The PowerShares Convertible Securities Portfolio (Fund) is based on The BofA Merrill Lynch All U.S. Convertibles Index (Index). The Fund will normally invest at least 80% of its total assets in the component securities that comprise the Index. The Index is designed to track the performance of U.S. dollar-denominated investment grade and non-investment grade convertible securities sold into the U.S. market and publicly traded in the United States (including the over-the-counter market). The Fund is rebalanced and reconstituted monthly.

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Date   5/15/2012   Price   22.98   Bid/Ask Midpoint   23.46		NAV   22.86   Bid/Ask Prem/Disc   0.60   Bid/Ask Prem/Disc   2.62%

As of 3/31/2012

Monthly Standardized Report

An investor cannot invest directly in an index. The results assume that no cash was added to or assets withdrawn from the Index. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.

Ex-Date Record Date Pay Date $ / Share Ordinary Income Short Term Gains Long Term Gains Return of Capital 5/15/2012 5/17/2012 5/31/2012 0.05703 0.05703 N.A. N.A. N.A. 4/13/2012 4/17/2012 4/30/2012 0.05562 0.05562 N.A. N.A. N.A. 3/15/2012 3/19/2012 3/30/2012 0.05486 0.05486 N.A. N.A. N.A. 2/15/2012 2/17/2012 2/29/2012 0.05779 0.05779 N.A. N.A. N.A. 1/13/2012 1/18/2012 1/31/2012 0.05556 0.05556 N.A. N.A. N.A. 12/15/2011 12/19/2011 12/30/2011 0.07705 0.07705 N.A. N.A. N.A. 11/15/2011 11/17/2011 11/30/2011 0.06162 0.06162 N.A. N.A. N.A. 10/14/2011 10/18/2011 10/31/2011 0.06887 0.06887 N.A. N.A. N.A. 9/15/2011 9/19/2011 9/30/2011 0.06538 0.06538 N.A. N.A. N.A. 8/15/2011 8/17/2011 8/31/2011 0.06475 0.06475 N.A. N.A. N.A. 7/15/2011 7/19/2011 7/29/2011 0.06559 0.06559 N.A. N.A. N.A.

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^†Credit ratings are assigned by Nationally Recognized Statistical Rating Organizations based on assessment of the credit worthiness of the underlying bond issuers. The ratings range from AAA (highest) to D (lowest) and are subject to change. Not rated indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: standardandpoors.com and select "Understanding Ratings" under Rating Resources and moodys.com and select "Rating Methodologies" under Research and Ratings.

There are risks involved with investing in ETFs, including possible loss of money. Shares are not actively managed and are subject to risks similar to those of stocks, including those regarding short selling and margin maintenance requirements. Ordinary brokerage commissions apply. The Fund’s return may not match the return of the Underlying Index.

The value of convertible securities tends to vary with fluctuations in the market value of the underlying securities. Convertible securities are subject to the risk of default by the issuer.

The Fund may invest in fixed-income securities, such as notes and bonds, which carry interest rate and credit risk. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa. Credit risk is the risk of loss on an investment due to the deterioration of an issuer's financial health.

The Fund's underlying securities may be subject to call risk, which may result in the Fund having to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund’s income.

Non-investment grade securities have additional risks, including higher default risk and decreased market liquidity.

The Fund's use of a representative sampling approach will result in its holding a smaller number of securities than are in the underlying Index, and may be subject to greater volatility.

The Fund is considered non-diversified and may be subject to greater risks than a diversified fund.

Shares are not individually redeemable and owners of the Shares may acquire those Shares from the Fund and tender those Shares for redemption to the Fund in Creation Unit aggregations only, typically consisting of 100,000 Shares.

The S&P 500® Index and Barclays Capital U.S. Aggregate Index are unmanaged indexes considered representative of the U.S. stock market and U.S. investment-grade, fixed-rate bond market, respectively.

"BofA Merrill Lynch" and "The BofA Merrill Lynch All U.S. Convertibles IndexSM" are reprinted with permission. ©Copyright 2011 Merrill Lynch, Pierce, Fenner & Smith Incorporated ("BofA Merrill Lynch"). All rights reserved. The Fund is not issued, sponsored, endorsed or promoted by BofA Merrill Lynch, any affiliate of BofA Merrill Lynch or any other party involved in, or related to, making or compiling the BofA Merrill Lynch All U.S. Convertibles IndexSM (the "BofA Merrill Lynch Index"). The BofA Merrill Lynch Index is the exclusive property of BofA Merrill Lynch and/ or its affiliates. "The BofA Merrill Lynch All U.S. Convertibles IndexSM" is a service mark of BofA Merrill Lynch and/or its affiliates and has been licensed for use for certain purposes by the Adviser on behalf of the Fund.