbsp; 2.38%, 01/15/2027 | 1697833 | &nbsp;&nbsp; 1724286 |
| &nbsp;&nbsp;&nbsp; 1.75%, 01/15/2028 | 1551196 | &nbsp;&nbsp; 1569128 |
| &nbsp;&nbsp;&nbsp; 3.63%, 04/15/2028 | 2154012 | &nbsp;&nbsp; 2286182 |
| &nbsp;&nbsp;&nbsp; 2.50%, 01/15/2029 | 1373904 | &nbsp;&nbsp; 1428731 |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/15/2029 | 2450109 | &nbsp;&nbsp; 2671568 |
| &nbsp;&nbsp;&nbsp; 1.63%, 04/15/2030 | 3409355 | &nbsp;&nbsp; 3434682 |
| &nbsp;&nbsp;&nbsp; 0.13%, 07/15/2030 | 3434186 | &nbsp;&nbsp; 3231179 |
|  |  | &nbsp;&nbsp; 18443957 |
| **U.S. Treasury Inflation — Indexed Notes-74.73%**<sup>(a)</sup> | **U.S. Treasury Inflation — Indexed Notes-74.73%**<sup>(a)</sup> | **U.S. Treasury Inflation — Indexed Notes-74.73%**<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp; 0.13%, 10/15/2025 | 2758725 | &nbsp;&nbsp; 2752553 |
| &nbsp;&nbsp;&nbsp; 0.63%, 01/15/2026 | 3703023 | &nbsp;&nbsp; 3685603 |
| &nbsp;&nbsp;&nbsp; 0.13%, 04/15/2026 | 3173938 | &nbsp;&nbsp; 3143959 |
| &nbsp;&nbsp;&nbsp; 0.13%, 07/15/2026 | 3209678 | &nbsp;&nbsp; 3184998 |
| &nbsp;&nbsp;&nbsp; 0.13%, 10/15/2026 | 2922698 | &nbsp;&nbsp; 2891762 |
| &nbsp;&nbsp;&nbsp; 0.38%, 01/15/2027 | 3308211 | &nbsp;&nbsp; 3264861 |
| &nbsp;&nbsp;&nbsp; 0.13%, 04/15/2027 | 2911158 | &nbsp;&nbsp; 2851178 |
| &nbsp;&nbsp;&nbsp; 0.38%, 07/15/2027 | 3148178 | &nbsp;&nbsp; 3107266 |
| &nbsp;&nbsp;&nbsp; 1.63%, 10/15/2027 | 2817479 | &nbsp;&nbsp; 2849449 |
| &nbsp;&nbsp;&nbsp; 0.50%, 01/15/2028 | 3275303 | &nbsp;&nbsp; 3214453 |
| &nbsp;&nbsp;&nbsp; 1.25%, 04/15/2028 | 2779853 | &nbsp;&nbsp; 2774639 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **U.S. Treasury Inflation — Indexed Notes-(continued)** | **U.S. Treasury Inflation — Indexed Notes-(continued)** | **U.S. Treasury Inflation — Indexed Notes-(continued)** | **U.S. Treasury Inflation — Indexed Notes-(continued)** |
| &nbsp;&nbsp;&nbsp; 0.75%, 07/15/2028 | $| 3036037 | &nbsp;&nbsp; $3000813 |
| &nbsp;&nbsp;&nbsp; 2.38%, 10/15/2028 |  | 2862278 | &nbsp;&nbsp; 2967499 |
| &nbsp;&nbsp;&nbsp; 0.88%, 01/15/2029 |  | 2990050 | &nbsp;&nbsp; 2945867 |
| &nbsp;&nbsp;&nbsp; 2.13%, 04/15/2029 |  | 2956705 | &nbsp;&nbsp; 3036176 |
| &nbsp;&nbsp;&nbsp; 0.25%, 07/15/2029 |  | 3243143 | &nbsp;&nbsp; 3118819 |
| &nbsp;&nbsp;&nbsp; 1.63%, 10/15/2029 |  | 3080551 | &nbsp;&nbsp; 3120965 |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2030 |  | 3325438 | &nbsp;&nbsp; 3143460 |
|  |  |  | &nbsp;&nbsp; 55054320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities <br>(Cost $73,384,844) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities <br>(Cost $73,384,844) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Securities <br>(Cost $73,384,844) | &nbsp;&nbsp; 73498277 |
|  | **Shares** | **Shares** |  |
| **Money Market Funds-0.20%** | **Money Market Funds-0.20%** | **Money Market Funds-0.20%** | **Money Market Funds-0.20%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.25%<sup>(b)(c)</sup> <br>(Cost $142,938)<br>|  | 142938 | &nbsp;&nbsp; 142938 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-99.97% <br>(Cost $73,527,782) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-99.97% <br>(Cost $73,527,782) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-99.97% <br>(Cost $73,527,782) | &nbsp;&nbsp; 73641215 |
| OTHER ASSETS LESS LIABILITIES-0.03% | OTHER ASSETS LESS LIABILITIES-0.03% | OTHER ASSETS LESS LIABILITIES-0.03% | &nbsp;&nbsp; 25754 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $73666969 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Principal amount of security and interest payments are adjusted for inflation.  |
| <sup>(b)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the nine months ended July 31, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; $158159 | &nbsp;&nbsp;&nbsp; $1870467 | &nbsp;&nbsp;&nbsp; $(1885688)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $142938 | &nbsp;&nbsp;&nbsp; $1653 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(c)</sup> The rate shown is the 7-day SEC standardized yield as of July 31, 2025.

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

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments

**Invesco Emerging Markets Sovereign Debt ETF (PCY)**

July 31, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-98.11%** | **U.S. Dollar Denominated Bonds & Notes-98.11%** | **U.S. Dollar Denominated Bonds & Notes-98.11%** |
| **Angola-2.96%** | **Angola-2.96%** | **Angola-2.96%** |
| Angolan Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 8.75%, 04/14/2032<sup>(a)</sup> | $12853000 | &nbsp;&nbsp; $11713785 |
| &nbsp;&nbsp;&nbsp; 9.38%, 05/08/2048<sup>(a)</sup> | 14079000 | &nbsp;&nbsp; 11442561 |
| &nbsp;&nbsp;&nbsp; 9.13%, 11/26/2049<sup>(a)</sup> | 14347000 | &nbsp;&nbsp; 11419684 |
|  |  | &nbsp;&nbsp; 34576030 |
| **Bahrain-3.04%** | **Bahrain-3.04%** | **Bahrain-3.04%** |
| Bahrain Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/19/2044<sup>(a)(b)</sup> | 13560000 | &nbsp;&nbsp; 11708186 |
| &nbsp;&nbsp;&nbsp; 7.50%, 09/20/2047<sup>(a)(b)</sup> | 11531000 | &nbsp;&nbsp; 11788820 |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/25/2051<sup>(a)</sup> | 13798000 | &nbsp;&nbsp; 11961736 |
|  |  | &nbsp;&nbsp; 35458742 |
| **Brazil-3.05%** | **Brazil-3.05%** | **Brazil-3.05%** |
| Brazilian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/21/2047 | 14538000 | &nbsp;&nbsp; 11858356 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/14/2050 | 16746000 | &nbsp;&nbsp; 11827895 |
| &nbsp;&nbsp;&nbsp; 7.13%, 05/13/2054 | 12316000 | &nbsp;&nbsp; 11869543 |
|  |  | &nbsp;&nbsp; 35555794 |
| **Chile-3.08%** | **Chile-3.08%** | **Chile-3.08%** |
| Chile Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 4.34%, 03/07/2042 | 13853000 | &nbsp;&nbsp; 11949598 |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/31/2052 | 15661000 | &nbsp;&nbsp; 11961089 |
| &nbsp;&nbsp;&nbsp; 5.33%, 01/05/2054<sup>(b)</sup> | 12868997 | &nbsp;&nbsp; 12087527 |
|  |  | &nbsp;&nbsp; 35998214 |
| **China-3.05%** | **China-3.05%** | **China-3.05%** |
| China Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/19/2048<sup>(a)(b)</sup> | 12902000 | &nbsp;&nbsp; 11863801 |
| &nbsp;&nbsp;&nbsp; 2.25%, 10/21/2050<sup>(a)(b)</sup> | 17890000 | &nbsp;&nbsp; 11780069 |
| &nbsp;&nbsp;&nbsp; 2.50%, 10/26/2051<sup>(a)(b)</sup> | 17185000 | &nbsp;&nbsp; 11928357 |
|  |  | &nbsp;&nbsp; 35572227 |
| **Colombia-3.01%** | **Colombia-3.01%** | **Colombia-3.01%** |
| Colombia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/26/2044 | 15251000 | &nbsp;&nbsp; 11650239 |
| &nbsp;&nbsp;&nbsp; 8.75%, 11/14/2053 | 11545000 | &nbsp;&nbsp; 11761469 |
| &nbsp;&nbsp;&nbsp; 8.38%, 11/07/2054 | 12008000 | &nbsp;&nbsp; 11733737 |
|  |  | &nbsp;&nbsp; 35145445 |
| **Costa Rica-3.03%** | **Costa Rica-3.03%** | **Costa Rica-3.03%** |
| Costa Rica Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/30/2043<sup>(a)</sup> | 13101000 | &nbsp;&nbsp; 11794175 |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/04/2044<sup>(a)</sup> | 11537000 | &nbsp;&nbsp; 11796582 |
| &nbsp;&nbsp;&nbsp; 7.16%, 03/12/2045<sup>(a)</sup> | 11326000 | &nbsp;&nbsp; 11752764 |
|  |  | &nbsp;&nbsp; 35343521 |
| **Dominican Republic-3.05%** | **Dominican Republic-3.05%** | **Dominican Republic-3.05%** |
| Dominican Republic International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 7.45%, 04/30/2044<sup>(a)</sup> | 11025000 | &nbsp;&nbsp; 11633029 |
| &nbsp;&nbsp;&nbsp; 6.85%, 01/27/2045<sup>(a)</sup> | 11926000 | &nbsp;&nbsp; 11955815 |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/2048<sup>(a)(b)</sup> | 12523000 | &nbsp;&nbsp; 12042117 |
|  |  | &nbsp;&nbsp; 35630961 |
| **Egypt-3.04%** | **Egypt-3.04%** | **Egypt-3.04%** |
| Egypt Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 8.70%, 03/01/2049<sup>(a)</sup> | 14156000 | &nbsp;&nbsp; 11668350 |
| &nbsp;&nbsp;&nbsp; 8.88%, 05/29/2050<sup>(a)</sup> | 14380000 | &nbsp;&nbsp; 12034238 |
| &nbsp;&nbsp;&nbsp; 8.75%, 09/30/2051<sup>(a)</sup> | 14289000 | &nbsp;&nbsp; 11784369 |
|  |  | &nbsp;&nbsp; 35486957 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **El Salvador-2.93%** | **El Salvador-2.93%** | **El Salvador-2.93%** |
| El Salvador Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 7.63%, 02/01/2041<sup>(a)</sup> | $12652000 | &nbsp;&nbsp; $11525972 |
| &nbsp;&nbsp;&nbsp; 7.13%, 01/20/2050<sup>(a)</sup> | 13799000 | &nbsp;&nbsp; 11322080 |
| &nbsp;&nbsp;&nbsp; 9.50%, 07/15/2052<sup>(a)</sup> | 11132000 | &nbsp;&nbsp; 11312895 |
|  |  | &nbsp;&nbsp; 34160947 |
| **Guatemala-3.12%** | **Guatemala-3.12%** | **Guatemala-3.12%** |
| Guatemala Government Bond |  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 10/07/2033<sup>(a)</sup> | 14153000 | &nbsp;&nbsp; 12110368 |
| &nbsp;&nbsp;&nbsp; 6.55%, 02/06/2037<sup>(a)</sup> | 11990000 | &nbsp;&nbsp; 12260734 |
| &nbsp;&nbsp;&nbsp; 4.65%, 10/07/2041<sup>(a)</sup> | 14932000 | &nbsp;&nbsp; 12011525 |
|  |  | &nbsp;&nbsp; 36382627 |
| **Hungary-2.98%** | **Hungary-2.98%** | **Hungary-2.98%** |
| Hungary Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 7.63%, 03/29/2041 | 10252000 | &nbsp;&nbsp; 11717912 |
| &nbsp;&nbsp;&nbsp; 3.13%, 09/21/2051<sup>(a)</sup> | 19296000 | &nbsp;&nbsp; 11597630 |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/25/2052<sup>(a)</sup> | 11095000 | &nbsp;&nbsp; 11445154 |
|  |  | &nbsp;&nbsp; 34760696 |
| **Indonesia-3.01%** | **Indonesia-3.01%** | **Indonesia-3.01%** |
| Indonesia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/14/2050 | 16502000 | &nbsp;&nbsp; 11929529 |
| &nbsp;&nbsp;&nbsp; 4.45%, 04/15/2070 | 14294000 | &nbsp;&nbsp; 11447631 |
| &nbsp;&nbsp;&nbsp; 3.35%, 03/12/2071 | 18342000 | &nbsp;&nbsp; 11719802 |
|  |  | &nbsp;&nbsp; 35096962 |
| **Jordan-3.13%** | **Jordan-3.13%** | **Jordan-3.13%** |
| Jordan Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/13/2029<sup>(a)</sup> | 11808000 | &nbsp;&nbsp; 12251001 |
| &nbsp;&nbsp;&nbsp; 5.85%, 07/07/2030<sup>(a)</sup> | 12802000 | &nbsp;&nbsp; 12457847 |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/10/2047<sup>(a)</sup> | 13055000 | &nbsp;&nbsp; 11826643 |
|  |  | &nbsp;&nbsp; 36535491 |
| **Kazakhstan-3.03%** | **Kazakhstan-3.03%** | **Kazakhstan-3.03%** |
| &nbsp;&nbsp;&nbsp; Kazakhstan Government International <br> Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.71%, 04/09/2035<sup>(a)</sup> | 12211000 | &nbsp;&nbsp; 11863141 |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/14/2044<sup>(a)</sup> | 12882000 | &nbsp;&nbsp; 11632636 |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/21/2045<sup>(a)</sup> | 10988000 | &nbsp;&nbsp; 11880510 |
|  |  | &nbsp;&nbsp; 35376287 |
| **Mexico-3.04%** | **Mexico-3.04%** | **Mexico-3.04%** |
| Mexico Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 6.34%, 05/04/2053 | 13032000 | &nbsp;&nbsp; 11937312 |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/19/2071 | 20708000 | &nbsp;&nbsp; 11751790 |
| &nbsp;&nbsp;&nbsp; 5.75%, 10/12/2110 | 14910000 | &nbsp;&nbsp; 11827357 |
|  |  | &nbsp;&nbsp; 35516459 |
| **Morocco-3.09%** | **Morocco-3.09%** | **Morocco-3.09%** |
| Morocco Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/08/2033<sup>(a)</sup> | 11196000 | &nbsp;&nbsp; 11881086 |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/11/2042<sup>(a)</sup> | 13309000 | &nbsp;&nbsp; 12103336 |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/2050<sup>(a)</sup> | 17465000 | &nbsp;&nbsp; 12052755 |
|  |  | &nbsp;&nbsp; 36037177 |
| **Nigeria-3.08%** | **Nigeria-3.08%** | **Nigeria-3.08%** |
| Nigeria Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 7.70%, 02/23/2038<sup>(a)</sup> | 13491000 | &nbsp;&nbsp; 11977762 |
| &nbsp;&nbsp;&nbsp; 7.63%, 11/28/2047<sup>(a)</sup> | 14637000 | &nbsp;&nbsp; 11923636 |
| &nbsp;&nbsp;&nbsp; 9.25%, 01/21/2049<sup>(a)(b)</sup> | 12589000 | &nbsp;&nbsp; 12086098 |
|  |  | &nbsp;&nbsp; 35987496 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco Emerging Markets Sovereign Debt ETF (PCY)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Oman-3.18%** | **Oman-3.18%** | **Oman-3.18%** |
| Oman Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/08/2047<sup>(a)</sup> | $11527000 | &nbsp;&nbsp; $12153221 |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/17/2048<sup>(a)</sup> | 11563000 | &nbsp;&nbsp; 12420419 |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/25/2051<sup>(a)</sup> | 11246000 | &nbsp;&nbsp; 12502991 |
|  |  | &nbsp;&nbsp; 37076631 |
| **Pakistan-3.16%** | **Pakistan-3.16%** | **Pakistan-3.16%** |
| Pakistan Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, 04/08/2031<sup>(a)</sup> | 19763000 | &nbsp;&nbsp; 18584635 |
| &nbsp;&nbsp;&nbsp; 8.88%, 04/08/2051<sup>(a)</sup> | 20915000 | &nbsp;&nbsp; 18247074 |
|  |  | &nbsp;&nbsp; 36831709 |
| **Panama-3.20%** | **Panama-3.20%** | **Panama-3.20%** |
| Panama Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 6.40%, 02/14/2035<sup>(b)</sup> | 12809000 | &nbsp;&nbsp; 12664899 |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/31/2036<sup>(b)</sup> | 12379000 | &nbsp;&nbsp; 12392060 |
| &nbsp;&nbsp;&nbsp; 7.88%, 03/01/2057 | 11710000 | &nbsp;&nbsp; 12254515 |
|  |  | &nbsp;&nbsp; 37311474 |
| **Peru-3.03%** | **Peru-3.03%** | **Peru-3.03%** |
| Peruvian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 11/18/2050 | 12439000 | &nbsp;&nbsp; 11795779 |
| &nbsp;&nbsp;&nbsp; 5.88%, 08/08/2054 | 12323000 | &nbsp;&nbsp; 11903648 |
| &nbsp;&nbsp;&nbsp; 3.60%, 01/15/2072 | 19151000 | &nbsp;&nbsp; 11649075 |
|  |  | &nbsp;&nbsp; 35348502 |
| **Philippines-3.07%** | **Philippines-3.07%** | **Philippines-3.07%** |
| Philippine Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 07/06/2046 | 17045000 | &nbsp;&nbsp; 12082618 |
| &nbsp;&nbsp;&nbsp; 4.20%, 03/29/2047 | 14311000 | &nbsp;&nbsp; 11801939 |
| &nbsp;&nbsp;&nbsp; 5.95%, 10/13/2047 | 11472000 | &nbsp;&nbsp; 11946598 |
|  |  | &nbsp;&nbsp; 35831155 |
| **Qatar-3.04%** | **Qatar-3.04%** | **Qatar-3.04%** |
| Qatar Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/02/2046<sup>(a)</sup> | 13180000 | &nbsp;&nbsp; 11833074 |
| &nbsp;&nbsp;&nbsp; 5.10%, 04/23/2048<sup>(a)</sup> | 12365000 | &nbsp;&nbsp; 11782878 |
| &nbsp;&nbsp;&nbsp; 4.82%, 03/14/2049<sup>(a)</sup> | 12857000 | &nbsp;&nbsp; 11829545 |
|  |  | &nbsp;&nbsp; 35445497 |
| **Romania-3.19%** | **Romania-3.19%** | **Romania-3.19%** |
| Romanian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/15/2048<sup>(a)</sup> | 15838000 | &nbsp;&nbsp; 12480407 |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/14/2051<sup>(a)</sup> | 18962000 | &nbsp;&nbsp; 12362222 |
| &nbsp;&nbsp;&nbsp; 7.63%, 01/17/2053<sup>(a)(b)</sup> | 11846000 | &nbsp;&nbsp; 12411498 |
|  |  | &nbsp;&nbsp; 37254127 |
| **Saudi Arabia-3.06%** | **Saudi Arabia-3.06%** | **Saudi Arabia-3.06%** |
| Saudi Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/16/2054<sup>(a)(b)</sup> | 12404000 | &nbsp;&nbsp; 11962344 |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/22/2060<sup>(a)</sup> | 14982000 | &nbsp;&nbsp; 11866160 |
| &nbsp;&nbsp;&nbsp; 3.45%, 02/02/2061<sup>(a)</sup> | 19067000 | &nbsp;&nbsp; 11896228 |
|  |  | &nbsp;&nbsp; 35724732 |
| **Serbia-3.13%** | **Serbia-3.13%** | **Serbia-3.13%** |
| Serbia International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 12/01/2030<sup>(a)</sup> | 14539000 | &nbsp;&nbsp; 12466052 |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/26/2033<sup>(a)</sup> | 11262000 | &nbsp;&nbsp; 11906292 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/12/2034<sup>(a)</sup> | 11917000 | &nbsp;&nbsp; 12183519 |
|  |  | &nbsp;&nbsp; 36555863 |
| **South Africa-2.99%** | **South Africa-2.99%** | **South Africa-2.99%** |
| &nbsp;&nbsp;&nbsp; Republic of South Africa Government <br> International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.30%, 06/22/2048 | 14441000 | &nbsp;&nbsp; 11738234 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **South Africa-(continued)** | **South Africa-(continued)** | **South Africa-(continued)** |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/30/2049 | 15352000 | &nbsp;&nbsp; $11389572 |
| &nbsp;&nbsp;&nbsp; 7.30%, 04/20/2052 | 13008000 | &nbsp;&nbsp; 11751402 |
|  |  | &nbsp;&nbsp; 34879208 |
| **Trinidad-3.11%** | **Trinidad-3.11%** | **Trinidad-3.11%** |
| &nbsp;&nbsp;&nbsp; Trinidad & Tobago Government <br> International Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/26/2030<sup>(a)</sup> | 13019000 | &nbsp;&nbsp; 12252832 |
| &nbsp;&nbsp;&nbsp; 5.95%, 01/14/2031<sup>(a)</sup> | 12300000 | &nbsp;&nbsp; 12236778 |
| &nbsp;&nbsp;&nbsp; 6.40%, 06/26/2034<sup>(a)</sup> | 12114000 | &nbsp;&nbsp; 11807031 |
|  |  | &nbsp;&nbsp; 36296641 |
| **Turkey-3.03%** | **Turkey-3.03%** | **Turkey-3.03%** |
| Turkey Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/16/2043 | 16387000 | &nbsp;&nbsp; 11727468 |
| &nbsp;&nbsp;&nbsp; 6.63%, 02/17/2045 | 13815000 | &nbsp;&nbsp; 11997683 |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/11/2047 | 15249000 | &nbsp;&nbsp; 11679083 |
|  |  | &nbsp;&nbsp; 35404234 |
| **United Arab Emirates-3.05%** | **United Arab Emirates-3.05%** | **United Arab Emirates-3.05%** |
| &nbsp;&nbsp;&nbsp; Finance Department Government of <br> Sharjah<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 03/06/2036<sup>(a)(b)</sup> | 11748000 | &nbsp;&nbsp; 11946565 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/28/2050<sup>(a)</sup> | 18440000 | &nbsp;&nbsp; 12016973 |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/10/2051<sup>(a)</sup> | 16936000 | &nbsp;&nbsp; 11662883 |
|  |  | &nbsp;&nbsp; 35626421 |
| **Uzbekistan-3.15%** | **Uzbekistan-3.15%** | **Uzbekistan-3.15%** |
| Republic of Uzbekistan International Bond |  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 11/25/2030<sup>(a)(b)</sup> | 13905000 | &nbsp;&nbsp; 12506637 |
| &nbsp;&nbsp;&nbsp; 3.90%, 10/19/2031<sup>(a)</sup> | 14000000 | &nbsp;&nbsp; 12445142 |
| &nbsp;&nbsp;&nbsp; 6.90%, 02/28/2032<sup>(a)</sup> | 11401000 | &nbsp;&nbsp; 11812217 |
|  |  | &nbsp;&nbsp; 36763996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $1,280,738,171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $1,280,738,171) | &nbsp;&nbsp; 1144972223 |
|  | **Shares** |  |
| **Money Market Funds-0.26%** | **Money Market Funds-0.26%** | **Money Market Funds-0.26%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.25%<sup>(c)(d)</sup> <br>(Cost $3,095,940)<br>| 3095940 | &nbsp;&nbsp; 3095940 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.37% <br>(Cost $1,283,834,111) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.37% <br>(Cost $1,283,834,111) | &nbsp;&nbsp; 1148068163 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-5.68%** | **Money Market Funds-5.68%** | **Money Market Funds-5.68%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.32%<sup>(c)(d)(e)</sup><br>| 18411828 | &nbsp;&nbsp; 18411828 |
| Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup> | 47829484 | &nbsp;&nbsp; 47839050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $66,250,878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $66,250,878) | &nbsp;&nbsp; 66250878 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-104.05% <br>(Cost $1,350,084,989) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-104.05% <br>(Cost $1,350,084,989) | &nbsp;&nbsp; 1214319041 |
| OTHER ASSETS LESS LIABILITIES-(4.05)% | OTHER ASSETS LESS LIABILITIES-(4.05)% | &nbsp;&nbsp; (47291492)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1167027549 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco Emerging Markets Sovereign Debt ETF (PCY)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> July 31, 2025 was $777,166,864, which represented 66.59% of the Fund's Net Assets.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at July 31, 2025. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the nine months ended July 31, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $1189395 | &nbsp;&nbsp;&nbsp; $66234658 | &nbsp;&nbsp;&nbsp; $(64328113)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $3095940 | &nbsp;&nbsp;&nbsp; $82122 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; 13407358 | &nbsp;&nbsp;&nbsp; 95053609 | &nbsp;&nbsp;&nbsp; (90049139)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 18411828 | &nbsp;&nbsp;&nbsp; 607,631<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 35021651 | &nbsp;&nbsp;&nbsp; 226920036 | &nbsp;&nbsp;&nbsp; (214098751)<br>| &nbsp;&nbsp;&nbsp; 2041 | &nbsp;&nbsp;&nbsp; (5927)<br>| &nbsp;&nbsp;&nbsp; 47839050 | &nbsp;&nbsp;&nbsp; 1,622,218<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $49618404 | &nbsp;&nbsp;&nbsp; $388208303 | &nbsp;&nbsp;&nbsp; $(368476003)<br>| &nbsp;&nbsp;&nbsp; $2041 | &nbsp;&nbsp;&nbsp; $(5927)<br>| &nbsp;&nbsp;&nbsp; $69346818 | &nbsp;&nbsp;&nbsp; $2311971 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of July 31, 2025. <br> <sup>(e)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned.

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

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)**

July 31, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-97.40%** | **U.S. Dollar Denominated Bonds & Notes-97.40%** | **U.S. Dollar Denominated Bonds & Notes-97.40%** |
| **Angola-0.25%** | **Angola-0.25%** | **Angola-0.25%** |
| &nbsp;&nbsp;&nbsp; Azule Energy Finance PLC, 8.13%, <br> 01/23/2030<sup>(a)</sup><br>| $450000 | &nbsp;&nbsp; $453681 |
| **Argentina-2.18%** | **Argentina-2.18%** | **Argentina-2.18%** |
| Pampa Energia S.A., 7.88%, 12/16/2034<sup>(a)</sup> | 300000 | &nbsp;&nbsp; 302400 |
| Pluspetrol S.A., 8.50%, 05/30/2032<sup>(a)</sup> | 280000 | &nbsp;&nbsp; 286300 |
| Telecom Argentina S.A. |  |  |
| &nbsp;&nbsp;&nbsp; 9.50%, 07/18/2031<sup>(a)</sup> | 370000 | &nbsp;&nbsp; 393347 |
| &nbsp;&nbsp;&nbsp; 9.25%, 05/28/2033<sup>(a)</sup> | 430000 | &nbsp;&nbsp; 444943 |
| &nbsp;&nbsp;&nbsp; Vista Energy Argentina S.A.U, 7.63%, <br> 12/10/2035<sup>(a)</sup><br>| 240000 | &nbsp;&nbsp; 235788 |
| &nbsp;&nbsp;&nbsp; Vista Energy Argentina S.A.U., 8.50%, <br> 06/10/2033<sup>(a)</sup><br>| 215000 | &nbsp;&nbsp; 220859 |
| YPF S.A. |  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 07/21/2027<sup>(a)</sup> | 260000 | &nbsp;&nbsp; 260166 |
| &nbsp;&nbsp;&nbsp; 9.00%, 06/30/2029<sup>(a)</sup> | 285942 | &nbsp;&nbsp; 295985 |
| &nbsp;&nbsp;&nbsp; 9.50%, 01/17/2031<sup>(a)</sup> | 310000 | &nbsp;&nbsp; 328236 |
| &nbsp;&nbsp;&nbsp; 8.75%, 09/11/2031<sup>(a)</sup> | 300000 | &nbsp;&nbsp; 312905 |
| &nbsp;&nbsp;&nbsp; 7.00%, 09/30/2033<sup>(a)</sup> | 230000 | &nbsp;&nbsp; 220334 |
| &nbsp;&nbsp;&nbsp; 8.25%, 01/17/2034<sup>(a)</sup> | 460000 | &nbsp;&nbsp; 465285 |
| &nbsp;&nbsp;&nbsp; 7.00%, 12/15/2047<sup>(a)</sup> | 255000 | &nbsp;&nbsp; 218169 |
|  |  | &nbsp;&nbsp; 3984717 |
| **Australia-1.69%** | **Australia-1.69%** | **Australia-1.69%** |
| Fortescue Treasury Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/15/2027<sup>(a)</sup> | 232000 | &nbsp;&nbsp; 228872 |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/15/2030<sup>(a)</sup> | 319000 | &nbsp;&nbsp; 323236 |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/01/2031<sup>(a)</sup> | 644000 | &nbsp;&nbsp; 603866 |
| &nbsp;&nbsp;&nbsp; 6.13%, 04/15/2032<sup>(a)</sup> | 316000 | &nbsp;&nbsp; 322514 |
| &nbsp;&nbsp;&nbsp; Infrabuild Australia Pty Ltd., 14.50%, <br> 11/15/2028<sup>(a)</sup><br>| 293000 | &nbsp;&nbsp; 319139 |
| Mineral Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 8.13%, 05/01/2027<sup>(a)</sup> | 310000 | &nbsp;&nbsp; 311195 |
| &nbsp;&nbsp;&nbsp; 8.00%, 11/01/2027<sup>(a)</sup> | 293000 | &nbsp;&nbsp; 298142 |
| &nbsp;&nbsp;&nbsp; 9.25%, 10/01/2028<sup>(a)</sup> | 414000 | &nbsp;&nbsp; 433211 |
| &nbsp;&nbsp;&nbsp; 8.50%, 05/01/2030<sup>(a)</sup> | 242000 | &nbsp;&nbsp; 247980 |
|  |  | &nbsp;&nbsp; 3088155 |
| **Azerbaijan-0.20%** | **Azerbaijan-0.20%** | **Azerbaijan-0.20%** |
| &nbsp;&nbsp;&nbsp; State Oil Co. of the Azerbaijan Republic <br> (The), 6.95%, 03/18/2030<sup>(a)</sup><br>| 340000 | &nbsp;&nbsp; 362182 |
| **Bahrain-1.18%** | **Bahrain-1.18%** | **Bahrain-1.18%** |
| &nbsp;&nbsp;&nbsp; Bank of Bahrain and Kuwait B.S.C., 6.88%, <br> 06/06/2029<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 202621 |
| Bapco Energies B.S.C. Closed |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 10/25/2027<sup>(a)</sup> | 370000 | &nbsp;&nbsp; 381122 |
| &nbsp;&nbsp;&nbsp; 8.38%, 11/07/2028<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 212878 |
| Bapco Energies Sukuk Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/08/2029<sup>(a)(b)</sup> | 400000 | &nbsp;&nbsp; 394974 |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/25/2033<sup>(a)(b)</sup> | 400000 | &nbsp;&nbsp; 414648 |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/29/2035<sup>(a)(b)</sup> | 350000 | &nbsp;&nbsp; 355651 |
| &nbsp;&nbsp;&nbsp; GFH Senior Sukuk Ltd., 7.50%, <br> 11/06/2029<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 200491 |
|  |  | &nbsp;&nbsp; 2162385 |
| **Belgium-0.22%** | **Belgium-0.22%** | **Belgium-0.22%** |
| &nbsp;&nbsp;&nbsp; Telenet Finance Luxembourg Notes S.a.r.l., <br> 5.50%, 03/01/2028<sup>(a)</sup><br>| 400000 | &nbsp;&nbsp; 396965 |
| **Bermuda-0.12%** | **Bermuda-0.12%** | **Bermuda-0.12%** |
| &nbsp;&nbsp;&nbsp; RLGH Finance Bermuda Ltd., 8.25%, <br> 07/17/2031<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 223949 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Brazil-11.90%** | **Brazil-11.90%** | **Brazil-11.90%** |
| 3R Lux S.a.r.l., 9.75%, 02/05/2031<sup>(a)</sup> | $200000 | &nbsp;&nbsp; $206500 |
| &nbsp;&nbsp;&nbsp; Acu Petroleo (Luxembourg) S.a.r.l., 7.50%, <br> 01/13/2032<sup>(a)</sup><br>| 238732 | &nbsp;&nbsp; 240614 |
| Aegea Finance S.a.r.l. |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/20/2029<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 222198 |
| &nbsp;&nbsp;&nbsp; 9.00%, 01/20/2031<sup>(a)(b)</sup> | 400000 | &nbsp;&nbsp; 430295 |
| &nbsp;&nbsp;&nbsp; Amaggi (Luxembourg) International S.a.r.l., <br> 5.25%, 01/28/2028<sup>(a)</sup><br>| 360000 | &nbsp;&nbsp; 354360 |
| Ambipar Lux S.a.r.l., 9.88%, 02/06/2031<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 181460 |
| &nbsp;&nbsp;&nbsp; B3 S.A. - Brasil, Bolsa, Balcao, 4.13%, <br> 09/20/2031<sup>(a)</sup><br>| 260000 | &nbsp;&nbsp; 237050 |
| Banco Bradesco S.A. |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/18/2027<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 219106 |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/22/2030<sup>(a)</sup> | 390000 | &nbsp;&nbsp; 407355 |
| Banco BTG Pactual S.A. |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 01/11/2026<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 217449 |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/08/2029<sup>(a)</sup> | 170000 | &nbsp;&nbsp; 175197 |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/22/2030<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 200838 |
| Banco do Brasil S.A. |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/30/2026<sup>(a)</sup> | 260000 | &nbsp;&nbsp; 254887 |
| &nbsp;&nbsp;&nbsp; 4.88%, 01/11/2029<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 216301 |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/18/2030<sup>(a)</sup> | 290000 | &nbsp;&nbsp; 297129 |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/18/2031<sup>(a)(b)</sup> | 290000 | &nbsp;&nbsp; 294483 |
| &nbsp;&nbsp;&nbsp; Banco Votorantim S.A., 5.88%, <br> 04/08/2028<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 204100 |
| &nbsp;&nbsp;&nbsp; Braskem America Finance Co., 7.13%, <br> 07/22/2041<sup>(a)</sup><br>| 320000 | &nbsp;&nbsp; 212977 |
| Braskem Netherlands Finance B.V. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/10/2028<sup>(a)</sup> | 650000 | &nbsp;&nbsp; 496559 |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/31/2030<sup>(a)</sup> | 640000 | &nbsp;&nbsp; 454990 |
| &nbsp;&nbsp;&nbsp; 8.50%, 01/12/2031<sup>(a)</sup> | 400000 | &nbsp;&nbsp; 316007 |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/13/2033<sup>(a)</sup> | 460000 | &nbsp;&nbsp; 328237 |
| &nbsp;&nbsp;&nbsp; 8.00%, 10/15/2034<sup>(a)(b)</sup> | 300000 | &nbsp;&nbsp; 213600 |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/31/2050<sup>(a)</sup> | 290000 | &nbsp;&nbsp; 172883 |
| BRF S.A. |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 01/24/2030<sup>(a)</sup> | 260000 | &nbsp;&nbsp; 249938 |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/21/2050<sup>(a)</sup> | 260000 | &nbsp;&nbsp; 214058 |
| &nbsp;&nbsp;&nbsp; Caixa Economica Federal, 5.63%, <br> 05/13/2030<sup>(a)</sup><br>| 400000 | &nbsp;&nbsp; 401150 |
| Centrais Eletricas Brasileiras S.A. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/04/2030<sup>(a)</sup> | 350000 | &nbsp;&nbsp; 332755 |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/11/2035<sup>(a)</sup> | 460000 | &nbsp;&nbsp; 457700 |
| &nbsp;&nbsp;&nbsp; Constellation Oil Services Holding S.A., <br> 9.38%, 11/07/2029<sup>(a)(b)</sup><br>| 300000 | &nbsp;&nbsp; 307611 |
| &nbsp;&nbsp;&nbsp; Cosan (Luxembourg) S.A., 5.50%, <br> 09/20/2029<sup>(a)</sup><br>| 180000 | &nbsp;&nbsp; 176072 |
| CSN Inova Ventures, 6.75%, 01/28/2028<sup>(a)</sup> | 480000 | &nbsp;&nbsp; 457426 |
| CSN Resources S.A. |  |  |
| &nbsp;&nbsp;&nbsp; 8.88%, 12/05/2030<sup>(a)</sup> | 300000 | &nbsp;&nbsp; 297674 |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/10/2031<sup>(a)</sup> | 330000 | &nbsp;&nbsp; 260399 |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/08/2032<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 181667 |
| &nbsp;&nbsp;&nbsp; Itau Unibanco Holding S.A., 6.00%, <br> 02/27/2030<sup>(a)</sup><br>| 400000 | &nbsp;&nbsp; 410250 |
| Klabin Austria GmbH |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/03/2029<sup>(a)</sup> | 330000 | &nbsp;&nbsp; 333266 |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/03/2049<sup>(a)</sup> | 340000 | &nbsp;&nbsp; 345603 |
| &nbsp;&nbsp;&nbsp; LD Celulose International GmbH, 7.95%, <br> 01/26/2032<sup>(a)</sup><br>| 270000 | &nbsp;&nbsp; 282454 |
| MARB BondCo PLC, 3.95%, 01/29/2031<sup>(a)</sup> | 455000 | &nbsp;&nbsp; 404320 |
| &nbsp;&nbsp;&nbsp; MC Brazil Downstream Trading S.a.r.l., <br> 7.25%, 06/30/2031<sup>(a)</sup><br>| 757133 | &nbsp;&nbsp; 618578 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Brazil-(continued)** | **Brazil-(continued)** | **Brazil-(continued)** | **Brazil-(continued)** |
| Minerva (Luxembourg) S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/18/2031<sup>(a)</sup> | $| 438000 | &nbsp;&nbsp; $392303 |
| &nbsp;&nbsp;&nbsp; 8.88%, 09/13/2033<sup>(a)</sup> |  | 400000 | &nbsp;&nbsp; 435755 |
| Movida Europe S.A., 7.85%, 04/11/2029<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 189413 |
| MV24 Capital B.V., 6.75%, 06/01/2034<sup>(a)</sup> |  | 366160 | &nbsp;&nbsp; 364710 |
| Petrobras Global Finance B.V. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, 01/17/2027 |  | 235000 | &nbsp;&nbsp; 242329 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/27/2028 |  | 398000 | &nbsp;&nbsp; 404372 |
| &nbsp;&nbsp;&nbsp; 5.60%, 01/03/2031<sup>(b)</sup> |  | 377000 | &nbsp;&nbsp; 382004 |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/03/2033<sup>(b)</sup> |  | 390000 | &nbsp;&nbsp; 401530 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/13/2035 |  | 375000 | &nbsp;&nbsp; 364026 |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/20/2040 |  | 268000 | &nbsp;&nbsp; 268942 |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/27/2041 |  | 253000 | &nbsp;&nbsp; 248947 |
| &nbsp;&nbsp;&nbsp; 7.25%, 03/17/2044 |  | 356000 | &nbsp;&nbsp; 361878 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/10/2051 |  | 211000 | &nbsp;&nbsp; 165238 |
| &nbsp;&nbsp;&nbsp; 6.85%, 06/05/2115 |  | 560000 | &nbsp;&nbsp; 500897 |
| &nbsp;&nbsp;&nbsp; Petrorio Luxembourg Holding S.a.r.l., 6.13%, <br> 06/09/2026<sup>(a)</sup><br>|  | 270000 | &nbsp;&nbsp; 270321 |
| Rede D'or Finance S.a.r.l. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 01/17/2028<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 218053 |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/22/2030<sup>(a)</sup> |  | 360000 | &nbsp;&nbsp; 342767 |
| Rumo Luxembourg S.a.r.l. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/10/2028<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 219390 |
| &nbsp;&nbsp;&nbsp; 4.20%, 01/18/2032<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 181885 |
| &nbsp;&nbsp;&nbsp; Samarco Mineracao S.A., 9.00% PIK Rate, <br> 0.50% Cash Rate, 06/30/2031<sup>(a)(c)</sup><br>|  | 1958698 | &nbsp;&nbsp; 1941032 |
| Simpar Europe S.A., 5.20%, 01/26/2031<sup>(a)</sup> |  | 280000 | &nbsp;&nbsp; 224350 |
| &nbsp;&nbsp;&nbsp; Trident Energy Finance PLC, 12.50%, <br> 11/30/2029<sup>(a)</sup><br>|  | 400000 | &nbsp;&nbsp; 413167 |
| &nbsp;&nbsp;&nbsp; Usiminas International S.a.r.l., 7.50%, <br> 01/27/2032<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 205050 |
| XP, Inc., 6.75%, 07/02/2029<sup>(a)</sup> |  | 170000 | &nbsp;&nbsp; 173536 |
| &nbsp;&nbsp;&nbsp; Yinson Boronia Production B.V., 8.95%, <br> 07/31/2042<sup>(a)</sup><br>|  | 545149 | &nbsp;&nbsp; 588785 |
|  |  |  | &nbsp;&nbsp; 21786176 |
| **Canada-12.70%** | **Canada-12.70%** | **Canada-12.70%** | **Canada-12.70%** |
| 1011778 BC ULC/New Red Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/15/2028<sup>(a)</sup> |  | 703000 | &nbsp;&nbsp; 678661 |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/15/2028<sup>(a)</sup> |  | 387000 | &nbsp;&nbsp; 378609 |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2029<sup>(a)</sup> |  | 287000 | &nbsp;&nbsp; 271885 |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/15/2029<sup>(a)(b)</sup> |  | 600000 | &nbsp;&nbsp; 613901 |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/15/2029<sup>(a)</sup> |  | 225000 | &nbsp;&nbsp; 226624 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/2030<sup>(a)</sup> |  | 1162000 | &nbsp;&nbsp; 1078048 |
| Air Canada, 3.88%, 08/15/2026<sup>(a)</sup> |  | 563000 | &nbsp;&nbsp; 557423 |
| &nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp., 4.75%, <br> 01/18/2082<sup>(d)</sup><br>|  | 292000 | &nbsp;&nbsp; 283763 |
| AltaGas Ltd., 7.20%, 10/15/2054<sup>(a)(d)</sup> |  | 400000 | &nbsp;&nbsp; 404065 |
| &nbsp;&nbsp;&nbsp; Baffinland Iron Mines Corp./Baffinland Iron <br> Mines L.P., 8.75%, 07/15/2026<sup>(a)</sup><br>|  | 220000 | &nbsp;&nbsp; 207596 |
| Baytex Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.50%, 04/30/2030<sup>(a)</sup> |  | 325000 | &nbsp;&nbsp; 331015 |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/15/2032<sup>(a)</sup> |  | 300000 | &nbsp;&nbsp; 290376 |
| Bell Canada |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/15/2055<sup>(d)</sup> |  | 480000 | &nbsp;&nbsp; 489558 |
| &nbsp;&nbsp;&nbsp; 7.00%, 09/15/2055<sup>(d)</sup> |  | 550000 | &nbsp;&nbsp; 559565 |
| Bombardier, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/15/2028<sup>(a)</sup> |  | 392000 | &nbsp;&nbsp; 394896 |
| &nbsp;&nbsp;&nbsp; 7.50%, 02/01/2029<sup>(a)</sup> |  | 287000 | &nbsp;&nbsp; 298311 |
| &nbsp;&nbsp;&nbsp; 8.75%, 11/15/2030<sup>(a)</sup> |  | 310000 | &nbsp;&nbsp; 333986 |
| &nbsp;&nbsp;&nbsp; 7.25%, 07/01/2031<sup>(a)</sup> |  | 350000 | &nbsp;&nbsp; 365910 |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/01/2032<sup>(a)</sup> |  | 360000 | &nbsp;&nbsp; 372866 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** |
| &nbsp;&nbsp;&nbsp; 6.75%, 06/15/2033<sup>(a)</sup> | $200000 | &nbsp;&nbsp; $205814 |
| &nbsp;&nbsp;&nbsp; 7.45%, 05/01/2034<sup>(a)</sup> | 239000 | &nbsp;&nbsp; 258869 |
| &nbsp;&nbsp;&nbsp; Brookfield Residential Properties, <br> Inc./Brookfield Residential U.S. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/15/2027<sup>(a)</sup> | 240000 | &nbsp;&nbsp; 239722 |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/15/2030<sup>(a)</sup> | 190000 | &nbsp;&nbsp; 172980 |
| &nbsp;&nbsp;&nbsp; Capstone Copper Corp., 6.75%, <br> 03/31/2033<sup>(a)</sup><br>| 240000 | &nbsp;&nbsp; 244758 |
| Dye & Durham Ltd., 8.63%, 04/15/2029<sup>(a)</sup> | 300000 | &nbsp;&nbsp; 312866 |
| &nbsp;&nbsp;&nbsp; Emera, Inc., Series 16-A, 6.75%, <br> 06/15/2076<sup>(d)</sup><br>| 470000 | &nbsp;&nbsp; 474575 |
| Enerflex Ltd., 9.00%, 10/15/2027<sup>(a)</sup> | 215000 | &nbsp;&nbsp; 222153 |
| Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2027<sup>(a)</sup> | 318000 | &nbsp;&nbsp; 315419 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/2029<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 196649 |
| &nbsp;&nbsp;&nbsp; 8.25%, 08/01/2032<sup>(a)</sup> | 300000 | &nbsp;&nbsp; 309630 |
| &nbsp;&nbsp;&nbsp; 8.38%, 11/15/2032<sup>(a)</sup> | 400000 | &nbsp;&nbsp; 412402 |
| goeasy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 12/01/2028<sup>(a)</sup> | 300000 | &nbsp;&nbsp; 317813 |
| &nbsp;&nbsp;&nbsp; 7.63%, 07/01/2029<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 206111 |
| &nbsp;&nbsp;&nbsp; Great Canadian Gaming Corp., 8.75%, <br> 11/15/2029<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 195979 |
| Hudbay Minerals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/01/2026<sup>(a)</sup> | 232000 | &nbsp;&nbsp; 230296 |
| &nbsp;&nbsp;&nbsp; 6.13%, 04/01/2029<sup>(a)</sup> | 232000 | &nbsp;&nbsp; 233617 |
| &nbsp;&nbsp;&nbsp; Husky Injection Molding Systems Ltd./Titan <br> Co-Borrower LLC, 9.00%, 02/15/2029<sup>(a)</sup><br>| 430000 | &nbsp;&nbsp; 444270 |
| &nbsp;&nbsp;&nbsp; Ivanhoe Mines Ltd., 7.88%, <br> 01/23/2030<sup>(a)(b)</sup><br>| 400000 | &nbsp;&nbsp; 402304 |
| &nbsp;&nbsp;&nbsp; Jones Deslauriers Insurance Management, <br> Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.50%, 03/15/2030<sup>(a)</sup> | 276000 | &nbsp;&nbsp; 291447 |
| &nbsp;&nbsp;&nbsp; 10.50%, 12/15/2030<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 212726 |
| &nbsp;&nbsp;&nbsp; Kronos Acquisition Holdings, Inc., 8.25%, <br> 06/30/2031<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 173850 |
| Mattamy Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/15/2027<sup>(a)</sup> | 190000 | &nbsp;&nbsp; 188786 |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/01/2030<sup>(a)</sup> | 230000 | &nbsp;&nbsp; 220890 |
| MEG Energy Corp., 5.88%, 02/01/2029<sup>(a)</sup> | 232000 | &nbsp;&nbsp; 232660 |
| Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 10/15/2027 | 279000 | &nbsp;&nbsp; 277817 |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/15/2029<sup>(b)</sup> | 365000 | &nbsp;&nbsp; 361841 |
| &nbsp;&nbsp;&nbsp; Northriver Midstream Finance L.P., 6.75%, <br> 07/15/2032<sup>(a)</sup><br>| 300000 | &nbsp;&nbsp; 305690 |
| NOVA Chemicals Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2027<sup>(a)</sup> | 507000 | &nbsp;&nbsp; 505425 |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/2029<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 210290 |
| &nbsp;&nbsp;&nbsp; 9.00%, 02/15/2030<sup>(a)</sup> | 275000 | &nbsp;&nbsp; 295843 |
| Open Text Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/2028<sup>(a)</sup> | 400000 | &nbsp;&nbsp; 385384 |
| &nbsp;&nbsp;&nbsp; 3.88%, 12/01/2029<sup>(a)</sup> | 391000 | &nbsp;&nbsp; 366372 |
| Open Text Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/15/2030<sup>(a)</sup> | 342000 | &nbsp;&nbsp; 320906 |
| &nbsp;&nbsp;&nbsp; 4.13%, 12/01/2031<sup>(a)</sup> | 253000 | &nbsp;&nbsp; 230517 |
| Parkland Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/15/2027<sup>(a)</sup> | 190000 | &nbsp;&nbsp; 190325 |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/01/2029<sup>(a)</sup> | 309000 | &nbsp;&nbsp; 297946 |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/01/2030<sup>(a)</sup> | 309000 | &nbsp;&nbsp; 296597 |
| &nbsp;&nbsp;&nbsp; 6.63%, 08/15/2032<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 204613 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** |
| RB Global Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2028<sup>(a)</sup> | $| 210000 | &nbsp;&nbsp; $215227 |
| &nbsp;&nbsp;&nbsp; 7.75%, 03/15/2031<sup>(a)</sup> |  | 308000 | &nbsp;&nbsp; 323167 |
| Rogers Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/15/2055<sup>(d)</sup> |  | 450000 | &nbsp;&nbsp; 461192 |
| &nbsp;&nbsp;&nbsp; 7.13%, 04/15/2055<sup>(b)(d)</sup> |  | 480000 | &nbsp;&nbsp; 491430 |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/2082<sup>(a)(d)</sup> |  | 302000 | &nbsp;&nbsp; 298290 |
| &nbsp;&nbsp;&nbsp; Saturn Oil & Gas, Inc., 9.63%, <br> 06/15/2029<sup>(a)</sup><br>|  | 234000 | &nbsp;&nbsp; 231926 |
| &nbsp;&nbsp;&nbsp; South Bow Canadian Infrastructure Holdings <br> Ltd., 7.50%, 03/01/2055<sup>(a)(d)</sup><br>|  | 250000 | &nbsp;&nbsp; 259962 |
| &nbsp;&nbsp;&nbsp; Strathcona Resources Ltd., 6.88%, <br> 08/01/2026<sup>(a)</sup><br>|  | 195000 | &nbsp;&nbsp; 195409 |
| &nbsp;&nbsp;&nbsp; Superior Plus L.P./Superior General Partner, <br> Inc., 4.50%, 03/15/2029<sup>(a)</sup><br>|  | 230000 | &nbsp;&nbsp; 219619 |
| Taseko Mines Ltd., 8.25%, 05/01/2030<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 209077 |
| TELUS Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 10/15/2055<sup>(d)</sup> |  | 290000 | &nbsp;&nbsp; 293793 |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/15/2055<sup>(d)</sup> |  | 330000 | &nbsp;&nbsp; 334923 |
| &nbsp;&nbsp;&nbsp; Toucan FinCo Ltd./Toucan FinCo Can, <br> Inc./Toucan FinCo US LLC, 9.50%, <br> 05/15/2030<sup>(a)</sup><br>|  | 400000 | &nbsp;&nbsp; 409918 |
| &nbsp;&nbsp;&nbsp; Wrangler Holdco Corp., 6.63%, <br> 04/01/2032<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 206796 |
|  |  |  | &nbsp;&nbsp; 23253939 |
| **Cayman Islands-0.23%** | **Cayman Islands-0.23%** | **Cayman Islands-0.23%** | **Cayman Islands-0.23%** |
| &nbsp;&nbsp;&nbsp; Global Aircraft Leasing Co. Ltd., 8.75%, <br> 09/01/2027<sup>(a)</sup><br>|  | 415000 | &nbsp;&nbsp; 429063 |
| **Chile-0.86%** | **Chile-0.86%** | **Chile-0.86%** | **Chile-0.86%** |
| AES Andes S.A., 8.15%, 06/10/2055<sup>(a)(d)</sup> |  | 200000 | &nbsp;&nbsp; 209806 |
| Agrosuper S.A., 4.60%, 01/20/2032<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 206258 |
| Falabella S.A., 3.38%, 01/15/2032<sup>(a)</sup> |  | 290000 | &nbsp;&nbsp; 252502 |
| &nbsp;&nbsp;&nbsp; LATAM Airlines Group S.A., 7.88%, <br> 04/15/2030<sup>(a)</sup><br>|  | 700000 | &nbsp;&nbsp; 725025 |
| &nbsp;&nbsp;&nbsp; Telefonica Moviles Chile S.A., 3.54%, <br> 11/18/2031<sup>(a)</sup><br>|  | 280000 | &nbsp;&nbsp; 184450 |
|  |  |  | &nbsp;&nbsp; 1578041 |
| **China-3.92%** | **China-3.92%** | **China-3.92%** | **China-3.92%** |
| &nbsp;&nbsp;&nbsp; Bank of Communications Co. Ltd., <br> 3.80%<sup>(a)(d)(e)</sup><br>|  | 1300000 | &nbsp;&nbsp; 1294605 |
| CFAMC III Co. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/27/2027<sup>(a)</sup> |  | 300000 | &nbsp;&nbsp; 300075 |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/07/2027<sup>(a)</sup> |  | 500000 | &nbsp;&nbsp; 493755 |
| CFAMC IV Co. Ltd., 4.50%, 05/29/2029<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 195874 |
| Fortune Star (BVI) Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/18/2026<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 218104 |
| &nbsp;&nbsp;&nbsp; 5.05%, 01/27/2027<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 215059 |
| &nbsp;&nbsp;&nbsp; 8.50%, 05/19/2028<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 205698 |
| Franshion Brilliant Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/23/2029<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 180166 |
| &nbsp;&nbsp;&nbsp; 6.00%<sup>(a)(d)(e)</sup> |  | 220000 | &nbsp;&nbsp; 219982 |
| &nbsp;&nbsp;&nbsp; Greentown China Holdings Ltd., 8.45%, <br> 02/24/2028<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 205640 |
| &nbsp;&nbsp;&nbsp; Industrial and Commercial Bank of China <br> Ltd., 3.20%<sup>(a)(d)(e)</sup><br>|  | 2682000 | &nbsp;&nbsp; 2634423 |
| &nbsp;&nbsp;&nbsp; Longfor Group Holdings Ltd., 4.50%, <br> 01/16/2028<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 180892 |
| &nbsp;&nbsp;&nbsp; Vanke Real Estate (Hong Kong) Co. Ltd., <br> 3.98%, 11/09/2027<sup>(a)</sup><br>|  | 530000 | &nbsp;&nbsp; 429611 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **China-(continued)** | **China-(continued)** | **China-(continued)** | **China-(continued)** |
| &nbsp;&nbsp;&nbsp; West China Cement Ltd., 4.95%, <br> 07/08/2026<sup>(a)</sup><br>| $| 220000 | &nbsp;&nbsp; $203177 |
| &nbsp;&nbsp;&nbsp; Westwood Group Holdings Ltd., 2.80%, <br> 01/20/2026<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 198460 |
|  |  |  | &nbsp;&nbsp; 7175521 |
| **Colombia-3.78%** | **Colombia-3.78%** | **Colombia-3.78%** | **Colombia-3.78%** |
| &nbsp;&nbsp;&nbsp; AI Candelaria (Spain) S.A., 5.75%, <br> 06/15/2033<sup>(a)</sup><br>|  | 195000 | &nbsp;&nbsp; 168364 |
| &nbsp;&nbsp;&nbsp; Banco de Bogota S.A., 6.25%, <br> 05/12/2026<sup>(a)</sup><br>|  | 390000 | &nbsp;&nbsp; 392403 |
| Ecopetrol S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.63%, 01/19/2029 |  | 339000 | &nbsp;&nbsp; 364000 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/29/2030 |  | 591000 | &nbsp;&nbsp; 591963 |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/02/2031 |  | 410000 | &nbsp;&nbsp; 354337 |
| &nbsp;&nbsp;&nbsp; 7.75%, 02/01/2032 |  | 480000 | &nbsp;&nbsp; 478296 |
| &nbsp;&nbsp;&nbsp; 8.88%, 01/13/2033 |  | 610000 | &nbsp;&nbsp; 640176 |
| &nbsp;&nbsp;&nbsp; 8.38%, 01/19/2036 |  | 500000 | &nbsp;&nbsp; 494081 |
| &nbsp;&nbsp;&nbsp; 7.38%, 09/18/2043<sup>(b)</sup> |  | 308000 | &nbsp;&nbsp; 265660 |
| &nbsp;&nbsp;&nbsp; 5.88%, 05/28/2045 |  | 570000 | &nbsp;&nbsp; 404536 |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/02/2051 |  | 230000 | &nbsp;&nbsp; 157192 |
| Empresas Publicas de Medellin E.S.P. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/18/2029<sup>(a)</sup> |  | 400000 | &nbsp;&nbsp; 370845 |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/15/2031<sup>(a)(b)</sup> |  | 260000 | &nbsp;&nbsp; 234075 |
| &nbsp;&nbsp;&nbsp; EnfraGen Energia Sur S.A./EnfraGen Spain <br> S.A./Prime Energia S.p.A., 5.38%, <br> 12/30/2030<sup>(a)</sup><br>|  | 245000 | &nbsp;&nbsp; 223250 |
| &nbsp;&nbsp;&nbsp; Gran Tierra Energy, Inc., 9.50%, <br> 10/15/2029<sup>(a)</sup><br>|  | 300000 | &nbsp;&nbsp; 250854 |
| Grupo Aval Ltd., 4.38%, 02/04/2030<sup>(a)</sup> |  | 450000 | &nbsp;&nbsp; 413630 |
| Grupo Nutresa S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/12/2030<sup>(a)</sup> |  | 400000 | &nbsp;&nbsp; 422100 |
| &nbsp;&nbsp;&nbsp; 9.00%, 05/12/2035<sup>(a)</sup> |  | 400000 | &nbsp;&nbsp; 441326 |
| &nbsp;&nbsp;&nbsp; SierraCol Energy Andina LLC, 6.00%, <br> 06/15/2028<sup>(a)</sup><br>|  | 270000 | &nbsp;&nbsp; 253556 |
|  |  |  | &nbsp;&nbsp; 6920644 |
| **Costa Rica-0.11%** | **Costa Rica-0.11%** | **Costa Rica-0.11%** | **Costa Rica-0.11%** |
| &nbsp;&nbsp;&nbsp; Instituto Costarricense de Electricidad, <br> 6.38%, 05/15/2043<sup>(a)</sup><br>|  | 220000 | &nbsp;&nbsp; 202891 |
| **Czech Republic-0.18%** | **Czech Republic-0.18%** | **Czech Republic-0.18%** | **Czech Republic-0.18%** |
| &nbsp;&nbsp;&nbsp; Allwyn Entertainment Financing (UK) PLC, <br> 7.88%, 04/30/2029<sup>(a)(b)</sup><br>|  | 310000 | &nbsp;&nbsp; 322904 |
| **Dominican Republic-0.11%** | **Dominican Republic-0.11%** | **Dominican Republic-0.11%** | **Dominican Republic-0.11%** |
| &nbsp;&nbsp;&nbsp; Aeropuertos Dominicanos Siglo XXI S.A., <br> 7.00%, 06/30/2034<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 206554 |
| **Finland-0.19%** | **Finland-0.19%** | **Finland-0.19%** | **Finland-0.19%** |
| Amer Sports Co., 6.75%, 02/16/2031<sup>(a)</sup> |  | 330000 | &nbsp;&nbsp; 343550 |
| **France-1.79%** | **France-1.79%** | **France-1.79%** | **France-1.79%** |
| &nbsp;&nbsp;&nbsp; Calderys Financing LLC, 11.25%, <br> 06/01/2028<sup>(a)</sup><br>|  | 210000 | &nbsp;&nbsp; 222133 |
| Electricite de France S.A., 9.13%<sup>(a)(b)(d)(e)</sup> |  | 620000 | &nbsp;&nbsp; 711992 |
| Forvia SE, 8.00%, 06/15/2030<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 208565 |
| Iliad Holding S.A.S.U. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/15/2028<sup>(a)</sup> |  | 400000 | &nbsp;&nbsp; 406376 |
| &nbsp;&nbsp;&nbsp; 8.50%, 04/15/2031<sup>(a)</sup> |  | 420000 | &nbsp;&nbsp; 450849 |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/15/2032<sup>(a)</sup> |  | 350000 | &nbsp;&nbsp; 359674 |
| Opal Bidco SAS, 6.50%, 03/31/2032<sup>(a)</sup> |  | 540000 | &nbsp;&nbsp; 545757 |
| Vallourec SACA, 7.50%, 04/15/2032<sup>(a)</sup> |  | 350000 | &nbsp;&nbsp; 370977 |
|  |  |  | &nbsp;&nbsp; 3276323 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Georgia-0.11%** | **Georgia-0.11%** | **Georgia-0.11%** |
| &nbsp;&nbsp;&nbsp; Georgian Railway JSC, 4.00%, <br> 06/17/2028<sup>(a)</sup><br>| $220000 | &nbsp;&nbsp; $202465 |
| **Germany-1.44%** | **Germany-1.44%** | **Germany-1.44%** |
| Cerdia Finanz GmbH, 9.38%, 10/03/2031<sup>(a)</sup> | 350000 | &nbsp;&nbsp; 367164 |
| &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH, 7.75% PIK Rate, <br> 8.50% Cash Rate, 11/15/2030<sup>(a)(c)</sup><br>| 200000 | &nbsp;&nbsp; 205451 |
| &nbsp;&nbsp;&nbsp; Mercer International, Inc., 5.13%, <br> 02/01/2029<sup>(b)</sup><br>| 339000 | &nbsp;&nbsp; 273391 |
| &nbsp;&nbsp;&nbsp; TK Elevator U.S. Newco, Inc., 5.25%, <br> 07/15/2027<sup>(a)</sup><br>| 650000 | &nbsp;&nbsp; 647597 |
| ZF North America Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/14/2028<sup>(a)</sup> | 217000 | &nbsp;&nbsp; 216743 |
| &nbsp;&nbsp;&nbsp; 7.13%, 04/14/2030<sup>(a)</sup> | 320000 | &nbsp;&nbsp; 310424 |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/23/2030<sup>(a)</sup> | 365000 | &nbsp;&nbsp; 347594 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/23/2032<sup>(a)</sup> | 280000 | &nbsp;&nbsp; 261515 |
|  |  | &nbsp;&nbsp; 2629879 |
| **Ghana-0.36%** | **Ghana-0.36%** | **Ghana-0.36%** |
| Kosmos Energy Ltd., 8.75%, 10/01/2031<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 154349 |
| Tullow Oil PLC, 10.25%, 05/15/2026<sup>(a)</sup> | 550000 | &nbsp;&nbsp; 496375 |
|  |  | &nbsp;&nbsp; 650724 |
| **Guatemala-0.54%** | **Guatemala-0.54%** | **Guatemala-0.54%** |
| &nbsp;&nbsp;&nbsp; Central American Bottling Corp./CBC Bottling <br> Holdco S.L./Beliv Holdco S.L., 5.25%, <br> 04/27/2029<sup>(a)</sup><br>| 429000 | &nbsp;&nbsp; 417311 |
| CT Trust, 5.13%, 02/03/2032<sup>(a)</sup> | 300000 | &nbsp;&nbsp; 282395 |
| &nbsp;&nbsp;&nbsp; Investment Energy Resources Ltd., 6.25%, <br> 04/26/2029<sup>(a)</sup><br>| 290000 | &nbsp;&nbsp; 284967 |
|  |  | &nbsp;&nbsp; 984673 |
| **Hong Kong-1.87%** | **Hong Kong-1.87%** | **Hong Kong-1.87%** |
| Bank of East Asia Ltd. (The), 5.83%<sup>(a)(d)(e)</sup> | 290000 | &nbsp;&nbsp; 289771 |
| CAS Capital No. 1 Ltd., 4.00%<sup>(a)(d)(e)</sup> | 340000 | &nbsp;&nbsp; 333366 |
| China CITIC Bank International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 3.25%<sup>(a)(d)(e)</sup> | 270000 | &nbsp;&nbsp; 266879 |
| &nbsp;&nbsp;&nbsp; 4.80%<sup>(a)(d)(e)</sup> | 270000 | &nbsp;&nbsp; 269722 |
| Melco Resorts Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/26/2026<sup>(a)</sup> | 270000 | &nbsp;&nbsp; 269490 |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/17/2027<sup>(a)</sup> | 270000 | &nbsp;&nbsp; 269592 |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/21/2028<sup>(a)</sup> | 430000 | &nbsp;&nbsp; 422084 |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/04/2029<sup>(a)</sup> | 490000 | &nbsp;&nbsp; 469455 |
| &nbsp;&nbsp;&nbsp; 7.63%, 04/17/2032<sup>(a)</sup> | 250000 | &nbsp;&nbsp; 257332 |
| &nbsp;&nbsp;&nbsp; Nanyang Commercial Bank Ltd., <br> 6.50%<sup>(a)(d)(e)</sup><br>| 290000 | &nbsp;&nbsp; 293246 |
| Seaspan Corp., 5.50%, 08/01/2029<sup>(a)</sup> | 287000 | &nbsp;&nbsp; 273538 |
|  |  | &nbsp;&nbsp; 3414475 |
| **Hungary-0.37%** | **Hungary-0.37%** | **Hungary-0.37%** |
| OTP Bank Nyrt. |  |  |
| &nbsp;&nbsp;&nbsp; 8.75%, 05/15/2033<sup>(a)(d)</sup> | 240000 | &nbsp;&nbsp; 257840 |
| &nbsp;&nbsp;&nbsp; 7.30%, 07/30/2035<sup>(a)(d)</sup> | 400000 | &nbsp;&nbsp; 416273 |
|  |  | &nbsp;&nbsp; 674113 |
| **India-3.72%** | **India-3.72%** | **India-3.72%** |
| &nbsp;&nbsp;&nbsp; Biocon Biologics Global PLC, 6.67%, <br> 10/09/2029<sup>(a)</sup><br>| 370000 | &nbsp;&nbsp; 348535 |
| &nbsp;&nbsp;&nbsp; CA Magnum Holdings, 5.38%, <br> 10/31/2026<sup>(a)</sup><br>| 400000 | &nbsp;&nbsp; 398467 |
| &nbsp;&nbsp;&nbsp; Continuum Green Energy India Pvt./Co-<br> Issuers, 7.50%, 06/26/2033<sup>(a)</sup><br>| 212190 | &nbsp;&nbsp; 218953 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **India-(continued)** | **India-(continued)** | **India-(continued)** | **India-(continued)** |
| Delhi International Airport Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.13%, 10/31/2026<sup>(a)</sup> | $| 200000 | &nbsp;&nbsp; $202138 |
| &nbsp;&nbsp;&nbsp; 6.45%, 06/04/2029<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 226777 |
| Diamond II Ltd., 7.95%, 07/28/2026<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 201687 |
| Greenko Dutch B.V., 3.85%, 03/29/2026<sup>(a)</sup> |  | 398640 | &nbsp;&nbsp; 393154 |
| &nbsp;&nbsp;&nbsp; Greenko Power II Ltd., 4.30%, <br> 12/13/2028<sup>(a)</sup><br>|  | 319000 | &nbsp;&nbsp; 302719 |
| &nbsp;&nbsp;&nbsp; Greenko Wind Projects (Mauritius) Ltd., <br> 7.25%, 09/27/2028<sup>(a)</sup><br>|  | 400000 | &nbsp;&nbsp; 407483 |
| &nbsp;&nbsp;&nbsp; IRB Infrastructure Developers Ltd., 7.11%, <br> 03/11/2032<sup>(a)</sup><br>|  | 400000 | &nbsp;&nbsp; 403907 |
| &nbsp;&nbsp;&nbsp; JSW Hydro Energy Ltd., 4.13%, <br> 05/18/2031<sup>(a)</sup><br>|  | 227200 | &nbsp;&nbsp; 210012 |
| JSW Steel Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 04/05/2027<sup>(a)</sup> |  | 428000 | &nbsp;&nbsp; 416581 |
| &nbsp;&nbsp;&nbsp; 5.05%, 04/05/2032<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 206825 |
| Muthoot Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/14/2028<sup>(a)</sup> |  | 260000 | &nbsp;&nbsp; 266128 |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/23/2029<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 200235 |
| &nbsp;&nbsp;&nbsp; Periama Holdings LLC, 5.95%, <br> 04/19/2026<sup>(a)</sup><br>|  | 340000 | &nbsp;&nbsp; 341185 |
| &nbsp;&nbsp;&nbsp; ReNew Wind Energy AP2/ReNew Power Pvt <br> Ltd. other 9 Subsidiaries, 4.50%, <br> 07/14/2028<sup>(a)</sup><br>|  | 260000 | &nbsp;&nbsp; 246453 |
| Shriram Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 04/22/2027<sup>(a)</sup> |  | 300000 | &nbsp;&nbsp; 306110 |
| &nbsp;&nbsp;&nbsp; 6.15%, 04/03/2028<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 201781 |
| UPL Corp. Ltd., 4.63%, 06/16/2030<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 182274 |
| Vedanta Resources Finance II PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 10.88%, 09/17/2029<sup>(a)</sup> |  | 500000 | &nbsp;&nbsp; 512181 |
| &nbsp;&nbsp;&nbsp; 9.48%, 07/24/2030<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 197229 |
| &nbsp;&nbsp;&nbsp; 11.25%, 12/03/2031<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 209131 |
| &nbsp;&nbsp;&nbsp; 9.85%, 04/24/2033<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 200837 |
|  |  |  | &nbsp;&nbsp; 6800782 |
| **Israel-2.70%** | **Israel-2.70%** | **Israel-2.70%** | **Israel-2.70%** |
| Energean Israel Finance Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 03/30/2026<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 217925 |
| &nbsp;&nbsp;&nbsp; 5.38%, 03/30/2028<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 212033 |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/30/2031<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 206225 |
| &nbsp;&nbsp;&nbsp; 8.50%, 09/30/2033<sup>(a)</sup> |  | 380000 | &nbsp;&nbsp; 394521 |
| Leviathan Bond Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/30/2027<sup>(a)</sup> |  | 210000 | &nbsp;&nbsp; 209160 |
| &nbsp;&nbsp;&nbsp; 6.75%, 06/30/2030<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 198000 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Co. LLC, <br> 6.15%, 02/01/2036<sup>(b)</sup><br>|  | 370000 | &nbsp;&nbsp; 376379 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III <br> B.V.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 10/01/2026<sup>(b)</sup> |  | 745000 | &nbsp;&nbsp; 729167 |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/09/2027 |  | 210000 | &nbsp;&nbsp; 208693 |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/2028<sup>(b)</sup> |  | 420000 | &nbsp;&nbsp; 434436 |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/09/2029<sup>(b)</sup> |  | 420000 | &nbsp;&nbsp; 420180 |
| &nbsp;&nbsp;&nbsp; 8.13%, 09/15/2031 |  | 188000 | &nbsp;&nbsp; 212892 |
| &nbsp;&nbsp;&nbsp; 4.10%, 10/01/2046<sup>(b)</sup> |  | 881000 | &nbsp;&nbsp; 628145 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands IV <br> B.V., 5.75%, 12/01/2030<br>|  | 280000 | &nbsp;&nbsp; 284285 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceuticals Finance Netherlands <br> B.V., 6.00%, 12/01/2032<br>|  | 200000 | &nbsp;&nbsp; 203901 |
|  |  |  | &nbsp;&nbsp; 4935942 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Italy-0.95%** | **Italy-0.95%** | **Italy-0.95%** |
| &nbsp;&nbsp;&nbsp; Efesto Bidco S.p.A. Efesto US LLC, <br> Series XR, 7.50%, 02/15/2032<sup>(a)</sup><br>| $310000 | &nbsp;&nbsp; $316989 |
| FiberCop S.p.A. |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 11/15/2033<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 194738 |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/30/2034<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 189910 |
| &nbsp;&nbsp;&nbsp; 7.20%, 07/18/2036<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 199040 |
| &nbsp;&nbsp;&nbsp; 7.72%, 06/04/2038<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 199473 |
| Kedrion S.p.A., 6.50%, 09/01/2029<sup>(a)</sup> | 400000 | &nbsp;&nbsp; 387378 |
| &nbsp;&nbsp;&nbsp; Telecom Italia Capital S.A., 7.20%, <br> 07/18/2036<br>| 236000 | &nbsp;&nbsp; 247893 |
|  |  | &nbsp;&nbsp; 1735421 |
| **Ivory Coast-0.11%** | **Ivory Coast-0.11%** | **Ivory Coast-0.11%** |
| &nbsp;&nbsp;&nbsp; Endeavour Mining PLC, 7.00%, <br> 05/28/2030<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 203528 |
| **Japan-4.56%** | **Japan-4.56%** | **Japan-4.56%** |
| Nissan Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 3.52%, 09/17/2025<sup>(a)</sup> | 680000 | &nbsp;&nbsp; 678636 |
| &nbsp;&nbsp;&nbsp; 4.35%, 09/17/2027<sup>(a)</sup> | 1070000 | &nbsp;&nbsp; 1044502 |
| &nbsp;&nbsp;&nbsp; 4.81%, 09/17/2030<sup>(a)(b)</sup> | 1070000 | &nbsp;&nbsp; 984252 |
| Rakuten Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 11.25%, 02/15/2027<sup>(a)</sup> | 750000 | &nbsp;&nbsp; 814015 |
| &nbsp;&nbsp;&nbsp; 9.75%, 04/15/2029<sup>(a)(b)</sup> | 825000 | &nbsp;&nbsp; 908174 |
| &nbsp;&nbsp;&nbsp; 5.13%<sup>(a)(d)(e)</sup> | 370000 | &nbsp;&nbsp; 364727 |
| &nbsp;&nbsp;&nbsp; 6.25%<sup>(a)(d)(e)</sup> | 430000 | &nbsp;&nbsp; 401277 |
| &nbsp;&nbsp;&nbsp; 8.13%<sup>(a)(d)(e)</sup> | 200000 | &nbsp;&nbsp; 198895 |
| SoftBank Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/06/2026<sup>(a)</sup> | 300000 | &nbsp;&nbsp; 295950 |
| &nbsp;&nbsp;&nbsp; 5.13%, 09/19/2027<sup>(a)(b)</sup> | 750000 | &nbsp;&nbsp; 742942 |
| &nbsp;&nbsp;&nbsp; 4.63%, 07/06/2028<sup>(a)</sup> | 360000 | &nbsp;&nbsp; 346348 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/06/2031<sup>(a)(b)</sup> | 610000 | &nbsp;&nbsp; 572291 |
| &nbsp;&nbsp;&nbsp; 7.00%, 07/08/2031<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 204384 |
| &nbsp;&nbsp;&nbsp; 6.88%<sup>(a)(b)(d)(e)</sup> | 790000 | &nbsp;&nbsp; 783844 |
|  |  | &nbsp;&nbsp; 8340237 |
| **Jersey-0.21%** | **Jersey-0.21%** | **Jersey-0.21%** |
| &nbsp;&nbsp;&nbsp; Aston Martin Capital Holdings Ltd., 10.00%, <br> 03/31/2029<sup>(a)(b)</sup><br>| 400000 | &nbsp;&nbsp; 381821 |
| **Luxembourg-1.25%** | **Luxembourg-1.25%** | **Luxembourg-1.25%** |
| &nbsp;&nbsp;&nbsp; Albion Financing 1 S.a.r.l./Aggreko Holdings, <br> Inc., 7.00%, 05/21/2030<sup>(a)</sup><br>| 580000 | &nbsp;&nbsp; 598436 |
| Altice Financing S.A. |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2028<sup>(a)</sup> | 440000 | &nbsp;&nbsp; 353089 |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/15/2029<sup>(a)</sup> | 820000 | &nbsp;&nbsp; 628859 |
| INEOS Finance PLC, 7.50%, 04/15/2029<sup>(a)</sup> | 300000 | &nbsp;&nbsp; 298163 |
| &nbsp;&nbsp;&nbsp; ION Trading Technologies S.a.r.l., 9.50%, <br> 05/30/2029<sup>(a)</sup><br>| 400000 | &nbsp;&nbsp; 416493 |
|  |  | &nbsp;&nbsp; 2295040 |
| **Macau-2.10%** | **Macau-2.10%** | **Macau-2.10%** |
| Champion Path Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/27/2026<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 218866 |
| &nbsp;&nbsp;&nbsp; 4.85%, 01/27/2028<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 213820 |
| MGM China Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 05/15/2026<sup>(a)</sup> | 340000 | &nbsp;&nbsp; 340246 |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/2027<sup>(a)</sup> | 340000 | &nbsp;&nbsp; 336897 |
| &nbsp;&nbsp;&nbsp; 7.13%, 06/26/2031<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 208657 |
| Studio City Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/15/2028<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 217945 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2029<sup>(a)</sup> | 483000 | &nbsp;&nbsp; 446908 |
| Wynn Macau Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/2026<sup>(a)</sup> | 500000 | &nbsp;&nbsp; 499731 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Macau-(continued)** | **Macau-(continued)** | **Macau-(continued)** | **Macau-(continued)** |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2027<sup>(a)</sup> | $| 350000 | &nbsp;&nbsp; $349099 |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/26/2028<sup>(a)</sup> |  | 610000 | &nbsp;&nbsp; 603726 |
| &nbsp;&nbsp;&nbsp; 5.13%, 12/15/2029<sup>(a)</sup> |  | 428000 | &nbsp;&nbsp; 412121 |
|  |  |  | &nbsp;&nbsp; 3848016 |
| **Mexico-3.97%** | **Mexico-3.97%** | **Mexico-3.97%** | **Mexico-3.97%** |
| Alsea S.A.B. de C.V., 7.75%, 12/14/2026<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 220096 |
| Borr IHC Ltd./Borr Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 10.00%, 11/15/2028<sup>(a)</sup> |  | 577470 | &nbsp;&nbsp; 554653 |
| &nbsp;&nbsp;&nbsp; 10.38%, 11/15/2030<sup>(a)</sup> |  | 277791 | &nbsp;&nbsp; 262450 |
| Braskem Idesa S.A.P.I. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.45%, 11/15/2029<sup>(a)</sup> |  | 420000 | &nbsp;&nbsp; 296698 |
| &nbsp;&nbsp;&nbsp; 6.99%, 02/20/2032<sup>(a)</sup> |  | 490000 | &nbsp;&nbsp; 329604 |
| CEMEX S.A.B. de C.V., 5.13%<sup>(a)(d)(e)</sup> |  | 450000 | &nbsp;&nbsp; 446135 |
| &nbsp;&nbsp;&nbsp; Grupo Aeromexico S.A.B. de C.V., 8.63%, <br> 11/15/2031<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 195500 |
| &nbsp;&nbsp;&nbsp; Grupo Aeromexico, S.A.B. De C.V., 8.25%, <br> 11/15/2029<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 197300 |
| &nbsp;&nbsp;&nbsp; Nemak S.A.B. de C.V., 3.63%, <br> 06/28/2031<sup>(a)</sup><br>|  | 220000 | &nbsp;&nbsp; 186568 |
| Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 10/16/2025 |  | 60000 | &nbsp;&nbsp; 60099 |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/23/2026 |  | 70000 | &nbsp;&nbsp; 69486 |
| &nbsp;&nbsp;&nbsp; 6.88%, 08/04/2026 |  | 184000 | &nbsp;&nbsp; 184854 |
| &nbsp;&nbsp;&nbsp; 6.49%, 01/23/2027 |  | 100000 | &nbsp;&nbsp; 100244 |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/13/2027 |  | 270000 | &nbsp;&nbsp; 270275 |
| &nbsp;&nbsp;&nbsp; 5.35%, 02/12/2028 |  | 150000 | &nbsp;&nbsp; 146345 |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/23/2029 |  | 80000 | &nbsp;&nbsp; 79810 |
| &nbsp;&nbsp;&nbsp; 8.75%, 06/02/2029 |  | 125000 | &nbsp;&nbsp; 131810 |
| &nbsp;&nbsp;&nbsp; 6.84%, 01/23/2030 |  | 160000 | &nbsp;&nbsp; 157549 |
| &nbsp;&nbsp;&nbsp; 5.95%, 01/28/2031<sup>(b)</sup> |  | 350000 | &nbsp;&nbsp; 325088 |
| &nbsp;&nbsp;&nbsp; 6.70%, 02/16/2032 |  | 500000 | &nbsp;&nbsp; 476912 |
| &nbsp;&nbsp;&nbsp; 10.00%, 02/07/2033 |  | 160000 | &nbsp;&nbsp; 178518 |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/15/2035 |  | 185000 | &nbsp;&nbsp; 165025 |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/02/2041 |  | 120000 | &nbsp;&nbsp; 95129 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/27/2044 |  | 50000 | &nbsp;&nbsp; 35905 |
| &nbsp;&nbsp;&nbsp; 6.38%, 01/23/2045 |  | 94000 | &nbsp;&nbsp; 71042 |
| &nbsp;&nbsp;&nbsp; 5.63%, 01/23/2046 |  | 40000 | &nbsp;&nbsp; 28444 |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/21/2047<sup>(b)</sup> |  | 396000 | &nbsp;&nbsp; 306999 |
| &nbsp;&nbsp;&nbsp; 6.35%, 02/12/2048 |  | 120000 | &nbsp;&nbsp; 92129 |
| &nbsp;&nbsp;&nbsp; 7.69%, 01/23/2050 |  | 590000 | &nbsp;&nbsp; 500549 |
| &nbsp;&nbsp;&nbsp; 6.95%, 01/28/2060<sup>(b)</sup> |  | 280000 | &nbsp;&nbsp; 216304 |
| Saavi Energia S.a.r.l., 8.88%, 02/10/2035<sup>(a)</sup> |  | 390000 | &nbsp;&nbsp; 406400 |
| &nbsp;&nbsp;&nbsp; Total Play Telecomunicaciones S.A. de C.V., <br> 11.13%, 12/31/2032<sup>(a)</sup><br>|  | 500000 | &nbsp;&nbsp; 482463 |
|  |  |  | &nbsp;&nbsp; 7270383 |
| **Moldova-0.11%** | **Moldova-0.11%** | **Moldova-0.11%** | **Moldova-0.11%** |
| &nbsp;&nbsp;&nbsp; Aragvi Finance International DAC, 11.13%, <br> 11/20/2029<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 201474 |
| **Morocco-1.52%** | **Morocco-1.52%** | **Morocco-1.52%** | **Morocco-1.52%** |
| OCP S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/22/2025<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 199661 |
| &nbsp;&nbsp;&nbsp; 6.10%, 04/30/2030<sup>(a)</sup> |  | 300000 | &nbsp;&nbsp; 305674 |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/23/2031<sup>(a)</sup> |  | 340000 | &nbsp;&nbsp; 307471 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/02/2034<sup>(a)</sup> |  | 610000 | &nbsp;&nbsp; 635754 |
| &nbsp;&nbsp;&nbsp; 6.70%, 03/01/2036<sup>(a)</sup> |  | 400000 | &nbsp;&nbsp; 405502 |
| &nbsp;&nbsp;&nbsp; 6.88%, 04/25/2044<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 215460 |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/23/2051<sup>(a)</sup> |  | 340000 | &nbsp;&nbsp; 261895 |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/02/2054<sup>(a)</sup> |  | 450000 | &nbsp;&nbsp; 455489 |
|  |  |  | &nbsp;&nbsp; 2786906 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Netherlands-1.32%** | **Netherlands-1.32%** | **Netherlands-1.32%** |
| OCI N.V., 6.70%, 03/16/2033<sup>(a)</sup> | $220000 | &nbsp;&nbsp; $244395 |
| Sunrise FinCo I B.V., 4.88%, 07/15/2031<sup>(a)</sup> | 660000 | &nbsp;&nbsp; 622786 |
| &nbsp;&nbsp;&nbsp; Trivium Packaging Finance B.V., 12.25%, <br> 01/15/2031<sup>(a)</sup><br>| 260000 | &nbsp;&nbsp; 273224 |
| &nbsp;&nbsp;&nbsp; VZ Secured Financing B.V., 5.00%, <br> 01/15/2032<sup>(a)</sup><br>| 621000 | &nbsp;&nbsp; 546771 |
| Ziggo B.V., 4.88%, 01/15/2030<sup>(a)</sup> | 531000 | &nbsp;&nbsp; 491019 |
| Ziggo Bond Co. B.V., 5.13%, 02/28/2030<sup>(a)</sup> | 269000 | &nbsp;&nbsp; 234963 |
|  |  | &nbsp;&nbsp; 2413158 |
| **Nigeria-0.69%** | **Nigeria-0.69%** | **Nigeria-0.69%** |
| Access Bank PLC, 6.13%, 09/21/2026<sup>(a)</sup> | 229000 | &nbsp;&nbsp; 228646 |
| IHS Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/29/2028<sup>(a)</sup> | 420000 | &nbsp;&nbsp; 414181 |
| &nbsp;&nbsp;&nbsp; 7.88%, 05/29/2030<sup>(a)</sup> | 150000 | &nbsp;&nbsp; 152215 |
| &nbsp;&nbsp;&nbsp; 8.25%, 11/29/2031<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 204662 |
| Seplat Energy PLC, 9.13%, 03/21/2030<sup>(a)</sup> | 250000 | &nbsp;&nbsp; 258300 |
|  |  | &nbsp;&nbsp; 1258004 |
| **Norway-0.28%** | **Norway-0.28%** | **Norway-0.28%** |
| Seadrill Finance Ltd., 8.38%, 08/01/2030<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 204491 |
| TGS ASA, 8.50%, 01/15/2030<sup>(a)</sup> | 300000 | &nbsp;&nbsp; 306777 |
|  |  | &nbsp;&nbsp; 511268 |
| **Oman-1.32%** | **Oman-1.32%** | **Oman-1.32%** |
| Bank muscat SAOG, 4.75%, 03/17/2026<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 219847 |
| Mazoon Assets Co. SAOC |  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 11/08/2027<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 221760 |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/14/2029<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 204103 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/09/2031<sup>(a)</sup> | 400000 | &nbsp;&nbsp; 402591 |
| &nbsp;&nbsp;&nbsp; OmGrid Funding Ltd., 5.20%, <br> 05/16/2027<sup>(a)</sup><br>| 220000 | &nbsp;&nbsp; 221296 |
| OQ SAOC, 5.13%, 05/06/2028<sup>(a)</sup> | 340000 | &nbsp;&nbsp; 342241 |
| Oryx Funding Ltd., 5.80%, 02/03/2031<sup>(a)</sup> | 270000 | &nbsp;&nbsp; 277785 |
| OTEL Sukuk Ltd., 5.38%, 01/24/2031<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 202654 |
| &nbsp;&nbsp;&nbsp; Oztel Holdings SPC Ltd., 6.63%, <br> 04/24/2028<sup>(a)</sup><br>| 310000 | &nbsp;&nbsp; 323964 |
|  |  | &nbsp;&nbsp; 2416241 |
| **Pakistan-0.11%** | **Pakistan-0.11%** | **Pakistan-0.11%** |
| &nbsp;&nbsp;&nbsp; Pakistan Water & Power Development <br> Authority, 7.50%, 06/04/2031<sup>(a)</sup><br>| 235000 | &nbsp;&nbsp; 209934 |
| **Panama-0.84%** | **Panama-0.84%** | **Panama-0.84%** |
| &nbsp;&nbsp;&nbsp; AES Panama Generation Holdings S.R.L., <br> 4.38%, 05/31/2030<sup>(a)(b)</sup><br>| 584260 | &nbsp;&nbsp; 534093 |
| &nbsp;&nbsp;&nbsp; C&W Senior Finance Ltd., 9.00%, <br> 01/15/2033<sup>(a)</sup><br>| 250000 | &nbsp;&nbsp; 258034 |
| &nbsp;&nbsp;&nbsp; Empresa de Transmision Electrica S.A., <br> 5.13%, 05/02/2049<sup>(a)</sup><br>| 195000 | &nbsp;&nbsp; 142871 |
| &nbsp;&nbsp;&nbsp; Sable International Finance Ltd., 7.13%, <br> 10/15/2032<sup>(a)</sup><br>| 388000 | &nbsp;&nbsp; 388453 |
| &nbsp;&nbsp;&nbsp; Telecomunicaciones Digitales S.A., 4.50%, <br> 01/30/2030<sup>(a)</sup><br>| 220000 | &nbsp;&nbsp; 206712 |
|  |  | &nbsp;&nbsp; 1530163 |
| **Peru-0.80%** | **Peru-0.80%** | **Peru-0.80%** |
| &nbsp;&nbsp;&nbsp; Compania de Minas Buenaventura S.A.A., <br> 6.80%, 02/04/2032<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 204770 |
| Peru LNG S.r.l., 5.38%, 03/22/2030<sup>(a)</sup> | 350028 | &nbsp;&nbsp; 333774 |
| Petroleos del Peru S.A. |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/19/2032<sup>(a)</sup> | 390000 | &nbsp;&nbsp; 311990 |
| &nbsp;&nbsp;&nbsp; 5.63%, 06/19/2047<sup>(a)</sup> | 900000 | &nbsp;&nbsp; 607481 |
|  |  | &nbsp;&nbsp; 1458015 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Poland-0.15%** | **Poland-0.15%** | **Poland-0.15%** |
| &nbsp;&nbsp;&nbsp; Canpack S.A./Canpack US LLC, 3.88%, <br> 11/15/2029<sup>(a)</sup><br>| $300000 | &nbsp;&nbsp; $279688 |
| **Puerto Rico-0.36%** | **Puerto Rico-0.36%** | **Puerto Rico-0.36%** |
| LCPR Senior Secured Financing DAC |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/15/2027<sup>(a)</sup> | 535000 | &nbsp;&nbsp; 411172 |
| &nbsp;&nbsp;&nbsp; 5.13%, 07/15/2029<sup>(a)</sup> | 370000 | &nbsp;&nbsp; 251884 |
|  |  | &nbsp;&nbsp; 663056 |
| **Russia-0.01%** | **Russia-0.01%** | **Russia-0.01%** |
| &nbsp;&nbsp;&nbsp; O1 Properties Finance PLC, 0.50% PIK Rate, <br> 7.75% Cash Rate, 09/27/2028<sup>(a)(c)(f)</sup><br>| 500000 | &nbsp;&nbsp; 19065 |
| **Saudi Arabia-0.48%** | **Saudi Arabia-0.48%** | **Saudi Arabia-0.48%** |
| &nbsp;&nbsp;&nbsp; Arabian Centres Sukuk II Ltd., 5.63%, <br> 10/07/2026<sup>(a)</sup><br>| 390000 | &nbsp;&nbsp; 368665 |
| &nbsp;&nbsp;&nbsp; Arabian Centres Sukuk III Ltd., 9.50%, <br> 03/06/2029<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 204686 |
| &nbsp;&nbsp;&nbsp; Dar Al-Arkan Sukuk Co. Ltd., 8.00%, <br> 02/25/2029<sup>(a)(b)</sup><br>| 300000 | &nbsp;&nbsp; 310725 |
|  |  | &nbsp;&nbsp; 884076 |
| **Serbia-0.27%** | **Serbia-0.27%** | **Serbia-0.27%** |
| &nbsp;&nbsp;&nbsp; Telecommunications co Telekom Srbija AD <br> Belgrade, 7.00%, 10/28/2029<sup>(a)</sup><br>| 500000 | &nbsp;&nbsp; 501155 |
| **Singapore-0.23%** | **Singapore-0.23%** | **Singapore-0.23%** |
| GLP Pte. Ltd., 4.50%<sup>(a)(d)(e)</sup> | 399000 | &nbsp;&nbsp; 222952 |
| &nbsp;&nbsp;&nbsp; Puma International Financing S.A., 7.75%, <br> 04/25/2029<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 206942 |
|  |  | &nbsp;&nbsp; 429894 |
| **South Africa-1.58%** | **South Africa-1.58%** | **South Africa-1.58%** |
| &nbsp;&nbsp;&nbsp; Eskom Holdings SOC Ltd., 8.45%, <br> 08/10/2028<sup>(a)</sup><br>| 220000 | &nbsp;&nbsp; 232618 |
| &nbsp;&nbsp;&nbsp; Liquid Telecommunications Financing PLC, <br> 5.50%, 09/04/2026<sup>(a)</sup><br>| 280000 | &nbsp;&nbsp; 239304 |
| &nbsp;&nbsp;&nbsp; MTN (Mauritius) Investments Ltd., 6.50%, <br> 10/13/2026<sup>(a)</sup><br>| 220000 | &nbsp;&nbsp; 222025 |
| Sasol Financing USA LLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 09/18/2026 | 190000 | &nbsp;&nbsp; 188395 |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/27/2028 | 300000 | &nbsp;&nbsp; 290853 |
| &nbsp;&nbsp;&nbsp; 8.75%, 05/03/2029<sup>(a)</sup> | 500000 | &nbsp;&nbsp; 503380 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/18/2031 | 337000 | &nbsp;&nbsp; 280818 |
| Stillwater Mining Co. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/16/2026<sup>(a)</sup> | 260000 | &nbsp;&nbsp; 255145 |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/16/2029<sup>(a)</sup> | 227000 | &nbsp;&nbsp; 208067 |
| Transnet SOC Ltd., 8.25%, 02/06/2028<sup>(a)</sup> | 450000 | &nbsp;&nbsp; 469865 |
|  |  | &nbsp;&nbsp; 2890470 |
| **South Korea-0.15%** | **South Korea-0.15%** | **South Korea-0.15%** |
| &nbsp;&nbsp;&nbsp; SK Battery America, Inc., 2.13%, <br> 01/26/2026<sup>(a)</sup><br>| 280000 | &nbsp;&nbsp; 275328 |
| **Spain-0.15%** | **Spain-0.15%** | **Spain-0.15%** |
| Grifols S.A., 4.75%, 10/15/2028<sup>(a)</sup> | 288000 | &nbsp;&nbsp; 277680 |
| **Sweden-0.19%** | **Sweden-0.19%** | **Sweden-0.19%** |
| &nbsp;&nbsp;&nbsp; Stena International S.A., 7.25%, <br> 01/15/2031<sup>(a)</sup><br>| 350000 | &nbsp;&nbsp; 356015 |
| **Switzerland-0.68%** | **Switzerland-0.68%** | **Switzerland-0.68%** |
| Consolidated Energy Finance S.A. |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 10/15/2028<sup>(a)</sup> | 290000 | &nbsp;&nbsp; 244291 |
| &nbsp;&nbsp;&nbsp; 12.00%, 02/15/2031<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 188183 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Switzerland-(continued)** | **Switzerland-(continued)** | **Switzerland-(continued)** | **Switzerland-(continued)** |
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista <br> Management Holding, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 05/01/2027<sup>(a)</sup> | $| 195000 | &nbsp;&nbsp; $195855 |
| &nbsp;&nbsp;&nbsp; 9.50%, 06/01/2028<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 205193 |
| &nbsp;&nbsp;&nbsp; 6.38%, 02/01/2030<sup>(a)</sup> |  | 430000 | &nbsp;&nbsp; 406605 |
|  |  |  | &nbsp;&nbsp; 1240127 |
| **Tanzania-0.20%** | **Tanzania-0.20%** | **Tanzania-0.20%** | **Tanzania-0.20%** |
| HTA Group, Ltd., 7.50%, 06/04/2029<sup>(a)</sup> |  | 350000 | &nbsp;&nbsp; 362181 |
| **Thailand-0.44%** | **Thailand-0.44%** | **Thailand-0.44%** | **Thailand-0.44%** |
| &nbsp;&nbsp;&nbsp; Bangkok Bank PCL, 3.73%, <br> 09/25/2034<sup>(a)(d)</sup><br>|  | 490000 | &nbsp;&nbsp; 456406 |
| Kasikornbank PCL, 3.34%, 10/02/2031<sup>(a)(d)</sup> |  | 360000 | &nbsp;&nbsp; 350921 |
|  |  |  | &nbsp;&nbsp; 807327 |
| **Togo-0.12%** | **Togo-0.12%** | **Togo-0.12%** | **Togo-0.12%** |
| &nbsp;&nbsp;&nbsp; Ecobank Transnational, Inc., 10.13%, <br> 10/15/2029<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 210999 |
| **Trinidad-0.25%** | **Trinidad-0.25%** | **Trinidad-0.25%** | **Trinidad-0.25%** |
| &nbsp;&nbsp;&nbsp; Heritage Petroleum Co. Ltd., 9.00%, <br> 08/12/2029<sup>(a)</sup><br>|  | 220000 | &nbsp;&nbsp; 226919 |
| &nbsp;&nbsp;&nbsp; Trinidad Generation Unlimited, 7.75%, <br> 06/16/2033<sup>(a)</sup><br>|  | 230000 | &nbsp;&nbsp; 237078 |
|  |  |  | &nbsp;&nbsp; 463997 |
| **Turkey-6.79%** | **Turkey-6.79%** | **Turkey-6.79%** | **Turkey-6.79%** |
| Akbank T.A.S. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.80%, 02/06/2026<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 201890 |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/20/2030<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 205939 |
| &nbsp;&nbsp;&nbsp; 6.80%, 06/22/2031<sup>(a)(d)</sup> |  | 240000 | &nbsp;&nbsp; 239522 |
| Akbank Turk A.S., 7.88%, 09/04/2035<sup>(a)(d)</sup> |  | 200000 | &nbsp;&nbsp; 200220 |
| &nbsp;&nbsp;&nbsp; Anadolu Efes Biracilik ve Malt Sanayii A.S., <br> 3.38%, 06/29/2028<sup>(a)</sup><br>|  | 220000 | &nbsp;&nbsp; 200680 |
| &nbsp;&nbsp;&nbsp; Aydem Yenilenebilir Enerji A.S., 7.75%, <br> 02/02/2027<sup>(a)</sup><br>|  | 279000 | &nbsp;&nbsp; 276772 |
| Eldorado Gold Corp., 6.25%, 09/01/2029<sup>(a)</sup> |  | 195000 | &nbsp;&nbsp; 195437 |
| &nbsp;&nbsp;&nbsp; Eregli Demir ve Celik Fabrikalari T.A.S., <br> 8.38%, 07/23/2029<sup>(a)</sup><br>|  | 525000 | &nbsp;&nbsp; 544726 |
| &nbsp;&nbsp;&nbsp; Ford Otomotiv Sanayi A.S., 7.13%, <br> 04/25/2029<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 202201 |
| &nbsp;&nbsp;&nbsp; GDZ Elektrik Dagitim AS, 9.00%, <br> 10/15/2029<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 194350 |
| &nbsp;&nbsp;&nbsp; Limak Cimento Sanayi ve Ticaret A.S., <br> 9.75%, 07/25/2029<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 203771 |
| &nbsp;&nbsp;&nbsp; Limak Yenilenebilir Enerji AS, 9.63%, <br> 08/12/2030<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 199742 |
| &nbsp;&nbsp;&nbsp; Mersin Uluslararasi Liman Isletmeciligi A.S., <br> 8.25%, 11/15/2028<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 208764 |
| &nbsp;&nbsp;&nbsp; Pegasus Hava Tasimaciligi A.S., 8.00%, <br> 09/11/2031<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 202967 |
| QNB Bank A.S., 7.25%, 05/21/2029<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 209315 |
| Sisecam UK PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 05/02/2029<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 205402 |
| &nbsp;&nbsp;&nbsp; 8.63%, 05/02/2032<sup>(a)(b)</sup> |  | 475000 | &nbsp;&nbsp; 489744 |
| T.C. Ziraat Bankasi A.S. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 03/02/2026<sup>(a)</sup> |  | 270000 | &nbsp;&nbsp; 270305 |
| &nbsp;&nbsp;&nbsp; 9.50%, 08/01/2026<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 229402 |
| &nbsp;&nbsp;&nbsp; 8.00%, 01/16/2029<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 208022 |
| &nbsp;&nbsp;&nbsp; Turk Telekomunikasyon A.S., 7.38%, <br> 05/20/2029<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 206206 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Turkey-(continued)** | **Turkey-(continued)** | **Turkey-(continued)** | **Turkey-(continued)** |
| Turkcell Iletisim Hizmetleri A.S. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.45%, 01/24/2030<sup>(a)</sup> | $| 200000 | &nbsp;&nbsp; $205641 |
| &nbsp;&nbsp;&nbsp; 7.65%, 01/24/2032<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 205722 |
| Turkiye Cumhuriyeti Ziraat Bankasi A.S. |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/04/2030<sup>(a)</sup> |  | 400000 | &nbsp;&nbsp; 402249 |
| &nbsp;&nbsp;&nbsp; 8.99%, 08/02/2034<sup>(a)(d)</sup> |  | 200000 | &nbsp;&nbsp; 208606 |
| Turkiye Garanti Bankasi A.S. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 02/28/2034<sup>(a)(d)</sup> |  | 200000 | &nbsp;&nbsp; 204633 |
| &nbsp;&nbsp;&nbsp; 8.13%, 01/03/2035<sup>(a)(d)</sup> |  | 400000 | &nbsp;&nbsp; 405122 |
| Turkiye Ihracat Kredi Bankasi A.S. |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.38%, 01/31/2026<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 224454 |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/06/2026<sup>(a)</sup> |  | 340000 | &nbsp;&nbsp; 341102 |
| &nbsp;&nbsp;&nbsp; 9.00%, 01/28/2027<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 210425 |
| &nbsp;&nbsp;&nbsp; 7.50%, 02/06/2028<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 205804 |
| &nbsp;&nbsp;&nbsp; Turkiye Is Bankasi A.S., 7.75%, <br> 06/12/2029<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 206935 |
| Turkiye Vakiflar Bankasi T.A.O. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/08/2026<sup>(a)</sup> |  | 340000 | &nbsp;&nbsp; 341856 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2026<sup>(a)</sup> |  | 235000 | &nbsp;&nbsp; 236224 |
| &nbsp;&nbsp;&nbsp; 9.00%, 10/12/2028<sup>(a)</sup> |  | 270000 | &nbsp;&nbsp; 289845 |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/07/2030<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 199235 |
| &nbsp;&nbsp;&nbsp; 8.99%, 10/05/2034<sup>(a)(d)</sup> |  | 400000 | &nbsp;&nbsp; 417455 |
| &nbsp;&nbsp;&nbsp; Ulker Biskuvi Sanayi A.S., 7.88%, <br> 07/08/2031<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 207392 |
| &nbsp;&nbsp;&nbsp; Vestel Elektronik Sanayi ve Ticaret A.S., <br> 9.75%, 05/15/2029<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 163243 |
| WE Soda Investments Holding PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.50%, 10/06/2028<sup>(a)</sup> |  | 380000 | &nbsp;&nbsp; 396575 |
| &nbsp;&nbsp;&nbsp; 9.38%, 02/14/2031<sup>(a)</sup> |  | 300000 | &nbsp;&nbsp; 314509 |
| Yapi Ve Kredi Bankasi A.S. |  |  |  |
| &nbsp;&nbsp;&nbsp; 9.25%, 10/16/2028<sup>(a)</sup> |  | 290000 | &nbsp;&nbsp; 312597 |
| &nbsp;&nbsp;&nbsp; 7.13%, 10/10/2029<sup>(a)</sup> |  | 150000 | &nbsp;&nbsp; 151041 |
| &nbsp;&nbsp;&nbsp; 7.25%, 03/03/2030<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 201709 |
| &nbsp;&nbsp;&nbsp; 7.88%, 01/22/2031<sup>(a)(d)</sup> |  | 300000 | &nbsp;&nbsp; 302204 |
| &nbsp;&nbsp;&nbsp; 9.25%, 01/17/2034<sup>(a)(d)</sup> |  | 220000 | &nbsp;&nbsp; 231664 |
| &nbsp;&nbsp;&nbsp; Ziraat Katilim Varlik Kiralama A.S., 9.38%, <br> 11/12/2026<sup>(a)</sup><br>|  | 210000 | &nbsp;&nbsp; 220666 |
| &nbsp;&nbsp;&nbsp; Zorlu Enerji Elektrik Uretim A.S., 11.00%, <br> 04/23/2030<sup>(a)</sup><br>|  | 550000 | &nbsp;&nbsp; 533299 |
|  |  |  | &nbsp;&nbsp; 12435584 |
| **Ukraine-0.11%** | **Ukraine-0.11%** | **Ukraine-0.11%** | **Ukraine-0.11%** |
| &nbsp;&nbsp;&nbsp; Ukraine Railways Via Rail Capital Markets <br> PLC, 8.25%, 07/09/2026<sup>(a)</sup><br>|  | 236403 | &nbsp;&nbsp; 196891 |
| **United Arab Emirates-1.64%** | **United Arab Emirates-1.64%** | **United Arab Emirates-1.64%** | **United Arab Emirates-1.64%** |
| &nbsp;&nbsp;&nbsp; Alpha Star Holding IX Ltd., 7.00%, <br> 08/26/2028<sup>(a)</sup><br>|  | 475000 | &nbsp;&nbsp; 486492 |
| &nbsp;&nbsp;&nbsp; Alpha Star Holding VIII Ltd., 8.38%, <br> 04/12/2027<sup>(a)</sup><br>|  | 400000 | &nbsp;&nbsp; 415080 |
| Arada Sukuk 2 Ltd., 8.00%, 06/24/2029<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 206667 |
| Arada Sukuk Ltd., 8.13%, 06/08/2027<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 205404 |
| &nbsp;&nbsp;&nbsp; Binghatti Sukuk SPC Ltd., 9.63%, <br> 02/28/2027<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 207249 |
| DP World Salaam, 6.00%<sup>(a)(d)(e)</sup> |  | 670000 | &nbsp;&nbsp; 670450 |
| MAF Global Securities Ltd., 7.88%<sup>(a)(d)(e)</sup> |  | 220000 | &nbsp;&nbsp; 227421 |
| &nbsp;&nbsp;&nbsp; Omniyat Sukuk 1 Ltd., 8.38%, <br> 05/06/2028<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 207047 |
| &nbsp;&nbsp;&nbsp; Shelf Drilling Holdings Ltd., 9.63%, <br> 04/15/2029<sup>(a)</sup><br>|  | 434000 | &nbsp;&nbsp; 372026 |
|  |  |  | &nbsp;&nbsp; 2997836 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **United Kingdom-6.58%** | **United Kingdom-6.58%** | **United Kingdom-6.58%** |
| 180 Medical, Inc., 3.88%, 10/15/2029<sup>(a)</sup> | $220000 | &nbsp;&nbsp; $208569 |
| Ardonagh Finco Ltd., 7.75%, 02/15/2031<sup>(a)</sup> | 650000 | &nbsp;&nbsp; 678296 |
| &nbsp;&nbsp;&nbsp; Ardonagh Group Finance Ltd., 8.88%, <br> 02/15/2032<sup>(a)</sup><br>| 700000 | &nbsp;&nbsp; 736764 |
| &nbsp;&nbsp;&nbsp; Belron UK Finance PLC, 5.75%, <br> 10/15/2029<sup>(a)</sup><br>| 400000 | &nbsp;&nbsp; 404004 |
| &nbsp;&nbsp;&nbsp; British Telecommunications PLC, 4.25%, <br> 11/23/2081<sup>(a)(d)</sup><br>| 240000 | &nbsp;&nbsp; 236520 |
| &nbsp;&nbsp;&nbsp; California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC, 6.38%, <br> 02/15/2032<sup>(a)</sup><br>| 300000 | &nbsp;&nbsp; 303265 |
| &nbsp;&nbsp;&nbsp; Connect Finco S.a.r.l./Connect US Finco LLC, <br> 9.00%, 09/15/2029<sup>(a)</sup><br>| 800000 | &nbsp;&nbsp; 808849 |
| &nbsp;&nbsp;&nbsp; eG Global Finance PLC, 12.00%, <br> 11/30/2028<sup>(a)</sup><br>| 400000 | &nbsp;&nbsp; 442471 |
| Global Auto Holdings Ltd./AAG FH UK Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 8.38%, 01/15/2029<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 186280 |
| &nbsp;&nbsp;&nbsp; 11.50%, 08/15/2029<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 198701 |
| &nbsp;&nbsp;&nbsp; 8.75%, 01/15/2032<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 177275 |
| &nbsp;&nbsp;&nbsp; Howden UK Refinance PLC/Howden UK <br> Refinance 2 PLC/Howden US <br> Refinance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/15/2031<sup>(a)</sup> | 375000 | &nbsp;&nbsp; 388644 |
| &nbsp;&nbsp;&nbsp; 8.13%, 02/15/2032<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 208467 |
| &nbsp;&nbsp;&nbsp; Ithaca Energy (North Sea) PLC, 8.13%, <br> 10/15/2029<sup>(a)(b)</sup><br>| 250000 | &nbsp;&nbsp; 258353 |
| Jaguar Land Rover Automotive PLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/15/2025<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 200030 |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/01/2027<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 216067 |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/15/2028<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 220860 |
| &nbsp;&nbsp;&nbsp; Merlin Entertainments Group U.S. Holdings, <br> Inc., 7.38%, 02/15/2031<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 174757 |
| &nbsp;&nbsp;&nbsp; Panama Infrastructure Receivable Purchaser <br> PLC, 0.00%, 04/05/2032<sup>(a)(g)</sup><br>| 550000 | &nbsp;&nbsp; 400326 |
| Standard Chartered PLC, 7.01%<sup>(a)(d)(e)</sup> | 300000 | &nbsp;&nbsp; 310230 |
| &nbsp;&nbsp;&nbsp; Virgin Media Finance PLC, 5.00%, <br> 07/15/2030<sup>(a)</sup><br>| 420000 | &nbsp;&nbsp; 379030 |
| Virgin Media Secured Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/2029<sup>(a)</sup> | 581000 | &nbsp;&nbsp; 568319 |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/2030<sup>(a)</sup> | 410000 | &nbsp;&nbsp; 381638 |
| &nbsp;&nbsp;&nbsp; Virgin Media Vendor Financing Notes IV DAC, <br> 5.00%, 07/15/2028<sup>(a)</sup><br>| 220000 | &nbsp;&nbsp; 213551 |
| &nbsp;&nbsp;&nbsp; VMED 02 UK Financing I PLC, 7.75%, <br> 04/15/2032<sup>(a)</sup><br>| 300000 | &nbsp;&nbsp; 312886 |
| VMED O2 UK Financing I PLC |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/31/2031<sup>(a)</sup> | 561000 | &nbsp;&nbsp; 511720 |
| &nbsp;&nbsp;&nbsp; 4.75%, 07/15/2031<sup>(a)</sup> | 730000 | &nbsp;&nbsp; 676148 |
| Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/04/2079<sup>(b)(d)</sup> | 921000 | &nbsp;&nbsp; 963866 |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/04/2081<sup>(d)</sup> | 188000 | &nbsp;&nbsp; 183203 |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/04/2081<sup>(b)(d)</sup> | 430000 | &nbsp;&nbsp; 396671 |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/04/2081<sup>(d)</sup> | 413000 | &nbsp;&nbsp; 319238 |
| Zegona Finance PLC, 8.63%, 07/15/2029<sup>(a)</sup> | 350000 | &nbsp;&nbsp; 373100 |
|  |  | &nbsp;&nbsp; 12038098 |
| **United States-2.38%** | **United States-2.38%** | **United States-2.38%** |
| &nbsp;&nbsp;&nbsp; Ardagh Packaging Finance PLC/Ardagh <br> Holdings USA, Inc., 4.13%, <br> 08/15/2026<sup>(a)</sup><br>| 350000 | &nbsp;&nbsp; 345931 |
| Avianca Midco 2 PLC |  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 12/01/2028<sup>(a)</sup> | 450000 | &nbsp;&nbsp; 430313 |
| &nbsp;&nbsp;&nbsp; 9.63%, 02/14/2030<sup>(a)</sup> | 350000 | &nbsp;&nbsp; 325817 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **United States-(continued)** | **United States-(continued)** | **United States-(continued)** |
| CNG Holdings, Inc., 14.50%, 06/30/2026<sup>(a)</sup> | 300000 | &nbsp;&nbsp; $281430 |
| Constellium SE, 3.75%, 04/15/2029<sup>(a)</sup> | 250000 | &nbsp;&nbsp; 234824 |
| &nbsp;&nbsp;&nbsp; Dresdner Funding Trust I, 8.15%, <br> 06/30/2031<sup>(a)</sup><br>| 450000 | &nbsp;&nbsp; 496926 |
| &nbsp;&nbsp;&nbsp; Garrett Motion Holdings, Inc./Garrett LX I <br> S.a.r.l., 7.75%, 05/31/2032<sup>(a)</sup><br>| 325000 | &nbsp;&nbsp; 337535 |
| GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2028<sup>(a)(b)</sup> | 387000 | &nbsp;&nbsp; 375395 |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/15/2029<sup>(a)</sup> | 386000 | &nbsp;&nbsp; 377721 |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/15/2029<sup>(a)(b)</sup> | 210000 | &nbsp;&nbsp; 203823 |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/2031<sup>(a)</sup> | 400000 | &nbsp;&nbsp; 415035 |
| &nbsp;&nbsp;&nbsp; Methanex US Operations, Inc., 6.25%, <br> 03/15/2032<sup>(a)</sup><br>| 325000 | &nbsp;&nbsp; 322411 |
| &nbsp;&nbsp;&nbsp; Playtika Holding Corp., 4.25%, <br> 03/15/2029<sup>(a)</sup><br>| 231000 | &nbsp;&nbsp; 211433 |
|  |  | &nbsp;&nbsp; 4358594 |
| **Uzbekistan-0.70%** | **Uzbekistan-0.70%** | **Uzbekistan-0.70%** |
| JSC Uzbekneftegaz, 8.75%, 05/07/2030<sup>(a)</sup> | 300000 | &nbsp;&nbsp; 315641 |
| &nbsp;&nbsp;&nbsp; Navoi Mining & Metallurgical Combinat, <br> 6.95%, 10/17/2031<sup>(a)</sup><br>| 250000 | &nbsp;&nbsp; 258415 |
| &nbsp;&nbsp;&nbsp; Navoiy Kon-Metallurgiya Kombinati <br> Aksiyadorlik Jamiyati<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.70%, 10/17/2028<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 204968 |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/14/2030<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 205161 |
| Uzbekneftegaz JSC, 4.75%, 11/16/2028<sup>(a)</sup> | 310000 | &nbsp;&nbsp; 290838 |
|  |  | &nbsp;&nbsp; 1275023 |
| **Zambia-1.08%** | **Zambia-1.08%** | **Zambia-1.08%** |
| First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 10/15/2027<sup>(a)</sup> | 270000 | &nbsp;&nbsp; 270649 |
| &nbsp;&nbsp;&nbsp; 9.38%, 03/01/2029<sup>(a)</sup> | 700000 | &nbsp;&nbsp; 742673 |
| &nbsp;&nbsp;&nbsp; 8.63%, 06/01/2031<sup>(a)</sup> | 581000 | &nbsp;&nbsp; 605695 |
| &nbsp;&nbsp;&nbsp; 8.00%, 03/01/2033<sup>(a)</sup> | 350000 | &nbsp;&nbsp; 361085 |
|  |  | &nbsp;&nbsp; 1980102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $174,101,240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $174,101,240) | &nbsp;&nbsp; 178263488 |
|  | **Shares** |  |
| **Common Stocks & Other Equity Interests-0.13%** | **Common Stocks & Other Equity Interests-0.13%** | **Common Stocks & Other Equity Interests-0.13%** |
| **Spain-0.00%** | **Spain-0.00%** | **Spain-0.00%** |
| &nbsp;&nbsp;&nbsp; Codere Online Luxembourg S.A., Wts., <br> expiring 10/15/2034<sup>(a)(h)(i)</sup><br>| 10 | &nbsp;&nbsp; 46 |
| **United States-0.13%** | **United States-0.13%** | **United States-0.13%** |
| Hornbeck Offshore Services, Inc.<sup>(h)(j)</sup> | 323 | &nbsp;&nbsp; 15302 |
| &nbsp;&nbsp;&nbsp; Hornbeck Offshore Services, Inc., Wts., <br> TBA<sup>(h)(j)</sup><br>| 3246 | &nbsp;&nbsp; 153779 |
| &nbsp;&nbsp;&nbsp; Hornbeck Offshore Services, Inc., Wts., <br> TBA<sup>(h)(j)</sup><br>| 2673 | &nbsp;&nbsp; 50119 |
| Premier Brands Group Holdings Co.<sup>(h)(k)</sup> | 3222 | &nbsp;&nbsp; 6980 |
| TRU Taj LLC/TRU Taj Finance, Inc.<sup>(h)</sup> | 2156 | &nbsp;&nbsp; 2156 |
|  |  | &nbsp;&nbsp; 228336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $178,938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $178,938) | &nbsp;&nbsp; 228382 |
| **Preferred Stocks-0.00%** | **Preferred Stocks-0.00%** | **Preferred Stocks-0.00%** |
| &nbsp;&nbsp;&nbsp; Guitar Center Holdings, Inc., Series A, Pfd., <br> 0.00%<sup>(i)(l)</sup> <br>(Cost $220,500)<br>| 2000 | &nbsp;&nbsp; 4000 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.86%** | **Money Market Funds-0.86%** | **Money Market Funds-0.86%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.25%<sup>(m)(n)</sup> <br>(Cost $1,580,432)<br>| 1580432 | &nbsp;&nbsp; $1580432 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.39% <br>(Cost $176,081,110) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.39% <br>(Cost $176,081,110) | &nbsp;&nbsp; 180076302 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-7.70%** | **Money Market Funds-7.70%** | **Money Market Funds-7.70%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.32%<sup>(m)(n)(o)</sup><br>| 3920861 | &nbsp;&nbsp; 3920861 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 4.46%<sup>(m)(n)(o)</sup> | 10177462 | &nbsp;&nbsp; $10179497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $14,100,394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $14,100,394) | &nbsp;&nbsp; 14100358 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-106.09% <br>(Cost $190,181,504) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-106.09% <br>(Cost $190,181,504) | &nbsp;&nbsp; 194176660 |
| OTHER ASSETS LESS LIABILITIES-(6.09)% | OTHER ASSETS LESS LIABILITIES-(6.09)% | &nbsp;&nbsp; (11149074)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $183027586 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Investment Abbreviations: |
| Pfd.-Preferred |
| PIK-Pay-in-Kind |
| TBA-To Be Announced |
| Wts.-Warrants |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> July 31, 2025 was $156,809,751, which represented 85.68% of the Fund's Net Assets.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at July 31, 2025. |
| <sup>(c)</sup> | All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities. |
| <sup>(d)</sup> | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| <sup>(e)</sup> | Perpetual bond with no specified maturity date. |
| <sup>(f)</sup> | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at July 31, 2025 represented <br> less than 1% of the Fund's Net Assets.<br>|
| <sup>(g)</sup> | Denotes a zero coupon security issued at a substantial discount from its value at maturity. |
| <sup>(h)</sup> | Non-income producing security. |
| <sup>(i)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 1. |
| <sup>(j)</sup> | Acquired as part of the Hornbeck Offshore Services, Inc. reorganization. |
| <sup>(k)</sup> | Acquired as part of the Nine West Holding, Inc. reorganization. |
| <sup>(l)</sup> | Acquired as part of the Guitar Center, Inc. reorganization. |
| <sup>(m)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the nine months ended July 31, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; $2305374 | &nbsp;&nbsp;&nbsp; $24802338 | &nbsp;&nbsp;&nbsp; $(25527280)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1580432 | &nbsp;&nbsp;&nbsp; $40968 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government <br> Fund<br>| &nbsp;&nbsp;&nbsp; 3371166 | &nbsp;&nbsp;&nbsp; 13544516 | &nbsp;&nbsp;&nbsp; (12994821)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3920861 | &nbsp;&nbsp;&nbsp; 80,298<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 8773029 | &nbsp;&nbsp;&nbsp; 36950583 | &nbsp;&nbsp;&nbsp; (35543466)<br>| &nbsp;&nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp; (912)<br>| &nbsp;&nbsp;&nbsp; 10179497 | &nbsp;&nbsp;&nbsp; 214,727<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $14449569 | &nbsp;&nbsp;&nbsp; $75297437 | &nbsp;&nbsp;&nbsp; $(74065567)<br>| &nbsp;&nbsp;&nbsp; $263 | &nbsp;&nbsp;&nbsp; $(912)<br>| &nbsp;&nbsp;&nbsp; $15680790 | &nbsp;&nbsp;&nbsp; $335993 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(n)</sup> The rate shown is the 7-day SEC standardized yield as of July 31, 2025. <br> <sup>(o)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned.

See accompanying notes which are an integral part of this schedule.

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)**

July 31, 2025

*(Unaudited)*

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

See accompanying notes which are an integral part of this schedule.

------

Schedule of Investments

**Invesco International Corporate Bond ETF (PICB)**

July 31, 2025

*(Unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Non-U.S. Dollar Denominated Bonds & Notes-98.32%**<sup>(a)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes-98.32%**<sup>(a)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes-98.32%**<sup>(a)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes-98.32%**<sup>(a)</sup>  |
| **Australia-2.45%** | **Australia-2.45%** | **Australia-2.45%** | **Australia-2.45%** |
| &nbsp;&nbsp;&nbsp; APA Infrastructure Ltd., 3.50%, <br> 03/22/2030<sup>(b)</sup><br>| GBP | 449000 | &nbsp;&nbsp; $558720 |
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group <br> Ltd., 0.75%, 09/29/2026<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 224710 |
| &nbsp;&nbsp;&nbsp; Australia and New Zealand Banking <br> Group Ltd., 4.95%, 02/05/2029<br>| AUD | 550000 | &nbsp;&nbsp; 363785 |
| &nbsp;&nbsp;&nbsp; BHP Billiton Finance Ltd., Series 12, <br> 4.30%, 09/25/2042<br>| GBP | 650000 | &nbsp;&nbsp; 709431 |
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia, <br> 4.90%, 08/17/2028<br>| AUD | 500000 | &nbsp;&nbsp; 329844 |
| National Australia Bank Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 02/25/2027 | AUD | 800000 | &nbsp;&nbsp; 508101 |
| &nbsp;&nbsp;&nbsp; 1.38%, 08/30/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 221004 |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/22/2029 | AUD | 600000 | &nbsp;&nbsp; 395910 |
| &nbsp;&nbsp;&nbsp; 3.13%, 02/28/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 348519 |
| &nbsp;&nbsp;&nbsp; Sydney Airport Finance Co. Pty. Ltd., <br> 4.38%, 05/03/2033<sup>(b)</sup><br>| EUR | 100000 | &nbsp;&nbsp; 120899 |
| Westpac Banking Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2029 | AUD | 600000 | &nbsp;&nbsp; 397424 |
| &nbsp;&nbsp;&nbsp; 5.10%, 05/14/2029 | AUD | 800000 | &nbsp;&nbsp; 532788 |
|  |  |  | &nbsp;&nbsp; 4711135 |
| **Belgium-0.34%** | **Belgium-0.34%** | **Belgium-0.34%** | **Belgium-0.34%** |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev S.A./N.V., <br> 3.88%, 05/19/2038<sup>(b)</sup><br>| EUR | 250000 | &nbsp;&nbsp; 287867 |
| Belfius Bank S.A., 4.13%, 09/12/2029 | EUR | 300000 | &nbsp;&nbsp; 361697 |
|  |  |  | &nbsp;&nbsp; 649564 |
| **Canada-19.17%** | **Canada-19.17%** | **Canada-19.17%** | **Canada-19.17%** |
| Bank of Montreal |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.65%, 04/01/2027 | CAD | 1220000 | &nbsp;&nbsp; 888437 |
| &nbsp;&nbsp;&nbsp; 4.31%, 06/01/2027 | CAD | 1450000 | &nbsp;&nbsp; 1067990 |
| &nbsp;&nbsp;&nbsp; 4.71%, 12/07/2027 | CAD | 1500000 | &nbsp;&nbsp; 1118086 |
| &nbsp;&nbsp;&nbsp; 5.04%, 05/29/2028 | CAD | 1200000 | &nbsp;&nbsp; 905301 |
| &nbsp;&nbsp;&nbsp; 4.54%, 12/18/2028 | CAD | 1200000 | &nbsp;&nbsp; 896500 |
| &nbsp;&nbsp;&nbsp; 4.42%, 07/17/2029 | CAD | 1150000 | &nbsp;&nbsp; 857258 |
| &nbsp;&nbsp;&nbsp; 3.73%, 06/03/2031<sup>(c)</sup> | CAD | 900000 | &nbsp;&nbsp; 649415 |
| Bank of Nova Scotia (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 03/08/2027 | CAD | 2250000 | &nbsp;&nbsp; 1621325 |
| &nbsp;&nbsp;&nbsp; 4.68%, 02/01/2029 | CAD | 1200000 | &nbsp;&nbsp; 901959 |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/17/2029<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 116963 |
| Bell Canada |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.80%, 08/21/2028 | CAD | 550000 | &nbsp;&nbsp; 401269 |
| &nbsp;&nbsp;&nbsp; 4.55%, 02/09/2030 | CAD | 600000 | &nbsp;&nbsp; 447243 |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/14/2030 | CAD | 650000 | &nbsp;&nbsp; 446234 |
| &nbsp;&nbsp;&nbsp; 3.00%, 03/17/2031 | CAD | 650000 | &nbsp;&nbsp; 447127 |
| &nbsp;&nbsp;&nbsp; 5.85%, 11/10/2032 | CAD | 750000 | &nbsp;&nbsp; 592758 |
| &nbsp;&nbsp;&nbsp; 5.15%, 08/24/2034 | CAD | 700000 | &nbsp;&nbsp; 528907 |
| &nbsp;&nbsp;&nbsp; Brookfield Finance II, Inc., 5.43%, <br> 12/14/2032<sup>(b)</sup><br>| CAD | 550000 | &nbsp;&nbsp; 424505 |
| Canadian Imperial Bank of Commerce |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/07/2026 | CAD | 700000 | &nbsp;&nbsp; 518381 |
| &nbsp;&nbsp;&nbsp; 2.25%, 01/07/2027 | CAD | 990000 | &nbsp;&nbsp; 707633 |
| &nbsp;&nbsp;&nbsp; 4.95%, 06/29/2027 | CAD | 1250000 | &nbsp;&nbsp; 931503 |
| &nbsp;&nbsp;&nbsp; 5.05%, 10/07/2027 | CAD | 1100000 | &nbsp;&nbsp; 824107 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/14/2028 | CAD | 800000 | &nbsp;&nbsp; 606537 |
| CDP Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 06/13/2030<sup>(b)</sup> | AUD | 1100000 | &nbsp;&nbsp; 707534 |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/13/2032<sup>(b)</sup> | EUR | 250000 | &nbsp;&nbsp; 282915 |
| &nbsp;&nbsp;&nbsp; Cenovus Energy, Inc., 3.50%, <br> 02/07/2028<br>| CAD | 750000 | &nbsp;&nbsp; 541125 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** |
| Coastal Gaslink Pipeline L.P. |  |  |  |
| &nbsp;&nbsp;&nbsp; Series J, 5.86%, 03/30/2049 | CAD | 550000 | &nbsp;&nbsp; $445295 |
| &nbsp;&nbsp;&nbsp; Series K, 5.86%, 06/30/2049 | CAD | 650000 | &nbsp;&nbsp; 526441 |
| &nbsp;&nbsp;&nbsp; Federation des caisses Desjardins du <br> Quebec<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.41%, 05/19/2027 | CAD | 600000 | &nbsp;&nbsp; 442942 |
| &nbsp;&nbsp;&nbsp; 5.47%, 11/17/2028 | CAD | 800000 | &nbsp;&nbsp; 613614 |
| &nbsp;&nbsp;&nbsp; 3.80%, 09/24/2029 | CAD | 700000 | &nbsp;&nbsp; 509723 |
| Hydro One, Inc., 4.25%, 01/04/2035 | CAD | 630000 | &nbsp;&nbsp; 458428 |
| National Bank of Canada |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.22%, 06/14/2028 | CAD | 1100000 | &nbsp;&nbsp; 835206 |
| &nbsp;&nbsp;&nbsp; 5.02%, 02/01/2029 | CAD | 850000 | &nbsp;&nbsp; 645805 |
| &nbsp;&nbsp;&nbsp; OMERS Finance Trust, 3.25%, <br> 01/28/2035<sup>(b)</sup><br>| EUR | 250000 | &nbsp;&nbsp; 284152 |
| Ontario Teachers' Finance Trust |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.85%, 05/03/2032<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 319674 |
| &nbsp;&nbsp;&nbsp; 0.90%, 05/20/2041<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 153368 |
| &nbsp;&nbsp;&nbsp; Original Wempi, Inc., 7.79%, <br> 10/04/2027<br>| CAD | 500000 | &nbsp;&nbsp; 388554 |
| Rogers Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.65%, 03/31/2027 | CAD | 900000 | &nbsp;&nbsp; 653829 |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/15/2032 | CAD | 550000 | &nbsp;&nbsp; 397672 |
| &nbsp;&nbsp;&nbsp; 6.75%, 11/09/2039 | CAD | 820000 | &nbsp;&nbsp; 686426 |
| Royal Bank of Canada |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/01/2028 | CAD | 1450000 | &nbsp;&nbsp; 1084267 |
| &nbsp;&nbsp;&nbsp; 2.13%, 04/26/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 223905 |
| &nbsp;&nbsp;&nbsp; 5.23%, 06/24/2030 | CAD | 800000 | &nbsp;&nbsp; 620558 |
| TELUS Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/15/2032 | CAD | 700000 | &nbsp;&nbsp; 535667 |
| &nbsp;&nbsp;&nbsp; Series CY, 3.30%, 05/02/2029 | CAD | 650000 | &nbsp;&nbsp; 464922 |
| Toronto-Dominion Bank (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.26%, 01/07/2027 | CAD | 1050000 | &nbsp;&nbsp; 750581 |
| &nbsp;&nbsp;&nbsp; 0.50%, 01/18/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 222966 |
| &nbsp;&nbsp;&nbsp; 4.21%, 06/01/2027 | CAD | 1600000 | &nbsp;&nbsp; 1176933 |
| &nbsp;&nbsp;&nbsp; 5.38%, 10/21/2027 | CAD | 1200000 | &nbsp;&nbsp; 906551 |
| &nbsp;&nbsp;&nbsp; 4.48%, 01/18/2028 | CAD | 1200000 | &nbsp;&nbsp; 892733 |
| &nbsp;&nbsp;&nbsp; 5.49%, 09/08/2028 | CAD | 900000 | &nbsp;&nbsp; 690420 |
| &nbsp;&nbsp;&nbsp; 4.68%, 01/08/2029 | CAD | 1550000 | &nbsp;&nbsp; 1164482 |
| &nbsp;&nbsp;&nbsp; 3.63%, 12/13/2029<sup>(b)</sup> | EUR | 250000 | &nbsp;&nbsp; 294798 |
| &nbsp;&nbsp;&nbsp; 1.95%, 04/08/2030<sup>(b)</sup> | EUR | 350000 | &nbsp;&nbsp; 382946 |
| &nbsp;&nbsp;&nbsp; 3.56%, 04/16/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 233462 |
| &nbsp;&nbsp;&nbsp; 3.13%, 08/03/2032<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 113367 |
| TransCanada PipeLines Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.80%, 04/05/2027 | CAD | 1250000 | &nbsp;&nbsp; 909895 |
| &nbsp;&nbsp;&nbsp; 5.28%, 07/15/2030<sup>(b)</sup> | CAD | 750000 | &nbsp;&nbsp; 576598 |
| &nbsp;&nbsp;&nbsp; 4.58%, 02/20/2035 | CAD | 600000 | &nbsp;&nbsp; 433108 |
| &nbsp;&nbsp;&nbsp; 4.34%, 10/15/2049<sup>(b)</sup> | CAD | 550000 | &nbsp;&nbsp; 350869 |
|  |  |  | &nbsp;&nbsp; 36821169 |
| **Denmark-1.86%** | **Denmark-1.86%** | **Denmark-1.86%** | **Denmark-1.86%** |
| Carlsberg Breweries A/S |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/28/2029<sup>(b)</sup> | EUR | 250000 | &nbsp;&nbsp; 288484 |
| &nbsp;&nbsp;&nbsp; 3.25%, 02/28/2032<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 114430 |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/28/2035<sup>(b)</sup> | EUR | 150000 | &nbsp;&nbsp; 170663 |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/28/2039<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 391169 |
| DSV Finance B.V. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 11/06/2028<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 116141 |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/06/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 231776 |
| &nbsp;&nbsp;&nbsp; Novo Nordisk Finance (Netherlands) <br> B.V.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2.38%, 05/27/2028<sup>(b)</sup> | EUR | 250000 | &nbsp;&nbsp; 285594 |
| &nbsp;&nbsp;&nbsp; 2.88%, 08/27/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 229675 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco International Corporate Bond ETF (PICB)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Denmark-(continued)** | **Denmark-(continued)** | **Denmark-(continued)** | **Denmark-(continued)** |
| &nbsp;&nbsp;&nbsp; 3.38%, 05/21/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; $229921 |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/27/2037<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 229844 |
| Orsted A/S |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 01/12/2032<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 511737 |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/09/2040<sup>(b)</sup> | GBP | 338000 | &nbsp;&nbsp; 418271 |
| &nbsp;&nbsp;&nbsp; 5.38%, 09/13/2042<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 348342 |
|  |  |  | &nbsp;&nbsp; 3566047 |
| **Finland-0.73%** | **Finland-0.73%** | **Finland-0.73%** | **Finland-0.73%** |
| Nordea Bank Abp |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.13%, 02/16/2027<sup>(b)</sup> | EUR | 130000 | &nbsp;&nbsp; 146189 |
| &nbsp;&nbsp;&nbsp; 4.13%, 05/05/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 239082 |
| &nbsp;&nbsp;&nbsp; 0.50%, 11/02/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 214598 |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/23/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 227088 |
| &nbsp;&nbsp;&nbsp; 3.38%, 06/11/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 235088 |
| &nbsp;&nbsp;&nbsp; 2.75%, 05/02/2030<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 114406 |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/15/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 234114 |
|  |  |  | &nbsp;&nbsp; 1410565 |
| **France-25.12%** | **France-25.12%** | **France-25.12%** | **France-25.12%** |
| &nbsp;&nbsp;&nbsp; Abertis France SAS, 1.48%, <br> 01/18/2031<sup>(b)</sup><br>| EUR | 100000 | &nbsp;&nbsp; 104178 |
| Action Logement Services |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.38%, 10/05/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 194769 |
| &nbsp;&nbsp;&nbsp; 1.38%, 04/13/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 204518 |
| &nbsp;&nbsp;&nbsp; 0.50%, 10/30/2034<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 88032 |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/03/2038<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 116887 |
| &nbsp;&nbsp;&nbsp; 0.75%, 07/19/2041<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 142475 |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/25/2043<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 214842 |
| &nbsp;&nbsp;&nbsp; Aeroports de Paris S.A., 2.75%, <br> 04/02/2030<sup>(b)</sup><br>| EUR | 400000 | &nbsp;&nbsp; 454686 |
| Airbus SE |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.63%, 06/09/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 327564 |
| &nbsp;&nbsp;&nbsp; 2.38%, 04/07/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 222263 |
| &nbsp;&nbsp;&nbsp; 2.38%, 06/09/2040<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 195093 |
| &nbsp;&nbsp;&nbsp; Autoroutes du Sud de la France S.A., <br> 1.38%, 02/21/2031<sup>(b)</sup><br>| EUR | 100000 | &nbsp;&nbsp; 105227 |
| Ayvens S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/22/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 233902 |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/24/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 236031 |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/06/2028<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 121575 |
| Banque Federative du Credit Mutuel |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/07/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 229176 |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/07/2035<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 227878 |
| Banque Federative du Credit Mutuel S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 09/14/2027<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 348763 |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/26/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 236608 |
| &nbsp;&nbsp;&nbsp; 0.25%, 07/19/2028<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 106936 |
| &nbsp;&nbsp;&nbsp; 0.63%, 11/03/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 214414 |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/13/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 239720 |
| &nbsp;&nbsp;&nbsp; 1.75%, 03/15/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 220914 |
| &nbsp;&nbsp;&nbsp; 1.88%, 06/18/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 219053 |
| &nbsp;&nbsp;&nbsp; 2.63%, 11/06/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 225867 |
| &nbsp;&nbsp;&nbsp; 0.75%, 01/17/2030<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 103990 |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/02/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 241408 |
| &nbsp;&nbsp;&nbsp; 1.25%, 06/03/2030<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 105244 |
| &nbsp;&nbsp;&nbsp; 0.63%, 02/21/2031<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 397908 |
| &nbsp;&nbsp;&nbsp; 3.25%, 10/17/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 230404 |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/10/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 246822 |
| &nbsp;&nbsp;&nbsp; 1.13%, 01/19/2032<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 299557 |
| &nbsp;&nbsp;&nbsp; 5.13%, 01/13/2033<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 371922 |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/01/2033<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 352573 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **France-(continued)** | **France-(continued)** | **France-(continued)** | **France-(continued)** |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/14/2033<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; $361794 |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/11/2034<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 353417 |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/03/2034<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 116654 |
| BNP Paribas S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.13%, 09/04/2026<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 224228 |
| &nbsp;&nbsp;&nbsp; 2.25%, 01/11/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 228671 |
| &nbsp;&nbsp;&nbsp; 1.50%, 05/23/2028<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 111746 |
| &nbsp;&nbsp;&nbsp; 1.38%, 05/28/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 325564 |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/01/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 236037 |
| &nbsp;&nbsp;&nbsp; 1.63%, 07/02/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 207772 |
| &nbsp;&nbsp;&nbsp; 1.25%, 07/13/2031<sup>(b)</sup> | GBP | 600000 | &nbsp;&nbsp; 640798 |
| &nbsp;&nbsp;&nbsp; 2.10%, 04/07/2032<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 318037 |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/13/2032<sup>(b)</sup> | GBP | 500000 | &nbsp;&nbsp; 684385 |
| &nbsp;&nbsp;&nbsp; 0.63%, 12/03/2032<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 378701 |
| &nbsp;&nbsp;&nbsp; 4.13%, 05/24/2033<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 365027 |
| &nbsp;&nbsp;&nbsp; 4.10%, 02/13/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 238155 |
| &nbsp;&nbsp;&nbsp; 2.00%, 09/13/2036<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 376372 |
| Bouygues S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 06/29/2029<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 112662 |
| &nbsp;&nbsp;&nbsp; 0.50%, 02/11/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 206473 |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/17/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 238228 |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/07/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 247783 |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/2037<sup>(b)(d)</sup> | EUR | 200000 | &nbsp;&nbsp; 219485 |
| &nbsp;&nbsp;&nbsp; 5.38%, 06/30/2042<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 258422 |
| BPCE S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.50%, 02/24/2027<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 111457 |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/25/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 235042 |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/13/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 240674 |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/11/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 236668 |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/16/2029<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 531946 |
| &nbsp;&nbsp;&nbsp; 0.25%, 01/14/2031<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 297693 |
| &nbsp;&nbsp;&nbsp; 0.75%, 03/03/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 201509 |
| &nbsp;&nbsp;&nbsp; 1.00%, 01/14/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 197858 |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/29/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 240764 |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/13/2033<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 121532 |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/25/2036<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 352770 |
| Capgemini SE, 2.38%, 04/15/2032<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 328159 |
| Cie de Saint-Gobain S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 11/29/2026<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 116493 |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/08/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 350591 |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/29/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 358075 |
| &nbsp;&nbsp;&nbsp; 1.88%, 03/15/2031<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 107586 |
| &nbsp;&nbsp;&nbsp; 3.63%, 04/08/2034<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 116514 |
| &nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin <br> S.C.A., 1.75%, 09/03/2030<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 217755 |
| &nbsp;&nbsp;&nbsp; Coentreprise de Transport d'Electricite <br> S.A.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 07/29/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 221023 |
| &nbsp;&nbsp;&nbsp; 2.13%, 07/29/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 210535 |
| Credit Agricole Assurances S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 07/17/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 323183 |
| &nbsp;&nbsp;&nbsp; 1.50%, 10/06/2031<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 407873 |
| Credit Agricole S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 12/20/2026<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 455589 |
| &nbsp;&nbsp;&nbsp; 0.13%, 12/09/2027 | EUR | 400000 | &nbsp;&nbsp; 434271 |
| &nbsp;&nbsp;&nbsp; 0.38%, 04/20/2028<sup>(b)</sup> | EUR | 500000 | &nbsp;&nbsp; 541561 |
| &nbsp;&nbsp;&nbsp; 1.13%, 02/24/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 327084 |
| &nbsp;&nbsp;&nbsp; 1.75%, 03/05/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 330966 |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/25/2029<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 443179 |
| &nbsp;&nbsp;&nbsp; 1.00%, 07/03/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 322295 |
| &nbsp;&nbsp;&nbsp; 2.50%, 08/29/2029<sup>(b)(d)</sup> | EUR | 500000 | &nbsp;&nbsp; 569297 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco International Corporate Bond ETF (PICB)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **France-(continued)** | **France-(continued)** | **France-(continued)** | **France-(continued)** |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/07/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; $362836 |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/20/2031<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 477647 |
| &nbsp;&nbsp;&nbsp; 0.88%, 01/14/2032<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 396862 |
| &nbsp;&nbsp;&nbsp; 3.13%, 02/26/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 229236 |
| &nbsp;&nbsp;&nbsp; 1.13%, 07/12/2032<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 296573 |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/18/2033<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 240313 |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/27/2033<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 364020 |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/22/2034<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 353643 |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/28/2034<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 355322 |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/27/2035<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 230243 |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/26/2036<sup>(b)</sup> | EUR | 500000 | &nbsp;&nbsp; 591572 |
| &nbsp;&nbsp;&nbsp; Credit Mutuel Arkea S.A., 3.38%, <br> 09/19/2027<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 233746 |
| &nbsp;&nbsp;&nbsp; Dassault Systemes SE, 0.38%, <br> 09/16/2029<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 209687 |
| Electricite de France S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.00%, 10/13/2026<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 337908 |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/05/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 234024 |
| &nbsp;&nbsp;&nbsp; 6.25%, 05/30/2028<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 414426 |
| &nbsp;&nbsp;&nbsp; 4.38%, 10/12/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 242552 |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/26/2030<sup>(b)</sup> | EUR | 350000 | &nbsp;&nbsp; 430271 |
| &nbsp;&nbsp;&nbsp; 2.00%, 10/02/2030<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 108614 |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/17/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 239363 |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/18/2031 | GBP | 452000 | &nbsp;&nbsp; 619735 |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/25/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 240596 |
| &nbsp;&nbsp;&nbsp; 1.00%, 11/29/2033<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 280490 |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/02/2034<sup>(b)</sup> | GBP | 850000 | &nbsp;&nbsp; 1160604 |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/12/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 246708 |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/27/2037<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 251357 |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/17/2041<sup>(b)</sup> | GBP | 1000000 | &nbsp;&nbsp; 1193229 |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/25/2043<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 230385 |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/17/2044<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 231739 |
| &nbsp;&nbsp;&nbsp; 2.00%, 12/09/2049<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 141779 |
| &nbsp;&nbsp;&nbsp; 5.13%, 09/22/2050<sup>(b)</sup> | GBP | 500000 | &nbsp;&nbsp; 532274 |
| &nbsp;&nbsp;&nbsp; 5.63%, 01/25/2053<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 335356 |
| &nbsp;&nbsp;&nbsp; 6.50%, 11/08/2064<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 498936 |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/23/2114<sup>(b)</sup> | GBP | 800000 | &nbsp;&nbsp; 903247 |
| ENGIE S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 01/11/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 235913 |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/11/2035<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 236155 |
| &nbsp;&nbsp;&nbsp; 5.75%, 10/28/2050<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 366515 |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/03/2053<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 471692 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2060<sup>(b)</sup> | GBP | 600000 | &nbsp;&nbsp; 642584 |
| Kering S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/05/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 231419 |
| &nbsp;&nbsp;&nbsp; 3.38%, 03/11/2032<sup>(b)(d)</sup> | EUR | 200000 | &nbsp;&nbsp; 226091 |
| &nbsp;&nbsp;&nbsp; 3.88%, 09/05/2035<sup>(b)(d)</sup> | EUR | 300000 | &nbsp;&nbsp; 338086 |
| &nbsp;&nbsp;&nbsp; La Banque Postale S.A., 4.00%, <br> 05/03/2028<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 237484 |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton, <br> 2.63%, 03/07/2029<sup>(b)</sup><br>| EUR | 300000 | &nbsp;&nbsp; 343763 |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE, <br> 3.50%, 09/07/2033<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 233447 |
| Orange S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 09/12/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 218475 |
| &nbsp;&nbsp;&nbsp; 0.50%, 09/04/2032<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 96079 |
| &nbsp;&nbsp;&nbsp; 8.13%, 01/28/2033 | EUR | 250000 | &nbsp;&nbsp; 378203 |
| &nbsp;&nbsp;&nbsp; 0.63%, 12/16/2033<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 276976 |
| &nbsp;&nbsp;&nbsp; 5.63%, 01/23/2034 | GBP | 378000 | &nbsp;&nbsp; 518972 |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/22/2050<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 359165 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **France-(continued)** | **France-(continued)** | **France-(continued)** | **France-(continued)** |
| &nbsp;&nbsp;&nbsp; Pernod Ricard S.A., 1.75%, <br> 04/08/2030<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; $217468 |
| &nbsp;&nbsp;&nbsp; RTE Reseau de Transport d'Electricite <br> SADIR, 3.75%, 07/04/2035<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 232894 |
| Societe Generale S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/28/2026<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 351548 |
| &nbsp;&nbsp;&nbsp; 0.75%, 01/25/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 223969 |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/12/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 231503 |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/02/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 236126 |
| &nbsp;&nbsp;&nbsp; 0.25%, 07/08/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 220274 |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/16/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 237457 |
| &nbsp;&nbsp;&nbsp; 0.13%, 02/18/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 216244 |
| &nbsp;&nbsp;&nbsp; 2.13%, 09/27/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 225216 |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/21/2028<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 120046 |
| &nbsp;&nbsp;&nbsp; 1.75%, 03/22/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 330144 |
| &nbsp;&nbsp;&nbsp; 2.63%, 05/30/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 229492 |
| &nbsp;&nbsp;&nbsp; 1.25%, 06/12/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 210515 |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/16/2032<sup>(b)(d)</sup> | EUR | 200000 | &nbsp;&nbsp; 245333 |
| &nbsp;&nbsp;&nbsp; 5.63%, 06/02/2033<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 254610 |
| &nbsp;&nbsp;&nbsp; 6.25%, 06/22/2033<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 425348 |
| Suez S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/24/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 215432 |
| &nbsp;&nbsp;&nbsp; 6.63%, 10/05/2043<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 545963 |
| TotalEnergies Capital International |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.16%, 03/03/2033<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 113915 |
| &nbsp;&nbsp;&nbsp; 3.85%, 03/03/2045<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 215008 |
| TotalEnergies Capital International S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.99%, 04/08/2032<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 321781 |
| &nbsp;&nbsp;&nbsp; 1.62%, 05/18/2040<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 170998 |
| Unibail-Rodamco-Westfield SE |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.63%, 05/04/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 222211 |
| &nbsp;&nbsp;&nbsp; 1.38%, 12/04/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 202141 |
| Vinci S.A., 1.75%, 09/26/2030<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 434871 |
|  |  |  | &nbsp;&nbsp; 48258371 |
| **Germany-10.31%** | **Germany-10.31%** | **Germany-10.31%** | **Germany-10.31%** |
| &nbsp;&nbsp;&nbsp; Allianz Finance II B.V., Series 62, <br> 4.50%, 03/13/2043<sup>(b)</sup><br>| GBP | 500000 | &nbsp;&nbsp; 581277 |
| Amprion GmbH, 3.97%, 09/22/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 238432 |
| &nbsp;&nbsp;&nbsp; Aroundtown S.A., 0.38%, <br> 04/15/2027<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 220904 |
| BASF SE, 1.50%, 03/17/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 211161 |
| Bayer AG |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.75%, 01/06/2027<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 335298 |
| &nbsp;&nbsp;&nbsp; 0.38%, 01/12/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 210767 |
| &nbsp;&nbsp;&nbsp; 1.13%, 01/06/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 316243 |
| &nbsp;&nbsp;&nbsp; 0.63%, 07/12/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 196476 |
| &nbsp;&nbsp;&nbsp; 1.38%, 07/06/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 199978 |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/26/2033<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 244994 |
| &nbsp;&nbsp;&nbsp; Bayer Capital Corp. B.V., 2.13%, <br> 12/15/2029<sup>(b)</sup><br>| EUR | 300000 | &nbsp;&nbsp; 331114 |
| BMW International Investment B.V. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/27/2027<sup>(b)</sup> | EUR | 384000 | &nbsp;&nbsp; 445081 |
| &nbsp;&nbsp;&nbsp; 3.13%, 07/22/2029<sup>(b)</sup> | EUR | 150000 | &nbsp;&nbsp; 174061 |
| BMW US Capital LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/02/2027<sup>(b)</sup> | EUR | 204000 | &nbsp;&nbsp; 236605 |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/02/2034<sup>(b)</sup> | EUR | 135000 | &nbsp;&nbsp; 152683 |
| Deutsche Bahn AG |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.63%, 04/15/2036<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 173353 |
| &nbsp;&nbsp;&nbsp; 0.63%, 12/08/2050<sup>(b)</sup> | EUR | 198000 | &nbsp;&nbsp; 111714 |
| &nbsp;&nbsp;&nbsp; 1.13%, 05/29/2051<sup>(b)</sup> | EUR | 151000 | &nbsp;&nbsp; 96254 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco International Corporate Bond ETF (PICB)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Germany-(continued)** | **Germany-(continued)** | **Germany-(continued)** | **Germany-(continued)** |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG, 1.63%, <br> 01/20/2027<sup>(b)</sup><br>| EUR | 300000 | &nbsp;&nbsp; $339675 |
| &nbsp;&nbsp;&nbsp; Deutsche Boerse AG, 3.88%, <br> 09/28/2033<sup>(b)</sup><br>| EUR | 300000 | &nbsp;&nbsp; 360626 |
| &nbsp;&nbsp;&nbsp; Deutsche Post AG, 3.50%, <br> 03/25/2036<sup>(b)</sup><br>| EUR | 150000 | &nbsp;&nbsp; 172116 |
| &nbsp;&nbsp;&nbsp; Deutsche Telekom AG, 3.63%, <br> 02/03/2045<sup>(b)</sup><br>| EUR | 150000 | &nbsp;&nbsp; 161522 |
| E.ON International Finance B.V. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 06/03/2030<sup>(b)</sup> | GBP | 500000 | &nbsp;&nbsp; 706177 |
| &nbsp;&nbsp;&nbsp; 6.38%, 06/07/2032 | GBP | 582000 | &nbsp;&nbsp; 828511 |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/31/2034<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 508277 |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/30/2037<sup>(b)</sup> | GBP | 450000 | &nbsp;&nbsp; 599967 |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/27/2039<sup>(b)</sup> | GBP | 350000 | &nbsp;&nbsp; 498726 |
| &nbsp;&nbsp;&nbsp; 6.13%, 07/06/2039<sup>(b)</sup> | GBP | 600000 | &nbsp;&nbsp; 803586 |
| E.ON SE |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/12/2035<sup>(b)</sup> | EUR | 166000 | &nbsp;&nbsp; 196872 |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/25/2044<sup>(b)(d)</sup> | EUR | 175000 | &nbsp;&nbsp; 201311 |
| &nbsp;&nbsp;&nbsp; EnBW International Finance B.V., <br> 3.75%, 11/20/2035<sup>(b)</sup><br>| EUR | 174000 | &nbsp;&nbsp; 200587 |
| Eurogrid GmbH, 3.73%, 10/18/2035<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 227493 |
| &nbsp;&nbsp;&nbsp; Grand City Properties S.A., 0.13%, <br> 01/11/2028<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 215122 |
| &nbsp;&nbsp;&nbsp; Landesbank Baden-Wuerttemberg, <br> 0.38%, 02/18/2027<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 222225 |
| &nbsp;&nbsp;&nbsp; Landesbank Hessen-Thueringen <br> Girozentrale, 3.00%, 03/05/2032<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 230573 |
| Mercedes-Benz Group AG |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 07/03/2029<sup>(b)(d)</sup> | EUR | 200000 | &nbsp;&nbsp; 220254 |
| &nbsp;&nbsp;&nbsp; 0.75%, 09/10/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 206974 |
| &nbsp;&nbsp;&nbsp; 1.13%, 11/06/2031<sup>(b)(d)</sup> | EUR | 100000 | &nbsp;&nbsp; 102482 |
| &nbsp;&nbsp;&nbsp; 0.75%, 03/11/2033<sup>(b)(d)</sup> | EUR | 229000 | &nbsp;&nbsp; 220493 |
| &nbsp;&nbsp;&nbsp; 2.13%, 07/03/2037<sup>(b)</sup> | EUR | 250000 | &nbsp;&nbsp; 248468 |
| &nbsp;&nbsp;&nbsp; Mercedes-Benz International Finance <br> B.V.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 0.38%, 11/08/2026<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 111847 |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/15/2030<sup>(b)</sup> | EUR | 228000 | &nbsp;&nbsp; 264016 |
| &nbsp;&nbsp;&nbsp; 3.70%, 05/30/2031<sup>(b)(d)</sup> | EUR | 200000 | &nbsp;&nbsp; 238540 |
| Robert Bosch GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 06/02/2030<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 118232 |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/02/2035<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 236502 |
| &nbsp;&nbsp;&nbsp; 4.38%, 06/02/2043<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 347835 |
| RWE AG, 2.75%, 05/24/2030<sup>(b)</sup> | EUR | 175000 | &nbsp;&nbsp; 199911 |
| Siemens Financieringsmaatschappij N.V. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 08/24/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 237038 |
| &nbsp;&nbsp;&nbsp; 3.13%, 05/22/2032<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 349552 |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/08/2033<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 229139 |
| &nbsp;&nbsp;&nbsp; 0.50%, 09/05/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 185782 |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/27/2036<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 233242 |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/22/2037<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 226822 |
| &nbsp;&nbsp;&nbsp; 3.75%, 09/10/2042<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 424078 |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/22/2044<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 333134 |
| &nbsp;&nbsp;&nbsp; Traton Finance Luxembourg S.A., <br> 0.75%, 03/24/2029<sup>(b)</sup><br>| EUR | 300000 | &nbsp;&nbsp; 318981 |
| Volkswagen Financial Services AG |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.13%, 02/12/2027<sup>(b)</sup> | EUR | 208000 | &nbsp;&nbsp; 229563 |
| &nbsp;&nbsp;&nbsp; 3.25%, 05/19/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 231058 |
| &nbsp;&nbsp;&nbsp; 0.88%, 01/31/2028<sup>(b)</sup> | EUR | 230000 | &nbsp;&nbsp; 251561 |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/19/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 233199 |
| &nbsp;&nbsp;&nbsp; Volkswagen Financial Services N.V., <br> 2.13%, 01/18/2028<sup>(b)</sup><br>| GBP | 300000 | &nbsp;&nbsp; 372278 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Germany-(continued)** | **Germany-(continued)** | **Germany-(continued)** | **Germany-(continued)** |
| Volkswagen International Finance N.V. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 03/30/2027<sup>(b)</sup> | EUR | 500000 | &nbsp;&nbsp; $565415 |
| &nbsp;&nbsp;&nbsp; 0.88%, 09/22/2028<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 323596 |
| &nbsp;&nbsp;&nbsp; 1.63%, 01/16/2030<sup>(b)</sup> | EUR | 185000 | &nbsp;&nbsp; 200063 |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/18/2030<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 114653 |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/16/2038<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 229805 |
| &nbsp;&nbsp;&nbsp; Volkswagen Leasing GmbH, 3.88%, <br> 10/11/2028<sup>(b)</sup><br>| EUR | 100000 | &nbsp;&nbsp; 117980 |
| Vonovia SE |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.38%, 06/16/2027<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 110046 |
| &nbsp;&nbsp;&nbsp; 0.25%, 09/01/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 213131 |
| &nbsp;&nbsp;&nbsp; 0.75%, 09/01/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 190164 |
| Wintershall Dea Finance B.V. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.33%, 09/25/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 217427 |
| &nbsp;&nbsp;&nbsp; 1.82%, 09/25/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 202106 |
|  |  |  | &nbsp;&nbsp; 19805128 |
| **Italy-4.80%** | **Italy-4.80%** | **Italy-4.80%** | **Italy-4.80%** |
| ASTM S.p.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 01/25/2030<sup>(b)</sup> | EUR | 125000 | &nbsp;&nbsp; 134135 |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/25/2033<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 206618 |
| Autostrade per l'Italia S.p.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 12/04/2028<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 335791 |
| &nbsp;&nbsp;&nbsp; 2.00%, 01/15/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 219756 |
| Enel Finance International N.V. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/09/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 238369 |
| &nbsp;&nbsp;&nbsp; 0.88%, 09/28/2034<sup>(b)</sup> | EUR | 270000 | &nbsp;&nbsp; 243898 |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/23/2035<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 233985 |
| &nbsp;&nbsp;&nbsp; 0.88%, 06/17/2036<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 171634 |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/14/2040<sup>(b)</sup> | GBP | 800000 | &nbsp;&nbsp; 1031234 |
| Enel S.p.A., 5.75%, 06/22/2037<sup>(b)</sup> | GBP | 339000 | &nbsp;&nbsp; 445314 |
| Eni S.p.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.38%, 06/14/2028<sup>(b)</sup> | EUR | 286000 | &nbsp;&nbsp; 309266 |
| &nbsp;&nbsp;&nbsp; 3.63%, 01/29/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 236292 |
| &nbsp;&nbsp;&nbsp; 0.63%, 01/23/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 207904 |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/18/2031<sup>(b)</sup> | EUR | 150000 | &nbsp;&nbsp; 162688 |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/19/2033<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 240606 |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/15/2034<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 116992 |
| Intesa Sanpaolo S.p.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.00%, 11/19/2026<sup>(b)</sup> | EUR | 202000 | &nbsp;&nbsp; 227861 |
| &nbsp;&nbsp;&nbsp; 4.75%, 09/06/2027<sup>(b)</sup> | EUR | 150000 | &nbsp;&nbsp; 179637 |
| &nbsp;&nbsp;&nbsp; 0.75%, 03/16/2028<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 328663 |
| &nbsp;&nbsp;&nbsp; 1.75%, 03/20/2028<sup>(b)</sup> | EUR | 250000 | &nbsp;&nbsp; 281020 |
| &nbsp;&nbsp;&nbsp; 1.75%, 07/04/2029<sup>(b)</sup> | EUR | 223000 | &nbsp;&nbsp; 245449 |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/19/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 372891 |
| &nbsp;&nbsp;&nbsp; 3.63%, 10/16/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 236252 |
| &nbsp;&nbsp;&nbsp; 5.13%, 08/29/2031<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 380533 |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/31/2033<sup>(b)</sup> | GBP | 500000 | &nbsp;&nbsp; 714040 |
| Italgas S.p.A., 3.13%, 02/08/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 231558 |
| Snam S.p.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/19/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 235536 |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/26/2036<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 397479 |
| UniCredit S.p.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.85%, 01/19/2031<sup>(b)</sup> | EUR | 213000 | &nbsp;&nbsp; 217785 |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/05/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 236733 |
| &nbsp;&nbsp;&nbsp; 4.20%, 06/11/2034<sup>(b)</sup> | EUR | 150000 | &nbsp;&nbsp; 177277 |
| &nbsp;&nbsp;&nbsp; 3.73%, 06/10/2035<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 115194 |
| &nbsp;&nbsp;&nbsp; Unipol Assicurazioni S.p.A., 3.25%, <br> 09/23/2030<sup>(b)</sup><br>| EUR | 100000 | &nbsp;&nbsp; 116923 |
|  |  |  | &nbsp;&nbsp; 9229313 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco International Corporate Bond ETF (PICB)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Japan-2.01%** | **Japan-2.01%** | **Japan-2.01%** | **Japan-2.01%** |
| &nbsp;&nbsp;&nbsp; East Japan Railway Co., 5.56%, <br> 09/04/2054<sup>(b)</sup><br>| GBP | 400000 | &nbsp;&nbsp; $497946 |
| Mizuho Financial Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 06/13/2028<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 409991 |
| &nbsp;&nbsp;&nbsp; 0.69%, 10/07/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 203484 |
| NTT Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.34%, 03/03/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 204100 |
| &nbsp;&nbsp;&nbsp; Series 17, 0.28%, 12/20/2027 | JPY | 100000000 | &nbsp;&nbsp; 650693 |
| &nbsp;&nbsp;&nbsp; Series 18, 0.38%, 09/20/2030 | JPY | 200000000 | &nbsp;&nbsp; 1253698 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., <br> 0.63%, 10/23/2029<sup>(b)</sup><br>| EUR | 125000 | &nbsp;&nbsp; 130757 |
| Takeda Pharmaceutical Co. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/21/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 228245 |
| &nbsp;&nbsp;&nbsp; 1.38%, 07/09/2032 | EUR | 200000 | &nbsp;&nbsp; 201511 |
| &nbsp;&nbsp;&nbsp; 2.00%, 07/09/2040 | EUR | 100000 | &nbsp;&nbsp; 88321 |
|  |  |  | &nbsp;&nbsp; 3868746 |
| **Luxembourg-0.12%** | **Luxembourg-0.12%** | **Luxembourg-0.12%** | **Luxembourg-0.12%** |
| &nbsp;&nbsp;&nbsp; Logicor Financing S.a.r.l., 1.63%, <br> 07/15/2027<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 224147 |
| **Netherlands-3.39%** | **Netherlands-3.39%** | **Netherlands-3.39%** | **Netherlands-3.39%** |
| ABN AMRO Bank N.V. |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.60%, 01/15/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 223461 |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/16/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 237650 |
| &nbsp;&nbsp;&nbsp; 4.38%, 10/20/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 241133 |
| &nbsp;&nbsp;&nbsp; 2.75%, 06/04/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 229986 |
| &nbsp;&nbsp;&nbsp; 0.50%, 09/23/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 208403 |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/24/2029<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 400633 |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/21/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 241590 |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/15/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 236694 |
| &nbsp;&nbsp;&nbsp; 1.00%, 06/02/2033<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 288760 |
| &nbsp;&nbsp;&nbsp; 1.25%, 01/20/2034<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 289833 |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/21/2034<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 124185 |
| &nbsp;&nbsp;&nbsp; Ayvens Bank N.V., 0.25%, <br> 09/07/2026<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 223748 |
| Cooperatieve Rabobank U.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/23/2029<sup>(b)</sup> | GBP | 600000 | &nbsp;&nbsp; 789692 |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/10/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 239917 |
| &nbsp;&nbsp;&nbsp; 1.13%, 05/07/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 205331 |
| &nbsp;&nbsp;&nbsp; 3.82%, 07/26/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 236094 |
| ING Groep N.V. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 09/20/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 225418 |
| &nbsp;&nbsp;&nbsp; 2.50%, 11/15/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 335434 |
| Koninklijke KPN N.V. |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/17/2029<sup>(b)</sup> | GBP | 314000 | &nbsp;&nbsp; 434300 |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/16/2036<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 116368 |
| Prosus N.V., 1.29%, 07/13/2029<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 106841 |
| TenneT Holding B.V. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.63%, 11/17/2026<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 113507 |
| &nbsp;&nbsp;&nbsp; 2.13%, 11/17/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 336306 |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/28/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 247034 |
| &nbsp;&nbsp;&nbsp; 0.88%, 06/16/2035<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 184938 |
|  |  |  | &nbsp;&nbsp; 6517256 |
| **New Zealand-0.37%** | **New Zealand-0.37%** | **New Zealand-0.37%** | **New Zealand-0.37%** |
| &nbsp;&nbsp;&nbsp; Bank of New Zealand, 5.87%, <br> 09/01/2028<sup>(b)</sup><br>| NZD | 550000 | &nbsp;&nbsp; 343676 |
| &nbsp;&nbsp;&nbsp; Westpac New Zealand Ltd., 4.34%, <br> 09/24/2029<br>| NZD | 600000 | &nbsp;&nbsp; 356857 |
|  |  |  | &nbsp;&nbsp; 700533 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Norway-2.02%** | **Norway-2.02%** | **Norway-2.02%** | **Norway-2.02%** |
| Equinor ASA |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.25%, 02/17/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; $225231 |
| &nbsp;&nbsp;&nbsp; 1.38%, 05/22/2032<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 102391 |
| &nbsp;&nbsp;&nbsp; 1.63%, 02/17/2035<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 97347 |
| Norway Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 479, 1.75%, 02/17/2027<sup>(b)</sup> | NOK | 9900000 | &nbsp;&nbsp; 936016 |
| &nbsp;&nbsp;&nbsp; Series 480, 2.00%, 04/26/2028<sup>(b)</sup> | NOK | 6570000 | &nbsp;&nbsp; 612423 |
| &nbsp;&nbsp;&nbsp; Series 481, 1.75%, 09/06/2029<sup>(b)</sup> | NOK | 5600000 | &nbsp;&nbsp; 504314 |
| &nbsp;&nbsp;&nbsp; Series 482, 1.38%, 08/19/2030<sup>(b)</sup> | NOK | 1000000 | &nbsp;&nbsp; 86648 |
| &nbsp;&nbsp;&nbsp; Series 483, 1.25%, 09/17/2031<sup>(b)</sup> | NOK | 1350000 | &nbsp;&nbsp; 113174 |
| &nbsp;&nbsp;&nbsp; Series 484, 2.13%, 05/18/2032<sup>(b)</sup> | NOK | 1642000 | &nbsp;&nbsp; 143401 |
| &nbsp;&nbsp;&nbsp; Series 486, 3.00%, 08/15/2033<sup>(b)</sup> | NOK | 1400000 | &nbsp;&nbsp; 127650 |
| &nbsp;&nbsp;&nbsp; Series 487, 3.63%, 04/13/2034<sup>(b)</sup> | NOK | 2500000 | &nbsp;&nbsp; 237861 |
| &nbsp;&nbsp;&nbsp; Series 488, 3.63%, 05/31/2039<sup>(b)</sup> | NOK | 600000 | &nbsp;&nbsp; 56329 |
| &nbsp;&nbsp;&nbsp; Series 489, 3.75%, 06/12/2035<sup>(b)</sup> | NOK | 1800000 | &nbsp;&nbsp; 172328 |
| &nbsp;&nbsp;&nbsp; SpareBank 1 Sør-Norge ASA, 3.75%, <br> 11/23/2027<sup>(b)</sup><br>| EUR | 203000 | &nbsp;&nbsp; 238819 |
| Var Energi ASA, 3.88%, 03/12/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 233102 |
|  |  |  | &nbsp;&nbsp; 3887034 |
| **Portugal-0.17%** | **Portugal-0.17%** | **Portugal-0.17%** | **Portugal-0.17%** |
| &nbsp;&nbsp;&nbsp; EDP Finance B.V., 1.88%, <br> 09/21/2029<sup>(b)</sup><br>| EUR | 300000 | &nbsp;&nbsp; 331325 |
| **Spain-4.93%** | **Spain-4.93%** | **Spain-4.93%** | **Spain-4.93%** |
| Abertis Infraestructuras S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.38%, 09/27/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 227964 |
| &nbsp;&nbsp;&nbsp; 3.00%, 03/27/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 227852 |
| Banco Bilbao Vizcaya Argentaria S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.50%, 01/14/2027<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 334769 |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/10/2027<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 115891 |
| &nbsp;&nbsp;&nbsp; 4.38%, 10/14/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 366525 |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/26/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 236177 |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/15/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 240169 |
| Banco Santander S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 02/17/2027<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 381608 |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/08/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 226997 |
| &nbsp;&nbsp;&nbsp; 0.20%, 02/11/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 216444 |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/22/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 355960 |
| &nbsp;&nbsp;&nbsp; 5.13%, 01/25/2030<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 403959 |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/12/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 243020 |
| &nbsp;&nbsp;&nbsp; 1.63%, 10/22/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 213218 |
| &nbsp;&nbsp;&nbsp; 5.38%, 01/17/2031<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 407374 |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/18/2031<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 373816 |
| &nbsp;&nbsp;&nbsp; 1.00%, 11/04/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 200375 |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/02/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 230747 |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/09/2034<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 355457 |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/17/2035<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 226698 |
| CaixaBank S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 09/07/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 238557 |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/06/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 243573 |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/29/2033<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 247584 |
| Cellnex Finance Co. S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.00%, 09/15/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 222195 |
| &nbsp;&nbsp;&nbsp; 1.50%, 06/08/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 222200 |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2033<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 206337 |
| &nbsp;&nbsp;&nbsp; Cellnex Telecom S.A., 1.75%, <br> 10/23/2030<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 214159 |
| Iberdrola Finanzas S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.38%, 03/11/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 206149 |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/31/2036<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 390126 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco International Corporate Bond ETF (PICB)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Spain-(continued)** | **Spain-(continued)** | **Spain-(continued)** | **Spain-(continued)** |
| &nbsp;&nbsp;&nbsp; Santander Consumer Finance S.A., <br> 3.75%, 01/17/2029<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; $236555 |
| Telefonica Emisiones S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.45%, 01/22/2027<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 113164 |
| &nbsp;&nbsp;&nbsp; 1.20%, 08/21/2027<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 335200 |
| &nbsp;&nbsp;&nbsp; 1.79%, 03/12/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 222121 |
| &nbsp;&nbsp;&nbsp; 0.66%, 02/03/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 207513 |
| &nbsp;&nbsp;&nbsp; 2.59%, 05/25/2031<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 111181 |
| &nbsp;&nbsp;&nbsp; 3.70%, 01/24/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 233397 |
| &nbsp;&nbsp;&nbsp; Telefonica Emisiones, S.A., 3.72%, <br> 01/23/2034<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 228364 |
|  |  |  | &nbsp;&nbsp; 9463395 |
| **Sweden-2.20%** | **Sweden-2.20%** | **Sweden-2.20%** | **Sweden-2.20%** |
| Skandinaviska Enskilda Banken AB |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/09/2026<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 234026 |
| &nbsp;&nbsp;&nbsp; 0.38%, 02/11/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 222535 |
| &nbsp;&nbsp;&nbsp; 0.75%, 08/09/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 221631 |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/07/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 236067 |
| &nbsp;&nbsp;&nbsp; 0.38%, 06/21/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 215523 |
| &nbsp;&nbsp;&nbsp; 0.63%, 11/12/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 208089 |
| &nbsp;&nbsp;&nbsp; 3.38%, 03/19/2030<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 116485 |
| Svenska Handelsbanken AB |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.38%, 02/23/2029<sup>(b)</sup> | EUR | 130000 | &nbsp;&nbsp; 141867 |
| &nbsp;&nbsp;&nbsp; 0.50%, 02/18/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 205990 |
| Sweden Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp; Series 1056, 2.25%, 06/01/2032<sup>(b)</sup> | SEK | 1000000 | &nbsp;&nbsp; 102642 |
| &nbsp;&nbsp;&nbsp; Series 1059, 1.00%, 11/12/2026<sup>(b)</sup> | SEK | 5000000 | &nbsp;&nbsp; 506566 |
| &nbsp;&nbsp;&nbsp; Series 1060, 0.75%, 05/12/2028<sup>(b)</sup> | SEK | 6500000 | &nbsp;&nbsp; 645077 |
| &nbsp;&nbsp;&nbsp; Series 1061, 0.75%, 11/12/2029<sup>(b)</sup> | SEK | 6000000 | &nbsp;&nbsp; 582700 |
| Vattenfall AB, 6.88%, 04/15/2039<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 583371 |
|  |  |  | &nbsp;&nbsp; 4222569 |
| **Switzerland-1.67%** | **Switzerland-1.67%** | **Switzerland-1.67%** | **Switzerland-1.67%** |
| &nbsp;&nbsp;&nbsp; Holcim Finance (Luxembourg) S.A., <br> 0.50%, 09/03/2030<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 203543 |
| &nbsp;&nbsp;&nbsp; Lonza Finance International N.V., <br> 3.88%, 04/24/2036<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 232427 |
| Richemont International Holding S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 03/26/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 216851 |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/26/2038<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 290494 |
| &nbsp;&nbsp;&nbsp; Sika Capital B.V., 3.75%, <br> 11/03/2026<sup>(b)</sup><br>| EUR | 100000 | &nbsp;&nbsp; 116392 |
| Swisscom Finance B.V. |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/29/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 234891 |
| &nbsp;&nbsp;&nbsp; 3.63%, 11/29/2036<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 115887 |
| UBS AG, 0.25%, 09/01/2028<sup>(b)</sup> | EUR | 320000 | &nbsp;&nbsp; 341957 |
| UBS Group AG |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.25%, 09/01/2026<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 226742 |
| &nbsp;&nbsp;&nbsp; 0.25%, 02/24/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 216312 |
| &nbsp;&nbsp;&nbsp; 0.65%, 09/10/2029<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 105062 |
| &nbsp;&nbsp;&nbsp; 0.88%, 11/03/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 199025 |
| &nbsp;&nbsp;&nbsp; 0.63%, 01/18/2033<sup>(b)</sup> | EUR | 348000 | &nbsp;&nbsp; 326397 |
| &nbsp;&nbsp;&nbsp; 0.63%, 02/24/2033<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 374621 |
|  |  |  | &nbsp;&nbsp; 3200601 |
| **United Kingdom-13.85%** | **United Kingdom-13.85%** | **United Kingdom-13.85%** | **United Kingdom-13.85%** |
| Anglian Water Services Financing PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/20/2039<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 387019 |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/07/2043<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 484788 |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/12/2044<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 511142 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** |
| B.A.T. International Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 06/26/2028<sup>(b)</sup> | GBP | 277000 | &nbsp;&nbsp; $344448 |
| &nbsp;&nbsp;&nbsp; 2.25%, 01/16/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 332653 |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/24/2034<sup>(b)</sup> | GBP | 275000 | &nbsp;&nbsp; 372139 |
| Barclays PLC, 3.25%, 02/12/2027<sup>(b)</sup> | GBP | 750000 | &nbsp;&nbsp; 976173 |
| Blend Funding PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.46%, 09/21/2047<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 366442 |
| &nbsp;&nbsp;&nbsp; 2.92%, 04/05/2054<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 306439 |
| British Telecommunications PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 06/23/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 225426 |
| &nbsp;&nbsp;&nbsp; 3.13%, 11/21/2031<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 361612 |
| &nbsp;&nbsp;&nbsp; 6.38%, 06/23/2037<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 416295 |
| Cadent Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.63%, 09/22/2038<sup>(b)</sup> | GBP | 500000 | &nbsp;&nbsp; 459520 |
| &nbsp;&nbsp;&nbsp; 2.75%, 09/22/2046<sup>(b)</sup> | GBP | 500000 | &nbsp;&nbsp; 387975 |
| &nbsp;&nbsp;&nbsp; CCEP Finance (Ireland) DAC, 0.88%, <br> 05/06/2033<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 191655 |
| Centrica PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/13/2029<sup>(b)</sup> | GBP | 250000 | &nbsp;&nbsp; 329113 |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/12/2044<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 310130 |
| &nbsp;&nbsp;&nbsp; Clarion Funding PLC, 3.13%, <br> 04/19/2048<sup>(b)</sup><br>| GBP | 330000 | &nbsp;&nbsp; 280111 |
| &nbsp;&nbsp;&nbsp; Community Finance Co. 1 PLC, 5.02%, <br> 07/31/2034<br>| GBP | 400000 | &nbsp;&nbsp; 527553 |
| &nbsp;&nbsp;&nbsp; Connect Plus (M25) Issuer PLC, 2.61%, <br> 03/31/2039<sup>(b)</sup><br>| GBP | 404250 | &nbsp;&nbsp; 446614 |
| Diageo Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/27/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 220866 |
| &nbsp;&nbsp;&nbsp; 2.75%, 06/08/2038<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 398671 |
| &nbsp;&nbsp;&nbsp; easyJet FinCo B.V., 1.88%, <br> 03/03/2028<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 224764 |
| GlaxoSmithKline Capital PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.63%, 05/12/2035<sup>(b)</sup> | GBP | 500000 | &nbsp;&nbsp; 486852 |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/09/2039 | GBP | 400000 | &nbsp;&nbsp; 571762 |
| Heathrow Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 12/03/2026<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 543493 |
| &nbsp;&nbsp;&nbsp; 6.45%, 12/10/2031<sup>(b)</sup> | GBP | 450000 | &nbsp;&nbsp; 636323 |
| &nbsp;&nbsp;&nbsp; 5.88%, 05/13/2041<sup>(b)</sup> | GBP | 500000 | &nbsp;&nbsp; 646179 |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/31/2046<sup>(b)</sup> | GBP | 500000 | &nbsp;&nbsp; 536843 |
| &nbsp;&nbsp;&nbsp; High Speed Rail Finance 1 PLC, 4.38%, <br> 11/01/2038<sup>(b)</sup><br>| GBP | 350000 | &nbsp;&nbsp; 427068 |
| &nbsp;&nbsp;&nbsp; Housing & Care 21, 3.29%, <br> 11/08/2049<sup>(b)</sup><br>| GBP | 300000 | &nbsp;&nbsp; 262237 |
| HSBC Holdings PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 06/07/2028 | EUR | 200000 | &nbsp;&nbsp; 232990 |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/07/2038<sup>(b)</sup> | GBP | 500000 | &nbsp;&nbsp; 701078 |
| &nbsp;&nbsp;&nbsp; Imperial Brands Finance Netherlands <br> B.V.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2031<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 124506 |
| &nbsp;&nbsp;&nbsp; 1.75%, 03/18/2033<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 199068 |
| &nbsp;&nbsp;&nbsp; Imperial Brands Finance PLC, 4.88%, <br> 06/07/2032<sup>(b)</sup><br>| GBP | 300000 | &nbsp;&nbsp; 383330 |
| &nbsp;&nbsp;&nbsp; Lloyds Bank PLC, 6.50%, <br> 09/17/2040<sup>(b)</sup><br>| GBP | 510000 | &nbsp;&nbsp; 731441 |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, 1.50%, <br> 09/12/2027<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 224778 |
| Motability Operations Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/17/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 238584 |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/24/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 232688 |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/17/2035<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 119055 |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/10/2036<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 448422 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco International Corporate Bond ETF (PICB)—(continued)**

July 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** |
| &nbsp;&nbsp;&nbsp; 2.38%, 07/03/2039<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; $269941 |
| &nbsp;&nbsp;&nbsp; 2.13%, 01/18/2042<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 157870 |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/17/2051<sup>(b)</sup> | GBP | 350000 | &nbsp;&nbsp; 430886 |
| &nbsp;&nbsp;&nbsp; 5.63%, 01/24/2054<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 361168 |
| &nbsp;&nbsp;&nbsp; National Grid Electricity Distribution <br> (West Midlands) PLC, 5.75%, <br> 04/16/2032<sup>(b)</sup><br>| GBP | 325000 | &nbsp;&nbsp; 444370 |
| &nbsp;&nbsp;&nbsp; National Grid PLC, 4.28%, <br> 01/16/2035<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 238573 |
| Nationwide Building Society |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/01/2026<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 235323 |
| &nbsp;&nbsp;&nbsp; 3.00%, 03/03/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 229983 |
| NatWest Markets PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/04/2027<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 345885 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/18/2029<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 401680 |
| Places For People Treasury PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 12/06/2041<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 396184 |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/11/2055<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 352194 |
| &nbsp;&nbsp;&nbsp; Reckitt Benckiser Treasury Services <br> PLC, 1.75%, 05/19/2032<sup>(b)</sup><br>| GBP | 300000 | &nbsp;&nbsp; 331841 |
| &nbsp;&nbsp;&nbsp; Rolls-Royce PLC, 5.75%, <br> 10/15/2027<sup>(b)</sup><br>| GBP | 400000 | &nbsp;&nbsp; 542924 |
| Rothesay Life PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.73%, 05/16/2033<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 436303 |
| &nbsp;&nbsp;&nbsp; 7.02%, 12/10/2034<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 417295 |
| &nbsp;&nbsp;&nbsp; Sanctuary Capital PLC, 2.38%, <br> 04/14/2050<sup>(b)</sup><br>| GBP | 300000 | &nbsp;&nbsp; 213501 |
| &nbsp;&nbsp;&nbsp; Santander UK PLC, 3.35%, <br> 03/25/2030<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 232672 |
| &nbsp;&nbsp;&nbsp; Scottish Hydro Electric Transmission <br> PLC, 5.50%, 01/15/2044<sup>(b)</sup><br>| GBP | 300000 | &nbsp;&nbsp; 370648 |
| &nbsp;&nbsp;&nbsp; Scottish Widows Ltd., 7.00%, <br> 06/16/2043<sup>(b)</sup><br>| GBP | 350000 | &nbsp;&nbsp; 477931 |
| Standard Chartered PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/06/2034<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 376832 |
| &nbsp;&nbsp;&nbsp; 4.38%, 01/18/2038<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 350711 |
| &nbsp;&nbsp;&nbsp; T.H.F.C. (Funding No.3) PLC, 5.20%, <br> 10/11/2043<sup>(b)</sup><br>| GBP | 500000 | &nbsp;&nbsp; 610059 |
| &nbsp;&nbsp;&nbsp; University of Oxford, 2.54%, <br> 12/08/2117<sup>(b)</sup><br>| GBP | 650000 | &nbsp;&nbsp; 397447 |
| Vodafone Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.63%, 11/24/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 214277 |
| &nbsp;&nbsp;&nbsp; 5.13%, 12/02/2052<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 331778 |
| Wellcome Trust Ltd. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 07/14/2071<sup>(b)</sup> | GBP | 420000 | &nbsp;&nbsp; 187835 |
| &nbsp;&nbsp;&nbsp; 2.52%, 02/07/2118<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 241574 |
| &nbsp;&nbsp;&nbsp; Yorkshire Water Finance PLC, 6.38%, <br> 11/18/2034<sup>(b)</sup><br>| GBP | 300000 | &nbsp;&nbsp; 410069 |
|  |  |  | &nbsp;&nbsp; 26615999 |
| **United States-2.81%** | **United States-2.81%** | **United States-2.81%** | **United States-2.81%** |
| &nbsp;&nbsp;&nbsp; BG Energy Capital PLC, 5.00%, <br> 11/04/2036<sup>(b)</sup><br>| GBP | 450000 | &nbsp;&nbsp; 582703 |
| BP Capital Markets PLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 2.52%, 04/07/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 229110 |
| &nbsp;&nbsp;&nbsp; 1.23%, 05/08/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 206929 |
| &nbsp;&nbsp;&nbsp; 2.82%, 04/07/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 223101 |
| Medtronic Global Holdings S.C.A. |  |  |  |
| &nbsp;&nbsp;&nbsp; 1.63%, 03/07/2031 | EUR | 200000 | &nbsp;&nbsp; 213249 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **United States-(continued)** | **United States-(continued)** | **United States-(continued)** | **United States-(continued)** |
| &nbsp;&nbsp;&nbsp; 3.13%, 10/15/2031 | EUR | 100000 | &nbsp;&nbsp; $114826 |
| &nbsp;&nbsp;&nbsp; 0.75%, 10/15/2032 | EUR | 200000 | &nbsp;&nbsp; 193969 |
| &nbsp;&nbsp;&nbsp; 3.38%, 10/15/2034 | EUR | 200000 | &nbsp;&nbsp; 229761 |
| &nbsp;&nbsp;&nbsp; 1.38%, 10/15/2040 | EUR | 200000 | &nbsp;&nbsp; 163114 |
| &nbsp;&nbsp;&nbsp; 1.63%, 10/15/2050 | EUR | 200000 | &nbsp;&nbsp; 138579 |
| &nbsp;&nbsp;&nbsp; Robert Bosch Finance LLC, 2.75%, <br> 05/28/2028<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 230474 |
| &nbsp;&nbsp;&nbsp; Sanofi S.A., Series 20FX, 1.88%, <br> 03/21/2038<sup>(b)</sup><br>| EUR | 300000 | &nbsp;&nbsp; 289750 |
| Shell International Finance B.V. |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.50%, 11/08/2031<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 98269 |
| &nbsp;&nbsp;&nbsp; 1.88%, 04/07/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 211904 |
| &nbsp;&nbsp;&nbsp; 1.25%, 11/11/2032<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 100010 |
| &nbsp;&nbsp;&nbsp; 0.88%, 11/08/2039<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 153704 |
| &nbsp;&nbsp;&nbsp; 1.75%, 09/10/2052<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 176236 |
| Stellantis N.V. |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.63%, 03/30/2027<sup>(b)</sup> | EUR | 277000 | &nbsp;&nbsp; 307182 |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/07/2028<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 119740 |
| &nbsp;&nbsp;&nbsp; 0.75%, 01/18/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 318032 |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/14/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 237825 |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/16/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 234413 |
| &nbsp;&nbsp;&nbsp; 2.75%, 04/01/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 212177 |
| &nbsp;&nbsp;&nbsp; 1.25%, 06/20/2033<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 183093 |
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., 3.63%, <br> 07/15/2031<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 237269 |
|  |  |  | &nbsp;&nbsp; 5405419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Dollar Denominated Bonds & Notes <br>(Cost $188,547,284) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Dollar Denominated Bonds & Notes <br>(Cost $188,547,284) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Non-U.S. Dollar Denominated Bonds & Notes <br>(Cost $188,547,284) | &nbsp;&nbsp; 188888316 |
|  | **Shares** | **Shares** |  |
| **Money Market Funds-0.68%** | **Money Market Funds-0.68%** | **Money Market Funds-0.68%** | **Money Market Funds-0.68%** |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.25%<sup>(e)(f)</sup> <br>(Cost $1,313,642)<br>|  | 1313642 | &nbsp;&nbsp; 1313642 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.00% <br>(Cost $189,860,926) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.00% <br>(Cost $189,860,926) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.00% <br>(Cost $189,860,926) | &nbsp;&nbsp; 190201958 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-0.71%** | **Money Market Funds-0.71%** | **Money Market Funds-0.71%** | **Money Market Funds-0.71%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.32%<sup>(e)(f)(g)</sup><br>|  | 378573 | &nbsp;&nbsp; 378573 |
| &nbsp;&nbsp;&nbsp; Invesco Private Prime Fund, <br> 4.46%<sup>(e)(f)(g)</sup><br>|  | 984387 | &nbsp;&nbsp; 984584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,363,157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,363,157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,363,157) | &nbsp;&nbsp; 1363157 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-99.71% <br>(Cost $191,224,083) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-99.71% <br>(Cost $191,224,083) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-99.71% <br>(Cost $191,224,083) | &nbsp;&nbsp; 191565115 |
| OTHER ASSETS LESS LIABILITIES-0.29% | OTHER ASSETS LESS LIABILITIES-0.29% | OTHER ASSETS LESS LIABILITIES-0.29% | &nbsp;&nbsp; 553791 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $192118906 |

---

See accompanying notes which are an integral part of this schedule.

------

**Invesco International Corporate Bond ETF (PICB)—(continued)**

July 31, 2025

*(Unaudited)*

---

| |
|:---|
| Investment Abbreviations: |
| AUD-Australian Dollar |
| CAD-Canadian Dollar |
| EUR-Euro |
| GBP-British Pound Sterling |
| JPY-Japanese Yen |
| NOK-Norwegian Krone |
| NZD-New Zealand Dollar |
| SEK-Swedish Krona |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Foreign denominated security. Principal amount is denominated in the currency indicated. |
| <sup>(b)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> July 31, 2025 was $145,439,614, which represented 75.70% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| <sup>(d)</sup> | All or a portion of this security was out on loan at July 31, 2025. |
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the nine months ended July 31, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**July 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; $745439 | &nbsp;&nbsp;&nbsp; $9159095 | &nbsp;&nbsp;&nbsp; $(8590892)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1313642 | &nbsp;&nbsp;&nbsp; $14133 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government <br> Fund<br>| &nbsp;&nbsp;&nbsp; 232112 | &nbsp;&nbsp;&nbsp; 1149812 | &nbsp;&nbsp;&nbsp; (1003351)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 378573 | &nbsp;&nbsp;&nbsp; 5,680<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 604170 | &nbsp;&nbsp;&nbsp; 2797915 | &nbsp;&nbsp;&nbsp; (2417486)<br>| &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; (26)<br>| &nbsp;&nbsp;&nbsp; 984584 | &nbsp;&nbsp;&nbsp; 15,103<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $1581721 | &nbsp;&nbsp;&nbsp; $13106822 | &nbsp;&nbsp;&nbsp; $(12011729)<br>| &nbsp;&nbsp;&nbsp; $11 | &nbsp;&nbsp;&nbsp; $(26)<br>| &nbsp;&nbsp;&nbsp; $2676799 | &nbsp;&nbsp;&nbsp; $34916 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of July 31, 2025. <br> <sup>(g)</sup> The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned.

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

See accompanying notes which are an integral part of this schedule.

------

**Notes to Quarterly Schedules of Portfolio Holdings**

July 31, 2025

*(Unaudited)*

**NOTE 1—Additional Valuation Information**

Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment's assigned level:

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

Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.

Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Capital Management LLC's assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of July 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp; Invesco 0-5 Yr US TIPS ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $73498277 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $73498277 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 142938 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 142938 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $142938 | &nbsp;&nbsp;&nbsp; $73498277 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $73641215 |
| &nbsp;&nbsp; Invesco Emerging Markets Sovereign Debt ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1144972223 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1144972223 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 3095940 | &nbsp;&nbsp;&nbsp; 66250878 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 69346818 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $3095940 | &nbsp;&nbsp;&nbsp; $1211223101 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1214319041 |
| &nbsp;&nbsp; Invesco Global ex-US High Yield Corporate Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $178263488 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $178263488 |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 228336 | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 228382 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 4000 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 1580432 | &nbsp;&nbsp;&nbsp; 14100358 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 15680790 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp; 1580432 | &nbsp;&nbsp;&nbsp; 192592182 | &nbsp;&nbsp;&nbsp; 4046 | &nbsp;&nbsp;&nbsp; 194176660 |
| **Other Investments - Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments Matured | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 95757 | &nbsp;&nbsp;&nbsp; 4875 | &nbsp;&nbsp;&nbsp; 100632 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $1580432 | &nbsp;&nbsp;&nbsp; $192687939 | &nbsp;&nbsp;&nbsp; $8921 | &nbsp;&nbsp;&nbsp; $194277292 |
| &nbsp;&nbsp; Invesco International Corporate Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $188888316 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $188888316 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 1313642 | &nbsp;&nbsp;&nbsp; 1363157 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2676799 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $1313642 | &nbsp;&nbsp;&nbsp; $190251473 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $191565115 |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Invesco Exchange-Traded Fund Trust II

- **b. Investment Company Act file number:** 811-21977

- **c. CIK number of Registrant:** 0001378872

- **d. LEI of Registrant:** O540V2L4S174Y60FMD36

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 3500 Lacey Road

  - **City:** Downers Grove

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60515

  - **Telephone number:** 800-983-0903

**Item A.2. Information about the Series.**

- **a. Name of Series:** Invesco Global ex-US High Yield Corporate Bond ETF

- **b. EDGAR series identifier (if any):** S000040915

- **c. LEI of Series:** 549300GTL6XXLFU4LC25

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $197578300.52

**Total Liabilities:** $14550760.14

**Net Assets:** $183027540.38

**Cash Not Reported:** $419804.74

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -764.16005758 | **1-Year:** -1359.32275900 | **5-Year:** -3868.28142369 | **10-Year:** -3695.43285046 | **30-Year:** -2646.86999855

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -3900.02304028 | **1-Year:** -9258.73361915 | **5-Year:** -26447.37959994 | **10-Year:** -9453.64000598 | **30-Year:** -2180.91520512

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000126877 | 1.27%                | 1.55%                | 1.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-301157.55              | $1355883.96                                |
| Month 2  | $-181303.80              | $1774100.40                                |
| Month 3  | $272808.06               | $302172.63                                 |

### Schedule of Portfolio Investments

| Name                                                                          | Title                                                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Mercer International Inc.                                                     | Mercer International Inc.                                                     | CUSIP: 588056BB6<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |    339000 | PA      | $273390.75    | 0.15%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: —       |
| Rakuten Group, Inc.                                                           | Rakuten Group, Inc.                                                           | CUSIP: BP1066276<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |    430000 | PA      | $401276.65    | 0.22%             | N/A             | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| Minerva Luxembourg S.A.                                                       | Minerva Luxembourg S.A.                                                       | CUSIP: N/A<br>LEI: 222100NM3G3RCPGZ2Z17       | Long             | DBT              | CORP              | LU        |    400000 | PA      | $435754.80    | 0.24%             | 2033-09-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| YPF S.A.                                                                      | YPF S.A.                                                                      | CUSIP: YV5992677<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    300000 | PA      | $312905.40    | 0.17%             | 2031-09-11      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Forvia SE                                                                     | Forvia SE                                                                     | CUSIP: YQ7178995<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $208564.56    | 0.11%             | 2030-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC | CUSIP: ZF6655996<br>LEI: 87550008DPN8BDG67910 | Long             | DBT              | CORP              | GB        |    375000 | PA      | $388643.63    | 0.21%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Turkiye Vakiflar Bankasi T.A.O.                                               | Turkiye Vakiflar Bankasi T.A.O.                                               | CUSIP: N/A<br>LEI: 789000KAIHOLSQKQ9858       | Long             | DBT              | CORP              | TR        |    270000 | PA      | $289845.46    | 0.16%             | 2028-10-12      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Belron UK Finance PLC                                                         | Belron UK Finance PLC                                                         | CUSIP: YU1770590<br>LEI: 9845006BC9D1A77B8178 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $404004.00    | 0.22%             | 2029-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance B.V.                                              | Braskem Netherlands Finance B.V.                                              | CUSIP: N/A<br>LEI: 2549000TLMHFQ74DS330       | Long             | DBT              | CORP              | NL        |    400000 | PA      | $316007.24    | 0.17%             | 2031-01-12      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Turk Telekomunikasyon A.S.                                                    | Turk Telekomunikasyon A.S.                                                    | CUSIP: ZB9453844<br>LEI: 789000A2TXOI10JZLF90 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $206205.79    | 0.11%             | 2029-05-20      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Industrial and Commercial Bank of China Ltd.                                  | Industrial and Commercial Bank of China Ltd.                                  | CUSIP: BR4365523<br>LEI: 5493002ERZU2K9PZDL40 | Long             | DBT              | CORP              | CN        |   2682000 | PA      | $2634422.90   | 1.44%             | N/A             | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| OCI N.V.                                                                      | OCI N.V.                                                                      | CUSIP: ZL5143363<br>LEI: 549300NCMRGIBJYUOE57 | Long             | DBT              | CORP              | NL        |    220000 | PA      | $244394.70    | 0.13%             | 2033-03-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| JSC Uzbekneftegaz                                                             | JSC Uzbekneftegaz                                                             | CUSIP: N/A<br>LEI: 213800LUZJZFLJD4MJ51       | Long             | DBT              | NUSS              | UZ        |    300000 | PA      | $315641.06    | 0.17%             | 2030-05-07      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Vestel Elektronik Sanayi ve Ticaret A.S.                                      | Vestel Elektronik Sanayi ve Ticaret A.S.                                      | CUSIP: ZB8403683<br>LEI: 789000X20ITI3ANQEL70 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $163243.13    | 0.09%             | 2029-05-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Calderys Financing, LLC                                                       | Calderys Financing, LLC                                                       | CUSIP: ZK4876783<br>LEI: 254900ZIKDM74XNEFV84 | Long             | DBT              | CORP              | US        |    210000 | PA      | $222133.11    | 0.12%             | 2028-06-01      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| Leviathan Bond Ltd.                                                           | Leviathan Bond Ltd.                                                           | CUSIP: BK6709046<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |    210000 | PA      | $209160.00    | 0.11%             | 2027-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GFH Senior Sukuk Ltd.                                                         | GFH Senior Sukuk Ltd.                                                         | CUSIP: YU6525742<br>LEI: 2549006KGP87C90JH464 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $200491.21    | 0.11%             | 2029-11-06      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Binghatti Sukuk SPC Ltd.                                                      | Binghatti Sukuk SPC Ltd.                                                      | CUSIP: ZD1751506<br>LEI: 254900Q5ANAJ5RI08U80 | Long             | DBT              | CORP              | AE        |    200000 | PA      | $207248.47    | 0.11%             | 2027-02-28      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                                          | NOVA Chemicals Corp.                                                          | CUSIP: ZF8369216<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    275000 | PA      | $295842.80    | 0.16%             | 2030-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Banco do Brasil S.A.                                                          | Banco do Brasil S.A.                                                          | CUSIP: ZK1496189<br>LEI: QE0Q0253K88YAGNPE356 | Long             | DBT              | CORP              | BR        |    290000 | PA      | $297129.07    | 0.16%             | 2030-04-18      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Mersin Uluslararasi Liman Isletmeciligi AS                                    | Mersin Uluslararasi Liman Isletmeciligi AS                                    | CUSIP: ZH9743316<br>LEI: 635400DAFN6NT43HM530 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $208764.36    | 0.11%             | 2028-11-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| OCP S.A.                                                                      | OCP S.A.                                                                      | CUSIP: EK1867895<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    220000 | PA      | $215459.48    | 0.12%             | 2044-04-25      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Brookfield Residential Properties Inc / Brookfield Residential US LLC         | Brookfield Residential Properties Inc / Brookfield Residential US LLC         | CUSIP: ZR5517688<br>LEI: 549300C2SXDXVIUV3Q14 | Long             | DBT              | CORP              | CA        |    240000 | PA      | $239722.39    | 0.13%             | 2027-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Vedanta Resources Finance II PLC                                              | Vedanta Resources Finance II PLC                                              | CUSIP: YT4110714<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $209131.07    | 0.11%             | 2031-12-03      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| FIBERCOP S.p.A.                                                               | FIBERCOP S.p.A.                                                               | CUSIP: YW1227464<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $194738.00    | 0.11%             | 2033-11-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| UPL Corp. Ltd.                                                                | UPL Corp. Ltd.                                                                | CUSIP: BJ9430734<br>LEI: 213800AQLATW4WEEH674 | Long             | DBT              | CORP              | MU        |    200000 | PA      | $182274.12    | 0.10%             | 2030-06-16      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceuticals Finance Netherlands B.V.                                 | Teva Pharmaceuticals Finance Netherlands B.V.                                 | CUSIP: 88167AAQ4<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    420000 | PA      | $420179.51    | 0.23%             | 2029-05-09      | Fixed         | 5.12%                 | No            |                  2 | On Loan: —       |
| Minerva Luxembourg S.A.                                                       | Minerva Luxembourg S.A.                                                       | CUSIP: N/A<br>LEI: 222100NM3G3RCPGZ2Z17       | Long             | DBT              | CORP              | LU        |    438000 | PA      | $392302.72    | 0.21%             | 2031-03-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Compania de Minas Buenaventura S.A.A.                                         | Compania de Minas Buenaventura S.A.A.                                         | CUSIP: YR1269350<br>LEI: 529900WQB1ZU9KB6EL71 | Long             | DBT              | CORP              | PE        |    200000 | PA      | $204770.00    | 0.11%             | 2032-02-04      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| VMED 02 UK Financing I PLC                                                    | VMED 02 UK Financing I PLC                                                    | CUSIP: BQ1812875<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    730000 | PA      | $676147.97    | 0.37%             | 2031-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Turkiye Ihracat Kredi Bankasi A.S.                                            | Turkiye Ihracat Kredi Bankasi A.S.                                            | CUSIP: ZM5989003<br>LEI: 789000JVRVYLAXGDWR11 | Long             | DBT              | NUSS              | TR        |    220000 | PA      | $224453.90    | 0.12%             | 2026-01-31      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                           | Hornbeck Offshore Services, Inc., Wrts. 2049-12-31                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |      2673 | NS      | $50118.56     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco do Brasil S.A.                                                          | Banco do Brasil S.A.                                                          | CUSIP: ZD6506764<br>LEI: QE0Q0253K88YAGNPE356 | Long             | DBT              | CORP              | BR        |    290000 | PA      | $294482.92    | 0.16%             | 2031-03-18      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| Baffinland Iron Mines Corp. / Baffinland Iron Mines L.P.                      | Baffinland Iron Mines Corp. / Baffinland Iron Mines L.P.                      | CUSIP: AT2732689<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    220000 | PA      | $207596.03    | 0.11%             | 2026-07-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CSN Resources S.A.                                                            | CSN Resources S.A.                                                            | CUSIP: BU2177212<br>LEI: 222100ZEX458NMOXZP08 | Long             | DBT              | CORP              | LU        |    220000 | PA      | $181666.87    | 0.10%             | 2032-04-08      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Dar Al-Arkan Sukuk Co. Ltd.                                                   | Dar Al-Arkan Sukuk Co. Ltd.                                                   | CUSIP: ZJ8209455<br>LEI: 5493000UYHRBXEIYUQ69 | Long             | DBT              | CORP              | KY        |    300000 | PA      | $310725.00    | 0.17%             | 2029-02-25      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| First Quantum Minerals Ltd.                                                   | First Quantum Minerals Ltd.                                                   | CUSIP: ZK7185364<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    581000 | PA      | $605694.82    | 0.33%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Open Text Holdings, Inc.                                                      | Open Text Holdings, Inc.                                                      | CUSIP: BS3886238<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    253000 | PA      | $230517.43    | 0.13%             | 2031-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Banco de Bogota S.A.                                                          | Banco de Bogota S.A.                                                          | CUSIP: LW0752441<br>LEI: 549300LYHE7LWSKDZT53 | Long             | DBT              | CORP              | CO        |    390000 | PA      | $392402.60    | 0.21%             | 2026-05-12      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Grupo Nutresa S.A.                                                            | Grupo Nutresa S.A.                                                            | CUSIP: N/A<br>LEI: 254900KKAX7B7RJUE255       | Long             | DBT              | CORP              | CO        |    400000 | PA      | $422100.00    | 0.23%             | 2030-05-12      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Rakuten Group, Inc.                                                           | Rakuten Group, Inc.                                                           | CUSIP: BP1064305<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |    370000 | PA      | $364727.59    | 0.20%             | N/A             | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Wrangler Holdco Corp.                                                         | Wrangler Holdco Corp.                                                         | CUSIP: YX5971107<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $206795.60    | 0.11%             | 2032-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Co., LLC                                          | Teva Pharmaceutical Finance Co., LLC                                          | CUSIP: 88163VAD1<br>LEI: 5493006PITD7MU7WW480 | Long             | DBT              | CORP              | US        |    370000 | PA      | $376379.38    | 0.21%             | 2036-02-01      | Fixed         | 6.15%                 | No            |                  2 | On Loan: —       |
| OCP S.A.                                                                      | OCP S.A.                                                                      | CUSIP: EK8643794<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    200000 | PA      | $199661.25    | 0.11%             | 2025-10-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Methanex US Operations Inc.                                                   | Methanex US Operations Inc.                                                   | CUSIP: YT3879897<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    325000 | PA      | $322411.24    | 0.18%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Yapi Ve Kredi Bankasi A.S.                                                    | Yapi Ve Kredi Bankasi A.S.                                                    | CUSIP: ZF2111325<br>LEI: B85ZYWEZ5IZCZ2WNIO12 | Long             | DBT              | CORP              | TR        |    220000 | PA      | $231664.10    | 0.13%             | 2034-01-17      | Variable      | 9.25%                 | No            |                  2 | On Loan: No      |
| Vedanta Resources Finance II PLC                                              | Vedanta Resources Finance II PLC                                              | CUSIP: YS5934031<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $197228.83    | 0.11%             | 2030-07-24      | Fixed         | 9.47%                 | No            |                  2 | On Loan: No      |
| Yapi Ve Kredi Bankasi A.S.                                                    | Yapi Ve Kredi Bankasi A.S.                                                    | CUSIP: BN5339252<br>LEI: B85ZYWEZ5IZCZ2WNIO12 | Long             | DBT              | CORP              | TR        |    300000 | PA      | $302203.71    | 0.17%             | 2031-01-22      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| Kasikornbank PCL                                                              | Kasikornbank PCL                                                              | CUSIP: ZR7228615<br>LEI: 5493004COSQ54937AW41 | Long             | DBT              | CORP              | TH        |    360000 | PA      | $350920.88    | 0.19%             | 2031-10-02      | Variable      | 3.34%                 | No            |                  2 | On Loan: No      |
| Akbank Turk A.S.                                                              | Akbank Turk A.S.                                                              | CUSIP: BQ0867789<br>LEI: 789000TUMN63Z28TJ497 | Long             | DBT              | CORP              | TR        |    240000 | PA      | $239521.93    | 0.13%             | 2031-06-22      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| Arada Sukuk 2 Ltd.                                                            | Arada Sukuk 2 Ltd.                                                            | CUSIP: YX6696901<br>LEI: 254900QJ8SRKQPBY4V77 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $206667.01    | 0.11%             | 2029-06-24      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MTN (Mauritius) Investments Ltd.                                              | MTN (Mauritius) Investments Ltd.                                              | CUSIP: QZ8096781<br>LEI: 2549009PQD415OQIR074 | Long             | DBT              | CORP              | MU        |    220000 | PA      | $222024.99    | 0.12%             | 2026-10-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| OCP S.A.                                                                      | OCP S.A.                                                                      | CUSIP: ZB6265738<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    450000 | PA      | $455489.30    | 0.25%             | 2054-05-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Greenko Power II Ltd.                                                         | Greenko Power II Ltd.                                                         | CUSIP: BS8934280<br>LEI: 254900YYA4B6O2O4JM12 | Long             | DBT              | CORP              | MU        |    319000 | PA      | $302718.94    | 0.17%             | 2028-12-13      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Saavi Energia S.a.r.l.                                                        | Saavi Energia S.a.r.l.                                                        | CUSIP: YR2537391<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    390000 | PA      | $406399.50    | 0.22%             | 2035-02-10      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Panama Infrastructure Receivable Purchaser PLC                                | Panama Infrastructure Receivable Purchaser PLC                                | CUSIP: ZB1884699<br>LEI: 213800QSH7EDGMUDJW25 | Long             | DBT              | CORP              | GB        |    550000 | PA      | $400325.75    | 0.22%             | 2032-04-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mazoon Assets Co. SAOC                                                        | Mazoon Assets Co. SAOC                                                        | CUSIP: ZF8309865<br>LEI: 6354003TDIRN5Y6LJP91 | Long             | DBT              | CORP              | OM        |    200000 | PA      | $204102.70    | 0.11%             | 2029-02-14      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Vanke Real Estate (Hong Kong) Co. Ltd.                                        | Vanke Real Estate (Hong Kong) Co. Ltd.                                        | CUSIP: AP8369799<br>LEI: 25490078APAXS5NZGF08 | Long             | DBT              | CORP              | HK        |    530000 | PA      | $429611.08    | 0.23%             | 2027-11-09      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance B.V.                                              | Braskem Netherlands Finance B.V.                                              | CUSIP: AP4289843<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |    650000 | PA      | $496559.12    | 0.27%             | 2028-01-10      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC | CUSIP: ZF6656044<br>LEI: 875500O63ODR8S3K5X33 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $208467.40    | 0.11%             | 2032-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| CFAMC III Co., Ltd.                                                           | CFAMC III Co., Ltd.                                                           | CUSIP: AP8052692<br>LEI: 5493006V07LYI3HE6G83 | Long             | DBT              | CORP              | VG        |    500000 | PA      | $493755.00    | 0.27%             | 2027-11-07      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Champion Path Holdings Ltd.                                                   | Champion Path Holdings Ltd.                                                   | CUSIP: BN5837628<br>LEI: 549300QWJFPV5413KI88 | Long             | DBT              | CORP              | VG        |    220000 | PA      | $218866.14    | 0.12%             | 2026-01-27      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Constellium SE                                                                | Constellium SE                                                                | CUSIP: BN9953165<br>LEI: 724500KRJEMC79KAAU28 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $234824.15    | 0.13%             | 2029-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Zegona Finance PLC                                                            | Zegona Finance PLC                                                            | CUSIP: YW1080855<br>LEI: 254900B3KC1SS7T2TE92 | Long             | DBT              | CORP              | GB        |    350000 | PA      | $373100.00    | 0.20%             | 2029-07-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Leviathan Bond Ltd.                                                           | Leviathan Bond Ltd.                                                           | CUSIP: BK6709079<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |    200000 | PA      | $198000.00    | 0.11%             | 2030-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SoftBank Group Corp.                                                          | SoftBank Group Corp.                                                          | CUSIP: N/A<br>LEI: 5493003BZYYYCDIO0R13       | Long             | DBT              | CORP              | JP        |    790000 | PA      | $783844.22    | 0.43%             | N/A             | Variable      | 6.88%                 | No            |                  2 | On Loan: —       |
| JSW Steel Ltd.                                                                | JSW Steel Ltd.                                                                | CUSIP: BR4616925<br>LEI: 335800EK6HZSC4CVAJ09 | Long             | DBT              | CORP              | IN        |    428000 | PA      | $416580.74    | 0.23%             | 2027-04-05      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Alsea, S.A.B. de C.V.                                                         | Alsea, S.A.B. de C.V.                                                         | CUSIP: BS8792951<br>LEI: 4469000001BJLPKNUN21 | Long             | DBT              | CORP              | MX        |    220000 | PA      | $220096.38    | 0.12%             | 2026-12-14      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Vista Energy Argentina S.A.U.                                                 | Vista Energy Argentina S.A.U.                                                 | CUSIP: YT7577786<br>LEI: 549300FE4UJNCG1DB123 | Long             | DBT              | CORP              | AR        |    240000 | PA      | $235788.00    | 0.13%             | 2035-12-10      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Delhi International Airport Ltd.                                              | Delhi International Airport Ltd.                                              | CUSIP: QZ9443701<br>LEI: 335800HBF5DARYMEUD12 | Long             | DBT              | CORP              | IN        |    200000 | PA      | $202137.65    | 0.11%             | 2026-10-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Opal Bidco SAS                                                                | Opal Bidco SAS                                                                | CUSIP: YQ7905835<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |    540000 | PA      | $545756.83    | 0.30%             | 2032-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                           | Petroleos Mexicanos                                                           | CUSIP: 71654QBR2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     94000 | PA      | $71041.51     | 0.04%             | 2045-01-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Petrobras Global Finance B.V.                                                 | Petrobras Global Finance B.V.                                                 | CUSIP: 71647NBJ7<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    211000 | PA      | $165237.90    | 0.09%             | 2051-06-10      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                                                | ZF North America Capital, Inc.                                                | CUSIP: ZB5038839<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    280000 | PA      | $261515.35    | 0.14%             | 2032-04-23      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Shriram Finance Ltd.                                                          | Shriram Finance Ltd.                                                          | CUSIP: YV9862264<br>LEI: 335800TM2YO24B76XL26 | Long             | DBT              | CORP              | IN        |    200000 | PA      | $201780.80    | 0.11%             | 2028-04-03      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Capstone Copper Corp.                                                         | Capstone Copper Corp.                                                         | CUSIP: YQ6003707<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |    240000 | PA      | $244757.52    | 0.13%             | 2033-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Garda World Security Corp.                                                    | Garda World Security Corp.                                                    | CUSIP: YU8534114<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $412402.40    | 0.23%             | 2032-11-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Jones Deslauriers Insurance Management Inc.                                   | Jones Deslauriers Insurance Management Inc.                                   | CUSIP: ZN7919386<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $212725.60    | 0.12%             | 2030-12-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Grupo Aeromexico, S.A.B. De C.V.                                              | Grupo Aeromexico, S.A.B. De C.V.                                              | CUSIP: YU8301290<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    200000 | PA      | $197300.00    | 0.11%             | 2029-11-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Rakuten Group, Inc.                                                           | Rakuten Group, Inc.                                                           | CUSIP: YT6735708<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $198894.67    | 0.11%             | N/A             | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                                          | NOVA Chemicals Corp.                                                          | CUSIP: AN6971591<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    507000 | PA      | $505425.36    | 0.28%             | 2027-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CT Trust                                                                      | CT Trust                                                                      | CUSIP: BT8491875<br>LEI: 213800MJB7WO427HQD34 | Long             | DBT              | CORP              | GT        |    300000 | PA      | $282395.25    | 0.15%             | 2032-02-03      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Muthoot Finance Ltd.                                                          | Muthoot Finance Ltd.                                                          | CUSIP: 62828M2C4<br>LEI: 335800HAMJMBFL4RRF02 | Long             | DBT              | CORP              | IN        |    260000 | PA      | $266127.75    | 0.15%             | 2028-02-14      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                                               | Bombardier Inc.                                                               | CUSIP: N/A<br>LEI: W7L3VLU8EHQY34Z36697       | Long             | DBT              | CORP              | CA        |    200000 | PA      | $205814.20    | 0.11%             | 2033-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FIBERCOP S.p.A.                                                               | FIBERCOP S.p.A.                                                               | CUSIP: YW1283509<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $199040.00    | 0.11%             | 2036-07-18      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| YPF S.A.                                                                      | YPF S.A.                                                                      | CUSIP: YS5016607<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    460000 | PA      | $465285.40    | 0.25%             | 2034-01-17      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Turkiye Vakiflar Bankasi T.A.O.                                               | Turkiye Vakiflar Bankasi T.A.O.                                               | CUSIP: BM8531915<br>LEI: 789000KAIHOLSQKQ9858 | Long             | DBT              | CORP              | TR        |    340000 | PA      | $341855.55    | 0.19%             | 2026-01-08      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Banco BTG Pactual S.A.                                                        | Banco BTG Pactual S.A.                                                        | CUSIP: 05971BAL3<br>LEI: 2549002JHJ73KGETOK78 | Long             | DBT              | CORP              | BR        |    200000 | PA      | $200838.00    | 0.11%             | 2030-01-22      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| OCP S.A.                                                                      | OCP S.A.                                                                      | CUSIP: BQ0169574<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    340000 | PA      | $307470.93    | 0.17%             | 2031-06-23      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AI Candelaria -spain- S.A.                                                    | AI Candelaria -spain- S.A.                                                    | CUSIP: BP4790179<br>LEI: 213800L5KA2MJ5FKRZ02 | Long             | DBT              | CORP              | ES        |    195000 | PA      | $168363.98    | 0.09%             | 2033-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Empresa de Transmision Electrica, S.A.                                        | Empresa de Transmision Electrica, S.A.                                        | CUSIP: ZS3565737<br>LEI: 254900RX1DOMC83TZ320 | Long             | DBT              | CORP              | PA        |    195000 | PA      | $142870.65    | 0.08%             | 2049-05-02      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Open Text Corp.                                                               | Open Text Corp.                                                               | CUSIP: ZP8525187<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $385383.79    | 0.21%             | 2028-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CSN Resources S.A.                                                            | CSN Resources S.A.                                                            | CUSIP: BP9085443<br>LEI: 222100ZEX458NMOXZP08 | Long             | DBT              | CORP              | LU        |    330000 | PA      | $260398.91    | 0.14%             | 2031-06-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                                | Ecopetrol S.A.                                                                | CUSIP: 279158AS8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    610000 | PA      | $640175.67    | 0.35%             | 2033-01-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Shelf Drilling Holdings, Ltd.                                                 | Shelf Drilling Holdings, Ltd.                                                 | CUSIP: ZH1455448<br>LEI: 54930078ZJ3XP4MRYB68 | Long             | DBT              | CORP              | KY        |    434000 | PA      | $372026.23    | 0.20%             | 2029-04-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| VMED 02 UK Financing I PLC                                                    | VMED 02 UK Financing I PLC                                                    | CUSIP: N/A<br>LEI: 213800MRR46ECNGZ7L69       | Long             | DBT              | CORP              | GB        |    561000 | PA      | $511719.74    | 0.28%             | 2031-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                                                   | First Quantum Minerals Ltd.                                                   | CUSIP: N/A<br>LEI: 549300I7UVBGWRYMYZ18       | Long             | DBT              | CORP              | CA        |    270000 | PA      | $270649.35    | 0.15%             | 2027-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Azule Energy Finance PLC                                                      | Azule Energy Finance PLC                                                      | CUSIP: YS6033510<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |    450000 | PA      | $453680.55    | 0.25%             | 2030-01-23      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Virgin Media Vendor Financing Notes Iv DAC                                    | Virgin Media Vendor Financing Notes Iv DAC                                    | CUSIP: BJ9821502<br>LEI: 635400ZZNJSEA4CAJR23 | Long             | DBT              | CORP              | IE        |    220000 | PA      | $213551.38    | 0.12%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Aegea Finance S.a.r.l.                                                        | Aegea Finance S.a.r.l.                                                        | CUSIP: BW1912169<br>LEI: 213800V6WTKUT1XWIZ47 | Long             | DBT              | CORP              | LU        |    220000 | PA      | $222197.80    | 0.12%             | 2029-05-20      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CNG Holdings, Inc.                                                            | CNG Holdings, Inc.                                                            | CUSIP: N/A<br>LEI: 5493007UWN8DW8ZWF476       | Long             | DBT              | CORP              | US        |    300000 | PA      | $281430.00    | 0.15%             | 2026-06-30      | Fixed         | 14.50%                | No            |                  2 | On Loan: No      |
| Banco Bradesco S.A.                                                           | Banco Bradesco S.A.                                                           | CUSIP: 05947LBB3<br>LEI: 549300CTUU1RFXHQJE44 | Long             | DBT              | CORP              | KY        |    390000 | PA      | $407355.00    | 0.22%             | 2030-01-22      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Ulker Biskuvi Sanayi A.S.                                                     | Ulker Biskuvi Sanayi A.S.                                                     | CUSIP: YW0474950<br>LEI: 7890009HEU9BS7J3DA93 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $207391.64    | 0.11%             | 2031-07-08      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| OCP S.A.                                                                      | OCP S.A.                                                                      | CUSIP: BQ0169731<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    340000 | PA      | $261894.86    | 0.14%             | 2051-06-23      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Banco do Brasil S.A.                                                          | Banco do Brasil S.A.                                                          | CUSIP: BT3700478<br>LEI: QE0Q0253K88YAGNPE356 | Long             | DBT              | CORP              | BR        |    220000 | PA      | $216301.38    | 0.12%             | 2029-01-11      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Navoiy Kon-Metallurgiya Kombinati Aksiyadorlik Jamiyati                       | Navoiy Kon-Metallurgiya Kombinati Aksiyadorlik Jamiyati                       | CUSIP: YU3092282<br>LEI: 213800YLNAGERZ4C3M60 | Long             | DBT              | CORP              | UZ        |    250000 | PA      | $258414.82    | 0.14%             | 2031-10-17      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| GDZ Elektrik Dagitim AS                                                       | GDZ Elektrik Dagitim AS                                                       | CUSIP: YU3068829<br>LEI: 984500B63B5766038A64 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $194350.05    | 0.11%             | 2029-10-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Turkiye Ihracat Kredi Bankasi A.S.                                            | Turkiye Ihracat Kredi Bankasi A.S.                                            | CUSIP: ZH6905793<br>LEI: 789000JVRVYLAXGDWR11 | Long             | DBT              | NUSS              | TR        |    200000 | PA      | $210424.93    | 0.11%             | 2027-01-28      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Seadrill Finance Ltd.                                                         | Seadrill Finance Ltd.                                                         | CUSIP: ZJ7494736<br>LEI: 213800WMN3OHFUDHD642 | Long             | DBT              | CORP              | BM        |    200000 | PA      | $204490.60    | 0.11%             | 2030-08-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| VistaJet Malta Finance PLC / Vista Management Holding Inc.                    | VistaJet Malta Finance PLC / Vista Management Holding Inc.                    | CUSIP: BT6367630<br>LEI: 5299001UK94VGT0CPQ36 | Long             | DBT              | CORP              | MT        |    430000 | PA      | $406605.16    | 0.22%             | 2030-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Hudbay Minerals Inc.                                                          | Hudbay Minerals Inc.                                                          | CUSIP: N/A<br>LEI: 894500LX3TMESP27BE29       | Long             | DBT              | CORP              | CA        |    232000 | PA      | $233617.27    | 0.13%             | 2029-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Falabella S.A.                                                                | Falabella S.A.                                                                | CUSIP: BR9290262<br>LEI: 5493004CKJQ7H391LM41 | Long             | DBT              | CORP              | CL        |    290000 | PA      | $252501.55    | 0.14%             | 2032-01-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Seplat Energy PLC                                                             | Seplat Energy PLC                                                             | CUSIP: YQ3939549<br>LEI: 029200711C4S4CB2E982 | Long             | DBT              | CORP              | NG        |    250000 | PA      | $258300.25    | 0.14%             | 2030-03-21      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| 1011778 BC ULC / New Red Finance Inc.                                         | 1011778 BC ULC / New Red Finance Inc.                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | CA        |   1162000 | PA      | $1078048.17   | 0.59%             | 2030-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                                               | Bombardier Inc.                                                               | CUSIP: ED4258015<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    239000 | PA      | $258868.55    | 0.14%             | 2034-05-01      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                           | Petroleos Mexicanos                                                           | CUSIP: 71654QCP5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     80000 | PA      | $79810.11     | 0.04%             | 2029-01-23      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WE Soda Investments Holding PLC                                               | WE Soda Investments Holding PLC                                               | CUSIP: ZF8260845<br>LEI: 984500SE38C07DB47A90 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $314509.20    | 0.17%             | 2031-02-14      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Amaggi Luxembourg International S.a.r.l.                                      | Amaggi Luxembourg International S.a.r.l.                                      | CUSIP: BN6930604<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    360000 | PA      | $354359.99    | 0.19%             | 2028-01-28      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                           | Petroleos Mexicanos                                                           | CUSIP: 71654QCB6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    184000 | PA      | $184853.95    | 0.10%             | 2026-08-04      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PLUSPETROL SA                                                                 | PLUSPETROL SA                                                                 | CUSIP: N/A<br>LEI: 254900QSCHBUBX6J6H71       | Long             | DBT              | CORP              | AR        |    280000 | PA      | $286300.00    | 0.16%             | 2032-05-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Oryx Funding Ltd.                                                             | Oryx Funding Ltd.                                                             | CUSIP: BN7877457<br>LEI: 549300S728CF0BBRC295 | Long             | DBT              | CORP              | KY        |    270000 | PA      | $277784.78    | 0.15%             | 2031-02-03      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Parkland Corp.                                                                | Parkland Corp.                                                                | CUSIP: YV0997770<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $204612.60    | 0.11%             | 2032-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| AES Panama Generation Holdings, S.r.l.                                        | AES Panama Generation Holdings, S.r.l.                                        | CUSIP: BK8770863<br>LEI: N/A                  | Long             | DBT              | CORP              | PA        |    584260 | PA      | $534093.23    | 0.29%             | 2030-05-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| Movida Europe S.A.                                                            | Movida Europe S.A.                                                            | CUSIP: ZB2126561<br>LEI: 549300YRJE0V6QKU7C86 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $189412.67    | 0.10%             | 2029-04-11      | Fixed         | 7.85%                 | No            |                  2 | On Loan: No      |
| goeasy Ltd.                                                                   | goeasy Ltd.                                                                   | CUSIP: ZD1829039<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $206110.70    | 0.11%             | 2029-07-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| INEOS Finance PLC                                                             | INEOS Finance PLC                                                             | CUSIP: ZF6561111<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $298163.37    | 0.16%             | 2029-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Toucan FinCo Ltd./Toucan FinCo Can Inc./Toucan FinCo US LLC                   | Toucan FinCo Ltd./Toucan FinCo Can Inc./Toucan FinCo US LLC                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | JE        |    400000 | PA      | $409918.00    | 0.22%             | 2030-05-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Turkiye Cumhuriyeti Ziraat Bankasi A.S.                                       | Turkiye Cumhuriyeti Ziraat Bankasi A.S.                                       | CUSIP: ZM6550119<br>LEI: 213800K5KTZFSUS8MR51 | Long             | DBT              | CORP              | TR        |    220000 | PA      | $229402.23    | 0.13%             | 2026-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Petrobras Global Finance B.V.                                                 | Petrobras Global Finance B.V.                                                 | CUSIP: 71647NBH1<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    377000 | PA      | $382003.92    | 0.21%             | 2031-01-03      | Fixed         | 5.60%                 | No            |                  2 | On Loan: —       |
| Mineral Resources Ltd.                                                        | Mineral Resources Ltd.                                                        | CUSIP: ZS0950635<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |    310000 | PA      | $311195.05    | 0.17%             | 2027-05-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Iliad Holding                                                                 | Iliad Holding                                                                 | CUSIP: BR8159948<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    400000 | PA      | $406376.00    | 0.22%             | 2028-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Baytex Energy Corp.                                                           | Baytex Energy Corp.                                                           | CUSIP: ZD7711157<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |    300000 | PA      | $290375.52    | 0.16%             | 2032-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MGM China Holdings Ltd.                                                       | MGM China Holdings Ltd.                                                       | CUSIP: N/A<br>LEI: 529900VZFN87OS7WJM66       | Long             | DBT              | CORP              | KY        |    340000 | PA      | $336896.72    | 0.18%             | 2027-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Cosan Luxembourg S.A.                                                         | Cosan Luxembourg S.A.                                                         | CUSIP: AZ7914288<br>LEI: 222100ZY943WERK7RZ38 | Long             | DBT              | CORP              | LU        |    180000 | PA      | $176071.91    | 0.10%             | 2029-09-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Garda World Security Corp.                                                    | Garda World Security Corp.                                                    | CUSIP: YW5779056<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    300000 | PA      | $309630.43    | 0.17%             | 2032-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| China CITIC Bank International Ltd.                                           | China CITIC Bank International Ltd.                                           | CUSIP: BV8969263<br>LEI: 54930034UPFJV0NHXV95 | Long             | DBT              | CORP              | HK        |    270000 | PA      | $269722.24    | 0.15%             | N/A             | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| CAS Capital No 1 Ltd.                                                         | CAS Capital No 1 Ltd.                                                         | CUSIP: BN3258637<br>LEI: 254900REJZW5L9QRTD85 | Long             | DBT              | CORP              | VG        |    340000 | PA      | $333366.30    | 0.18%             | N/A             | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Borr IHC Ltd. / Borr Finance LLC                                              | Borr IHC Ltd. / Borr Finance LLC                                              | CUSIP: ZH6885342<br>LEI: 254900WQF2MM46DNLY83 | Long             | DBT              | CORP              | US        |    577470 | PA      | $554652.67    | 0.30%             | 2028-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                           | Petroleos Mexicanos                                                           | CUSIP: 71654QBX9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     40000 | PA      | $28444.05     | 0.02%             | 2046-01-23      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Champion Path Holdings Ltd.                                                   | Champion Path Holdings Ltd.                                                   | CUSIP: BN6409666<br>LEI: 549300QWJFPV5413KI88 | Long             | DBT              | CORP              | VG        |    220000 | PA      | $213820.45    | 0.12%             | 2028-01-27      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                           | Petroleos Mexicanos                                                           | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    270000 | PA      | $270275.22    | 0.15%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                                                            | Vodafone Group PLC                                                            | CUSIP: 92857WBX7<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    413000 | PA      | $319238.41    | 0.17%             | 2081-06-04      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| MGM China Holdings Ltd.                                                       | MGM China Holdings Ltd.                                                       | CUSIP: ZS4234721<br>LEI: 529900VZFN87OS7WJM66 | Long             | DBT              | CORP              | KY        |    340000 | PA      | $340246.13    | 0.19%             | 2026-05-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Dresdner Funding Trust I                                                      | Dresdner Funding Trust I                                                      | CUSIP: EC1370955<br>LEI: 549300ZEO4BKB37E3J03 | Long             | DBT              | CORP              | US        |    450000 | PA      | $496926.45    | 0.27%             | 2031-06-30      | Fixed         | 8.15%                 | No            |                  2 | On Loan: No      |
| TELUS Corp.                                                                   | TELUS Corp.                                                                   | CUSIP: 87971MCM3<br>LEI: L2TEUTQ8OSHMJWVLCE40 | Long             | DBT              | CORP              | CA        |    330000 | PA      | $334922.61    | 0.18%             | 2055-10-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                                | Ecopetrol S.A.                                                                | CUSIP: 279158AJ8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    570000 | PA      | $404535.76    | 0.22%             | 2045-05-28      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Rumo Luxembourg S.a.r.l.                                                      | Rumo Luxembourg S.a.r.l.                                                      | CUSIP: BR4709845<br>LEI: 222100HOIQFT7YOSPB46 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $181885.00    | 0.10%             | 2032-01-18      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                           | Petroleos Mexicanos                                                           | CUSIP: 71654QDP4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    160000 | PA      | $178517.56    | 0.10%             | 2033-02-07      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| SoftBank Group Corp.                                                          | SoftBank Group Corp.                                                          | CUSIP: BQ3265320<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |    360000 | PA      | $346348.53    | 0.19%             | 2028-07-06      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Rede D'Or Finance                                                             | Rede D'Or Finance                                                             | CUSIP: ZP4862501<br>LEI: 549300FDE772OLJUCP79 | Long             | DBT              | CORP              | LU        |    360000 | PA      | $342767.19    | 0.19%             | 2030-01-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Lcpr Senior Secured Financing DAC                                             | Lcpr Senior Secured Financing DAC                                             | CUSIP: ZQ0602594<br>LEI: 549300LE5FM8IKMXSP90 | Long             | DBT              | CORP              | IE        |    535000 | PA      | $411171.58    | 0.22%             | 2027-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                    | Rogers Communications Inc.                                                    | CUSIP: 775109DG3<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    450000 | PA      | $461192.11    | 0.25%             | 2055-04-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Fortune Star (BVI) Ltd.                                                       | Fortune Star (BVI) Ltd.                                                       | CUSIP: BN6409815<br>LEI: 2549008CU8NYQQRSNU62 | Long             | DBT              | CORP              | VG        |    220000 | PA      | $215058.64    | 0.12%             | 2027-01-27      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| SK Battery America, Inc.                                                      | SK Battery America, Inc.                                                      | CUSIP: BN5304348<br>LEI: 54930012FBFVNU7RWO57 | Long             | DBT              | CORP              | US        |    280000 | PA      | $275327.98    | 0.15%             | 2026-01-26      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Pampa Energia S.A.                                                            | Pampa Energia S.A.                                                            | CUSIP: YT8725988<br>LEI: 254900QNIK0CVURGML24 | Long             | DBT              | CORP              | AR        |    300000 | PA      | $302400.00    | 0.17%             | 2034-12-16      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Mattamy Group Corp.                                                           | Mattamy Group Corp.                                                           | CUSIP: ZQ7097228<br>LEI: 5493008TNY7A82WCXU31 | Long             | DBT              | CORP              | CA        |    190000 | PA      | $188785.67    | 0.10%             | 2027-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceuticals Finance Netherlands B.V.                                 | Teva Pharmaceuticals Finance Netherlands B.V.                                 | CUSIP: 88167AAT8<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $203900.80    | 0.11%             | 2032-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Sasol Financing USA LLC                                                       | Sasol Financing USA LLC                                                       | CUSIP: ZK3493416<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |    500000 | PA      | $503380.00    | 0.28%             | 2029-05-03      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                           | Petroleos Mexicanos                                                           | CUSIP: 71654QCC4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    396000 | PA      | $306998.45    | 0.17%             | 2047-09-21      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| Franshion Brilliant Ltd.                                                      | Franshion Brilliant Ltd.                                                      | CUSIP: BN7900887<br>LEI: 549300E3ZP4GOU3D4G57 | Long             | DBT              | CORP              | VG        |    220000 | PA      | $219981.43    | 0.12%             | N/A             | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Anadolu Efes Biracilik ve Malt Sanayii A.S.                                   | Anadolu Efes Biracilik ve Malt Sanayii A.S.                                   | CUSIP: BQ1792028<br>LEI: 7890006LGARYVIPOJX03 | Long             | DBT              | CORP              | TR        |    220000 | PA      | $200680.23    | 0.11%             | 2028-06-29      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Mattamy Group Corp.                                                           | Mattamy Group Corp.                                                           | CUSIP: BG1901829<br>LEI: 5493008TNY7A82WCXU31 | Long             | DBT              | CORP              | CA        |    230000 | PA      | $220889.59    | 0.12%             | 2030-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Arabian Centres Sukuk II Ltd.                                                 | Arabian Centres Sukuk II Ltd.                                                 | CUSIP: N/A<br>LEI: 549300X92PKHJD8UYG94       | Long             | DBT              | CORP              | KY        |    390000 | PA      | $368665.54    | 0.20%             | 2026-10-07      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Energean Israel Finance Ltd.                                                  | Energean Israel Finance Ltd.                                                  | CUSIP: N/A<br>LEI: 98450044QACBL3F8EB03       | Long             | DBT              | CORP              | IL        |    220000 | PA      | $212033.25    | 0.12%             | 2028-03-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Sunrise FinCo I B.V.                                                          | Sunrise FinCo I B.V.                                                          | CUSIP: N/A<br>LEI: 213800MNFBDEQRS6HZ22       | Long             | DBT              | CORP              | NL        |    460000 | PA      | $434062.90    | 0.24%             | 2031-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Stillwater Mining Co. Inc.                                                    | Stillwater Mining Co. Inc.                                                    | CUSIP: BS3794168<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |    260000 | PA      | $255144.94    | 0.14%             | 2026-11-16      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FIBERCOP S.p.A.                                                               | FIBERCOP S.p.A.                                                               | CUSIP: YW1291676<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $199473.00    | 0.11%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| Enerflex Ltd.                                                                 | Enerflex Ltd.                                                                 | CUSIP: BZ4969276<br>LEI: 54930014N7872VUS3F89 | Long             | DBT              | CORP              | CA        |    215000 | PA      | $222152.62    | 0.12%             | 2027-10-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| FIBERCOP S.p.A.                                                               | FIBERCOP S.p.A.                                                               | CUSIP: YW1239535<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $189909.54    | 0.10%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Vedanta Resources Finance II PLC                                              | Vedanta Resources Finance II PLC                                              | CUSIP: YS5934049<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $200836.57    | 0.11%             | 2033-04-24      | Fixed         | 9.85%                 | No            |                  2 | On Loan: No      |
| Alpha Star Holding IX Ltd.                                                    | Alpha Star Holding IX Ltd.                                                    | CUSIP: YR5941178<br>LEI: 254900IL2SBV9ANGBE89 | Long             | DBT              | CORP              | AE        |    475000 | PA      | $486491.44    | 0.27%             | 2028-08-26      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Acu Petroleo Luxembourg S.a.r.l.                                              | Acu Petroleo Luxembourg S.a.r.l.                                              | CUSIP: BT4410523<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    238732 | PA      | $240614.13    | 0.13%             | 2032-01-13      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Oztel Holdings SPC Ltd.                                                       | Oztel Holdings SPC Ltd.                                                       | CUSIP: AS2582649<br>LEI: 549300RABIG0RH4JYT64 | Long             | DBT              | CORP              | AE        |    310000 | PA      | $323964.34    | 0.18%             | 2028-04-24      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Aragvi Finance International DAC                                              | Aragvi Finance International DAC                                              | CUSIP: 03851RAD6<br>LEI: 635400VKAYT1VT6VBF50 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $201473.50    | 0.11%             | 2029-11-20      | Fixed         | 11.12%                | No            |                  2 | On Loan: No      |
| IHS Holding Ltd.                                                              | IHS Holding Ltd.                                                              | CUSIP: BS5471211<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |    420000 | PA      | $414181.22    | 0.23%             | 2028-11-29      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                                                | ZF North America Capital, Inc.                                                | CUSIP: ZK0624674<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    217000 | PA      | $216743.05    | 0.12%             | 2028-04-14      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| 1011778 BC ULC / New Red Finance Inc.                                         | 1011778 BC ULC / New Red Finance Inc.                                         | CUSIP: ZR5076099<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    703000 | PA      | $678661.39    | 0.37%             | 2028-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Algonquin Power & Utilities Corp.                                             | Algonquin Power & Utilities Corp.                                             | CUSIP: 015857AH8<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |    292000 | PA      | $283762.80    | 0.16%             | 2082-01-18      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| Sasol Financing USA LLC                                                       | Sasol Financing USA LLC                                                       | CUSIP: 80386WAD7<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |    337000 | PA      | $280818.12    | 0.15%             | 2031-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Muthoot Finance Ltd.                                                          | Muthoot Finance Ltd.                                                          | CUSIP: 62828M2D2<br>LEI: 335800HAMJMBFL4RRF02 | Long             | DBT              | CORP              | IN        |    200000 | PA      | $200235.43    | 0.11%             | 2029-04-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance B.V.                                              | Braskem Netherlands Finance B.V.                                              | CUSIP: YU4155195<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |    300000 | PA      | $213600.00    | 0.12%             | 2034-10-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| Turkiye Garanti Bankasi A.S.                                                  | Turkiye Garanti Bankasi A.S.                                                  | CUSIP: YT4495651<br>LEI: 5493002XSS7K7RHN1V37 | Long             | DBT              | CORP              | TR        |    400000 | PA      | $405122.34    | 0.22%             | 2035-01-03      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| Hornbeck Offshore Services, Inc.                                              | Hornbeck Offshore Services, Inc.                                              | CUSIP: 440543A97<br>LEI: 549300PK6DVV6PLLNJ85 | Long             | EC               | CORP              | US        |       323 | NS      | $15302.13     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Communications Co., Ltd.                                              | Bank of Communications Co., Ltd.                                              | CUSIP: BM3619749<br>LEI: 549300AX1UM10U30HK09 | Long             | DBT              | CORP              | CN        |   1300000 | PA      | $1294605.07   | 0.71%             | N/A             | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC              | California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC              | CUSIP: YU6623299<br>LEI: 254900V5SMQ1UP1CLC26 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $303265.20    | 0.17%             | 2032-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Virgin Media Secured Finance PLC                                              | Virgin Media Secured Finance PLC                                              | CUSIP: ZS5390662<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |    581000 | PA      | $568319.12    | 0.31%             | 2029-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| YPF S.A.                                                                      | YPF S.A.                                                                      | CUSIP: N/A<br>LEI: 5493003N7447U18U5U53       | Long             | DBT              | CORP              | AR        |    285942 | PA      | $295985.14    | 0.16%             | 2029-06-30      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| Petrobras Global Finance B.V.                                                 | Petrobras Global Finance B.V.                                                 | CUSIP: 71647NAS8<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    235000 | PA      | $242329.22    | 0.13%             | 2027-01-17      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Merlin Entertainments Group U.S. Holdings Inc.                                | Merlin Entertainments Group U.S. Holdings Inc.                                | CUSIP: ZF4754312<br>LEI: 549300HBQPPKS1187K54 | Long             | DBT              | CORP              | US        |    200000 | PA      | $174757.22    | 0.10%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Turkiye Ihracat Kredi Bankasi A.S.                                            | Turkiye Ihracat Kredi Bankasi A.S.                                            | CUSIP: BQ2220128<br>LEI: 789000JVRVYLAXGDWR11 | Long             | DBT              | NUSS              | TR        |    340000 | PA      | $341101.99    | 0.19%             | 2026-07-06      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Constellation Oil Services Holding S.A.                                       | Constellation Oil Services Holding S.A.                                       | CUSIP: YU7513655<br>LEI: 5493005YJTU769NW5I10 | Long             | DBT              | CORP              | LU        |    300000 | PA      | $307611.00    | 0.17%             | 2029-11-07      | Fixed         | 9.38%                 | No            |                  2 | On Loan: —       |
| Bapco Energies B.S.C. Closed                                                  | Bapco Energies B.S.C. Closed                                                  | CUSIP: 67778NAA6<br>LEI: 549300OBH16L6TS6IW50 | Long             | DBT              | CORP              | BH        |    370000 | PA      | $381121.60    | 0.21%             | 2027-10-25      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Parkland Corp.                                                                | Parkland Corp.                                                                | CUSIP: N/A<br>LEI: 549300UY5C6HUV0XLS53       | Long             | DBT              | CORP              | CA        |    309000 | PA      | $297945.99    | 0.16%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| YPF S.A.                                                                      | YPF S.A.                                                                      | CUSIP: AQ3401082<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    255000 | PA      | $218168.59    | 0.12%             | 2047-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Bapco Energies Sukuk Ltd.                                                     | Bapco Energies Sukuk Ltd.                                                     | CUSIP: N/A<br>LEI: 54930062R6OFRHBRAI29       | Long             | DBT              | CORP              | KY        |    400000 | PA      | $394974.41    | 0.22%             | 2029-04-08      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| Bombardier Inc.                                                               | Bombardier Inc.                                                               | CUSIP: BQ9441370<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    392000 | PA      | $394896.49    | 0.22%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Sable International Finance Ltd.                                              | Sable International Finance Ltd.                                              | CUSIP: YU0318144<br>LEI: 2138009IE9A35LO5JS73 | Long             | DBT              | CORP              | KY        |    388000 | PA      | $388453.18    | 0.21%             | 2032-10-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Rumo Luxembourg S.a.r.l.                                                      | Rumo Luxembourg S.a.r.l.                                                      | CUSIP: BK3124298<br>LEI: 222100HOIQFT7YOSPB46 | Long             | DBT              | CORP              | LU        |    220000 | PA      | $219389.83    | 0.12%             | 2028-01-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceuticals Finance Netherlands B.V.                                 | Teva Pharmaceuticals Finance Netherlands B.V.                                 | CUSIP: 88167AAK7<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    420000 | PA      | $434435.82    | 0.24%             | 2028-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: —       |
| Melco Resorts Finance Ltd.                                                    | Melco Resorts Finance Ltd.                                                    | CUSIP: ZQ7702876<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    490000 | PA      | $469454.69    | 0.26%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Banco do Brasil S.A.                                                          | Banco do Brasil S.A.                                                          | CUSIP: BR4230529<br>LEI: QE0Q0253K88YAGNPE356 | Long             | DBT              | CORP              | BR        |    260000 | PA      | $254887.20    | 0.14%             | 2026-09-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding S.A.                                                    | Itau Unibanco Holding S.A.                                                    | CUSIP: 46556W2E9<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | DBT              | CORP              | BR        |    400000 | PA      | $410250.00    | 0.22%             | 2030-02-27      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MARB Bondco PLC                                                               | MARB Bondco PLC                                                               | CUSIP: BN5536097<br>LEI: 254900PVA1EU6QM1JN57 | Long             | DBT              | CORP              | GB        |    455000 | PA      | $404319.96    | 0.22%             | 2031-01-29      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                                               | Bombardier Inc.                                                               | CUSIP: ZD9697792<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    350000 | PA      | $365909.60    | 0.20%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Wynn Macau, Ltd.                                                              | Wynn Macau, Ltd.                                                              | CUSIP: N/A<br>LEI: 254900NMDQ8ENTHU1I31       | Long             | DBT              | CORP              | KY        |    610000 | PA      | $603725.80    | 0.33%             | 2028-08-26      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Turkiye Vakiflar Bankasi T.A.O.                                               | Turkiye Vakiflar Bankasi T.A.O.                                               | CUSIP: YW0160534<br>LEI: 789000KAIHOLSQKQ9858 | Long             | DBT              | CORP              | TR        |    400000 | PA      | $417455.15    | 0.23%             | 2034-10-05      | Variable      | 8.99%                 | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                                                | ZF North America Capital, Inc.                                                | CUSIP: ZK0624682<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    320000 | PA      | $310424.06    | 0.17%             | 2030-04-14      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Trinidad Generation Unlimited                                                 | Trinidad Generation Unlimited                                                 | CUSIP: YN2527466<br>LEI: N/A                  | Long             | DBT              | CORP              | TT        |    230000 | PA      | $237078.25    | 0.13%             | 2033-06-16      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Empresas Publicas de Medellin E.S.P.                                          | Empresas Publicas de Medellin E.S.P.                                          | CUSIP: AZ6283354<br>LEI: 549300SU25TO8EMXB434 | Long             | DBT              | CORP              | CO        |    400000 | PA      | $370845.20    | 0.20%             | 2029-07-18      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Telecom Argentina S.A.                                                        | Telecom Argentina S.A.                                                        | CUSIP: N/A<br>LEI: 549300MKPIRSJD8SB782       | Long             | DBT              | CORP              | AR        |    430000 | PA      | $444943.36    | 0.24%             | 2033-05-28      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Ambipar Lux S.a.r.l.                                                          | Ambipar Lux S.a.r.l.                                                          | CUSIP: ZF7050296<br>LEI: 9845008C0E14F9BDEK55 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $181460.06    | 0.10%             | 2031-02-06      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Bank of Bahrain and Kuwait B.S.C.                                             | Bank of Bahrain and Kuwait B.S.C.                                             | CUSIP: YX3558583<br>LEI: 549300MCPF5HTBF8ZR90 | Long             | DBT              | CORP              | BH        |    200000 | PA      | $202621.00    | 0.11%             | 2029-06-06      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Mineral Resources Ltd.                                                        | Mineral Resources Ltd.                                                        | CUSIP: ZH1388425<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |    414000 | PA      | $433210.51    | 0.24%             | 2028-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Grupo Nutresa S.A.                                                            | Grupo Nutresa S.A.                                                            | CUSIP: N/A<br>LEI: 254900KKAX7B7RJUE255       | Long             | DBT              | CORP              | CO        |    400000 | PA      | $441326.40    | 0.24%             | 2035-05-12      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance B.V.                                              | Braskem Netherlands Finance B.V.                                              | CUSIP: ZM9567631<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |    460000 | PA      | $328236.88    | 0.18%             | 2033-02-13      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Garda World Security Corp.                                                    | Garda World Security Corp.                                                    | CUSIP: BP5570984<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $196648.60    | 0.11%             | 2029-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Zorlu Enerji Elektrik Uretim A.S.                                             | Zorlu Enerji Elektrik Uretim A.S.                                             | CUSIP: YU5634883<br>LEI: 7890005B5CSNL39OYO75 | Long             | DBT              | CORP              | TR        |    550000 | PA      | $533298.73    | 0.29%             | 2030-04-23      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                                | Ecopetrol S.A.                                                                | CUSIP: 279158AE9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    308000 | PA      | $265660.47    | 0.15%             | 2043-09-18      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| Centrais Eletricas Brasileiras S.A.                                           | Centrais Eletricas Brasileiras S.A.                                           | CUSIP: YV6294339<br>LEI: 254900I8KYDELP4B4Z08 | Long             | DBT              | CORP              | BR        |    460000 | PA      | $457700.00    | 0.25%             | 2035-01-11      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Virgin Media Secured Finance PLC                                              | Virgin Media Secured Finance PLC                                              | CUSIP: BK1321342<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |    410000 | PA      | $381637.51    | 0.21%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Yapi Ve Kredi Bankasi A.S.                                                    | Yapi Ve Kredi Bankasi A.S.                                                    | CUSIP: N/A<br>LEI: B85ZYWEZ5IZCZ2WNIO12       | Long             | DBT              | CORP              | TR        |    290000 | PA      | $312596.72    | 0.17%             | 2028-10-16      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Rakuten Group, Inc.                                                           | Rakuten Group, Inc.                                                           | CUSIP: ZF5958961<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |    750000 | PA      | $814014.80    | 0.44%             | 2027-02-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| Infrabuild Australia Pty Ltd.                                                 | Infrabuild Australia Pty Ltd.                                                 | CUSIP: ZH9839023<br>LEI: 549300W2CPB5W6GFH859 | Long             | DBT              | CORP              | AU        |    293000 | PA      | $319138.53    | 0.17%             | 2028-11-15      | Fixed         | 14.50%                | No            |                  2 | On Loan: No      |
| Grupo Aval Ltd.                                                               | Grupo Aval Ltd.                                                               | CUSIP: ZP7439786<br>LEI: 549300J4FW1ELLQ80113 | Long             | DBT              | CORP              | KY        |    450000 | PA      | $413630.54    | 0.23%             | 2030-02-04      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Wynn Macau, Ltd.                                                              | Wynn Macau, Ltd.                                                              | CUSIP: AP0944896<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    350000 | PA      | $349098.47    | 0.19%             | 2027-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TELUS Corp.                                                                   | TELUS Corp.                                                                   | CUSIP: 87971MCL5<br>LEI: L2TEUTQ8OSHMJWVLCE40 | Long             | DBT              | CORP              | CA        |    290000 | PA      | $293793.23    | 0.16%             | 2055-10-15      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| Braskem Idesa, S.A.P.I.                                                       | Braskem Idesa, S.A.P.I.                                                       | CUSIP: ZQ7727766<br>LEI: YH0V7ZHY352ITDGEYB83 | Long             | DBT              | CORP              | MX        |    420000 | PA      | $296697.73    | 0.16%             | 2029-11-15      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| Caixa Economica Federal                                                       | Caixa Economica Federal                                                       | CUSIP: 12804DAA2<br>LEI: 254900EX2KZ57WQ1PL07 | Long             | DBT              | CORP              | BR        |    400000 | PA      | $401150.00    | 0.22%             | 2030-05-13      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                           | Petroleos Mexicanos                                                           | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    500000 | PA      | $476911.70    | 0.26%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                                | Ecopetrol S.A.                                                                | CUSIP: 279158AP4<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    410000 | PA      | $354337.42    | 0.19%             | 2031-11-02      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Petroleos del Peru S.A. - Petroperu S.A.                                      | Petroleos del Peru S.A. - Petroperu S.A.                                      | CUSIP: AN9553354<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |    900000 | PA      | $607480.74    | 0.33%             | 2047-06-19      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Akbank Turk A.S.                                                              | Akbank Turk A.S.                                                              | CUSIP: YX7312383<br>LEI: 789000TUMN63Z28TJ497 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $205939.12    | 0.11%             | 2030-01-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Parkland Corp.                                                                | Parkland Corp.                                                                | CUSIP: AZ3026384<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |    190000 | PA      | $190324.95    | 0.10%             | 2027-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VistaJet Malta Finance PLC / Vista Management Holding Inc.                    | VistaJet Malta Finance PLC / Vista Management Holding Inc.                    | CUSIP: ZK4624035<br>LEI: N/A                  | Long             | DBT              | CORP              | MT        |    200000 | PA      | $205192.80    | 0.11%             | 2028-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Instituto Costarricense de Electricidad                                       | Instituto Costarricense de Electricidad                                       | CUSIP: EJ6716355<br>LEI: 5493009VA6AFUB2Q0289 | Long             | DBT              | CORP              | CR        |    220000 | PA      | $202890.60    | 0.11%             | 2043-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Methanex Corp.                                                                | Methanex Corp.                                                                | CUSIP: 59151KAL2<br>LEI: 549300TSJHRXT9QXRD13 | Long             | DBT              | CORP              | CA        |    365000 | PA      | $361841.36    | 0.20%             | 2029-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| SierraCol Energy Andina, LLC                                                  | SierraCol Energy Andina, LLC                                                  | CUSIP: BQ0667122<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    270000 | PA      | $253555.68    | 0.14%             | 2028-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SoftBank Group Corp.                                                          | SoftBank Group Corp.                                                          | CUSIP: BQ3265338<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |    610000 | PA      | $572290.73    | 0.31%             | 2031-07-06      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| OTP Bank Nyrt.                                                                | OTP Bank Nyrt.                                                                | CUSIP: ZM8879722<br>LEI: 529900W3MOO00A18X956 | Long             | DBT              | CORP              | HU        |    240000 | PA      | $257840.21    | 0.14%             | 2033-05-15      | Variable      | 8.75%                 | No            |                  2 | On Loan: No      |
| Turkiye Vakiflar Bankasi T.A.O.                                               | Turkiye Vakiflar Bankasi T.A.O.                                               | CUSIP: BR3780771<br>LEI: 789000KAIHOLSQKQ9858 | Long             | DBT              | CORP              | TR        |    235000 | PA      | $236224.43    | 0.13%             | 2026-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Petrobras Global Finance B.V.                                                 | Petrobras Global Finance B.V.                                                 | CUSIP: 71645WAQ4<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    268000 | PA      | $268941.67    | 0.15%             | 2040-01-20      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Petroleos del Peru S.A. - Petroperu S.A.                                      | Petroleos del Peru S.A. - Petroperu S.A.                                      | CUSIP: AN9551200<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |    390000 | PA      | $311990.25    | 0.17%             | 2032-06-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TGS ASA                                                                       | TGS ASA                                                                       | CUSIP: YT3439825<br>LEI: 549300NUPLAXPB0WYH90 | Long             | DBT              | CORP              | NO        |    300000 | PA      | $306777.15    | 0.17%             | 2030-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                                                            | Vodafone Group PLC                                                            | CUSIP: 92857WBQ2<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    921000 | PA      | $963866.10    | 0.53%             | 2079-04-04      | Variable      | 7.00%                 | No            |                  2 | On Loan: —       |
| JSC Georgian Railway                                                          | JSC Georgian Railway                                                          | CUSIP: BQ0158239<br>LEI: 2138005UZV4ZT2B2ZO19 | Long             | DBT              | CORP              | GE        |    220000 | PA      | $202465.28    | 0.11%             | 2028-06-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RB Global Holdings Inc.                                                       | RB Global Holdings Inc.                                                       | CUSIP: ZL3470073<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |    308000 | PA      | $323166.54    | 0.18%             | 2031-03-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| WE Soda Investments Holding PLC                                               | WE Soda Investments Holding PLC                                               | CUSIP: ZH1040968<br>LEI: 984500SE38C07DB47A90 | Long             | DBT              | CORP              | GB        |    380000 | PA      | $396574.81    | 0.22%             | 2028-10-06      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Avianca Midco 2 PLC                                                           | Avianca Midco 2 PLC                                                           | CUSIP: YR1272081<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    350000 | PA      | $325816.75    | 0.18%             | 2030-02-14      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Global Aircraft Leasing Co., Ltd.                                             | Global Aircraft Leasing Co., Ltd.                                             | CUSIP: YV0565742<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    415000 | PA      | $429063.40    | 0.23%             | 2027-09-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Eldorado Gold Corp.                                                           | Eldorado Gold Corp.                                                           | CUSIP: BQ9582850<br>LEI: 5493004PWQ01YDD1IH62 | Long             | DBT              | CORP              | CA        |    195000 | PA      | $195437.05    | 0.11%             | 2029-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Ziggo B.V.                                                                    | Ziggo B.V.                                                                    | CUSIP: ZQ1853774<br>LEI: 213800TQASLF9JXH5J59 | Long             | DBT              | CORP              | NL        |    531000 | PA      | $491018.89    | 0.27%             | 2030-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Wynn Macau, Ltd.                                                              | Wynn Macau, Ltd.                                                              | CUSIP: ZQ9658860<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    428000 | PA      | $412121.20    | 0.23%             | 2029-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Iliad Holding                                                                 | Iliad Holding                                                                 | CUSIP: ZB8089847<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    420000 | PA      | $450849.40    | 0.25%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Braskem America Finance Co.                                                   | Braskem America Finance Co.                                                   | CUSIP: N/A<br>LEI: 254900QMQAJ26H49CL75       | Long             | DBT              | CORP              | US        |    320000 | PA      | $212977.41    | 0.12%             | 2041-07-22      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Turkiye Cumhuriyeti Ziraat Bankasi A.S.                                       | Turkiye Cumhuriyeti Ziraat Bankasi A.S.                                       | CUSIP: ZB6532897<br>LEI: 213800K5KTZFSUS8MR51 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $208605.94    | 0.11%             | 2034-08-02      | Variable      | 8.99%                 | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                                          | NOVA Chemicals Corp.                                                          | CUSIP: BP2953555<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |    220000 | PA      | $210290.30    | 0.11%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Methanex Corp.                                                                | Methanex Corp.                                                                | CUSIP: 59151KAM0<br>LEI: 549300TSJHRXT9QXRD13 | Long             | DBT              | CORP              | CA        |    279000 | PA      | $277816.93    | 0.15%             | 2027-10-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Total Play Telecomunicaciones, S.A.P.I. de C.V.                               | Total Play Telecomunicaciones, S.A.P.I. de C.V.                               | CUSIP: YR3832791<br>LEI: 4469000001BSAPAMOQ06 | Long             | DBT              | CORP              | MX        |    500000 | PA      | $482462.54    | 0.26%             | 2032-12-31      | Fixed         | 11.12%                | No            |                  2 | On Loan: No      |
| Puma International Financing S.A.                                             | Puma International Financing S.A.                                             | CUSIP: ZB3882097<br>LEI: 222100YFBPO7IDRUBR17 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $206942.60    | 0.11%             | 2029-04-25      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Rail Capital Markets PLC                                                      | Rail Capital Markets PLC                                                      | CUSIP: AZ4590826<br>LEI: 213800IW9C7PR3HKI783 | Long             | DBT              | CORP              | GB        |    236403 | PA      | $196891.16    | 0.11%             | 2026-07-09      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Greentown China Holdings Ltd.                                                 | Greentown China Holdings Ltd.                                                 | CUSIP: YR5034735<br>LEI: 529900BLBC6YDNWS8530 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $205639.79    | 0.11%             | 2028-02-24      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| Pakistan Water & Power Development Authority                                  | Pakistan Water & Power Development Authority                                  | CUSIP: BP8111539<br>LEI: 213800UA74QOTK6IES10 | Long             | DBT              | NUSS              | PK        |    235000 | PA      | $209933.77    | 0.11%             | 2031-06-04      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Taseko Mines Ltd.                                                             | Taseko Mines Ltd.                                                             | CUSIP: ZB2893160<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $209076.69    | 0.11%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Electricite de France                                                         | Electricite de France                                                         | CUSIP: ZK9266931<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    620000 | PA      | $711992.50    | 0.39%             | N/A             | Variable      | 9.12%                 | No            |                  2 | On Loan: —       |
| VistaJet Malta Finance PLC / Vista Management Holding Inc.                    | VistaJet Malta Finance PLC / Vista Management Holding Inc.                    | CUSIP: BW0228807<br>LEI: 5299001UK94VGT0CPQ36 | Long             | DBT              | CORP              | MT        |    195000 | PA      | $195855.47    | 0.11%             | 2027-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Altice Financing S.A.                                                         | Altice Financing S.A.                                                         | CUSIP: ZP3771927<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    440000 | PA      | $353088.69    | 0.19%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sasol Financing USA LLC                                                       | Sasol Financing USA LLC                                                       | CUSIP: 80386WAC9<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |    190000 | PA      | $188394.65    | 0.10%             | 2026-09-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Westwood Group Holdings Ltd.                                                  | Westwood Group Holdings Ltd.                                                  | CUSIP: BN4783401<br>LEI: 3003007KOE53GY4D8864 | Long             | DBT              | CORP              | HK        |    200000 | PA      | $198460.40    | 0.11%             | 2026-01-20      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Saturn Oil & Gas Inc.                                                         | Saturn Oil & Gas Inc.                                                         | CUSIP: YX5550711<br>LEI: 549300G6BWJ7K6PIIY73 | Long             | DBT              | CORP              | CA        |    234000 | PA      | $231925.89    | 0.13%             | 2029-06-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Ardonagh Group Finance Ltd.                                                   | Ardonagh Group Finance Ltd.                                                   | CUSIP: ZF8261215<br>LEI: 254900SRT1BTAJ76NW62 | Long             | DBT              | CORP              | JE        |    700000 | PA      | $736764.00    | 0.40%             | 2032-02-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Garrett Motion Holdings Inc / Garrett LX I S.a.r.l.                           | Garrett Motion Holdings Inc / Garrett LX I S.a.r.l.                           | CUSIP: ZB9210434<br>LEI: 5493001N1N6Z0SR83G07 | Long             | DBT              | CORP              | US        |    325000 | PA      | $337535.29    | 0.18%             | 2032-05-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceuticals Finance Netherlands B.V.                                 | Teva Pharmaceuticals Finance Netherlands B.V.                                 | CUSIP: 88167AAR2<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    188000 | PA      | $212891.95    | 0.12%             | 2031-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Turkiye Garanti Bankasi A.S.                                                  | Turkiye Garanti Bankasi A.S.                                                  | CUSIP: ZD1754278<br>LEI: 5493002XSS7K7RHN1V37 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $204632.76    | 0.11%             | 2034-02-28      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| Lcpr Senior Secured Financing DAC                                             | Lcpr Senior Secured Financing DAC                                             | CUSIP: N/A<br>LEI: 549300LE5FM8IKMXSP90       | Long             | DBT              | CORP              | IE        |    370000 | PA      | $251884.57    | 0.14%             | 2029-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Heritage Petroleum Co. Ltd.                                                   | Heritage Petroleum Co. Ltd.                                                   | CUSIP: BW3729926<br>LEI: 25490055MYPABN06OA04 | Long             | DBT              | CORP              | TT        |    220000 | PA      | $226919.00    | 0.12%             | 2029-08-12      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                           | Petroleos Mexicanos                                                           | CUSIP: 71654QBE1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     50000 | PA      | $35905.20     | 0.02%             | 2044-06-27      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State Oil Co. of Azerbaijan Republic (The)                                    | State Oil Co. of Azerbaijan Republic (The)                                    | CUSIP: EK7906770<br>LEI: 2549002HARR1VE257O76 | Long             | DBT              | CORP              | AZ        |    340000 | PA      | $362182.24    | 0.20%             | 2030-03-18      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| IHS Holding Ltd.                                                              | IHS Holding Ltd.                                                              | CUSIP: YT2657856<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |    150000 | PA      | $152214.70    | 0.08%             | 2030-05-29      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Agrosuper S.A.                                                                | Agrosuper S.A.                                                                | CUSIP: BT5013623<br>LEI: 5493006KNWOGYPTZZ371 | Long             | DBT              | CORP              | CL        |    220000 | PA      | $206258.47    | 0.11%             | 2032-01-20      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Studio City Finance Ltd.                                                      | Studio City Finance Ltd.                                                      | CUSIP: BN3023114<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | CORP              | VG        |    483000 | PA      | $446908.36    | 0.24%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| 1011778 BC ULC / New Red Finance Inc.                                         | 1011778 BC ULC / New Red Finance Inc.                                         | CUSIP: ZQ6200138<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    387000 | PA      | $378609.26    | 0.21%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| OCP S.A.                                                                      | OCP S.A.                                                                      | CUSIP: ZB6265712<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    610000 | PA      | $635754.33    | 0.35%             | 2034-05-02      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Telefonica Moviles Chile, S.A.                                                | Telefonica Moviles Chile, S.A.                                                | CUSIP: BS4149834<br>LEI: 549300PDWJ2U6A15B785 | Long             | DBT              | CORP              | CL        |    280000 | PA      | $184450.00    | 0.10%             | 2031-11-18      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Co., Ltd.                                                        | Nissan Motor Co., Ltd.                                                        | CUSIP: N/A<br>LEI: 353800DRBDH1LUTNAY26       | Long             | DBT              | CORP              | JP        |   1070000 | PA      | $1044502.09   | 0.57%             | 2027-09-17      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                                | Ecopetrol S.A.                                                                | CUSIP: 279158AQ2<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    230000 | PA      | $157191.59    | 0.09%             | 2051-11-02      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LATAM Airlines Group S.A.                                                     | LATAM Airlines Group S.A.                                                     | CUSIP: YU2172903<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |    700000 | PA      | $725025.00    | 0.40%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Bell Canada                                                                   | Bell Canada                                                                   | CUSIP: 0778FPAQ2<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |    550000 | PA      | $559564.54    | 0.31%             | 2055-09-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| B3 S.A. - Brasil, Bolsa, Balcao                                               | B3 S.A. - Brasil, Bolsa, Balcao                                               | CUSIP: BR4699608<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | DBT              | CORP              | BR        |    260000 | PA      | $237050.04    | 0.13%             | 2031-09-20      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Telecommunications Co. Telekom Srbija Akcionarsko drustvo, Belgrade           | Telecommunications Co. Telekom Srbija Akcionarsko drustvo, Belgrade           | CUSIP: YU5616278<br>LEI: 254900OVY0XI1DFYC092 | Long             | DBT              | CORP              | RS        |    500000 | PA      | $501155.07    | 0.27%             | 2029-10-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Petrobras Global Finance B.V.                                                 | Petrobras Global Finance B.V.                                                 | CUSIP: 71647NBL2<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    375000 | PA      | $364025.63    | 0.20%             | 2035-01-13      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MC Brazil Downstream Trading S.a.r.l.                                         | MC Brazil Downstream Trading S.a.r.l.                                         | CUSIP: BQ5328001<br>LEI: 213800T2A7R9TYNXZI63 | Long             | DBT              | CORP              | LU        |    757133 | PA      | $618577.94    | 0.34%             | 2031-06-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                           | Petroleos Mexicanos                                                           | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    590000 | PA      | $500549.29    | 0.27%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| Omniyat Sukuk 1 Ltd.                                                          | Omniyat Sukuk 1 Ltd.                                                          | CUSIP: YP9308733<br>LEI: 254900RFKE3XFTFFLM58 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $207047.08    | 0.11%             | 2028-05-06      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| 1011778 BC ULC / New Red Finance Inc.                                         | 1011778 BC ULC / New Red Finance Inc.                                         | CUSIP: YV5650994<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    225000 | PA      | $226624.05    | 0.12%             | 2029-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                    | Rogers Communications Inc.                                                    | CUSIP: BU2200717<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    302000 | PA      | $298290.45    | 0.16%             | 2082-03-15      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Aegea Finance S.a.r.l.                                                        | Aegea Finance S.a.r.l.                                                        | CUSIP: ZH1642664<br>LEI: 213800V6WTKUT1XWIZ47 | Long             | DBT              | CORP              | LU        |    400000 | PA      | $430294.53    | 0.24%             | 2031-01-20      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| N/A                                                                           | Hornbeck Offshore Services, Inc., Wrts. 2049-12-31                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |      3246 | NS      | $153779.25    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Virgin Media Finance PLC                                                      | Virgin Media Finance PLC                                                      | CUSIP: BJ8087808<br>LEI: 2138001LVYC87DDHT482 | Long             | DBT              | CORP              | GB        |    420000 | PA      | $379030.30    | 0.21%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energean Israel Finance Ltd.                                                  | Energean Israel Finance Ltd.                                                  | CUSIP: N/A<br>LEI: 98450044QACBL3F8EB03       | Long             | DBT              | CORP              | IL        |    220000 | PA      | $206225.19    | 0.11%             | 2031-03-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Amer Sports Co.                                                               | Amer Sports Co.                                                               | CUSIP: ZF8711128<br>LEI: 549300NRKH9WF70VFC95 | Long             | DBT              | CORP              | US        |    330000 | PA      | $343550.13    | 0.19%             | 2031-02-16      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Petrobras Global Finance B.V.                                                 | Petrobras Global Finance B.V.                                                 | CUSIP: 71647NBK4<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    390000 | PA      | $401530.35    | 0.22%             | 2033-07-03      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| Vedanta Resources Finance II PLC                                              | Vedanta Resources Finance II PLC                                              | CUSIP: YV5275545<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $512181.25    | 0.28%             | 2029-09-17      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| Global Auto Holdings Ltd./AAG FH UK Ltd.                                      | Global Auto Holdings Ltd./AAG FH UK Ltd.                                      | CUSIP: YT2014710<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    200000 | PA      | $198701.48    | 0.11%             | 2029-08-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| Nissan Motor Co., Ltd.                                                        | Nissan Motor Co., Ltd.                                                        | CUSIP: N/A<br>LEI: 353800DRBDH1LUTNAY26       | Long             | DBT              | CORP              | JP        |    680000 | PA      | $678635.78    | 0.37%             | 2025-09-17      | Fixed         | 3.52%                 | No            |                  2 | On Loan: No      |
| Banco Votorantim S.A.                                                         | Banco Votorantim S.A.                                                         | CUSIP: YQ9289196<br>LEI: X2EUTZGMHS8RBQFIUS93 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $204100.00    | 0.11%             | 2028-04-08      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Kosmos Energy Ltd.                                                            | Kosmos Energy Ltd.                                                            | CUSIP: YV7141778<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |    200000 | PA      | $154348.82    | 0.08%             | 2031-10-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Turkiye Cumhuriyeti Ziraat Bankasi A.S.                                       | Turkiye Cumhuriyeti Ziraat Bankasi A.S.                                       | CUSIP: YR0372627<br>LEI: 213800K5KTZFSUS8MR51 | Long             | DBT              | CORP              | TR        |    400000 | PA      | $402248.69    | 0.22%             | 2030-02-04      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Bank muscat SAOG                                                              | Bank muscat SAOG                                                              | CUSIP: N/A<br>LEI: 549300HC6W6OEXV7SY67       | Long             | DBT              | CORP              | OM        |    220000 | PA      | $219847.22    | 0.12%             | 2026-03-17      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Global Auto Holdings Ltd./AAG FH UK Ltd.                                      | Global Auto Holdings Ltd./AAG FH UK Ltd.                                      | CUSIP: ZF2213337<br>LEI: 984500ADEF1BB0584352 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $186280.06    | 0.10%             | 2029-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Avianca Midco 2 PLC                                                           | Avianca Midco 2 PLC                                                           | CUSIP: YR6469161<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    450000 | PA      | $430312.50    | 0.24%             | 2028-12-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Canpack S.A. / Canpack US LLC                                                 | Canpack S.A. / Canpack US LLC                                                 | CUSIP: BR7805434<br>LEI: 259400TS8W5E4ILGVP08 | Long             | DBT              | CORP              | PL        |    300000 | PA      | $279688.02    | 0.15%             | 2029-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Shriram Finance Ltd.                                                          | Shriram Finance Ltd.                                                          | CUSIP: ZF3604971<br>LEI: 335800TM2YO24B76XL26 | Long             | DBT              | CORP              | IN        |    300000 | PA      | $306110.40    | 0.17%             | 2027-04-22      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Invesco Private Prime Fund                                                    | Invesco Private Prime Fund                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |  10179497 | NS      | $10179497.49  | 5.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                                                            | Vodafone Group PLC                                                            | CUSIP: 92857WBV1<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    188000 | PA      | $183202.91    | 0.10%             | 2081-06-04      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Open Text Corp.                                                               | Open Text Corp.                                                               | CUSIP: BS3919278<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |    391000 | PA      | $366372.08    | 0.20%             | 2029-12-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VMED 02 UK Financing I PLC                                                    | VMED 02 UK Financing I PLC                                                    | CUSIP: ZB0487205<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $312886.50    | 0.17%             | 2032-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Albion Financing 1 S.a.r.l. / Aggreko Holdings Inc.                           | Albion Financing 1 S.a.r.l. / Aggreko Holdings Inc.                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | LU        |    580000 | PA      | $598435.88    | 0.33%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Ithaca Energy (North sea) PLC                                                 | Ithaca Energy (North sea) PLC                                                 | CUSIP: YU4054182<br>LEI: 213800BMMUN3AKWBIO91 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $258352.75    | 0.14%             | 2029-10-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: —       |
| SoftBank Group Corp.                                                          | SoftBank Group Corp.                                                          | CUSIP: YX9778581<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $204384.00    | 0.11%             | 2031-07-08      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Limak Yenilenebilir Enerji AS                                                 | Limak Yenilenebilir Enerji AS                                                 | CUSIP: YR1215304<br>LEI: 789000WFO2FHRONHFN18 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $199741.91    | 0.11%             | 2030-08-12      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Jones Deslauriers Insurance Management Inc.                                   | Jones Deslauriers Insurance Management Inc.                                   | CUSIP: ZL3807886<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |    276000 | PA      | $291447.37    | 0.16%             | 2030-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Seaspan Corp.                                                                 | Seaspan Corp.                                                                 | CUSIP: BQ4175213<br>LEI: 5493007Z8Q1H45KT7W98 | Long             | DBT              | CORP              | MH        |    287000 | PA      | $273537.40    | 0.15%             | 2029-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OQ SAOC                                                                       | OQ SAOC                                                                       | CUSIP: BP2701194<br>LEI: 549300YK417GKI6EQ392 | Long             | DBT              | CORP              | OM        |    340000 | PA      | $342240.60    | 0.19%             | 2028-05-06      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                    | Rogers Communications Inc.                                                    | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    480000 | PA      | $491430.45    | 0.27%             | 2055-04-15      | Variable      | 7.12%                 | No            |                  2 | On Loan: —       |
| Fortescue Treasury Pty Ltd.                                                   | Fortescue Treasury Pty Ltd.                                                   | CUSIP: N/A<br>LEI: 549300EFD6S2NFE9D745       | Long             | DBT              | CORP              | AU        |    644000 | PA      | $603866.37    | 0.33%             | 2031-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                                        | Standard Chartered PLC                                                        | CUSIP: 853254AC4<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $310230.00    | 0.17%             | N/A             | Variable      | 7.01%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                                               | Bombardier Inc.                                                               | CUSIP: YX2556307<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    360000 | PA      | $372866.04    | 0.20%             | 2032-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc.                       | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc.                       | CUSIP: AZ8555858<br>LEI: 6354001JXMLKNZDZR978 | Long             | DBT              | CORP              | IE        |    350000 | PA      | $345931.25    | 0.19%             | 2026-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                                                   | First Quantum Minerals Ltd.                                                   | CUSIP: YR6850774<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    350000 | PA      | $361085.26    | 0.20%             | 2033-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                           | Petroleos Mexicanos                                                           | CUSIP: 71654QDL3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    125000 | PA      | $131810.25    | 0.07%             | 2029-06-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                                           | Codere Online Luxembourg, S.A., Wrts. 2034-10-15                              | CUSIP: WTBDS6DJ0<br>LEI: N/A                  | N/A              | DE               |  | N/A       |        10 | NS      | $45.78        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| OCP S.A.                                                                      | OCP S.A.                                                                      | CUSIP: YP8442608<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    300000 | PA      | $305674.13    | 0.17%             | 2030-04-30      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Bapco Energies Sukuk Ltd.                                                     | Bapco Energies Sukuk Ltd.                                                     | CUSIP: YS5962081<br>LEI: 54930062R6OFRHBRAI29 | Long             | DBT              | CORP              | KY        |    350000 | PA      | $355650.60    | 0.19%             | 2035-01-29      | Fixed         | 6.25%                 | No            |                  2 | On Loan: —       |
| Vodafone Group PLC                                                            | Vodafone Group PLC                                                            | CUSIP: 92857WBW9<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    430000 | PA      | $396671.13    | 0.22%             | 2081-06-04      | Variable      | 4.12%                 | No            |                  2 | On Loan: —       |
| Kedrion S.p.A.                                                                | Kedrion S.p.A.                                                                | CUSIP: ZK2477691<br>LEI: 81560047FA58E1BEDF67 | Long             | DBT              | CORP              | IT        |    400000 | PA      | $387378.04    | 0.21%             | 2029-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Akbank Turk A.S.                                                              | Akbank Turk A.S.                                                              | CUSIP: 00971YAH3<br>LEI: 789000TUMN63Z28TJ497 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $201890.16    | 0.11%             | 2026-02-06      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Biocon Biologics Global PLC                                                   | Biocon Biologics Global PLC                                                   | CUSIP: YU2449483<br>LEI: 254900PMQN51VACG2D55 | Long             | DBT              | CORP              | GB        |    370000 | PA      | $348535.26    | 0.19%             | 2029-10-09      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| Energean Israel Finance Ltd.                                                  | Energean Israel Finance Ltd.                                                  | CUSIP: N/A<br>LEI: 98450044QACBL3F8EB03       | Long             | DBT              | CORP              | IL        |    220000 | PA      | $217924.85    | 0.12%             | 2026-03-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GFL Environmental Inc.                                                        | GFL Environmental Inc.                                                        | CUSIP: BP8841762<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    386000 | PA      | $377720.72    | 0.21%             | 2029-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Arada Sukuk Ltd.                                                              | Arada Sukuk Ltd.                                                              | CUSIP: BW9298074<br>LEI: 549300F4ZUCO6Z48KC28 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $205404.20    | 0.11%             | 2027-06-08      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Altice Financing S.A.                                                         | Altice Financing S.A.                                                         | CUSIP: BQ8379779<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |    820000 | PA      | $628858.90    | 0.34%             | 2029-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                                               | Bombardier Inc.                                                               | CUSIP: ZH9846903<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    310000 | PA      | $333985.94    | 0.18%             | 2030-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance B.V.                                              | Braskem Netherlands Finance B.V.                                              | CUSIP: ZQ3579112<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |    640000 | PA      | $454990.19    | 0.25%             | 2030-01-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Connect Finco S.a.r.l. / Connect US Finco LLC                                 | Connect Finco S.a.r.l. / Connect US Finco LLC                                 | CUSIP: YV6840552<br>LEI: 2594001KNYIQ456J2792 | Long             | DBT              | CORP              | LU        |    800000 | PA      | $808848.80    | 0.44%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| 3R Lux                                                                        | 3R Lux                                                                        | CUSIP: ZF6674948<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    200000 | PA      | $206500.00    | 0.11%             | 2031-02-05      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| eG Global Finance PLC                                                         | eG Global Finance PLC                                                         | CUSIP: ZH9877197<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $442471.20    | 0.24%             | 2028-11-30      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Bangkok Bank PCL                                                              | Bangkok Bank PCL                                                              | CUSIP: ZR6527587<br>LEI: 549300CCL2BKJGMYXV60 | Long             | DBT              | CORP              | TH        |    490000 | PA      | $456406.15    | 0.25%             | 2034-09-25      | Variable      | 3.73%                 | No            |                  2 | On Loan: No      |
| CA Magnum Holdings                                                            | CA Magnum Holdings                                                            | CUSIP: BS0713898<br>LEI: 549300ZRDHFR078MFZ78 | Long             | DBT              | CORP              | MU        |    400000 | PA      | $398467.40    | 0.22%             | 2026-10-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| China CITIC Bank International Ltd.                                           | China CITIC Bank International Ltd.                                           | CUSIP: BQ6456355<br>LEI: 54930034UPFJV0NHXV95 | Long             | DBT              | CORP              | HK        |    270000 | PA      | $266878.84    | 0.15%             | N/A             | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Pegasus Hava Tasimaciligi A.S.                                                | Pegasus Hava Tasimaciligi A.S.                                                | CUSIP: YV5345876<br>LEI: 789000B1MW5PQ58A8T03 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $202966.50    | 0.11%             | 2031-09-11      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Turkiye Is Bankasi A.S.                                                       | Turkiye Is Bankasi A.S.                                                       | CUSIP: YX5605689<br>LEI: 789000FIRX9MDN0KTM91 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $206935.08    | 0.11%             | 2029-06-12      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Fortescue Treasury Pty Ltd.                                                   | Fortescue Treasury Pty Ltd.                                                   | CUSIP: BV7721749<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    319000 | PA      | $323236.02    | 0.18%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Allwyn Entertainment Financing (UK) PLC                                       | Allwyn Entertainment Financing (UK) PLC                                       | CUSIP: ZK2715520<br>LEI: 315700J7ZTIN8XGCX365 | Long             | DBT              | CORP              | GB        |    310000 | PA      | $322903.75    | 0.18%             | 2029-04-30      | Fixed         | 7.88%                 | No            |                  2 | On Loan: —       |
| CFAMC IV Co., Ltd.                                                            | CFAMC IV Co., Ltd.                                                            | CUSIP: ZS8235450<br>LEI: 549300M6T6OW4AGYHK10 | Long             | DBT              | CORP              | VG        |    200000 | PA      | $195874.00    | 0.11%             | 2029-05-29      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RLGH Finance Bermuda Ltd.                                                     | RLGH Finance Bermuda Ltd.                                                     | CUSIP: YW2571415<br>LEI: 549300JARQYXR76TRX40 | Long             | DBT              | CORP              | BM        |    200000 | PA      | $223948.90    | 0.12%             | 2031-07-17      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Energean Israel Finance Ltd.                                                  | Energean Israel Finance Ltd.                                                  | CUSIP: 29290WAA5<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |    380000 | PA      | $394521.29    | 0.22%             | 2033-09-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| 180 Medical Inc.                                                              | 180 Medical Inc.                                                              | CUSIP: BR7266975<br>LEI: 254900ZB648OPWVFVX59 | Long             | DBT              | CORP              | US        |    220000 | PA      | $208568.54    | 0.11%             | 2029-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Ardonagh Finco Ltd.                                                           | Ardonagh Finco Ltd.                                                           | CUSIP: ZF8261165<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |    650000 | PA      | $678295.80    | 0.37%             | 2031-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Tru Taj LLC                                                                   | Tru Taj LLC                                                                   | CUSIP: 872XXLAA8<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2156 | NS      | $2156.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GFL Environmental Inc.                                                        | GFL Environmental Inc.                                                        | CUSIP: ZG4348964<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $415035.08    | 0.23%             | 2031-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Grifols, S.A.                                                                 | Grifols, S.A.                                                                 | CUSIP: BR6435274<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    288000 | PA      | $277680.47    | 0.15%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RB Global Holdings Inc.                                                       | RB Global Holdings Inc.                                                       | CUSIP: ZL3470065<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |    210000 | PA      | $215227.17    | 0.12%             | 2028-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                                               | Bombardier Inc.                                                               | CUSIP: ZM5068154<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    287000 | PA      | $298311.24    | 0.16%             | 2029-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Ford Otomotiv Sanayi A.S.                                                     | Ford Otomotiv Sanayi A.S.                                                     | CUSIP: ZB3746714<br>LEI: 7890006XJG6ZE2H34671 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $202201.10    | 0.11%             | 2029-04-25      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                                          | IHO Verwaltungs GmbH                                                          | CUSIP: YU1799292<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $205451.20    | 0.11%             | 2030-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| West China Cement Ltd.                                                        | West China Cement Ltd.                                                        | CUSIP: BQ3057743<br>LEI: 529900MMG3NBTIWPPR63 | Long             | DBT              | CORP              | JE        |    220000 | PA      | $203177.15    | 0.11%             | 2026-07-08      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Investment Energy Resources Ltd.                                              | Investment Energy Resources Ltd.                                              | CUSIP: BP1279812<br>LEI: 254900A71Y7WHN7L5K89 | Long             | DBT              | CORP              | BM        |    290000 | PA      | $284966.43    | 0.16%             | 2029-04-26      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                           | Petroleos Mexicanos                                                           | CUSIP: 706451BG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    185000 | PA      | $165025.16    | 0.09%             | 2035-06-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Ecobank Transnational Inc.                                                    | Ecobank Transnational Inc.                                                    | CUSIP: YU3398564<br>LEI: 213800USCE9Y111R4656 | Long             | DBT              | CORP              | TG        |    200000 | PA      | $210999.45    | 0.12%             | 2029-10-15      | Fixed         | 10.12%                | No            |                  2 | On Loan: No      |
| Eregli Demir ve Celik Fabrikalari TAS                                         | Eregli Demir ve Celik Fabrikalari TAS                                         | CUSIP: YW3226241<br>LEI: 789000VYQF5IDGG49908 | Long             | DBT              | CORP              | TR        |    525000 | PA      | $544725.60    | 0.30%             | 2029-07-23      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Melco Resorts Finance Ltd.                                                    | Melco Resorts Finance Ltd.                                                    | CUSIP: AZ5835659<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    270000 | PA      | $269591.60    | 0.15%             | 2027-07-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| XP Inc.                                                                       | XP Inc.                                                                       | CUSIP: YW0531510<br>LEI: 5493008KDA8NBZRJST80 | Long             | DBT              | CORP              | KY        |    170000 | PA      | $173535.66    | 0.09%             | 2029-07-02      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| 1011778 BC ULC / New Red Finance Inc.                                         | 1011778 BC ULC / New Red Finance Inc.                                         | CUSIP: YX5951794<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    600000 | PA      | $613900.80    | 0.34%             | 2029-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: —       |
| Petroleos Mexicanos                                                           | Petroleos Mexicanos                                                           | CUSIP: 71654QBW1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     70000 | PA      | $69486.28     | 0.04%             | 2026-01-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Melco Resorts Finance Ltd.                                                    | Melco Resorts Finance Ltd.                                                    | CUSIP: BK5234384<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    430000 | PA      | $422084.08    | 0.23%             | 2028-07-21      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| YPF S.A.                                                                      | YPF S.A.                                                                      | CUSIP: ZF2875770<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |    310000 | PA      | $328235.75    | 0.18%             | 2031-01-17      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| SoftBank Group Corp.                                                          | SoftBank Group Corp.                                                          | CUSIP: BQ3265312<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |    300000 | PA      | $295949.67    | 0.16%             | 2026-07-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Aydem Yenilenebilir Enerji A.S.                                               | Aydem Yenilenebilir Enerji A.S.                                               | CUSIP: BQ6044557<br>LEI: 9845009C50EDA74OA532 | Long             | DBT              | CORP              | TR        |    279000 | PA      | $276772.32    | 0.15%             | 2027-02-02      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                                                | ZF North America Capital, Inc.                                                | CUSIP: ZB5038797<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    365000 | PA      | $347594.28    | 0.19%             | 2030-04-23      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fortescue Treasury Pty Ltd.                                                   | Fortescue Treasury Pty Ltd.                                                   | CUSIP: BV7721772<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    316000 | PA      | $322514.34    | 0.18%             | 2032-04-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Mineral Resources Ltd.                                                        | Mineral Resources Ltd.                                                        | CUSIP: BW1328580<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |    242000 | PA      | $247980.49    | 0.14%             | 2030-05-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Banco BTG Pactual S.A.                                                        | Banco BTG Pactual S.A.                                                        | CUSIP: 05971BAG4<br>LEI: 2549002JHJ73KGETOK78 | Long             | DBT              | CORP              | BR        |    220000 | PA      | $217449.43    | 0.12%             | 2026-01-11      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Wynn Macau, Ltd.                                                              | Wynn Macau, Ltd.                                                              | CUSIP: BK0125967<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    500000 | PA      | $499731.10    | 0.27%             | 2026-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Borr IHC Ltd. / Borr Finance LLC                                              | Borr IHC Ltd. / Borr Finance LLC                                              | CUSIP: ZH6885383<br>LEI: 254900WQF2MM46DNLY83 | Long             | DBT              | CORP              | US        |    277791 | PA      | $262450.24    | 0.14%             | 2030-11-15      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                                | Ecopetrol S.A.                                                                | CUSIP: 279158AV1<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    500000 | PA      | $494080.90    | 0.27%             | 2036-01-19      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                           | Petroleos Mexicanos                                                           | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    160000 | PA      | $157549.39    | 0.09%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| Bapco Energies B.S.C. Closed                                                  | Bapco Energies B.S.C. Closed                                                  | CUSIP: AV3872620<br>LEI: 549300OBH16L6TS6IW50 | Long             | DBT              | CORP              | BH        |    200000 | PA      | $212878.32    | 0.12%             | 2028-11-07      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Co., Ltd.                                                        | Nissan Motor Co., Ltd.                                                        | CUSIP: N/A<br>LEI: 353800DRBDH1LUTNAY26       | Long             | DBT              | CORP              | JP        |   1070000 | PA      | $984251.98    | 0.54%             | 2030-09-17      | Fixed         | 4.81%                 | No            |                  2 | On Loan: —       |
| CSN Resources S.A.                                                            | CSN Resources S.A.                                                            | CUSIP: ZG4633373<br>LEI: 222100ZEX458NMOXZP08 | Long             | DBT              | CORP              | LU        |    300000 | PA      | $297674.13    | 0.16%             | 2030-12-05      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Air Canada                                                                    | Air Canada                                                                    | CUSIP: BQ7237127<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | DBT              | CORP              | CA        |    563000 | PA      | $557423.20    | 0.30%             | 2026-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PREMIER BRANDS GROUP HOLDING Co.                                              | PREMIER BRANDS GROUP HOLDING Co.                                              | CUSIP: 74053A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3222 | NS      | $6980.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Garda World Security Corp.                                                    | Garda World Security Corp.                                                    | CUSIP: ZP6653692<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    318000 | PA      | $315419.24    | 0.17%             | 2027-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| OTP Bank Nyrt.                                                                | OTP Bank Nyrt.                                                                | CUSIP: YS8272330<br>LEI: 529900W3MOO00A18X956 | Long             | DBT              | CORP              | HU        |    400000 | PA      | $416273.12    | 0.23%             | 2035-07-30      | Variable      | 7.30%                 | No            |                  2 | On Loan: No      |
| Alpha Star Holding VIII Ltd.                                                  | Alpha Star Holding VIII Ltd.                                                  | CUSIP: ZH2402316<br>LEI: 254900TMRVHA9YMIFC14 | Long             | DBT              | CORP              | AE        |    400000 | PA      | $415080.00    | 0.23%             | 2027-04-12      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| YPF S.A.                                                                      | YPF S.A.                                                                      | CUSIP: N/A<br>LEI: 5493003N7447U18U5U53       | Long             | DBT              | CORP              | AR        |    230000 | PA      | $220334.25    | 0.12%             | 2033-09-30      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Longfor Group Holdings Ltd.                                                   | Longfor Group Holdings Ltd.                                                   | CUSIP: AQ6581054<br>LEI: 254900UJX27B2F1JYR13 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $180892.20    | 0.10%             | 2028-01-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DP World Salaam                                                               | DP World Salaam                                                               | CUSIP: BK2438988<br>LEI: 549300SUYBT9X88E9435 | Long             | DBT              | CORP              | KY        |    670000 | PA      | $670449.95    | 0.37%             | N/A             | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| IRB Infrastructure Developers Ltd.                                            | IRB Infrastructure Developers Ltd.                                            | CUSIP: ZD2886491<br>LEI: 335800XGO3AITGW6AK27 | Long             | DBT              | CORP              | IN        |    400000 | PA      | $403907.28    | 0.22%             | 2032-03-11      | Fixed         | 7.11%                 | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                                | Ecopetrol S.A.                                                                | CUSIP: 279158AT6<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    339000 | PA      | $364000.32    | 0.20%             | 2029-01-19      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| JSW Hydro Energy Ltd.                                                         | JSW Hydro Energy Ltd.                                                         | CUSIP: BP4638287<br>LEI: 3358006ZP5KO7VUH2790 | Long             | DBT              | CORP              | IN        |    227200 | PA      | $210011.82    | 0.11%             | 2031-05-18      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| 1011778 BC ULC / New Red Finance Inc.                                         | 1011778 BC ULC / New Red Finance Inc.                                         | CUSIP: BM0431809<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    287000 | PA      | $271885.20    | 0.15%             | 2029-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Yapi Ve Kredi Bankasi A.S.                                                    | Yapi Ve Kredi Bankasi A.S.                                                    | CUSIP: YR7954195<br>LEI: B85ZYWEZ5IZCZ2WNIO12 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $201708.62    | 0.11%             | 2030-03-03      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Aston Martin Capital Holdings Ltd.                                            | Aston Martin Capital Holdings Ltd.                                            | CUSIP: ZD7186467<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |    400000 | PA      | $381821.02    | 0.21%             | 2029-03-31      | Fixed         | 10.00%                | No            |                  2 | On Loan: —       |
| HTA Group, Ltd.                                                               | HTA Group, Ltd.                                                               | CUSIP: YX2222371<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |    350000 | PA      | $362180.49    | 0.20%             | 2029-06-04      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Telenet Finance Luxembourg Notes S.a.r.l.                                     | Telenet Finance Luxembourg Notes S.a.r.l.                                     | CUSIP: AQ2322883<br>LEI: 2138007RI9GLJPCC3E25 | Long             | DBT              | CORP              | LU        |    400000 | PA      | $396964.74    | 0.22%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceuticals Finance Netherlands B.V.                                 | Teva Pharmaceuticals Finance Netherlands B.V.                                 | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    745000 | PA      | $729167.11    | 0.40%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: —       |
| Franshion Brilliant Ltd.                                                      | Franshion Brilliant Ltd.                                                      | CUSIP: AZ6756680<br>LEI: 549300E3ZP4GOU3D4G57 | Long             | DBT              | CORP              | VG        |    200000 | PA      | $180165.97    | 0.10%             | 2029-07-23      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Telecom Argentina S.A.                                                        | Telecom Argentina S.A.                                                        | CUSIP: YW3633396<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |    370000 | PA      | $393347.00    | 0.21%             | 2031-07-18      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Empresas Publicas de Medellin E.S.P.                                          | Empresas Publicas de Medellin E.S.P.                                          | CUSIP: BK4385310<br>LEI: 549300SU25TO8EMXB434 | Long             | DBT              | CORP              | CO        |    260000 | PA      | $234075.01    | 0.13%             | 2031-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| OCP S.A.                                                                      | OCP S.A.                                                                      | CUSIP: YP8442632<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    400000 | PA      | $405501.50    | 0.22%             | 2036-03-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Brookfield Residential Properties Inc / Brookfield Residential US LLC         | Brookfield Residential Properties Inc / Brookfield Residential US LLC         | CUSIP: BG0196355<br>LEI: 549300C2SXDXVIUV3Q14 | Long             | DBT              | CORP              | CA        |    190000 | PA      | $172979.80    | 0.09%             | 2030-02-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Kronos Acquisition Holdings Inc.                                              | Kronos Acquisition Holdings Inc.                                              | CUSIP: YX9614398<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $173849.76    | 0.09%             | 2031-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| OTEL Sukuk Ltd.                                                               | OTEL Sukuk Ltd.                                                               | CUSIP: ZF3639167<br>LEI: 254900KXP47C6DXN6A03 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $202654.00    | 0.11%             | 2031-01-24      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Akbank Turk A.S.                                                              | Akbank Turk A.S.                                                              | CUSIP: YR8399135<br>LEI: 789000TUMN63Z28TJ497 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $200219.84    | 0.11%             | 2035-09-04      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| Invesco Government & Agency Portfolio                                         | Invesco Government & Agency Portfolio, Institutional Class                    | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |   1580432 | NS      | $1580432.09   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Open Text Holdings, Inc.                                                      | Open Text Holdings, Inc.                                                      | CUSIP: ZP8525229<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    342000 | PA      | $320906.16    | 0.18%             | 2030-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Navoiy Kon-Metallurgiya Kombinati Aksiyadorlik Jamiyati                       | Navoiy Kon-Metallurgiya Kombinati Aksiyadorlik Jamiyati                       | CUSIP: YU3092266<br>LEI: 213800YLNAGERZ4C3M60 | Long             | DBT              | CORP              | UZ        |    200000 | PA      | $204968.48    | 0.11%             | 2028-10-17      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Melco Resorts Finance Ltd.                                                    | Melco Resorts Finance Ltd.                                                    | CUSIP: ZS2201136<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    270000 | PA      | $269490.08    | 0.15%             | 2026-04-26      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| EnfraGen Energia Sur S.A. / EnfraGen Spain S.A. / Prime Energia S.p.A.        | EnfraGen Energia Sur S.A. / EnfraGen Spain S.A. / Prime Energia S.p.A.        | CUSIP: BN0026623<br>LEI: 2549002TO75PYMY3VY07 | Long             | DBT              | CORP              | ES        |    245000 | PA      | $223250.06    | 0.12%             | 2030-12-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MV24 Capital B.V.                                                             | MV24 Capital B.V.                                                             | CUSIP: AZ9204969<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |    366160 | PA      | $364709.92    | 0.20%             | 2034-06-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VZ Secured Financing B.V.                                                     | VZ Secured Financing B.V.                                                     | CUSIP: BT3408114<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |    621000 | PA      | $546770.81    | 0.30%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guitar Center Holdings, Inc.                                                  | Guitar Center Holdings, Inc., Pfd.                                            | CUSIP: 402040711<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      2000 | NS      | $4000.00      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Petroleos Mexicanos                                                           | Petroleos Mexicanos                                                           | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    350000 | PA      | $325087.74    | 0.18%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: —       |
| BRF S.A.                                                                      | BRF S.A.                                                                      | CUSIP: ZR7088225<br>LEI: 254900MTXR9LUVQFU480 | Long             | DBT              | CORP              | BR        |    260000 | PA      | $249938.49    | 0.14%             | 2030-01-24      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                           | Petroleos Mexicanos                                                           | CUSIP: 71654QDB5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    100000 | PA      | $100244.10    | 0.05%             | 2027-01-23      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| Petrobras Global Finance B.V.                                                 | Petrobras Global Finance B.V.                                                 | CUSIP: 71647NAN9<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    560000 | PA      | $500897.10    | 0.27%             | 2115-06-05      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Turkiye Cumhuriyeti Ziraat Bankasi A.S.                                       | Turkiye Cumhuriyeti Ziraat Bankasi A.S.                                       | CUSIP: BN7440199<br>LEI: 213800K5KTZFSUS8MR51 | Long             | DBT              | CORP              | TR        |    270000 | PA      | $270304.95    | 0.15%             | 2026-03-02      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Jaguar Land Rover Automotive PLC                                              | Jaguar Land Rover Automotive PLC                                              | CUSIP: AP4190413<br>LEI: 529900L73GEWN1O5NH84 | Long             | DBT              | CORP              | GB        |    220000 | PA      | $216067.11    | 0.12%             | 2027-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Efesto Bidco S.p.A. Efesto US LLC                                             | Efesto Bidco S.p.A. Efesto US LLC, Series XR                                  | CUSIP: 28201XAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |    310000 | PA      | $316989.30    | 0.17%             | 2032-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Fortune Star (BVI) Ltd.                                                       | Fortune Star (BVI) Ltd.                                                       | CUSIP: YT1843770<br>LEI: 2549008CU8NYQQRSNU62 | Long             | DBT              | CORP              | VG        |    200000 | PA      | $205698.01    | 0.11%             | 2028-05-19      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Stena International S.A.                                                      | Stena International S.A.                                                      | CUSIP: ZF2196664<br>LEI: 213800A4LTGG4W55QP46 | Long             | DBT              | CORP              | LU        |    350000 | PA      | $356014.75    | 0.19%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| O1 Properties Finance PLC                                                     | O1 Properties Finance PLC                                                     | CUSIP: QZ6248228<br>LEI: 213800T9QXCMOXOOYB36 | Long             | DBT              | CORP              | CY        |    500000 | PA      | $19065.25     | 0.01%             | 2028-09-28      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Yapi Ve Kredi Bankasi A.S.                                                    | Yapi Ve Kredi Bankasi A.S.                                                    | CUSIP: YV5583906<br>LEI: B85ZYWEZ5IZCZ2WNIO12 | Long             | DBT              | CORP              | TR        |    150000 | PA      | $151041.22    | 0.08%             | 2029-10-10      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Ziggo Bond Co. B.V.                                                           | Ziggo Bond Co. B.V.                                                           | CUSIP: ZP9032365<br>LEI: 213800JYI4P7V5QDOG59 | Long             | DBT              | CORP              | NL        |    269000 | PA      | $234963.35    | 0.13%             | 2030-02-28      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Fortescue Treasury Pty Ltd.                                                   | Fortescue Treasury Pty Ltd.                                                   | CUSIP: ZR4868215<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    232000 | PA      | $228872.28    | 0.13%             | 2027-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Vallourec                                                                     | Vallourec                                                                     | CUSIP: ZB4871974<br>LEI: 969500P2Q1B47H4MCJ34 | Long             | DBT              | CORP              | FR        |    350000 | PA      | $370976.55    | 0.20%             | 2032-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SoftBank Group Corp.                                                          | SoftBank Group Corp.                                                          | CUSIP: AP1047038<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |    750000 | PA      | $742942.36    | 0.41%             | 2027-09-19      | Fixed         | 5.12%                 | No            |                  2 | On Loan: —       |
| Sasol Financing USA LLC                                                       | Sasol Financing USA LLC                                                       | CUSIP: 80386WAB1<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |    300000 | PA      | $290853.54    | 0.16%             | 2028-09-27      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Banco BTG Pactual S.A.                                                        | Banco BTG Pactual S.A.                                                        | CUSIP: 05971BAK5<br>LEI: 2549002JHJ73KGETOK78 | Long             | DBT              | CORP              | BR        |    170000 | PA      | $175196.73    | 0.10%             | 2029-04-08      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Ivanhoe Mines Ltd.                                                            | Ivanhoe Mines Ltd.                                                            | CUSIP: YS7132774<br>LEI: 5299006XZISURYIA4G32 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $402304.40    | 0.22%             | 2030-01-23      | Fixed         | 7.88%                 | No            |                  2 | On Loan: —       |
| Petroleos Mexicanos                                                           | Petroleos Mexicanos                                                           | CUSIP: 71654QDH2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     60000 | PA      | $60099.18     | 0.03%             | 2025-10-16      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Klabin Austria GmbH Austria                                                   | Klabin Austria GmbH Austria                                                   | CUSIP: AX9046282<br>LEI: 984500578YEA8DD41B09 | Long             | DBT              | CORP              | AT        |    330000 | PA      | $333266.01    | 0.18%             | 2029-04-03      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Great Canadian Gaming Corp./Raptor LLC                                        | Great Canadian Gaming Corp./Raptor LLC                                        | CUSIP: YU8653807<br>LEI: 549300FU60SSFLTE0M84 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $195978.68    | 0.11%             | 2029-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                                | Ecopetrol S.A.                                                                | CUSIP: 279158AN9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    591000 | PA      | $591962.74    | 0.32%             | 2030-04-29      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Invesco Private Government Fund                                               | Invesco Private Government Fund                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |   3920861 | NS      | $3920860.96   | 2.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Access Bank PLC                                                               | Access Bank PLC                                                               | CUSIP: BR4466594<br>LEI: 029200328C3N9YI2D660 | Long             | DBT              | CORP              | NG        |    229000 | PA      | $228646.05    | 0.12%             | 2026-09-21      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Vista Energy Argentina S.A.U.                                                 | Vista Energy Argentina S.A.U.                                                 | CUSIP: YN1351421<br>LEI: 549300FE4UJNCG1DB123 | Long             | DBT              | CORP              | AR        |    215000 | PA      | $220858.75    | 0.12%             | 2033-06-10      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Sisecam UK PLC                                                                | Sisecam UK PLC                                                                | CUSIP: ZB6876161<br>LEI: 789000T82YRLMLUOC889 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $205402.09    | 0.11%             | 2029-05-02      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MAF Global Securities Ltd.                                                    | MAF Global Securities Ltd.                                                    | CUSIP: BX3077506<br>LEI: 54930037VUDNYTS17017 | Long             | DBT              | CORP              | KY        |    220000 | PA      | $227421.43    | 0.12%             | N/A             | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| Turkiye Cumhuriyeti Ziraat Bankasi A.S.                                       | Turkiye Cumhuriyeti Ziraat Bankasi A.S.                                       | CUSIP: ZF2105475<br>LEI: 213800K5KTZFSUS8MR51 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $208022.02    | 0.11%             | 2029-01-16      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AES Andes S.A.                                                                | AES Andes S.A.                                                                | CUSIP: YX5679510<br>LEI: 549300IF4IFG0FS0RM26 | Long             | DBT              | CORP              | CL        |    200000 | PA      | $209806.40    | 0.11%             | 2055-06-10      | Variable      | 8.15%                 | No            |                  2 | On Loan: No      |
| Usiminas International Ltd.                                                   | Usiminas International Ltd.                                                   | CUSIP: YS8912604<br>LEI: 529900KLYX6QPXVIVP43 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $205050.00    | 0.11%             | 2032-01-27      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Greenko Wind Projects (Mauritius) Ltd.                                        | Greenko Wind Projects (Mauritius) Ltd.                                        | CUSIP: YQ4738817<br>LEI: 254900MSUXE1FF83DP82 | Long             | DBT              | CORP              | MU        |    400000 | PA      | $407482.59    | 0.22%             | 2028-09-27      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                                                   | First Quantum Minerals Ltd.                                                   | CUSIP: ZD2455503<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    700000 | PA      | $742672.70    | 0.41%             | 2029-03-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Rede D'Or Finance                                                             | Rede D'Or Finance                                                             | CUSIP: AQ7626437<br>LEI: 549300FDE772OLJUCP79 | Long             | DBT              | CORP              | LU        |    220000 | PA      | $218052.96    | 0.12%             | 2028-01-17      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                           | Petroleos Mexicanos                                                           | CUSIP: 71654QCL4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    120000 | PA      | $92129.22     | 0.05%             | 2048-02-12      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| CEMEX S.A.B. de C.V.                                                          | CEMEX S.A.B. de C.V.                                                          | CUSIP: BP9277479<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |    450000 | PA      | $446134.91    | 0.24%             | N/A             | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                           | Petroleos Mexicanos                                                           | CUSIP: 71654QAZ5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    120000 | PA      | $95129.43     | 0.05%             | 2041-06-02      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Melco Resorts Finance Ltd.                                                    | Melco Resorts Finance Ltd.                                                    | CUSIP: ZB2907929<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    250000 | PA      | $257332.00    | 0.14%             | 2032-04-17      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Jaguar Land Rover Automotive PLC                                              | Jaguar Land Rover Automotive PLC                                              | CUSIP: N/A<br>LEI: 529900L73GEWN1O5NH84       | Long             | DBT              | CORP              | GB        |    200000 | PA      | $200030.04    | 0.11%             | 2025-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Mazoon Assets Co. SAOC                                                        | Mazoon Assets Co. SAOC                                                        | CUSIP: AP8171328<br>LEI: 6354003TDIRN5Y6LJP91 | Long             | DBT              | CORP              | OM        |    220000 | PA      | $221759.67    | 0.12%             | 2027-11-08      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Samarco Mineracao S.A.                                                        | Samarco Mineracao S.A.                                                        | CUSIP: ZG6352899<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |   1958698 | PA      | $1941031.59   | 1.06%             | 2031-06-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| BRF S.A.                                                                      | BRF S.A.                                                                      | CUSIP: N/A<br>LEI: 254900MTXR9LUVQFU480       | Long             | DBT              | CORP              | BR        |    260000 | PA      | $214058.29    | 0.12%             | 2050-09-21      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Gran Tierra Energy Inc.                                                       | Gran Tierra Energy Inc.                                                       | CUSIP: ZH3280174<br>LEI: 549300IH2S17MAIUCM32 | Long             | DBT              | CORP              | US        |    300000 | PA      | $250853.90    | 0.14%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries             | ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries             | CUSIP: N/A<br>LEI: 335800BITJZHVZ1CN475       | Long             | DBT              | CORP              | IN        |    260000 | PA      | $246453.43    | 0.13%             | 2028-07-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MEG Energy Corp.                                                              | MEG Energy Corp.                                                              | CUSIP: BN6220170<br>LEI: 5493002WXPTG5ZC1T326 | Long             | DBT              | CORP              | CA        |    232000 | PA      | $232659.81    | 0.13%             | 2029-02-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ION Trading Technologies S.a.r.l.                                             | ION Trading Technologies S.a.r.l.                                             | CUSIP: YX1441865<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | CORP              | LU        |    400000 | PA      | $416493.60    | 0.23%             | 2029-05-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Turkiye Vakiflar Bankasi T.A.O.                                               | Turkiye Vakiflar Bankasi T.A.O.                                               | CUSIP: YU1765475<br>LEI: 789000KAIHOLSQKQ9858 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $199234.57    | 0.11%             | 2030-01-07      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands IV B.V.                               | Teva Pharmaceutical Finance Netherlands IV B.V.                               | CUSIP: 881937AA4<br>LEI: 549300GKSD1RG56QRY33 | Long             | DBT              | CORP              | NL        |    280000 | PA      | $284284.56    | 0.16%             | 2030-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Ziraat Katilim Varlik Kiralama A.S.                                           | Ziraat Katilim Varlik Kiralama A.S.                                           | CUSIP: ZH8167913<br>LEI: 789000NE04RSMGOX9737 | Long             | DBT              | CORP              | TR        |    210000 | PA      | $220666.19    | 0.12%             | 2026-11-12      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Jaguar Land Rover Automotive PLC                                              | Jaguar Land Rover Automotive PLC                                              | CUSIP: BM9768300<br>LEI: 529900L73GEWN1O5NH84 | Long             | DBT              | CORP              | GB        |    220000 | PA      | $220859.76    | 0.12%             | 2028-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Global Auto Holdings Ltd./AAG FH UK Ltd.                                      | Global Auto Holdings Ltd./AAG FH UK Ltd.                                      | CUSIP: ZF2213352<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    200000 | PA      | $177275.00    | 0.10%             | 2032-01-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Continuum Green Energy India Pvt / Co-Issuers                                 | Continuum Green Energy India Pvt / Co-Issuers                                 | CUSIP: YX3906402<br>LEI: 3358004RA32K53YGBC38 | Long             | DBT              | CORP              | IN        |    212190 | PA      | $218953.45    | 0.12%             | 2033-06-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| JSW Steel Ltd.                                                                | JSW Steel Ltd.                                                                | CUSIP: BR4616958<br>LEI: 335800EK6HZSC4CVAJ09 | Long             | DBT              | CORP              | IN        |    220000 | PA      | $206824.62    | 0.11%             | 2032-04-05      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                                | Ecopetrol S.A.                                                                | CUSIP: 279158AW9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |    480000 | PA      | $478295.95    | 0.26%             | 2032-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| OmGrid Funding Ltd.                                                           | OmGrid Funding Ltd.                                                           | CUSIP: AN4253836<br>LEI: 549300L1HIVZ83RMAP18 | Long             | DBT              | CORP              | KY        |    220000 | PA      | $221295.80    | 0.12%             | 2027-05-16      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| YPF S.A.                                                                      | YPF S.A.                                                                      | CUSIP: N/A<br>LEI: 5493003N7447U18U5U53       | Long             | DBT              | CORP              | AR        |    260000 | PA      | $260165.80    | 0.14%             | 2027-07-21      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Banco Bradesco S.A.                                                           | Banco Bradesco S.A.                                                           | CUSIP: 05947LBA5<br>LEI: 549300CTUU1RFXHQJE44 | Long             | DBT              | CORP              | KY        |    220000 | PA      | $219106.45    | 0.12%             | 2027-03-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL    | Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL    | CUSIP: BT6737410<br>LEI: 549300DT8SH0CF6BTT37 | Long             | DBT              | CORP              | VG        |    429000 | PA      | $417310.82    | 0.23%             | 2029-04-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Petrobras Global Finance B.V.                                                 | Petrobras Global Finance B.V.                                                 | CUSIP: 71647NAY5<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    398000 | PA      | $404372.38    | 0.22%             | 2028-01-27      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TK Elevator U.S. Newco, Inc.                                                  | TK Elevator U.S. Newco, Inc.                                                  | CUSIP: BK2987604<br>LEI: 549300C2AFWPAYWS5574 | Long             | DBT              | CORP              | US        |    650000 | PA      | $647596.37    | 0.35%             | 2027-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Prio Luxembourg Holding S.a.r.l.                                              | Prio Luxembourg Holding S.a.r.l.                                              | CUSIP: BP9143531<br>LEI: 2221003VQP4JY7T31H94 | Long             | DBT              | CORP              | LU        |    270000 | PA      | $270320.49    | 0.15%             | 2026-06-09      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Periama Holdings, LLC                                                         | Periama Holdings, LLC                                                         | CUSIP: N/A<br>LEI: 254900NINXO00BLT2Z47       | Long             | DBT              | CORP              | US        |    340000 | PA      | $341185.34    | 0.19%             | 2026-04-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Aeropuertos Dominicanos Siglo XXI, S.A.                                       | Aeropuertos Dominicanos Siglo XXI, S.A.                                       | CUSIP: YW0544265<br>LEI: 254900KJA5MXNPYB4W32 | Long             | DBT              | CORP              | DO        |    200000 | PA      | $206554.00    | 0.11%             | 2034-06-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Bapco Energies Sukuk Ltd.                                                     | Bapco Energies Sukuk Ltd.                                                     | CUSIP: ZK7051020<br>LEI: 54930062R6OFRHBRAI29 | Long             | DBT              | CORP              | KY        |    400000 | PA      | $414647.60    | 0.23%             | 2033-05-25      | Fixed         | 6.62%                 | No            |                  2 | On Loan: —       |
| CFAMC III Co., Ltd.                                                           | CFAMC III Co., Ltd.                                                           | CUSIP: AN2992815<br>LEI: 5493006V07LYI3HE6G83 | Long             | DBT              | CORP              | VG        |    300000 | PA      | $300075.00    | 0.16%             | 2027-04-27      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| British Telecommunications PLC                                                | British Telecommunications PLC                                                | CUSIP: BS4990492<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |    240000 | PA      | $236519.54    | 0.13%             | 2081-11-23      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| QNB Bank A.S.                                                                 | QNB Bank A.S.                                                                 | CUSIP: YX0716275<br>LEI: 789000Q21SW842S9IJ58 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $209315.46    | 0.11%             | 2029-05-21      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| GLP Pte. Ltd.                                                                 | GLP Pte. Ltd.                                                                 | CUSIP: BP4634864<br>LEI: 254900PC2NNG9BLIJO15 | Long             | DBT              | CORP              | SG        |    399000 | PA      | $222951.86    | 0.12%             | N/A             | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Sisecam UK PLC                                                                | Sisecam UK PLC                                                                | CUSIP: ZB6876237<br>LEI: 789000T82YRLMLUOC889 | Long             | DBT              | CORP              | GB        |    475000 | PA      | $489744.00    | 0.27%             | 2032-05-02      | Fixed         | 8.62%                 | No            |                  2 | On Loan: —       |
| Stillwater Mining Co. Inc.                                                    | Stillwater Mining Co. Inc.                                                    | CUSIP: BS3794192<br>LEI: 6354007DPCY4ZN2MRR73 | Long             | DBT              | CORP              | US        |    227000 | PA      | $208066.77    | 0.11%             | 2029-11-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Tullow Oil PLC                                                                | Tullow Oil PLC                                                                | CUSIP: BP3231159<br>LEI: 2138003EYHWO75RKS857 | Long             | DBT              | CORP              | GB        |    550000 | PA      | $496375.00    | 0.27%             | 2026-05-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| Navoiy Kon-Metallurgiya Kombinati Aksiyadorlik Jamiyati                       | Navoiy Kon-Metallurgiya Kombinati Aksiyadorlik Jamiyati                       | CUSIP: N/A<br>LEI: 213800YLNAGERZ4C3M60       | Long             | DBT              | CORP              | UZ        |    200000 | PA      | $205161.40    | 0.11%             | 2030-05-14      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Braskem Idesa, S.A.P.I.                                                       | Braskem Idesa, S.A.P.I.                                                       | CUSIP: BR9695791<br>LEI: YH0V7ZHY352ITDGEYB83 | Long             | DBT              | CORP              | MX        |    490000 | PA      | $329603.65    | 0.18%             | 2032-02-20      | Fixed         | 6.99%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceuticals Finance Netherlands B.V.                                 | Teva Pharmaceuticals Finance Netherlands B.V.                                 | CUSIP: 88167AAF8<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    881000 | PA      | $628145.25    | 0.34%             | 2046-10-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: —       |
| Turkiye Ihracat Kredi Bankasi A.S.                                            | Turkiye Ihracat Kredi Bankasi A.S.                                            | CUSIP: ZF6905656<br>LEI: 789000JVRVYLAXGDWR11 | Long             | DBT              | NUSS              | TR        |    200000 | PA      | $205804.16    | 0.11%             | 2028-02-06      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                           | Petroleos Mexicanos                                                           | CUSIP: 71654QCK6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    150000 | PA      | $146345.24    | 0.08%             | 2028-02-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| LD Celulose International GmbH                                                | LD Celulose International GmbH                                                | CUSIP: YU1010864<br>LEI: 529900EHUSQJVOTP9J45 | Long             | DBT              | CORP              | AT        |    270000 | PA      | $282453.75    | 0.15%             | 2032-01-26      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| goeasy Ltd.                                                                   | goeasy Ltd.                                                                   | CUSIP: ZG1214326<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |    300000 | PA      | $317813.40    | 0.17%             | 2028-12-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Husky Injection Molding Systems Ltd. / Titan Co-Borrower LLC                  | Husky Injection Molding Systems Ltd. / Titan Co-Borrower LLC                  | CUSIP: ZF4110986<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    430000 | PA      | $444269.98    | 0.24%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Fortune Star (BVI) Ltd.                                                       | Fortune Star (BVI) Ltd.                                                       | CUSIP: BP4818921<br>LEI: 2549008CU8NYQQRSNU62 | Long             | DBT              | CORP              | VG        |    220000 | PA      | $218104.18    | 0.12%             | 2026-05-18      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mazoon Assets Co. SAOC                                                        | Mazoon Assets Co. SAOC                                                        | CUSIP: YU1771374<br>LEI: 6354003TDIRN5Y6LJP91 | Long             | DBT              | CORP              | OM        |    400000 | PA      | $402591.60    | 0.22%             | 2031-10-09      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Baytex Energy Corp.                                                           | Baytex Energy Corp.                                                           | CUSIP: ZK1810520<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |    325000 | PA      | $331015.20    | 0.18%             | 2030-04-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GFL Environmental Inc.                                                        | GFL Environmental Inc.                                                        | CUSIP: BM5859426<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    387000 | PA      | $375395.26    | 0.21%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: —       |
| Northriver Midstream Finance L.P.                                             | Northriver Midstream Finance L.P.                                             | CUSIP: YX9610115<br>LEI: 549300SOLNLY3BL6GF18 | Long             | DBT              | CORP              | CA        |    300000 | PA      | $305690.10    | 0.17%             | 2032-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Arabian Centres Sukuk III Ltd.                                                | Arabian Centres Sukuk III Ltd.                                                | CUSIP: ZD3394669<br>LEI: 254900BZVZFBSA5NA163 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $204685.89    | 0.11%             | 2029-03-06      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Iliad Holding                                                                 | Iliad Holding                                                                 | CUSIP: YT3446713<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    350000 | PA      | $359673.54    | 0.20%             | 2032-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GFL Environmental Inc.                                                        | GFL Environmental Inc.                                                        | CUSIP: BQ8608326<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |    210000 | PA      | $203822.72    | 0.11%             | 2029-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: —       |
| AltaGas Ltd.                                                                  | AltaGas Ltd.                                                                  | CUSIP: YV8499605<br>LEI: 2549008X5V70MOS4HM10 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $404065.20    | 0.22%             | 2054-10-15      | Variable      | 7.20%                 | No            |                  2 | On Loan: No      |
| Mineral Resources Ltd.                                                        | Mineral Resources Ltd.                                                        | CUSIP: BW1328572<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |    293000 | PA      | $298141.65    | 0.16%             | 2027-11-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| C&W Senior Finance Ltd.                                                       | C&W Senior Finance Ltd.                                                       | CUSIP: YR3404815<br>LEI: 213800CG16G1YMJRCG10 | Long             | DBT              | CORP              | KY        |    250000 | PA      | $258033.50    | 0.14%             | 2033-01-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Eskom Holdings SOC Ltd.                                                       | Eskom Holdings SOC Ltd.                                                       | CUSIP: AT8996486<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |    220000 | PA      | $232618.07    | 0.13%             | 2028-08-10      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| Turkcell Iletisim Hizmetleri A.S.                                             | Turkcell Iletisim Hizmetleri A.S.                                             | CUSIP: YS6027645<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $205641.17    | 0.11%             | 2030-01-24      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| Transnet SOC Ltd.                                                             | Transnet SOC Ltd.                                                             | CUSIP: ZM6863207<br>LEI: 378900B07CD6F01EA796 | Long             | DBT              | CORP              | ZA        |    450000 | PA      | $469865.48    | 0.26%             | 2028-02-06      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Strathcona Resources Ltd.                                                     | Strathcona Resources Ltd.                                                     | CUSIP: BQ5375010<br>LEI: 549300YNIUISTSZMLF56 | Long             | DBT              | CORP              | CA        |    195000 | PA      | $195408.92    | 0.11%             | 2026-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Klabin Austria GmbH Austria                                                   | Klabin Austria GmbH Austria                                                   | CUSIP: AX9046290<br>LEI: 984500578YEA8DD41B09 | Long             | DBT              | CORP              | AT        |    340000 | PA      | $345603.20    | 0.19%             | 2049-04-03      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Telecomunicaciones Digitales, S.A.                                            | Telecomunicaciones Digitales, S.A.                                            | CUSIP: ZQ3057432<br>LEI: 5299008Q5GONPYNF9J32 | Long             | DBT              | CORP              | PA        |    220000 | PA      | $206711.91    | 0.11%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Emera Inc.                                                                    | Emera Inc., Series 16-A                                                       | CUSIP: 290876AD3<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | DBT              | CORP              | CA        |    470000 | PA      | $474575.45    | 0.26%             | 2076-06-15      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceuticals Finance Netherlands B.V.                                 | Teva Pharmaceuticals Finance Netherlands B.V.                                 | CUSIP: 88167AAP6<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    210000 | PA      | $208692.81    | 0.11%             | 2027-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Trident Energy Finance PLC                                                    | Trident Energy Finance PLC                                                    | CUSIP: YX0692252<br>LEI: 9845004ECK3FYO64I382 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $413167.10    | 0.23%             | 2029-11-30      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                                           | Petroleos Mexicanos                                                           | CUSIP: 71654QDF6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    280000 | PA      | $216304.20    | 0.12%             | 2060-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: —       |
| Greenko Dutch B.V.                                                            | Greenko Dutch B.V.                                                            | CUSIP: N/A<br>LEI: 724500PT585P4JPVRP08       | Long             | DBT              | CORP              | NL        |    398640 | PA      | $393153.50    | 0.21%             | 2026-03-29      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| South Bow Canadian infrastructure Holdings Ltd.                               | South Bow Canadian infrastructure Holdings Ltd.                               | CUSIP: YV1679153<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $259962.00    | 0.14%             | 2055-03-01      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Cerdia Finanz GmbH                                                            | Cerdia Finanz GmbH                                                            | CUSIP: YV9994661<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |    350000 | PA      | $367163.55    | 0.20%             | 2031-10-03      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Hudbay Minerals Inc.                                                          | Hudbay Minerals Inc.                                                          | CUSIP: N/A<br>LEI: 894500LX3TMESP27BE29       | Long             | DBT              | CORP              | CA        |    232000 | PA      | $230296.17    | 0.13%             | 2026-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance B.V.                                              | Braskem Netherlands Finance B.V.                                              | CUSIP: ZQ3579419<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |    290000 | PA      | $172882.70    | 0.09%             | 2050-01-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Petrobras Global Finance B.V.                                                 | Petrobras Global Finance B.V.                                                 | CUSIP: 71645WAS0<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    253000 | PA      | $248947.17    | 0.14%             | 2041-01-27      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Nemak, S.A.B. de C.V.                                                         | Nemak, S.A.B. de C.V.                                                         | CUSIP: BQ2270008<br>LEI: 5493000MY3DAIB0BP706 | Long             | DBT              | CORP              | MX        |    220000 | PA      | $186568.25    | 0.10%             | 2031-06-28      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Bell Canada                                                                   | Bell Canada                                                                   | CUSIP: 0778FPAP4<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |    480000 | PA      | $489558.24    | 0.27%             | 2055-09-15      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| Delhi International Airport Ltd.                                              | Delhi International Airport Ltd.                                              | CUSIP: ZS4869633<br>LEI: 335800HBF5DARYMEUD12 | Long             | DBT              | CORP              | IN        |    220000 | PA      | $226776.83    | 0.12%             | 2029-06-04      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| CSN Inova Ventures                                                            | CSN Inova Ventures                                                            | CUSIP: ZP6635574<br>LEI: 222100R8R68DM7VM3661 | Long             | DBT              | CORP              | KY        |    480000 | PA      | $457425.70    | 0.25%             | 2028-01-28      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Parkland Corp.                                                                | Parkland Corp.                                                                | CUSIP: BS3640239<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |    309000 | PA      | $296596.65    | 0.16%             | 2030-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Playtika Holding Corp.                                                        | Playtika Holding Corp.                                                        | CUSIP: N/A<br>LEI: 254900E35Z4TKA4UFG64       | Long             | DBT              | CORP              | US        |    231000 | PA      | $211432.93    | 0.12%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Limak Cimento Sanayi ve Ticaret A.S.                                          | Limak Cimento Sanayi ve Ticaret A.S.                                          | CUSIP: YW4167816<br>LEI: 789000EEUQIGHI88WH47 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $203771.08    | 0.11%             | 2029-07-25      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Studio City Finance Ltd.                                                      | Studio City Finance Ltd.                                                      | CUSIP: BK4197954<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | CORP              | VG        |    220000 | PA      | $217944.45    | 0.12%             | 2028-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Superior Plus L.P./ Superior General Partner Inc.                             | Superior Plus L.P./ Superior General Partner Inc.                             | CUSIP: N/A<br>LEI: 549300K5Y13GU6TPZJ49       | Long             | DBT              | CORP              | CA        |    230000 | PA      | $219618.58    | 0.12%             | 2029-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Liquid Telecommunications Financing PLC                                       | Liquid Telecommunications Financing PLC                                       | CUSIP: N/A<br>LEI: 635400MXAVJRJJCWVI87       | Long             | DBT              | CORP              | GB        |    280000 | PA      | $239303.83    | 0.13%             | 2026-09-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bank of East Asia, Ltd. (The)                                                 | Bank of East Asia, Ltd. (The)                                                 | CUSIP: N/A<br>LEI: CO6GC26LCGGRTUESIP55       | Long             | DBT              | CORP              | HK        |    290000 | PA      | $289771.26    | 0.16%             | N/A             | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| Nanyang Commercial Bank, Ltd.                                                 | Nanyang Commercial Bank, Ltd.                                                 | CUSIP: BW0397792<br>LEI: SC4P6WZO702RYEIU7J93 | Long             | DBT              | CORP              | HK        |    290000 | PA      | $293246.37    | 0.16%             | N/A             | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Consolidated Energy Finance S.A.                                              | Consolidated Energy Finance S.A.                                              | CUSIP: BR6436223<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    290000 | PA      | $244290.71    | 0.13%             | 2028-10-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Dye & Durham Ltd.                                                             | Dye & Durham Ltd.                                                             | CUSIP: ZB1403037<br>LEI: 549300XUQDPIC5QRY347 | Long             | DBT              | CORP              | CA        |    300000 | PA      | $312865.99    | 0.17%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Yinson Boronia Production B.V.                                                | Yinson Boronia Production B.V.                                                | CUSIP: YX4051117<br>LEI: 5493007X12FTT746N678 | Long             | DBT              | CORP              | NL        |    545149 | PA      | $588785.12    | 0.32%             | 2042-07-31      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| MGM China Holdings Ltd.                                                       | MGM China Holdings Ltd.                                                       | CUSIP: YX8092257<br>LEI: 529900VZFN87OS7WJM66 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $208656.80    | 0.11%             | 2031-06-26      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Grupo Aeromexico, S.A.B. De C.V.                                              | Grupo Aeromexico, S.A.B. De C.V.                                              | CUSIP: YU8301308<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    200000 | PA      | $195500.00    | 0.11%             | 2031-11-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Telecom Italia Capital S.A.                                                   | Telecom Italia Capital S.A.                                                   | CUSIP: 87927VAR9<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |    236000 | PA      | $247892.75    | 0.14%             | 2036-07-18      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| JSC Uzbekneftegaz                                                             | JSC Uzbekneftegaz                                                             | CUSIP: BS3801047<br>LEI: 213800LUZJZFLJD4MJ51 | Long             | DBT              | NUSS              | UZ        |    310000 | PA      | $290837.52    | 0.16%             | 2028-11-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Rakuten Group, Inc.                                                           | Rakuten Group, Inc.                                                           | CUSIP: ZB1404480<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |    825000 | PA      | $908174.23    | 0.50%             | 2029-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: —       |
| Trivium Packaging Finance B.V.                                                | Trivium Packaging Finance B.V.                                                | CUSIP: N/A<br>LEI: 724500GMZWW3PVYET548       | Long             | DBT              | CORP              | NL        |    260000 | PA      | $273223.86    | 0.15%             | 2031-01-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| Turkcell Iletisim Hizmetleri A.S.                                             | Turkcell Iletisim Hizmetleri A.S.                                             | CUSIP: YS6027652<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |    200000 | PA      | $205721.81    | 0.11%             | 2032-01-24      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| Petrobras Global Finance B.V.                                                 | Petrobras Global Finance B.V.                                                 | CUSIP: 71647NAK5<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |    356000 | PA      | $361877.56    | 0.20%             | 2044-03-17      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Diamond II Ltd.                                                               | Diamond II Ltd.                                                               | CUSIP: ZK2172961<br>LEI: 254900KL4GQ2XC50XL44 | Long             | DBT              | CORP              | MU        |    200000 | PA      | $201686.78    | 0.11%             | 2026-07-28      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| IHS Holding Ltd.                                                              | IHS Holding Ltd.                                                              | CUSIP: YT2657823<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $204661.34    | 0.11%             | 2031-11-29      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Consolidated Energy Finance S.A.                                              | Consolidated Energy Finance S.A.                                              | CUSIP: ZF7037673<br>LEI: 549300PUNIS0USNSL750 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $188183.23    | 0.10%             | 2031-02-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Centrais Eletricas Brasileiras S.A.                                           | Centrais Eletricas Brasileiras S.A.                                           | CUSIP: ZP8026897<br>LEI: 254900I8KYDELP4B4Z08 | Long             | DBT              | CORP              | BR        |    350000 | PA      | $332755.14    | 0.18%             | 2030-02-04      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Peru LNG S.r.l.                                                               | Peru LNG S.r.l.                                                               | CUSIP: AR7830417<br>LEI: 254900F70J1LOALV5K70 | Long             | DBT              | CORP              | PE        |    350028 | PA      | $333774.27    | 0.18%             | 2030-03-22      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Simpar Europe S.A.                                                            | Simpar Europe S.A.                                                            | CUSIP: BN5372345<br>LEI: 54930068BSUST41D5C30 | Long             | DBT              | CORP              | LU        |    280000 | PA      | $224350.00    | 0.12%             | 2031-01-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-30

**Name of Applicant:** Invesco Exchange-Traded Fund Trust II

**Signature:** Adrien Deberghes

**Name of Signer:** Adrien Deberghes

**Title:** Vice President