UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-21977
PowerShares Exchange-Traded Fund Trust II
(Exact name of registrant as specified in charter)
301 W. Roosevelt Road Wheaton, IL					60187
(Address of principal executive offices)					(Zip code)
Andrew Schlossberg President 301 W. Roosevelt Road Wheaton, IL 60187
(Name and address of agent for service)
Registrant’s telephone number, including area code:				800-983-0903
Date of fiscal year end:	October 31
Date of reporting period:		October 31, 2009

Item 1. Reports to Stockholders.

The Registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

2009 Annual Report to Shareholders

October 31, 2009

PowerShares DWA Developed Markets Technical Leaders Portfolio

PowerShares DWA Emerging Markets Technical Leaders Portfolio

PowerShares Dynamic Developed International Opportunities Portfolio

PowerShares Emerging Markets Infrastructure Portfolio

PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio

PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio

PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio

PowerShares FTSE RAFI Emerging Markets Portfolio

PowerShares FTSE RAFI Europe Portfolio

PowerShares FTSE RAFI Japan Portfolio

PowerShares Global Agriculture Portfolio

PowerShares Global Biotech Portfolio

PowerShares Global Clean Energy Portfolio

PowerShares Global Coal Portfolio

PowerShares Global Gold and Precious Metals Portfolio

PowerShares Global Nuclear Energy Portfolio

PowerShares Global Progressive Transportation Portfolio

PowerShares Global Steel Portfolio

PowerShares Global Water Portfolio

PowerShares Global Wind Energy Portfolio

PowerShares MENA Frontier Countries Portfolio

Table of Contents

The Market Environment	3
Manager's Analysis	4
Frequency Distribution of Discounts & Premiums	46
Fees and Expenses	48
Schedules of Investments
PowerShares DWA Developed Markets Technical Leaders Portfolio	51
PowerShares DWA Emerging Markets Technical Leaders Portfolio	53
PowerShares Dynamic Developed International Opportunities Portfolio	55
PowerShares Emerging Markets Infrastructure Portfolio	59
PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio	61
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio	63
PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio	75
PowerShares FTSE RAFI Emerging Markets Portfolio	91
PowerShares FTSE RAFI Europe Portfolio	94
PowerShares FTSE RAFI Japan Portfolio	101
PowerShares Global Agriculture Portfolio	103
PowerShares Global Biotech Portfolio	104
PowerShares Global Clean Energy Portfolio	105
PowerShares Global Coal Portfolio	107
PowerShares Global Gold and Precious Metals Portfolio	108
PowerShares Global Nuclear Energy Portfolio	109
PowerShares Global Progressive Transportation Portfolio	110
PowerShares Global Steel Portfolio	111
PowerShares Global Water Portfolio	113
PowerShares Global Wind Energy Portfolio	114
PowerShares MENA Frontier Countries Portfolio	115
Statements of Assets and Liabilities	116
Statements of Operations	120
Statements of Changes in Net Assets	124
Financial Highlights	132
Notes to Financial Statements	143
Report of Independent Registered Public Accounting Firm	162
Supplemental Information	163

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The Market Environment

For the year ended October 31, 2009, the global economic situation saw signs of recovery. Global markets continued their decline during the last two months of 2008, but experienced a significant rally after the equity markets bottomed in the early months of 2009. International markets saw a steep rebound, while the U.S. markets experienced a milder upswing. Volatility returned closer to its historic average during the year. Emerging markets had the strongest recovery with the benchmark MSCI Emerging Markets Index returning 64.13%. Developed international markets also posted strong returns with the benchmark MSCI EAFE Index returning 27.71%. The U.S. markets had the lowest equity returns over the reporting period with the S&P 500^® Index returning 9.80%. Fixed income markets trended higher over the year with the Barclays Aggregate Bond Index returning 13.79%.

3

Manager's Analysis

PowerShares DWA Developed Markets Technical Leaders Portfolio (ticker: PIZ)

The PowerShares DWA Developed Markets Technical Leaders Portfolio (the "Fund") seeks investment results that correspond, generally, to the price and yield (before fees and expenses) of the Dorsey Wright Developed Markets Technical Leaders Index (the "Index"). The Index includes equity securities of issuers from countries deemed to have developed economics, selected by the Index provider, and is designed to identify companies that demonstrate powerful relative strength characteristics. The Index may include companies domiciled in developed markets including, but not limited to Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom, listed on a U.S. stock exchange. The Index is reconstituted and rebalanced quarterly.

During the year ended October 31, 2009, the Fund returned 32.14%. The positive performance of the Fund can be attributed to being heavily weighted in mid-cap securities, specifically Teck Resources Ltd., and to excellent stock selection in strong performing small-cap stocks, specifically Barratt Developments PLC, Taylor Wimpey PLC, Challenger Financial Services Group Ltd. and Petroleum Geo-Services ASA. Of particular note, the following countries contributed heavily to the positive return: Canada, Australia and Hong Kong. In combination, the global economic rebound and potential opportunity associated with global companies, which possess high relative strength in developed countries, contributed to the positive returns in the Fund.

Sector Breakdown (% of the Fund's

Net Assets) as of October 31, 2009

Financials	25.1
Materials	21.7
Industrials	16.7
Consumer Discretionary	13.7
Energy	8.6
Information Technology	5.8
Consumer Staples	3.6
Health Care	2.6
Telecommunication Services	1.0
Utilities	0.7
Money Market Fund	0.1
Other	0.4

Style Allocation (% of the Fund's Total

Investments) as of October 31, 2009

Mid-Cap Value	30.1
Large-Cap Growth	20.1
Mid-Cap Growth	18.3
Large-Cap Value	16.0
Small-Cap Value	13.7
Small-Cap Growth	1.8

Top Ten Fund Holdings (% of the Fund's

Net Assets) as of October 31, 2009

Security
Genting Singapore PLC	2.6
Lee & Man Paper Manufacturing Ltd.	2.5
Teck Resources Ltd. Class B	2.4
Barclays PLC	1.9
Infineon Technologies AG	1.8
Kazakhmys PLC	1.7
Tencent Holdings Ltd.	1.6
Ivanhoe Mines Ltd.	1.6
Fairfax Financial Holdings Ltd.	1.5
Barratt Developments PLC	1.5
Total	19.1

4

Manager's Analysis (Continued)

PowerShares DWA Developed Markets Technical Leaders Portfolio (ticker: PIZ)

  Growth of a $10,000 Investment Since Inception^†

Fund Performance History (%)			As of October 31, 2009
	Avg Ann††		Fund Inception†
	1 Year		Avg Ann††		Cumulative
Index
Dorsey Wright Developed Markets Technical Leaders Index		35.64		-15.99		-27.47
MSCI EAFE® Index		27.71		-16.33		-27.89
MSCI EAFE® Growth Index		23.56		-16.99		-28.91
Fund
NAV		32.14		-17.08		-29.20
Share Price Return		33.97		-18.25		-31.04

Fund Inception: December 28, 2007

Performance quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. According to the Fund's current prospectus, the expense ratio of 0.80% is expressed as a unitary fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Share Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Share Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invescopowershares.com to find the most recent month-end performance numbers.

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

The MSCI EAFE^® Index and MSCI EAFE^® Growth Index (the "Benchmark Indices") are unmanaged indices used as a measurement of change in stock market conditions based on the average performance of approximately 961 and 589common stocks, respectively.

^†  Fund and underlying Index returns are based on the inception date of the Fund. Returns for the Benchmark Indices are based on the closest month-end to the Fund's inception date.

^††  Average annualized.

5

Manager's Analysis

PowerShares DWA Emerging Markets Technical Leaders Portfolio (ticker: PIE)

The PowerShares DWA Emerging Markets Technical Leaders Portfolio (the "Fund") seeks investment results that correspond, generally, to the price and yield (before fees and expenses) of the Dorsey Wright Emerging Markets Technical Leaders Index (the "Index"). This Index includes approximately 100 companies that possess powerful relative strength characteristics and are domiciled in emerging market countries including, but not limited to, Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Malaysia, Mexico, Morocco, Pakistan, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey. The Index excludes those companies listed on a U.S. stock exchange. The Index is reconstituted and rebalanced quarterly.

During the year ended October 31, 2009, the Fund returned 43.94%. The positive performance of the Fund can be attributed to being heavily weighted in large-cap securities in China and Brazil, as well as Indonesia. Of particular note, the following strong performing stocks contributed heavily to the positive return: Jiangxi Copper Co. Ltd., China National Building Material Co. Ltd., Vivo Participacoes S/A (ADS), United Tractors and Shanda Interactive Entertainment Ltd. (ADS). In combination, the global economic rebound and potential opportunity associated with global companies, which possess high relative strength in emerging countries, contributed to the positive return in the Fund.

Sector Breakdown (% of the Fund's

Net Assets) as of October 31, 2009

Materials	24.5
Financials	18.1
Industrials	12.5
Consumer Staples	10.6
Consumer Discretionary	9.9
Energy	9.1
Telecommunication Services	5.5
Information Technology	5.4
Utilities	2.9
Health Care	1.8
Money Market Fund	0.1
Other	(0.4	)

Style Allocation (% of the Fund's Total

Investments) as of October 31, 2009

Mid-Cap Value	31.0
Mid-Cap Growth	19.6
Large-Cap Growth	19.0
Large-Cap Value	12.3
Small-Cap Value	10.8
Small-Cap Growth	7.3

Top Ten Fund Holdings (% of the Fund's

Net Assets) as of October 31, 2009

Security
Nine Dragons Paper Holdings Ltd.	3.6
Vivo Participacoes SA	3.2
Jiangxi Copper Co. Ltd., H-Shares	2.4
Shimao Property Holdings Ltd.	2.3
Ultrapar Participacoes SA	2.2
NetEase.com, Inc.	2.1
Seoul Semiconductor Co. Ltd.	1.8
Hengan International Group Co. Ltd.	1.7
Dongfang Electric Corp. Ltd., H-Shares	1.6
Mechel	1.5
Total	22.4

6

Manager's Analysis (Continued)

PowerShares DWA Emerging Markets Technical Leaders Portfolio (ticker: PIE)

  Growth of a $10,000 Investment Since Inception^†

Fund Performance History (%)			As of October 31, 2009
	Avg Ann††		Fund Inception†
	1 Year		Avg Ann††		Cumulative
Index
Dorsey Wright Emerging Markets Technical Leaders Index		53.05		-21.82		-36.48
MSCI Emerging Markets IndexSM		64.13		-13.38		-23.16
MSCI Emerging Markets Growth Index		59.70		-16.85		-28.69
Fund
NAV		43.94		-28.90		-46.69
Share Price Return		39.36		-29.56		-47.58

Fund Inception: December 28, 2007

Performance quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. According to the Fund's current prospectus, the expense ratio of 0.90% is expressed as a unitary fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Share Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Share Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invescopowershares.com to find the most recent month-end performance numbers.

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

The MSCI Emerging Markets Index^SM and MSCI Emerging Market Growth Index (the "Benchmark Indices") are unmanaged indices used as a measurement of change in stock market conditions based on the average performance of approximately 754 and 90 common stocks, respectively.

^†  Fund and underlying Index returns are based on the inception date of the Fund. Returns for the Benchmark Indices are based on the closest month-end to the Fund's inception date.

^††  Average annualized.

7

Manager's Analysis

PowerShares Dynamic Developed International Opportunities Portfolio (ticker: PFA)

The PowerShares Dynamic Developed International Opportunities Portfolio (the "Fund") seeks investment results that correspond, generally, to the price and yield (before fees and expenses) of the QSG (Quantitative Services Group, LLC) Developed International Opportunities Index (the "Index"). The Index is comprised of global equity securities selected principally on the basis of their potential for capital appreciation. The Index is constructed pursuant to QSG proprietary methodology, which evaluates, ranks and sorts global securities using a proprietary multifactor model that is based on numerous measures of expected outperformance. The Index is rebalanced monthly and reconstituted annually.

During the year ended October 31, 2009, the Fund returned 39.69%. The Fund outperformed the comparative index, the MSCI EAFE Index, which returned 27.71%. The positive performance was primarily the result of large exposure in the strong performing financials and industrials sectors. The Fund's performance was also helped by a large weighting in the United Kingdom.

Sector Breakdown (% of the Fund's

Net Assets) as of October 31, 2009

Financials	24.8
Industrials	22.6
Consumer Discretionary	13.8
Materials	9.9
Energy	8.9
Consumer Staples	4.9
Information Technology	4.5
Telecommunication Services	4.0
Utilities	3.2
Health Care	2.8
Money Market Fund	0.1
Other	0.5

Style Allocation (% of the Fund's Total

Investments) as of October 31, 2009

Mid-Cap Value	26.7
Large-Cap Value	24.6
Small-Cap Value	17.2
Mid-Cap Growth	15.0
Large-Cap Growth	9.4
Small-Cap Growth	7.1

Top Ten Fund Holdings (% of the Fund's

Net Assets) as of October 31, 2009

Security
International Personal Finance	0.6
CNPC Hong Kong Ltd.	0.5
Petrominerales Ltd.	0.5
Dongfeng Motor Group Co. Ltd., H-Shares	0.5
Telenor ASA	0.5
Saab AB Class B	0.5
Halfords Group PLC	0.5
KappAhl Holding AB	0.5
China Agri-Industries Holdings Ltd.	0.5
CNOOC Ltd.	0.5
Total	5.1

8

Manager's Analysis (Continued)

PowerShares Dynamic Developed International Opportunities Portfolio (ticker: PFA)

  Growth of a $10,000 Investment Since Inception^†

Fund Performance History (%)			As of October 31, 2009
	Avg Ann††		Fund Inception†
	1 Year		Avg Ann††		Cumulative
Index
QSG Developed International Opportunities Index		43.50		-14.62		-31.39
MSCI EAFE® Index		27.71		-12.47		-27.52
S&P 500® Index		9.80		-12.95		-28.48
Fund
NAV		39.69		-16.38		-34.71
Share Price Return		38.34		-17.39		-36.58

Fund Inception: June 13, 2007

Performance quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. According to the Fund's current prospectus, the expense ratio of 0.75% is expressed as a unitary fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Share Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Share Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invescopowershares.com to find the most recent month-end performance numbers.

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

The MSCI EAFE^® Index and S&P 500^® Index (the "Benchmark Indices") are unmanaged indices used as a measurement of change in stock market conditions based on the average performance of approximately 961 and 500 common stocks, respectively.

^†  Fund and underlying Index returns are based on the inception date of the Fund. Returns for the Benchmark Indices are based on the closest month-end to the Fund's inception date.

^††  Average annualized.

9

Manager's Analysis

PowerShares Emerging Markets Infrastructure Portfolio (ticker: PXR)

The PowerShares Emerging Markets Infrastructure Portfolio (the "Fund") seeks investment results that correspond, generally, to the price and yield (before fees and expenses) of the S-Network Emerging Infrastructure Builders Index^SM (the "Index"). The Index is designed to measure the overall performance of securities of companies involved in certain industries related to infrastructure construction and development in emerging market countries. Such industries include, but are not limited to, construction and engineering, construction machinery, construction materials, diversified metals and mining, heavy electrical equipment, industrial machinery and steel.

During the year ended October 31, 2009, the Fund returned 98.46%. The significantly positive performance of the Fund can be attributed to heavy exposure in China, Indonesia and Brazil. Of particular note, the strong performers included: Jiangxi Copper Co. Ltd., China National Building Material Co. Ltd., Vale S.A. (ADS), Indocement Tunggal Prakarsa, United Tractors and Mechel OAO (ADS). In combination, the global economic rebound and potential opportunity associated with global emerging markets infrastructure contributed to the positive return in the Fund.

Sector Breakdown (% of the Fund's

Net Assets) as of October 31, 2009

Industrials	47.6
Materials	47.0
Utilities	2.5
Other	2.9

Style Allocation (% of the Fund's Total

Investments) as of October 31, 2009

Mid-Cap Value	26.4
Large-Cap Value	26.4
Large-Cap Growth	20.3
Mid-Cap Growth	18.5
Small-Cap Growth	8.4

Top Ten Fund Holdings (% of the Fund's

Net Assets) as of October 31, 2009

Security
Vale SA	6.8
ABB Ltd.	3.9
Mechel	3.2
Caterpillar, Inc.	3.0
Weg SA	2.6
Lafarge Malayan Cement Bhd	2.4
China National Building Material Co. Ltd., H-Shares	2.4
Cia Siderurgica Nacional SA	2.4
Vinci SA	2.4
United Tractors Tbk PT	2.3
Total	31.4

10

Manager's Analysis (Continued)

PowerShares Emerging Markets Infrastructure Portfolio (ticker: PXR)

  Growth of a $10,000 Investment Since Inception^†

Fund Performance History (%)			As of October31, 2009
	Avg Ann††		Fund Inception†
	1 Year		Avg Ann††		Cumulative
Index
S-Network Emerging Infrastructure Builders IndexSM		106.64		88.96		93.97
MSCI Emerging Markets IndexSM		64.13		64.13		64.13
MSCI EAFE® Index		27.71		27.71		27.71
Fund
NAV		98.46		79.13		83.48
Share Price Return		99.35		61.30		64.50

Fund Inception: October 16, 2008

Performance quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. According to the Fund's current prospectus, the expense ratio of 0.75% is expressed as a unitary fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Share Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Share Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invescopowershares.com to find the most recent month-end performance numbers.

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

The MSCI Emerging Markets Index^SM and MSCI EAFE^® Index (the "Benchmark Indices") are unmanaged indices used as a measurement of change in stock market conditions based on the average performance of approximately 754 and 961 common stocks, respectively.

^†  Fund and underlying Index returns are based on the inception date of the Fund. Returns for the Benchmark Indices are based on the closest month-end to the Fund's inception date.

^††  Average annualized.

11

Manager's Analysis

PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio (ticker: PAF)

The PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio (the "Fund") seeks investment results that correspond, generally, to the price and yield (before fees and expenses) of the FTSE RAFI Developed Asia Pacific ex-Japan Index (the "Index"). The Index is designed to track the performance of the largest equities of companies domiciled in the Asia Pacific region (excluding Japan), with the largest fundamental value selected based on the following four fundamental measures of firm size: book value, income, sales and dividends. The fundamentally weighted portfolio is rebalanced and reconstituted annually.

During the year ended October 31, 2009, the Fund returned 63.18%. The Fund underperformed the comparative index, the MSCI Pacific Free ex-Japan Index, which returned 65.10%. The positive performance in the Fund was due in large part to large weightings in Australia and Hong Kong. The Fund's performance was also helped greatly by a large weighting in the strong performing financials sector. Of particular note, the strong performers that contributed to the Fund's positive performance included: BHPBilliton Ltd., Macquarie Infrastructure Group, and Westpac Banking Corp.

Sector Breakdown (% of the Fund's

Net Assets) as of October 31, 2009

Financials	45.0
Materials	14.5
Industrials	14.3
Utilities	7.3
Consumer Discretionary	6.6
Telecommunication Services	4.3
Consumer Staples	4.2
Energy	2.2
Information Technology	0.8
Money Market Fund	0.6
Health Care	0.2
Other	0.0

Style Allocation (% of the Fund's Total

Investments) as of October 31, 2009

Large-Cap Value	47.9
Large-Cap Growth	17.5
Mid-Cap Value	12.6
Mid-Cap Growth	11.5
Small-Cap Value	10.5

Top Ten Fund Holdings (% of the Fund's

Net Assets) as of October 31, 2009

Security
BHP Billiton Ltd.	5.3
National Australia Bank Ltd.	5.2
Commonwealth Bank of Australia	4.7
FKP Property Group	4.5
Australia and New Zealand Banking Group Ltd.	3.9
Westpac Banking Corp.	3.2
Rio Tinto Ltd.	3.0
Macquarie Media Group Ltd.	3.0
Transurban Group	2.6
Macquarie Group Ltd.	2.0
Total	37.4

12

Manager's Analysis (Continued)

PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio (ticker: PAF)

  Growth of a $10,000 Investment Since Inception^†

Fund Performance History (%)			As of October 31, 2009
	Avg Ann††		Fund Inception†
	1 Year		Avg Ann††		Cumulative
Index
FTSE RAFI Developed Asia Pacific ex-Japan Index		67.61		0.51		1.20
MSCI Pacific Free ex-Japan Index		65.10		-4.00		-9.09
MSCI EAFE® Index		27.71		-12.93		-27.61
Fund
NAV		63.18		-0.89		-2.07
Share Price Return		62.64		-0.95		-2.21

Fund Inception: June 25, 2007

Performance quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. According to the Fund's current prospectus, the expense ratio of 0.80% is expressed as a unitary fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Share Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Share Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invescopowershares.com to find the most recent month-end performance numbers.

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

The MSCI Pacific Free ex-Japan Index and MSCI EAFE^® Index (the "Benchmark Indices") are unmanaged indices used as a measurement of change in stock market conditions based on the average performance of approximately 146 and 961common stocks, respectively.

^†  Fund and underlying Index returns are based on the inception date of the Fund. Returns for the Benchmark Indices are based on the closest month-end to the Fund's inception date.

^††  Average annualized.

13

Manager's Analysis

PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio (ticker: PXF)

The PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio (the "Fund") seeks investment results that correspond, generally, to the price and yield (before fees and expenses) of the FTSE RAFI Developed ex U.S. Index (the "Index"). The Index is designed to track the performance of the largest developed markets (excluding the U.S.), with the largest fundamental value selected based on the following four fundamental measures of firm size: book value, income, sales and dividends. The fundamentally weighted portfolio is rebalanced and reconstituted annually.

During the year ended October 31, 2009, the Fund returned 37.40%. This return outperformed the comparative index, the MSCI EAFE^® Index, which returned 27.71%. The positive performance was driven by strong performance across the European countries as well as in Australia. The Fund returns also received a strong boost from large weightings in the strong performing materials, consumer discretionary, and industrials sectors.

Sector Breakdown (% of the Fund's

Net Assets) as of October 31, 2009

Financials	39.9
Consumer Discretionary	11.8
Industrials	10.0
Materials	9.6
Energy	7.5
Consumer Staples	5.4
Telecommunication Services	4.9
Utilities	4.4
Information Technology	3.4
Health Care	3.0
Money Market Fund	0.0
Other	0.1

Style Allocation (% of the Fund's Total

Investments) as of October 31, 2009

Large-Cap Value	51.9
Large-Cap Growth	22.6
Mid-Cap Value	12.9
Mid-Cap Growth	7.1
Small-Cap Value	4.7
Small-Cap Growth	0.8

Top Ten Fund Holdings (% of the Fund's

Net Assets) as of October 31, 2009

Security
ING Groep NV CVA	2.4
HSBC Holdings PLC	2.0
Barclays PLC	2.0
BP PLC	1.5
UniCredit SpA	1.2
Daimler AG	1.2
Banco Santander SA	1.2
AXA SA	1.2
Deutsche Bank AG	1.1
Royal Dutch Shell PLC Class A	1.1
Total	14.9

14

Manager's Analysis (Continued)

PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio (ticker: PXF)

  Growth of a $10,000 Investment Since Inception^†

Fund Performance History (%)			As of October 31, 2009
	Avg Ann††		Fund Inception†
	1 Year		Avg Ann††		Cumulative
Index
FTSE RAFI Developed ex U.S. Index		40.09		-8.69		-19.25
MSCI EAFE® Index		27.71		-12.93		-27.61
S&P 500® Index		9.80		-12.75		-27.27
Fund
NAV		37.40		-9.80		-21.53
Share Price Return		33.43		-10.18		-22.31

Fund Inception: June 25, 2007

Performance quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. According to the Fund's current prospectus, the expense ratio of 0.75% is expressed as a unitary fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Share Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Share Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invescopowershares.com to find the most recent month-end performance numbers.

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

The MSCI EAFE^® Index and S&P 500^® Index (the "Benchmark Indices") are unmanaged indices used as a measurement of change in stock market conditions based on the average performance of approximately 961 and 500 common stocks, respectively.

^†  Fund and underlying Index returns are based on the inception date of the Fund. Returns for the Benchmark Indices are based on the closest month-end to the Fund's inception date.

^††  Average annualized.

15

Manager's Analysis

PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio (ticker: PDN)

The PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio (the "Fund") seeks investment results that correspond, generally, to the price and yield (before fees and expenses) of the FTSE RAFI Developed ex U.S. Mid-Small 1500 Index (the "Index"). The Index is designed to track the performance of equities of small- and mid- capitalization companies domiciled in developed markets (excluding the U.S.), with the largest fundamental value selected based on the following four fundamental measures of firm size: book value, cash flow, sales and dividends. The fundamentals weighted portfolio is rebalanced and reconstituted annually.

During the year ended October 31, 2009, the Fund returned 56.70%. The Fund outperformed the comparative index, the MSCI EAFE Small Index, which returned 48.74%. The positive performance in the Fund was driven by large weightings in strong performing countries, including United Kingdom, Australia, and Japan countries. The performance of the Fund was also helped by good stock selection in the following four sectors: industrials, financials, consumer discretionary, and materials.

Sector Breakdown (% of the Fund's

Net Assets) as of October 31, 2009

Industrials	23.6
Financials	21.6
Consumer Discretionary	18.9
Materials	11.6
Consumer Staples	7.4
Information Technology	7.3
Energy	4.3
Health Care	3.3
Utilities	1.2
Telecommunication Services	0.7
Other	0.1

Style Allocation (% of the Fund's Total

Investments) as of October 31, 2009

Small-Cap Value	30.8
Mid-Cap Growth	24.9
Mid-Cap Value	24.0
Small-Cap Growth	16.7
Large-Cap Growth	2.8
Large-Cap Value	0.8

Top Ten Fund Holdings (% of the Fund's

Net Assets) as of October 31, 2009

Security
Pacific Brands Ltd.	0.9
Lundin Mining Corp.	0.8
ING Industrial Fund	0.7
Trelleborg AB Class B	0.7
Macquarie CountryWide Trust	0.6
Boart Longyear Group	0.4
Eniro AB	0.4
Intermediate Capital Group PLC	0.4
SIG PLC	0.4
Atrium European Real Estate Ltd.	0.4
Total	5.7

16

Manager's Analysis (Continued)

PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio (ticker: PDN)

  Growth of a $10,000 Investment Since Inception^†

Fund Performance History (%)			As of October 31, 2009
	Avg Ann††		Fund Inception†
	1 Year		Avg Ann††		Cumulative
Index
FTSE RAFI Developed ex US Mid-Small 1500 Index		61.42		-5.97		-12.08
MSCI EAFE Small Index		48.74		-13.76		-26.55
MSCI EAFE® Index		27.71		-15.25		-29.15
Fund
NAV		56.70		-7.24		-14.55
Share Price Return		50.21		-8.19		-16.37

Fund Inception: September 27, 2007

Performance quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. According to the Fund's current prospectus, the expense ratio of 0.75% is expressed as a unitary fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Share Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Share Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invescopowershares.com to find the most recent month-end performance numbers.

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

The MSCI EAFE Small Index and MSCI EAFE^® Index (the "Benchmark Indices") are unmanaged indices used as a measurement of change in stock market conditions based on the average performance of approximately 2251 and 961 common stocks, respectively.

^†  Fund and underlying Index returns are based on the inception date of the Fund. Returns for the Benchmark Indices are based on the closest month-end to the Fund's inception date.

^††  Average annualized.

17

Manager's Analysis

PowerShares FTSE RAFI Emerging Markets Portfolio (ticker: PXH)

The PowerShares FTSE RAFI Emerging Markets Portfolio (the "Fund") seeks investment results that correspond, generally, to the price and yield (before fees and expenses) of the FTSE RAFI Emerging Index (the "Index"). The Index is designed to track the performance of the emerging market securities with the highest fundamental value, selected based on the following four fundamental measures of firm size: book value, cash flow, sales and dividends. The fundamentals weighted portfolio is rebalanced and reconstituted annually.

During the year ended October 31, 2009, the Fund returned 56.48%. The Fund underperformed the comparative index, the MSCI Emerging Markets Index^SM, which returned 64.13%. The Fund was helped by large allocations to China and South Korea. The Fund's performance was also positively impacted by large weightings in financials, energy, and materials. Specific stocks that were strong performers include POSCO, Shinhan Financial Group Co. Ltd. and Taiwan Semiconductor Manufacturing Co. Ltd.

Sector Breakdown (% of the Fund's

Net Assets) as of October 31, 2009

Financials	23.0
Energy	21.4
Materials	17.5
Information Technology	12.6
Telecommunication Services	10.5
Industrials	5.0
Utilities	5.0
Consumer Discretionary	2.9
Consumer Staples	1.9
Other	0.2

Style Allocation (% of the Fund's Total

Investments) as of October 31, 2009

Large-Cap Value	58.4
Large-Cap Growth	31.3
Mid-Cap Value	6.9
Mid-Cap Growth	2.8
Small-Cap Value	0.5
Small-Cap Growth	0.1

Top Ten Fund Holdings (% of the Fund's

Net Assets) as of October 31, 2009

Security
POSCO	7.6
Shinhan Financial Group Co. Ltd.	6.4
PetroChina Co. Ltd., H-Shares	5.8
Korea Electric Power Corp.	3.5
Taiwan Semiconductor Manufacturing Co. Ltd.	3.5
China Petroleum & Chemical Corp. (Sinopec), H-Shares	2.7
Gazprom OAO	2.3
Bank of China Ltd., H-Shares	2.1
Itau Unibanco Holding SA	2.0
LG Display Co. Ltd.	2.0
Total	37.9

18

Manager's Analysis (Continued)

PowerShares FTSE RAFI Emerging Markets Portfolio (ticker: PXH)

  Growth of a $10,000 Investment Since Inception^†

Fund Performance History (%)			As of October 31, 2009
	Avg Ann††		Fund Inception†
	1 Year		Avg Ann††		Cumulative
Index
FTSE RAFI Emerging Index		68.74		-5.27		-10.72
MSCI Emerging Markets IndexSM		64.13		-10.36		-20.37
MSCI EAFE® Index		27.71		-15.25		-29.15
Fund
NAV		56.48		-8.35		-16.69
Share Price Return		55.41		-9.37		-18.61

Fund Inception: September 27, 2007

Performance quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. According to the Fund's current prospectus, the expense ratio of 0.85% is expressed as a unitary fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Share Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Share Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invescopowershares.com to find the most recent month-end performance numbers.

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

The MSCI Emerging Markets Index^SM and MSCI EAFE^® Index (the "Benchmark Indices") are unmanaged indices used as a measurement of change in stock market conditions based on the average performance of approximately 754 and 961 common stocks, respectively.

^†  Fund and underlying Index returns are based on the inception date of the Fund. Returns for the Benchmark Indices are based on the closest month-end to the Fund's inception date.

^††  Average annualized.

19

Manager's Analysis

PowerShares FTSE RAFI Europe Portfolio (ticker: PEF)

The PowerShares FTSE RAFI Europe Portfolio (the "Fund) seeks investment results that correspond, generally, to the price and yield (before fees and expenses) of the FTSE RAFI Europe Index (the "Index"). The Index is designed to track the performance of the largest European companies with the largest fundamental value, selected based on the following four fundamental measures of firm size: book value, income, sales and dividends. The fundamentally weighted portfolio is rebalanced and reconstituted annually.

During the year ended October 31, 2009, the Fund returned 38.83%. The comparative index, MSCI Europe Index^SM, returned 27.48%. The Fund's positive performance was driven by a large weighting in the strong performing financials sector. The positive performance was also significantly driven by large weightings in the United Kingdom, Germany, and France.

Sector Breakdown (% of the Fund's

Net Assets) as of October 31, 2009

Financials	42.7
Consumer Discretionary	10.7
Materials	8.8
Energy	8.4
Industrials	8.1
Consumer Staples	6.0
Telecommunication Services	5.4
Utilities	4.2
Health Care	3.6
Information Technology	2.0
Money Market Fund	0.0
Other	0.1

Style Allocation (% of the Fund's Total

Investments) as of October 31, 2009

Large-Cap Value	53.4
Large-Cap Growth	20.9
Mid-Cap Value	13.5
Mid-Cap Growth	6.4
Small-Cap Value	4.8
Small-Cap Growth	1.0

Top Ten Fund Holdings (% of the Fund's

Net Assets) as of October 31, 2009

Security
ING Groep NV CVA	3.4
HSBC Holdings PLC	2.8
Barclays PLC	2.8
BP PLC	2.1
UniCredit SpA	1.7
Daimler AG	1.7
Banco Santander SA	1.6
AXA SA	1.6
Deutsche Bank AG	1.5
Royal Dutch Shell PLC Class A	1.5
Total	20.7

20

Manager's Analysis (Continued)

PowerShares FTSE RAFI Europe Portfolio (ticker: PEF)

  Growth of a $10,000 Investment Since Inception^†

Fund Performance History (%)			As of October 31, 2009
	Avg Ann††		Fund Inception†
	1 Year		Avg Ann††		Cumulative
Index
FTSE RAFI Europe Index		41.19		-10.59		-23.13
MSCI Europe IndexSM		27.48		-13.90		-29.48
MSCI EAFE® Index		27.71		-12.93		-27.61
Fund
NAV		38.83		-11.31		-24.58
Share Price Return		36.58		-11.14		-24.24

Fund Inception: June 25, 2007

Performance quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. According to the Fund's current prospectus, the expense ratio of 0.75% is expressed as a unitary fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Share Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Share Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invescopowershares.com to find the most recent month-end performance numbers.

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

The MSCI Europe Index^SM and MSCI EAFE^® Index (the "Benchmark Indices") are unmanaged indices used as a measurement of change in stock market conditions based on the average performance of approximately 467 and 961 common stocks, respectively.

^†  Fund and underlying Index returns are based on the inception date of the Fund. Returns for the Benchmark Indices are based on the closest month-end to the Fund's inception date.

^††  Average annualized.

21

Manager's Analysis

PowerShares FTSE RAFI Japan Portfolio (ticker: PJO)

The PowerShares FTSE RAFI Japan Portfolio (the "Fund") seeks investment results that correspond, generally, to the price and yield (before fees and expenses) of the FTSE RAFI Japan Index (the "Index"). The Index is designed to track the performance of the largest Japanese equities, selected based on the following four fundamental measures of firm size: book value, income, sales and dividends. The fundamentally weighted portfolio is rebalanced and reconstituted annually.

During the year ended October 31, 2009, the Fund returned 10.26%. The Fund slightly underperformed the comparative index, the MSCI Japan Index, which returned 13.76%. The positive performance was driven by large allocations within the consumer discretionary, industrials, and information technology sectors. Specific companies contributing most to the Fund's performance include strong performers Nissan Motor Co. Ltd., Toshiba Corp. and Sony Corp.

Sector Breakdown (% of the Fund's

Net Assets) as of October 31, 2009

Consumer Discretionary	24.4
Industrials	19.7
Financials	18.6
Information Technology	13.1
Materials	8.7
Utilities	4.2
Consumer Staples	3.2
Telecommunication Services	3.1
Health Care	2.5
Energy	1.9
Money Market Fund	0.1
Other	0.5

Style Allocation (% of the Fund's Total

Investments) as of October 31, 2009

Large-Cap Value	44.7
Large-Cap Growth	35.7
Mid-Cap Value	11.7
Mid-Cap Growth	7.4
Small-Cap Growth	0.3
Small-Cap Value	0.2

Top Ten Fund Holdings (% of the Fund's

Net Assets) as of October 31, 2009

Security
Toyota Motor Corp.	5.7
Mitsubishi UFJ Financial Group, Inc.	2.9
Nissan Motor Co. Ltd.	2.8
Canon, Inc.	2.7
Sony Corp.	2.7
Panasonic Corp.	2.5
Honda Motor Co. Ltd.	2.4
Toshiba Corp.	2.4
Sumitomo Mitsui Financial Group, Inc.	2.2
Mitsubishi Electric Corp.	2.0
Total	28.3

22

Manager's Analysis (Continued)

PowerShares FTSE RAFI Japan Portfolio (ticker: PJO)

  Growth of a $10,000 Investment Since Inception^†

Fund Performance History (%)			As of October 31, 2009
	Avg Ann††		Fund Inception†
	1 Year		Avg Ann††		Cumulative
Index
FTSE RAFI Japan Index		17.32		-10.54		-23.04
MSCI Japan Index		13.76		-14.06		-29.78
MSCI EAFE® Index		27.71		-12.93		-27.61
Fund
NAV		10.26		-12.09		-26.13
Share Price Return		10.73		-11.96		-25.87

Fund Inception: June 25, 2007

Performance quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. According to the Fund's current prospectus, the expense ratio of 0.75% is expressed as a unitary fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Share Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Share Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invescopowershares.com to find the most recent month-end performance numbers.

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

The MSCI Japan Index and MSCI EAFE^® Index (the "Benchmark Indices") are unmanaged indices used as a measurement of change in stock market conditions based on the average performance of approximately 348 and 961 common stocks, respectively.

^†  Fund and underlying Index returns are based on the inception date of the Fund. Returns for the Benchmark Indices are based on the closest month-end to the Fund's inception date.

^††  Average annualized.

23

Manager's Analysis

PowerShares Global Agriculture Portfolio (ticker: PAGG)

The PowerShares Global Agriculture Portfolio (the "Fund") seeks investment results that correspond, generally, to the price and yield (before fees and expenses) of the NASDAQ OMX Global Agriculture Index^SM (the "Index"). The Index is designed to measure the overall performance of globally traded securities of the largest and most liquid companies involved in agriculture and farming-related activities. The Index is rebalanced quarterly using a modified, market capitalization weighted methodology and reconstituted annually.

During the year ended October 31, 2009, the Fund returned 41.53%. The positive performance of the Fund can be attributed to being heavily weighted in large-cap securities in the U.S., and significant exposure to Singapore and Malaysia. Of particular note, the strong performers were: Wilmar International Ltd., Archer-Daniels-Midland Co., IOI Corp. Bhd, Yara International ASA, K+S AG, Sygenta AG and Mosaic Co. In combination, the global economic rebound and potential opportunity associated with global agriculture contributed the positive return in the Fund.

Industry Breakdown (% of the Fund's

Net Assets) as of October 31, 2009

Agricultural Chemicals	46.1
Agricultural Operations	26.2
Chemicals-Diversified	13.4
Food-Miscellaneous/Diversified	4.8
Sugar	3.2
Investment Companies	2.1
Transportation-Services	1.1
Consumer Products-Miscellaneous	1.1
Food-Wholesale/Distribution	0.6
Alternative Waste Technologies	0.2
Money Market Fund	0.0
Other	1.2

Style Allocation (% of the Fund's Total

Investments) as of October 31, 2009

Large-Cap Growth	59.5
Mid-Cap Growth	16.0
Mid-Cap Value	13.9
Large-Cap Value	9.8
Small-Cap Value	0.6
Small-Cap Growth	0.2

Top Ten Fund Holdings (% of the Fund's

Net Assets) as of October 31, 2009

Security
Potash Corp. of Saskatchewan, Inc.	8.3
Syngenta AG	7.9
Wilmar International Ltd.	7.7
Mosaic (The) Co.	7.5
Monsanto Co.	5.1
Israel Chemicals Ltd.	4.2
Archer-Daniels-Midland Co.	4.1
IOI Corp. Bhd	3.9
Yara International ASA	3.9
Sociedad Quimica y Minera de Chile SA Class B	3.9
Total	56.5

24

Manager's Analysis (Continued)

PowerShares Global Agriculture Portfolio (ticker: PAGG)

  Growth of a $10,000 Investment Since Inception^†

Fund Performance History (%)			As of October 31, 2009
	Avg Ann††		Fund Inception†
	1 Year		Avg Ann††		Cumulative
Index
NASDAQ OMX Global Agriculture Index		44.75		-2.56		-2.86
MSCI EAFE® Index		27.71		1.79		1.94
S&P 500® Index		9.80		-8.00		-8.64
Fund
NAV		41.53		-4.17		-4.65
Share Price Return		39.50		-6.47		-7.20

Fund Inception: September 18, 2008

Performance quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. According to the Fund's current prospectus, the expense ratio of 0.75% is expressed as a unitary fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Share Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Share Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invescopowershares.com to find the most recent month-end performance numbers.

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

The MSCI EAFE^® Index and S&P 500^® Index (the "Benchmark Indices") are unmanaged indices used as a measurement of change in stock market conditions based on the average performance of approximately 961 and 500 common stocks, respectively.

^†  Fund and underlying Index returns are based on the inception date of the Fund. Returns for the Benchmark Indices are based on the closest month-end to the Fund's inception date.

^††  Average annualized.

25

Manager's Analysis

PowerShares Global Biotech Portfolio (ticker: PBTQ)

The PowerShares Global Biotech Portfolio (the "Fund") seeks investment results that correspond, generally, to the price and yield (before fees and expenses) of the NASDAQ OMX Global Biotechnology Index^SM (the "Index"). The Index is designed to measure the overall performance of globally traded securities of the largest and most liquid companies involved in the biotechnology industry. The Index is rebalanced quarterly using a modified, market capitalization weighted methodology and reconstituted annually.

During the year ended October 31, 2009, the Fund returned -1.20%. Performance of biotech stocks in Netherlands, Austria, Australia and France contributed positively to the portfolio, but these gains were out-weighted by the negative performance of biotech stocks in the U.S., which is the portfolio's highest weighted country. Of particular note, the strong performers were: Human Genome Sciences Inc., Genentech, Medarex Inc., and Vertex Pharmaceuticals. Offsetting these strong performers were Genzyme Corp., Celgene Corp. and Cephalon Inc. Despite the global economic rebound and potential opportunity associated with global biotechnology stocks, the Fund was only able to deliver a flat return.

Industry Breakdown (% of the Fund's

Net Assets) as of October 31, 2009

Medical-Biomedical/Genetics	79.6
Medical-Drugs	12.7
Therapeutics	5.1
Diagnostic Equipment	0.7
Drug Delivery Systems	0.7
Agricultural Operations	0.6
Money Market Fund	0.0
Other	0.6

Style Allocation (% of the Fund's Total

Investments) as of October 31, 2009

Large-Cap Growth	49.1
Mid-Cap Growth	27.1
Small-Cap Growth	23.8

Top Ten Fund Holdings (% of the Fund's

Net Assets) as of October 31, 2009

Security
CSL Ltd.	9.0
Celgene Corp.	8.4
Gilead Sciences, Inc.	8.1
Genzyme Corp.	7.8
Amgen, Inc.	7.7
Actelion Ltd.	4.1
Vertex Pharmaceuticals, Inc.	3.9
Cephalon, Inc.	3.8
Biogen Idec, Inc.	3.6
Alexion Pharmaceuticals, Inc.	3.4
Total	59.8

26

Manager's Analysis (Continued)

PowerShares Global Biotech Portfolio (ticker: PBTQ)

  Growth of a $10,000 Investment Since Inception^†

Fund Performance History (%)			As of October 31, 2009
	Avg Ann††		Fund Inception†
	1 Year		Avg Ann††		Cumulative
Index
NASDAQ OMX Global Biotechnology IndexSM		-1.78		-12.20		-13.54
MSCI EAFE® Index		27.71		1.79		1.94
S&P 500® Index		9.80		-8.00		-8.64
Fund
NAV		-1.20		-12.10		-13.43
Share Price Return		-1.14		-12.53		-13.90

Fund Inception: September 18, 2008

Performance quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. According to the Fund's current prospectus, the expense ratio of 0.75% is expressed as a unitary fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Share Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Share Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invescopowershares.com to find the most recent month-end performance numbers.

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

The MSCI EAFE^® Index and S&P 500^® Index (the "Benchmark Indices") are unmanaged indices used as a measurement of change in stock market conditions based on the average performance of approximately 961 and 500 common stocks, respectively.

^†  Fund and underlying Index returns are based on the inception date of the Fund. Returns for the Benchmark Indices are based on the closest month-end to the Fund's inception date.

^††  Average annualized.

27

Manager's Analysis

PowerShares Global Clean Energy Portfolio (ticker: PBD)

The PowerShares Global Clean Energy Portfolio (the "Fund") seeks investment results that correspond, generally, to the price and yield (before fees and expenses) of the WilderHill New Energy Global Innovation Index (the "Index"). The Index is designed to identify companies that have the greatest potential for capital appreciation and is composed of companies that focus on greener and generally renewable sources of energy and technologies facilitating cleaner energy. The modified equal weighted portfolio is rebalanced and reconstituted quarterly.

During the year ended October 31, 2009, the Fund returned 27.10%. The positive performance of the Fund can be attributed to being heavily weighted in Spain, Japan and China. Of particular note, the strong performing large-cap stocks were: EDP Renovaveis SA, American Superconductor Corp., China High Speed Transmission Equipment Group Co. Ltd., SMA Solar Technology AG, Vestas Wind Systems A/S and BYD Co. Ltd. In combination, the global economic rebound and potential opportunity associated with global clean energy contributed the positive return in the Fund.

Industry Breakdown (% of the Fund's

Net Assets) as of October 31, 2009

Energy-Alternate Sources	25.0
Power Conversion/Supply Equipment	16.4
Electronic Components-Semiconductors	13.1
Electric-Integrated	4.6
Batteries/Battery Systems	4.4
Machinery-Electrical	2.9
Superconductor Products & Systems	2.8
Diversified Manufacturing Operations	2.5
Building & Construction Products-Miscellaneous	2.4
Auto/Truck Parts & Equipment-Original	2.3
Building-Heavy Construct	2.2
Sugar	2.2
Engineering/R&D Services	2.0
Semiconductor Equipment	1.7
Medical-Biomedical/Genetics	1.7
Audio/Video Products	1.6
Electric-Generation	1.6
Electronic Measuring Instruments	1.5
Independ Power Producer	1.4
Precious Metals	1.3
Electric Products-Miscellaneous	1.2
Chemicals-Specialty	1.0
Computers-Integrated Systems	0.8
Chemicals-Fibers	0.6
Investment Companies	0.5
Non-Ferrous Metals	0.4
Semiconductor Components- Integrated Circuits	0.4
Electric-Distribution	0.4
Instruments-Scientific	0.4
Lighting Products & Systems	0.4
Filtration/Separation Products	0.3
Money Market Fund	0.0
Other	0.0

Top Ten Fund Holdings (% of the Fund's

Net Assets) as of October 31, 2009

Security
American Superconductor Corp.	2.8
Infigen Energy	2.6
Hansen Transmissions International NV	2.5
China High Speed Transmission Equipment Group Co. Ltd.	2.5
Vestas Wind Systems A/S	2.5
EDF Energies Nouvelles SA	2.5
EDP Renovaveis SA	2.3
Iberdrola Renovables SA	2.2
Acciona SA	2.2
Nordex AG	2.2
Total	24.3

Style Allocation (% of the Fund's Total

Investments) as of October 31, 2009

Mid-Cap Growth	41.2
Small-Cap Growth	30.8
Large-Cap Growth	13.6
Mid-Cap Value	5.8
Small-Cap Value	5.4
Large-Cap Value	3.2

28

Manager's Analysis (Continued)

PowerShares Global Clean Energy Portfolio (ticker: PBD)

  Growth of a $10,000 Investment Since Inception^†

Fund Performance History (%)			As of October 31, 2009
	Avg Ann††		Fund Inception†
	1 Year		Avg Ann††		Cumulative
Index
WilderHill New Energy Global Innovation Index		29.76		-16.48		-34.90
S&P Global Clean Energy Index		-6.49		-27.31		-53.73
MSCI World IndexSM		18.42		-12.67		-27.91
MSCI EAFE® Index		27.71		-12.47		-27.52
S&P 500® Index		9.80		-12.95		-28.48
Fund
NAV		27.10		-18.15		-37.97
Share Price Return		24.13		-18.75		-39.04

Fund Inception: June 13, 2007

Performance quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. According to the Fund's current prospectus, the expense ratio of 0.75% is expressed as a unitary fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Share Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Share Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invescopowershares.com to find the most recent month-end performance numbers.

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

The S&P Global Clean Energy Index, MSCI World Index^SM, and S&P 500^® Index (the "Benchmark Indices") are unmanaged indices used as a measurement of change in stock market conditions based on the average performance of approximately 30, 1659, and 500 common stocks, respectively. The S&P Global Clean Energy Index will be used for comparative purposes going forward as this index represents the most appropriate market index for this Fund.

^†  Fund and underlying Index returns are based on the inception date of the Fund. Returns for the Benchmark Indices are based on the closest month-end to the Fund's inception date.

^††  Average annualized.

29

Manager's Analysis

PowerShares Global Coal Portfolio (ticker: PKOL)

The PowerShares Global Coal Portfolio (the "Fund") seeks investment results that correspond, generally, to the price and yield (before fees and expenses) of the NASDAQ OMX Global Coal Index^SM (the "Index"). The Index is designed to measure the overall performance of globally traded securities of the largest and most liquid companies involved in the exploration for and mining of coal, as well as other related activities in the coal industry. The Index is rebalanced quarterly using a modified, market capitalization weighted methodology and reconstituted annually.

During the year ended October 31, 2009, the Fund returned 79.17%. The positive performance of the fund can be attributed to being heavily weighted in China, Australia and Canada. Of particular note, the strong performing large-cap stocks were: China Shenhua Energy Co. Ltd., Inner Mongolia Yitai Coal Co., Cameco Corp., and China Coal Energy Co. In combination, the global economic rebound and potential opportunity associated with global coal contributed to positive return in the Fund.

Industry Breakdown (% of the Fund's

Net Assets) as of October 31, 2009

Coal	78.6
Non-Ferrous Metals	15.1
Diversified Minerals	5.6
Money Market Fund	0.1
Other	0.6

Style Allocation (% of the Fund's Total

Investments) as of October 31, 2009

Mid-Cap Growth	25.6
Large-Cap Growth	22.2
Large-Cap Value	21.3
Mid-Cap Value	16.9
Small-Cap Growth	11.2
Small-Cap Value	2.8

Top Ten Fund Holdings (% of the Fund's

Net Assets) as of October 31, 2009

Security
Peabody Energy Corp.	9.0
China Shenhua Energy Co. Ltd., H-Shares	8.2
Cameco Corp.	7.8
CONSOL Energy, Inc.	7.0
Coal & Allied Industries Ltd.	5.4
Inner Mongolia Yitai Coal Co. Class B	4.5
Adaro Energy PT	4.3
China Coal Energy Co., H-Shares	4.1
Alpha Natural Resources, Inc.	3.9
Energy Resources of Australia Ltd.	3.5
Total	57.7

30

Manager's Analysis (Continued)

PowerShares Global Coal Portfolio (ticker: PKOL)

  Growth of a $10,000 Investment Since Inception^†

Fund Performance History (%)			As of October 31, 2009
	Avg Ann††		Fund Inception†
	1 Year		Avg Ann††		Cumulative
Index
NASDAQ OMX Global Coal IndexSM		84.94		10.75		12.09
MSCI EAFE® Index		27.71		1.79		1.94
S&P 500® Index		9.80		-8.00		-8.64
Fund
NAV		79.17		6.00		6.73
Share Price Return		74.45		5.96		6.69

Fund Inception: September 18, 2008

Performance quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. According to the Fund's current prospectus, the expense ratio of 0.75% is expressed as a unitary fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Share Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Share Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invescopowershares.com to find the most recent month-end performance numbers.

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

The MSCI EAFE^® Index and S&P 500^® Index (the "Benchmark Indices") are unmanaged indices used as a measurement of change in stock market conditions based on the average performance of approximately 961 and 500 common stocks, respectively.

^†  Fund and underlying Index returns are based on the inception date of the Fund. Returns for the Benchmark Indices are based on the closest month-end to the Fund's inception date.

^††  Average annualized.

31

Manager's Analysis

PowerShares Global Gold and Precious Metals Portfolio (ticker: PSAU)

The PowerShares Global Gold and Precious Metals Portfolio (the "Fund") seeks investment results that correspond, generally, to the price and yield (before fees and expenses) of the NASDAQ OMX Global Gold and Precious Metals Index^SM (the "Index"). The Index is designed to measure the overall performance of globally traded securities of the largest and most liquid companies involved in gold and other precious metals mining-related activities. The Index is rebalanced quarterly using a modified, market capitalization weighted methodology and reconstituted annually.

During the year ended October 31, 2009, the Fund returned 106.41%. The positive performance of the Fund can be attributed to exposure in Brazil, South Korea and South Africa. Of particular note, the strong performing large-cap stocks were: Goldcorp Inc., Kinross Gold Corp., Newmont Mining Corp., Barrick Gold Corp. and Anglo Platinum Ltd. In combination, the global economic rebound and potential opportunity associated with global gold and precious metals contributed to the positive return in the Fund.

Industry Breakdown (% of the Fund's

Net Assets) as of October 31, 2009

Gold Mining	69.6
Platinum	17.1
Silver Mining	8.9
Non-Ferrous Metals	3.3
Precious Metals	0.9
Diamonds/Precious Stones	0.2
Money Market Fund	0.0
Other	0.0

Style Allocation (% of the Fund's Total

Investments) as of October 31, 2009

Large-Cap Growth	62.1
Mid-Cap Growth	14.2
Large-Cap Value	11.1
Small-Cap Growth	8.3
Mid-Cap Value	3.6
Small-Cap Value	0.7

Top Ten Fund Holdings (% of the Fund's

Net Assets) as of October 31, 2009

Security
Barrick Gold Corp.	8.8
Newmont Mining Corp.	8.0
Goldcorp, Inc.	7.5
Anglo Platinum Ltd.	7.3
Impala Platinum Holdings Ltd.	5.6
Newcrest Mining Ltd.	4.3
Fresnillo PLC	3.9
Gold Fields Ltd.	3.9
Kinross Gold Corp.	3.7
AngloGold Ashanti Ltd.	3.6
Total	56.6

32

Manager's Analysis (Continued)

PowerShares Global Gold and Precious Metals Portfolio (ticker: PSAU)

  Growth of a $10,000 Investment Since Inception^†

Fund Performance History (%)			As of October 31, 2009
	Avg Ann††		Fund Inception†
	1 Year		Avg Ann††		Cumulative
Index
NASDAQ OMX Global Gold and Precious Metals IndexSM		103.61		21.91		24.79
MSCI EAFE® Index		27.71		1.79		1.94
S&P 500® Index		9.80		-8.00		-8.64
Fund
NAV		106.41		22.01		24.90
Share Price Return		104.96		22.25		25.17

Fund Inception: September 18, 2008

Performance quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. According to the Fund's current prospectus, the expense ratio of 0.75% is expressed as a unitary fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Share Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Share Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invescopowershares.com to find the most recent month-end performance numbers.

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

The MSCI EAFE^® Index and S&P 500^® Index (the "Benchmark Indices") are unmanaged indices used as a measurement of change in stock market conditions based on the average performance of approximately 961 and 500 common stocks, respectively.

^†  Fund and underlying Index returns are based on the inception date of the Fund. Returns for the Benchmark Indices are based on the closest month-end to the Fund's inception date.

^††  Average annualized.

33

Manager's Analysis

PowerShares Global Nuclear Energy Portfolio (ticker: PKN)

The PowerShares Global Nuclear Energy Portfolio (the "Fund") seeks investment results that correspond, generally, to the price and yield (before fees and expenses) of the WNA Nuclear Energy Index (the "Index"). The Index is designed to measure the overall performance of globally traded securities of companies that are materially engaged in the nuclear energy industry with representation across reactors, utilities, construction, technology, equipment, service providers and fuels. The rules-based index is rebalanced quarterly from a universe of equity securities traded on recognized stock exchanges in the Americas, Europe, the Middle East, Africa and Asia/Pacific.

During the year ended October 31, 2009, the Fund returned 31.67%. The positive performance of the Fund can be attributed to the outstanding performance of securities in Canada and Australia. Although they are not the most heavily weighted countries, they were by far the best performing. Of particular note, the strong performers were: Uranium One Inc., Equinox Minerals Ltd., Paladin Energy Ltd. and Energy Resources of Australia Ltd. In combination, the global economic rebound and potential opportunity associated with global nuclear energy stocks contributed the positive return in the Fund.

Industry Breakdown (% of the Fund's

Net Assets) as of October 31, 2009

Electric-Integrated	24.9
Engineering/R&D Services	14.5
Non-Ferrous Metals	11.8
Electric Products-Miscellaneous	9.1
Energy-Alternate Sources	7.3
Diversified Manufacturing Operations	6.1
Machinery-General Industrial	4.8
Metal-Copper	3.1
Instruments-Scientific	3.0
Electronic Components-Miscellaneous	2.9
Auto/Truck Parts & Equipment-Original	2.8
Consulting Services	2.4
Machinery-Pumps	1.7
Machinery-Material Handling	1.1
Wire & Cable Products	0.8
Chemicals-Specialty	0.6
Building-Heavy Construct	0.6
Transportation-Marine	0.6
Electronic Measuring Instruments	0.6
Semiconductor Equipment	0.2
Environmental Monitoring and Detection	0.2
Research and Development	0.2
Protection-Safety	0.2
Metal Processors & Fabricators	0.1
Miscellaneous Manufacturing	0.1
Commercial Services	0.1
Money Market Fund	0.1
Other	0.1

Top Ten Fund Holdings (% of the Fund's

Net Assets) as of October 31, 2009

Security
Areva SA	7.3
Hitachi Ltd.	4.9
Equinox Minerals Ltd.	3.1
Cameco Corp.	3.1
Thermo Fisher Scientific, Inc.	3.0
RWE AG	3.0
Emerson Electric Co.	3.0
Exelon Corp.	3.0
Paladin Energy Ltd.	2.9
E.ON AG	2.9
Total	36.2

Style Allocation (% of the Fund's Total

Investments) as of October 31, 2009

Large-Cap Growth	39.6
Large-Cap Value	25.5
Mid-Cap Growth	20.6
Mid-Cap Value	9.1
Small-Cap Value	3.4
Small-Cap Growth	1.8

34

Manager's Analysis (Continued)

PowerShares Global Nuclear Energy Portfolio (ticker: PKN)

  Growth of a $10,000 Investment Since Inception^†

Fund Performance History (%)			As of October 31, 2009
	Avg Ann††		Fund Inception†
	1 Year		Avg Ann††		Cumulative
Index
WNA Nuclear Energy Index		33.42		-19.36		-28.80
MSCI EAFE® Index		27.71		-13.72		-20.84
S&P 500® Index		9.80		-12.17		-18.57
Fund
NAV		31.67		-18.45		-27.52
Share Price Return		29.03		-19.58		-29.10

Fund Inception: April 3, 2008

Performance quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. According to the Fund's current prospectus, the expense ratio of 0.75% is expressed as a unitary fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Share Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Share Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invescopowershares.com to find the most recent month-end performance numbers.

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

The MSCI EAFE^® Index and S&P 500^® Index (the "Benchmark Indices") are unmanaged indices used as a measurement of change in stock market conditions based on the average performance of approximately 961 and 500 common stocks, respectively.

^†  Fund and underlying Index returns are based on the inception date of the Fund. Returns for the Benchmark Indices are based on the closest month-end to the Fund's inception date.

^††  Average annualized.

35

Manager's Analysis

PowerShares Global Progressive Transportation Portfolio (ticker: PTRP)

The PowerShares Global Progressive Transportation Portfolio ("Fund") seeks investment results that correspond, generally, to the price and yield (before fees and expenses) of the Wilder NASDAQ OMX Global Energy Efficient Transport Index^SM (the "Index"). The Index includes global companies engaged in businesses that the Index provider believes stand to benefit substantially from a societal transition toward using cleaner, less costly and more efficient means of transportation. These companies focus on technologies for utilization of greener, more-efficient sources of energy for transportation. These technologies are designed to improve energy efficiency and reduce the costs for fuel or time in transit and include renewable energy harvesting or production, energy conversion, energy storage, improvements in energy efficiency, power delivery, energy conservation and monitoring of energy information. The Index is rebalance d quarterly using a modified, market capitalization weighted methodology.

During the year ended October 31, 2009, the Fund returned 35.62%. The positive performance of the Fund can be attributed to the outstanding performance of securities in Japan and China. Although they are not the most heavily weighted countries they were by far the best performing. Of particular note, the strong performing stocks were: GS Yuasa Corp. and BYD Co. Ltd. In combination, the global economic rebound and potential opportunity associated with global transportation stocks contributed the positive return in the Fund.

Industry Breakdown (% of the Fund's

Net Assets) as of October 31, 2009

Transportation-Rail	16.8
Batteries/Battery Systems	13.2
Bicycle Manufacturing	9.3
Auto/Truck Parts & Equipment-Original	9.0
Transportation-Services	8.8
Transportation-Truck	5.7
Transportation-Marine	5.7
Machinery-General Industrial	5.0
Computers-Integrated Systems	4.2
Auto-Medium & Heavy Duty Trucks	3.1
Chemicals-Diversified	3.0
Oil Components-Integrated	2.9
Diversified Manufacturing Operations	2.8
Steel-Producers	2.8
Whsing & Harbor Transportation Services	2.6
Energy-Alternate Sources	2.6
Electric Products-Miscellaneous	2.3
Money Market Fund	0.2
Other	0.0

Top Ten Fund Holdings (% of the Fund's

Net Assets) as of October 31, 2009

Security
BYD Co. Ltd., H-Shares	4.5
Maxwell Technologies, Inc.	4.2
WABCO Holdings, Inc.	3.5
Merida Industry Co. Ltd.	3.3
Saft Groupe SA	3.3
Giant Manufacturing Co. Ltd.	3.2
Overseas Shipholding Group, Inc.	3.1
New Flyer Industries, Inc.	3.1
Stagecoach Group PLC	3.0
Log-in Logistica Intermodal SA	3.0
Total	34.2

Style Allocation (% of the Fund's Total

Investments) as of October 31, 2009

Small-Cap Growth	29.7
Large-Cap Value	17.8
Mid-Cap Growth	16.1
Large-Cap Growth	15.3
Mid-Cap Value	11.6
Small-Cap Value	9.5

36

Manager's Analysis (Continued)

PowerShares Global Progressive Transportation Portfolio (ticker: PTRP)

  Growth of a $10,000 Investment Since Inception^†

Fund Performance History (%)			As of October 31, 2009
	Avg Ann††		Fund Inception†
	1 Year		Avg Ann††		Cumulative
Index
Wilder NASDAQ OMX Global Energy Efficient Transport IndexSM		39.25		4.05		4.53
MSCI EAFE® Index		27.71		1.79		1.94
S&P 500® Index		9.80		-8.00		-8.64
Fund
NAV		35.62		2.30		2.58
Share Price Return		34.58		2.30		2.58

Fund Inception: September 18, 2008

Performance quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. According to the Fund's current prospectus, the expense ratio of 0.75% is expressed as a unitary fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Share Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Share Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invescopowershares.com to find the most recent month-end performance numbers.

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

The MSCI EAFE^® Index and S&P 500^® Index (the "Benchmark Indices") are unmanaged indices used as a measurement of change in stock market conditions based on the average performance of approximately 961 and 500 common stocks, respectively.

^†  Fund and underlying Index returns are based on the inception date of the Fund. Returns for the Benchmark Indices are based on the closest month-end to the Fund's inception date.

^††  Average annualized.

37

Manager's Analysis

PowerShares Global Steel Portfolio (ticker: PSTL)

The PowerShares Global Steel Portfolio (the "Fund") seeks investment results that correspond, generally, to the price and yield (before fees and expenses) of the NASDAQ OMX Global Steel Index^SM (the "Index"). The Index is designed to measure the overall performance of globally traded securities of the largest and most liquid companies involved in the manufacturing and storage of iron and steel products. The Index is reconstituted annually and rebalanced quarterly using a modified, market capitalization weighted methodology.

During the year ended October 31, 2009, the Fund returned 48.13%. The positive performance of the Fund can be attributed to exposure in Brazil, South Korea and South Africa. Of particular note, the strong performing large-cap stocks were: Companhia Siderurgica Nacional, POSCO, ArcelorMittal SA, Kumba Iron Ore Ltd. and ThyssenKrupp AG. In combination, the global economic rebound and potential opportunity associated with global steel contributed the positive return in the Fund.

Industry Breakdown (% of the Fund's

Net Assets) as of October 31, 2009

Steel-Producers	85.8
Metal-Iron	8.1
Steel-Specialty	3.4
Metal Processors & Fabricators	1.7
Steel Pipe & Tube	0.8
Metal-Diversified	0.1
Money Market Fund	0.0
Other	0.1

Style Allocation (% of the Fund's Total

Investments) as of October 31, 2009

Large-Cap Value	57.1
Mid-Cap Value	27.7
Mid-Cap Growth	9.1
Large-Cap Growth	3.0
Small-Cap Growth	2.3
Small-Cap Value	0.8

Top Ten Fund Holdings (% of the Fund's

Net Assets) as of October 31, 2009

Security
POSCO	9.0
ArcelorMittal	7.6
Cia Siderurgica Nacional SA	7.5
Nippon Steel Corp.	7.3
JFE Holdings, Inc.	5.7
ThyssenKrupp AG	3.8
Nucor Corp.	3.6
Sumitomo Metal Industries Ltd.	3.6
China Steel Corp.	3.4
Fortescue Metals Group Ltd.	3.0
Total	54.5

38

Manager's Analysis (Continued)

PowerShares Global Steel Portfolio (ticker: PSTL)

  Growth of a $10,000 Investment Since Inception^†

Fund Performance History (%)			As of October 31, 2009
	Avg Ann††		Fund Inception†
	1 Year		Avg Ann††		Cumulative
Index
NASDAQ OMX Global Steel IndexSM		54.43		-6.42		-7.15
MSCI EAFE® Index		27.71		1.79		1.94
S&P 500® Index		9.80		-8.00		-8.64
Fund
NAV		48.13		-17.23		-19.05
Share Price Return		47.48		-16.14		-17.86

Fund Inception: September 18, 2008

Performance quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. According to the Fund's current prospectus, the expense ratio of 0.75% is expressed as a unitary fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Share Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Share Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invescopowershares.com to find the most recent month-end performance numbers.

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

The MSCI EAFE^® Index and S&P 500^® Index (the "Benchmark Indices") are unmanaged indices used as a measurement of change in stock market conditions based on the average performance of approximately 961 and 500 common stocks, respectively.

^†  Fund and underlying Index returns are based on the inception date of the Fund. Returns for the Benchmark Indices are based on the closest month-end to the Fund's inception date.

^††  Average annualized.

39

Manager's Analysis

PowerShares Global Water Portfolio (ticker: PIO)

The PowerShares Global Water Portfolio (the "Fund") seeks investment results that correspond, generally, to the price and yield (before fees and expenses) of the Palisades Global Water Index^TM (the "Index"). The Index seeks to identify a group of global companies that focus on the provision of potable water, the treatment of water and the technology and services that are directly related to global water consumption. The modified equal-weighted portfolio is rebalanced and reconstituted quarterly.

During the year ended October 31, 2009, the Fund returned 41.25%. The positive performance of the Fund can be attributed to exposure in the U.S., Finland and Japan. This included the mixture of a heavy weighting in the Industrial sector and in mid-capitalization securities. Of particular note, the strong performing stocks were: Kemira Oyj, Arcadis N.V., Hyflux Ltd. and Nalco Holding Co. In combination, the global economic rebound and potential opportunity associated with global water treatment and consumption and contributed to the positive return in the Fund.

Industry Breakdown (% of the Fund's

Net Assets) as of October 31, 2009

Environmental Control	22.9
Water	20.9
Miscellaneous Manufacturing	12.2
Machinery-Diversified	11.3
Electronics	6.3
Engineering & Construction	5.6
Commercial Services	5.0
Chemicals	4.7
Metal Fabricate/Hardware	4.4
Building Materials	3.3
Holding Companies-Diversified	1.8
Electric	1.5
Money Market Fund	0.0
Other	0.1

Style Allocation (% of the Fund's Total

Investments) as of 31 October 31, 2009

Mid-Cap Growth	35.4
Small-Cap Growth	28.2
Mid-Cap Value	18.2
Large-Cap Value	9.4
Large-Cap Growth	4.9
Small-Cap Value	3.9

Top Ten Fund Holdings (% of the Fund's

Net Assets) as of October 31, 2009

Security
Arcadis NV	5.6
Nalco Holding Co.	5.4
Hyflux Ltd.	5.2
Tetra Tech, Inc.	5.1
Suez Environnement SA	5.1
Stantec, Inc.	5.0
Kemira Oyj	4.8
Organo Corp.	4.7
Kurita Water Industries Ltd.	4.5
Valmont Industries, Inc.	4.4
Total	49.8

40

Manager's Analysis (Continued)

PowerShares Global Water Portfolio (ticker: PIO)

  Growth of a $10,000 Investment Since Inception^†

Fund Performance History (%)			As of October 31, 2009
	Avg Ann††		Fund Inception†
	1 Year		Avg Ann††		Cumulative
Index
Palisades Global Water IndexTM		41.14		-12.10		-26.46
S&P Global Water Index		15.00		-12.91		-28.40
MSCI EAFE® Index		27.71		-12.47		-27.52
S&P 500® Index		9.80		-12.95		-28.48
Fund
NAV		41.25		-13.50		-29.23
Share Price Return		42.58		-14.48		-31.12

Fund Inception: June 13, 2007

Performance quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. According to the Fund's current prospectus, the expense ratio of 0.75% is expressed as a unitary fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Share Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Share Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invescopowershares.com to find the most recent month-end performance numbers.

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

The S&P Global Water Index and S&P 500^® Index (the "Benchmark Indices") are unmanaged indices used as a measurement of change in stock market conditions based on the average performance of approximately 50 and 500 common stocks, respectively. The S&P Global Water Index will be used for comparative purposes going forward as this index represents the most appropriate market index for this Fund.

^†  Fund and underlying Index returns are based on the inception date of the Fund. Returns for the Benchmark Indices are based on the closest month-end to the Fund's inception date.

^††  Average annualized.

41

Manager's Analysis

PowerShares Global Wind Energy Portfolio (ticker: PWND)

The PowerShares Global Wind Energy Portfolio (the "Fund") seeks investment results that correspond, generally, to the price and yield (before fees and expenses) of the NASDAQ OMX Clean Edge^® Global Wind Energy Index (the "Index"). The Index is designed to measure the performance of global companies engaged in the wind energy industry, which are primarily manufacturers, developers, distributors, installers and users of energy derived from wind sources.

During the year ended October 31, 2009, the Fund returned 55.02%. The positive performance of the Fund can be attributed to exposure in the Denmark, Japan and Spain. Of particular note, the strong performers were: Vestas Wind Systems A/S, American Superconductor Corp., EDP Renovaveis S/A, China WindPower Group Ltd., Mitsubishi Heavy Industries Ltd. and China High Speed Transmission Equipment Group Co. Ltd. In combination, the global economic rebound and potential opportunity associated with global wind energy contributed to the positive return in the Fund.

Industry Breakdown (% of the Fund's

Net Assets) as of October 31, 2009

Energy-Alternate Sources	48.0
Electrical Components & Equipment	32.5
Miscellaneous Manufacturing	7.4
Electric	4.7
Chemicals	2.1
Building Materials	2.1
Engineering & Construction	1.2
Distribution/Wholesale	0.6
Gas	0.5
Machinery-Diversified	0.3
Money Market Fund	1.3
Other	(0.7	)

Style Allocation (% of the Fund's Total

Investments) as of October 31, 2009

Large-Cap Growth	36.5
Mid-Cap Growth	32.4
Small-Cap Growth	23.4
Large-Cap Value	7.5
Mid-Cap Value	0.2

Top Ten Fund Holdings (% of the Fund's

Net Assets) as of October 31, 2009

Security
EDP Renovaveis SA	10.8
Vestas Wind Systems A/S	10.6
Iberdrola Renovables SA	10.4
Gamesa Corp. Tecnologica SA	9.0
EDF Energies Nouvelles SA	5.1
American Superconductor Corp.	4.4
REpower Systems AG	4.4
Hansen Transmissions International NV	4.1
Infigen Energy	4.1
Terna Energy SA	4.0
Total	66.9

42

Manager's Analysis (Continued)

PowerShares Global Wind Energy Portfolio (ticker: PWND)

  Growth of a $10,000 Investment Since Inception^†

Fund Performance History (%)			As of October 31, 2009
	Avg Ann††		Fund Inception†
	1 Year		Avg Ann††		Cumulative
Index
NASDAQ OMX Clean Edge® Global Wind Energy Index		58.13		-26.16		-33.28
MSCI EAFE® Index		27.71		-14.63		-19.02
S&P 500® Index		9.80		-12.47		-16.28
Fund
NAV		55.02		-27.62		-35.03
Share Price Return		48.93		-28.74		-36.38

Fund Inception: July 1, 2008

Performance quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. According to the Fund's current prospectus, the expense ratio of 0.75% is expressed as a unitary fee to cover operating expenses and expenses incurred in connection with managing the portfolio. NAV and Share Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Share Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invescopowershares.com to find the most recent month-end performance numbers.

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

The MSCI EAFE^® Index and S&P 500^® Index (the "Benchmark Indices") are unmanaged indices used as a measurement of change in stock market conditions based on the average performance of approximately 961 and 500 common stocks, respectively.

^†  Fund and underlying Index returns are based on the inception date of the Fund. Returns for the Benchmark Indices are based on the closest month-end to the Fund's inception date.

^††  Average annualized.

43

Manager's Analysis

PowerShares MENA Frontier Countries Portfolio (ticker: PMNA)

The PowerShares MENA Frontier Countries Portfolio (the "Fund") seeks investment results that correspond, generally, to the price and yield (before fees and expenses) of the NASDAQ OMX Middle East North Africa Index^SM (the "Index"). The Index is designed to measure the performance of the largest and most liquid stocks of companies that have the majority of their assets or services domiciled in MENA frontier market countries, which currently may include Egypt, Morocco, Oman, Lebanon, Jordan, Kuwait, Bahrain, Qatar and United Arab Emirates. The Index currently includes the emirates of Dubai and Abu Dhabi.

During the year ended October 31, 2009, the Fund returned -4.00%. The negative performance of the fund can be attributed to an overweight in Jordan and Qatar but further drag was offset by an overweight and excellent stock performance in Egypt. Of particular note, the largest detractors were: Arab Bank PLC, Emaar Properties PJSC and Gulf Bank of Kuwait K.S.C. Despite the global economic rebound and potential opportunity associated with the MENA countries, the Fund was only able to deliver a negative return.

Industry Breakdown (% of the Fund's

Net Assets) as of October 31, 2009

Banks	30.8
Telecommunications	19.5
Real Estate	18.1
Engineering & Construction	8.5
Commercial Services	5.2
Diversified Financial Services	4.8
Airlines	2.3
Holding Companies-Diversified	2.1
Oil & Gas	1.8
Mining	1.5
Storage/Warehousing	1.4
Electrical Components & Equipment	1.2
Oil & Gas Services	1.2
Building Materials	0.7
Chemicals	0.5
Money Market Fund	0.2
Other	0.2

Style Allocation (% of the Fund's Total

Investments) as of October 31, 2009

Mid-Cap Growth	33.0
Mid-Cap Value	30.7
Large-Cap Growth	27.6
Small-Cap Growth	5.1
Small-Cap Value	3.6

Top Ten Fund Holdings (% of the Fund's

Net Assets) as of October 31, 2009

Security
Arab Bank PLC	10.0
Emaar Properties PJSC	9.3
Mobile Telecommunications Co.	5.9
Maroc Telecom	5.6
DP World Ltd.	5.2
Orascom Construction Industries	5.1
Solidere	4.8
Commercial International Bank	3.8
Orascom Telecom Holding SAE	3.7
National Bank of Kuwait	3.4
Total	56.8

44

Manager's Analysis (Continued)

PowerShares MENA Frontier Countries Portfolio (ticker: PMNA)

  Growth of a $10,000 Investment Since Inception^†

Fund Performance History (%)			As of October 31, 2009
	Avg Ann††		Fund Inception†
	1 Year		Avg Ann††		Cumulative
Index
NASDAQ OMX Middle East North Africa IndexSM		2.68		-29.89		-37.25
MSCI EAFE® Index		27.71		-14.63		-19.02
MSCI Emerging Markets IndexSM		64.13		-9.85		-12.92
Fund
NAV		-4.00		-33.78		-41.78
Share Price Return		-6.81		-34.36		-42.45

Fund Inception: July 9, 2008

Performance quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. According to the Fund's current prospectus, the expense ratio of 0.95% is expressed as a unitary fee to cover operating expenses and expenses incurred in connection with managing the portfolio. The Fund's net unitary fee is 0.70%. NAV and Share Price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and Share Price, respectively. The returns shown in the table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund Shares. See invescopowershares.com to find the most recent month-end performance numbers.

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

The MSCI EAFE^® Index and MSCI Emerging Markets Index^SM (the "Benchmark Indices") are unmanaged indices used as a measurement of change in stock market conditions based on the average performance of approximately 961 and 754 common stocks, respectively.

^†  Fund and underlying Index returns are based on the inception date of the Fund. Returns for the Benchmark Indices are based on the closest month-end to the Fund's inception date.

^††  Average annualized.

45

Frequency Distribution of Discounts & Premiums

Since Inception through October 31, 2009

					Closing Price Above NAV (bps)
Ticker	Fund Name	Inception	Days		0-24		25-49		50-99		100-149		150-199		200+
PIZ	PowerShares DWA Developed Markets Technical Leaders Portfolio	12/28/07		464		48		40		60		48		16		35
PIE	PowerShares DWA Emerging Markets Technical Leaders Portfolio	12/28/07		464		34		29		96		58		32		41
PFA	PowerShares Dynamic Developed International Opportunities Portfolio	6/13/07		602		65		72		123		77		33		32
PXR	PowerShares Emerging Markets Infrastructure Portfolio	10/16/08		262		18		21		50		43		35		46
PAF	PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio	6/25/07		594		52		48		82		81		47		47
PXF	PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio	6/25/07		594		62		65		127		83		38		42
PDN	PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio	9/27/07		528		35		47		89		67		51		71
PXH	PowerShares FTSE RAFI Emerging Markets Portfolio	9/27/07		528		56		58		150		93		27		25
PEF	PowerShares FTSE RAFI Europe Portfolio	6/25/07		594		66		72		143		75		32		20
PJO	PowerShares FTSE RAFI Japan Portfolio	6/25/07		594		40		53		66		53		31		92
PAGG	PowerShares Global Agriculture Portfolio	9/18/08		281		21		25		63		52		30		23
PBTQ	PowerShares Global Biotech Portfolio	9/18/08		281		43		61		96		9		2		26
PBD	PowerShares Global Clean Energy Portfolio	6/13/07		602		49		76		168		89		53		26
PKOL	PowerShares Global Coal Portfolio	9/18/08		281		26		33		44		22		20		35
PSAU	PowerShares Global Gold and Precious Metals Portfolio	9/18/08		281		29		26		46		35		21		37
PKN	PowerShares Global Nuclear Energy Portfolio	4/3/08		399		48		64		86		50		10		9
PTRP	PowerShares Global Progressive Transportation Portfolio	9/18/08		281		40		45		98		40		5		9
PSTL	PowerShares Global Steel Portfolio	9/18/08		281		32		43		84		24		20		13
PIO	PowerShares Global Water Portfolio	6/13/07		602		66		102		150		64		22		15
PWND	PowerShares Global Wind Energy Portfolio	7/1/08		337		29		34		70		46		22		42
PMNA	PowerShares MENA Frontier Countries Portfolio	7/9/08		332		19		28		41		42		17		41

46

	Closing Price Below NAV (bps)
Ticker	-0-24		-25-49		-50-99		-100-149		-150-199		-200+
PIZ		48		42		60		28		21		18
PIE		30		19		54		36		11		24
PFA		64		38		40		23		15		20
PXR		12		12		17		3		0		5
PAF		40		40		68		51		23		15
PXF		53		35		48		19		14		8
PDN		32		23		44		28		19		22
PXH		51		25		24		7		7		5
PEF		59		44		41		25		10		7
PJO		40		54		66		44		21		34
PAGG		20		9		26		8		3		1
PBTQ		22		12		5		2		2		1
PBD		38		29		36		19		10		9
PKOL		36		19		27		11		3		5
PSAU		24		16		16		15		6		10
PKN		43		31		26		19		4		9
PTRP		25		12		4		1		0		2
PSTL		35		8		18		1		1		2
PIO		54		31		43		23		10		22
PWND		29		20		22		14		5		4
PMNA		31		29		34		14		12		24

47

Fees and Expenses

As a shareholder of a Fund of the PowerShares Exchange-Traded Fund Trust II, you incur advisory fees. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held through the six-month period ended October 31, 2009.

Actual Expenses

The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the following table provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed annualized rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs such as sales charges and brokerage commissions. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value May 1, 2009		Ending Account Value October 31, 2009		Annualized Expense Ratio based on the Six-Month Period			Expenses Paid During the Six-Month Period (1)
PowerShares DWA Developed Markets Technical Leaders Portfolio Actual	$	1,000.00	$	1,355.49		0.80	%	$	4.75
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17		0.80	%	$	4.08
PowerShares DWA Emerging Markets Technical Leaders Portfolio Actual	$	1,000.00	$	1,335.35		0.90	%	$	5.30
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.67		0.90	%	$	4.58
PowerShares Dynamic Developed International Opportunities Portfolio Actual	$	1,000.00	$	1,359.46		0.75	%	$	4.46
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42		0.75	%	$	3.82

48

Fees and Expenses (Continued)

	Beginning Account Value May 1, 2009		Ending Account Value October 31, 2009		Annualized Expense Ratio based on the Six-Month Period			Expenses Paid During the Six-Month Period (1)
PowerShares Emerging Markets Infrastructure Portfolio Actual	$	1,000.00	$	1,504.70		0.75	%	$	4.73
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42		0.75	%	$	3.82
PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio Actual	$	1,000.00	$	1,479.26		0.80	%	$	5.00
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17		0.80	%	$	4.08
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio Actual	$	1,000.00	$	1,368.42		0.75	%	$	4.48
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42		0.75	%	$	3.82
PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio Actual	$	1,000.00	$	1,437.06		0.75	%	$	4.61
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42		0.75	%	$	3.82
PowerShares FTSE RAFI Emerging Markets Portfolio Actual	$	1,000.00	$	1,327.05		0.85	%	$	4.99
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92		0.85	%	$	4.33
PowerShares FTSE RAFI Europe Portfolio Actual	$	1,000.00	$	1,398.64		0.75	%	$	4.53
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42		0.75	%	$	3.82
PowerShares FTSE RAFI Japan Portfolio Actual	$	1,000.00	$	1,116.71		0.75	%	$	4.00
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42		0.75	%	$	3.82
PowerShares Global Agriculture Portfolio Actual	$	1,000.00	$	1,228.68		0.75	%	$	4.21
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42		0.75	%	$	3.82
PowerShares Global Biotech Portfolio Actual	$	1,000.00	$	1,072.96		0.75	%	$	3.92
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42		0.75	%	$	3.82
PowerShares Global Clean Energy Portfolio Actual	$	1,000.00	$	1,181.74		0.75	%	$	4.12
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42		0.75	%	$	3.82
PowerShares Global Coal Portfolio Actual	$	1,000.00	$	1,550.18		0.75	%	$	4.82
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42		0.75	%	$	3.82
PowerShares Global Gold and Precious Metals Portfolio Actual	$	1,000.00	$	1,325.58		0.75	%	$	4.40
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42		0.75	%	$	3.82

49

Fees and Expenses (Continued)

	Beginning Account Value May 1, 2009		Ending Account Value October 31, 2009		Annualized Expense Ratio based on the Six-Month Period			Expenses Paid During the Six-Month Period (1)
PowerShares Global Nuclear Energy Portfolio Actual	$	1,000.00	$	1,164.46		0.75	%	$	4.09
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42		0.75	%	$	3.82
PowerShares Global Progressive Transportation Portfolio Actual	$	1,000.00	$	1,313.13		0.75	%	$	4.37
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42		0.75	%	$	3.82
PowerShares Global Steel Portfolio Actual	$	1,000.00	$	1,379.09		0.75	%	$	4.50
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42		0.75	%	$	3.82
PowerShares Global Water Portfolio Actual	$	1,000.00	$	1,324.32		0.75	%	$	4.39
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42		0.75	%	$	3.82
PowerShares Global Wind Energy Portfolio Actual	$	1,000.00	$	1,243.80		0.75	%	$	4.24
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42		0.75	%	$	3.82
PowerShares MENA Frontier Countries Portfolio Actual	$	1,000.00	$	1,251.52		0.70	%	$	3.97
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68		0.70	%	$	3.57

(1)  Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the six-month period ended October 31, 2009. Expenses are calculated by multiplying the Fund's annualized expense ratio by the average account value for the period; then multiplying the result by 184 and then dividing the result by 365. Expense ratios for the most recent half year may differ from expense ratios based on the one year data in the Financial Highlights.

50

Schedule of Investments

PowerShares DWA Developed Markets Technical Leaders Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests—99.5%
		Australia—9.6%
	31,533	Boral Ltd.	$	165,261
	83,175	Challenger Financial Services Group Ltd.		281,839
	4,629	Cochlear Ltd.		268,115
	68,621	Fortescue Metals Group Ltd.*		238,723
	368,122	Goodman Group REIT		206,234
	295,863	GPT Group REIT		156,395
	5,262	Leighton Holdings Ltd.		171,171
	112,789	Mirvac Group REIT		152,365
	30,149	Oil Search Ltd.		159,914
	8,008	Woolworths Ltd.		207,167
	7,857	WorleyParsons Ltd.		187,429
				2,194,613
		Austria—1.8%
	5,842	Erste Group Bank AG		237,039
	2,781	Raiffeisen International Bank Holding AG		164,621
				401,660
		Belgium—3.3%
	32,273	Dexia SA*		270,466
	43,022	Fortis*		187,383
	6,945	KBC Groep NV*		300,442
				758,291
		Bermuda—0.8%
	8,700	Seadrill Ltd.*		182,615
		Canada—15.1%
	2,612	Agnico-Eagle Mines Ltd.		139,669
	3,387	Canadian National Railway Co.		164,445
	15,347	CGI Group, Inc., Class A*		188,347
	965	Fairfax Financial Holdings Ltd.		346,753
	5,445	Inmet Mining Corp.		289,841
	33,700	Ivanhoe Mines Ltd.*		364,781
	7,654	Kinross Gold Corp.		142,820
	3,011	National Bank of Canada		157,622
	4,136	Petrobank Energy & Resources Ltd.*		181,766
	31,098	Sherritt International Corp.		200,353
	22,146	Silver Wheaton Corp.*		279,600
	14,600	Sino-Forest Corp.*		206,422
	5,565	SNC-Lavalin Group, Inc.		226,020
	18,846	Teck Resources Ltd., Class B*		549,529
				3,437,968
		China—2.7%
	21,200	Tencent Holdings Ltd.		375,023
	347,000	Yangzijiang Shipbuilding Holdings Ltd.		246,873
				621,896
		Denmark—0.8%
	7,900	Danske Bank A/S*		183,635

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
		Finland—2.2%
	6,875	Fortum Oyj	$	163,618
	6,172	Metso Oyj		173,479
	6,829	Sampo Oyj, Class A		164,438
				501,535
		France—4.6%
	39,614	Alcatel-Lucent*		150,213
	2,118	BNP Paribas		160,781
	1,388	PPR		152,284
	3,603	Renault SA*		162,671
	16,980	Rhodia SA*		252,285
	2,615	Technip SA		165,251
				1,043,485
		Germany—5.0%
	16,415	Commerzbank AG*		171,958
	2,525	Deutsche Bank AG		184,618
	5,826	Deutsche Postbank AG*		181,289
	2,597	Hochtief AG		196,607
	92,429	Infineon Technologies AG*		417,988
				1,152,460
		Greece—0.8%
	10,568	Piraeus Bank SA*		184,772
		Hong Kong—10.7%
	120,000	Citic Pacific Ltd.		313,538
	48,000	Hang Lung Group Ltd.		245,257
	36,000	Kerry Properties Ltd.		205,309
	49,000	Kingboard Chemical Holdings Ltd.		201,052
	286,000	Lee & Man Paper Manufacturing Ltd.		575,672
	48,500	MTR Corp.		173,656
	179,000	Noble Group Ltd.		335,333
	90,000	Tingyi Cayman Islands Holding Corp.		202,058
	36,000	Wharf Holdings Ltd. (The)		198,574
				2,450,449
		Ireland—0.8%
	21,138	Kingspan Group PLC*		179,331
		Italy—0.7%
	24,473	Mediolanum SpA		156,170
		Japan—4.6%
	8,000	JGC Corp.		156,960
	13,000	Kyowa Hakko Kirin Co. Ltd.		152,519
	8,000	NGK Insulators Ltd.		184,269
	9,200	SoftBank Corp.		221,056
	15,000	Taiyo Nippon Sanso Corp.		169,852
	3,100	Terumo Corp.		165,068
				1,049,724

See Notes to Financial Statements.

51

Schedule of Investments (Continued)

PowerShares DWA Developed Markets Technical Leaders Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
		Luxembourg—1.0%
	23,031	GAGFAH SA	$	219,858
		Norway—1.9%
	20,900	DnB NOR ASA*		241,906
	19,700	Petroleum Geo-Services ASA*		187,737
				429,643
		Singapore—2.0%
	11,000	Jardine Cycle & Carriage Ltd.		183,733
	59,000	Wilmar International Ltd.		265,353
				449,086
		Spain—3.2%
	3,081	Inditex SA		181,835
	6,186	Obrascon Huarte Lain SA		165,475
	36,945	Promotora de Informaciones SA*		177,704
	22,341	Sol Melia SA		198,932
				723,946
		Switzerland—2.1%
	14,048	ABB Ltd.*		263,747
	1,243	Geberit AG		206,550
				470,297
		United Kingdom—24.5%
	19,304	AMEC PLC		256,626
	13,834	Antofagasta PLC		175,927
	80,380	Barclays PLC*		426,632
	153,195	Barratt Developments PLC*		341,153
	22,715	Burberry Group PLC		201,814
	34,535	Cookson Group PLC*		207,836
	446,101	DSG International PLC*		225,600
	780,000	Genting Singapore PLC*		602,338
	21,903	Kazakhmys PLC*		393,171
	52,263	Kingfisher PLC		192,626
	122,519	Legal & General Group PLC		158,534
	5,866	Next PLC		173,563
	107,297	Old Mutual PLC		187,829
	22,987	Persimmon PLC*		152,851
	20,087	Petrofac Ltd.		311,735
	256,743	Premier Foods PLC*		151,930
	126,926	Rentokil Initial PLC*		217,587
	3,949	Rio Tinto PLC		175,296
	17,076	Travis Perkins PLC*		212,512
	17,084	Tullow Oil PLC		334,264
	9,120	Vedanta Resources PLC		314,640
	211,950	Yell Group PLC*		179,051
				5,593,515

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
		United States—1.3%
	7,240	Domtar Corp.*	$	304,736
		Total Common Stocks and OtherEquity Interests(Cost $19,922,955)		22,689,685
		Money Market Fund—0.1%
	24,750	Goldman Sachs Financial Square Prime Obligations Institutional Share Class (Cost $24,750)		24,750
		Total Investments (Cost $19,947,705)—99.6%		22,714,435
		Other assets less liabilities—0.4%		90,763
		Net Assets—100.0%	$	22,805,198

REIT Real Estate Investment Trust

*  Non-income producing security.

See Notes to Financial Statements.

52

Schedule of Investments

PowerShares DWA Emerging Markets Technical Leaders Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests—100.3%
		Brazil—16.8%
	11,669	Banco Bradesco SA ADR*	$	229,879
	7,597	BRF-Brasil Foods SA ADR*		367,467
	6,424	Cia Brasileira de Distribuicao Grupo Pao de Acucar, Class A ADR*		388,588
	3,713	Cia de Bebidas das Americas ADR*		334,467
	18,991	Cia Paranaense de Energia ADR*		334,242
	8,969	Cia Siderurgica Nacional SA ADR*		297,412
	18,344	Gerdau SA ADR*		276,994
	18,073	NET Servicos de Comunicacao SA ADR*		222,117
	4,812	Petroleo Brasileiro SA ADR*		222,411
	17,602	Tam SA ADR*		251,180
	14,102	Ultrapar Participacoes SA ADR*		621,616
	37,551	Vivo Participacoes SA ADR*		910,612
	25,546	Votorantim Celulose e Papel SA ADR*		351,002
				4,807,987
		Chile—0.7%
	14,345	Lan Airlines SA ADR*		192,366
		China—17.8%
	538,000	Air China Ltd., H-Shares*		291,220
	14,433	Aluminum Corp. of China Ltd. ADR*		392,578
	154,000	Bank of Communications Co. Ltd., H-Shares		184,134
	445,000	China Construction Bank Corp., H-Shares		383,646
	92,000	China Shenhua Energy Co. Ltd., H-Shares		412,719
	89,600	Dongfang Electric Corp. Ltd., H-Shares		445,096
	308,000	Jiangxi Copper Co. Ltd., H-Shares		697,845
	15,215	NetEase.com, Inc. ADR*		587,603
	718,000	Nine Dragons Paper Holdings Ltd.		1,021,246
	359,500	Shimao Property Holdings Ltd.		667,797
				5,083,884
		Hong Kong—1.7%
	74,000	Hengan International Group Co. Ltd.		476,349
		India—0.7%
	5,982	ICICI Bank Ltd. ADR*		188,134
		Indonesia—6.1%
	95,500	Astra Agro Lestari Tbk PT		212,008
	59,977	Astra International Tbk PT		192,964
	8,580,000	Bakrieland Development Tbk PT*		240,931
	1,089,500	Bank Negara Indonesia Persero Tbk PT		206,657
	1,279,000	Barito Pacific Tbk PT*		182,190
	1,100,500	Bumi Resources Tbk PT		264,932
	561,500	Indofood Sukses Makmur Tbk PT		177,456
	171,000	United Tractors Tbk PT		262,185
				1,739,323
		Israel—0.7%
	7,088	Cellcom Israel Ltd.*		213,278

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
		Luxembourg—1.1%
	12,264	Ternium SA ADR*	$	308,194
		Malaysia—5.7%
	547,500	Lion Industries Corp. Bhd		223,879
	168,200	Parkson Holdings Bhd		249,554
	176,500	Parkson Retail Group Ltd.		285,746
	456,600	SapuraCrest Petroleum Bhd		275,479
	203,100	Sunway City Bhd		182,408
	287,900	Wah Seong Corp. Bhd		202,906
	288,000	Wct Bhd		219,365
				1,639,337
		Mexico—4.6%
	87,100	Corporacion GEO SAB de CV, Series B*		230,075
	38,800	Desarrolladora Homex SAB de CV*		231,672
	199,900	Grupo Famsa SAB de CV, Class A*		343,565
	72,200	Grupo Financiero Banorte SAB de CV, Class O		231,604
	142,700	Grupo Mexico SAB de CV, Series B*		287,452
				1,324,368
		Panama—0.8%
	5,296	Copa Holdings SA, Class A*		223,650
		Peru—3.0%
	62,193	Banco Continental		264,128
	4,737	Credicorp Ltd.		326,995
	11,412	Sociedad Minera Cerro Verde SA		260,194
				851,317
		Philippines—1.0%
	2,215,000	JG Summit Holdings		292,765
		Poland—1.0%
	3,078	BRE Bank SA*		286,327
		Russia—3.4%
	24,697	Mechel ADR*		423,801
	13,598	Vimpel-Communications ADR*		243,812
	4,600	Wimm-Bill-Dann Foods ADR*		310,868
				978,481
		Singapore—0.8%
	286,500	Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		228,436
		South Africa—11.2%
	39,302	Aspen Pharmacare Holdings Ltd.*		330,512
	31,962	Aveng Ltd.		169,141
	15,775	Exxaro Resources Ltd.		176,808
	62,798	Illovo Sugar Ltd.		284,017
	8,557	Impala Platinum Holdings Ltd.		187,875
	25,130	JSE Ltd.		193,341

See Notes to Financial Statements.

53

Schedule of Investments (Continued)

PowerShares DWA Emerging Markets Technical Leaders Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	7,599	Kumba Iron Ore Ltd.	$	226,391
	1,135,655	Merafe Resources Ltd.*		202,553
	13,831	MTN Group Ltd.		205,486
	22,101	Murray & Roberts Holdings Ltd.		157,410
	51,573	Mvelaphanda Resources Ltd.*		259,755
	9,447	Naspers Ltd., Class N		340,281
	51,530	Northam Platinum Ltd.		240,288
	17,684	Palabora Mining Co. Ltd.		231,784
				3,205,642
		South Korea—11.8%
	3,386	Cj O Shopping Co. Ltd.		223,656
	14,710	Daewoo Engineering & Construction Co. Ltd.		149,858
	9,760	Dongbu Insurance Co. Ltd.		296,153
	2,714	GS Engineering & Construction Corp.		237,997
	7,710	Hanwha Corp.		246,373
	2,748	Hyundai Motor Co.		249,256
	4,350	Hyundai Steel Co.		276,339
	3,399	KB Financial Group, Inc. ADR*		161,249
	17,720	Kia Motors Corp.*		263,205
	3,399	Komipharm International Co. Ltd.*		178,903
	3,597	Samsung Engineering Co. Ltd.		318,021
	2,307	Samsung SDI Co. Ltd.		263,373
	14,702	Seoul Semiconductor Co. Ltd.*		523,644
				3,388,027
		Thailand—4.0%
	1,646,400	Asian Property Development PCL		271,375
	18,200	Banpu PCL		234,691
	910,000	Charoen Pokphand Foods PCL		261,156
	302,600	Hana Microelectronics PCL		167,361
	281,700	Thoresen Thai Agencies PCL		222,623
				1,157,206
		Turkey—6.6%
	25,300	Akenerji Elektrik Uretim AS		227,701
	125,758	Asya Katilim Bankasi AS*		260,864
	77,953	Aygaz AS		276,927
	52,075	Haci OMER Sabanci Holding As		190,939
	62,907	KOC Holding AS*		160,718
	45,912	Petrol Ofisi*		171,797
	64,035	Turcas Petrolculuk AS		196,332
	62,907	Turkiye Garanti Bankasi AS		229,112
	85,121	Yapi VE Kredi Bankasi AS*		175,520
				1,889,910
		United States—0.8%
	7,214	Southern Copper Corp.		227,241
		Total Common Stocks and OtherEquity Interests (Cost $25,234,250)		28,702,222

Number of Shares			Value
		Money Market Fund—0.1%
	28,532	Goldman Sachs Financial Square Prime Obligations Institutional Share Class (Cost $28,532)	$	28,532
		Total Investments (Cost $25,262,782)—100.4%		28,730,754
		Liabilities in excess of other assets—(0.4%)		(128,078	)
		Net Assets—100.0%	$	28,602,676

ADR American Depositary Receipt

*  Non-income producing security.

See Notes to Financial Statements.

54

Schedule of Investments

PowerShares Dynamic Developed International Opportunities Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests—99.0%
		Australia—0.9%
	9,239	National Australia Bank Ltd.	$	249,199
	10,799	Westpac Banking Corp.		257,318
				506,517
		Austria—2.4%
	4,553	Andritz AG		252,654
	2,280	Mayr-Melnhof Karton AG		215,634
	6,137	OMV AG		254,531
	8,687	RHI AG*		242,246
	4,214	Vienna Insurance Group		238,692
	6,964	Voestalpine AG		239,922
				1,443,679
		Bahamas—0.5%
	20,778	Petrominerales Ltd.*		289,333
		Belgium—3.5%
	3,362	Ackermans & van Haaren NV		244,551
	5,403	Barco NV*		218,270
	1,706	Bekaert SA		220,726
	4,466	Compagnie d'Entreprises CFE		255,733
	7,687	Compagnie Maritime Belge SA		232,393
	3,418	Delhaize Group		232,991
	618	D'ieteren SA		225,112
	11,452	Euronav NV		224,728
	486	Fortis*		2
	2,146	Solvay SA		211,668
				2,066,174
		Bermuda—1.3%
	43,857	Catlin Group Ltd.		238,563
	187,560	Golden Ocean Group Ltd.*		260,706
	30,421	Lancashire Holdings Ltd.		253,229
				752,498
		Canada—7.8%
	16,635	AGF Management Ltd., Class B		248,938
	13,962	Alimentation Couche Tard, Inc., Class B		246,137
	6,450	Atco Ltd., Class I		253,880
	4,898	Bank of Montreal		227,622
	5,524	Bank of Nova Scotia		232,047
	3,618	Canadian Natural Resources Ltd.		235,848
	4,524	Canadian Tire Corp. Ltd., Class A		229,686
	4,256	EnCana Corp.		237,059
	3,943	First Quantum Minerals Ltd.		270,944
	7,137	Home Capital Group, Inc.		241,831
	8,964	Industrial Alliance Insurance and Financial Services, Inc.		231,173
	7,608	Metro, Inc., Class A		238,368
	8,944	Power Corp. of Canada		211,727
	8,512	Power Financial Corp.		215,171
	17,287	RONA, Inc.*		237,672

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	4,564	Royal Bank of Canada	$	232,183
	15,441	Sino-Forest Corp.*		218,313
	14,168	Talisman Energy, Inc.		242,797
	20,651	Thompson Creek Metals Co., Inc.*		209,539
	3,499	Toronto-Dominion Bank (The)		200,351
				4,661,286
		Cayman Islands—0.4%
	807,000	GCL Poly Energy Holdings Ltd.		205,128
		China—3.0%
	452,000	Bank of China Ltd., H-Shares		267,109
	195,000	Bank of Communications Co. Ltd., H-Shares		238,773
	276,000	China Petroleum & Chemical Corp. (Sinopec), H-Shares		240,023
	228,000	Dongfeng Motor Group Co. Ltd., H-Shares		276,827
	202,000	PetroChina Co. Ltd., H-Shares		250,211
	405,000	Shui On Land Ltd.		251,353
	162,000	Yanzhou Coal Mining Co. Ltd., H-Shares		257,938
				1,782,234
		Denmark—1.6%
	3,166	Carlsberg A/S, Class B		224,076
	6,420	D/S Norden A/S		243,737
	9,068	Sydbank A/S*		223,819
	1,596	Topdanmark A/S*		231,295
				922,927
		Finland—0.4%
	8,328	Metso Oyj		234,078
		France—6.9%
	3,159	Alstom SA		220,579
	9,361	AXA SA		235,006
	2,934	BNP Paribas		222,726
	2,982	Casino Guichard Perrachon SA		238,381
	2,295	CNP Assurances		222,708
	8,976	France Telecom SA		223,288
	7,367	Groupe Steria SCA		221,741
	58,018	Havas SA		221,882
	2,694	Lafarge SA		220,406
	5,038	Lagardere SCA		228,983
	5,851	Nexity		219,102
	16,605	Rexel SA*		222,949
	3,250	Sanofi-Aventis SA		238,538
	9,008	SCOR SE		230,264
	4,400	SEB SA		246,046
	3,774	Technip SA		238,493
	9,409	Valeo SA*		257,243
	4,235	Vinci SA		222,635
				4,130,970

See Notes to Financial Statements.

55

Schedule of Investments (Continued)

PowerShares Dynamic Developed International Opportunities Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
		Germany—3.5%
	2,328	Axel Springer AG	$	243,496
	11,268	GEA Group AG		213,304
	5,267	Hannover Rueckversicherung AG*		238,110
	4,416	Metro AG		246,029
	5,358	MTU Aero Engines Holding AG		244,516
	1,512	Muenchener Rueckversicherungs - Gesellschaft AG		240,132
	4,276	Rheinmetall AG		233,055
	2,607	RWE AG		229,636
	6,806	ThyssenKrupp AG		219,918
				2,108,196
		Greece—2.1%
	13,149	Alpha Bank AE*		257,835
	10,126	Folli-Follie SA		245,023
	18,959	Hellenic Exchanges SA Holding Clearing Settlement And Registry		272,458
	7,022	National Bank of Greece SA*		262,020
	13,643	Piraeus Bank SA*		238,535
				1,275,871
		Hong Kong—2.3%
	280,000	China Agri-Industries Holdings Ltd.		273,127
	176,000	CNOOC Ltd.		272,962
	310,000	CNPC Hong Kong Ltd.		332,389
	478,000	Guangdong Investment Ltd.		252,869
	13,000	Jardine Strategic Holdings Ltd.		227,500
				1,358,847
		Ireland—0.8%
	842,107	Anglo Irish Bank Corp. Ltd.*		—
	9,576	DCC PLC		253,049
	29,117	Smurfit Kappa Group PLC*		227,692
				480,741
		Italy—6.2%
	27,731	Astaldi SpA		260,019
	19,020	Autostrada Torino-Milano SpA		240,922
	38,053	Enel SpA		227,669
	22,198	Esprinet SpA		223,697
	55,414	Impregilo SpA		190,502
	54,344	Intesa Sanpaolo SpA*		230,523
	51,275	Maire Tecnimont SpA		213,722
	34,030	Mediaset SpA		222,303
	17,457	Mediobanca SpA		223,699
	87,980	Parmalat SpA		244,952
	12,641	Prysmian SpA		223,628
	34,729	Recordati SpA		270,552
	8,572	Saipem SpA		254,722
	27,470	Societa Iniziative Autostradali e Servizi SpA		244,197
	134,095	Telecom Italia SpA		214,272
	64,576	UniCredit SpA*		218,188
				3,703,567

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
		Japan—13.2%
	13,600	Aoyama Trading Co. Ltd.	$	220,557
	5,800	Astellas Pharma, Inc.		215,930
	20,200	Century Tokyo Leasing Corp.		229,180
	20,892	COMSYS Holdings Corp.		208,643
	66	DA Office Investment Corp. REIT		183,447
	10,700	Exedy Corp.		224,591
	33,000	Fujitsu Ltd.		199,779
	11,300	Hitachi Chemical Co. Ltd.		228,946
	16,200	Hosiden Corp.		200,979
	16,800	IT Holdings Corp.		209,722
	30,000	ITOCHU Corp.		194,874
	7,300	K's Holdings Corp.		238,710
	10,200	Kyoei Steel Ltd.		230,999
	24,400	Kyowa Exeo Corp.		225,077
	45,000	Marubeni Corp.		228,679
	7,600	Miraca Holdings, Inc.		247,680
	10,200	Mitsubishi Corp.		222,773
	16,800	Mitsui & Co. Ltd.		226,982
	10,700	Mitsumi Electric Co. Ltd.		222,227
	62,000	Mizuho Securities Co. Ltd.		220,548
	22,000	Mochida Pharmaceutical Co. Ltd.		227,729
	51,000	Morinaga Milk Industry Co. Ltd.		238,886
	24,000	Nippon Electric Glass Co. Ltd.		265,665
	4,600	Nippon Telegraph & Telephone Corp.		190,566
	9,200	Shimachu Co. Ltd.		219,023
	149,000	Shinsei Bank Ltd.*		199,171
	22,500	Sumitomo Corp.		223,707
	20,700	Tokai Rubber Industries, Inc.		247,888
	19,096	Tokyo Steel Manufacturing Co. Ltd.		253,573
	17,200	Toppan Forms Co. Ltd.		214,335
	51,000	Toshiba TEC Corp.*		210,152
	15,200	Toyota Tsusho Corp.		222,996
	13,900	TS Tech Co. Ltd.		272,257
	4,140	USS Co. Ltd.		253,376
	22,000	Yamaguchi Financial Group, Inc.		212,660
				7,832,307
		Netherlands—2.3%
	13,406	Draka Holding NV*		251,699
	10,854	European Aeronautic Defence and Space Co.		204,746
	5,840	Heineken Holding NV		228,384
	3,688	Koninklijke Vopak NV*		250,307
	23,897	New World Resources NV, Class A		223,345
	36,140	OCE NV*		229,928
				1,388,409
		New Zealand—0.4%
	127,041	Telecom Corp. of New Zealand Ltd.		233,268

See Notes to Financial Statements.

56

Schedule of Investments (Continued)

PowerShares Dynamic Developed International Opportunities Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
		Norway—4.2%
	20,000	Acergy SA	$	254,480
	40,200	Atea ASA		265,982
	6,090	Fred Olsen Energy ASA		237,277
	11,900	Leroy Seafood Group ASA		219,291
	25,400	Petroleum Geo-Services ASA*		242,057
	10,592	Statoil ASA		252,629
	17,800	Stolt-Nielsen SA		246,793
	21,200	Telenor ASA*		275,888
	16,200	TGS Nopec Geophysical Co. ASA*		248,349
	33,000	Veidekke ASA		254,831
				2,497,577
		Portugal—1.6%
	53,112	EDP - Energias de Portugal SA		235,641
	22,681	Portugal Telecom SGPS SA		260,523
	54,758	Redes Energeticas Nacionais SA		240,762
	21,038	Semapa-Sociedade de Investimento e Gestao SGPS SA		233,456
				970,382
		Singapore—2.4%
	25,000	DBS Group Holdings Ltd.		233,456
	14,000	Jardine Cycle & Carriage Ltd.		233,842
	40,000	Oversea-Chinese Banking Corp. Ltd.		219,084
	101,000	SembCorp Industries Ltd.		242,651
	105,000	SembCorp Marine Ltd.		262,022
	20,000	United Overseas Bank Ltd.		244,253
				1,435,308
		Spain—6.1%
	8,096	Abengoa SA		214,656
	4,524	ACS Actividades de Construccion y Servicios SA		218,404
	18,546	Almirall SA		246,273
	13,475	Banco Bilbao Vizcaya Argentaria SA		242,954
	33,132	Banco de Sabadell SA		224,625
	24,232	Banco Popular Espanol SA		217,379
	19,034	Bankinter SA		201,641
	6,314	Bolsas y Mercados Espanoles		211,753
	445	Construcciones y Auxiliar de Ferrocarriles SA		220,281
	4,233	Corp. Financiera Alba		221,718
	7,311	Endesa SA		244,757
	5,572	Fomento de Construcciones y Contratas SA		227,892
	55,270	Mapfre SA		238,121
	8,975	Obrascon Huarte Lain SA		240,081
	44,069	Promotora de Informaciones SA*		211,971
	8,679	Telefonica SA		243,687
				3,626,193
		Sweden—2.6%
	9,045	Cardo AB		246,229
	34,358	KappAhl Holding AB		274,018

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	15,812	NCC AB, Class B	$	244,367
	20,644	Saab AB, Class B		275,870
	17,681	Svenska Cellulosa AB, Class B		248,057
	17,756	Tele2 AB, Class B		264,592
				1,553,133
		Switzerland—3.9%
	2,475	Baloise Holding AG		213,006
	606	Banque Cantonale Vaudoise		228,674
	4,270	Credit Suisse Group AG		231,166
	719	Helvetia Holding AG		230,249
	3,472	Holcim Ltd.*		222,201
	3,535	Schindler Holding AG		242,627
	175	Sika AG		238,174
	526	St. Galler Kantonalbank		240,211
	659	Swisscom AG		238,861
	7,037	Vontobel Holding AG		226,036
				2,311,205
		United Kingdom—18.3%
	19,898	Antofagasta PLC		253,043
	5,435	AstraZeneca PLC		245,650
	22,996	Atkins WS PLC		214,166
	43,575	BAE Systems PLC		225,896
	94,459	BBA Aviation PLC		240,092
	126,588	Beazley PLC		223,476
	16,627	Berkeley Group Holdings PLC*		233,783
	27,319	BP PLC		257,714
	233,043	Bradford & Bingley PLC*		—
	75,567	Brit Insurance Holdings PLC		259,460
	111,879	BT Group PLC		242,138
	19,207	Close Brothers Group PLC		222,569
	46,493	Computacenter PLC		217,265
	35,755	Daily Mail & General Trust PLC, Class A		234,392
	39,725	Dairy Crest Group PLC		261,923
	37,203	Davis Service Group PLC		256,639
	191,345	Debenhams PLC		245,699
	112,048	Enterprise Inns PLC		218,494
	17,016	Eurasian Natural Resources Corp.		233,783
	100,233	Ferrexpo PLC		245,350
	88,573	Filtrona PLC		244,403
	9,988	Go-Ahead Group PLC		234,444
	42,703	Halfords Group PLC		275,505
	140,933	HMV Group PLC		257,861
	35,282	ICAP PLC		236,583
	33,313	IMI PLC		236,833
	105,925	International Personal Finance		358,457
	33,359	Investec PLC		240,350
	29,909	Jardine Lloyd Thompson Group PLC		223,726
	55,113	JKX Oil & Gas PLC		249,462
	14,027	Kazakhmys PLC*		251,792
	20,584	Keller Group PLC		242,597

See Notes to Financial Statements.

57

Schedule of Investments (Continued)

PowerShares Dynamic Developed International Opportunities Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	40,024	Marks & Spencer Group PLC	$	225,960
	65,603	Meggitt PLC		264,935
	21,867	Morgan Sindall PLC		203,471
	31,287	National Express Group PLC		167,609
	8,245	Next PLC		243,952
	64,192	Pace PLC		233,842
	15,306	Petrofac Ltd.		237,537
	77,051	Restaurant Group PLC		237,503
	91,844	Stagecoach Group PLC		219,214
	18,596	Travis Perkins PLC*		231,428
	101,115	Trinity Mirror PLC*		266,843
	39,430	Tullett Prebon PLC		235,930
	7,688	Vedanta Resources PLC		265,236
	32,409	WH Smith PLC		269,244
				10,886,249
		United States—0.4%
	4,806	ACE Ltd.		246,836
		Total Common Stocks and OtherEquity Interests (Cost $52,221,796)		58,902,913
		Preferred Stocks—0.4%
		Germany—0.4%
	3,248	Fuchs Petrolub AG (Cost $236,007)		267,408
		Rights—0.0%
		Belgium—0.0%
	28,091	Fortis, expiring 6/30/14* (Cost $0)		—
		Warrants—0.0%
		Italy—0.0%
	15,843	Mediobanca SpA, expiring 03/18/11* (Cost $529)		—
		Money Market Fund—0.1%
	29,674	Goldman Sachs Financial Square Prime Obligations Institutional Share Class (Cost $29,674)		29,674
		Total Investments (Cost $52,488,006)—99.5%		59,199,995
		Other assets less liabilities—0.5%		314,019
		Net Assets—100.0%	$	59,514,014

REIT Real Estate Investment Trust

*  Non-income producing security.

See Notes to Financial Statements.

58

Schedule of Investments

PowerShares Emerging Markets Infrastructure Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests—97.1%
		Australia—0.9%
	27,953	Leighton Holdings Ltd.	$	891,074
		Bermuda—1.1%
	15,104,400	HKC Holdings Ltd.*		1,185,069
		Brazil—13.3%
	74,470	Cia Siderurgica Nacional SA ADR		2,469,425
	98,694	Gerdau SA ADR		1,490,279
	276,634	Vale SA ADR		7,051,401
	276,800	Weg SA		2,743,971
				13,755,076
		Cayman Islands—2.0%
	3,564,000	Lonking Holdings Ltd.		2,057,343
		Chile—1.7%
	69,751	CAP SA		1,810,351
		China—13.8%
	510,000	Angang Steel Co. Ltd., H-Shares		940,092
	204,000	Anhui Conch Cement Co. Ltd., H-Shares		1,319,941
	322,000	China Communications Construction Co. Ltd., H-Shares		346,175
	2,279,000	China Molybdenum Co. Ltd., H-Shares		1,874,245
	1,154,000	China National Building Material Co. Ltd., H-Shares		2,477,677
	282,400	Dongfang Electric Corp. Ltd., H-Shares		1,402,847
	2,290,000	Harbin Power Equipment Co. Ltd., H-Shares		2,127,258
	6,144,000	Hunan Non-Ferrous Metal Corp. Ltd., H-Shares*		1,868,105
	642,000	Jiangxi Copper Co. Ltd., H-Shares		1,454,599
	1,168,000	Shanghai Electric Group Co. Ltd., H-Shares		550,000
				14,360,939
		France—5.9%
	27,102	Alstom SA		1,882,696
	3,327	Areva SA		1,753,061
	47,173	Vinci SA		2,468,226
				6,103,983
		India—2.8%
	54,950	Larsen & Toubro Ltd. GDR		1,807,160
	66,496	Sterlite Industries India Ltd. ADR*		1,048,642
				2,855,802
		Indonesia—7.9%
	4,451,500	Aneka Tambang TBK PT		1,034,495
	1,718,000	Indocement Tunggal Prakarsa TBK PT		1,956,230
	2,070,000	International Nickel Indonesia TBK PT*		857,828
	2,767,500	Semen Gresik Persero TBK PT		1,955,803
	1,554,500	United Tractors Tbk PT		2,383,435
				8,187,791

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
		Ireland—0.9%
	30,245	Ingersoll-Rand PLC	$	955,440
		Israel—1.7%
	197,272	Ormat Industries Ltd.		1,724,411
		Malaysia—4.1%
	936,200	Gamuda Bhd		854,791
	614,800	IJM Corp. Bhd		857,547
	1,414,400	Lafarge Malayan Cement Bhd		2,495,967
				4,208,305
		Mexico—1.7%
	820,700	Empresas ICA SAB de CV*		1,806,670
		Russia—8.2%
	80,586	Magnitogorsk Iron & Steel Works GDR*		761,328
	194,286	Mechel ADR		3,333,948
	178,931	MMC Norilsk Nickel ADR*		2,293,895
	56,228	Novolipetsk Steel OJSC GDR*		1,464,528
	94,564	Severstal GDR*		682,124
				8,535,823
		Singapore—4.1%
	877,000	Hyflux Ltd.		1,910,024
	972,000	SembCorp Marine Ltd.		2,375,937
				4,285,961
		South Africa—8.5%
	98,923	African Rainbow Minerals Ltd.		1,911,147
	184,399	Aveng Ltd.		975,828
	199,855	Group Five Ltd.		1,020,407
	251,115	Pretoria Portland Cement Co. Ltd.		1,048,934
	328,005	Reunert Ltd.		2,305,374
	109,854	Wilson Bayly Holmes-Ovcon Ltd.		1,587,156
				8,848,846
		Spain—0.7%
	5,966	Acciona SA		728,633
		Sweden—1.0%
	78,919	Atlas Copco AB, Class A		1,064,125
		Switzerland—5.5%
	218,023	ABB Ltd.		4,057,747
	59,004	Foster Wheeler AG*		1,651,522
				5,709,269
		Taiwan—5.9%
	1,230,392	China Steel Corp.		1,092,393
	2,804,794	Chung Hung Steel Corp.*		1,060,886
	1,049,000	CTCI Corp.		912,238
	1,538,000	Taiwan Cement Corp.		1,577,904
	1,496,505	Tung Ho Steel Enterprise Corp.		1,422,493
				6,065,914

See Notes to Financial Statements.

59

Schedule of Investments (Continued)

PowerShares Emerging Markets Infrastructure Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
		United States—5.4%
	56,476	Caterpillar, Inc.	$	3,109,568
	16,867	Fluor Corp.		749,232
	17,071	ITT Corp.		865,500
	42,934	KBR, Inc.		878,859
				5,603,159
		Total Common Stocks and Other Equity Interests (Cost $87,877,227)		100,743,984
		Warrants—0.0%
		Malaysia—0.0%
	20	IJM Corp. Bhd, expiring 10/24/14* (Cost $2)		7
		Total Investments (Cost $87,877,229)—97.1%		100,743,991
		Other assets less liabilities—2.9%		3,042,011
		Net Assets—100.0%	$	103,786,002

ADR American Depositary Receipt

GDR Global Depositary Receipt

*  Non-income producing security.

See Notes to Financial Statements.

60

Schedule of Investments

PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests—98.9%
		Australia—71.6%
	9,107	AGL Energy Ltd.	$	113,316
	48,487	Amcor Ltd.		250,642
	50,027	AMP Ltd.		264,608
	207,509	APA Group		589,299
	73,746	Australia and New Zealand Banking Group Ltd.		1,509,903
	185,731	Australian Infrastructure Fund		294,118
	37,944	AXA Asia Pacific Holdings Ltd.		142,582
	16,618,508	Babcock & Brown Infrastructure Group*		537,680
	62,669	BHP Billiton Ltd.		2,063,218
	167,135	BlueScope Steel Ltd.		444,632
	38,626	Boral Ltd.		197,776
	37,222	Brambles Ltd.		235,562
	8,494	Caltex Australia Ltd.*		77,307
	44,359	CFS Retail Property Trust REIT		76,514
	8,188	Coca-Cola Amatil Ltd.		78,144
	39,410	Commonwealth Bank of Australia		1,828,180
	1,075,135	ConnectEast Group		382,396
	28,562	Consolidated Media Holdings Ltd.		77,762
	21,911	Crown Ltd.		160,104
	2,690	CSL Ltd.		75,819
	233,887	Dexus Property Group REIT		165,879
	58,607	Fairfax Media Ltd.		83,374
	2,821,113	FKP Property Group		1,745,391
	29,261	Foster's Group Ltd.		144,055
	1,011,958	Goodman Group REIT		544,702
	724,554	GPT Group REIT		371,180
	656,750	GPT Group-In Specie*		—
	280,831	Hastings Diversified Utilities Fund		251,543
	34,426	Incitec Pivot Ltd.		80,613
	257,165	Infigen Energy		328,862
	64,502	Insurance Australia Group Ltd.		217,810
	3,399	Leighton Holdings Ltd.		108,352
	27,156	Lend Lease Corp. Ltd. REIT		225,963
	18,031	Macquarie Group Ltd.		792,711
	172,164	Macquarie Infrastructure Group		221,161
	699,701	Macquarie Media Group Ltd.		1,148,648
	295,168	MAP Group		753,690
	20,868	Metcash Ltd.		88,074
	199,907	Mirvac Group REIT		262,746
	75,953	National Australia Bank Ltd.		2,014,502
	82,147	OneSteel Ltd.		223,880
	9,778	Orica Ltd.		208,215
	9,353	Origin Energy Ltd.		134,626
	105,976	PaperlinX Ltd.*		51,714
	90,194	Qantas Airways Ltd.		225,127
	15,295	QBE Insurance Group Ltd.		309,205
	20,793	Rio Tinto Ltd.		1,156,994
	10,173	Santos Ltd.		136,125
	5,300	Sims Metal Management Ltd.		93,799

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	800,852	SP Ausnet	$	631,765
	111,164	Stockland REIT		370,695
	72,171	Suncorp-Metway Ltd.		566,678
	24,405	TABCORP Holdings Ltd.		156,278
	31,373	Tatts Group Ltd.		69,733
	112,062	Telstra Corp. Ltd.		334,284
	16,890	Toll Holdings Ltd.		128,520
	250,272	Transurban Group		1,019,329
	26,681	Wesfarmers Ltd.		668,332
	4,088	Wesfarmers Ltd. - PPS		102,816
	26,488	Westfield Group REIT		288,073
	52,354	Westpac Banking Corp.		1,228,343
	4,446	Woodside Petroleum Ltd.		187,205
	18,006	Woolworths Ltd.		462,648
				27,703,202
		Cayman Islands—0.3%
	814,301	Hutchison Telecommunications Hong Kong Holdings Ltd.		140,220
		China—0.3%
	68,500	Fosun International		46,398
	1,273,612	Semiconductor Manufacturing International Corp.*		62,219
				108,617
		Hong Kong—18.2%
	46,262	Bank of East Asia Ltd. (The)		162,280
	118,932	BOC Hong Kong Holdings Ltd.		273,766
	56,904	Cathay Pacific Airways Ltd.*		92,199
	28,673	Cheung Kong Holdings Ltd.		363,895
	2,986	Cheung Kong Infrastructure Holdings Ltd.		10,617
	14,324	China Merchants Holdings International Co. Ltd.		45,684
	46,724	China Mobile Ltd.		438,008
	18,000	China Overseas Land & Investment Ltd.		38,806
	30,434	China Resources Enterprise Ltd.		101,928
	8,000	China Resources Power Holdings Co. Ltd.		16,573
	92,214	China Unicom Hong Kong Ltd.		117,249
	9,721	Chinese Estates Holdings Ltd.		16,666
	40,433	Citic Pacific Ltd.		104,199
	22,845	CLP Holdings Ltd.		153,107
	205,140	CNOOC Ltd.		307,223
	33,080	COSCO Pacific Ltd.		45,695
	19,303	Esprit Holdings Ltd.		128,498
	92,406	Foxconn International Holdings Ltd.*		81,158
	4,928	Guoco Group Ltd.		55,275
	17,799	Hang Lung Group Ltd.		89,220
	29,427	Hang Lung Properties Ltd.		111,209
	10,660	Hang Seng Bank Ltd.		150,594
	23,580	Henderson Land Development Co. Ltd.		166,702
	40,381	Hong Kong and China Gas Co. Ltd.		97,151

See Notes to Financial Statements.

61

Schedule of Investments (Continued)

PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	7,863	Hong Kong Exchanges & Clearing Ltd.	$	138,408
	18,684	Hongkong Electric Holdings Ltd.		99,919
	43,000	Hongkong Land Holdings Ltd.		202,986
	814,301	Hutchison Telecommunications International Ltd.		163,096
	86,948	Hutchison Whampoa Ltd.		610,274
	4,400	Jardine Matheson Holdings Ltd.		130,809
	3,500	Jardine Strategic Holdings Ltd.		60,764
	13,890	Kerry Properties Ltd.		77,447
	335,151	Lenovo Group Ltd.		186,609
	29,667	Li & Fung Ltd.		123,383
	33,500	Link (The) REIT		75,441
	23,194	MTR Corp.		82,148
	95,602	New World Development Co. Ltd.		205,777
	92,000	Noble Group Ltd.		168,495
	13,000	NWS Holdings Ltd.		24,684
	19,439	Orient Overseas International Ltd.		94,843
	102,029	PCCW Ltd.		25,059
	24,000	Shangri-La Asia Ltd.		46,163
	57,895	Sino Land Co. Ltd.		110,114
	147,000	SJM Holdings Ltd.		74,943
	34,888	Sun Hung Kai Properties Ltd.		528,567
	35,020	Swire Pacific Ltd., Class A		426,768
	34,236	Wharf Holdings Ltd. (The)		184,980
	14,236	Yue Yuen Industrial Holdings Ltd.		39,669
				7,049,048
		Netherlands—1.6%
	98,460	James Hardie Industries NV*		626,427
		New Zealand—0.9%
	27,001	Fletcher Building Ltd.		160,685
	106,811	Telecom Corp. of New Zealand Ltd.		194,313
				354,998
		Singapore—5.8%
	53,000	Capitaland Ltd.		154,023
	14,000	City Developments Ltd.		98,298
	34,000	DBS Group Holdings Ltd.		312,025
	44,000	Fraser and Neave Ltd.		120,054
	4,000	Jardine Cycle & Carriage Ltd.		65,830
	26,000	Keppel Corp. Ltd.		149,745
	85,000	Neptune Orient Lines Ltd.		94,805
	47,000	Oversea-Chinese Banking Corp. Ltd.		253,821
	21,000	SembCorp Industries Ltd.		49,585
	17,000	Singapore Airlines Ltd.		163,375
	31,000	Singapore Press Holdings Ltd.		85,074
	20,000	Singapore Technologies Engineering Ltd.		40,380
	116,000	Singapore Telecommunications Ltd.		241,069
	26,000	United Overseas Bank Ltd.		312,327
	22,000	Wilmar International Ltd.		97,205
				2,237,616

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
		South Korea—0.2%
	6,600	STX Pan Ocean Co. Ltd.	$	61,633
		Total Common Stocks and Other Equity Interests (Cost $34,243,968)		38,281,761
		Rights—0.5%
		Australia—0.5%
	699,701	Macquarie Media Group Ltd., expiring 12/3/09*		189,675
	26,833	MAP Group, expiring 11/15/09*		13,820
		Total Rights(Cost $0)		203,495
		Money Market Fund—0.6%
	222,220	Goldman Sachs Financial Square Prime Obligations Institutional Share Class (Cost $222,220)		222,220
		Total Investments (Cost $34,466,188)—100.0%		38,707,476
		Liabilities in excess of other assets—(0.0%)		(17,073	)
		Net Assets—100.0%	$	38,690,403

PPS Price Protected Share

REIT Real Estate Investment Trust

*  Non-income producing security.

See Notes to Financial Statements.

62

Schedule of Investments

PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests—99.2%
		Australia—7.7%
	3,444	AGL Energy Ltd.	$	43,163
	18,508	Amcor Ltd.		96,162
	19,129	AMP Ltd.		102,846
	79,371	APA Group		227,351
	28,061	Australia and New Zealand Banking Group Ltd.		584,708
	70,830	Australian Infrastructure Fund		113,604
	14,483	AXA Asia Pacific Holdings Ltd.		55,488
	6,159,358	Babcock & Brown Infrastructure Group*		205,927
	23,794	BHP Billiton Ltd.		805,185
	64,269	BlueScope Steel Ltd.		175,382
	14,900	Boral Ltd.		78,089
	14,371	Brambles Ltd.		92,458
	3,285	Caltex Australia Ltd.*		30,455
	16,922	CFS Retail Property Trust REIT		29,588
	3,127	Coca-Cola Amatil Ltd.		30,064
	15,038	Commonwealth Bank of Australia		709,991
	410,393	ConnectEast Group		148,333
	10,871	Consolidated Media Holdings Ltd.		29,960
	8,345	Crown Ltd.		62,209
	1,015	CSL Ltd.		28,890
	89,767	Dexus Property Group REIT		65,296
	20,962	Fairfax Media Ltd.		30,495
	1,076,402	FKP Property Group		675,983
	11,425	Foster's Group Ltd.		56,677
	332,411	Goodman Group REIT		186,227
	276,571	GPT Group REIT		146,197
	231,466	GPT Group-In Specie*		—
	108,391	Hastings Diversified Utilities Fund		98,432
	13,365	Incitec Pivot Ltd.		32,124
	83,973	Infigen Energy		109,264
	24,785	Insurance Australia Group Ltd.		84,656
	1,221	Leighton Holdings Ltd.		39,719
	10,604	Lend Lease Corp. Ltd.		89,877
	6,883	Macquarie Group Ltd.		310,974
	65,717	Macquarie Infrastructure Group		85,807
	267,129	Macquarie Media Group Ltd.		446,549
	112,902	MAP Group		292,792
	8,065	Metcash Ltd.		34,251
	76,307	Mirvac Group REIT		103,082
	28,805	National Australia Bank Ltd.		776,942
	31,665	OneSteel Ltd.		88,699
	3,682	Orica Ltd.		79,849
	3,649	Origin Energy Ltd.		52,987
	42,820	PaperlinX Ltd.*		21,281
	34,492	Qantas Airways Ltd.		87,268
	5,877	QBE Insurance Group Ltd.		120,919
	7,991	Rio Tinto Ltd.		460,534
	3,883	Santos Ltd.		52,981

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	2,025	Sims Metal Management Ltd.	$	36,266
	305,695	SP Ausnet		243,079
	42,396	Stockland REIT		144,425
	27,606	Suncorp-Metway Ltd.		221,011
	9,230	TABCORP Holdings Ltd.		59,633
	11,995	Tatts Group Ltd.		26,880
	43,758	Telstra Corp. Ltd.		131,272
	6,447	Toll Holdings Ltd.		49,925
	95,728	Transurban Group		394,439
	10,205	Wesfarmers Ltd.		259,025
	1,583	Wesfarmers Ltd. - PPS		40,437
	10,182	Westfield Group REIT		112,890
	19,969	Westpac Banking Corp.		475,820
	1,709	Woodside Petroleum Ltd.		73,661
	6,926	Woolworths Ltd.		179,176
				10,727,654
		Austria—0.7%
	6,712	Erste Group Bank AG		272,339
	23,075	Immoeast AG*		122,906
	28,506	Immofinanz Immobilien Anlagen AG*		98,419
	287	Oesterreichische Post AG		8,406
	2,126	OMV AG		88,176
	879	Raiffeisen International Bank Holding AG		52,032
	919	Strabag SE		28,461
	3,355	Telekom Austria AG		55,194
	270	Verbund - Oesterreichische Elektrizitaetswirtschafts AG, Class A		12,186
	397	Vienna Insurance Group		22,487
	3,526	Voestalpine AG		121,477
	4,148	Wienerberger AG*		75,400
				957,483
		Belgium—1.9%
	8,720	Agfa Gevaert NV*		52,879
	2,833	Anheuser-Busch InBev NV		133,779
	3	Banque Nationale de Belgique		15,227
	1,321	Belgacom SA		49,701
	45	Colruyt SA		10,746
	326	Compagnie Nationale a Portefeuille		17,102
	1,202	Delhaize Group		81,935
	42,823	Dexia SA*		358,881
	92	D'ieteren SA		33,512
	259,832	Fortis*		1,131,706
	1,470	Fortis Strip VVPR*		4
	832	Groupe Bruxelles Lambert SA		73,716
	1,143	KBC Ancora*		27,944
	10,021	KBC Groep NV*		433,511
	103	Mobistar SA		7,109
	190	Sofina SA		17,841
	605	Solvay SA		59,674

See Notes to Financial Statements.

63

Schedule of Investments (Continued)

PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	1,075	UCB SA	$	46,108
	1,885	Umicore		57,710
				2,609,085
		Bermuda—0.0%
	1,020	Frontline Ltd.		23,684
	2,100	Seadrill Ltd.*		44,079
				67,763
		Canada—5.0%
	635	Agrium, Inc.		29,675
	2,450	Alimentation Couche Tard, Inc., Class B		43,191
	666	Atco Ltd., Class I		26,215
	7,491	Bank of Montreal		348,124
	8,991	Bank of Nova Scotia		377,685
	2,629	Barrick Gold Corp.		95,085
	2,888	BCE, Inc.		69,412
	1,692	Biovail Corp.		22,933
	180	Bombardier, Inc., Class A		735
	20,218	Bombardier, Inc., Class B		82,396
	4,844	Brookfield Asset Management, Inc., Class A		102,708
	4,392	Brookfield Properties Corp.		45,869
	3,742	Canadian Imperial Bank of Commerce		215,377
	2,652	Canadian National Railway Co.		128,759
	3,154	Canadian Natural Resources Ltd.		205,601
	1,590	Canadian Pacific Railway Ltd.		69,227
	926	Canadian Tire Corp. Ltd., Class A		47,014
	602	Canadian Utilities Ltd., Class A		21,533
	10,152	Celestica, Inc.*		84,066
	2,962	CGI Group, Inc., Class A*		36,351
	251	Empire Co. Ltd., Class A		10,017
	1,894	Enbridge, Inc.		74,005
	4,371	EnCana Corp.		243,465
	142	Fairfax Financial Holdings Ltd.		51,025
	2,103	Finning International, Inc.		31,158
	705	George Weston Ltd.		36,101
	2,774	Gerdau Ameristeel Corp.		18,953
	1,701	Goldcorp, Inc.		62,816
	1,907	Great-West Lifeco, Inc.		41,957
	1,598	Husky Energy, Inc.		42,279
	757	IGM Financial, Inc.		27,091
	1,161	Imperial Oil Ltd.		43,866
	1,019	Intact Financial Corp.		31,122
	3,589	Jean Coutu Group PJC, Inc. (The), Class A		29,386
	1,540	Kinross Gold Corp.		28,736
	1,321	Loblaw Cos. Ltd.		36,618
	3,487	Magna International, Inc., Class A		138,256
	341	Manitoba Telecom Services, Inc.		9,943
	19,784	Manulife Financial Corp.		372,833
	904	Metro, Inc., Class A		28,323
	1,589	National Bank of Canada		83,182
	3,223	Nexen, Inc.		69,654

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	1,216	Onex Corp.	$	27,555
	530	Potash Corp. of Saskatchewan, Inc.		49,649
	7,480	Power Corp. of Canada		177,070
	3,408	Power Financial Corp.		86,149
	1,992	Quebecor, Inc., Class B		40,887
	816	Research In Motion Ltd.*		48,345
	1,738	RioCan REIT		29,591
	2,054	Rogers Communications, Inc., Class B		60,541
	11,773	Royal Bank of Canada		598,924
	652	Sears Canada, Inc.*		13,407
	1,807	Shaw Communications, Inc., Class B		32,292
	890	Shoppers Drug Mart Corp.		35,519
	7,667	Sun Life Financial, Inc.		213,028
	12,726	Suncor Energy, Inc.		424,358
	7,650	Talisman Energy, Inc.		131,098
	19,112	Teck Resources Ltd., Class B*		557,286
	520	Telus Corp.		16,408
	425	Telus Corp. NVTG		12,724
	6,012	Thomson Reuters Corp.		192,103
	7,459	Toronto-Dominion Bank (The)		427,099
	1,173	TransAlta Corp.		21,986
	4,042	TransCanada Corp.		124,427
	2,244	Yamana Gold, Inc.		23,915
				6,907,103
		Cayman Islands—0.0%
	314,864	Hutchison Telecommunications Hong Kong Holdings Ltd.		54,846
		China—0.0%
	25,000	Fosun International		17,290
	485,751	Semiconductor Manufacturing International Corp.*		24,130
				41,420
		Denmark—0.7%
	5	A P Moller - Maersk A/S, Class A		33,604
	20	A P Moller - Maersk A/S, Class B		137,983
	1,058	Carlsberg A/S, Class B		74,881
	595	Danisco A/S		37,334
	25,943	Danske Bank A/S*		603,045
	1,525	Novo Nordisk A/S, Class B		95,235
	227	Trygvesta A/S		16,471
	537	Vestas Wind Systems A/S*		38,166
				1,036,719
		Finland—1.2%
	2,049	Elisa Oyj		39,876
	3,443	Fortum Oyj		81,940
	1,899	Kesko Oyj, Class B		63,547
	917	Kone Oyj, Class B		34,433
	3,594	Metso Oyj		101,018

See Notes to Financial Statements.

64

Schedule of Investments (Continued)

PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	50,798	M-real Oyj, Class B*	$	74,200
	2,315	Neste Oil Oyj		41,193
	36,630	Nokia Oyj		466,415
	2,420	Outokumpu Oyj		40,312
	3,399	Pohjola Bank PLC		38,014
	1,624	Rautaruukki Oyj		33,354
	7,034	Sampo Oyj, Class A		169,374
	723	Sanoma Oyj		13,420
	24,657	Stora Enso Oyj, Class R		187,722
	13,132	UPM-Kymmene Oyj		158,493
	1,065	Wartsila Oyj		38,797
	2,966	YIT Oyj		57,634
				1,639,742
		France—10.5%
	1,403	Accor SA		67,639
	201	Aeroports de Paris		15,341
	6,547	Air France-KLM*		101,041
	1,486	Air Liquide SA		160,931
	75,475	Alcatel-Lucent*		286,194
	1,277	Alstom SA		89,167
	2,173	Arkema SA		83,536
	1,024	Atos Origin SA*		48,257
	63,601	AXA SA		1,596,690
	19,059	BNP Paribas		1,446,806
	3,722	Bouygues SA		176,556
	1,526	Cap Gemini		71,171
	9,400	Carrefour SA		405,953
	659	Casino Guichard Perrachon SA		52,680
	897	Christian Dior SA		89,970
	164	Ciments Francais SA		17,984
	782	CNP Assurances		75,886
	10,065	Compagnie de Saint-Gobain		494,593
	2,070	Compagnie Generale de Geophysique-Veritas*		41,247
	2,220	Compagnie Generale des Etablissements Michelin, Class B		165,577
	17,126	Credit Agricole SA		331,145
	3,185	DANONE SA		192,460
	990	Eiffage SA		54,250
	1,851	Electricite de France		103,780
	83	Eramet		26,078
	806	Essilor International SA		45,369
	99	Esso SA Francaise		13,595
	316	Euler Hermes SA		25,219
	787	Eurazeo		49,803
	470	Eutelsat Communications		15,013
	3,728	Faurecia*		72,661
	476	Fonciere des Regions REIT		52,709
	20,984	France Telecom SA		522,000
	5,360	GDF Suez		225,429

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	364	Gecina SA REIT	$	38,969
	182	Hermes International		25,454
	520	Imerys SA		28,695
	574	JC Decaux SA*		11,662
	536	Klepierre REIT		22,322
	3,904	Lafarge SA		319,401
	2,016	Lagardere SCA		91,630
	946	Legrand SA		25,822
	1,315	L'Oreal SA		135,175
	2,033	LVMH Moet Hennessy Louis Vuitton SA		211,921
	1,013	M6-Metropole Television		24,534
	29,920	Natixis*		169,519
	714	Nexans SA		50,788
	565	Nexity		21,158
	1,102	PagesJaunes Groupe		13,569
	1,450	Pernod-Ricard SA		121,497
	1,587	PPR		174,117
	11,748	PSA Peugeot Citroen*		385,759
	1,057	Publicis Groupe		40,392
	1,663	Rallye SA		56,778
	13,517	Renault SA*		610,276
	2,551	Rexel SA*		34,251
	5,414	Rhodia SA*		80,440
	152	SA des Ciments Vicat		12,671
	2,350	Safran SA		38,140
	6,757	Sanofi-Aventis SA		495,939
	2,154	Schneider Electric SA		225,678
	1,561	SCOR SE		39,903
	1,644	Sequana*		19,704
	85	Societe des Autoroutes Paris-Rhin-Rhone		6,415
	216	Societe Fonciere Financiere et de Participations		12,923
	13,343	Societe Generale		893,393
	2,558	Societe Television Francaise 1		40,403
	948	Sodexo		54,425
	12,130	STMicroelectronics NV		98,238
	4,419	Suez Environnement SA		98,680
	1,060	Technip SA		66,985
	647	Thales SA		31,521
	30,806	Thomson SA*		43,135
	21,983	Total SA		1,317,989
	722	Unibail-Rodamco SE REIT		160,803
	3,707	Valeo SA*		101,350
	597	Vallourec SA		94,867
	7,226	Veolia Environnement		237,487
	4,552	Vinci SA		239,300
	12,145	Vivendi SA		338,945
	574	Wendel		32,098
				14,611,851

See Notes to Financial Statements.

65

Schedule of Investments (Continued)

PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
		Germany—9.1%
	1,601	Adidas AG	$	74,409
	9,492	Allianz SE		1,092,948
	84	Axel Springer AG		8,786
	12,981	BASF SE		699,078
	4,692	Bayer AG		326,964
	6,755	Bayerische Motoren Werke (BMW) AG		331,840
	551	BayWa AG		17,934
	279	Beiersdorf AG		17,248
	557	Bilfinger Berger AG		35,996
	1,804	Celesio AG		44,956
	59,226	Commerzbank AG*		620,434
	34,293	Daimler AG		1,673,770
	20,608	Deutsche Bank AG		1,506,774
	890	Deutsche Boerse AG		72,381
	5,436	Deutsche Lufthansa AG		84,216
	21,105	Deutsche Post AG		357,947
	2,475	Deutsche Postbank AG*		77,015
	45,145	Deutsche Telekom AG		618,800
	24,089	E.ON AG		927,294
	349	Fraport AG		16,478
	886	Fresenius Medical Care AG & Co. KGaA		43,074
	137	Fresenius SE		6,844
	1,873	GEA Group AG		35,456
	151	Generali Deutschland Holding AG		14,568
	690	Hannover Rueckversicherung AG*		31,193
	4,213	HeidelbergCement AG		253,181
	3,902	Heidelberger Druckmaschinen AG*		28,844
	748	Henkel AG & Co. KGaA		29,401
	1,337	Hochtief AG		101,218
	115,478	Infineon Technologies AG*		522,221
	393	K+S AG		21,559
	1,113	Kloeckner & Co. SE*		24,518
	2,117	Lanxess AG		66,625
	1,042	Linde AG		109,756
	1,888	MAN SE		155,941
	964	Merck KGaA		90,901
	3,656	Metro AG		203,687
	2,302	Muenchener Rueckversicherungs - Gesellschaft AG		365,598
	176	Rheinmetall AG		9,593
	3,714	RWE AG		327,145
	609	Salzgitter AG		55,027
	2,685	SAP AG		122,017
	8,575	Siemens AG		777,718
	646	Suedzucker AG		13,401
	10,022	ThyssenKrupp AG		323,835
	1,589	Tognum AG		24,406
	13,717	TUI AG*		95,426

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	544	Volkswagen AG	$	88,805
	155	Wacker Chemie AG		22,385
				12,569,611
		Greece—0.7%
	9,875	Alpha Bank AE*		193,636
	1,274	Coca-Cola Hellenic Bottling Co. SA		33,647
	8,371	EFG Eurobank Ergasias SA*		134,626
	2,021	Hellenic Petroleum SA		24,750
	3,371	Hellenic Telecommunications Organization SA		57,198
	5,429	Marfin Investment Group SA		21,948
	8,784	National Bank of Greece SA*		327,767
	1,459	OPAP SA		37,457
	6,823	Piraeus Bank SA*		119,294
	1,669	Public Power Corp. SA*		34,352
				984,675
		Guernsey—0.1%
	45,333	HSBC Infrastructure Co. Ltd.		85,186
		Hong Kong—1.9%
	18,295	Bank of East Asia Ltd. (The)		65,624
	46,242	BOC Hong Kong Holdings Ltd.		108,829
	22,085	Cathay Pacific Airways Ltd.*		36,304
	9,435	Cheung Kong Holdings Ltd.		122,103
	1,445	Cheung Kong Infrastructure Holdings Ltd.		5,174
	4,908	China Merchants Holdings International Co. Ltd.		16,053
	17,685	China Mobile Ltd.		168,858
	6,000	China Overseas Land & Investment Ltd.		13,223
	11,605	China Resources Enterprise Ltd.		39,605
	29,923	China Unicom Hong Kong Ltd.		39,227
	7,384	Chinese Estates Holdings Ltd.		12,767
	13,234	Citic Pacific Ltd.		34,578
	7,710	CLP Holdings Ltd.		51,829
	78,324	CNOOC Ltd.		121,474
	11,396	COSCO Pacific Ltd.		16,057
	7,238	Esprit Holdings Ltd.		49,077
	34,478	Foxconn International Holdings Ltd.*		31,096
	1,379	Guoco Group Ltd.		15,524
	6,072	Hang Lung Group Ltd.		31,025
	10,607	Hang Lung Properties Ltd.		40,921
	4,069	Hang Seng Bank Ltd.		58,539
	7,863	Henderson Land Development Co. Ltd.		56,612
	13,508	Hong Kong & China Gas Co. Ltd.		32,697
	2,973	Hong Kong Exchanges & Clearing Ltd.		53,627
	6,054	Hongkong Electric Holdings Ltd.		32,495
	14,000	Hongkong Land Holdings Ltd.		66,920
	317,864	Hutchison Telecommunications International Ltd.		64,391

See Notes to Financial Statements.

66

Schedule of Investments (Continued)

PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	33,856	Hutchison Whampoa Ltd.	$	241,790
	1,600	Jardine Matheson Holdings Ltd.		47,968
	1,000	Jardine Strategic Holdings Ltd.		17,500
	4,987	Kerry Properties Ltd.		28,441
	128,590	Lenovo Group Ltd.		73,170
	10,981	Li & Fung Ltd.		46,615
	13,000	Link (The) REIT		29,622
	7,875	MTR Corp.		28,197
	35,928	New World Development Co. Ltd.		78,900
	33,800	Noble Group Ltd.		63,320
	4,000	NWS Holdings Ltd.		7,721
	6,664	Orient Overseas International Ltd.		33,233
	37,320	PCCW Ltd.		9,197
	8,000	Shangri-La Asia Ltd.		15,587
	20,078	Sino Land Co. Ltd.		39,015
	57,000	SJM Holdings Ltd.		29,418
	11,733	Sun Hung Kai Properties Ltd.		181,212
	13,308	Swire Pacific Ltd., Class A		164,842
	12,001	Wharf Holdings Ltd. (The)		66,197
	5,148	Yue Yuen Industrial Holdings Ltd.		14,480
				2,601,054
		Ireland—1.7%
	236,051	Allied Irish Banks PLC*		652,331
	5,231	Anglo Irish Bank Corp. Ltd.*		—
	6,743	CRH PLC		165,640
	402,347	Governor & Co. of the Bank of Ireland (The)*		1,009,193
	52,139	Irish Life & Permanent PLC*		379,258
	801	Kerry Group PLC, Class A		23,814
	3,585	Ryanair Holdings PLC*		15,604
	10,524	Smurfit Kappa Group PLC*		82,297
				2,328,137
		Israel—0.3%
	19,513	Bank Hapoalim BM*		72,245
	9,322	Bank Leumi Le-Israel BM*		36,929
	13,586	Bezeq Israeli Telecommunication Corp. Ltd.		30,485
	602	Cellcom Israel Ltd.		18,043
	63	Delek Group Ltd.		10,471
	734	Discount Investment Corp.		17,372
	696	IDB Holding Corp. Ltd.		16,568
	1,439	Israel Chemicals Ltd.		17,183
	27	Israel Corp. Ltd. (The)		18,817
	8,384	Israel Discount Bank Ltd., Class A*		16,260
	52,126	Oil Refineries Ltd.		28,963
	1,657	Teva Pharmaceutical Industries Ltd.		82,773
				366,109
		Italy—5.2%
	12,989	A2A SpA		24,090
	24,012	Assicurazioni Generali SpA		607,953

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	3,489	Atlantia SpA	$	82,880
	2,323	Autogrill SpA*		26,289
	4,452	Banca Carige SpA		12,619
	40,354	Banca Monte dei Paschi di Siena SpA		77,045
	8,424	Banca Popolare di Milano Scarl		63,016
	27,862	Banco Popolare Societa Cooperativa*		243,776
	1,151	Benetton Group SpA		11,174
	1,597	Buzzi Unicem SpA		26,956
	11,237	Compagnie Industriali Riunite SpA*		25,433
	8,874	Edison SpA		13,682
	111,168	Enel SpA		665,113
	31,757	Eni SpA		792,333
	1,182	ERG SpA		17,544
	3,194	EXOR SpA		63,479
	32,116	Fiat SpA*		481,437
	4,179	Finmeccanica SpA		70,538
	3,024	Fondiaria-Sai SpA		55,460
	1,830	Fondiaria-Sai SpA RSP		22,573
	5,306	Hera SpA		11,790
	149,145	Intesa Sanpaolo SpA*		632,661
	1,519	Italcementi SpA		21,998
	3,616	Italcementi SpA RSP		27,450
	187	Italmobiliare SpA*		9,028
	1,541	Italmobiliare SpA RSP*		51,067
	557	Lottomatica SpA		11,933
	915	Luxottica Group SpA*		22,316
	12,482	Mediaset SpA		81,539
	4,750	Mediobanca SpA		60,868
	2,189	Mediolanum SpA		13,969
	5,755	Milano Assicurazioni SpA		19,042
	17,513	Parmalat SpA		48,759
	128,512	Pirelli & C. SpA*		72,622
	13,643	Premafin Finanziaria SpA*		22,404
	1,918	Prysmian SpA		33,931
	1,923	Saipem SpA		57,143
	4,966	Saras SpA		16,211
	10,265	Snam Rete Gas SpA		49,980
	888	Societa Cattolica di Assicurazioni Scrl*		28,615
	233,753	Telecom Italia Media SpA*		41,111
	286,221	Telecom Italia SpA		457,356
	129,645	Telecom Italia SpA RSP		143,559
	8,914	Terna-Rete Elettrica Nationale SpA		35,478
	9,221	UBI Banca-Unione di Banche Italiane ScpA		132,446
	505,334	UniCredit SpA*		1,707,414
	20,687	Unipol Gruppo Finanziario SpA*		30,156
				7,224,236
		Japan—12.7%
	550	Acom Co. Ltd.		7,121
	1,000	Advantest Corp.		22,757
	14,200	Aeon Co. Ltd.		128,635

See Notes to Financial Statements.

67

Schedule of Investments (Continued)

PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	15,200	Aiful Corp.	$	22,333
	6,000	Aioi Insurance Co. Ltd.		26,977
	2,500	Aisin Seiki Co. Ltd.		65,593
	4,000	Ajinomoto Co., Inc.		37,826
	500	Alfresa Holdings Corp.		21,818
	4,000	All Nippon Airways Co. Ltd.		11,180
	6,200	Alps Electric Co. Ltd.*		39,589
	3,000	Amada Co. Ltd.		18,758
	9,000	Aozora Bank Ltd.*		10,837
	3,100	Asahi Breweries Ltd.		55,308
	12,000	Asahi Glass Co. Ltd.		103,403
	13,000	Asahi Kasei Corp.		65,632
	1,400	Astellas Pharma, Inc.		52,121
	6,000	Bank of Yokohama Ltd. (The)		30,027
	6,300	Bridgestone Corp.		106,554
	3,000	Brother Industries Ltd.		34,865
	7,000	Calsonic Kansei Corp.*		19,410
	900	Canon Marketing Japan, Inc.		14,725
	10,400	Canon, Inc.		405,568
	2,500	Casio Computer Co. Ltd.		18,753
	12	Central Japan Railway Co.		80,071
	3,100	Century Tokyo Leasing Corp.		35,171
	4,000	Chiba Bank Ltd. (The)		25,144
	2,300	Chofu Seisakusho Co. Ltd.		45,914
	4,500	Chubu Electric Power Co., Inc.		100,420
	600	Chugai Pharmaceutical Co. Ltd.		11,852
	2,100	Chugoku Electric Power Co., Inc. (The)		42,501
	12,000	Chuo Mitsui Trust Holdings, Inc.		45,205
	3,900	Citizen Holdings Co. Ltd.		22,404
	15,000	Cosmo Oil Co. Ltd.		40,102
	4,400	Credit Saison Co. Ltd.		50,650
	6,000	Dai Nippon Printing Co. Ltd.		76,425
	10,350	Daiei, Inc. (The)*		38,875
	2,000	Daihatsu Motor Co. Ltd.		20,857
	3,500	Daiichi Sankyo Co. Ltd.		69,134
	1,200	Daikin Industries Ltd.		41,759
	600	Daito Trust Construction Co. Ltd.		25,387
	5,000	Daiwa House Industry Co. Ltd.		54,408
	21,000	Daiwa Securities Group, Inc.		113,909
	4,000	Denso Corp.		112,903
	1,600	Dentsu, Inc.		34,998
	14,000	DIC Corp.		23,199
	2,100	East Japan Railway Co.		134,788
	900	Eisai Co. Ltd.		32,313
	1,300	Electric Power Development Co. Ltd.		40,356
	3,000	Elpida Memory, Inc.*		40,632
	500	Fanuc Ltd.		42,587
	22,000	Fuji Electric Holdings Co. Ltd.*		41,803
	11,000	Fuji Heavy Industries Ltd.*		44,233
	5	Fuji Media Holdings, Inc.		7,396
	4,700	FUJIFILM Holdings Corp.		136,555

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	8,000	Fujikura Ltd.	$	39,505
	32,000	Fujitsu Ltd.		193,725
	7,000	Fukuoka Financial Group, Inc.		26,061
	7,000	Furukawa Electric Co. Ltd.		27,221
	1,400	Fuyo General Lease Co. Ltd.		31,319
	2,000	Gunma Bank Ltd. (The)		10,583
	3,000	Hachijuni Bank Ltd. (The)		17,996
	440	Hakuhodo DY Holdings, Inc.		22,311
	6,000	Hankyu Hanshin Holdings, Inc.		26,845
	8,000	Hanwa Co. Ltd.		28,458
	51,500	Haseko Corp.*		40,394
	7,000	Hino Motors Ltd.*		26,447
	2,100	Hitachi Capital Corp.		27,097
	1,100	Hitachi Chemical Co. Ltd.		22,287
	800	Hitachi Construction Machinery Co. Ltd.		19,311
	600	Hitachi High-Technologies Corp.		10,122
	84,000	Hitachi Ltd.*		276,536
	1,300	Hokkaido Electric Power Co., Inc.		25,003
	9,000	Hokuhoku Financial Group, Inc.		19,786
	900	Hokuriku Electric Power Co.		20,531
	12,100	Honda Motor Co. Ltd.		384,976
	1,300	HOYA		29,154
	700	Ibiden Co. Ltd.		25,829
	2,100	IBJ Leasing Co. Ltd.		36,400
	400	Idemitsu Kosan Co. Ltd.		29,783
	25,000	IHI Corp.*		48,608
	4	INPEX Corp.		33,584
	35,000	Isuzu Motors Ltd.*		76,558
	13,000	ITOCHU Corp.		84,445
	7,000	J Front Retailing Co. Ltd.		33,716
	9,000	Japan Airlines Corp.*		11,633
	38	Japan Tobacco, Inc.		107,762
	5,600	JFE Holdings, Inc.		187,450
	4,000	JFE Shoji Holdings, Inc.		14,803
	3,000	Joyo Bank Ltd. (The)		13,356
	2,900	JS Group Corp.		47,767
	1,100	JSR Corp.		21,861
	5,700	JTEKT Corp.		61,836
	13,000	Kajima Corp.		30,877
	2,000	Kaneka Corp.		13,190
	25,000	Kanematsu Corp.*		20,990
	5,500	Kansai Electric Power Co., Inc. (The)		118,907
	3,000	Kao Corp.		67,278
	14,000	Kawasaki Heavy Industries Ltd.		35,727
	9,000	Kawasaki Kisen Kaisha Ltd.*		33,606
	24	KDDI Corp.		128,325
	3,000	Keio Corp.		18,990
	2,000	Kinden Corp.		16,394
	6,000	Kintetsu Corp.		21,343
	5,000	Kirin Holdings Co. Ltd.		82,689
	43,000	Kobe Steel Ltd.*		79,806

See Notes to Financial Statements.

68

Schedule of Investments (Continued)

PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	7,600	Komatsu Ltd.	$	152,638
	3,500	Konica Minolta Holdings, Inc.		33,794
	4,000	Kubota Corp.		31,772
	2,500	Kuraray Co. Ltd.		26,320
	1,200	Kyocera Corp.		102,740
	3,100	Kyushu Electric Power Co., Inc.		63,219
	300	Lawson, Inc.		13,422
	2,700	Leopalace21 Corp.		14,944
	700	Makita Corp.		23,818
	23,000	Marubeni Corp.		116,880
	3,900	Marui Group Co. Ltd.		22,878
	30,000	Mazda Motor Corp.		69,929
	2,800	Medipal Holdings Corp.		39,439
	19,000	Mitsubishi Chemical Holdings Corp.		71,785
	11,800	Mitsubishi Corp.		257,718
	22,000	Mitsubishi Electric Corp.*		171,586
	4,000	Mitsubishi Estate Co. Ltd.		62,042
	4,000	Mitsubishi Gas Chemical Co., Inc.		18,869
	36,000	Mitsubishi Heavy Industries Ltd.		129,651
	13,000	Mitsubishi Materials Corp.*		35,042
	36,000	Mitsubishi Motors Corp.*		54,087
	7,000	Mitsubishi Rayon Co. Ltd.		24,591
	83,460	Mitsubishi UFJ Financial Group, Inc.		456,393
	1,270	Mitsubishi UFJ Lease & Finance Co. Ltd.		38,933
	13,500	Mitsui & Co. Ltd.		182,396
	15,000	Mitsui Chemicals, Inc.		52,530
	5,000	Mitsui Fudosan Co. Ltd.		83,186
	12,000	Mitsui Mining & Smelting Co. Ltd.*		31,684
	9,000	Mitsui O.S.K. Lines Ltd.		53,491
	115,100	Mizuho Financial Group, Inc.		232,692
	6,000	Mizuho Trust & Banking Co. Ltd.*		5,833
	1,200	Murata Manufacturing Co. Ltd.		59,655
	6,000	Nagoya Railroad Co. Ltd.		18,228
	1,500	Namco Bandai Holdings, Inc.		15,494
	1,300	NEC Capital Solutions Ltd.		17,837
	41,000	NEC Corp.*		119,576
	900	NEC Electronics Corp.*		6,831
	200	Nidec Corp.		17,300
	2,200	Nikon Corp.		42,143
	200	Nintendo Co. Ltd.		51,215
	1,000	Nippon Electric Glass Co. Ltd.		11,069
	13,000	Nippon Express Co. Ltd.		53,999
	2,000	Nippon Meat Packers, Inc.		23,707
	18,000	Nippon Mining Holdings, Inc.		82,523
	25,000	Nippon Oil Corp.		125,110
	1,300	Nippon Paper Group, Inc.		34,611
	10,000	Nippon Sheet Glass Co. Ltd.		30,270
	50,000	Nippon Steel Corp.		194,985
	8,000	Nippon Steel Trading Co. Ltd.		13,787
	5,100	Nippon Telegraph & Telephone Corp.		211,279
	40	Nippon Television Network Corp.		5,254

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	12,000	Nippon Yusen Kabushiki Kaisha	$	45,205
	3,000	Nipponkoa Insurance Co. Ltd.		16,704
	66,500	Nissan Motor Co. Ltd.*		493,681
	1,000	Nisshin Seifun Group, Inc.		13,489
	12,000	Nisshin Steel Co. Ltd.		20,415
	1,300	Nitto Denko Corp.		39,853
	2,200	NOK Corp.		29,821
	45,500	Nomura Holdings, Inc.		329,237
	500	Nomura Real Estate Holdings, Inc.		8,136
	6,000	NSK Ltd.		35,793
	6,000	NTN Corp.		23,199
	7	NTT Data Corp.		20,408
	100	NTT DoCoMo, Inc.		145,714
	7,000	Obayashi Corp.		26,679
	2,000	Odakyu Electric Railway Co. Ltd.		16,350
	9,000	OJI Paper Co. Ltd.		39,571
	25,000	Oki Electric Industry Co. Ltd.*		22,923
	2,200	Olympus Corp.		70,482
	2,600	OMRON Corp.		44,635
	400	Ono Pharmaceutical Co. Ltd.		19,090
	4,400	ORIX Corp.		292,134
	11,000	Osaka Gas Co. Ltd.		36,821
	26,000	Panasonic Corp.		371,100
	2,000	Panasonic Electric Works Co. Ltd.		25,696
	16,900	Pioneer Corp.*		43,128
	2,050	Promise Co. Ltd.*		13,248
	1,000	Resona Holdings, Inc.		12,108
	5,000	Ricoh Co. Ltd.		70,095
	700	Ricoh Leasing Co. Ltd.		14,523
	800	Rohm Co. Ltd.		53,822
	300	Ryoshoku Ltd.		7,242
	200	Sankyo Co. Ltd.		11,511
	27,000	Sanyo Electric Co. Ltd.*		68,007
	5,674	Sapporo Hokuyo Holdings, Inc.		19,369
	800	Secom Co. Ltd.		37,561
	1,500	Sega Sammy Holdings, Inc.		21,493
	3,200	Seiko Epson Corp.		50,552
	5,000	Sekisui Chemical Co. Ltd.		30,601
	6,000	Sekisui House Ltd.		52,894
	5,900	Seven & I Holdings Co. Ltd.		130,684
	10,000	Sharp Corp.		109,479
	900	Shikoku Electric Power Co., Inc.		25,304
	8,000	Shimizu Corp.		31,021
	1,300	Shin-Etsu Chemical Co. Ltd.		70,228
	30,000	Shinsei Bank Ltd.*		40,102
	2,000	Shizuoka Bank Ltd. (The)		20,194
	20,000	Showa Denko K.K.		39,328
	2,100	Showa Shell Sekiyu K.K.		20,995
	200	SMC Corp.		23,288
	2,300	SoftBank Corp.		55,264
	94,700	Sojitz Corp.		178,896

See Notes to Financial Statements.

69

Schedule of Investments (Continued)

PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	10,000	Sompo Japan Insurance, Inc.	$	60,318
	15,500	Sony Corp.		476,884
	3	Sony Financial Holdings, Inc.		8,769
	800	Sumco Corp.		15,705
	4,000	Sumikin Bussan Corp.		8,882
	15,000	Sumitomo Chemical Co. Ltd.		61,147
	10,100	Sumitomo Corp.		100,420
	7,300	Sumitomo Electric Industries Ltd.		90,726
	2,500	Sumitomo Forestry Co. Ltd.		19,333
	6,000	Sumitomo Heavy Industries Ltd.*		28,104
	33,000	Sumitomo Metal Industries Ltd.		86,401
	3,000	Sumitomo Metal Mining Co. Ltd.		48,321
	10,400	Sumitomo Mitsui Financial Group, Inc.		363,058
	3,000	Sumitomo Realty & Development Co. Ltd.		58,661
	1,600	Sumitomo Rubber Industries Ltd.		14,971
	12,000	Sumitomo Trust & Banking Co. Ltd. (The)		64,560
	500	Suzuken Co. Ltd.		17,841
	4,000	Suzuki Motor Corp.		98,763
	2,400	T&D Holdings, Inc.		63,897
	14,000	Taiheiyo Cement Corp.*		16,549
	16,000	Taisei Corp.		31,816
	4,000	Takashimaya Co. Ltd.		27,397
	1,300	Takata Corp.		24,817
	2,900	Takeda Pharmaceutical Co. Ltd.		116,935
	5,170	Takefuji Corp.		19,819
	1,000	TDK Corp.		58,992
	14,000	Teijin Ltd.		41,759
	400	Terumo Corp.		21,299
	3,000	Tobu Railway Co. Ltd.		16,438
	3,000	Toho Gas Co. Ltd.		15,577
	3,100	Tohoku Electric Power Co., Inc.		63,699
	4,100	Tokio Marine Holdings, Inc.		108,026
	300	Tokyo Broadcasting System Holdings, Inc.		4,524
	7,800	Tokyo Electric Power Co., Inc. (The)		191,726
	800	Tokyo Electron Ltd.		46,310
	12,000	Tokyo Gas Co. Ltd.		47,592
	8,000	Tokyu Corp.		35,175
	6,000	Tokyu Land Corp.		24,923
	3,000	TonenGeneral Sekiyu K.K.		27,574
	7,000	Toppan Printing Co. Ltd.		63,798
	10,000	Toray Industries, Inc.		57,888
	70,000	Toshiba Corp.*		409,854
	11,000	Tosoh Corp.		30,137
	3,000	TOTO Ltd.		18,162
	2,000	Toyo Seikan Kaisha Ltd.		34,202
	600	Toyoda Gosei Co. Ltd.		17,300
	400	Toyota Auto Body Co. Ltd.		7,570
	900	Toyota Boshoku Corp.		19,229
	1,200	Toyota Industries Corp.		33,274
	23,800	Toyota Motor Corp.		962,307
	4,600	Toyota Tsusho Corp.		67,486

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	10,000	Ube Industries Ltd.	$	26,293
	2,900	UNY Co. Ltd.		21,977
	12	West Japan Railway Co.		42,554
	22	Yahoo! Japan Corp.		6,812
	940	Yamada Denki Co. Ltd.		58,049
	2,300	Yamaha Corp.		24,240
	2,900	Yamaha Motor Co. Ltd.		35,369
	3,200	Yamato Holdings Co. Ltd.		48,042
				17,640,421
		Luxembourg—0.4%
	14,353	ArcelorMittal		486,651
	145	RTL Group SA		8,985
	1,800	SES SA		39,187
				534,823
		Netherlands—4.5%
	63,854	Aegon NV*		459,667
	2,842	Akzo Nobel NV		168,903
	2,056	ASML Holding NV		55,756
	930	Corio NV REIT		63,429
	5,107	European Aeronautic Defence and Space Co. NV		96,337
	1,514	Heineken Holding NV		59,208
	1,673	Heineken NV		74,337
	254,430	ING Groep NV CVA*		3,354,565
	37,652	James Hardie Industries NV*		245,301
	10,894	Koninklijke Ahold NV		137,911
	2,964	Koninklijke BAM Groep NV		35,108
	2,902	Koninklijke DSM NV		127,768
	13,056	Koninklijke KPN NV		237,904
	7,836	Koninklijke Philips Electronics NV		198,109
	1,635	Randstad Holding NV*		62,480
	1,921	Reed Elsevier NV		22,505
	5,383	SNS REAAL NV*		38,377
	4,770	TNT NV		127,245
	18,092	Unilever NV CVA		560,704
	2,090	Wolters Kluwer NV		46,857
				6,172,471
		New Zealand—0.1%
	10,609	Fletcher Building Ltd.		63,808
	41,709	Telecom Corp. of New Zealand Ltd.		76,585
				140,393
		Norway—0.9%
	760	Aker ASA, Class A		20,407
	4,085	Aker Solutions ASA		49,540
	20,230	DnB NOR ASA*		234,151
	43,259	Norsk Hydro ASA*		286,602
	15,703	Norske Skogindustrier ASA*		26,319
	9,643	Orkla ASA, Class A		90,034
	11,296	Statoil ASA		269,420

See Notes to Financial Statements.

70

Schedule of Investments (Continued)

PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	8,170	Storebrand ASA*	$	56,164
	11,704	Telenor ASA*		152,311
	700	Wilh Wilhelmsen ASA, Class A		16,339
	1,350	Yara International ASA		45,159
				1,246,446
		Portugal—0.3%
	5,242	Banco BPI SA		17,750
	47,592	Banco Comercial Portugues SA, Class R		68,113
	2,694	Banco Espirito Santo SA		19,950
	3,097	Brisa Auto-Estradas de Portugal SA		30,661
	1,989	CIMPOR-Cimentos de Portugal SGPS SA		15,557
	22,676	EDP - Energias de Portugal SA		100,606
	1,812	Galp Energia SGPS SA, Class B		30,585
	1,841	Jeronimo Martins SGPS SA		16,434
	9,545	Portugal Telecom SGPS SA		109,637
	1,768	Redes Energeticas Nacionais SA		7,774
	22,560	Sonae		29,791
				446,858
		Singapore—0.6%
	21,000	Capitaland Ltd.		62,164
	5,000	City Developments Ltd.		35,751
	12,000	DBS Group Holdings Ltd.		112,059
	15,000	Fraser and Neave Ltd.		41,507
	1,000	Jardine Cycle & Carriage Ltd.		16,703
	9,000	Keppel Corp. Ltd.		52,704
	33,000	Neptune Orient Lines Ltd.		37,517
	16,000	Oversea-Chinese Banking Corp. Ltd.		87,634
	8,000	SembCorp Industries Ltd.		19,220
	6,000	Singapore Airlines Ltd.		58,346
	11,000	Singapore Press Holdings Ltd.		30,439
	7,000	Singapore Technologies Engineering Ltd.		14,315
	43,000	Singapore Telecommunications Ltd.		90,394
	9,000	United Overseas Bank Ltd.		109,914
	7,000	Wilmar International Ltd.		31,483
				800,150
		South Korea—0.0%
	2,500	STX Pan Ocean Co. Ltd.		23,739
		Spain—3.8%
	2,137	Abertis Infraestructuras SA		45,687
	213	Acciona SA		26,116
	2,826	Acerinox SA		56,519
	1,763	ACS Actividades de Construccion y Servicios SA		85,112
	53,605	Banco Bilbao Vizcaya Argentaria SA		966,499
	12,681	Banco de Sabadell SA		85,973
	1,128	Banco Espanol de Credito SA		14,355
	14,108	Banco Popular Espanol SA		126,559
	99,863	Banco Santander SA		1,620,036

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	10,815	Criteria Caixacorp SA	$	52,977
	859	Enagas		17,769
	890	Fomento de Construcciones y Contratas SA		36,401
	1,347	Gamesa Corp. Tecnologica SA		24,803
	4,459	Gas Natural SDG SA		90,100
	1,495	Gestevision Telecinco SA		15,551
	1,416	Grupo Ferrovial SA		59,042
	3,383	Iberdrola Renovables SA		15,124
	36,481	Iberdrola SA		332,644
	24,001	Iberia Lineas Aereas de Espana SA*		66,575
	856	Inditex SA		50,519
	32,533	Inmobiliaria Colonial SA*		6,768
	9,004	Mapfre SA		38,792
	214	Red Electrica Corporacion SA		11,117
	21,202	Repsol YPF SA		568,247
	2,315	Sacyr Vallehermoso SA*		35,216
	27,460	Telefonica SA		771,017
				5,219,518
		Sweden—3.2%
	3,323	Assa Abloy AB, Class B		59,506
	3,511	Atlas Copco AB, Class A		48,536
	2,902	Atlas Copco AB, Class B		35,653
	8,663	Boliden AB		107,782
	8,690	Electrolux AB, Series B*		213,524
	1,384	Hennes & Mauritz AB, Class B		80,062
	1,587	Holmen AB, Class B		43,765
	2,448	Husqvarna AB, Class A*		14,717
	7,138	Husqvarna AB, Class B*		45,947
	5,235	Industrivarden AB, Class A		63,833
	2,295	Industrivarden AB, Class C		25,625
	7,532	Investor AB, Class B		136,053
	3,746	Kinnevik Investment AB, Class B		52,714
	383	Lundbergforetagen AB, Class B		18,164
	5,373	NCC AB, Class B		83,037
	62,135	Nordea Bank AB		685,842
	13,152	Sandvik AB		149,553
	87,131	SAS AB*		54,357
	9,019	Scania AB, Class B		118,413
	4,859	Securitas AB, Class B		46,331
	67,540	Skandinaviska Enskilda Banken AB, Class A*		425,180
	9,326	Skanska AB, Class B		140,162
	5,568	SKF AB, Class B		90,393
	3,671	SSAB AB, Class A		57,775
	1,268	SSAB AB, Class B		18,284
	14,801	Svenska Cellulosa AB, Class B		207,652
	7,687	Svenska Handelsbanken AB, Class A		204,029
	35,394	Swedbank AB, Class A		315,904
	5,073	Tele2 AB, Class B		75,596
	22,117	Telefonaktiebolaget LM Ericsson, Class B		238,638
	22,130	TeliaSonera AB		149,072

See Notes to Financial Statements.

71

Schedule of Investments (Continued)

PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	13,690	Volvo AB, Class A	$	130,049
	29,505	Volvo AB, Class B		287,187
				4,423,335
		Switzerland—4.5%
	9,000	ABB Ltd.		168,972
	1,917	Adecco SA		86,094
	631	Baloise Holding AG		54,306
	81	BKW FMB Energie AG		6,683
	8,721	Clariant AG*		83,783
	5,480	Compagnie Financiere Richemont SA		154,408
	16,323	Credit Suisse Group AG		883,681
	1,266	GAM Holding Ltd.		15,537
	39	Givaudan SA		29,014
	113	Helvetia Holding AG		36,187
	3,746	Holcim Ltd.*		239,737
	1,266	Julius Baer Group Ltd.		47,735
	349	Kuehne & Nagel International AG		31,757
	15,606	Nestle SA		728,610
	12,053	Novartis AG		632,510
	368	Panalpina Welttransport Holding AG		25,869
	561	Pargesa Holding SA		45,077
	2,599	Petroplus Holdings AG*		56,992
	2,743	Roche Holding AG		441,076
	152	Schindler Holding AG		10,551
	104	Schindler Holding AG Participant Certificates		7,138
	14	SGS SA		18,794
	190	Swatch Group AG-Bearer		44,613
	432	Swatch Group AG-Registered		19,486
	1,606	Swiss Life Holding AG		193,488
	16,664	Swiss Reinsurance Co. Ltd.		683,643
	128	Swisscom AG		46,395
	280	Syngenta AG		66,648
	94	Synthes, Inc.		11,197
	53,677	UBS AG*		906,626
	2,261	Zurich Financial Services AG		520,742
				6,297,349
		United Kingdom—21.5%
	41,128	3i Group PLC		178,771
	18,320	Aegis Group PLC		33,218
	2,850	AMEC PLC		37,888
	3,784	Amlin PLC		22,074
	16,380	Anglo American PLC*		598,050
	3,486	Antofagasta PLC		44,332
	2,921	Arriva PLC		21,209
	4,026	Associated British Foods PLC		54,915
	9,576	AstraZeneca PLC		432,814
	81,973	Aviva PLC		518,321
	24,630	BAE Systems PLC		127,683
	5,043	Balfour Beatty PLC		22,087
	514,765	Barclays PLC*		2,732,213

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	70,762	Barratt Developments PLC*	$	157,581
	9,156	BG Group PLC		159,224
	29,022	BHP Billiton PLC		786,225
	220,084	BP PLC		2,076,165
	26,744	Bradford & Bingley PLC*		—
	19,597	British Airways PLC*		58,726
	8,882	British American Tobacco PLC		284,468
	14,952	British Land Co. PLC REIT		116,379
	5,850	British Sky Broadcasting Group PLC		51,396
	229,166	BT Group PLC		495,980
	2,733	Bunzl PLC		29,935
	21,180	Cable & Wireless PLC		50,622
	12,738	Cadbury PLC		161,779
	8,524	Carnival PLC		266,539
	5,778	Carphone Warehouse Group PLC (The)		17,534
	36,496	Centrica PLC		149,373
	18,478	Compass Group PLC		118,178
	4,536	Daily Mail & General Trust PLC, Class A		29,736
	14,626	Diageo PLC		240,123
	5,479	Drax Group PLC		41,996
	353,689	DSG International PLC*		178,865
	3,433	easyJet PLC*		20,377
	42,998	Enterprise Inns PLC		83,846
	3,191	Eurasian Natural Resources Corp.		43,841
	5,143	Experian PLC		47,389
	7,394	FirstGroup PLC		45,851
	55,976	Friends Provident Group PLC		75,291
	10,420	G4S PLC		43,455
	68,076	GKN PLC*		120,292
	33,844	GlaxoSmithKline PLC		697,335
	10,234	Hammerson PLC REIT		68,523
	18,240	Henderson Group PLC		38,815
	19,784	Home Retail Group PLC		94,996
	249,697	HSBC Holdings PLC		2,772,870
	4,324	ICAP PLC		28,995
	5,333	Imperial Tobacco Group PLC		158,232
	457,931	Inchcape PLC*		221,543
	5,614	InterContinental Hotels Group PLC		72,643
	11,472	International Power PLC		48,031
	9,664	Invensys PLC		45,081
	12,390	Investec PLC		89,269
	124,259	ITV PLC		87,562
	26,717	J Sainsbury PLC		145,285
	2,650	Johnson Matthey PLC		61,678
	5,727	Kazakhmys PLC*		102,803
	17,399	Kesa Electricals PLC		38,115
	67,463	Kingfisher PLC		248,649
	42,701	Ladbrokes PLC		85,660
	18,867	Land Securities Group PLC REIT		205,878
	264,892	Legal & General Group PLC		342,758
	13,174	Liberty International PLC REIT		97,958

See Notes to Financial Statements.

72

Schedule of Investments (Continued)

PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	472,341	Lloyds Banking Group PLC*	$	677,601
	28,681	Logica PLC		54,793
	2,154	London Stock Exchange Group PLC		30,215
	1,914	Lonmin PLC*		46,157
	20,037	Man Group PLC		102,387
	23,712	Marks & Spencer Group PLC		133,868
	14,016	Mitchells & Butlers PLC*		54,293
	24,623	Mondi PLC		136,901
	5,899	National Express Group PLC		31,602
	21,549	National Grid PLC		215,431
	1,883	Next PLC		55,714
	1,346	Northern Rock PLC*		—
	227,102	Old Mutual PLC		397,553
	7,213	Pearson PLC		98,981
	8,606	Persimmon PLC*		57,225
	128,334	Premier Foods PLC*		75,943
	52,603	Prudential PLC		482,531
	113,704	Punch Taverns PLC*		155,562
	22,500	Rank Group PLC*		32,915
	1,952	Reckitt Benckiser Group PLC		97,654
	3,509	Reed Elsevier PLC		26,734
	42,564	Rentokil Initial PLC*		72,967
	14,758	Rexam PLC		67,384
	14,807	Rio Tinto PLC		657,284
	908,640	Rolls-Royce Group PLC, Class C*		1,498
	15,144	Rolls-Royce Group PLC		112,781
	1,107,964	Royal Bank of Scotland Group PLC*		765,591
	49,457	Royal Dutch Shell PLC, Class A		1,473,111
	37,887	Royal Dutch Shell PLC, Class B		1,099,139
	34,334	RSA Insurance Group PLC		68,593
	7,550	SABMiller PLC		199,494
	8,661	Sage Group PLC (The)		30,480
	1,242	Schroders PLC		22,520
	590	Schroders PLC NVTG		8,792
	7,091	Scottish & Southern Energy PLC		126,118
	39,545	Segro PLC REIT		230,100
	2,581	Severn Trent PLC		40,481
	2,024	Shire PLC		35,765
	3,106	Smith & Nephew PLC		27,672
	3,118	Smiths Group PLC		45,896
	18,265	Standard Chartered PLC		451,757
	38,923	Standard Life PLC		139,866
	8,597	Tate & Lyle PLC		63,726
	567,664	Taylor Wimpey PLC*		346,400
	67,286	Tesco PLC		451,796
	16,003	Thomas Cook Group PLC		53,997
	20,219	Tomkins PLC		56,024
	8,573	Travis Perkins PLC*		106,691
	41,745	Trinity Mirror PLC*		110,165
	15,689	TUI Travel PLC		60,282

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	18,293	Unilever PLC	$	551,503
	4,532	United Business Media Ltd.		34,558
	10,874	United Utilities Group PLC		78,956
	2,358	Vedanta Resources PLC		81,351
	595,794	Vodafone Group PLC		1,321,385
	3,075	Whitbread PLC		64,524
	14,399	William Hill PLC		39,874
	22,516	William Morrison Supermarkets PLC		103,920
	16,173	Wolseley PLC*		330,036
	18,478	WPP PLC		167,063
	38,397	Xstrata PLC*		558,549
	117,165	Yell Group PLC*		98,979
				29,848,548
		Total Common Stocks and Other Equity Interests (Cost $123,522,752)		137,606,725
		Preferred Stocks—0.6%
		Germany—0.5%
	851	Fresenius SE		49,609
	2,070	Henkel AG & Co. KGaA		94,557
	2,619	Porsche Automobil Holding SE		201,171
	9,967	ProSiebenSat.1 Media AG		104,264
	2,168	Volkswagen AG		216,461
				666,062
		Italy—0.1%
	7,208	EXOR SpA		80,933
	50,968	Unipol Gruppo Finanziario SpA*		48,542
				129,475
		Total Preferred Stocks (Cost $703,134)		795,537
		Rights—0.1%
		Australia—0.1%
	267,129	Macquarie Media Group Ltd., expiring 12/3/09*		72,414
	9,685	MAP Group, expiring 11/15/09*		4,988
				77,402
		Belgium—0.0%
	9,214	Fortis, expiring 06/30/14*		—
		Germany—0.0%
	13,717	TUI AG, expiring 11/11/09*		—
		Total Rights(Cost $0)		77,402

See Notes to Financial Statements.

73

Schedule of Investments (Continued)

PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio

October 31, 2009

Number of Shares			Value
		Warrants—0.0%
		Italy—0.0%
	4,269	Mediobanca SpA, expiring 03/18/11* (Cost $197)	$	—
		Money Market Fund—0.0%
	39,235	Goldman Sachs Financial Square Prime Obligations Institutional Share Class (Cost $39,235)		39,235
		Total Investments (Cost $124,265,318)—99.9%		138,518,899
		Other assets less liabilities—0.1%		186,370
		Net Assets—100.0%	$	138,705,269

NVTG Non Voting

PPS Price Protected Shares

REIT Real Estate Investment Trust

VVPR Voter Verified Paper Record

*  Non-income producing security.

See Notes to Financial Statements.

74

Schedule of Investments

PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests—99.4%
		Australia—10.8%
	62,440	Abacus Property Group REIT	$	24,261
	10,842	ABC Learning Centres Ltd.*		—
	9,769	Adelaide Brighton Ltd.		25,069
	14,836	Alesco Corp. Ltd.		68,370
	67,748	Alumina Ltd.*		102,539
	2,045	Ansell Ltd.		19,162
	9,293	APN News & Media Ltd.		18,978
	8,720	Aristocrat Leisure Ltd.		35,615
	1,939	ASX Ltd.		59,396
	131,736	Australand Property Group REIT		63,685
	29,493	Australian Pharmaceutical Industries Ltd.		19,854
	6,297	Australian Worldwide Exploration Ltd.*		14,851
	70,593	AWB Ltd.		78,459
	4,576	Bank of Queensland Ltd.		51,066
	16,259	Beach Petroleum Ltd.		11,680
	7,882	Bendigo and Adelaide Bank Ltd.		64,812
	3,363	Billabong International Ltd.		31,604
	510,942	Boart Longyear Group*		129,272
	9,994	Centennial Coal Co. Ltd.		28,808
	743,461	Centro Retail Group REIT		110,846
	19,109	Challenger Financial Services Group Ltd.		64,751
	281	Cochlear Ltd.		16,276
	44,484	Commonwealth Property Office Fund REIT		35,573
	4,455	Computershare Ltd.		44,039
	2,116	Corporate Express Australia Ltd.		8,279
	2,927	Crane Group Ltd.		23,909
	47,592	CSR Ltd.		82,783
	11,791	David Jones Ltd.		57,107
	8,449	Downer EDI Ltd.		65,810
	114,139	Elders Ltd.*		19,080
	44,909	Emeco Holdings Ltd.		35,710
	52,295	Envestra Ltd.		25,044
	3,785	Flight Centre Ltd.		58,142
	41,548	Goodman Fielder Ltd.		60,444
	31,919	Gunns Ltd.		29,419
	7,340	GWA International Ltd.		19,035
	14,486	Harvey Norman Holdings Ltd.		52,227
	4,372	Healthscope Ltd.		18,805
	12,570	Hills Industries Ltd.		23,512
	4,561	Iluka Resources Ltd.*		14,425
	455,432	ING Industrial Fund REIT		211,937
	138,432	ING Office Fund REIT		75,052
	7,436	IOOF Holdings Ltd.		35,410
	4,541	Macarthur Coal Ltd.		35,247
	344,618	Macquarie CountryWide Trust REIT		197,737
	350,665	Macquarie Office Trust REIT		101,395
	71,008	Minara Resources Ltd.*		57,105
	25,715	Mount Gibson Iron Ltd.*		28,348
	1,909	New Hope Corp. Ltd.		7,210
	1,694	Newcrest Mining Ltd.		49,442

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	2,844	Nufarm Ltd.	$	29,707
	52,375	OZ Minerals Ltd.*		56,791
	240,877	Pacific Brands Ltd.*		288,395
	5,111	Paladin Energy Ltd.*		19,212
	1,046	Perpetual Ltd.		35,557
	3,760	Platinum Asset Management Ltd.		19,264
	42,643	PMP Ltd.*		23,119
	5,265	Primary Health Care Ltd.		29,020
	1,759	Ramsay Health Care Ltd.		16,816
	2,661	Seven Network Ltd.		15,557
	27,258	Sigma Pharmaceuticals Ltd.		23,152
	3,639	Sonic Healthcare Ltd.		46,101
	14,442	Spotless Group Ltd.		33,146
	16,222	Straits Resources Ltd.*		23,673
	28,929	Sunland Group Ltd.		19,213
	16,051	Ten Network Holdings Ltd.		22,336
	11,852	Transfield Services Ltd.		45,944
	27,759	Transpacific Industries Group Ltd.*		38,126
	3,809	United Group Ltd.		46,705
	1,329	West Australian Newspapers Holdings Ltd.		8,983
	2,493	WorleyParsons Ltd.		59,471
				3,411,868
		Austria—0.9%
	109	Agrana Beteiligungs AG		10,342
	570	Andritz AG		31,630
	790	A-TEC Industries AG*		12,122
	5,708	CA Immobilien Anlagen AG*		85,061
	3,284	Conwert Immobilien Invest SE*		40,265
	463	EVN AG		8,792
	338	Flughafen Wien AG		17,031
	152	Mayr-Melnhof Karton AG		14,376
	260	Palfinger AG		6,203
	932	RHI AG*		25,990
	339	Semperit AG Holding		11,964
	409	Zumtobel AG*		7,109
				270,885
		Belgium—1.3%
	170	Ackermans & van Haaren NV		12,366
	568	Barco NV*		22,946
	455	Bekaert SA		58,869
	162	Cofinimmo REIT		23,415
	344	Compagnie d'Entreprises CFE		19,698
	687	Compagnie Maritime Belge SA		20,769
	352	Elia System Operator SA/NV		14,262
	610	Euronav NV		11,970
	74	Gimv NV		4,191
	8,564	Nyrstar*		100,707
	374	Omega Pharma SA		18,497
	1,458	Recticel SA		10,993
	7,489	RHJ International*		54,806

See Notes to Financial Statements.

75

Schedule of Investments (Continued)

PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	768	Telenet Group Holding NV*	$	20,578
	674	Tessenderlo Chemie NV		24,822
				418,889
		Bermuda—0.5%
	5,183	Aquarius Platinum Ltd.*		22,273
	25,000	C C Land Holdings Ltd.		13,967
	6,761	Catlin Group Ltd.		36,777
	4,000	China Yurun Food Group Ltd.		8,279
	26,000	Citic Resources Holdings Ltd.*		7,481
	11,000	Dockwise Ltd.*		16,313
	120,100	HKC Holdings Ltd.*		9,608
	67,000	Macquarie International Infrastructure Fund Ltd.		19,642
	14,000	Mongolia Energy Corp. Ltd.*		6,033
	218,000	Samling Global Ltd.		16,314
	6,000	Shui On Construction and Materials Ltd.		9,398
	300,000	Titan Petrochemicals Group Ltd.*		8,400
				174,485
		Canada—8.5%
	2,957	AGF Management Ltd., Class B		44,251
	353	Agnico-Eagle Mines Ltd.		18,876
	761	Astral Media, Inc.		22,635
	379	Boardwalk REIT		13,014
	2,596	CAE, Inc.		20,316
	1,979	Calloway REIT		32,481
	2,250	Cameco Corp.		62,997
	772	Canadian REIT		18,311
	916	Canadian Apartment Properties REIT		11,463
	1,035	Canadian Western Bank		20,542
	4,284	Canfor Corp.*		24,061
	7,544	Cascades, Inc.		49,023
	680	CCL Industries, Inc., Class B		14,178
	1,123	Centerra Gold, Inc.*		8,653
	2,607	Chartwell Seniors Housing REIT		14,497
	1,183	CML Healthcare Income Fund		14,694
	654	Cogeco Cable, Inc.		18,809
	836	Cominar REIT		13,993
	39,042	Compton Petroleum Corp.*		39,868
	487	Corus Entertainment, Inc., Class B		8,043
	100	Daylight Resources Trust		804
	1,043	Dorel Industries, Inc., Class B		28,108
	637	Dundee REIT		11,383
	4,671	Dundee Corp., Class A*		48,566
	1,541	DundeeWealth, Inc.		17,939
	1,746	Emera, Inc.		35,708
	2,485	Ensign Energy Services, Inc.		35,803
	3,516	Extendicare REIT		24,807
	4,527	Fairborne Energy Ltd.*		18,701
	487	First Capital Realty, Inc.		8,897
	910	First Quantum Minerals Ltd.		62,531

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	497	FirstService Corp.*	$	8,895
	2,436	Flint Energy Services Ltd.*		26,572
	1,883	Fortis, Inc.		44,226
	540	Franco-Nevada Corp.		13,485
	34	Gazit America, Inc.*		158
	1,969	Gildan Activewear, Inc.*		34,840
	3,830	Groupe Aeroplan, Inc.		32,924
	3,935	H&R REIT		47,964
	4,878	Harry Winston Diamond Corp.		40,167
	3,177	HudBay Minerals, Inc.*		41,320
	2,078	IAMGOLD Corp.		27,682
	1,677	Industrial Alliance Insurance and Financial Services, Inc.		43,248
	796	Inmet Mining Corp.		42,372
	4,212	InnVest REIT		17,557
	9,017	Kingsway Financial Services, Inc.		34,404
	540	Laurentian Bank of Canada		19,816
	6,119	Linamar Corp.		85,775
	59,238	Lundin Mining Corp.*		239,218
	624	MacDonald Dettwiler & Associates Ltd.*		21,375
	4,700	Maple Leaf Foods, Inc.		48,911
	6,534	Martinrea International, Inc.*		43,552
	2,388	MDS, Inc.*		18,976
	4,345	Methanex Corp.		75,267
	1,661	Norbord, Inc.		22,960
	350	Open Text Corp.*		13,127
	20,689	OPTI Canada, Inc.*		36,492
	1,193	Paramount Resources Ltd., Class A*		14,929
	1,152	Primaris Retail REIT		16,844
	3,414	Quadra Mining Ltd.*		47,793
	1,403	Reitmans Canada Ltd., Class A		21,282
	3,786	RONA, Inc.*		52,052
	2,149	Russel Metals, Inc.		31,541
	1,002	Saputo, Inc.		24,157
	657	ShawCor Ltd., Class A		17,175
	16,590	Sherritt International Corp.		106,883
	1,217	Silver Wheaton Corp.*		15,365
	3,607	Sino-Forest Corp.*		50,998
	1,130	SNC-Lavalin Group, Inc.		45,894
	3,304	Thompson Creek Metals Co., Inc.*		33,525
	665	TMX Group, Inc.		17,903
	848	Toromont Industries Ltd.		19,492
	4,636	Torstar Corp., Class B		33,182
	2,172	Transat A.T., Inc., Class B		29,318
	3,690	Transcontinental, Inc., Class A		44,498
	1,815	Trican Well Service Ltd.		21,331
	6,899	Trinidad Drilling Ltd.		45,280
	17,909	Uranium One, Inc.*		51,040
	5,881	Viterra, Inc.*		56,233
	947	West Fraser Timber Co. Ltd.		22,945
				2,664,895

See Notes to Financial Statements.

76

Schedule of Investments (Continued)

PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
		Cayman Islands—0.3%
	12,000	Belle International Holdings Ltd.	$	12,356
	62,000	Bosideng International Holdings Ltd.		11,120
	28,800	China Fishery Group Ltd.*		25,123
	33,000	KWG Property Holding Ltd.		24,270
	20,000	Tomson Group Ltd.		9,109
	15,000	Want Want China Holdings Ltd.		8,884
				90,862
		China—1.0%
	25,405	Agile Property Holdings Ltd.		33,501
	131,965	Brilliance China Automotive Holdings Ltd.*		24,689
	12,000	BYD Electronic International Co. Ltd.*		11,334
	12,000	China Dongxiang Group Co.		7,447
	3,000	China High Speed Transmission Equipment Group Co. Ltd.		6,116
	37,000	Country Garden Holdings Co.		14,465
	21,000	Greentown China Holdings Ltd.		30,727
	27,000	Kingboard Laminates Holdings Ltd.		19,091
	23,000	Nine Dragons Paper Holdings Ltd.		33,712
	19,500	Shimao Property Holdings Ltd.		37,137
	36,150	Shui On Land Ltd.		22,436
	9,000	Sinotruk Hong Kong Ltd.		10,800
	25,500	Soho China Ltd.		13,950
	8,000	Stella International Holdings Ltd.		15,277
	500	Tencent Holdings Ltd.		8,845
	10,000	Yanlord Land Group Ltd.		16,374
				305,901
		Denmark—1.7%
	367	Alk-Abello A/S		31,322
	568	Alm. Brand A/S*		13,963
	279	Auriga Industries, Class B		4,757
	1,455	Bang & Olufsen A/S*		22,500
	148	Coloplast A/S, Class B		12,162
	149	D/S Norden A/S		5,657
	3,183	DSV A/S*		50,041
	1,096	East Asiatic Co. Ltd. A/S		39,980
	936	FLSmidth & Co. A/S		50,009
	5,885	GN Store Nord A/S*		33,368
	431	H. Lundbeck A/S		8,395
	1,617	Jyske Bank A/S*		60,909
	625	NKT Holding A/S*		35,809
	283	Novozymes A/S, Class B		26,117
	233	Rockwool International A/S, Class B		19,817
	434	Schouw & Co.		8,561
	1,662	Sydbank A/S*		41,022
	211	Topdanmark A/S*		30,579
	1,761	Torm A/S		19,027
	129	William Demant Holding*		9,245
				523,240

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
		Finland—1.8%
	1,501	Alma Media Corp.	$	15,038
	2,632	Amer Sports Oyj, Class A		23,145
	2,403	Cargotec Corp., Class B		51,764
	3,954	Citycon Oyj		17,560
	2,113	Finnair Oyj*		12,065
	1,497	HKScan Oyj		19,481
	3,614	Huhtamaki Oyj		49,110
	2,673	Kemira Oyj		42,673
	783	Konecranes Oyj		21,038
	312	Lemminkainen Oyj		11,964
	2,167	Nokian Renkaat Oyj		46,489
	4,561	Oriola-KD Oyj, Class B		24,159
	1,228	Orion Oyj, Class B		23,427
	1,086	Outotec Oyj		34,563
	601	Poyry Oyj		8,938
	2,047	Ramirent Oyj*		20,477
	7,938	Sponda Oyj*		28,578
	987	Stockmann Oyj Abp, Class B		25,412
	1,902	Tieto Oyj		38,222
	2,148	Uponor Oyj		39,172
				553,275
		France—3.1%
	441	Alten Ltd.*		11,139
	4,723	Altran Technologies SA*		22,927
	128	April Group		4,816
	597	Beneteau SA		9,407
	111	bioMerieux		12,385
	80	Bonduelle SCA		9,207
	196	Bongrain SA*		14,821
	828	Bourbon SA		34,671
	435	Boursorama*		5,455
	5,328	Bull SA*		22,404
	376	Bureau Veritas SA		20,804
	2,127	Canal Plus		17,041
	448	Carbone Lorraine		15,454
	688	Club Mediterranee SA*		14,034
	390	Dassault Systemes SA		22,623
	6,717	Derichebourg SA		33,230
	107	EDF Energies Nouvelles SA		5,743
	1,935	Etablissements Maurel et Prom		39,171
	945	Etam Developpement SA*		20,747
	2,266	Euro Disney SCA*		18,054
	118	Fimalac		6,180
	8,686	Groupe Eurotunnel SA		86,314
	932	Groupe Steria SCA		28,052
	98	Guyenne et Gascogne SA		9,840
	12,732	Havas SA		48,692
	44	Iliad SA		4,785
	963	IMS-International Metal Service*		16,382

See Notes to Financial Statements.

77

Schedule of Investments (Continued)

PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	123	Ipsen SA	$	6,294
	364	Ipsos		11,198
	1,002	Kaufman & Broad SA*		24,468
	162	Lisi		7,410
	923	Manitou BF*		13,482
	299	Mercialys SA REIT		12,088
	346	Neopost SA		30,436
	565	NRJ Group*		5,377
	115	Orpea		5,209
	113	Pierre & Vacances		9,353
	1,474	Plastic Omnium SA		42,170
	400	Remy Cointreau SA		19,429
	180	Rubis		16,612
	352	Saft Groupe SA		18,367
	672	SEB SA		37,578
	478	Societe BIC SA		33,352
	125	Societe Immobiliere de Location pour l'Industrie et le Commerce REIT		15,953
	2,806	SOITEC*		38,636
	124	Sopra Group SA		8,921
	72	Sperian Protection		5,158
	276	Spir Communication*		8,144
	686	Teleperformance		22,146
	1,057	UbiSoft Entertainment SA*		16,765
	39	Vilmorin & Cie		4,287
	638	Zodiac Aerospace		21,651
				988,862
		Germany—3.6%
	4,491	Aareal Bank AG*		97,538
	3,111	Air Berlin PLC*		15,790
	1,027	Alstria Office AG REIT		11,395
	1,239	Aurubis AG		49,578
	267	Bauer AG		10,637
	477	Bechtle AG		11,444
	149	Carl Zeiss Meditec AG		2,227
	538	Comdirect Bank AG		4,652
	446	Demag Cranes AG		15,504
	486	Deutsche Euroshop AG		16,636
	2,147	Deutsche Wohnen AG*		24,424
	7,160	Deutz AG*		33,806
	1,796	DIC Asset AG		22,418
	455	Duerr AG		9,835
	1,117	ElringKlinger AG		22,414
	82	Fielmann AG		6,069
	2,677	Freenet AG*		35,430
	256	Fuchs Petrolub AG		19,433
	187	GfK SE		5,938
	2,121	Gildemeister AG		29,917
	358	Hamburger Hafen und Logistik AG		13,998
	419	Indus Holding AG		7,295

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	99	INTERSEROH SE	$	7,140
	4,547	IVG Immobilien AG*		40,857
	1,690	Jenoptik AG*		9,226
	1,013	Koenig & Bauer AG*		17,442
	283	Krones AG		14,113
	1,077	KUKA AG*		15,970
	26	KWS Saat AG		4,319
	2,021	Leoni AG		41,508
	1,257	Medion AG		13,224
	1,245	MLP AG		13,593
	814	MTU Aero Engines Holding AG		37,147
	177	MVV Energie AG		8,030
	1,602	Pfleiderer AG*		16,191
	5,158	Praktiker Bau- und Heimwerkermaerkte Holding AG		63,014
	84	Puma AG Rudolf Dassler Sport		25,744
	768	Q-Cells SE*		12,748
	52	Rational AG		7,328
	738	Rhoen Klinikum AG		17,967
	910	SGL Carbon SE*		35,043
	559	Sixt AG		15,588
	23,136	Sky Deutschland AG*		96,946
	98	Software AG		8,757
	497	Solarworld AG		10,794
	1,243	Stada Arzneimittel AG		33,415
	2,569	Symrise AG		47,418
	387	Takkt AG		4,271
	989	United Internet AG*		12,929
	107	Vossloh AG		10,727
	565	Wincor Nixdorf AG		33,187
				1,141,014
		Gibraltar—0.0%
	2,902	PartyGaming PLC*		10,949
		Greece—0.9%
	5,083	Agricultural Bank of Greece*		14,624
	21,871	Alapis Holding Industrial and Commercial SA		18,716
	465	Athens Water Supply & Sewage Co. SA (The)		3,993
	1,040	Babis Vovos International Construction SA*		7,795
	2,480	Ellaktor SA		21,479
	2,870	Elval Aluminium Process Co.*		8,257
	311	Eurobank Properties Real Estate Investment Co. REIT		3,932
	3,298	Halcor SA*		8,321
	9,137	Intracom Holdings SA*		21,840
	2,391	Intralot SA-Integrated Lottery Systems & Services		15,417
	1,531	Motor Oil (Hellas) Corinth Refineries SA		27,220
	2,490	Mytilineos Holdings SA		21,713
	1,626	Sidenor Steel Products Manufacturing Co. SA*		14,059

See Notes to Financial Statements.

78

Schedule of Investments (Continued)

PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	1,297	Titan Cement Co. SA	$	45,335
	2,809	TT Hellenic Postbank SA*		20,225
	3,682	Viohalco		25,968
				278,894
		Guernsey—0.0%
	1,349	Gottex Fund Management Holdings Ltd.		11,919
		Hong Kong—4.7%
	3,012	ASM Pacific Technology Ltd.		23,862
	1,855	Beijing Enterprises Holdings Ltd.		11,225
	935	Cafe de Coral Holdings Ltd.		2,024
	46,213	Champion REIT		19,677
	30,587	Chaoda Modern Agriculture Holdings Ltd.		23,916
	16,000	China Agri-Industries Holdings Ltd.		15,607
	6,000	China Everbright Ltd.		14,462
	32,532	China Foods Ltd.		23,968
	8,134	China Mengniu Dairy Co. Ltd.*		23,089
	6,000	China Merchants China Direct Investments Ltd.*		12,882
	28,715	China Power International Development Ltd.*		8,077
	5,168	China Resources Land Ltd.		12,750
	5,000	China Taiping Insurance Holdings Co. Ltd.*		17,870
	53,799	China Travel International Investment Hong Kong Ltd.		11,176
	3,392	Chong Hing Bank Ltd.		6,626
	10,000	Chow Sang Sang Holdings International Ltd.		9,974
	27,231	CNPC Hong Kong Ltd.		29,198
	5,298	Dah Sing Banking Group Ltd.*		7,438
	4,527	Dah Sing Financial Group*		25,818
	49,641	Denway Motors Ltd.		24,147
	27,710	Digital China Holdings Ltd.		28,996
	47,328	First Pacific Co. Ltd.		28,274
	8,000	Franshion Properties China Ltd.		2,281
	5,495	Fubon Bank Hong Kong Ltd.		2,496
	27,972	Galaxy Entertainment Group Ltd.*		12,091
	33,315	Giordano International Ltd.		8,339
	74,490	Global Bio-Chem Technology Group Co. Ltd.		18,358
	118,760	GOME Electrical Appliances Holdings Ltd.*		35,857
	13,000	Great Eagle Holdings Ltd.		34,722
	20,508	Guangdong Investment Ltd.		10,849
	163,848	Guangzhou Investment Co. Ltd.		44,396
	226,000	Henderson Investment Ltd.		17,788
	2,388	Hengan International Group Co. Ltd.		15,483
	30,978	HKR International Ltd.*		13,270
	529	Hong Kong Aircraft Engineerg Co. Ltd.		6,300
	18,861	Hongkong & Shanghai Hotels Ltd. (The)		27,110
	13,104	Hopewell Highway Infrastructure Ltd.		7,930
	8,715	Hopewell Holdings Ltd.		27,887
	26,206	Hopson Development Holdings Ltd.		47,203
	16,000	Hysan Development Co. Ltd.		47,689

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	11,124	Industrial and Commercial Bank of China (Asia) Ltd.	$	26,238
	67,583	Johnson Electric Holdings Ltd.*		30,084
	37,000	K Wah International Holdings Ltd.		12,842
	14,000	Kingboard Chemical Holdings Ltd.		57,443
	28,313	Kowloon Development Co. Ltd.		30,614
	6,800	Lee & Man Paper Manufacturing Ltd.		13,687
	5,500	Lifestyle International Holdings Ltd.		8,998
	4,000	Mandarin Oriental International Ltd.		5,080
	14,000	Melco International Development Ltd.*		7,786
	16,000	Minmetals Resources Ltd.*		4,315
	33,600	New World China Land Ltd.		13,613
	37,560	Pacific Basin Shipping Ltd.		28,448
	22,082	Public Financial Holdings Ltd.		11,539
	10,943	Road King Infrastructure Ltd.		8,924
	5,136	Shanghai Industrial Holdings Ltd.		24,486
	145,000	Shenzhen International Holdings Ltd.		10,290
	48,902	Shenzhen Investment Ltd.		19,686
	58,000	Shougang Concord International Enterprises Co. Ltd.		10,178
	24,174	Shun Tak Holdings Ltd.		16,531
	20,379	Sinofert Holdings Ltd.		10,281
	165,347	Sinolink Worldwide Holdings Ltd.		32,215
	28,000	Sino-Ocean Land Holdings Ltd.		27,927
	22,708	Sinopec Kantons Holdings Ltd.		8,145
	26,500	Sinotrans Shipping Ltd.		12,104
	7,766	SmarTone Telecommunications Holdings Ltd.		5,962
	3,000	Sun Hung Kai & Co. Ltd.		2,342
	52,372	TCL Multimedia Technology Holdings Ltd.*		41,491
	55,818	Techtronic Industries Co.		46,021
	3,025	Television Broadcasts Ltd.		14,461
	16,857	Texwinca Holdings Ltd.		14,420
	28,000	Tian An China Investment		17,450
	7,982	Tianjin Development Holdings Ltd.		4,985
	7,386	Tingyi Cayman Islands Holding Corp.		16,582
	89,357	TPV Technology Ltd.		59,377
	6,000	Truly International Holdings		6,255
	2,870	VTech Holdings Ltd.		24,070
	1,000	Wheelock & Co. Ltd.		3,252
	2,425	Wing Hang Bank Ltd.		23,858
				1,473,085
		Ireland—1.4%
	8,272	Aer Lingus Group PLC*		6,957
	15,879	C&C Group PLC		58,806
	2,154	DCC PLC		56,920
	1,064	FBD Holdings PLC		10,455
	48,203	Fyffes PLC		26,671
	3,175	Glanbia PLC		12,742
	18,892	Grafton Group PLC		94,772
	15,261	Greencore Group PLC		34,676

See Notes to Financial Statements.

79

Schedule of Investments (Continued)

PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	60,254	Independent News & Media PLC*	$	18,225
	6,257	Kingspan Group PLC*		53,083
	486	Paddy Power PLC		15,618
	52,744	Total Produce PLC		26,848
	6,691	United Drug PLC		22,104
				437,877
		Israel—0.8%
	958	Africa-Israel Investments Ltd.*		12,668
	666	Blue Square-Israel Ltd.*		6,819
	2,553	Clal Industries Ltd.*		13,087
	797	Clal Insurance Enterprise Holdings Ltd.*		17,139
	409	Delek Automotive Systems Ltd.		4,700
	12,451	Delek Real Estate Ltd.*		13,900
	429	Elbit Imaging Ltd.*		10,746
	162	Elbit Systems Ltd.		9,871
	919	Elco Holdings Ltd.		11,295
	377	First International Bank of Israel Ltd.*		5,564
	1,327	Gazit-Globe Ltd.		12,442
	205	Harel Insurance Investments & Financial Services Ltd.*		9,857
	888	Jerusalem Economy Ltd.*		5,847
	276	Koor Industries Ltd.		8,051
	3,812	Makhteshim-Agan Industries Ltd.		18,268
	6,646	Migdal Insurance & Financial Holding Ltd.*		10,510
	2,347	Mizrahi Tefahot Bank Ltd.*		19,310
	465	Nice Systems Ltd.*		14,595
	347	Osem Investments Ltd.		4,516
	726	Partner Communications Co. Ltd.		13,867
	60	Paz Oil Co. Ltd.		9,439
	82	Property & Building Corp. Ltd.		5,746
	1,273	Shufersal Ltd.		6,036
	381	Strauss Group Ltd.		4,977
				249,250
		Italy—2.7%
	1,078	ACEA SpA		12,677
	610	Ansaldo STS SpA		11,709
	4,920	Arnoldo Mondadori Editore SpA*		22,703
	1,826	Ascopiave SpA		4,440
	1,348	Astaldi SpA		12,640
	1,755	Autostrada Torino-Milano SpA		22,230
	1,254	Azimut Holding SpA		15,227
	2,506	Banca Popolare dell'Etruria e del Lazio Scrl		16,398
	963	Banco di Desio e della Brianza SpA		6,394
	7,687	Beni Stabili SpA		6,964
	1,367	Brembo SpA		10,377
	3,120	Bulgari SpA		25,687
	4,041	Cementir Holding SpA		18,498
	56,179	Cofide SpA*		50,977
	1,125	Credito Artigiano SpA		3,064
	3,437	Credito Emiliano SpA*		22,541

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	363	Danieli SpA	$	9,175
	2,257	Danieli SpA RSP		29,904
	1,865	Davide Campari-Milano SpA		17,872
	2,953	DeA Capital SpA*		6,056
	1,760	Enia SpA		12,867
	1,198	Esprinet SpA		12,073
	210	Fastweb*		6,011
	24,258	Gemina SpA*		20,562
	698	Geox SpA		5,376
	1,778	Gruppo Coin SpA*		10,625
	9,438	Gruppo Editoriale L'Espresso SpA*		27,015
	2,707	Immobiliare Grande Distribuzione REIT		5,867
	9,146	Immsi SpA*		12,327
	8,125	Impregilo SpA		27,932
	4,602	Indesit Co. SpA*		52,487
	1,516	Interpump Group SpA*		9,294
	13,744	Iride SpA		25,511
	13,458	KME Group		9,640
	3,305	Maire Tecnimont SpA		13,776
	775	Marr SpA		6,844
	549	Permasteelisa SpA*		10,457
	6,451	Piaggio & C. SpA		16,466
	3,711	Piccolo Credito Valtellinese Scarl		34,249
	73,066	Pirelli & C. Real Estate SpA*		58,323
	9,253	RCS MediaGroup SpA*		16,752
	1,284	Recordati SpA		10,003
	9,545	Risanamento SpA*		6,253
	26,881	Safilo Group SpA*		20,664
	121,305	Seat Pagine Gialle SpA*		34,668
	1,449	Societa Iniziative Autostradali e Servizi SpA		12,881
	4,638	Sogefi SpA*		10,340
	9,462	Sorin SpA*		17,297
	41,570	Tiscali SpA*		11,641
	148	Tod's SpA		10,246
				853,980
		Japan—22.2%
	4,000	77 Bank Ltd. (The)		23,332
	100	ABC-Mart, Inc.		2,900
	11	Accordia Golf Co. Ltd.		10,305
	2,400	ADEKA Corp.		22,271
	1,400	Aderans Holdings Co. Ltd.		17,523
	1,700	Aeon Credit Service Co. Ltd.		16,658
	500	AEON Mall Co. Ltd.		10,716
	1,000	Aica Kogyo Co. Ltd.		9,600
	100	Aichi Bank Ltd. (The)		8,429
	2,000	Aichi Machine Industry Co. Ltd.		5,988
	2,000	Aichi Steel Corp.		9,722
	2,000	Air Water, Inc.		23,906
	1,000	Aisan Industry Co. Ltd.		7,512
	1,600	Akebono Brake Industry Co. Ltd.*		12,709

See Notes to Financial Statements.

80

Schedule of Investments (Continued)

PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	2,000	Akita Bank Ltd. (The)	$	7,888
	200	Alpen Co. Ltd.		3,696
	1,400	Alpine Electronics, Inc.*		13,951
	1,100	Amano Corp.		9,527
	4,000	Ando Corp.		5,303
	2,000	Anritsu Corp.*		7,114
	2,900	AOC Holdings, Inc.		19,831
	400	AOKI Holdings, Inc.		3,924
	1,000	Aomori Bank Ltd. (The)		2,839
	1,400	Aoyama Trading Co. Ltd.		22,704
	300	Arcs Co. Ltd.		4,414
	2,400	Arnest One Corp.		28,104
	1,000	Asatsu-DK, Inc.		19,819
	1,000	Asics Corp.		9,114
	100	ASKUL Corp.		1,977
	500	Autobacs Seven Co. Ltd.		17,013
	300	Avex Group Holdings, Inc.		2,721
	2,000	Awa Bank Ltd. (The)		10,473
	2,000	Bando Chemical Industries Ltd.		5,678
	100	Bank of Iwate Ltd. (The)		5,954
	2,000	Bank of Nagoya Ltd. (The)		7,998
	200	Bank of Okinawa Ltd. (The)		6,960
	1,000	Bank of Saga Ltd. (The)		3,436
	1,100	Bank of The Ryukyus Ltd.		11,921
	2,100	Belluna Co. Ltd.		9,141
	500	Benesse Holdings, Inc.		22,150
	5,500	Best Denki Co. Ltd.		24,365
	52	BIC CAMERA, Inc.		19,675
	200	Canon Electronics, Inc.		4,032
	200	Canon Finetech, Inc.		2,623
	200	Capcom Co. Ltd.		3,420
	200	Cawachi Ltd.		4,169
	8,200	Cedyna Financial Corp.*		16,487
	4,000	Central Glass Co. Ltd.		16,306
	300	Chiba Kogyo Bank Ltd. (The)*		2,655
	300	Chiyoda Co. Ltd.		3,609
	3,000	Chiyoda Corp.		22,437
	8,000	Chori Co. Ltd.		9,368
	200	Chudenko Corp.		2,985
	1,000	Chuetsu Pulp & Paper Co. Ltd.		1,989
	1,000	Chugoku Bank Ltd. (The)		13,632
	400	Circle K Sunkus Co. Ltd.		5,510
	2,300	CKD Corp.		17,329
	10,000	Clarion Co. Ltd.*		9,722
	400	Cleanup Corp.		2,806
	2,300	CMK Corp.*		16,541
	300	Coca-Cola Central Japan Co. Ltd.		4,017
	1,100	Coca-Cola West Co. Ltd.		20,452
	1,500	COMSYS Holdings Corp.		14,980
	10,300	CSK Holdings Corp.*		39,825
	400	Culture Convenience Club Co. Ltd.		2,470

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	400	Daibiru Corp.	$	3,442
	8,000	Daicel Chemical Industries Ltd.		49,050
	1,000	Dai-Dan Co. Ltd.		5,148
	12,000	Daido Steel Co. Ltd.		41,891
	1,500	Daifuku Co. Ltd.		9,462
	1,000	Daiichi Chuo Kisen Kaisha*		2,452
	1,000	Daiken Corp.		2,265
	23,000	Daikyo, Inc.*		58,694
	1,000	Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		3,380
	11,000	Dainippon Screen Manufacturing Co. Ltd.*		48,243
	1,500	Dainippon Sumitomo Pharma Co. Ltd.		15,742
	2,000	Daio Paper Corp.		16,814
	1,000	Daisan Bank Ltd. (The)*		2,419
	3,000	Daishi Bank Ltd. (The)		11,036
	1,600	DCM Holdings Co. Ltd.		10,446
	16,000	Denki Kagaku Kogyo Kabushiki Kaisha		59,744
	200	Disco Corp.		11,290
	1,100	Don Quijote Co. Ltd.		29,590
	400	Doutor Nichires Holdings Co. Ltd.		5,784
	10,000	Dowa Holdings Co. Ltd.		59,766
	1,200	Duskin Co. Ltd.		21,662
	100	DyDo Drinco, Inc.		3,060
	13	eAccess Ltd.		9,191
	13,000	Ebara Corp.*		58,451
	8,700	EDION Corp.		70,834
	1,000	Ehime Bank Ltd. (The)		2,740
	2,000	Eighteenth Bank Ltd. (The)		5,568
	100	Eizo Nanao Corp.		2,397
	400	Exedy Corp.		8,396
	1,000	Ezaki Glico Co. Ltd.		10,926
	500	FamilyMart Co. Ltd.		14,914
	400	Fancl Corp.		7,132
	300	FCC Co. Ltd.		5,223
	100	FP Corp.		4,960
	200	Fuji Co. Ltd.		3,995
	12,000	Fuji Fire & Marine Insurance Co. Ltd. (The)*		14,052
	1,000	Fuji Oil Co. Ltd.		15,124
	1,000	Fuji Soft, Inc.		17,455
	1,000	Fujitec Co. Ltd.		5,292
	2,000	Fujitsu General Ltd.		6,739
	1,000	Fukui Bank Ltd. (The)		3,336
	2,000	Fukuyama Transporting Co. Ltd.		10,451
	200	Funai Electric Co. Ltd.		9,479
	13,000	Furukawa Co. Ltd.		17,521
	3,000	Furukawa-Sky Aluminum Corp.		4,540
	1,000	Futaba Corp.		15,687
	7,200	Futaba Industrial Co. Ltd.*		38,338
	13	Geo Corp.		13,615
	1,000	Glory Ltd.		22,205
	2,000	Godo Steel Ltd.		3,955

See Notes to Financial Statements.

81

Schedule of Investments (Continued)

PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	270	Goldcrest Co. Ltd.	$	8,382
	3,000	GS Yuasa Corp.		26,248
	370	Gulliver International Co. Ltd.		27,754
	3,000	Gunze Ltd.		11,964
	300	H.I.S. Co. Ltd.		6,483
	2,000	H2O Retailing Corp.		12,307
	800	Hamamatsu Photonics KK		20,239
	300	Heiwa Corp.		2,946
	400	Heiwado Co. Ltd.		5,276
	1,000	Higashi-Nippon Bank Ltd. (The)		2,176
	2,000	Higo Bank Ltd. (The)		11,931
	200	Hikari Tsushin, Inc.		3,811
	200	Hirose Electric Co. Ltd.		20,924
	5,000	Hiroshima Bank Ltd. (The)		19,443
	200	Hisamitsu Pharmaceutical Co., Inc.		6,894
	9,000	Hitachi Cable Ltd.		24,359
	400	Hitachi Koki Co. Ltd.		4,472
	2,000	Hitachi Kokusai Electric, Inc.		15,643
	400	Hitachi Transport System Ltd.		5,272
	26,500	Hitachi Zosen Corp.*		35,130
	1,000	Hokkan Holdings Ltd.		2,563
	3,000	Hokkoku Bank Ltd. (The)		11,865
	2,000	Hokuetsu Bank Ltd. (The)		3,380
	1,500	Hokuetsu Kishu Paper Co. Ltd.		7,855
	300	Horiba Ltd.		7,357
	1,500	Hosiden Corp.		18,609
	400	House Foods Corp.		6,376
	2,000	Hyakugo Bank Ltd. (The)		9,655
	3,000	Hyakujushi Bank Ltd. (The)		12,494
	300	Iida Home Max		5,442
	1,000	Iino Kaiun Kaisha Ltd.		4,529
	300	Inaba Denki Sangyo Co. Ltd.		7,159
	5,400	Inabata & Co. Ltd.		20,700
	2,000	Iseki & Co. Ltd.*		7,601
	12,000	Ishihara Sangyo Kaisha Ltd.*		9,943
	1,200	Ito En Ltd.		20,283
	2,300	Itochu Enex Co. Ltd.		11,942
	200	ITOCHU Techno-Solutions Corp.		5,546
	100	ITOCHU-SHOKUHIN Co. Ltd.		3,403
	3,000	Itoham Foods, Inc.		11,964
	11,000	Iwatani Corp.		33,418
	2,000	Iyo Bank Ltd. (The)		18,184
	1,300	Izumi Co. Ltd.		15,826
	2,000	Izumiya Co. Ltd.		10,362
	9,000	Jaccs Co. Ltd.		21,575
	400	Jafco Co. Ltd.		11,069
	1,100	Japan Airport Terminal Co. Ltd.		15,591
	1,000	Japan Aviation Electronics Industry Ltd.		6,209
	900	Japan General Estate Co. Ltd. (The)*		—
	400	Japan Petroleum Exploration Co. Ltd.		20,460
	2,000	Japan Pulp & Paper Co. Ltd.		7,667

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	5,000	Japan Radio Co. Ltd.	$	9,998
	2,500	Japan Securities Finance Co. Ltd.		18,118
	1,000	Japan Steel Works Ltd. (The)		11,290
	1,000	Japan Wool Textile Co. Ltd. (The)		6,706
	2,000	JGC Corp.		39,240
	1,000	J-Oil Mills, Inc.		3,436
	3,900	Joint Corp.*		—
	1,000	Joshin Denki Co. Ltd.		7,015
	12,000	Juki Corp.*		12,859
	4,000	Juroku Bank Ltd. (The)		14,450
	300	Kadokawa Group Holdings, Inc.		7,159
	1,200	Kaga Electronics Co. Ltd.		12,156
	1,000	Kagawa Bank Ltd. (The)		3,635
	900	Kagome Co. Ltd.		17,151
	2,000	Kagoshima Bank Ltd. (The)		14,914
	1,000	Kaken Pharmaceutical Co. Ltd.		9,070
	2,000	Kamei Corp.		10,451
	2,000	Kamigumi Co. Ltd.		15,135
	1,000	Kandenko Co. Ltd.		6,209
	2,000	Kansai Paint Co. Ltd.		17,190
	4,000	Kansai Urban Banking Corp.		5,612
	1,400	Kanto Auto Works Ltd.		13,548
	800	Kasumi Co. Ltd.		3,986
	1,000	Kato Sangyo Co. Ltd.		17,366
	11,000	Kayaba Industry Co. Ltd.*		32,567
	4,000	Keihan Electric Railway Co. Ltd.		16,836
	1,300	Keihin Corp.		20,192
	3,000	Keihin Electric Express Railway Co. Ltd.		23,962
	3,000	Keisei Electric Railway Co. Ltd.		17,035
	1,000	Keiyo Bank Ltd. (The)		4,861
	400	Keiyo Co. Ltd.		1,940
	2,000	Kikkoman Corp.		23,464
	100	Kintetsu World Express, Inc.		2,359
	2,000	Kitz Corp.		10,473
	12,000	Kiyo Holdings, Inc.		14,450
	200	Kobayashi Pharmaceutical Co. Ltd.		8,639
	1,000	Kohnan Shoji Co. Ltd.		12,240
	2,000	Koito Manufacturing Co. Ltd.		29,342
	4,400	Kojima Co. Ltd.		22,360
	800	Komeri Co. Ltd.		22,271
	1,500	Komori Corp.		17,946
	1,500	Konami Corp.		27,707
	200	Kose Corp.		4,414
	1,200	K's Holdings Corp.		39,240
	16,000	Kumagai Gumi Co. Ltd.*		11,489
	8,000	Kurabo Industries Ltd.		13,875
	2,000	KUREHA Corp.		10,915
	11,000	Kurimoto Ltd.*		10,815
	1,000	Kurita Water Industries Ltd.		31,264
	1,200	Kuroda Electric Co. Ltd.		17,565
	2,000	Kyodo Printing Co. Ltd.		5,767

See Notes to Financial Statements.

82

Schedule of Investments (Continued)

PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	300	Kyoei Steel Ltd.	$	6,794
	1,500	Kyowa Exeo Corp.		13,837
	1,000	Kyowa Hakko Kirin Co. Ltd.		11,732
	1,000	Kyudenko Corp.		6,032
	200	Life Corp.		3,522
	900	Lintec Corp.		16,226
	2,000	Lion Corp.		10,009
	300	Mabuchi Motor Co. Ltd.		14,516
	200	Macnica, Inc.		3,201
	4,000	Maeda Corp.		11,136
	1,000	Maeda Road Construction Co. Ltd.		8,175
	3,000	Makino Milling Machine Co. Ltd.*		11,964
	2,000	Marudai Food Co. Ltd.		6,628
	1,000	Maruetsu, Inc. (The)		4,640
	18,000	Maruha Nichiro Holdings, Inc.		26,646
	900	Maruichi Steel Tube Ltd.		16,972
	1,400	Marusan Securities Co. Ltd.		8,460
	1,100	Matsui Securities Co. Ltd.		8,032
	900	Matsumotokiyoshi Holdings Co. Ltd.		20,730
	1,000	Megmilk Snow Brand Co. Ltd.*		19,609
	3,000	Meidensha Corp.		15,378
	1,400	MEIJI Holdings Co. Ltd.*		57,225
	400	Meitec Corp.		6,832
	1,000	Mie Bank Ltd. (The)		3,160
	1,200	Mikuni Coca-Cola Bottling Co. Ltd.		10,088
	2,000	Minato Bank Ltd. (The)*		2,541
	8,000	Minebea Co. Ltd.		34,291
	200	Ministop Co. Ltd.		2,799
	300	Miraca Holdings, Inc.		9,777
	8,000	Misawa Homes Co. Ltd.*		29,607
	300	MISUMI Group, Inc.		5,203
	3,000	Mitsuba Corp.*		13,323
	1,000	Mitsubishi Logistics Corp.		11,091
	11,000	Mitsubishi Paper Mills Ltd.		14,339
	2,000	Mitsubishi Steel Manufacturing Co. Ltd.*		3,999
	16,000	Mitsui Engineering & Shipbuilding Co. Ltd.		42,422
	1,000	Mitsui Home Co. Ltd.		5,557
	1,000	Mitsui-Soko Co. Ltd.		3,502
	1,600	Mitsumi Electric Co. Ltd.		33,230
	300	Mitsuuroko Co. Ltd.		2,151
	200	Miura Co. Ltd.		5,645
	1,000	Miyazaki Bank Ltd. (The)		4,585
	3,000	Mizuho Investors Securities Co. Ltd.*		3,115
	10,000	Mizuho Securities Co. Ltd.		35,572
	2,000	Mizuno Corp.		9,280
	23	Monex Group, Inc.		9,338
	1,400	Mori Seiki Co. Ltd.		15,513
	3,000	Morinaga & Co. Ltd.		6,396
	8,000	Morinaga Milk Industry Co. Ltd.		37,472
	1,000	Musashi Seimitsu Industry Co. Ltd.		21,100
	300	Musashino Bank Ltd. (The)		8,683

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	1,000	Nabtesco Corp.	$	11,776
	9,000	Nachi-Fujikoshi Corp.		20,283
	3,000	Nakayama Steel Works Ltd.		4,640
	3,000	Nanto Bank Ltd. (The)		16,505
	200	NEC Fielding Ltd.		2,961
	400	NEC Networks & System Integration Corp.		4,905
	3	NET One Systems Co. Ltd.		3,960
	5,000	NHK Spring Co. Ltd.		39,825
	5,000	Nice Holdings, Inc.*		10,716
	3,000	Nichias Corp.*		11,003
	1,500	Nichicon Corp.		15,262
	300	Nichiha Corp.*		1,833
	400	Nichii Gakkan Co.		3,973
	5,000	Nichirei Corp.		18,780
	1,000	Nidec Sankyo Corp.		7,689
	1,200	Nifco, Inc.		24,909
	300	Nihon Kohden Corp.		5,077
	1,400	Nihon Unisys Ltd.		12,079
	1,000	Nippo Corp.		7,722
	4,000	Nippon Chemi-Con Corp.*		15,157
	5,000	Nippon Coke & Engineering Co. Ltd.		6,186
	1,000	Nippon Densetsu Kogyo Co. Ltd.		8,418
	2,000	Nippon Flour Mills Co. Ltd.		10,186
	2,000	Nippon Kayaku Co. Ltd.		18,140
	1,000	Nippon Konpo Unyu Soko Co. Ltd.		10,904
	38,000	Nippon Light Metal Co. Ltd.*		34,004
	4,000	Nippon Metal Industry Co. Ltd.		7,291
	3,000	Nippon Paint Co. Ltd.		18,228
	1,000	Nippon Road Co. Ltd. (The)		2,154
	1,000	Nippon Seiki Co. Ltd.		10,661
	2,000	Nippon Shokubai Co. Ltd.		16,880
	2,000	Nippon Soda Co. Ltd.		8,175
	9,600	Nippon Suisan Kaisha Ltd.		27,786
	5,500	Nippon Yakin Kogyo Co. Ltd.		27,403
	400	Nipro Corp.		8,665
	21,000	NIS Group Co. Ltd.*		8,816
	24,000	Nishimatsu Construction Co. Ltd.		37,119
	12,000	Nishi-Nippon City Bank Ltd. (The)		30,225
	4,000	Nishi-Nippon Railroad Co. Ltd.		15,201
	1,000	Nishio Rent All Co. Ltd.		7,490
	2,000	Nissan Chemical Industries Ltd.		26,270
	1,000	Nissan Shatai Co. Ltd.		8,529
	2,000	Nissay Dowa General Insurance Co. Ltd.		9,015
	1,600	Nissen Holdings Co. Ltd.		5,250
	300	Nissha Printing Co. Ltd.		14,450
	2,000	Nisshin Oillio Group Ltd. (The)		10,561
	2,000	Nisshinbo Holdings, Inc.		20,040
	1,000	Nissin Corp.		2,298
	900	Nissin Foods Holdings Co. Ltd.		31,916
	1,300	Nissin Kogyo Co. Ltd.		19,704
	100	Nitori Co. Ltd.		8,109

See Notes to Financial Statements.

83

Schedule of Investments (Continued)

PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	1,000	Nittetsu Mining Co. Ltd.	$	5,457
	3,000	Nitto Boseki Co. Ltd.		5,502
	2,000	NOF Corp.		9,169
	1,500	Nomura Research Institute Ltd.		32,926
	1,000	Noritake Co. Ltd.		2,939
	300	Noritsu Koki Co. Ltd.		2,542
	1,000	Noritz Corp.		12,771
	200	NS Solutions Corp.		3,690
	13	NTT Urban Development Corp.		10,699
	30	OBIC Co. Ltd.		5,104
	3,000	Ogaki Kyoritsu Bank Ltd. (The)		10,373
	1,000	Oita Bank Ltd. (The)		4,099
	1,000	Okamura Corp.		4,949
	2,000	Okasan Securities Group, Inc.		9,633
	200	Okinawa Electric Power Co., Inc. (The)		10,804
	3,000	OKUMA Corp.		14,914
	3,000	Okumura Corp.		10,572
	3,000	Onward Holdings Co. Ltd.		18,858
	100	Oracle Corp. Japan		4,430
	19,500	Orient Corp.*		19,173
	200	Osaka Steel Co. Ltd.		3,723
	1,600	OSG Corp.		15,926
	200	Otsuka Corp.		10,672
	4	Pacific Golf Group International Holdings KK		2,784
	3,000	Pacific Metals Co. Ltd.		23,199
	1,000	PanaHome Corp.		6,319
	1,200	Parco Co. Ltd.		10,592
	400	PARIS MIKI HOLDINGS, Inc.		3,297
	1,100	Park24 Co. Ltd.		12,346
	4	Pasona Group, Inc.		3,120
	13,500	Penta-Ocean Construction Co. Ltd.*		15,510
	200	Plenus Co. Ltd.		2,729
	9,000	Press Kogyo Co. Ltd.		20,283
	11,000	Prima Meat Packers Ltd.		12,760
	1,800	Q.P. Corp.		20,720
	3,000	Rengo Co. Ltd.		16,902
	1,000	Resorttrust, Inc.		11,500
	2,000	Riken Corp.		7,357
	300	Rinnai Corp.		13,323
	400	Roland Corp.		4,317
	1,100	Round One Corp.		8,142
	300	Royal Holdings Co. Ltd.		3,321
	8,000	Ryobi Ltd.*		20,946
	1,000	Ryoden Trading Co. Ltd.		5,767
	300	Ryohin Keikaku Co. Ltd.		13,555
	1,000	Ryosan Co. Ltd.		24,028
	1,200	Ryoyo Electro Corp.		9,890
	2,000	Saibu Gas Co. Ltd.		5,722
	2,000	Sakai Chemical Industry Co. Ltd.		8,042
	100	San-A Co. Ltd.		3,635
	2,000	San-Ai Oil Co. Ltd.		10,340

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	10,000	Sanden Corp.*	$	29,386
	300	Sangetsu Co. Ltd.		6,492
	2,000	San-in Godo Bank Ltd. (The)		17,565
	4,000	Sanken Electric Co. Ltd.		14,892
	2,000	Sanki Engineering Co. Ltd.		14,759
	23,000	Sankyo-Tateyama Holdings, Inc.*		22,868
	5,000	Sankyu, Inc.		22,205
	1,300	Sanshin Electronics Co. Ltd.		10,340
	400	Santen Pharmaceutical Co. Ltd.		13,787
	8,000	Sanwa Holdings Corp.		22,183
	1,000	Sanyo Chemical Industries Ltd.		5,634
	1,000	Sanyo Shokai Ltd.		3,248
	4,000	Sanyo Special Steel Co. Ltd.		15,113
	5,000	Sapporo Holdings Ltd.		26,569
	344	SBI Holdings, Inc.		64,985
	4,000	Seiko Holdings Corp.		8,396
	4,000	Seino Holdings Co. Ltd.		29,960
	1,000	Senko Co. Ltd.		3,767
	121,210	SFCG Co. Ltd.*		—
	2,000	Shiga Bank Ltd. (The)		12,528
	1,000	Shikoku Bank Ltd. (The)		3,403
	300	Shima Seiki Manufacturing Ltd.		6,198
	1,000	Shimachu Co. Ltd.		23,807
	2,000	Shimadzu Corp.		14,074
	200	Shimamura Co. Ltd.		19,222
	400	Shimano, Inc.		15,599
	1,200	Shin-Etsu Polymer Co. Ltd.		7,835
	1,200	Shinko Electric Industries Co. Ltd.		18,440
	1,100	Shinko Shoji Co. Ltd.		8,628
	3,000	Shinmaywa Industries Ltd.		10,937
	1,000	Shinwa Kaiun Kaisha Ltd.*		2,795
	1,200	Shionogi & Co. Ltd.		26,142
	500	Shizuoka Gas Co. Ltd.		3,850
	1,000	Shochiku Co. Ltd.		8,794
	4,500	Showa Corp.		26,646
	1,000	Showa Sangyo Co. Ltd.		3,358
	1,000	Sinanen Co. Ltd.		5,336
	1,200	Sintokogio Ltd.		8,643
	12	SKY Perfect JSAT Holdings, Inc.		5,535
	1,300	Sohgo Security Services Co. Ltd.		15,180
	3,000	Sotetsu Holdings, Inc.		12,892
	300	Square Enix Holdings Co. Ltd.		7,540
	2,300	Stanley Electric Co. Ltd.		46,142
	1,000	Star Micronics Co. Ltd.		8,330
	1,000	Starzen Co. Ltd.		2,607
	200	Sugi Holdings Co. Ltd.		4,366
	300	Sumisho Computer Systems Corp.		4,782
	3,000	Sumitomo Bakelite Co. Ltd.		14,317
	15,000	Sumitomo Light Metal Industries Ltd.*		13,588
	18,000	Sumitomo Mitsui Construction Co. Ltd.*		15,709
	10,000	Sumitomo Osaka Cement Co. Ltd.		17,786

See Notes to Financial Statements.

84

Schedule of Investments (Continued)

PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	130	Sumitomo Real Estate Sales Co. Ltd.	$	4,639
	2,000	Sumitomo Warehouse Co. Ltd. (The)		8,904
	100	Sundrug Co. Ltd.		2,524
	2,000	Suruga Bank Ltd.		18,383
	11,000	SWCC Showa Holdings Co. Ltd.*		10,572
	100	Sysmex Corp.		4,529
	1,500	Tachi-S Co. Ltd.		12,097
	2,000	Tadano Ltd.		9,633
	1,000	Taihei Kogyo Co. Ltd.		3,281
	800	Taikisha Ltd.		10,199
	3,000	Taiyo Nippon Sanso Corp.		33,970
	3,000	Taiyo Yuden Co. Ltd.		34,600
	100	Takamatsu Construction Group Co. Ltd.		1,414
	2,000	Takara Holdings, Inc.		12,395
	1,000	Takara Standard Co. Ltd.		5,800
	1,000	Takasago International Corp.		5,247
	1,000	Takasago Thermal Engineering Co. Ltd.		8,020
	200	Tecmo Koei Holdings Co. Ltd.*		1,679
	10,000	Tekken Corp.*		8,838
	3	T-Gaia Corp.		5,793
	1,800	THK Co. Ltd.		31,816
	4,000	Toa Corp.		4,242
	4,000	Toagosei Co. Ltd.		14,185
	1,000	Tochigi Bank Ltd. (The)		4,618
	9,000	Toda Corp.		30,225
	2,000	Toei Co. Ltd.		11,335
	1,000	Toenec Corp.		6,054
	2,000	Toho Bank Ltd. (The)		6,717
	1,300	Toho Co. Ltd.		19,718
	1,900	Toho Holdings Co. Ltd.		28,042
	3,000	Toho Zinc Co. Ltd.		15,345
	2,000	Tokai Carbon Co. Ltd.		9,943
	1,000	Tokai Corp.		5,479
	1,400	Tokai Rika Co. Ltd.		29,695
	1,200	Tokai Rubber Industries, Inc.		14,370
	5,000	Tokai Tokyo Financial Holdings, Inc.		16,626
	150	Token Corp.		4,772
	2,000	Tokushu Tokai Holdings Co. Ltd.		5,060
	4,000	Tokuyama Corp.		25,630
	2,000	Tokyo Dome Corp.		6,341
	900	Tokyo Ohka Kogyo Co. Ltd.		17,559
	1,100	Tokyo Seimitsu Co. Ltd.*		14,072
	1,900	Tokyo Steel Manufacturing Co. Ltd.		25,230
	1,000	Tokyo Style Co. Ltd.		8,517
	9,000	Tokyo Tatemono Co. Ltd.		44,244
	400	Tokyo Tomin Bank Ltd. (The)		5,913
	2,900	Tokyu Construction Co. Ltd.*		8,009
	1,000	Tomoku Co. Ltd.		2,287
	1,400	Tomy Co. Ltd.		12,435
	1,000	Tonami Holdings Co. Ltd.		2,729
	1,300	Topcon Corp.		7,253

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	300	Toppan Forms Co. Ltd.	$	3,738
	300	Topre Corp.		2,718
	10,000	Topy Industries Ltd.		19,775
	1,000	Toshiba Machine Co. Ltd.		3,270
	4,000	Toshiba TEC Corp.*		16,483
	23,000	Toyo Construction Co. Ltd.		11,688
	1,000	Toyo Engineering Corp.		3,414
	5,000	Toyo Ink Manufacturing Co. Ltd.		17,620
	1,000	Toyo Kohan Co. Ltd.		4,916
	1,000	Toyo Suisan Kaisha Ltd.		26,237
	13,000	Toyo Tire & Rubber Co. Ltd.*		24,989
	16,000	Toyobo Co. Ltd.		25,099
	1,200	transcosmos, Inc.*		10,685
	500	Trend Micro, Inc.		17,676
	300	Trusco Nakayama Corp.		4,716
	1,500	TS Tech Co. Ltd.		29,380
	4,000	Tsubakimoto Chain Co.		17,631
	200	Tsumura & Co.		6,893
	100	Tsuruha Holdings, Inc.		3,933
	3	TV Asahi Corp.		4,597
	1,000	Uchida Yoko Co. Ltd.		3,016
	300	UKC Holdings Corp.*		4,308
	900	Ulvac, Inc.		21,675
	200	Unicharm Corp.		19,156
	4,000	Uniden Corp.*		9,501
	1,000	Unipres Corp.		14,008
	15,000	Unitika Ltd.*		11,931
	1,000	Ushio, Inc.		15,941
	280	USS Co. Ltd.		17,137
	1,300	Valor Co. Ltd.		11,259
	1,100	VITAL KSK HOLDINGS, Inc.*		6,611
	1,000	Wacoal Holdings Corp.		12,174
	200	Xebio Co. Ltd.		4,551
	200	Yachiyo Bank Ltd. (The)		5,954
	1,600	Yakult Honsha Co. Ltd.		42,068
	1,000	Yamagata Bank Ltd. (The)		4,828
	2,000	Yamaguchi Financial Group, Inc.		19,333
	2,000	Yamanashi Chuo Bank Ltd. (The)		9,258
	800	Yamatake Corp.		17,092
	500	Yamato Kogyo Co. Ltd.		15,356
	2,600	Yamazen Corp.		8,531
	100	Yaoko Co. Ltd.		3,502
	3,000	Yaskawa Electric Corp.		24,160
	3,000	Yodogawa Steel Works Ltd.		12,561
	6,900	Yokogawa Electric Corp.		57,170
	1,000	Yokohama Reito Co. Ltd.		6,706
	8,000	Yokohama Rubber Co. Ltd. (The)		35,705
	500	Yonekyu Corp.		5,082
	3	Yoshinoya Holdings Co. Ltd.		3,516
	14,000	Yuasa Trading Co. Ltd.		13,301
	1,000	Yurtec Corp.		6,330

See Notes to Financial Statements.

85

Schedule of Investments (Continued)

PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	200	Yusen Air & Sea Service Co. Ltd.	$	2,711
	1,200	Zensho Co. Ltd.		8,392
	5,000	Zeon Corp.		23,199
				6,982,076
		Liechtenstein—0.1%
	238	Liechtensteinische Landesbank AG		15,568
	138	Verwaltungs- und Privat-Bank AG		14,821
				30,389
		Luxembourg—0.2%
	14,468	Colt Telecom Group SA*		29,572
	3,905	GAGFAH SA		37,278
				66,850
		Netherlands—3.6%
	3,208	Aalberts Industries NV		40,460
	1,185	AMG Advanced Metallurgical Group NV*		16,071
	668	Arcadis NV		13,444
	1,896	ASM International NV*		38,675
	2,592	CSM		68,858
	2,052	Draka Holding NV*		38,527
	850	Eurocommercial Properties NV CVA REIT		36,997
	448	Exact Holding NV		12,407
	964	Fugro NV CVA		54,056
	854	Gemalto NV*		36,144
	3,163	Heijmans NV CVA*		56,679
	1,669	Imtech NV		42,700
	2,824	Kardan NV*		21,004
	932	Koninklijke Boskalis Westminster NV		32,920
	278	Koninklijke Vopak NV*		18,868
	4,788	Koninklijke Wessanen NV*		26,407
	669	Macintosh Retail Group NV		13,814
	2,434	Mediq NV		38,714
	945	Nieuwe Steen Investments Funds NV REIT		18,126
	865	Nutreco Holding NV		43,904
	11,466	OCE NV*		72,948
	1,041	QIAGEN NV*		21,657
	2,048	SBM Offshore NV		39,494
	330	Sligro Food Group NV		10,205
	190	Smit Internationale NV		15,006
	5,717	Super De Boer*		40,151
	396	Telegraaf Media Groep NV		7,458
	624	Ten Cate NV		14,713
	3,548	TomTom NV*		34,100
	2,309	USG People NV*		40,456
	957	Vastned Offices/Industrial NV REIT		16,690
	515	Vastned Retail NV REIT		34,498
	29,295	Wavin NV		60,858
	513	Wereldhave NV REIT		50,319
				1,127,328

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
		New Zealand—0.7%
	14,523	Air New Zealand Ltd.	$	13,648
	19,341	AMP NZ Office Trust REIT		11,744
	18,649	Auckland International Airport Ltd.		27,232
	6,077	Contact Energy Ltd.*		27,501
	87,050	Fisher & Paykel Appliances Holdings Ltd.		41,533
	13,942	Goodman Property Trust REIT		10,482
	20,354	Kiwi Income Property Trust REIT		16,038
	13,154	Sky City Entertainment Group Ltd.		32,996
	3,579	Sky Network Television Ltd.		12,419
	4,100	Vector Ltd.		5,750
	4,223	Warehouse Group Ltd. (The)		13,860
				213,203
		Norway—1.9%
	18,000	ABG Sundal Collier Holding ASA		23,693
	3,400	Atea ASA		22,496
	1,900	Austevoll Seafood ASA*		11,337
	2,154	Cermaq ASA*		18,902
	24,000	DNO International ASA*		18,954
	600	DOF ASA*		3,454
	2,000	EDB Business Partner ASA*		8,670
	243	Fred Olsen Energy ASA		9,468
	645	Golar LNG Ltd.		8,150
	200	Leroy Seafood Group ASA		3,686
	65,000	Marine Harvest*		47,570
	32,000	Norwegian Property ASA*		61,216
	8,619	Petroleum Geo-Services ASA*		82,138
	7,407	Prosafe SE		38,999
	2,350	Renewable Energy Corp. A/S*		14,179
	3,835	Schibsted ASA*		63,570
	3,451	Sparebanken 1 SMN		30,586
	3,903	Sparebanken Rogaland		30,893
	1,329	Stolt-Nielsen SA		18,426
	2,300	Subsea 7, Inc.*		32,676
	400	Tandberg ASA		10,790
	1,540	TGS Nopec Geophysical Co. ASA*		23,608
	2,806	Veidekke ASA		21,668
				605,129
		Portugal—0.5%
	3,868	Banif SGPS SA		7,476
	2,700	Mota Engil SGPS SA		16,082
	4,463	Portucel Empresa Produtora de Pasta e Papel SA		12,643
	1,848	SAG GEST-Solucoes Automovel Globais SGPS SA		3,817
	1,217	Semapa-Sociedade de Investimento e Gestao SGPS SA		13,505
	7,150	Sonae Industria SGPS SA*		25,868
	4,556	Sonaecom SGPS SA*		13,075

See Notes to Financial Statements.

86

Schedule of Investments (Continued)

PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	16,804	Teixeira Duarte-Engenharia e Construcoes SA*	$	26,504
	4,014	ZON Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA		25,579
				144,549
		Singapore—2.5%
	27,000	Allgreen Properties Ltd.		22,202
	24,000	Ascendas REIT		31,919
	69,000	CapitaCommercial Trust REIT		52,790
	44,000	CapitaMall Trust REIT		50,338
	23,000	CDL Hospitality Trusts REIT		26,149
	1,000	Cerebos Pacific Ltd.		2,402
	16,300	Chartered Semiconductor Manufacturing Ltd.*		30,652
	31,000	ComfortDelGro Corp. Ltd.		34,135
	11,000	Cosco Corp. Singapore Ltd.		8,888
	27,000	First Ship Lease Trust		11,583
	42,000	Fortune REIT		15,174
	152,240	Golden Agri-Resources Ltd.*		46,808
	2,000	Guocoland Ltd.		2,717
	3,000	Haw Par Corp. Ltd.		12,012
	11,000	Hong Leong Asia Ltd.		16,360
	4,000	Hotel Properties Ltd.		5,978
	10,000	Indofood Agri Resources Ltd.*		12,227
	18,000	Keppel Land Ltd.		36,552
	3,000	Kim Eng Holdings Ltd.		4,290
	3,000	K-REIT Asia		2,231
	37,000	Mapletree Logistics Trust REIT		19,842
	4,000	MobileOne Ltd.		4,977
	17,300	Olam International Ltd.		34,017
	10,000	Parkway Holdings Ltd.		18,162
	11,000	SembCorp Marine Ltd.		27,450
	2,000	SIA Engineering Co.		4,004
	17,000	Singapore Airport Terminal Services Ltd.		30,024
	9,000	Singapore Exchange Ltd.		51,997
	3,000	Singapore Land Ltd.		11,862
	17,000	Singapore Post Ltd.		11,487
	3,000	SMRT Corp. Ltd.		3,604
	8,000	StarHub Ltd.		10,811
	25,000	STATS ChipPAC Ltd.*		15,641
	17,000	UOL Group Ltd.		41,207
	9,000	Venture Corp. Ltd.		58,239
	16,000	Wing Tai Holdings Ltd.		18,991
				787,722
		Spain—2.0%
	929	Abengoa SA		24,631
	576	Almirall SA		7,649
	2,774	Antena 3 de Television SA		23,739
	735	Banco de Valencia SA		6,257
	3,243	Banco Pastor SA		24,307
	3,147	Bankinter SA		33,339

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	1,130	Bolsas y Mercados Espanoles	$	37,897
	545	Campofrio Food Group SA		5,532
	478	Cementos Portland Valderrivas SA		22,216
	2,466	Cintra Concesiones de Infraestructuras de Transporte SA		25,524
	408	Codere SA*		3,949
	30	Construcciones y Auxiliar de Ferrocarriles SA		14,851
	486	Corp. Financiera Alba		25,456
	2,322	Ebro Puleva SA		44,435
	3,401	Ercros SA*		7,020
	1,379	Fluidra SA		6,633
	671	Grifols SA		10,895
	1,250	Grupo Catalana Occidente SA		30,413
	4,841	Grupo Empresarial Ence SA*		19,571
	1,365	Indra Sistemas SA		32,244
	16,489	La Seda de Barcelona SA, Class B*		4,136
	11,331	NH Hoteles SA*		59,601
	1,977	Obrascon Huarte Lain SA		52,885
	148	Pescanova SA		5,164
	8,281	Promotora de Informaciones SA*		39,831
	346	Prosegur Cia de Seguridad SA		14,626
	4,207	Realia Business SA*		11,359
	2,801	Sol Melia SA		24,941
	932	SOS Corporacion Alimentaria SA*		2,826
	248	Tecnicas Reunidas SA		13,173
	2,834	Tubos Reunidos SA		8,718
				643,818
		Sweden—3.8%
	680	AarhusKarlshamn AB		13,884
	3,549	Alfa Laval AB		44,508
	693	Axfood AB		20,978
	11,250	Billerud AB*		63,484
	597	Cardo AB		16,252
	1,348	Castellum AB		12,853
	26,139	Eniro AB*		123,043
	6,206	Fabege AB		36,868
	2,603	Getinge AB, Class B		49,381
	1,130	Hakon Invest AB		19,146
	2,347	Haldex AB*		20,798
	3,806	Hexagon AB, Class B		50,995
	1,396	Hufvudstaden AB, Class A		11,183
	695	Intrum Justitia AB		8,770
	2,818	JM AB*		43,051
	3,343	Klovern AB		10,712
	5,178	Kungsleden AB		36,892
	3,203	Lindab International AB		34,741
	3,675	Lundin Petroleum AB*		31,993
	1,955	Meda AB, Class A		18,017
	1,896	Modern Times Group AB, Class B		84,411
	14,282	Niscayah Group AB		34,020

See Notes to Financial Statements.

87

Schedule of Investments (Continued)

PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	4,600	Nobia AB*	$	29,023
	738	Oresund Investment AB		12,975
	5,889	Peab AB		37,824
	2,290	Ratos AB, Class B		54,223
	1,964	Saab AB, Class B		26,245
	1,839	Swedish Match AB		38,459
	33,066	Trelleborg AB, Class B*		206,283
	1,028	Wallenstam AB, Class B		17,017
				1,208,029
		Switzerland—3.3%
	190	Actelion Ltd.*		10,509
	1,033	AFG Arbonia-Forster Holding AG*		22,137
	56	Allreal Holding AG		6,780
	905	Aryzta AG*		35,696
	4	Athris Holding AG*		4,128
	575	Bank Sarasin & Cie AG, Class B*		22,989
	41	Banque Cantonale Vaudoise		15,471
	27	Barry Callebaut AG		15,131
	219	Basler Kantonalbank		25,273
	1	Bell Holding AG		1,543
	311	Bobst Group AG*		11,538
	238	Bucher Industries AG		25,119
	368	Charles Voegele Holding AG		14,551
	39	Compagnie Financiere Tradition SA		4,855
	163	Daetwyler Holding AG		8,045
	366	Dufry Group*		23,227
	933	EFG International AG		15,622
	54	Emmi AG		6,379
	254	Ems-Chemie Holding AG		28,295
	39	Flughafen Zuerich AG		11,385
	109	Forbo Holding AG		30,862
	37	Galenica AG		12,788
	291	Geberit AG		48,356
	214	Georg Fischer AG		56,412
	719	Implenia AG*		20,006
	54	Kaba Holding AG, Class B		12,532
	770	Kudelski SA		15,787
	57	Kuoni Reisen Holding AG, Class B		19,380
	4	Lindt & Spruengli AG		8,451
	2,315	Logitech International SA*		39,802
	320	Lonza Group AG		24,978
	3	Metall Zug AG, Class B		7,088
	1,124	Nobel Biocare Holding AG		32,044
	814	OC Oerlikon Corp. AG*		51,935
	88	Partners Group Holding AG		10,834
	470	PSP Swiss Property AG		26,431
	222	PubliGroupe SA*		21,349
	242	Rieter Holding AG*		54,366
	1	Romande Energie Holding SA		1,993
	1,460	Schmolz + Bickenbach AG		39,912

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	23	Sika AG	$	31,303
	341	Sonova Holding AG		35,224
	25	St. Galler Kantonalbank		11,417
	31	Straumann Holding AG		7,506
	558	Sulzer AG		43,692
	228	Swiss Prime Site AG		12,577
	112	Valora Holding AG		26,790
	719	Vontobel Holding AG		23,095
				1,035,583
		Taiwan—0.0%
	11,000	Uni-President China Holdings Ltd.		6,841
		United Kingdom—14.5%
	11,370	Aberdeen Asset Management PLC		24,777
	1,492	Admiral Group PLC		25,257
	2,954	Aggreko PLC		37,006
	9,345	ARM Holdings PLC		22,952
	5,421	Ashmore Group PLC		24,412
	39,690	Ashtead Group PLC		52,567
	2,106	Atkins WS PLC		19,614
	17,821	Atrium European Real Estate Ltd.*		117,008
	713	Autonomy Corp. PLC*		15,784
	2,503	Babcock International Group		25,023
	25,719	BBA Aviation PLC		65,371
	8,945	Beazley PLC		15,791
	3,885	Bellway PLC		46,812
	1,840	Berkeley Group Holdings PLC*		25,871
	3,614	Big Yellow Group PLC REIT*		23,281
	10,487	Bodycote PLC		28,228
	4,082	Bovis Homes Group PLC*		27,715
	9,452	Brit Insurance Holdings PLC		32,454
	6,341	Britvic PLC		36,478
	3,079	BSS Group PLC		13,505
	6,531	Burberry Group PLC		58,025
	533	Cairn Energy PLC*		23,212
	2,181	Capita Group PLC (The)		27,430
	9,128	Carillion PLC		44,296
	1,496	Carpetright PLC		21,700
	226,528	Cattles PLC*		—
	3,302	Charter International PLC		37,828
	16,628	Chaucer Holdings PLC		12,657
	3,999	Close Brothers Group PLC		46,340
	1,221	CLS Holdings PLC*		9,158
	11,275	Cobham PLC		40,813
	10,047	Collins Stewart PLC		13,249
	9,167	Computacenter PLC		42,838
	14,774	Cookson Group PLC*		88,912
	1,729	Croda International PLC		21,361
	4,233	CSR PLC*		31,175
	154	Daejan Holdings PLC		6,803

See Notes to Financial Statements.

88

Schedule of Investments (Continued)

PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	6,758	Dairy Crest Group PLC	$	44,558
	991	Dana Petroleum PLC*		20,925
	5,324	Davis Service Group PLC		36,727
	890	De La Rue PLC		13,423
	79,228	Debenhams PLC		101,734
	2,678	Derwent London PLC REIT		54,958
	28,833	Dimension Data Holdings PLC		33,768
	22,604	DS Smith PLC		43,556
	16,293	Electrocomponents PLC		39,372
	17,332	Elementis PLC		18,141
	1,012	Euromoney Institutional Investor PLC		6,339
	17,531	F&C Asset Management PLC		21,413
	8,266	Fenner PLC		21,800
	4,747	Ferrexpo PLC		11,620
	6,660	Filtrona PLC		18,377
	950	Forth Ports PLC		17,319
	64,262	Galiform PLC*		79,445
	3,555	Galliford Try PLC		19,968
	5,613	Game Group PLC		13,712
	7,915	Gem Diamonds Ltd.*		30,112
	1,690	Go-Ahead Group PLC		39,669
	5,518	Grainger PLC		26,104
	9,198	Great Portland Estates PLC REIT		37,449
	7,107	Greene King PLC		46,250
	1,925	Greggs PLC		13,679
	4,573	Halfords Group PLC		29,503
	5,681	Halma PLC		21,341
	30,302	Hays PLC		48,899
	3,427	Headlam Group PLC		17,512
	6,508	Hiscox Ltd.		34,328
	13,389	HMV Group PLC		24,497
	897	Hochschild Mining PLC		4,065
	863	Homeserve PLC		22,974
	3,134	Hunting PLC		27,121
	3,006	IG Group Holdings PLC		14,954
	8,437	IMI PLC		59,981
	13,023	Informa PLC		62,940
	3,664	Inmarsat PLC		33,822
	28,548	Intermediate Capital Group PLC		119,902
	8,903	International Personal Finance		30,128
	7,327	Interserve PLC		28,141
	1,228	Intertek Group PLC		25,403
	42,043	Invista Foundation Property Trust Ltd. REIT		30,839
	2,038	Jardine Lloyd Thompson Group PLC		15,245
	152,019	JJB Sports PLC*		75,174
	6,186	John Wood Group PLC		32,742
	220,403	Johnston Press PLC*		102,633
	46,162	Kcom Group PLC		30,817
	1,473	Keller Group PLC		17,360
	1,482	Kier Group PLC		23,525
	15,960	Laird PLC		38,383

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	14,880	Marshalls PLC	$	23,362
	30,233	Marston's PLC		43,157
	5,632	Mcbride PLC		20,674
	15,024	Meggitt PLC		60,674
	8,317	Melrose PLC		23,374
	3,864	Michael Page International PLC		20,515
	3,008	Millennium & Copthorne Hotels PLC		16,759
	10,383	Misys PLC*		35,445
	5,866	Mitie Group PLC		23,100
	10,210	Morgan Crucible Co.		26,423
	1,501	Morgan Sindall PLC		13,967
	1,537	Mothercare PLC		14,593
	3,458	N Brown Group PLC		14,883
	29,374	Northern Foods PLC		30,576
	7,440	Northumbrian Water Group PLC		28,280
	23,090	Paragon Group of Cos. PLC		55,226
	5,507	Pennon Group PLC		41,221
	1,588	Petrofac Ltd.		24,645
	2,916	Petropavlovsk PLC*		50,469
	8,959	Premier Farnell PLC		21,265
	1,599	Premier Oil PLC*		31,075
	2,953	Provident Financial PLC		45,342
	2,823	PZ Cussons PLC		11,624
	11,013	Qinetiq Group PLC		29,808
	15,723	Redrow PLC*		36,543
	12,992	Regus PLC		21,844
	5,005	Restaurant Group PLC		15,428
	984	Robert Wiseman Dairies PLC		7,247
	2,665	Savills PLC		14,057
	4,980	Serco Group PLC		41,495
	4,644	Shaftesbury PLC REIT		28,821
	24,497	Shanks Group PLC		34,727
	60,628	SIG PLC*		118,924
	14,896	Smiths News PLC		29,894
	6,782	Southern Cross Healthcare Ltd.*		13,722
	2,480	Spectris PLC		27,696
	50,613	Speedy Hire PLC		30,243
	1,022	Spirax-Sarco Engineering PLC		18,329
	13,187	Sports Direct International PLC		21,204
	1,438	SSL International PLC		15,040
	2,843	St. James's Place PLC		12,217
	3,716	St. Modwen Properties PLC*		13,745
	15,588	Stagecoach Group PLC		37,206
	7,401	Tullett Prebon PLC		44,284
	2,540	Tullow Oil PLC		49,697
	3,948	UK Coal PLC*		5,597
	521	Ultra Electronics Holdings		11,327
	2,142	VT Group PLC		19,207
	4,140	Weir Group PLC (The)		47,837
	2,735	Wetherspoon (J.D.) PLC*		20,778
	3,904	WH Smith PLC		32,433

See Notes to Financial Statements.

89

Schedule of Investments (Continued)

PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	10,302	Wincanton PLC	$	37,529
	206,912	Woolworths Group PLC*		—
	65,142	Workspace Group PLC REIT		22,012
	2,072	Xchanging PLC		7,623
	10,336	Yule Catto & Co. PLC*		28,793
				4,560,306
		United States—0.1%
	515	Perrigo Co.		18,779
		Total Common Stocks and Other Equity Interests (Cost $29,353,663)		31,290,732
		Preferred Stocks—0.5%
		Germany—0.5%
	725	Draegerwerk AG & Co. KGaA		26,154
	121	Dyckerhoff AG		7,498
	140	Fuchs Petrolub AG		11,526
	1,047	Hugo Boss AG		39,084
	2,135	Jungheinrich AG		39,754
	1,193	Sixt AG		25,840
				149,856
		Hong Kong—0.0%
	5,495	Fubon Bank Hong Kong Ltd.*		—
		Total Preferred Stocks(Cost $155,218)		149,856
		Rights—0.0%
		Australia—0.0%
	18,221	Australian Pharmaceutical Industries Ltd., expiring 11/17/2009*		1,564
	7,718	CSR Ltd., expiring 12/4/2009*		1,848
				3,412
		Bermuda—0.0%
	4,860	Dockwise Ltd., expiring 11/20/2009*		640
	8,665	First Pacific Co., expiring 11/19/2009*		1,375
				2,015
		United Kingdom—0.0%
	7,980	Laird PLC, expiring 11/13/2009*		5,327
		Total Rights (Cost $0)		10,754
		Total Investments(Cost $29,508,881)—99.9%		31,451,342
		Other assets less liabilities—0.1%		38,658
		Net Assets—100.0%	$	31,490,000

REIT Real Estate Investment Trust

*  Non-income producing security.

See Notes to Financial Statements.

90

Schedule of Investments

PowerShares FTSE RAFI Emerging Markets Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests—99.8%
		Argentina—0.2%
	11,000	Petrobras Energia SA ADR	$	188,430
	42,596	Petrobras Energia SA, Class B*		72,392
				260,822
		Brazil—12.4%
	132,349	Banco Bradesco SA ADR		2,607,275
	2,314	Brasil Telecom Participacoes SA ADR		116,464
	6,452	Brasil Telecom SA ADR		166,139
	36,689	Braskem SA ADR*		481,360
	31,459	Centrais Eletricas Brasileiras SA ADR		451,122
	6,423	Cia Brasileira de Distribuicao Grupo Pao de Acucar, Class A ADR		388,527
	8,441	Cia de Bebidas das Americas ADR		760,365
	17,699	Cia Paranaense de Energia ADR		311,502
	18,589	Cia Siderurgica Nacional SA ADR		616,411
	3,196	Companhia de Saneamento Basico do Estado de Sao Paulo ADR		123,110
	20,858	Companhia Energetica de Minas Gerais SA ADR		329,348
	502	CPFL Energia SA ADR		26,245
	16,978	Empresa Brasileira de Aeronautica SA ADR*		343,804
	121,503	Gerdau SA ADR		1,834,695
	187,315	Itau Unibanco Holding SA ADR		3,585,209
	29,162	Petroleo Brasileiro SA ADR		1,347,868
	84,349	Petroleo Brasileiro SA Sponsored ADR		3,384,082
	32,860	Tele Norte Leste Participacoes SA ADR		626,312
	4,095	Telecomunicacoes de Sao Paulo SA ADR		101,515
	9,298	Tim Participacoes SA ADR		219,340
	91,646	Vale SA ADR		2,336,057
	12,606	Vivo Participacoes SA ADR		305,695
	87,171	Votorantim Celulose e Papel SA ADR*		1,197,730
				21,660,175
		Chile—0.5%
	2,567	Banco de Chile ADR		119,366
	2,094	Banco Santander Chile ADR		110,228
	5,429	Empresa Nacional de Electricidad SA ADR		249,137
	21,761	Enersis SA ADR		384,734
				863,465
		China—20.9%
	490,000	Air China Ltd., H-Shares*		265,237
	794,000	Aluminum Corp. of China Ltd., H-Shares*		864,956
	246,000	Angang Steel Co. Ltd., H-Shares		453,456
	6,294,000	Bank of China Ltd., H-Shares		3,651,071
	326,000	Bank of Communications Co. Ltd., H-Shares		389,791
	789,000	China CITIC Bank, H-Shares		590,598
	287,000	China Coal Energy Co., H-Shares		399,275
	98,000	China Communications Construction Co. Ltd., H-Shares		105,358
	1,023,000	China Construction Bank Corp., H-Shares		881,955

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	554,500	China COSCO Holdings Co. Ltd., H-Shares	$	683,420
	367,000	China Life Insurance Co. Ltd., H-Shares		1,687,395
	306,700	China Merchants Bank Co. Ltd., H-Shares		784,638
	5,622,000	China Petroleum & Chemical Corp. (Sinopec), H-Shares		4,767,830
	257,000	China Railway Construction Corp. Ltd., H-Shares		340,658
	790,000	China Railway Group Ltd., H-Shares*		621,929
	536,000	China Shenhua Energy Co. Ltd., H-Shares		2,404,535
	1,195,000	China Shipping Container Lines Co. Ltd., H-Shares*		427,660
	132,000	China Shipping Development Co. Ltd., H-Shares		185,278
	908,000	China Southern Airlines Co. Ltd., H-Shares*		264,110
	898,000	China Telecom Corp. Ltd., H-Shares		396,893
	458,000	Datang International Power Generation Co. Ltd., H-Shares		216,903
	112,000	Dongfeng Motor Group Co. Ltd., H-Shares		133,159
	566,000	Huaneng Power International, Inc., H-Shares		361,290
	4,092,000	Industrial & Commercial Bank of China, H-Shares		3,255,635
	161,000	Jiangxi Copper Co. Ltd., H-Shares		364,783
	594,000	Maanshan Iron & Steel Co. Ltd., H-Shares*		357,578
	8,414,000	PetroChina Co. Ltd., H-Shares		10,124,342
	114,000	PICC Property & Casualty Co. Ltd., H-Shares*		83,967
	80,000	Ping An Insurance (Group) Co. of China Ltd., H-Shares		701,106
	488,000	Shanghai Electric Group Co. Ltd., H-Shares		229,795
	690,000	Sinopec Shanghai Petrochemical Co. Ltd., H-Shares*		276,538
	238,000	Yanzhou Coal Mining Co. Ltd., H-Shares		367,937
				36,639,076
		Hungary—1.0%
	35,191	Magyar Telekom Telecommunications PLC		152,342
	6,602	MOL Hungarian Oil and Gas Nyrt*		553,839
	36,100	OTP Bank PLC*		1,019,311
				1,725,492
		India—5.1%
	14,504	HDFC Bank Ltd. ADR		1,604,287
	73,073	ICICI Bank Ltd. ADR		2,298,146
	37,227	Infosys Technologies Ltd. ADR		1,712,442
	85,953	Sterlite Industries India Ltd. ADR		1,355,479
	27,037	Tata Communications Ltd. ADR		411,774
	96,811	Tata Motors Ltd. ADR		1,101,709
	27,432	Wipro Ltd. ADR		470,459
				8,954,296
		Indonesia—0.9%
	159,950	Astra International Tbk PT		514,607
	341,000	Bank Central Asia Tbk PT		160,578

See Notes to Financial Statements.

91

Schedule of Investments (Continued)

PowerShares FTSE RAFI Emerging Markets Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	259,000	Bank Mandiri Tbk PT	$	124,282
	557,500	Bank Negara Indonesia Persero Tbk PT		105,747
	257,000	Bank Rakyat Indonesia		187,018
	122,500	Indosat Tbk PT		65,069
	409,500	Telekomunikasi Indonesia Tbk PT		352,626
				1,509,927
		Mexico—5.4%
	60,900	Alfa SAB de CV, Class A		316,504
	583,200	America Movil SAB de CV, Series L		1,291,823
	88,900	Carso Global Telecom SAB de CV, Series A1*		347,075
	1,432,364	Cemex SAB de CV		1,492,749
	79,100	Coca-Cola Femsa SAB de CV, Series L		428,227
	156,900	Fomento Economico Mexicano SAB de CV		681,609
	15,700	Grupo Bimbo SAB de CV, Series A		91,774
	38,800	Grupo Carso SAB de CV, Series A1		115,025
	165,500	Grupo Financiero Banorte SAB de CV, Class O		530,892
	20,100	Grupo Financiero Inbursa SA, Class O		56,838
	688,287	Grupo Mexico SAB de CV, Series B		1,386,473
	122,200	Grupo Modelo SAB de CV, Series C*		556,687
	82,200	Grupo Televisa SA, Series CPO		319,292
	21,900	Organizacion Soriana SAB de CV, Class B*		48,626
	1,136,100	Telefonos de Mexico SAB de CV		949,096
	904,300	Telmex Internacional SAB de CV, Class L		610,410
	82,400	Wal-Mart de Mexico SAB de CV, Series V		288,501
				9,511,601
		Philippines—0.1%
	1,351	Philippine Long Distance Telephone Co. ADR		72,008
		Russia—7.1%
	171,474	Gazprom OAO ADR		4,112,299
	55,967	LUKOIL OAO ADR		3,201,872
	80,791	MMC Norilsk Nickel ADR*		1,035,741
	9,986	Mobile Telesystems OJSC ADR		452,366
	69,511	Rosneft Oil Co. GDR		528,550
	34,027	Severstal GDR		245,449
	29,189	Sistema JSFC GDR*		473,644
	126,227	Surgutneftegaz ADR		1,114,043
	31,621	Tatneft ADR		818,885
	2,572	Unified Energy System RAO GDR*		1,265
	123,919	VTB Bank OJSC GDR		493,234
				12,477,348
		South Africa—6.0%
	19,565	ABSA Group Ltd.		309,040
	3,951	Anglo Platinum Ltd.*		340,771
	5,370	AngloGold Ashanti Ltd.		200,130
	14,721	ArcelorMittal South Africa Ltd.		197,676
	45,039	Aveng Ltd.		238,344

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	58,923	Barloworld Ltd.	$	366,581
	31,980	Bidvest Group Ltd.		499,686
	302,857	FirstRand Ltd.		680,670
	20,121	Gold Fields Ltd.		256,870
	35,397	Impala Platinum Holdings Ltd.		777,166
	37,709	Imperial Holdings Ltd.		387,377
	25,515	Investec Ltd.		187,880
	114,671	Mondi Ltd.		645,628
	43,350	MTN Group Ltd.		644,047
	9,553	Naspers Ltd., Class N		344,100
	18,243	Nedbank Group Ltd.		273,636
	35,819	Remgro Ltd.		418,402
	50,608	RMB Holdings Ltd.		184,360
	199,666	Sanlam Ltd.		546,994
	72,694	Sappi Ltd.		268,039
	23,204	Sasol Ltd.		867,456
	85,681	Standard Bank Group Ltd.		1,067,060
	139,620	Steinhoff International Holdings Ltd.		336,668
	27,746	Telkom SA Ltd.		155,117
	44,374	Vodacom Group (Pty) Ltd.*		307,015
				10,500,713
		South Korea—27.8%
	34,607	Hyundai Motor Co.		3,139,010
	448,554	Korea Electric Power Corp. ADR*		6,225,930
	149,606	KT Corp. ADR		2,401,176
	46,030	LG Corp.		2,607,747
	293,085	LG Display Co. Ltd. ADR		3,487,712
	131,242	POSCO ADR		13,402,433
	3,953	Samsung Electronics Co. Ltd.		2,378,651
	147,506	Shinhan Financial Group Co. Ltd. ADR		11,158,829
	22,480	SK Energy Co. Ltd.		2,064,752
	111,603	SK Telecom Co. Ltd. ADR		1,864,886
				48,731,126
		Taiwan—9.7%
	444,436	Advanced Semiconductor Engineering, Inc. ADR		1,719,967
	218,230	AU Optronics Corp. ADR		1,926,971
	174,160	Chunghwa Telecom Co. Ltd. ADR		3,026,901
	159,861	Siliconware Precision Industries Co. ADR		1,075,865
	648,378	Taiwan Semiconductor Manufacturing Co. Ltd. ADR		6,185,526
	944,881	United Microelectronics Corp. ADR*		3,108,658
				17,043,888
		Thailand—1.1%
	35,900	Advanced Info. Service PCL		91,928
	44,600	Bangkok Bank PCL		149,588
	1,368,300	IRPC PCL		155,023
	53,300	Kasikornbank PCL		129,213
	309,300	Krung Thai Bank PCL		80,635

See Notes to Financial Statements.

92

Schedule of Investments (Continued)

PowerShares FTSE RAFI Emerging Markets Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	502,900	PTT Aromatics & Refining PCL	$	315,494
	47,300	PTT Chemical PCL		86,817
	35,100	PTT Exploration & Production PCL		149,864
	56,200	PTT PCL		397,803
	27,700	Siam Cement PCL		171,620
	44,600	Siam Commercial Bank PCL		101,723
	92,200	Thai Oil PCL		112,001
				1,941,709
		Turkey—1.6%
	174,840	Turkcell Iletisim Hizmetleri AS ADR		2,872,621
		Total Investments (Cost $141,627,754)—99.8%		174,764,267
		Other assets less liabilities—0.2%		349,203
		Net Assets—100.0%	$	175,113,470

ADR American Depositary Receipt

GDR Global Depositary Receipt

*  Non-income producing security.

See Notes to Financial Statements.

93

Schedule of Investments

PowerShares FTSE RAFI Europe Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests—99.1%
		Austria—1.0%
	838	Erste Group Bank AG	$	34,002
	3,003	Immoeast AG*		15,995
	3,628	Immofinanz Immobilien Anlagen AG*		12,526
	35	Oesterreichische Post AG		1,025
	271	OMV AG		11,240
	111	Raiffeisen International Bank Holding AG		6,571
	117	Strabag SE		3,623
	426	Telekom Austria AG		7,008
	34	Verbund - Oesterreichische Elektrizitaetswirtschafts AG, Class A		1,535
	49	Vienna Insurance Group		2,775
	455	Voestalpine AG		15,676
	520	Wienerberger AG*		9,452
				121,428
		Belgium—2.6%
	1,109	Agfa Gevaert NV*		6,725
	364	Anheuser-Busch InBev NV		17,189
	146	Belgacom SA		5,493
	7	Colruyt SA		1,672
	41	Compagnie Nationale a Portefeuille		2,151
	153	Delhaize Group		10,429
	5,387	Dexia SA*		45,146
	12	D'ieteren SA		4,371
	32,550	Fortis*		141,773
	650	Fortis Strip VVPR*		2
	105	Groupe Bruxelles Lambert SA		9,303
	147	KBC Ancora*		3,594
	1,247	KBC Groep NV*		53,945
	15	Mobistar SA		1,035
	22	Sofina SA		2,066
	76	Solvay SA, Class A		7,496
	134	UCB SA		5,747
	238	Umicore		7,287
				325,424
		Bermuda—0.0%
	50	Frontline Ltd.		1,161
	100	Seadrill Ltd.*		2,099
				3,260
		Denmark—1.0%
	1	A P Moller - Maersk A/S, Class A		6,721
	2	A P Moller - Maersk A/S, Class B		13,798
	133	Carlsberg A/S, Class B		9,413
	75	Danisco A/S		4,706
	3,250	Danske Bank A/S*		75,546
	194	Novo Nordisk A/S, Class B		12,115
	28	Trygvesta A/S		2,032
	62	Vestas Wind Systems A/S*		4,407
				128,738

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
		Finland—1.7%
	259	Elisa Oyj	$	5,040
	438	Fortum Oyj		10,424
	239	Kesko Oyj, Class B		7,998
	117	Kone Oyj, Class B		4,393
	467	Metso Oyj		13,126
	6,464	M-real Oyj, Class B*		9,442
	293	Neste Oil Oyj		5,214
	4,593	Nokia Oyj		58,483
	307	Outokumpu Oyj		5,114
	453	Pohjola Bank PLC		5,066
	204	Rautaruukki Oyj		4,190
	900	Sampo Oyj, Class A		21,671
	91	Sanoma Oyj		1,689
	3,091	Stora Enso Oyj, Class R*		23,533
	1,627	UPM-Kymmene Oyj		19,637
	134	Wartsila Oyj		4,882
	377	YIT Oyj		7,326
				207,228
		France—14.8%
	176	Accor SA		8,485
	26	Aeroports de Paris		1,984
	788	Air France-KLM*		12,161
	188	Air Liquide SA		20,360
	9,575	Alcatel-Lucent*		36,307
	161	Alstom SA		11,242
	266	Arkema SA		10,226
	127	Atos Origin SA*		5,985
	7,982	AXA SA		200,386
	2,411	BNP Paribas		183,024
	463	Bouygues SA		21,963
	194	Cap Gemini		9,048
	1,140	Carrefour SA		49,233
	75	Casino Guichard Perrachon SA		5,995
	112	Christian Dior SA		11,234
	20	Ciments Francais SA		2,193
	98	CNP Assurances		9,510
	1,211	Compagnie de Saint-Gobain		59,508
	264	Compagnie Generale de Geophysique-Veritas*		5,260
	280	Compagnie Generale des Etablissements Michelin, Class B		20,883
	2,171	Credit Agricole SA		41,978
	399	DANONE SA		24,110
	125	Eiffage SA		6,850
	236	Electricite de France		13,232
	9	Eramet		2,828
	103	Essilor International SA		5,798
	12	Esso SA Francaise		1,648
	40	Euler Hermes SA		3,192

See Notes to Financial Statements.

94

Schedule of Investments (Continued)

PowerShares FTSE RAFI Europe Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	98	Eurazeo	$	6,202
	57	Eutelsat Communications*		1,821
	480	Faurecia*		9,356
	54	Fonciere des Regions REIT		5,980
	2,622	France Telecom SA		65,225
	665	GDF Suez		27,968
	43	Gecina SA REIT		4,603
	22	Hermes International		3,077
	54	Imerys SA		2,980
	71	JC Decaux SA*		1,442
	68	Klepierre REIT		2,832
	495	Lafarge SA		40,498
	257	Lagardere SCA		11,681
	119	Legrand SA		3,248
	167	L'Oreal SA		17,167
	251	LVMH Moet Hennessy Louis Vuitton SA		26,164
	127	M6-Metropole Television		3,076
	3,223	Natixis*		18,261
	84	Nexans SA		5,975
	70	Nexity		2,621
	140	PagesJaunes Groupe		1,724
	188	Pernod-Ricard SA		15,753
	204	PPR		22,382
	1,434	PSA Peugeot Citroen*		47,087
	133	Publicis Groupe		5,082
	210	Rallye SA		7,170
	1,739	Renault SA*		78,514
	323	Rexel SA*		4,337
	690	Rhodia SA*		10,252
	19	SA des Ciments Vicat		1,584
	299	Safran SA		4,853
	845	Sanofi-Aventis SA		62,020
	264	Schneider Electric SA		27,660
	197	SCOR SE		5,036
	209	Sequana*		2,505
	8	Societe des Autoroutes Paris-Rhin-Rhone		604
	27	Societe Fonciere Financiere et de Participations		1,615
	1,707	Societe Generale		114,294
	323	Societe Television Francaise 1		5,102
	120	Sodexo		6,889
	1,543	STMicroelectronics NV		12,496
	560	Suez Environnement SA		12,505
	134	Technip SA		8,468
	82	Thales SA		3,995
	3,920	Thomson SA*		5,489
	2,764	Total SA		165,715
	90	Unibail-Rodamco SE REIT		20,045
	473	Valeo SA*		12,932
	75	Vallourec SA		11,918
	916	Veolia Environnement		30,105
	579	Vinci SA		30,438

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	1,524	Vivendi	$	42,532
	71	Wendel		3,970
				1,829,871
		Germany—12.7%
	203	Adidas AG		9,435
	1,188	Allianz SE		136,791
	8	Axel Springer AG		837
	1,627	BASF SE		87,620
	595	Bayer AG		41,463
	900	Bayerische Motoren Werke (BMW) AG		44,213
	69	BayWa AG		2,246
	34	Beiersdorf AG		2,102
	69	Bilfinger Berger AG		4,459
	229	Celesio AG		5,707
	7,508	Commerzbank AG*		78,652
	4,189	Daimler AG		204,456
	2,589	Deutsche Bank AG		189,297
	112	Deutsche Boerse AG		9,109
	691	Deutsche Lufthansa AG		10,705
	2,678	Deutsche Post AG		45,420
	314	Deutsche Postbank AG*		9,771
	5,709	Deutsche Telekom AG		78,253
	3,034	E.ON AG		116,792
	42	Fraport AG		1,983
	118	Fresenius Medical Care AG & Co. KGaA		5,737
	15	Fresenius SE		749
	237	GEA Group AG		4,486
	19	Generali Deutschland Holding AG		1,833
	85	Hannover Rueckversicherung AG*		3,843
	482	HeidelbergCement AG		28,966
	496	Heidelberger Druckmaschinen AG*		3,666
	92	Henkel AG & Co. KGaA		3,616
	168	Hochtief AG		12,718
	14,471	Infineon Technologies AG*		65,442
	49	K+S AG		2,688
	140	Kloeckner & Co. SE*		3,084
	267	Lanxess AG		8,403
	132	Linde AG		13,904
	230	MAN SE		18,997
	120	Merck KGaA		11,315
	455	Metro AG		25,349
	301	Muenchener Rueckversicherungs - Gesellschaft AG		47,804
	21	Rheinmetall AG		1,145
	473	RWE AG		41,664
	76	Salzgitter AG		6,867
	341	SAP AG		15,496
	1,082	Siemens AG		98,133
	96	Suedzucker AG		1,991
	1,271	ThyssenKrupp AG		41,069

See Notes to Financial Statements.

95

Schedule of Investments (Continued)

PowerShares FTSE RAFI Europe Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	202	Tognum AG	$	3,103
	1,715	TUI AG*		11,931
	69	Volkswagen AG		11,264
	19	Wacker Chemie AG		2,744
				1,577,318
		Greece—0.9%
	1,184	Alpha Bank AE*		23,217
	138	Coca-Cola Hellenic Bottling Co. SA		3,645
	1,061	EFG Eurobank Ergasias SA*		17,064
	220	Hellenic Petroleum SA		2,694
	366	Hellenic Telecommunications Organization SA		6,210
	587	Marfin Investment Group SA*		2,373
	1,072	National Bank of Greece SA*		40,001
	150	OPAP SA		3,851
	866	Piraeus Bank SA*		15,141
	181	Public Power Corp. SA*		3,725
				117,921
		Guernsey—0.1%
	5,422	HSBC Infrastructure Co. Ltd.		10,189
		Ireland—2.3%
	29,640	Allied Irish Banks PLC*		81,911
	468	Anglo Irish Bank Corp. Ltd.*		—
	825	CRH PLC		20,266
	50,437	Governor & Co. of the Bank of Ireland (The)*		126,509
	6,572	Irish Life & Permanent PLC*		47,805
	99	Kerry Group PLC, Class A		2,943
	455	Ryanair Holdings PLC*		1,980
	1,338	Smurfit Kappa Group PLC*		10,463
				291,877
		Italy—7.3%
	1,654	A2A SpA		3,068
	3,017	Assicurazioni Generali SpA		76,387
	445	Atlantia SpA		10,571
	294	Autogrill SpA*		3,327
	566	Banca Carige SpA		1,604
	5,136	Banca Monte dei Paschi di Siena SpA		9,806
	1,072	Banca Popolare di Milano Scarl		8,019
	3,532	Banco Popolare Societa Cooperativa*		30,903
	146	Benetton Group SpA		1,417
	202	Buzzi Unicem SpA		3,410
	1,430	Compagnie Industriali Riunite SpA*		3,237
	1,128	Edison SpA		1,739
	14,020	Enel SpA		83,881
	4,000	Eni SpA		99,799
	148	ERG SpA		2,197
	403	EXOR SpA		8,009
	4,060	Fiat SpA*		60,862
	531	Finmeccanica SpA		8,963

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	384	Fondiaria-Sai SpA	$	7,042
	231	Fondiaria-Sai SpA RSP		2,849
	676	Hera SpA		1,502
	18,722	Intesa Sanpaolo SpA*		79,417
	190	Italcementi SpA		2,751
	460	Italcementi SpA RSP		3,492
	22	Italmobiliare SpA*		1,062
	195	Italmobiliare SpA RSP*		6,462
	70	Lottomatica SpA		1,500
	117	Luxottica Group SpA*		2,854
	1,589	Mediaset SpA		10,380
	602	Mediobanca SpA		7,714
	278	Mediolanum SpA		1,774
	733	Milano Assicurazioni SpA		2,425
	2,228	Parmalat SpA		6,203
	16,352	Pirelli & C. SpA*		9,240
	1,736	Premafin Finanziaria SpA*		2,851
	244	Prysmian SpA		4,317
	244	Saipem SpA		7,251
	630	Saras SpA		2,057
	1,201	Snam Rete Gas SpA		5,848
	112	Societa Cattolica di Assicurazioni Scrl*		3,609
	29,748	Telecom Italia Media SpA*		5,232
	34,518	Telecom Italia SpA		55,157
	15,772	Telecom Italia SpA RSP		17,465
	1,132	Terna-Rete Elettrica Nationale SpA		4,505
	1,123	UBI Banca-Unione di Banche Italiane ScpA		16,130
	63,366	UniCredit SpA*		214,100
	2,631	Unipol Gruppo Finanziario SpA*		3,835
				906,223
		Luxembourg—0.6%
	1,857	ArcelorMittal		62,963
	19	RTL Group		1,178
	225	SES SA		4,898
				69,039
		Netherlands—6.0%
	8,013	Aegon NV*		57,683
	361	Akzo Nobel NV		21,455
	260	ASML Holding NV		7,051
	119	Corio NV REIT		8,116
	649	European Aeronautic Defence and Space Co.		12,243
	190	Heineken Holding NV		7,430
	211	Heineken NV		9,375
	31,579	ING Groep NV CVA*		416,357
	1,293	Koninklijke Ahold NV		16,369
	376	Koninklijke BAM Groep NV		4,454
	369	Koninklijke DSM NV		16,246
	1,627	Koninklijke KPN NV		29,647
	958	Koninklijke Philips Electronics NV		24,220
	208	Randstad Holding NV*		7,949

See Notes to Financial Statements.

96

Schedule of Investments (Continued)

PowerShares FTSE RAFI Europe Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	244	Reed Elsevier NV	$	2,858
	655	SNS REAAL NV*		4,670
	588	TNT NV		15,686
	2,269	Unilever NV CVA		70,320
	265	Wolters Kluwer NV		5,941
				738,070
		Norway—1.1%
	40	Aker ASA, Class A		1,074
	129	Aker Solutions ASA		1,564
	2,497	DnB NOR ASA*		28,901
	5,430	Norsk Hydro ASA*		35,975
	1,078	Norske Skogindustrier ASA*		1,807
	1,198	Orkla ASA, Class A		11,186
	1,390	Statoil ASA		33,153
	459	Storebrand ASA*		3,155
	1,347	Telenor ASA*		17,529
	93	Yara International ASA		3,111
				137,455
		Portugal—0.5%
	665	Banco BPI SA		2,252
	6,056	Banco Comercial Portugues SA, Class R		8,667
	342	Banco Espirito Santo SA		2,533
	392	Brisa Auto-Estradas de Portugal SA		3,881
	252	CIMPOR-Cimentos de Portugal SGPS SA		1,971
	2,884	EDP - Energias de Portugal SA		12,795
	230	Galp Energia SGPS SA, Class B		3,882
	232	Jeronimo Martins SGPS SA		2,071
	1,214	Portugal Telecom SGPS SA		13,944
	224	Redes Energeticas Nacionais SA		985
	2,870	Sonae		3,790
				56,771
		Spain—5.3%
	260	Abertis Infraestructuras SA		5,559
	27	Acciona SA		3,310
	357	Acerinox SA		7,140
	223	ACS Actividades de Construccion y Servicios SA		10,766
	6,757	Banco Bilbao Vizcaya Argentaria SA		121,829
	1,613	Banco de Sabadell SA		10,936
	141	Banco Espanol de Credito SA		1,794
	1,677	Banco Popular Espanol SA		15,044
	12,515	Banco Santander SA		203,026
	1,375	Criteria Caixacorp SA		6,735
	110	Enagas		2,275
	112	Fomento de Construcciones y Contratas SA		4,581
	167	Gamesa Corp. Tecnologica SA		3,075
	566	Gas Natural SDG SA		11,437
	189	Gestevision Telecinco SA		1,966
	180	Grupo Ferrovial SA		7,505

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	431	Iberdrola Renovables SA	$	1,927
	4,578	Iberdrola SA		41,743
	3,052	Iberia Lineas Aereas de Espana SA*		8,466
	106	Inditex SA		6,256
	4,139	Inmobiliaria Colonial SA*		861
	1,145	Mapfre SA		4,933
	27	Red Electrica Corporacion SA		1,403
	2,661	Repsol YPF SA		71,319
	293	Sacyr Vallehermoso SA*		4,457
	3,462	Telefonica SA		97,205
				655,548
		Sweden—4.5%
	424	Assa Abloy AB, Class B		7,593
	446	Atlas Copco AB, Class A		6,166
	369	Atlas Copco AB, Class B		4,533
	1,102	Boliden AB		13,711
	1,091	Electrolux AB, Series B*		26,807
	175	Hennes & Mauritz AB, Class B		10,123
	201	Holmen AB, Class B		5,543
	309	Husqvarna AB, Class A*		1,858
	908	Husqvarna AB, Class B*		5,845
	665	Industrivarden AB, Class A		8,109
	292	Industrivarden AB, Class C		3,260
	965	Investor AB, Class B		17,431
	475	Kinnevik Investment AB, Class B		6,684
	48	Lundbergforetagen AB, Class B		2,277
	684	NCC AB, Class B		10,571
	7,817	Nordea Bank AB		86,284
	1,494	Sandvik AB		16,988
	11,088	SAS AB*		6,917
	1,146	Scania AB, Class B		15,046
	616	Securitas AB, Class B		5,874
	8,520	Skandinaviska Enskilda Banken AB, Class A*		53,635
	1,209	Skanska AB, Class B		18,170
	710	SKF AB, Class B		11,526
	467	SSAB AB, Class A		7,350
	160	SSAB AB, Class B		2,307
	1,822	Svenska Cellulosa AB, Class B		25,562
	935	Svenska Handelsbanken AB, Class A		24,817
	4,441	Swedbank AB, Class A*		39,637
	644	Tele2 AB, Class B		9,597
	2,796	Telefonaktiebolaget LM Ericsson, Class B		30,168
	2,654	TeliaSonera AB		17,878
	1,781	Volvo AB, Class A		16,919
	3,651	Volvo AB, Class B		35,537
				554,723
		Switzerland—6.4%
	1,104	ABB Ltd.*		20,727
	243	Adecco SA		10,913
	78	Baloise Holding AG		6,713

See Notes to Financial Statements.

97

Schedule of Investments (Continued)

PowerShares FTSE RAFI Europe Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	8	BKW FMB Energie AG	$	660
	1,109	Clariant AG*		10,654
	669	Compagnie Financiere Richemont SA		18,850
	2,054	Credit Suisse Group AG		111,198
	160	GAM Holding Ltd.		1,964
	5	Givaudan SA		3,720
	12	Helvetia Holding AG		3,843
	467	Holcim Ltd.*		29,887
	160	Julius Baer Group Ltd.		6,033
	42	Kuehne & Nagel International AG		3,822
	1,966	Nestle SA		91,788
	1,515	Novartis AG		79,503
	47	Panalpina Welttransport Holding AG		3,304
	70	Pargesa Holding SA		5,625
	326	Petroplus Holdings AG*		7,149
	349	Roche Holding AG		56,119
	19	Schindler Holding AG		1,319
	13	Schindler Holding AG Participant Certificates		892
	1	SGS SA		1,343
	22	Swatch Group AG-Bearer		5,166
	54	Swatch Group AG-Registered		2,436
	210	Swiss Life Holding AG*		25,301
	2,082	Swiss Reinsurance Co. Ltd.		85,414
	15	Swisscom AG		5,437
	35	Syngenta AG		8,331
	13	Synthes, Inc.		1,548
	6,785	UBS AG*		114,601
	287	Zurich Financial Services AG		66,100
				790,360
		United Kingdom—30.3%
	5,158	3i Group PLC		22,420
	2,330	Aegis Group PLC		4,225
	362	AMEC PLC		4,812
	481	Amlin PLC		2,806
	2,050	Anglo American PLC*		74,848
	445	Antofagasta PLC		5,659
	370	Arriva PLC		2,687
	511	Associated British Foods PLC		6,970
	1,193	AstraZeneca PLC		53,921
	10,351	Aviva PLC		65,450
	2,919	BAE Systems PLC		15,132
	642	Balfour Beatty PLC		2,812
	65,354	Barclays PLC*		346,879
	9,653	Barratt Developments PLC*		21,496
	1,100	BG Group PLC		19,129
	3,650	BHP Billiton PLC		98,881
	27,127	BP PLC		255,903
	1,518	Bradford & Bingley PLC*		—
	2,493	British Airways PLC*		7,471
	1,130	British American Tobacco PLC		36,191

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	1,946	British Land Co. PLC REIT	$	15,147
	745	British Sky Broadcasting Group PLC		6,545
	28,640	BT Group PLC		61,985
	348	Bunzl PLC		3,812
	2,694	Cable & Wireless PLC		6,439
	1,344	Cadbury PLC		17,070
	1,082	Carnival PLC		33,833
	734	Carphone Warehouse Group PLC (The)		2,227
	4,332	Centrica PLC		17,730
	2,344	Compass Group PLC		14,991
	578	Daily Mail & General Trust PLC, Class A		3,789
	1,848	Diageo PLC		30,340
	798	Drax Group PLC		6,117
	44,492	DSG International PLC*		22,500
	438	easyJet PLC*		2,600
	5,158	Enterprise Inns PLC		10,058
	405	Eurasian Natural Resources Corp.		5,564
	655	Experian PLC		6,035
	941	FirstGroup PLC		5,835
	7,127	Friends Provident Group PLC		9,586
	1,326	G4S PLC		5,530
	8,661	GKN PLC*		15,304
	4,277	GlaxoSmithKline PLC		88,125
	1,300	Hammerson PLC REIT		8,704
	2,319	Henderson Group PLC		4,935
	2,518	Home Retail Group PLC		12,091
	31,336	HSBC Holdings PLC		347,984
	550	ICAP PLC		3,688
	648	Imperial Tobacco Group PLC		19,226
	56,793	Inchcape PLC*		27,476
	713	InterContinental Hotels Group PLC		9,226
	1,459	International Power PLC		6,109
	1,229	Invensys PLC		5,733
	1,554	Investec PLC		11,196
	15,813	ITV PLC		11,143
	3,271	J Sainsbury PLC		17,787
	336	Johnson Matthey PLC		7,820
	727	Kazakhmys PLC*		13,050
	2,213	Kesa Electricals PLC		4,848
	8,431	Kingfisher PLC		31,074
	6,895	Ladbrokes PLC		13,832
	2,368	Land Securities Group PLC REIT		25,840
	33,376	Legal & General Group PLC		43,187
	1,662	Liberty International PLC REIT		12,358
	59,561	Lloyds Banking Group PLC*		85,444
	3,650	Logica PLC		6,973
	273	London Stock Exchange Group PLC		3,830
	252	Lonmin PLC*		6,077
	2,549	Man Group PLC		13,025
	2,811	Marks & Spencer Group PLC		15,870

See Notes to Financial Statements.

98

Schedule of Investments (Continued)

PowerShares FTSE RAFI Europe Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	1,784	Mitchells & Butlers PLC*	$	6,911
	3,204	Mondi PLC		17,814
	752	National Express Group PLC		4,029
	2,724	National Grid PLC		27,233
	238	Next PLC		7,042
	319	Northern Rock PLC*		—
	28,645	Old Mutual PLC		50,144
	886	Pearson PLC		12,158
	1,095	Persimmon PLC*		7,281
	16,482	Premier Foods PLC*		9,753
	6,587	Prudential PLC		60,423
	14,272	Punch Taverns PLC*		19,526
	2,861	Rank Group PLC*		4,185
	250	Reckitt Benckiser Group PLC		12,507
	446	Reed Elsevier PLC		3,398
	5,416	Rentokil Initial PLC*		9,285
	1,858	Rexam PLC		8,484
	1,868	Rio Tinto PLC*		82,921
	118,200	Rolls-Royce Group PLC, Class C*		195
	1,970	Rolls-Royce Group PLC		14,671
	136,157	Royal Bank of Scotland Group PLC*		94,083
	6,206	Royal Dutch Shell PLC, Class A		184,850
	4,749	Royal Dutch Shell PLC, Class B		137,773
	4,174	RSA Insurance Group PLC		8,339
	922	SABMiller PLC		24,362
	1,102	Sage Group PLC (The)		3,878
	155	Schroders PLC		2,810
	75	Schroders PLC NVTG		1,118
	853	Scottish & Southern Energy PLC		15,171
	4,962	Segro PLC REIT		28,872
	328	Severn Trent PLC		5,144
	257	Shire PLC		4,541
	396	Smith & Nephew PLC		3,528
	383	Smiths Group PLC		5,638
	2,292	Standard Chartered PLC		56,689
	4,953	Standard Life PLC		17,798
	1,093	Tate & Lyle PLC		8,102
	71,701	Taylor Wimpey PLC*		43,753
	8,373	Tesco PLC		56,221
	2,007	Thomas Cook Group PLC		6,772
	2,707	Tomkins PLC		7,501
	1,082	Travis Perkins PLC*		13,466
	5,312	Trinity Mirror PLC*		14,018
	1,995	TUI Travel PLC		7,665
	2,288	Unilever PLC		68,979
	578	United Business Media Ltd.		4,407
	1,383	United Utilities Group PLC		10,042
	308	Vedanta Resources PLC		10,626
	74,988	Vodafone Group PLC		166,313
	391	Whitbread PLC		8,205

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	1,836	William Hill PLC	$	5,084
	2,863	William Morrison Supermarkets PLC		13,214
	2,046	Wolseley PLC*		41,752
	2,245	WPP PLC		20,298
	4,808	Xstrata PLC*		69,941
	15,253	Yell Group PLC*		12,885
				3,749,178
		Total Common Stocks and Other Equity Interests (Cost $13,563,209)		12,270,621
		Preferred Stocks—0.8%
		Germany—0.7%
	106	Fresenius SE		6,179
	264	Henkel AG & Co. KGaA		12,060
	327	Porsche Automobil Holding SE		25,118
	1,296	ProSiebenSat.1 Media AG		13,557
	267	Volkswagen AG		26,658
				83,572
		Italy—0.1%
	920	EXOR SpA		10,330
	6,485	Unipol Gruppo Finanziario SpA*		6,176
				16,506
		Total Preferred Stocks (Cost $108,596)		100,078
		Rights—0.0%
		Belgium—0.0%
	1,122	Fortis, expiring 06/30/14*		—
		Germany—0.0%
	1,715	TUI AG, expiring 11/11/09*		—
		Total Rights (Cost $0)		—
		Warrants—0.0%
		Italy—0.0%
	492	Mediobanca SpA, expiring 03/18/11* (Cost $29)		—

See Notes to Financial Statements.

99

Schedule of Investments (Continued)

PowerShares FTSE RAFI Europe Portfolio

October 31, 2009

Number of Shares			Value
		Money Market Fund—0.0%
	4,925	Goldman Sachs Financial Square Prime Obligations Institutional Share Class (Cost $4,925)		$4,925
		Total Investments (Cost $13,676,759)—99.9%		12,375,624
		Other assets less liabilities—0.1%		6,133
		Net Assets—100.0%	$	12,381,757

CVA Dutch Certificate

NVTG Non Voting

REIT Real Estate Investment Trust

VVPR Voter Verified Paper Record

*  Non-income producing security.

See Notes to Financial Statements.

100

Schedule of Investments

PowerShares FTSE RAFI Japan Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks—99.4%
		Consumer Discretionary—24.4%
	2,200	Aisin Seiki Co. Ltd.	$	55,624
	2,500	Bridgestone Corp.		40,997
	5,000	Canon Marketing Japan, Inc.		80,555
	3,600	Chofu Seisakusho Co. Ltd.		70,766
	2,000	Denso Corp.		54,342
	7,000	Fuji Heavy Industries Ltd.*		27,202
	31,000	Haseko Corp.*		23,662
	5,600	Honda Motor Co. Ltd.		172,001
	16,000	Mazda Motor Corp.*		35,908
	240	Nippon Television Network Corp.		31,104
	28,200	Nissan Motor Co. Ltd.*		202,921
	12,700	Panasonic Corp.		178,261
	14,000	Sanyo Electric Co. Ltd.*		34,507
	7,000	Sharp Corp.		74,269
	6,500	Sony Corp.		190,866
	2,500	Suzuki Motor Corp.		60,153
	10,300	Toyota Motor Corp.		404,344
				1,737,482
		Consumer Staples—3.2%
	7,600	Aeon Co. Ltd.		67,410
	3,000	Ajinomoto Co., Inc.		28,000
	19	Japan Tobacco, Inc.		53,007
	3,000	Kirin Holdings Co. Ltd.		48,696
	4,700	UNY Co. Ltd.		34,716
				231,829
		Energy—1.9%
	13,000	Cosmo Oil Co. Ltd.		33,959
	7,000	Nippon Mining Holdings, Inc.		31,054
	14,000	Nippon Oil Corp.		68,604
				133,617
		Financials—18.6%
	9,100	Aiful Corp.		12,876
	8,000	Bank of Yokohama Ltd. (The)		39,064
	10,000	Chuo Mitsui Trust Holdings, Inc.		36,315
	3,900	Credit Saison Co. Ltd.		43,355
	7,000	Daiwa House Industry Co. Ltd.		74,368
	9,000	Daiwa Securities Group, Inc.		47,106
	3,400	Hitachi Capital Corp.		42,955
	38,785	Mitsubishi UFJ Financial Group, Inc.		205,432
	8,000	Mitsui Fudosan Co. Ltd.		128,718
	51,500	Mizuho Financial Group, Inc.		101,014
	16,800	Nomura Holdings, Inc.		117,750
	2,040	ORIX Corp.		131,038
	2,400	Resona Holdings, Inc.		28,417
	4,700	Sumitomo Mitsui Financial Group, Inc.		158,862
	1,650	T&D Holdings, Inc.		42,389
	2,000	Tokio Marine Holdings, Inc.		50,855
	16,000	Tokyu Land Corp.		64,155
				1,324,669

Number of Shares			Value
		Common Stocks (Continued)
		Health Care—2.5%
	500	Alfresa Holdings Corp.	$	21,497
	1,100	Daiichi Sankyo Co. Ltd.		21,370
	500	Eisai Co. Ltd.		17,656
	1,500	Suzuken Co. Ltd.		52,787
	1,700	Takeda Pharmaceutical Co. Ltd.		67,610
				180,920
		Industrials—19.7%
	10,000	Asahi Glass Co. Ltd.		83,778
	1,400	East Japan Railway Co.		89,154
	10,000	ITOCHU Corp.		62,855
	6,000	JTEKT Corp.		63,029
	9,000	Kajima Corp.		20,954
	3,800	Komatsu Ltd.		73,667
	17,000	Marubeni Corp.		83,640
	5,600	Mitsubishi Corp.		118,060
	19,000	Mitsubishi Electric Corp.*		143,725
	22,000	Mitsubishi Heavy Industries Ltd.		77,360
	6,800	Mitsui & Co. Ltd.		88,806
	10,000	Mitsui O.S.K. Lines Ltd.		57,741
	22,000	Nagoya Railroad Co. Ltd.		66,445
	13,000	Nippon Express Co. Ltd.		52,934
	46,100	Sojitz Corp.		84,634
	7,800	Sumitomo Electric Industries Ltd.		94,123
	10,000	Sumitomo Heavy Industries Ltd.*		45,118
	7,000	Toppan Printing Co. Ltd.		62,213
	2,600	Toyota Tsusho Corp.		36,967
				1,405,203
		Information Technology—13.1%
	5,100	Canon, Inc.		191,212
	5,700	Elpida Memory, Inc.*		74,055
	2,000	FUJIFILM Holdings Corp.		56,541
	21,000	Fujitsu Ltd.		122,975
	43,000	Hitachi Ltd.*		138,066
	700	Kyocera Corp.		58,391
	18,000	NEC Corp.*		50,877
	1,400	OMRON Corp.		23,443
	3,200	Seiko Epson Corp.		49,192
	30,000	Toshiba Corp.*		170,504
				935,256
		Materials—8.7%
	14,000	Asahi Kasei Corp.		68,984
	5,000	Hitachi Metals Ltd.		47,437
	1,200	JFE Holdings, Inc.		38,872
	1,300	JSR Corp.		25,213
	15,000	Mitsubishi Chemical Holdings Corp.		55,390
	12,000	Mitsui Chemicals, Inc.		40,982
	2,900	Nippon Paper Group, Inc.		76,530
	17,000	Nippon Steel Corp.		64,494
	11,000	OJI Paper Co. Ltd.		47,602

See Notes to Financial Statements.

101

Schedule of Investments (Continued)

PowerShares FTSE RAFI Japan Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks (Continued)
	14,000	Sumitomo Chemical Co. Ltd.	$	55,468
	19,000	Teijin Ltd.		55,530
	2,700	Toyo Seikan Kaisha Ltd.		45,107
				621,609
		Telecommunication Services—3.1%
	14	KDDI Corp.		73,890
	2,800	Nippon Telegraph & Telephone Corp.		114,890
	1,500	SoftBank Corp.		35,149
				223,929
		Utilities—4.2%
	1,000	Chubu Electric Power Co., Inc.		22,201
	6,500	Chugoku Electric Power Co., Inc. (The)		130,810
	2,800	Kansai Electric Power Co., Inc. (The)		60,161
	2,100	Kyushu Electric Power Co., Inc.		42,639
	5,000	Toho Gas Co. Ltd.		25,784
	700	Tokyo Electric Power Co., Inc. (The)		17,111
				298,706
		Total Common Stocks (Cost $7,942,567)		7,093,220
		Money Market Fund—0.1%
	3,969	Goldman Sachs Financial Square Prime
		Obligations Institutional Share Class
		(Cost $3,969)		3,969
		Total Investments (Cost $7,946,536)—99.5%		7,097,189
		Other assets less liabilities—0.5%		37,874
		Net Assets—100.0%	$	7,135,063

*  Non-income producing security.

See Notes to Financial Statements.

102

Schedule of Investments

PowerShares Global Agriculture Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks—98.8%
		Australia—2.4%
	157,585	Incitec Pivot Ltd.	$	378,768
	20,478	Nufarm Ltd.		213,905
				592,673
		Brazil—3.3%
	36,700	Cosan SA Industria e Comercio*		392,204
	42,000	Fertilizantes Fosfatados SA*		409,134
				801,338
		Canada—12.3%
	15,433	Agrium, Inc.		721,219
	21,826	Potash Corp. of Saskatchewan, Inc.		2,044,617
	27,618	Viterra, Inc.*		264,079
				3,029,915
		Chile—3.9%
	25,950	Sociedad Quimica y Minera de Chile SA, Class B		951,711
		China—1.0%
	454,000	China Bluechemical Ltd., H-Shares		245,445
		Denmark—1.2%
	4,711	Danisco A/S		295,599
		Germany—5.2%
	16,268	K+S AG		892,418
	18,670	Suedzucker AG		387,306
				1,279,724
		Hong Kong—3.7%
	258,960	Chaoda Modern Agriculture Holdings Ltd.		202,483
	380,000	China Agri-Industries Holdings Ltd.		370,672
	690,000	Sinofert Holdings Ltd.		348,105
				921,260
		Indonesia—1.4%
	155,500	Astra Agro Lestari Tbk PT		352,521
		Israel—7.2%
	86,192	Israel Chemicals Ltd.		1,029,193
	759	Israel Corp. Ltd. (The)*		528,979
	42,864	Makhteshim-Agan Industries Ltd.		205,417
				1,763,589
		Malaysia—8.2%
	615,800	IOI Corp. Bhd		967,235
	105,300	Kuala Lumpur Kepong Bhd		462,857
	30,900	Kulim Malaysia Bhd		66,916
	116,900	PPB Group Bhd		518,642
				2,015,650
		Netherlands—0.7%
	3,438	Nutreco Holding NV		174,497

Number of Shares			Value
		Common Stocks (Continued)
		Norway—3.9%
	28,740	Yara International ASA	$	961,379
		Singapore—9.2%
	1,196,760	Golden Agri-Resources Ltd.*		367,957
	425,000	Wilmar International Ltd.		1,911,444
				2,279,401
		Switzerland—7.9%
	8,181	Syngenta AG		1,947,306
		Taiwan—1.2%
	97,000	Taiwan Fertilizer Co. Ltd.		307,198
		United States—26.1%
	33,429	Archer-Daniels-Midland Co.		1,006,881
	13,068	Bunge Ltd.		745,660
	4,772	CF Industries Holdings, Inc.		397,269
	7,353	Corn Products International, Inc.		207,208
	8,106	Darling International, Inc.*		56,337
	6,266	Fresh Del Monte Produce, Inc.*		136,035
	7,397	Intrepid Potash, Inc.*		190,547
	18,660	Monsanto Co.		1,253,579
	39,767	Mosaic Co. (The)		1,858,312
	6,475	Scotts Miracle-Gro Co. (The), Class A		263,014
	9,830	Terra Industries, Inc.		312,299
				6,427,141
		Total Common Stocks (Cost $22,268,328)		24,346,347
		Money Market Fund—0.0%
	11,567	Goldman Sachs Financial Square Prime Obligations Institutional Share Class (Cost $11,567)		11,567
		Total Investments (Cost $22,279,895)—98.8%		24,357,914
		Other assets less liabilities—1.2%		294,289
		Net Assets—100.0%	$	24,652,203

*  Non-income producing security.

See Notes to Financial Statements.

103

Schedule of Investments

PowerShares Global Biotech Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks—99.4%
		Australia—9.0%
	10,191	CSL Ltd.	$	290,070
		Austria—1.7%
	1,442	Intercell AG*		55,956
		Denmark—0.7%
	802	Genmab A/S*		21,147
		France—0.5%
	1,450	NicOx SA*		15,981
		Netherlands—1.3%
	2,011	Crucell NV*		40,353
		Spain—4.5%
	6,488	Grifols SA		105,348
	6,789	Zeltia SA*		40,368
				145,716
		Switzerland—4.9%
	2,393	Actelion Ltd.*		132,354
	293	Basilea Pharmaceutica AG*		24,315
				156,669
		United Kingdom—0.6%
	1,813	Genus PLC		19,978
		United States—76.2%
	1,162	Acorda Therapeutics, Inc.*		25,250
	2,499	Alexion Pharmaceuticals, Inc.*		110,981
	2,898	Alkermes, Inc.*		23,097
	1,268	Alnylam Pharmaceuticals, Inc.*		21,607
	4,632	Amgen, Inc.*		248,877
	4,305	Amylin Pharmaceuticals, Inc.*		47,527
	2,756	Biogen Idec, Inc.*		116,110
	3,055	BioMarin Pharmaceutical, Inc.*		47,536
	1,380	Celera Corp.*		8,542
	5,304	Celgene Corp.*		270,769
	14,100	Cell Therapeutics, Inc.*		13,395
	2,248	Cephalon, Inc.*		122,696
	1,770	Cepheid, Inc.*		23,488
	1,761	Cubist Pharmaceuticals, Inc.*		29,831
	3,514	Dendreon Corp.*		88,799
	4,967	Genzyme Corp.*		251,330
	2,713	Geron Corp.*		16,576
	6,141	Gilead Sciences, Inc.*		261,300
	2,730	Halozyme Therapeutics, Inc.*		16,544
	4,956	Human Genome Sciences, Inc.*		92,628
	3,560	Incyte Corp.*		20,968
	2,998	Isis Pharmaceuticals, Inc.*		37,985
	1,015	Martek Biosciences Corp.*		18,229
	1,008	Medivation, Inc.*		25,724
	2,918	Myriad Genetics, Inc.*		70,849

Number of Shares			Value
		Common Stocks (Continued)
	1,885	Onyx Pharmaceuticals, Inc.*	$	50,141
	1,771	OSI Pharmaceuticals, Inc.*		57,062
	3,647	PDL BioPharma, Inc.		30,671
	2,447	Regeneron Pharmaceuticals, Inc.*		38,418
	1,858	Savient Pharmaceuticals, Inc.*		23,411
	2,616	Seattle Genetics, Inc.*		23,753
	1,915	Theravance, Inc.*		26,753
	1,616	United Therapeutics Corp.*		68,745
	3,698	Vertex Pharmaceuticals, Inc.*		124,105
				2,453,697
		Total Common Stocks (Cost $3,656,400)		3,199,567
		Money Market Fund—0.0%
	80	Goldman Sachs Financial Square Prime Obligations Institutional Share Class (Cost $80)		80
		Total Investments (Cost $3,656,480)—99.4%		3,199,647
		Other assets less liabilities—0.6%		20,141
		Net Assets—100.0%	$	3,219,788

*  Non-income producing security.

See Notes to Financial Statements.

104

Schedule of Investments

PowerShares Global Clean Energy Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests—100.0%
		Australia—2.6%
	3,642,665	Infigen Energy	$	4,739,779
		Austria—1.3%
	52,972	Verbund - Oesterreichische Elektrizitaetswirtschafts AG, Class A		2,390,840
		Belgium—3.9%
	2,231,312	Hansen Transmissions International NV*		4,707,821
	81,381	Umicore		2,491,528
				7,199,349
		Bermuda—0.8%
	13,740,000	China WindPower Group Ltd.*		1,577,833
		Brazil—2.2%
	291,400	Cosan SA Industria e Comercio*		3,114,122
	99,100	Sao Martinho SA*		982,397
				4,096,519
		Canada—0.9%
	159,269	5N Plus, Inc.*		817,636
	164,252	Canadian Hydro Developers, Inc.*		798,998
				1,616,634
		Cayman Islands—1.5%
	10,727,000	GCL Poly Energy Holdings Ltd.		2,726,646
		China—8.9%
	265,200	BYD Co. Ltd., H-Shares*		2,473,980
	2,279,000	China High Speed Transmission Equipment Group Co. Ltd.		4,646,069
	478,040	Gushan Environmental Energy Ltd. ADR		654,915
	219,162	JA Solar Holdings Co. Ltd. ADR*		839,390
	357,677	LDK Solar Co. Ltd. ADR*		2,425,050
	199,456	Suntech Power Holdings Co. Ltd. ADR*		2,527,108
	259,864	Yingli Green Energy Holding Co. Ltd. ADR*		3,009,225
				16,575,737
		Denmark—4.6%
	33,711	Novozymes A/S, Class B		3,111,055
	9,056	Rockwool International A/S, Class B		770,211
	65,274	Vestas Wind Systems A/S*		4,639,228
				8,520,494
		Finland—1.6%
	124,585	Fortum Oyj		2,965,001
		France—5.9%
	85,573	EDF Energies Nouvelles SA		4,593,293
	41,687	Saft Groupe SA		2,175,199
	76,004	Sechilienne-Sidec		3,089,461
	199,448	Theolia SA*		1,141,790
				10,999,743

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
		Germany—10.4%
	68,845	Centrotherm Photovoltaics AG*	$	3,168,199
	250,634	Nordex AG*		4,101,061
	15,442	Phoenix Solar AG		865,105
	169,499	Q-Cells SE*		2,813,484
	22,854	Roth & Rau AG*		776,233
	32,935	SMA Solar Technology AG		3,167,841
	27,064	Solar Millennium AG*		869,710
	131,902	Solarworld AG		2,864,731
	67,077	Solon SE*		781,854
				19,408,218
		Ireland—1.5%
	324,339	Kingspan Group PLC*		2,751,641
		Japan—7.4%
	251,000	GS Yuasa Corp.		2,196,111
	303	Japan Wind Development Co. Ltd.		1,201,690
	528,000	Meidensha Corp.		2,706,496
	33,200	NPC, Inc.		861,909
	897,000	Sanyo Electric Co. Ltd.*		2,259,346
	275,000	Sharp Corp.		3,010,661
	339,000	Takuma Co. Ltd.*		895,062
	20,500	Tanaka Chemical Corp.		666,952
				13,798,227
		New Zealand—1.6%
	653,301	Contact Energy Ltd.*		2,956,419
		Norway—1.3%
	388,909	Renewable Energy Corp. A/S*		2,346,600
		Philippines—1.6%
	34,101,250	Energy Development Corp.		3,007,986
		Spain—10.6%
	107,326	Abengoa SA		2,845,625
	33,481	Acciona SA		4,105,104
	418,844	EDP Renovaveis SA*		4,189,929
	202,033	Gamesa Corp. Tecnologica SA		3,720,160
	930,069	Iberdrola Renovables SA		4,157,981
	187,402	Solaria Energia y Medio Ambiente SA*		702,316
				19,721,115
		Switzerland—2.0%
	31,357	BKW FMB Energie AG		2,586,933
	2,011	Gurit Holding AG		1,114,223
				3,701,156
		Taiwan—2.0%
	966,000	Epistar Corp.		2,872,189
	379,842	Green Energy Technology, Inc.		864,259
				3,736,448

See Notes to Financial Statements.

105

Schedule of Investments (Continued)

PowerShares Global Clean Energy Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
		United Kingdom—1.4%
	64,192	Climate Exchange PLC*	$	899,393
	375,438	eaga PLC		902,288
	772,758	PV Crystalox Solar PLC		832,413
				2,634,094
		United States—26.0%
	154,361	American Superconductor Corp.*		5,174,181
	105,607	Baldor Electric Co.		2,729,941
	159,132	Broadwind Energy, Inc.*		929,331
	1,096,144	Capstone Turbine Corp.*		1,282,488
	180,010	Covanta Holding Corp.*		3,092,572
	85,083	Cree, Inc.*		3,581,994
	66,443	Echelon Corp.*		906,947
	90,687	Ener1, Inc.*		452,528
	74,980	Energy Conversion Devices, Inc.*		807,535
	27,075	EnerNOC, Inc.*		777,865
	491,633	Evergreen Solar, Inc.*		712,868
	21,134	First Solar, Inc.*		2,576,869
	43,294	Fuel Systems Solutions, Inc.*		1,417,445
	346,945	FuelCell Energy, Inc.*		1,155,327
	560,445	GT Solar International, Inc.*		2,942,336
	156,909	International Rectifier Corp.*		2,868,296
	47,135	Itron, Inc.*		2,829,985
	117,465	Johnson Controls, Inc.		2,809,763
	36,979	Maxwell Technologies, Inc.*		663,033
	180,052	MEMC Electronic Materials, Inc.*		2,236,246
	69,302	Ormat Technologies, Inc.		2,619,616
	51,162	Polypore International, Inc.*		560,735
	25,640	Power Integrations, Inc.		799,968
	107,254	SunPower Corp., Class A*		2,660,972
	68,252	Universal Display Corp.*		775,343
	120,846	Zoltek Cos., Inc.*		1,076,738
				48,440,922
		Total Common Stocks and Other Equity Interests (Cost $186,601,398)		185,911,401
		Money Market Fund—0.0%
	84,102	Goldman Sachs Financial Square Prime Obligations Institutional Share Class (Cost $84,102)		84,102
		Total Investments (Cost $186,685,500)—100.0%		185,995,503
		Liabilities in excess of other assets—(0.0%)		(22,804	)
		Net Assets—100.0%	$	185,972,699

ADR American Depositary Receipt

*  Non-income producing security.

See Notes to Financial Statements.

106

Schedule of Investments

PowerShares Global Coal Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests—99.3%
		Australia—21.8%
	25,782	Aquila Resources Ltd.*	$	167,270
	39,425	Centennial Coal Co. Ltd.		110,529
	8,677	Coal & Allied Industries Ltd.		595,406
	18,808	Energy Resources of Australia Ltd.		389,920
	24,310	Extract Resources Ltd.*		180,966
	20,881	Felix Resources Ltd.		320,292
	20,873	Felix Resources Ltd.-In Specie*		1,918
	85,955	New Hope Corp. Ltd.		321,801
	65,453	Paladin Energy Ltd.*		237,711
	19,890	Riversdale Mining Ltd.*		94,567
				2,420,380
		Bermuda—2.4%
	643,000	Mongolia Energy Corp. Ltd.*		270,235
		Canada—9.1%
	31,009	Cameco Corp.		868,206
	49,850	Uranium One, Inc.*		142,072
				1,010,278
		China—19.7%
	326,000	China Coal Energy Co., H-Shares		453,532
	204,500	China Shenhua Energy Co. Ltd., H-Shares		917,402
	77,900	Inner Mongolia Yitai Coal Co., Class B		499,593
	208,000	Yanzhou Coal Mining Co. Ltd., H-Shares		321,558
				2,192,085
		Indonesia—13.4%
	3,055,500	Adaro Energy PT		482,056
	1,433,000	Bumi Resources Tbk PT		344,977
	120,000	Indo Tambangraya Megah PT		279,820
	245,000	Tambang Batubara Bukit Asam Tbk PT		381,680
				1,488,533
		Singapore—1.3%
	116,000	Straits Asia Resources Ltd.		148,600
		Thailand—3.3%
	28,900	Banpu PCL		372,669
		United States—28.3%
	3,892	Alliance Resource Partners LP		145,794
	12,741	Alpha Natural Resources, Inc.*		432,812
	17,166	Arch Coal, Inc.		371,816
	18,102	CONSOL Energy, Inc.		774,947
	9,091	Massey Energy Co.		264,457
	9,565	Patriot Coal Corp.*		108,084
	25,230	Peabody Energy Corp.		998,856
	11,945	USEC, Inc.*		46,108
				3,142,874
		Total Common Stocks and Other Equity Interests (Cost $8,480,133)		11,045,654

Number of Shares			Value
		Money Market Fund—0.1%
	6,510	Goldman Sachs Financial Square Prime Obligations Institutional Share Class (Cost $6,510)		$6,510
		Total Investments (Cost $8,486,643)—99.4%		11,052,164
		Other assets less liabilities—0.6%		69,189
		Net Assets—100.0%	$	11,121,353

*  Non-income producing security.

See Notes to Financial Statements.

107

Schedule of Investments

PowerShares Global Gold and Precious Metals Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests—100.0%
		Australia—8.3%
	11,840	Kingsgate Consolidated Ltd.	$	81,310
	288,713	Lihir Gold Ltd.		795,688
	40,056	Newcrest Mining Ltd.		1,169,086
	35,723	Sino Gold Mining Ltd.*		214,657
				2,260,741
		Bermuda—0.8%
	50,833	Aquarius Platinum Ltd.*		218,442
		Canada—41.7%
	17,726	Agnico-Eagle Mines Ltd.		947,844
	13,146	Alamos Gold, Inc.*		105,441
	19,467	Aurizon Mines Ltd.*		84,034
	66,267	Barrick Gold Corp.		2,396,734
	45,450	Eldorado Gold Corp.*		508,844
	13,697	Franco-Nevada Corp.		342,044
	15,078	Gammon Gold, Inc.*		123,037
	55,803	Goldcorp, Inc.		2,060,753
	29,020	Golden Star Resources Ltd.*		90,789
	44,728	IAMGOLD Corp.		595,847
	9,567	Jaguar Mining, Inc.*		80,376
	53,561	Kinross Gold Corp.		999,421
	8,000	Minefinders Corp.*		75,975
	43,602	New Gold, Inc.*		158,671
	35,600	Northgate Minerals Corp.*		91,545
	22,296	Novagold Resources, Inc.*		95,832
	31,910	Osisko Mining Corp.*		216,249
	10,687	Pan American Silver Corp.*		227,094
	28,063	Red Back Mining, Inc.*		365,246
	30,700	Semafo, Inc.*		93,479
	8,426	Silver Standard Resources, Inc.*		158,633
	41,203	Silver Wheaton Corp.*		520,201
	19,711	Silvercorp Metals, Inc.		102,288
	89,795	Yamana Gold, Inc.		956,969
				11,397,346
		China—2.9%
	178,500	Zhaojin Mining Industry Co. Ltd., H-Shares		317,374
	490,000	Zijin Mining Group Co. Ltd., H-Shares		484,927
				802,301
		Mexico—3.3%
	48,700	Industrias Penoles SAB de CV		892,565
		Russia—1.3%
	38,592	Polymetal GDR*		340,767
		South Africa—23.6%
	22,879	Anglo Platinum Ltd.*		1,999,508
	26,484	AngloGold Ashanti Ltd.		980,927
	83,325	Gold Fields Ltd.		1,069,907
	52,185	Harmony Gold Mining Co. Ltd.		523,383

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	69,205	Impala Platinum Holdings Ltd.	$	1,541,131
	26,414	Mvelaphanda Resources Ltd.*		134,989
	44,090	Northam Platinum Ltd.		208,987
				6,458,832
		United Kingdom—8.7%
	87,862	Fresnillo PLC		1,073,895
	16,990	Gem Diamonds Ltd.*		64,637
	23,632	Lonmin PLC*		569,894
	10,238	Randgold Resources Ltd.		668,282
				2,376,708
		United States—9.4%
	8,428	Coeur d'Alene Mines Corp.*		169,234
	50,431	Newmont Mining Corp.		2,191,732
	4,989	Royal Gold, Inc.		220,364
				2,581,330
		Total Common Stocks and Other Equity Interests (Cost $26,268,321)		27,329,032
		Money Market Fund—0.0%
	3,107	Goldman Sachs Financial Square Prime Obligations Institutional Share Class (Cost $3,107)		3,107
		Total Investments (Cost $26,271,428)—100.0%		27,332,139
		Liabilities in excess of other assets—(0.0%)		(7,445	)
		Net Assets—100.0%	$	27,324,694

GDR Global Depositary Receipt

*  Non-income producing security.

See Notes to Financial Statements.

108

Schedule of Investments

PowerShares Global Nuclear Energy Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests—99.8%
		Australia—5.1%
	33,080	Energy Resources of Australia Ltd.	$	697,957
	268,976	Paladin Energy Ltd.*		1,011,075
	12,176	Silex Systems Ltd.*		70,634
				1,779,666
		Canada—9.3%
	38,710	Cameco Corp.		1,083,823
	185,981	Denison Mines Corp.*		284,876
	322,241	Equinox Minerals Ltd.*		1,088,895
	81,361	Uex Corp.*		83,083
	257,667	Uranium One, Inc.*		734,346
				3,275,023
		France—8.9%
	4,858	Areva SA		2,568,201
	9,347	Electricite de France		524,059
	537	Sperian Protection		38,471
				3,130,731
		Germany—6.5%
	26,194	E.ON AG		1,008,325
	12,103	RWE AG		1,066,086
	5,194	SGL Carbon SE*		200,017
				2,274,428
		India—2.7%
	28,631	Larsen & Toubro Ltd. GDR		944,823
		Japan—26.2%
	521,000	Hitachi Ltd.*		1,715,179
	6,000	Hokkaido Electric Power Co., Inc.		115,400
	6,000	Hokuriku Electric Power Co.		136,876
	35,000	Japan Steel Works Ltd. (The)		395,161
	47,000	JGC Corp.		922,139
	24,800	Kansai Electric Power Co., Inc. (The)		536,165
	13,800	Kyushu Electric Power Co., Inc.		281,427
	225,000	Mitsubishi Heavy Industries Ltd.		810,318
	6,200	Shikoku Electric Power Co., Inc.		174,315
	77,900	Sumitomo Electric Industries Ltd.		968,156
	4,000	Taihei Dengyo Kaisha Ltd.		48,652
	38,600	Tokyo Electric Power Co., Inc. (The)		948,796
	172,000	Toshiba Corp.*		1,007,070
	4,000	Toshiba Plant Systems & Services Corp.		52,806
	262,000	Toyo Engineering Corp.		894,366
	23,600	Yokogawa Electric Corp.		195,537
				9,202,363
		Netherlands—0.6%
	10,629	Chicago Bridge & Iron Co. NV		199,931
		South Korea—2.5%
	16,141	Doosan Heavy Industries and Construction Co. Ltd.		887,431

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
		Switzerland—0.1%
	469	BKW FMB Energie AG	$	38,692
		United Kingdom—1.3%
	53,632	Serco Group PLC		446,884
		United States—36.6%
	11,819	AMETEK, Inc.		412,365
	5,100	Belden, Inc.		117,045
	1,859	CIRCOR International, Inc.		50,658
	6,692	Constellation Energy Group, Inc.		206,917
	43,446	Duke Energy Corp.		687,316
	27,957	Emerson Electric Co.		1,055,377
	6,618	Entergy Corp.		507,733
	22,236	Exelon Corp.		1,044,202
	5,332	Federal Signal Corp.		32,738
	10,288	FirstEnergy Corp.		445,265
	6,165	Flowserve Corp.		605,465
	17,004	Fluor Corp.		755,318
	13,866	FPL Group, Inc.		680,821
	5,715	General Cable Corp.*		177,965
	62,307	General Electric Co.		888,498
	5,890	Kirby Corp.*		199,082
	1,024	Landauer, Inc.		53,033
	25,147	McDermott International, Inc.*		559,018
	3,306	Mine Safety Appliances Co.		84,270
	5,397	MKS Instruments, Inc.*		84,409
	17,663	Parker Hannifin Corp.		935,432
	9,419	Progress Energy, Inc.		353,495
	22,434	SAIC, Inc.*		397,306
	35,376	Shaw Group, Inc. (The)*		907,748
	5,393	SPX Corp.		284,642
	2,062	Team, Inc.*		33,466
	23,771	Thermo Fisher Scientific, Inc.*		1,069,695
	61,629	USEC, Inc.*		237,888
				12,867,167
		Total Common Stocks and Other Equity Interests (Cost $38,711,719)		35,047,139
		Money Market Fund—0.1%
	14,657	Goldman Sachs Financial Square Prime Obligations Institutional Share Class (Cost $14,657)		14,657
		Total Investments (Cost $38,726,376)—99.9%		35,061,796
		Other assets less liabilities—0.1%		52,541
		Net Assets—100.0%	$	35,114,337

GDR Global Depositary Receipt

*  Non-income producing security.

See Notes to Financial Statements.

109

Schedule of Investments

PowerShares Global Progressive Transportation Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests—99.8%
		Brazil—3.0%
	23,500	Log-in Logistica Intermodal SA	$	112,036
		Canada—11.2%
	25,850	Bombardier, Inc., Class B		105,349
	1,948	Canadian National Railway Co.		93,972
	13,900	New Flyer Industries, Inc.		115,360
	10,480	Westport Innovations, Inc.*		102,494
				417,175
		Chile—3.0%
	3,000	Sociedad Quimica y Minera de Chile SA ADR		110,250
		China—4.5%
	18,500	BYD Co. Ltd., H-Shares*		169,372
		Denmark—2.6%
	14	A P Moller - Maersk A/S, Class B		95,842
		France—6.0%
	1,486	Alstom SA		103,228
	2,357	Saft Groupe SA		122,694
				225,922
		Germany—4.9%
	2,498	Hamburger Hafen und Logistik AG		97,575
	847	Vossloh AG		84,864
				182,439
		Italy—2.4%
	4,651	Ansaldo STS SpA		89,240
		Japan—10.3%
	1,400	East Japan Railway Co.		89,154
	13,000	GS Yuasa Corp.		111,347
	10,000	Kinki Sharyo Co. Ltd.		83,390
	2,700	Shimano, Inc.		102,669
				386,560
		Taiwan—6.5%
	46,400	Giant Manufacturing Co. Ltd.		120,322
	76,750	Merida Industry Co. Ltd.		123,632
				243,954
		United Kingdom—8.7%
	6,304	BG Group PLC		108,982
	16,897	FirstGroup PLC		104,367
	47,558	Stagecoach Group PLC		113,124
				326,473
		United States—36.7%
	1,133	Burlington Northern Santa Fe Corp.		85,338
	8,345	Clean Energy Fuels Corp.*		96,802
	2,213	CSX Corp.		93,344
	18,424	Ener1, Inc.*		91,936

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	3,117	Fuel Systems Solutions, Inc.*	$	102,051
	2,996	Landstar System, Inc.		105,579
	6,161	Marten Transport Ltd.*		108,064
	8,688	Maxwell Technologies, Inc.*		155,776
	2,050	Norfolk Southern Corp.		95,571
	2,954	Overseas Shipholding Group, Inc.		115,944
	2,828	Reliance Steel & Aluminum Co.		103,165
	1,572	Union Pacific Corp.		86,680
	5,479	WABCO Holdings, Inc.		129,962
				1,370,212
		Total Common Stocks and Other Equity Interests (Cost $3,294,033)		3,729,475
		Money Market Fund—0.2%
	6,930	Goldman Sachs Financial Square Prime Obligations Institutional Share Class (Cost $6,930)		6,930
		Total Investments (Cost $3,300,963)—100.0%		3,736,405
		Other assets less liabilities—0.0%		72
		Net Assets—100.0%	$	3,736,477

ADR American Depositary Receipt

*  Non-income producing security.

See Notes to Financial Statements.

110

Schedule of Investments

PowerShares Global Steel Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests—99.9%
		Australia—6.9%
	14,912	BlueScope Steel Ltd.	$	39,671
	25,410	Fortescue Metals Group Ltd.*		85,405
	8,847	Mount Gibson Iron Ltd.*		9,381
	3,368	Murchison Metals Ltd.*		4,250
	11,191	OneSteel Ltd.		30,500
	1,485	Sims Metal Management Ltd.		26,281
				195,488
		Austria—1.6%
	1,381	Voestalpine AG		47,344
		Brazil—11.6%
	6,400	Cia Siderurgica Nacional SA		213,401
	4,100	Gerdau SA		47,340
	2,500	MMX Mineracao e Metalicos SA*		16,517
	2,100	Usinas Siderurgicas de Minas Gerais SA		52,104
				329,362
		Canada—0.6%
	1,900	Consolidated Thompson Iron Mines Ltd.*		8,819
	263	Labrador Iron Ore Royalty Income Fund		9,412
				18,231
		Chile—1.1%
	1,232	CAP SA		31,976
		China—0.8%
	8,000	Angang Steel Co. Ltd., H-Shares		14,746
	14,000	Maanshan Iron & Steel Co. Ltd., H-Shares*		8,428
				23,174
		Finland—1.7%
	1,494	Outokumpu Oyj		24,768
	1,154	Rautaruukki Oyj		23,584
				48,352
		Germany—5.4%
	495	Salzgitter AG		44,615
	3,356	ThyssenKrupp AG		108,382
				152,997
		Hong Kong—0.4%
	62,000	Shougang Concord International Enterprises Co. Ltd.		10,675
		Japan—22.4%
	4,000	Daido Steel Co. Ltd.		13,538
	3,000	Hitachi Metals Ltd.		28,462
	5,000	JFE Holdings, Inc.		161,965
	26,000	Kobe Steel Ltd.*		46,986
	800	Maruichi Steel Tube Ltd.		14,846
	55,000	Nippon Steel Corp.		208,656
	1,000	Nippon Yakin Kogyo Co. Ltd.		4,825

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	8,000	Nisshin Steel Co. Ltd.	$	13,276
	40,000	Sumitomo Metal Industries Ltd.		101,622
	1,300	Tokyo Steel Manufacturing Co. Ltd.		16,932
	600	Yamato Kogyo Co. Ltd.		17,906
	2,000	Yodogawa Steel Works Ltd.		8,231
				637,245
		Luxembourg—9.0%
	6,367	ArcelorMittal		216,032
	1,649	Ternium SA ADR*		41,440
				257,472
		Russia—4.5%
	2,920	Evraz Group SA GDR*		70,749
	3,424	Mechel ADR*		58,756
				129,505
		South Africa—4.3%
	3,300	ArcelorMittal South Africa Ltd.		44,313
	2,628	Kumba Iron Ore Ltd.		78,294
				122,607
		South Korea—11.2%
	500	Dongkuk Steel Mill Co. Ltd.		10,619
	660	Hyundai Hysco		8,349
	698	Hyundai Steel Co.		44,341
	617	POSCO		255,702
				319,011
		Spain—1.5%
	2,092	Acerinox SA		41,711
		Sweden—1.1%
	1,980	SSAB AB, Class A		30,351
		Taiwan—3.9%
	108,214	China Steel Corp.		96,077
	5,000	Feng Hsin Iron & Steel Co.		7,560
	7,495	Tung Ho Steel Enterprise Corp.		7,124
				110,761
		Turkey—1.2%
	13,162	Eregli Demir ve Celik Fabrikalari TAS*		35,834
		United States—10.7%
	899	AK Steel Holding Corp.		14,267
	807	Allegheny Technologies, Inc.		24,904
	361	Carpenter Technology Corp.		7,592
	1,076	Cliffs Natural Resources, Inc.		38,273
	926	Commercial Metals Co.		13,742
	2,561	Nucor Corp.		102,056
	603	Reliance Steel & Aluminum Co.		21,998
	232	Schnitzer Steel Industries, Inc., Class A		10,032
	1,729	Steel Dynamics, Inc.		23,151

See Notes to Financial Statements.

111

Schedule of Investments (Continued)

PowerShares Global Steel Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
	1,178	United States Steel Corp.	$	40,629
	648	Worthington Industries, Inc.		7,160
				303,804
		Total Common Stocks and Other Equity Interests (Cost $2,959,888)		2,845,900
		Money Market Fund—0.0%
	464	Goldman Sachs Financial Square Prime Obligations Institutional Share Class (Cost $464)		464
		Total Investments (Cost $2,960,352)—99.9%		2,846,364
		Other assets less liabilities—0.1%		1,709
		Net Assets—100.0%	$	2,848,073

ADR American Depositary Receipt

GDR Global Depositary Receipt

*  Non-income producing security.

See Notes to Financial Statements.

112

Schedule of Investments

PowerShares Global Water Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks—99.9%
		Austria—0.8%
	437,859	Christ Water Technology AG*	$	2,138,390
		Brazil—1.7%
	249,300	Cia de Saneamento Basico Do Estado de Sao Paulo		4,857,004
		Canada—5.8%
	265,920	GLV, Inc., Class A*		2,226,697
	574,594	Stantec, Inc.*		13,948,787
				16,175,484
		Finland—7.9%
	833,659	Kemira Oyj		13,308,846
	483,506	Uponor Oyj		8,817,492
				22,126,338
		France—9.4%
	632,748	Suez Environnement SA		14,129,862
	369,560	Veolia Environnement		12,145,835
				26,275,697
		Germany—2.9%
	14,106	KSB AG		7,991,872
		Hong Kong—1.8%
	9,633,909	Guangdong Investment Ltd.		5,096,484
		Italy—1.5%
	362,126	ACEA SpA		4,258,364
		Japan—12.2%
	1,888,000	Ebara Corp.*		8,488,909
	405,700	Kurita Water Industries Ltd.		12,683,727
	1,810,000	Organo Corp.		13,117,101
				34,289,737
		Malaysia—1.7%
	5,215,500	Puncak Niaga Holding Bhd		4,890,725
		Netherlands—5.6%
	776,070	Arcadis NV		15,618,523
		Singapore—5.2%
	6,678,000	Hyflux Ltd.		14,706,832
		Spain—1.8%
	170,639	Sociedad General de Aguas de Barcelona SA, Class A		4,962,376
		Switzerland—3.3%
	56,241	Geberit AG		9,345,588

Number of Shares			Value
		Common Stocks (Continued)
		United Kingdom—8.2%
	2,526,764	Halma PLC	$	9,492,020
	551,009	Severn Trent PLC		8,642,056
	659,754	United Utilities Group PLC		4,790,464
				22,924,540
		United States—30.1%
	241,847	American Water Works Co., Inc.		4,587,838
	283,109	Aqua America, Inc.		4,374,034
	127,847	Danaher Corp.		8,723,001
	134,799	Itron, Inc.*		8,093,332
	165,555	ITT Corp.		8,393,638
	717,316	Nalco Holding Co.		15,171,233
	287,361	Pentair, Inc.		8,362,205
	558,348	Tetra Tech, Inc.*		14,366,294
	170,528	Valmont Industries, Inc.		12,324,059
				84,395,634
		Total Common Stocks (Cost $278,510,591)		280,053,588
		Money Market Fund—0.0%
	29,949	Goldman Sachs Financial Square Prime Obligations Institutional Share Class (Cost $29,949)		29,949
		Total Investments (Cost $278,540,540)—99.9%		280,083,537
		Other assets less liabilities—0.1%		340,270
		Net Assets—100.0%	$	280,423,807

*  Non-income producing security.

See Notes to Financial Statements.

113

Schedule of Investments

PowerShares Global Wind Energy Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests—99.4%
		Australia—4.1%
	1,359,529	Infigen Energy	$	1,768,998
		Belgium—4.1%
	847,990	Hansen Transmissions International NV*		1,789,165
		Bermuda—2.7%
	10,110,000	China WindPower Group Ltd.*		1,160,982
		China—4.0%
	845,000	China High Speed Transmission Equipment Group Co. Ltd.		1,722,654
		Denmark—11.5%
	79,646	Greentech Energy Systems A/S*		399,485
	64,950	Vestas Wind Systems A/S*		4,616,200
				5,015,685
		France—6.0%
	41,538	EDF Energies Nouvelles SA		2,229,631
	65,203	Theolia SA*		373,271
				2,602,902
		Germany—11.8%
	16,522	E.ON AG		636,006
	101,812	Nordex AG*		1,665,924
	75,117	Pne Wind AG*		196,172
	12,501	REpower Systems AG*		1,928,384
	8,065	Siemens AG		731,463
				5,157,949
		Greece—4.0%
	180,888	Terna Energy SA		1,734,794
		Italy—1.3%
	97,956	Enel SpA		586,066
		Japan—2.7%
	205	Japan Wind Development Co. Ltd.		813,025
	34,000	Mitsubishi Heavy Industries Ltd.		122,448
	951	Mitsui & Co. Ltd. ADR*		248,506
				1,183,979
		Spain—32.8%
	662	Acciona SA		81,168
	469,706	EDP Renovaveis SA*		4,698,730
	11,029	Endesa SA		369,228
	231,632	Fersa Energias Renovables SA		690,358
	212,859	Gamesa Corp. Tecnologica SA		3,919,506
	1,015,739	Iberdrola Renovables SA		4,540,979
				14,299,969

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
		Switzerland—2.0%
	24,126	ABB Ltd. ADR	$	447,055
	774	Gurit Holding AG		428,845
				875,900
		United Kingdom—2.1%
	53,310	Centrica PLC		218,190
	215,172	Clipper Windpower PLC*		611,821
	15,849	International Power PLC		66,357
				896,368
		United States—10.3%
	6,945	AES Corp. (The)*		90,771
	57,746	American Superconductor Corp.*		1,935,646
	159,732	Broadwind Energy, Inc.*		932,835
	4,279	FPL Group, Inc.		210,099
	50,336	General Electric Co.		717,791
	4,747	Xcel Energy, Inc.		89,528
	56,924	Zoltek Cos., Inc.*		507,193
				4,483,863
		Total Common Stocks and Other Equity Interests (Cost $39,057,259)		43,279,274
		Money Market Fund—1.3%
	585,601	Goldman Sachs Financial Square Prime Obligations Institutional Share Class (Cost $585,601)		585,601
		Total Investments (Cost $39,642,860)—100.7%		43,864,875
		Liabilities in excess of other assets—(0.7%)		(306,710	)
		Net Assets—100.0%	$	43,558,165

ADR American Depositary Receipt

*  Non-income producing security.

See Notes to Financial Statements.

114

Schedule of Investments

PowerShares MENA Frontier Countries Portfolio

October 31, 2009

Number of Shares			Value
		Common Stocks and Other Equity Interests—99.6%
		Bahrain—2.2%
	711,868	Ahli United Bank	$	383,886
		Egypt—20.9%
	63,128	Commercial International Bank		650,352
	6,252	Egyptian Co. For Mobile Services		238,955
	63,075	Egyptian Financial Group-Hermes Holding SAE		366,200
	120,441	Egyptian Kuwaiti Holding Co.		284,091
	9,609	ElSwedy Cables Holding Co.		126,979
	21,308	Maridive & Oil Services SAE		92,342
	18,597	Orascom Construction Industries		878,974
	96,521	Orascom Telecom Holding SAE		643,361
	39,986	Sidi Kerir Petrochemcials Co.		84,724
	73,685	Telecom Egypt		237,935
				3,603,913
		Jordan—13.3%
	91,800	Arab Bank PLC		1,728,864
	29,532	Jordan Petroleum Refinery Co.		303,948
	10,886	Jordan Phosphate Mines		265,379
				2,298,191
		Kuwait—17.4%
	61,000	Agility DGS*		246,534
	50,000	Boubyan Bank KSC*		90,893
	59,000	Commercial Bank of Kuwait		204,195
	90,000	Gulf Bank KSC*		102,255
	13,500	Gulf Cable & Electrical Industries Co.		87,202
	106,580	Kuwait Finance House		439,659
	50,000	Kuwait Projects Co. Holding		84,775
	252,000	Mobile Telecommunications Co. KSC		1,021,919
	136,500	National Bank of Kuwait		571,821
	112,500	National Industries Group Holding*		147,390
				2,996,643
		Lebanon—4.8%
	31,600	Solidere GDR, S Shares		830,311
		Morocco—9.4%
	1,612	Alliances Developpement Immobilier SA		146,194
	34,277	Douja Promotion Groupe Addoha SA		506,678
	52,797	Maroc Telecom		971,785
				1,624,657
		Oman—6.1%
	166,835	Bank Muscat SAOG		390,705
	219,467	Bank Sohar*		122,738
	37,932	Galfar Engineering & Contracting SAOG		63,071
	71,122	Oman Telecommunications Co.		242,066
	29,606	Raysut Cement Co. SAOG		117,660
	62,418	Renaissance Services SAOG		110,244
				1,046,484

Number of Shares			Value
		Common Stocks and Other Equity Interests (Continued)
		Qatar—3.4%
	20,744	Barwa Real Estate Co.*	$	193,847
	116,166	Masraf Al Rayan		394,979
				588,826
		United Arab Emirates—22.1%
	1,322,482	Air Arabia		401,337
	269,469	Arabtec Holding Co.		235,536
	1,829,538	DP World Ltd.		901,419
	732,385	Dubai Financial Market		465,230
	254,567	Dubai Islamic Bank		204,518
	1,343,619	Emaar Properties PJSC*		1,595,359
				3,803,399
		Total Common Stocks and Other Equity Interests (Cost $17,030,692)		17,176,310

Principal Amount		Interest Rate			Maturity Date
	Convertible Bond—0.0%
	Oman—0.0%
$3,199	Bank Muscat (Cost $8,310)		7.0	%	03/20/2014	7,768

Number of Shares
		Money Market Fund—0.2%
	37,575	Goldman Sachs Financial Square Prime Obligations Institutional Share Class (Cost $37,575)		37,575
		Total Investments (Cost $17,076,577)—99.8%		17,221,653
		Other assets less liabilities—0.2%		31,322
		Net Assets—100.0%	$	17,252,975

GDR Global Depositary Receipt

*  Non-income producing security.

See Notes to Financial Statements.

115

Statements of Assets and Liabilities

October 31, 2009

	PowerShares DWA Developed Markets Technical Leaders Portfolio			PowerShares DWA Emerging Markets Technical Leaders Portfolio			PowerShares Dynamic Developed International Opportunities Portfolio			PowerShares Emerging Markets Infrastructure Portfolio			PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio			PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio
ASSETS:
Unaffiliated investments at value	$	22,714,435		$	28,730,754		$	59,199,995		$	100,743,991		$	38,707,476		$	138,518,899
Cash		—			—			213,921			—			—			3,761
Foreign currency, at value		2,793			—			7,380			255,190			3,514			5,113
Receivables:
Foreign tax reclaims		89,538			—			79,574			6,258			—			82,164
Dividends and interest		14,789			30,553			51,889			156,821			6,681			152,162
Investments sold		—			552,857			—			2,891,119			—			99,416
Shares sold		—			—			—			3,983,177			—			—
Unitary management fee waiver due from Adviser		—			—			—			—			—			—
Total Assets		22,821,555			29,314,164			59,552,759			108,036,556			38,717,671			138,861,515
LIABILITIES:
Due to custodian		—			—			—			147,284			—			—
Due to foreign custodian		—			10,200			—			—			—			—
Unrealized depreciation – foreign currency contracts		22			—			53			38			—			496
Payables:
Investments purchased		—			13,976			—			4,042,775			—			65,538
Shares repurchased		—			665,178			—			—			—			—
Accrued unitary management fees		16,335			22,134			38,692			60,457			27,268			90,212
Total Liabilities		16,357			711,488			38,745			4,250,554			27,268			156,246
NET ASSETS	$	22,805,198		$	28,602,676		$	59,514,014		$	103,786,002		$	38,690,403		$	138,705,269
NET ASSETS CONSIST OF:
Shares of beneficial interest	$	43,719,731		$	45,860,408		$	96,920,916		$	90,655,825		$	40,258,859		$	142,782,722
Undistributed net investment income (loss)		272,704			(675	)		529,380			456,677			66,390			1,195,083
Accumulated net realized gain (loss) – investments and foreign currency related transactions		(23,955,587	)		(20,724,798	)		(44,651,838	)		(193,060	)		(5,876,134	)		(19,529,484	)
Net unrealized appreciation (depreciation) – investments and translation of assets and liabilities denominated in foreign currencies		2,768,350			3,467,741			6,715,556			12,866,560			4,241,288			14,256,948
Net Assets	$	22,805,198		$	28,602,676		$	59,514,014		$	103,786,002		$	38,690,403		$	138,705,269
Shares outstanding (unlimited amount authorized, $0.01 par value)		1,300,000			2,150,000			3,800,000			2,600,000			850,000			3,700,000
Net asset value	$	17.54		$	13.30		$	15.66		$	39.92		$	45.52		$	37.49
Share price	$	17.18		$	13.17		$	15.44		$	40.10		$	45.28		$	37.13
Unaffiliated investments at cost	$	19,947,705		$	25,262,782		$	52,488,006		$	87,877,229		$	34,466,188		$	124,265,318
Foreign currency, at cost	$	2,795		$	(10,174	)	$	7,380		$	255,196		$	3,514		$	5,112

See Notes to Financial Statements.

116

	PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio			PowerShares FTSE RAFI Emerging Markets Portfolio			PowerShares FTSE RAFI Europe Portfolio			PowerShares FTSE RAFI Japan Portfolio			PowerShares Global Agriculture Portfolio
ASSETS:
Unaffiliated investments at value	$	31,451,342		$	174,764,267		$	12,375,624		$	7,097,189		$	24,357,914
Cash		—			70,953			272			—			—
Foreign currency, at value		30,330			202,255			96						—
Receivables:
Foreign tax reclaims		3,491			—			6,499			—			8,966
Dividends and interest		50,654			208,287			4,235			42,584			4,547
Investments sold		1,991			—			10,753			—			297,078
Shares sold		2,101,826			—			—			—			—
Unitary management fee waiver due from Adviser		—			—			—			—			—
Total Assets		33,639,634			175,245,762			12,397,479			7,139,773			24,668,505
LIABILITIES:
Due to custodian		31,663			—			—			—			—
Due to foreign custodian		—			—			—			38			79
Unrealized depreciation – foreign currency contracts		25			—			48			5			—
Payables:
Investments purchased		2,099,600			—			7,561			—			—
Shares repurchased		—			—			—			—			—
Accrued unitary management fees		18,346			132,292			8,113			4,667			16,223
Total Liabilities		2,149,634			132,292			15,722			4,710			16,302
NET ASSETS	$	31,490,000		$	175,113,470		$	12,381,757		$	7,135,063		$	24,652,203
NET ASSETS CONSIST OF:
Shares of beneficial interest	$	33,953,256		$	176,722,842		$	15,361,199		$	9,671,027		$	23,196,967
Undistributed net investment income (loss)		83,199			698,761			10,557			26,772			93,393
Accumulated net realized gain (loss) – investments and foreign currency related transactions		(4,489,332	)		(35,445,763	)		(1,689,040	)		(1,713,176	)		(716,788	)
Net unrealized appreciation (depreciation) – investments and translation of assets and liabilities denominated in foreign currencies		1,942,877			33,137,630			(1,300,959	)		(849,560	)		2,078,631
Net Assets	$	31,490,000		$	175,113,470		$	12,381,757		$	7,135,063		$	24,652,203
Shares outstanding (unlimited amount authorized, $0.01 par value)		1,500,000			8,500,000			350,000			200,000			1,050,000
Net asset value	$	20.99		$	20.60		$	35.38		$	35.68		$	23.48
Share price	$	20.79		$	20.57		$	35.01		$	35.71		$	23.27
Unaffiliated investments at cost	$	29,508,881		$	141,627,754		$	13,676,759		$	7,946,536		$	22,279,895
Foreign currency, at cost	$	30,108		$	201,166		$	96		$	(39	)	$	(80	)

117

Statements of Assets and Liabilities (Continued)

October 31, 2009

	PowerShares Global Biotech Portfolio			PowerShares Global Clean Energy Portfolio			PowerShares Global Coal Portfolio			PowerShares Global Gold and Precious Metals Portfolio			PowerShares Global Nuclear Energy Portfolio
ASSETS:
Unaffiliated investments at value	$	3,199,647		$	185,995,503		$	11,052,164		$	27,332,139		$	35,061,796
Cash		—			—			—			—			—
Foreign currency, at value		7						9,431			32			22
Receivables:
Foreign tax reclaims		—			65,368			—			—			25,164
Dividends and interest		—			36,573			67,241			8,812			50,659
Investments sold		22,365			—			—			634			—
Shares sold		—			—			—			—			—
Unitary management fee waiver due from Adviser		—			—			—			—			—
Total Assets		3,222,019			186,097,444			11,128,836			27,341,617			35,137,641
LIABILITIES:
Due to custodian		—			—			—			—			—
Due to foreign custodian		—			80			—			—			—
Unrealized depreciation – foreign currency contracts		37			—			77			—			—
Payables:
Investments purchased		—			—			—			—			—
Shares repurchased		—			—			—			—			—
Accrued unitary management fees		2,194			124,665			7,406			16,923			23,304
Total Liabilities		2,231			124,745			7,483			16,923			23,304
NET ASSETS	$	3,219,788		$	185,972,699		$	11,121,353		$	27,324,694		$	35,114,337
NET ASSETS CONSIST OF:
Shares of beneficial interest	$	3,750,205		$	303,097,473		$	8,880,880		$	26,416,985		$	50,752,402
Undistributed net investment income (loss)		—			79,461			95,743			53,590			218,099
Accumulated net realized gain (loss) – investments and foreign currency related transactions		(73,547	)		(116,517,393	)		(419,290	)		(206,569	)		(12,192,619	)
Net unrealized appreciation (depreciation) – investments and translation of assets and liabilities denominated in foreign currencies		(456,870	)		(686,842	)		2,564,020			1,060,688			(3,663,545	)
Net Assets	$	3,219,788		$	185,972,699		$	11,121,353		$	27,324,694		$	35,114,337
Shares outstanding (unlimited amount authorized, $0.01 par value)		150,000			11,975,000			450,000			800,000			1,900,000
Net asset value	$	21.47		$	15.53		$	24.71		$	34.16		$	18.48
Share price	$	21.62		$	15.39		$	24.48		$	34.31		$	18.29
Unaffiliated investments at cost	$	3,656,480		$	186,685,500		$	8,486,643		$	26,271,428		$	38,726,376
Foreign currency, at cost	$	6		$	(77	)	$	9,431		$	32		$	21

See Notes to Financial Statements.

118

	PowerShares Global Progressive Transportation Portfolio			PowerShares Global Steel Portfolio			PowerShares Global Water Portfolio			PowerShares Global Wind Energy Portfolio			PowerShares MENA Frontier Countries Portfolio
ASSETS:
Unaffiliated investments at value	$	3,736,405		$	2,846,364		$	280,083,537		$	43,864,875		$	17,221,653
Cash		—			—			92,457			—			—
Foreign currency, at value		—			—			105,313			80,079			152,009
Receivables:
Foreign tax reclaims		950			710			206,234			15,106			—
Dividends and interest		2,514			3,079			245,389			3,864			53
Investments sold		—			—			576			564,725			177,826
Shares sold		—			—			—			—			—
Unitary management fee waiver due from Adviser		—			—			—			—			3,805
Total Assets		3,739,869			2,850,153			280,733,506			44,528,649			17,555,346
LIABILITIES:
Due to custodian		788			—			—			—			—
Due to foreign custodian		53			137			—			—			—
Unrealized depreciation – foreign currency contracts		3			—			2			11			—
Payables:
Investments purchased		—			—			130,496			941,653			287,910
Shares repurchased		—			—			—			—			—
Accrued unitary management fees		2,548			1,943			179,201			28,820			14,461
Total Liabilities		3,392			2,080			309,699			970,484			302,371
NET ASSETS	$	3,736,477		$	2,848,073		$	280,423,807		$	43,558,165		$	17,252,975
NET ASSETS CONSIST OF:
Shares of beneficial interest	$	3,723,525		$	3,272,797		$	401,992,371		$	49,246,706		$	33,619,443
Undistributed net investment income (loss)		24,945			27,126			2,520,305			11			143,674
Accumulated net realized gain (loss) – investments and foreign currency related transactions		(447,439	)		(337,926	)		(125,639,859	)		(9,907,341	)		(16,655,242	)
Net unrealized appreciation (depreciation) – investments and translation of assets and liabilities denominated in foreign currencies		435,446			(113,924	)		1,550,990			4,218,789			145,100
Net Assets	$	3,736,477		$	2,848,073		$	280,423,807		$	43,558,165		$	17,252,975
Shares outstanding (unlimited amount authorized, $0.01 par value)		150,000			150,000			16,350,000			2,800,000			1,200,000
Net asset value	$	24.91		$	18.99		$	17.15		$	15.56		$	14.38
Share price	$	24.88		$	19.04		$	17.03		$	15.41		$	14.10
Unaffiliated investments at cost	$	3,300,963		$	2,960,352		$	278,540,540		$	39,642,860		$	17,076,577
Foreign currency, at cost	$	(54	)	$	(137	)	$	105,505		$	77,162		$	152,011

119

Statements of Operations

Year Ended October 31, 2009

	PowerShares DWA Developed Markets Technical Leaders Portfolio			PowerShares DWA Emerging Markets Technical Leaders Portfolio			PowerShares Dynamic Developed International Opportunities Portfolio			PowerShares Emerging Markets Infrastructure Portfolio			PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio			PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio
INVESTMENT INCOME:
Unaffiliated dividend income	$	576,293		$	313,431		$	1,685,965		$	873,076		$	895,594		$	3,169,735
Foreign withholding tax		(37,503	)		(19,372	)		(171,445	)		(77,624	)		(18,050	)		(296,206	)
Total Income		538,790			294,059			1,514,520			795,452			877,544			2,873,529
EXPENSES:
Unitary management fees		169,271			156,881			350,131			248,286			161,648			729,122
Other expenses		—			—			—			—			—			—
Total Expenses		169,271			156,881			350,131			248,286			161,648			729,122
Unitary management fee waivers		—			—			—			—			—			—
Net Expenses		169,271			156,881			350,131			248,286			161,648			729,122
Net Investment Income (Loss)		369,519			137,178			1,164,389			547,166			715,896			2,144,407
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from:
Investments		(6,833,562	)		(4,976,475	)		(25,160,853	)		(182,451	)		(5,872,800	)		(16,708,373	)
In-kind redemptions		2,520,557			1,958,154			4,016,706			5,397,288			57,082			—
Foreign currency related transactions		(42,136	)		(140,917	)		(277,440	)		(81,005	)		(13,837	)		(191,499	)
Net realized gain (loss)		(4,355,141	)		(3,159,238	)		(21,421,587	)		5,133,832			(5,829,555	)		(16,899,872	)
Net change in unrealized appreciation (depreciation) –
Investments		8,832,069			9,530,688			35,428,636			13,090,140			15,900,863			51,556,829
Translation of assets and liabilities denominated in foreign currencies		3,554			22,123			46,123			(304	)		27			10,293
Net realized and unrealized gain (loss) – investments		4,480,482			6,393,573			14,053,172			18,223,668			10,071,335			34,667,250
Net increase (decrease) in net assets resulting from operations	$	4,850,001		$	6,530,751		$	15,217,561		$	18,770,834		$	10,787,231		$	36,811,657

See Notes to Financial Statements.

120

	PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio			PowerShares FTSE RAFI Emerging Markets Portfolio			PowerShares FTSE RAFI Europe Portfolio			PowerShares FTSE RAFI Japan Portfolio			PowerShares Global Agriculture Portfolio
INVESTMENT INCOME:
Unaffiliated dividend income	$	473,657		$	2,770,408		$	205,850		$	112,723		$	231,999
Foreign withholding tax		(41,319	)		(276,736	)		(22,122	)		(7,895	)		(21,844	)
Total Income		432,338			2,493,672			183,728			104,828			210,155
EXPENSES:
Unitary management fees		130,134			893,683			48,057			50,540			102,151
Other expenses		—			—			—			—			—
Total Expenses		130,134			893,683			48,057			50,540			102,151
Unitary management fee waivers		—			—			—			—			—
Net Expenses		130,134			893,683			48,057			50,540			102,151
Net Investment Income (Loss)		302,204			1,599,989			135,671			54,288			108,004
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from:
Investments		(3,299,084	)		(25,974,037	)		(1,318,616	)		(1,286,829	)		(794,255	)
In-kind redemptions		—			—			—			—			763,001
Foreign currency related transactions		(79,314	)		(61,956	)		(13,297	)		4,779			(12,770	)
Net realized gain (loss)		(3,378,398	)		(26,035,993	)		(1,331,913	)		(1,282,050	)		(44,024	)
Net change in unrealized appreciation (depreciation) –
Investments		11,284,843			74,793,672			3,267,963			1,901,460			2,945,412
Translation of assets and liabilities denominated in foreign currencies		11,938			7,999			9,501			(5,670	)		(5,937	)
Net realized and unrealized gain (loss) – investments		7,918,383			48,765,678			1,945,551			613,740			2,895,451
Net increase (decrease) in net assets resulting from operations	$	8,220,587		$	50,365,667		$	2,081,222		$	668,028		$	3,003,455

121

Statements of Operations (Continued)

Year Ended October 31, 2009

	PowerShares Global Biotech Portfolio			PowerShares Global Clean Energy Portfolio			PowerShares Global Coal Portfolio			PowerShares Global Gold and Precious Metals Portfolio			PowerShares Global Nuclear Energy Portfolio
INVESTMENT INCOME:
Unaffiliated dividend income	$	6,204		$	1,602,376		$	171,245		$	111,072		$	553,953
Foreign withholding tax		(298	)		(184,885	)		(8,204	)		(3,990	)		(35,141	)
Total Income		5,906			1,417,491			163,041			107,082			518,812
EXPENSES:
Unitary management fees		16,987			1,085,529			40,136			97,115			218,261
Other expenses		—			—			—			—			—
Total Expenses		16,987			1,085,529			40,136			97,115			218,261
Unitary management fee waivers		—			—			—			—			—
Net Expenses		16,987			1,085,529			40,136			97,115			218,261
Net Investment Income (Loss)		(11,081	)		331,962			122,905			9,967			300,551
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from:
Investments		(72,606	)		(75,343,147	)		(444,827	)		(290,504	)		(11,421,597	)
In-kind redemptions		—			—			368,161			2,485,889			(27,549	)
Foreign currency related transactions		(1,969	)		(145,699	)		(6,554	)		41,582			(40,651	)
Net realized gain (loss)		(74,575	)		(75,488,846	)		(83,220	)		2,236,967			(11,489,797	)
Net change in unrealized appreciation (depreciation) –
Investments		(84,099	)		111,770,761			3,589,736			1,899,343			19,124,635
Translation of assets and liabilities denominated in foreign currencies		747			4,995			(1,448	)		(15,426	)		(3,589	)
Net realized and unrealized gain (loss) – investments		(157,927	)		36,286,910			3,505,068			4,120,884			7,631,249
Net increase (decrease) in net assets resulting from operations	$	(169,008	)	$	36,618,872		$	3,627,973		$	4,130,851		$	7,931,800

See Notes to Financial Statements.

122

	PowerShares Global Progressive Transportion Portfolio			PowerShares Global Steel Portfolio			PowerShares Global Water Portfolio			PowerShares Global Wind Energy Portfolio			PowerShares MENA Frontier Countries Portfolio
INVESTMENT INCOME:
Unaffiliated dividend income	$	51,009		$	45,716		$	5,849,476		$	325,156		$	451,370
Foreign withholding tax		(6,220	)		(4,743	)		(563,342	)		(35,441	)		(18,175	)
Total Income		44,789			40,973			5,286,134			289,715			433,195
EXPENSES:
Unitary management fees		16,918			13,949			1,543,687			235,566			135,929
Other expenses		33			—			—			—			—
Total Expenses		16,951			13,949			1,543,687			235,566			135,929
Unitary management fee waivers		—			—			—			—			(35,771	)
Net Expenses		16,951			13,949			1,543,687			235,566			100,158
Net Investment Income (Loss)		27,838			27,024			3,742,447			54,149			333,037
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from:
Investments		(427,500	)		(127,034	)		(51,306,302	)		(8,192,856	)		(13,100,855	)
In-kind redemptions		—			—			(5,911,464	)		2,873,608			—
Foreign currency related transactions		(1,210	)		102			(255,672	)		(142,824	)		(189,363	)
Net realized gain (loss)		(428,710	)		(126,932	)		(57,473,438	)		(5,462,072	)		(13,290,218	)
Net change in unrealized appreciation (depreciation) –
Investments		1,074,801			809,505			125,749,253			17,448,261			11,030,228
Translation of assets and liabilities denominated in foreign currencies		260			1,553			42,369			(6,510	)		77,737
Net realized and unrealized gain (loss) – investments		646,351			684,126			68,318,184			11,979,679			(2,182,253	)
Net increase (decrease) in net assets resulting from operations	$	674,189		$	711,150		$	72,060,631		$	12,033,828		$	(1,849,216	)

123

Statements of Changes in Net Assets

	PowerShares DWA Developed Markets Technical Leaders Portfolio						PowerShares DWA Emerging Markets Technical Leaders Portfolio						PowerShares Dynamic Developed International Opportunities Portfolio
	Year Ended October 31, 2009			For the Period December 27, 2007* Through October 31, 2008			Year Ended October 31, 2009			For the Period December 27, 2007* Through October 31, 2008			Year Ended October 31, 2009			Year Ended October 31, 2008
OPERATIONS:
Net investment income (loss)	$	369,519		$	743,954		$	137,178		$	565,591		$	1,164,389		$	1,798,372
Net realized gain (loss) – investments and foreign currency related transactions		(4,355,141	)		(19,097,537	)		(3,159,238	)		(18,072,939	)		(21,421,587	)		(24,149,186	)
Net change in unrealized appreciation (depreciation) – investments and translation of assets and liablilities denominated in foreign currencies		8,835,623			(6,067,273	)		9,552,811			(6,085,070	)		35,474,759			(31,554,263	)
Net increase (decrease) in net assets resulting from operations		4,850,001			(24,420,856	)		6,530,751			(23,592,418	)		15,217,561			(53,905,077	)
Undistributed net investment income (loss) included in the price of units issued and redeemed		19,791			174,505			(85,980	)		(157,384	)		(1,849	)		339,800
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(29,790	)		(399,206	)		—			—			(498,523	)		(1,535,075	)
Return of capital		—			(318,108	)		—			(126,780	)		—			(289,593	)
Total distributions to shareholders		(29,790	)		(717,314	)		—			(126,780	)		(498,523	)		(1,824,668	)
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold		11,939,226			61,998,682			16,496,366			46,221,306			36,356,156			49,656,388
Value of shares repurchased		(17,876,023	)		(12,938,728	)		(7,362,538	)		(9,564,011	)		(37,977,062	)		(3,986,631	)
Transaction fee		—			—			—			—			—			—
Net income equalization		(19,791	)		(174,505	)		85,980			157,384			1,849			(339,800	)
Net increase (decrease) in net assets resulting from shares transactions		(5,956,588	)		48,885,449			9,219,808			36,814,679			(1,619,057	)		45,329,957
Increase (Decrease) in Net Assets		(1,116,586	)		23,921,784			15,664,579			12,938,097			13,098,132			(10,059,988	)
NET ASSETS:
Beginning of period		23,921,784			—			12,938,097			—			46,415,882			56,475,870
End of period	$	22,805,198		$	23,921,784		$	28,602,676		$	12,938,097		$	59,514,014		$	46,415,882
Undistributed net investment income (loss) at end of period	$	272,704		$	(45,087	)	$	(675	)	$	37		$	529,380		$	(144	)
CHANGES IN SHARES OUTSTANDING:
Shares sold		700,000			2,600,000			1,350,000			2,000,000			2,700,000			2,200,000
Shares repurchased		(1,200,000	)		(800,000	)		(600,000	)		(600,000	)		(3,000,000	)		(200,400	)
Shares outstanding, beginning of period		1,800,000			—			1,400,000			—			4,100,000			2,100,400
Shares outstanding, end of period		1,300,000			1,800,000			2,150,000			1,400,000			3,800,000			4,100,000

*  Commencement of Investment Operations.

See Notes to Financial Statements.

124

	PowerShares Emerging Markets Infrastructure Portfolio						PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio						PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio
	Year Ended October 31, 2009			For the Period October 15, 2008* Through October 31, 2008			Year Ended October 31, 2009			Year Ended October 31, 2008			Year Ended October 31, 2009			Year Ended October 31, 2008
OPERATIONS:
Net investment income (loss)	$	547,166		$	5,698		$	715,896		$	837,857		$	2,144,407		$	2,088,023
Net realized gain (loss) – investments and foreign currency related transactions		5,133,832			(26,204	)		(5,829,555	)		(503,704	)		(16,899,872	)		(5,877,793	)
Net change in unrealized appreciation (depreciation) – investments and translation of assets and liablilities denominated in foreign currencies		13,089,836			(223,276	)		15,900,890			(14,260,036	)		51,567,122			(39,109,696	)
Net increase (decrease) in net assets resulting from operations		18,770,834			(243,782	)		10,787,231			(13,925,883	)		36,811,657			(42,899,466	)
Undistributed net investment income (loss) included in the price of units issued and redeemed		413,673			—			132,976			74,802			1,242,272			421,267
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(19,286	)		—			(638,687	)		(820,088	)		(1,911,462	)		(903,504	)
Return of capital		—			—			—			(68,892	)		—			—
Total distributions to shareholders		(19,286	)		—			(638,687	)		(888,980	)		(1,911,462	)		(903,504	)
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold		96,430,376			2,264,002			17,355,909			27,030,123			45,296,198			79,122,596
Value of shares repurchased		(13,416,142	)		—			(3,226,396	)		(10,435,508	)		—			(8,650,620	)
Transaction fee		—			—			—			—			—			—
Net income equalization		(413,673	)		—			(132,976	)		(74,802	)		(1,242,272	)		(421,267	)
Net increase (decrease) in net assets resulting from shares transactions		82,600,561			2,264,002			13,996,537			16,519,813			44,053,926			70,050,709
Increase (Decrease) in Net Assets		101,765,782			2,020,220			24,278,057			1,779,752			80,196,393			26,669,006
NET ASSETS:
Beginning of period		2,020,220			—			14,412,346			12,632,594			58,508,876			31,839,870
End of period	$	103,786,002		$	2,020,220		$	38,690,403		$	14,412,346		$	138,705,269		$	58,508,876
Undistributed net investment income (loss) at end of period	$	456,677		$	6,762		$	66,390		$	—		$	1,195,083		$	1,150,984
CHANGES IN SHARES OUTSTANDING:
Shares sold		2,850,000			100,000			450,000			500,000			1,600,000			1,800,000
Shares repurchased		(350,000	)		—			(100,000	)		(200,200	)		—			(300,200	)
Shares outstanding, beginning of period		100,000			—			500,000			200,200			2,100,000			600,200
Shares outstanding, end of period		2,600,000			100,000			850,000			500,000			3,700,000			2,100,000

125

Statements of Changes in Net Assets (Continued)

	PowerShares FTSE RAFI Developed Markets ex-U.S. Small-Mid Portfolio						PowerShares FTSE RAFI Emerging Markets Portfolio						PowerShares FTSE RAFI Europe Portfolio
	Year Ended October 31, 2009			Year Ended October 31, 2008			Year Ended October 31, 2009			Year Ended October 31, 2008			Year Ended October 31, 2009			Year Ended October 31, 2008
OPERATIONS:
Net investment income (loss)	$	302,204		$	325,758		$	1,599,989		$	1,568,123		$	135,671		$	271,428
Net realized gain (loss) – investments and foreign currency related transactions		(3,378,398	)		(2,195,392	)		(26,035,993	)		(9,868,073	)		(1,331,913	)		(345,740	)
Net change in unrealized appreciation (depreciation) – investments and translation of assets and liablilities denominated in foreign currencies		11,296,781			(9,702,780	)		74,801,671			(42,659,749	)		3,277,464			(4,892,254	)
Net increase (decrease) in net assets resulting from operations		8,220,587			(11,572,414	)		50,365,667			(50,959,699	)		2,081,222			(4,966,566	)
Undistributed net investment income (loss) included in the price of units issued and redeemed		57,796			76,395			(86,994	)		(180,922	)		25,437			22,874
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(176,533	)		(275,980	)		(1,670,394	)		(743,342	)		(111,776	)		(280,945	)
Return of capital		—			—			—			—			—			(4,427	)
Total distributions to shareholders		(176,533	)		(275,980	)		(1,670,394	)		(743,342	)		(111,776	)		(285,372	)
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold		9,910,408			22,842,324			69,909,482			92,959,347			5,212,022			10,048,050
Value of shares repurchased		—			(2,752,256	)		—			(12,689,824	)		—			(5,041,425	)
Transaction fee		—			—			—			—			—			—
Net income equalization		(57,796	)		(76,395	)		86,994			180,922			(25,437	)		(22,874	)
Net increase (decrease) in net assets resulting from shares transactions		9,852,612			20,013,673			69,996,476			80,450,445			5,186,585			4,983,751
Increase (Decrease) in Net Assets		17,954,462			8,241,674			118,604,755			28,566,482			7,181,468			(245,313	)
NET ASSETS:
Beginning of period		13,535,538			5,293,864			56,508,715			27,942,233			5,200,289			5,445,602
End of period	$	31,490,000		$	13,535,538		$	175,113,470		$	56,508,715		$	12,381,757		$	5,200,289
Undistributed net investment income (loss) at end of period	$	83,199		$	19,149		$	698,761		$	771,309		$	10,557		$	(41	)
CHANGES IN SHARES OUTSTANDING:
Shares sold		500,000			1,000,000			4,300,000			3,800,000			150,000			200,000
Shares repurchased		—			(200,000	)		—			(600,000	)		—			(100,400	)
Shares outstanding, beginning of period		1,000,000			200,000			4,200,000			1,000,000			200,000			100,400
Shares outstanding, end of period		1,500,000			1,000,000			8,500,000			4,200,000			350,000			200,000

*  Commencement of Investment Operations.

See Notes to Financial Statements.

126

	PowerShares FTSE RAFI Japan Portfolio						PowerShares Global Agriculture Portfolio
	Year Ended October 31, 2009			Year Ended October 31, 2008			Year Ended October 31, 2009			For the Period September 16, 2008* Through October 31, 2008
OPERATIONS:
Net investment income (loss)	$	54,288		$	107,274		$	108,004		$	300
Net realized gain (loss) – investments and foreign currency related transactions		(1,282,050	)		(513,304	)		(44,024	)		(12,852	)
Net change in unrealized appreciation (depreciation) – investments and translation of assets and liablilities denominated in foreign currencies		1,895,790			(2,672,130	)		2,939,475			(860,844	)
Net increase (decrease) in net assets resulting from operations		668,028			(3,078,160	)		3,003,455			(873,396	)
Undistributed net investment income (loss) included in the price of units issued and redeemed		—			(32,952	)		131,790			—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(88,718	)		(90,287	)		(1,844	)		—
Return of capital		—			—			—			—
Total distributions to shareholders		(88,718	)		(90,287	)		(1,844	)		—
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold		—			9,215,096			23,233,651			2,533,582
Value of shares repurchased		—			(4,466,133	)		(3,243,245	)		—
Transaction fee		—			—			—			—
Net income equalization		—			32,952			(131,790	)		—
Net increase (decrease) in net assets resulting from shares transactions		—			4,781,915			19,858,616			2,533,582
Increase (Decrease) in Net Assets		579,310			1,580,516			22,992,017			1,660,186
NET ASSETS:
Beginning of period		6,555,753			4,975,237			1,660,186			—
End of period	$	7,135,063		$	6,555,753		$	24,652,203		$	1,660,186
Undistributed net investment income (loss) at end of period	$	26,772		$	52,653		$	93,393		$	—
CHANGES IN SHARES OUTSTANDING:
Shares sold		—			200,000			1,100,000			100,000
Shares repurchased		—			(100,200	)		(150,000	)		—
Shares outstanding, beginning of period		200,000			100,200			100,000			—
Shares outstanding, end of period		200,000			200,000			1,050,000			100,000

127

Statements of Changes in Net Assets (Continued)

	PowerShares Global Biotech Portfolio						PowerShares Global Clean Energy Portfolio						PowerShares Global Coal Portfolio
	Year Ended October 31, 2009			For the Period September 16, 2008* Through October 31, 2008			Year Ended October 31, 2009			Year Ended October 31, 2008			Year Ended October 31, 2009			For the Period September 16, 2008* Through October 31, 2008
OPERATIONS:
Net investment income (loss)	$	(11,081	)	$	(2,010	)	$	331,962		$	152,820		$	122,905		$	6,069
Net realized gain (loss) – investments and foreign currency related transactions		(74,575	)		(2,468	)		(75,488,846	)		(27,933,512	)		(83,220	)		(14,474	)
Net change in unrealized appreciation (depreciation) – investments and translation of assets and liablilities denominated in foreign currencies		(83,352	)		(373,518	)		111,775,756			(123,548,062	)		3,588,288			(1,024,268	)
Net increase (decrease) in net assets resulting from operations		(169,008	)		(377,996	)		36,618,872			(151,328,754	)		3,627,973			(1,032,673	)
Undistributed net investment income (loss) included in the price of units issued and redeemed		(4,846	)		—			94,121			104,442			(43,194	)		—
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		—			—			(325,043	)		—			(24,564	)		—
Return of capital		—			—			—			—			—			—
Total distributions to shareholders		—			—			(325,043	)		—			(24,564	)		—
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold		1,215,744			2,551,048			43,126,239			180,980,357			7,395,919			2,440,127
Value of shares repurchased		—			—			—			(19,062,009	)		(1,285,429	)		—
Transaction fee		—			—			—			—			—			—
Net income equalization		4,846			—			(94,121	)		(104,442	)		43,194			—
Net increase (decrease) in net assets resulting from shares transactions		1,220,590			2,551,048			43,032,118			161,813,906			6,153,684			2,440,127
Increase (Decrease) in Net Assets		1,046,736			2,173,052			79,420,068			10,589,594			9,713,899			1,407,454
NET ASSETS:
Beginning of period		2,173,052			—			106,552,631			95,963,037			1,407,454			—
End of period	$	3,219,788		$	2,173,052		$	185,972,699		$	106,552,631		$	11,121,353		$	1,407,454
Undistributed net investment income (loss) at end of period	$	—		$	—		$	79,461		$	218,241		$	95,743		$	3,992
CHANGES IN SHARES OUTSTANDING:
Shares sold		50,000			100,000			3,275,000			6,500,000			400,000			100,000
Shares repurchased		—			—			—			(900,400	)		(50,000	)		—
Shares outstanding, beginning of period		100,000			—			8,700,000			3,100,400			100,000			—
Shares outstanding, end of period		150,000			100,000			11,975,000			8,700,000			450,000			100,000

*  Commencement of Investment Operations.

See Notes to Financial Statements.

128

	PowerShares Global Gold and Precious Metals Portfolio					PowerShares Global Nuclear Energy Portfolio
	Year Ended October 31, 2009		For the Period September 16, 2008* Through October 31, 2008			Year Ended October 31, 2009			For the Period April 1, 2008* Through October 31, 2008
OPERATIONS:
Net investment income (loss)	$	9,967	$	(576	)	$	300,551		$	112,214
Net realized gain (loss) – investments and foreign currency related transactions		2,236,967		(37,916	)		(11,489,797	)		(1,008,869	)
Net change in unrealized appreciation (depreciation) – investments and translation of assets and liablilities denominated in foreign currencies		1,883,917		(823,229	)		19,121,046			(22,784,591	)
Net increase (decrease) in net assets resulting from operations		4,130,851		(861,721	)