PowerShares High Yield Corporate Bond Portfolio (the Fund) seeks investment results that correspond to the price and yield of an index called the Wachovia High Yield Bond Index (the Index). The Index is a benchmark index that measures potential returns of a theoretical portfolio of high-yield corporate bonds rated below investment grade by Moody’s Investors Service, Inc., Standard & Poor’s or Fitch Rating, Inc. that are issued by United States issuers or foreign private issuers organized outside the United States that issue high-yield bonds payable in the United States dollars. All securities included in the Index are registered with the United States Securities Exchange Commission (SEC). Securities included in the Index are selected by Wachovia Capital Markets, LLC (the Index Provider). The Fund will invest at least 80% of its total assets in high-yield corporate bonds payable in the United States dollars. Its investment advisor is Invesco PowerShares Capital Management LLC.