-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ka/pexFhFUTgwIGKVYSsmMOHk4a/9OORmbR1PJ+9VxEnP1qJAjTiCHe7gQrcgzCa r7euWEvtmunItIMyRXPIZw== 0001193125-10-071696.txt : 20100330 0001193125-10-071696.hdr.sgml : 20100330 20100330172858 ACCESSION NUMBER: 0001193125-10-071696 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20100330 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100330 DATE AS OF CHANGE: 20100330 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DB Multi-Sector Commodity Master Trust CENTRAL INDEX KEY: 0001367305 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33232 FILM NUMBER: 10714822 BUSINESS ADDRESS: STREET 1: C/O DB COMMODITY SERVICES LLC STREET 2: 60 WALL STREET CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: (212) 250-5883 MAIL ADDRESS: STREET 1: C/O DB COMMODITY SERVICES LLC STREET 2: 60 WALL STREET CITY: NEW YORK STATE: NY ZIP: 10005 FORMER COMPANY: FORMER CONFORMED NAME: DB Multi-Sector Master Trust DATE OF NAME CHANGE: 20060623 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PowerShares DB Multi-Sector Commodity Trust CENTRAL INDEX KEY: 0001367306 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33229 FILM NUMBER: 10714838 BUSINESS ADDRESS: STREET 1: C/O DB COMMODITY SERVICES LLC STREET 2: 60 WALL STREET CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: (212) 250-5883 MAIL ADDRESS: STREET 1: C/O DB COMMODITY SERVICES LLC STREET 2: 60 WALL STREET CITY: NEW YORK STATE: NY ZIP: 10005 FORMER COMPANY: FORMER CONFORMED NAME: DB Multi-Sector Commodity Trust DATE OF NAME CHANGE: 20060626 FORMER COMPANY: FORMER CONFORMED NAME: DB Multi-Sector Trust DATE OF NAME CHANGE: 20060623 FILER: COMPANY DATA: COMPANY CONFORMED NAME: POWERSHARES DB SILVER FUND CENTRAL INDEX KEY: 0001383054 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 870778072 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33234 FILM NUMBER: 10714832 BUSINESS ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 212-250-5883 MAIL ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PowerShares DB Gold Fund CENTRAL INDEX KEY: 0001383055 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 870778067 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33231 FILM NUMBER: 10714834 BUSINESS ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 212-250-5883 MAIL ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DB Gold Master Fund CENTRAL INDEX KEY: 0001383056 IRS NUMBER: 870778071 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33230 FILM NUMBER: 10714814 BUSINESS ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 212-250-5883 MAIL ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PowerShares DB Precious Metals Fund CENTRAL INDEX KEY: 0001383057 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 870778065 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33244 FILM NUMBER: 10714835 BUSINESS ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 212-250-5883 MAIL ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PowerShares DB Oil Fund CENTRAL INDEX KEY: 0001383058 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 870778062 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33242 FILM NUMBER: 10714836 BUSINESS ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 212-250-5883 MAIL ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DB Precious Metals Master Fund CENTRAL INDEX KEY: 0001383059 IRS NUMBER: 870778066 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33243 FILM NUMBER: 10714815 BUSINESS ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 212-250-5883 MAIL ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DB Oil Master Fund CENTRAL INDEX KEY: 0001383060 IRS NUMBER: 870778063 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33241 FILM NUMBER: 10714818 BUSINESS ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 212-250-5883 MAIL ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DB Energy Master Fund CENTRAL INDEX KEY: 0001383061 IRS NUMBER: 870778061 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33239 FILM NUMBER: 10714820 BUSINESS ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 212-250-5883 MAIL ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PowerShares DB Energy Fund CENTRAL INDEX KEY: 0001383062 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 870778060 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33240 FILM NUMBER: 10714837 BUSINESS ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 212-250-5883 MAIL ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DB AGRICULTURE MASTER FUND CENTRAL INDEX KEY: 0001383081 IRS NUMBER: 870778079 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33237 FILM NUMBER: 10714796 BUSINESS ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 212-250-5883 MAIL ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: POWERSHARES DB AGRICULTURE FUND CENTRAL INDEX KEY: 0001383082 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 870778078 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33238 FILM NUMBER: 10714824 BUSINESS ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 212-250-5883 MAIL ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DB BASE METALS MASTER FUND CENTRAL INDEX KEY: 0001383083 IRS NUMBER: 870778076 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33235 FILM NUMBER: 10714800 BUSINESS ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 212-250-5883 MAIL ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: POWERSHARES DB BASE METALS FUND CENTRAL INDEX KEY: 0001383084 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 870778075 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33236 FILM NUMBER: 10714827 BUSINESS ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 212-250-5883 MAIL ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DB SILVER MASTER FUND CENTRAL INDEX KEY: 0001383086 IRS NUMBER: 870778074 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33233 FILM NUMBER: 10714802 BUSINESS ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 212-250-5883 MAIL ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 8-K 1 d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report: March 30, 2010

 

 

POWERSHARES DB MULTI-SECTOR COMMODITY TRUST

(Registrant)

POWERSHARES DB ENERGY FUND; POWERSHARES DB OIL FUND; POWERSHARES DB

PRECIOUS METALS FUND; POWERSHARES DB GOLD FUND; POWERSHARES DB SILVER FUND; POWERSHARES DB BASE METALS FUND; POWERSHARES DB AGRICULTURE FUND

DB MULTI-SECTOR COMMODITY MASTER TRUST

DB ENERGY MASTER FUND; DB OIL MASTER FUND; DB PRECIOUS METALS MASTER FUND;

DB GOLD MASTER FUND; DB SILVER MASTER FUND; DB BASE METALS MASTER FUND;

DB AGRICULTURE MASTER FUND

(Co-Registrants)

(Exact Name of each Registrant as Specified in its Charter)

 

 

 

PowerShares DB Multi-Sector Commodity Trust – Delaware

DB Multi-Sector Commodity Master Trust – Delaware

  

87-0778053 (Trust)

87-0778057 (Master Trust)

(State or Other Jurisdiction

of Incorporation or Organization)

   (IRS Employer ID Number(s))

c/o DB Commodity Services LLC

60 Wall Street

New York, New York

   10005
(Address of Principal Executive Offices)   (Zip Code)

001-33229; 001-33240; 001-33242; 001-33244; 001-33231; 001-33234; 001-33236; 001-33238;

001-33232; 001-33239; 001-33241; 001-33243; 001-33230; 001-33233; 001-33235; and 001-33237

(Commission File Number(s))

(212) 250-5883

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 8.01. Other Events.

This current report on Form 8-K relates to the Audited Financial Statements of DB Commodity Services LLC (“DBCS”) for the years ended December 31, 2009 and 2008. DBCS is the Managing Owner of PowerShares DB Multi-Sector Commodity Trust, PowerShares DB Energy Fund, PowerShares DB Oil Fund, PowerShares DB Precious Metals Fund, PowerShares DB Gold Fund, PowerShares DB Silver Fund, PowerShares DB Base Metals Fund, PowerShares DB Agriculture Fund, DB Multi-Sector Commodity Master Trust, DB Energy Master Fund, DB Oil Master Fund, DB Precious Metals Master Fund, DB Gold Master Fund, DB Silver Master Fund, DB Base Metals Master Fund and DB Agriculture Master Fund. The DBCS Audited Financial Statements for the years ended December 31, 2009 and 2008 are attached hereto as Exhibits 99.1 and are being filed herewith.

 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following exhibit is filed herewith and this list is intended to constitute the exhibit index:

 

Number

   

Exhibit Title

Exhibit 23.1    Consent of Independent Registered Public Accounting Firm
Exhibit 99.1    Audited Financial Statements of DB Commodity Services LLC for the years ended December 31, 2009 and 2008
  

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

PowerShares DB Multi-Sector Commodity Trust

By:

   DB Commodity Services LLC,
  its Managing Owner
By:   /S/    HANS EPHRAIMSON        
Name:   Hans Ephraimson
Title:   Chief Executive Officer
By:   /S/    MICHAEL GILLIGAN        
Name:   Michael Gilligan
Title:   Principal Financial Officer
PowerShares DB Energy Fund, a series of PowerShares DB Multi-Sector Commodity Trust

By:

   DB Commodity Services LLC,
  its Managing Owner
By:   /S/    HANS EPHRAIMSON        
Name:   Hans Ephraimson
Title:   Chief Executive Officer
By:   /S/    MICHAEL GILLIGAN        
Name:   Michael Gilligan
Title:   Principal Financial Officer
PowerShares DB Oil Fund, a series of
PowerShares DB Multi-Sector Commodity Trust

By:

   DB Commodity Services LLC,
  its Managing Owner
By:   /S/    HANS EPHRAIMSON        
Name:   Hans Ephraimson
Title:   Chief Executive Officer
By:   /S/    MICHAEL GILLIGAN        
Name:   Michael Gilligan
Title:   Principal Financial Officer

PowerShares DB Precious Metals Fund, a series of

PowerShares DB Multi-Sector Commodity Trust

By:   DB Commodity Services LLC,
  its Managing Owner
By:   /S/    HANS EPHRAIMSON        
Name:   Hans Ephraimson
Title:   Chief Executive Officer
By:   /S/    MICHAEL GILLIGAN        
Name:   Michael Gilligan
Title:   Principal Financial Officer

PowerShares DB Gold Fund, a series of

PowerShares DB Multi-Sector Commodity Trust

By:   DB Commodity Services LLC,
  its Managing Owner
By:   /S/    HANS EPHRAIMSON        
Name:   Hans Ephraimson
Title:   Chief Executive Officer
By:   /S/    MICHAEL GILLIGAN        
Name:   Michael Gilligan
Title:   Principal Financial Officer

PowerShares DB Silver Fund, a series of

PowerShares DB Multi-Sector Commodity Trust

By:   DB Commodity Services LLC,
  its Managing Owner
By:   /S/    HANS EPHRAIMSON        
Name:   Hans Ephraimson
Title:   Chief Executive Officer
By:   /S/    MICHAEL GILLIGAN        
Name:   Michael Gilligan
Title:   Principal Financial Officer

PowerShares DB Base Metals Fund, a series of

PowerShares DB Multi-Sector Commodity Trust

By:

   DB Commodity Services LLC,
  its Managing Owner
By:   /S/    HANS EPHRAIMSON        
Name:   Hans Ephraimson
Title:   Chief Executive Officer
By:   /S/    MICHAEL GILLIGAN        
Name:   Michael Gilligan
Title:   Principal Financial Officer

PowerShares DB Agriculture Fund, a series of

PowerShares DB Multi-Sector Commodity Trust

By:

   DB Commodity Services LLC,
  its Managing Owner
By:   /S/    HANS EPHRAIMSON        
Name:   Hans Ephraimson
Title:   Chief Executive Officer
By:   /S/    MICHAEL GILLIGAN        
Name:   Michael Gilligan
Title:   Principal Financial Officer
DB Multi-Sector Commodity Master Trust

By:

   DB Commodity Services LLC,
  its Managing Owner
By:   /S/    HANS EPHRAIMSON        
Name:   Hans Ephraimson
Title:   Chief Executive Officer
By:   /S/    MICHAEL GILLIGAN        
Name:   Michael Gilligan
Title:   Principal Financial Officer

DB Energy Master Fund, a series of

DB Multi-Sector Commodity Master Trust

By:   DB Commodity Services LLC,
  its Managing Owner
By:   /S/    HANS EPHRAIMSON        
Name:   Hans Ephraimson
Title:   Chief Executive Officer
By:   /S/    MICHAEL GILLIGAN        
Name:   Michael Gilligan
Title:   Principal Financial Officer

DB Oil Master Fund, a series of

DB Multi-Sector Commodity Master Trust

By:   DB Commodity Services LLC,
  its Managing Owner
By:   /S/    HANS EPHRAIMSON        
Name:   Hans Ephraimson
Title:   Chief Executive Officer
By:   /S/    MICHAEL GILLIGAN        
Name:   Michael Gilligan
Title:   Principal Financial Officer

DB Precious Metals Master Fund, a series of

DB Multi-Sector Commodity Master Trust

By:   DB Commodity Services LLC,
  its Managing Owner
By:   /S/    HANS EPHRAIMSON        
Name:   Hans Ephraimson
Title:   Chief Executive Officer
By:   /S/    MICHAEL GILLIGAN        
Name:   Michael Gilligan
Title:   Principal Financial Officer

DB Gold Master Fund, a series of

DB Multi-Sector Commodity Master Trust

By:

   DB Commodity Services LLC,
  its Managing Owner
By:   /S/    HANS EPHRAIMSON        
Name:   Hans Ephraimson
Title:   Chief Executive Officer
By:   /S/    MICHAEL GILLIGAN        
Name:   Michael Gilligan
Title:   Principal Financial Officer

DB Silver Master Fund, a series of

DB Multi-Sector Commodity Master Trust

By:

   DB Commodity Services LLC,
  its Managing Owner
By:   /S/    HANS EPHRAIMSON        
Name:   Hans Ephraimson
Title:   Chief Executive Officer
By:   /S/    MICHAEL GILLIGAN        
Name:   Michael Gilligan
Title:   Principal Financial Officer

DB Base Metals Master Fund, a series of

DB Multi-Sector Commodity Master Trust

By:

   DB Commodity Services LLC,
  its Managing Owner
By:   /S/    HANS EPHRAIMSON        
Name:   Hans Ephraimson
Title:   Chief Executive Officer
By:   /S/    MICHAEL GILLIGAN        
Name:   Michael Gilligan
Title:   Principal Financial Officer

DB Agriculture Master Fund, a series of

DB Multi-Sector Commodity Master Trust

By:   DB Commodity Services LLC,
  its Managing Owner
By:   /S/    HANS EPHRAIMSON        
Name:   Hans Ephraimson
Title:   Chief Executive Officer
By:   /S/    MICHAEL GILLIGAN        
Name:   Michael Gilligan
Title:   Principal Financial Officer

Date: March 30, 2010

EX-23.1 2 dex231.htm CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Consent of Independent Registered Public Accounting Firm

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Managers

DB Commodity Services LLC:

We consent to the incorporation by reference in the Registration Statement on Form S-3 (No. 333-163453) of PowerShares DB Multi-Sector Commodity Trust, DB Multi-Sector Commodity Master Trust, PowerShares DB Agriculture Fund, DB Agriculture Master Fund, PowerShares DB Base Metals Fund, DB Base Metals Master Fund, PowerShares DB Precious Metals Fund, DB Precious Metals Master Fund, PowerShares DB Gold Fund, DB Gold Master Fund, PowerShares DB Silver Fund, DB Silver Master Fund, PowerShares DB Oil Fund, DB Oil Master Fund, PowerShares DB Energy Fund, and DB Energy Master Fund (the “SEC Registrants”) with the Securities and Exchange Commission of our report dated March 26, 2010, with respect to the statements of financial condition of DB Commodity Services LLC as of December 31, 2009 and 2008, and the related statements of income and expenses, changes in member’s capital (deficit), and cash flows for each of the years in the two-year period ended December 31, 2009, which report appears in the Current Report on Form 8-K of the SEC Registrants dated March 30, 2010.

/s/ KPMG LLP

New York, New York

March 30, 2010

EX-99.1 3 dex991.htm AUDITED FINANCIAL STATEMENTS OF DB COMMODITY SEVICES LLC Audited Financial Statements of DB Commodity Sevices LLC

Exhibit 99.1

DB COMMODITY SERVICES LLC

(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)

Financial Statements

December 31, 2009 and 2008

(With Report of Independent Registered Public Accounting Firm Thereon)

Report of Independent Registered Public Accounting Firm

The Unit Holder

DB Commodity Services LLC:

We have audited the accompanying statements of financial condition of DB Commodity Services LLC (the Company) as of December 31, 2009 and 2008, and the related statements of income and expenses, changes in member’s capital (deficit), and cash flows for each of the years in the two-year period ended December 31, 2009. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of DB Commodity Services LLC as of December 31, 2009 and 2008, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2009 in conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP

March 26, 2010

DB COMMODITY SERVICES LLC

(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)

Statements of Financial Condition

December 31, 2009 and 2008

 

      2009    2008
Assets      

Due from DB Exchange Traded Funds

    $ 6,686,890    1,901,076

Investment in DB Exchange Traded Funds

      25,654    21,238

Prepaid expenses

      1,825,640    —  

Due from affiliate, net

      42,209,136    20,676,128
           

Total assets

    $ 50,747,320    22,598,442
           
Liabilities and Member’s Capital      

Liabilities:

      

Accrued expenses

    $ 8,614,248    8,795,506
           

Total liabilities

      8,614,248    8,795,506
           

Member’s capital

      42,133,072    13,802,936
           

Total liabilities and member’s capital

    $ 50,747,320    22,598,442
           

See accompanying notes to financial statements.

 

2

DB COMMODITY SERVICES LLC

(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)

Statements of Income and Expenses

Years ended December 31, 2009 and 2008

 

     2009    2008  

Income:

      

Management fees

    $ 48,882,828    39,386,826  

Equity in earnings in investment in DB Exchange Traded Funds

      4,416    (762 ) 
             

Total income

      48,887,244    39,386,064  
             

Expenses:

      

Legal fees

      2,069,380    2,848,959  

Audit fees and tax services

      5,382,643    7,950,408  

Printing services

      900,042    1,986,377  

Administrator and trustee fees

      3,043,784    2,614,112  

Distribution fees

      8,627,659    6,567,459  

Other

      533,600    1,362,915  
             

Total expenses

      20,557,108    23,330,230  
             

Net income

    $ 28,330,136    16,055,834  
             

See accompanying notes to financial statements.

 

3

DB COMMODITY SERVICES LLC

(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)

Statements of Changes in Member’s Capital (Deficit)

Years ended December 31, 2009 and 2008

 

     2009    2008  

Member’s capital (deficit), January 1

    $ 13,802,936    (2,252,898 ) 

Net income

      28,330,136    16,055,834  
             

Member’s capital, December 31

    $ 42,133,072    13,802,936  
             

See accompanying notes to financial statements.

 

4

DB COMMODITY SERVICES LLC

(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)

Statements of Cash Flows

December 31, 2009 and 2008

 

     2009     2008  

Cash flows from operating activities:

     

Net income

    $ 28,330,136     16,055,834  

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

     

(Increase) decrease in operating assets:

     

Due from DB Exchange Traded Funds

      (4,785,814 )    183,526  

Due from affiliate, net

      (21,533,008 )    (18,742,174 ) 

Equity in earnings in investment in DB Exchange Traded Funds

      (4,416 )    762  

Net change in prepaid expenses

      (1,825,640 )    —     

Increase (decrease) in operating liabilities:

     

Accrued expenses

      (181,258 )    2,502,052  
              

Net cash provided by (used in) operating activities

      —        —     

Cash and cash equivalents at beginning of period

      —        —     
              

Cash and cash equivalents at end of period

    $ —        —     
              

See accompanying notes to financial statements.

 

5

DB COMMODITY SERVICES LLC

(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)

Notes to Financial Statements

December 31, 2009 and 2008

 

(1) Organization and Basis of Presentation

DB Commodity Services LLC (the Company), a Delaware limited liability company, was formed on May 23, 2005, and is an indirect wholly owned subsidiary of Deutsche Bank AG and a direct wholly owned subsidiary of DB U.S. Financial Markets Holding Corporation. The Company is registered as a commodity pool operator and commodity trading advisor with the Commodity Futures Trading Commission and is a member of the National Futures Association.

The Company serves as the managing owner, commodity pool operator, and commodity trading advisor to the following funds:

 

  •  

PowerShares DB Commodity Index Tracking Fund (the DBC Feeder Fund)

 

  •  

DB Commodity Index Tracking Master Fund (the DBC Master Fund)

 

  •  

PowerShares DB G10 Currency Harvest Fund (the DBV Feeder Fund)

 

  •  

DB G10 Currency Harvest Master Fund (the DBV Master Fund)

 

  •  

PowerShares DB Multi Sector Commodity Trust in seven separate series, or Funds:

 

  •  

PowerShares DB Energy Fund (the DBE Feeder Fund)

 

  •  

PowerShares DB Oil Fund (the DBO Feeder Fund)

 

  •  

PowerShares DB Precious Metals Fund (the DBP Feeder Fund)

 

  •  

PowerShares DB Gold Fund (the DGL Feeder Fund)

 

  •  

PowerShares DB Silver Fund (the DBS Feeder Fund)

 

  •  

PowerShares DB Base Metals Fund (the DBB Feeder Fund)

 

  •  

PowerShares DB Agriculture Fund (the DBA Feeder Fund)

 

  •  

DB Multi Sector Commodity Master Trust in seven separate series, or Master Funds:

 

  •  

DB Energy Master Fund (the DBE Master Fund)

 

  •  

DB Oil Master Fund (the DBO Master Fund)

 

  •  

DB Precious Metals Master Fund (the DBP Master Fund)

 

  •  

DB Gold Master Fund (the DGL Master Fund)

 

  •  

DB Silver Master Fund (the DBS Master Fund)

 

  •  

DB Base Metals Master Fund (the DBB Master Fund)

 

  •  

DB Agriculture Master Fund (the DBA Master Fund)

 

  •  

PowerShares DB US Dollar Index Trust in two separate series, or Funds:

 

  •  

PowerShares DB US Dollar Index Bullish Fund (the UUP Feeder Fund)

 

   6    (Continued)

DB COMMODITY SERVICES LLC

(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)

Notes to Financial Statements

December 31, 2009 and 2008

 

  •  

PowerShares DB US Dollar Index Bearish Fund (the UDN Feeder Fund)

 

  •  

DB US Dollar Index Master Trust in two separate series, or Master Funds:

 

  •  

DB US Dollar Index Bullish Master Fund (the UUP Master Fund)

 

  •  

DB US Dollar Index Bearish Master Fund (the UDN Master Fund)

 

  •  

DB New York Nuclear Uranium Fund which has not yet commenced investment operations.

The above-noted Feeder Funds and Master Funds will be collectively referred to herein as the “DB Exchange Traded Funds,” “Funds,” “Feeder Funds,” or the “Master Funds,” as applicable.

 

(2) Summary of Significant Accounting Policies

 

  (a) Basis of Accounting

The accompanying financial statements have been prepared in conformity with U.S. generally accepted accounting principles.

 

  (b) Use of Estimates

The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses, and related disclosure of contingent assets and liabilities during the reporting period of the financial statements and accompanying notes. Actual results could differ from those estimates.

 

  (c) Due from DB Exchange Traded Funds

Due from DB Exchange Traded Funds represents outstanding management fees for services provided to the DB Exchange Traded Funds as commodity pool operator, commodity trading advisor and managing owner. The fees are recorded at the invoiced amounts and do not bear interest. Management has determined that there was no risk of unrecoverable amounts, and therefore, no allowance for doubtful accounts was provided for as of December 31, 2009 or 2008.

 

  (d) Investment in DB Exchange Traded Funds

The Company’s investments in DB Exchange Traded Funds consist of capital contributions in the general shares of the Funds and are accounted for using the equity method. The Company adjusts the carrying amount of the investments to recognize the Company’s share of earnings or losses of the investment. Distributions received from the investments reduce the carrying amount of the respective investments.

 

  (e) Income Taxes

The Company is a limited liability company and did not elect to be taxable as a corporation for U.S. income tax purposes. Accordingly, the Company will not incur U.S. income taxes. No provision for federal, state, and local income taxes has been made in the accompanying financial statements, as its owner member is liable for income taxes, if any, on the Company’s income, loss, and other items,

 

   7    (Continued)

DB COMMODITY SERVICES LLC

(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)

Notes to Financial Statements

December 31, 2009 and 2008

 

and there is no tax sharing arrangement between the Company and its owner member. Based on the effective tax rate of the Company’s owner member, the Company’s pro rata income tax expense would be approximately $8,500,000 and $4,800,000 for the federal tax, $1,900,000 and $1,100,000 for the New York State tax, and $2,200,000 and $1,200,000 for the New York City tax for the years ended December 31, 2009 and 2008, respectively. The following is the major tax jurisdiction for the Company and the earliest tax year subject to examination: United States – 2006.

 

  (f) Revenue Recognition

Fees for management services are recognized on an accrual basis when earned. Fees for management services are accrued for each of the Master Funds monthly. No separate fee is received from each of the Feeder Funds.

 

(3) Related-Party Transactions

 

  (a) Management Fees and Due from DB Exchange Traded Funds

The DBA, DBB, DBC, DBE, DBP, and DBV Master Funds pay the Company a management fee, monthly in arrears, in an amount equal to 0.75% per annum of their net asset values.

The DBO, DBS, DGL, UDN, and UUP Master Funds pay the Company a management fee, monthly in arrears, in an amount equal to 0.50% per annum of their net asset values.

Management fees and Due from DB Exchange Traded Funds as of December 31, 2009 and 2008 amounted to:

 

     2009
Management
Fees		    2008
Management
Fees		    2009 Due
from DB
Exchange
Traded
Funds		    2008 Due
from DB
Exchange
Traded
Funds

DBA Master Fund

    $ 14,834,932    15,159,632    1,569,426    627,835

DBB Master Fund

      2,116,853    614,497    371,746    21,332

DBC Master Fund

      20,523,876    15,177,538    2,685,592    689,981

DBE Master Fund

      1,493,885    693,360    214,483    21,326

DBO Master Fund

      1,152,707    250,735    142,660    27,885

DBP Master Fund

      1,162,569    695,716    166,549    46,086

DBS Master Fund

      377,189    242,601    52,553    17,198

DBV Master Fund

      2,486,774    3,668,361    266,329    187,455

DGL Master Fund

      644,501    352,356    79,290    30,192

UDN Master Fund

      1,383,499    443,520    155,745    51,585

UUP Master Fund

      2,706,043    2,088,510    982,517    180,201
                     
   $ 48,882,828    39,386,826    6,686,890    1,901,076
                     

 

   8    (Continued)

DB COMMODITY SERVICES LLC

(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)

Notes to Financial Statements

December 31, 2009 and 2008

 

  (b) Organization and Offering Costs

The Company assumes all organization and offering costs of the Funds and Master Funds. Expenses incurred with the continuous offering of limited shares will also be paid by the Company.

 

  (c) Administration Expenses

The Company assumes all routine operational, administrative and other ordinary expenses of the Funds and Master Funds, including, but not limited to, computer services, the fees and expenses of the Trustee, legal and accounting fees and expenses, audit and tax preparation expenses, filing fees and printing, mailing and duplication costs. Accordingly, such expenses are recorded in the statement of income and expenses of the Company. Please refer to note 7 for further details on service agreements.

 

  (d) Service Agreement

The Company, in its capacity as the managing owner and on behalf of the Funds, entered into a service agreement with Deutsche Bank AG for services including, but not limited to, trading, accounting, legal, human resources, and other. The costs of these services are assumed by Deutsche Bank AG with no cost allocation to the Company or the Funds.

 

  (e) Due from Affiliate, Net

Deutsche Bank AG New York Branch provides the Company with a cash facility to cover its operational expenses and to deposit management fees received from the DB Exchange Traded Funds. This cash management program is noninterest-bearing and there is no expiration date. As of December 31, 2009 and 2008, the Company had a net receivable from affiliate of $42,209,136 and $20,676,128, respectively.

 

(4) Investments in DB Exchange Traded Funds

Investments in DB Exchange Traded Funds as of December 31, 2009 and 2008 amount to $25,654 and $21,238, respectively. The Company’s ownership in each of the DB Exchange Traded Funds represents less than 1.0%, except for the DB NY Nuclear Uranium Fund, which is a wholly owned subsidiary of the Company.

 

   9    (Continued)

DB COMMODITY SERVICES LLC

(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)

Notes to Financial Statements

December 31, 2009 and 2008

 

(5) Accrued Expenses

Accrued expenses as of December 31, 2009 and 2008 consist of the following:

 

     2009    2008

Audit fees and tax services

    $ 4,224,921    6,189,411

Distribution fees

      2,448,232    323,243

Administrator and trustees fees

      770,030    489,861

Legal fees

      857,596    1,230,301

Printing services

      162,599    372,690

Other

      150,870    190,000
           
   $ 8,614,248    8,795,506
           

 

(6) Prepaid expenses

Prepaid expenses consist of prepaid filing fees associated with the DB Exchange Traded Funds’ registration statements filed on January 4, 2010.

 

(7) Service Agreements

 

  (a) Trust Agreement

Under the trust agreement of the Funds, Wilmington Trust Company (the Trustee of the Funds) has delegated to the Company the exclusive management and control of all aspects of the business of the Funds.

Trustee fees are paid on behalf of the Funds by the Company.

 

  (b) Administration Agreement

The Company, in its capacity as the managing owner and on behalf of each of the Funds and Master Funds, has appointed The Bank of New York Mellon as the administrator (the Administrator), custodian and transfer agent of the Funds and has entered into separate administrative, custodian, transfer agency and service agreements (collectively referred to as the Administration Agreement). The Administrator performs or supervises the performance of services necessary for the operation and administration of each of the Funds (other than making investment decisions), including receiving and processing orders to create and redeem shares of the Funds, net asset value calculations, accounting, and other fund administrative services.

The Administrator’s monthly fees are paid on behalf of the Funds by the Company.

 

  (c) Distribution Services Agreement

ALPS Distributors, Inc. (the Distributor) provides certain distribution services to the Funds. Pursuant to the Distribution Services Agreement between the Company in its capacity as managing owner of the Funds and the Distributor, the Distributor assists the Company and the Administrator with certain functions and duties relating to distribution and marketing including reviewing and approving marketing materials.

Distribution fees are paid on behalf of the Funds by the Company.

 

   10    (Continued)

DB COMMODITY SERVICES LLC

(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)

Notes to Financial Statements

December 31, 2009 and 2008

 

  (d) License Agreement

Under the License Agreement among Invesco PowerShares Capital Management LLC (formerly known as PowerShares Capital Management LLC) (the Licensor), and the Company in its own capacity, and in its capacity as the managing owner and on behalf of the Funds, the Licensor granted to the Funds a nonexclusive license to use the PowerShares® trademark (the Trademark) anywhere in the world, solely in connection with the marketing and promotion of the Funds and to use or refer to the Trademark in connection with the issuance and trading of the Funds’ shares as necessary.

License fees are paid on behalf of the Funds by the Company.

 

  (e) Marketing Agreement

Pursuant to a marketing agreement between Invesco AIM Distributors, Inc. (formerly known as AIM Distributors, Inc.), an affiliate of the Licensor, and the Company in its capacity as the managing owner and on behalf of the Funds, Invesco AIM Distributors, Inc. assists the Company and the Administrator with certain functions and duties such as providing various educational and marketing activities regarding each of the Funds, primarily in the secondary trading market. Activities include, but are not limited to, communicating each of the Funds’ names, characteristics, uses, benefits, and risks, consistent with the prospectus, engagement in public seminars, road shows, conferences, media interviews, fielding incoming telephone “800” number calls, and distributing sales literature and other communications (including electronic media) regarding each of the Funds. Invesco AIM Distributors, Inc. will not open customer accounts or handle orders for the Funds.

Marketing fees are paid on behalf of the Funds by the Company.

 

(8) Commitments and Contingencies

The Company has entered into various service agreements on behalf of the Funds that contain a variety of representations, or provide indemnification provisions related to certain risks service providers undertake in performing services that are in the best interests of the Funds. While the Company’s exposure under such indemnification provisions cannot be estimated until a claim arises, these general business indemnifications are not expected to have a material impact on the Company’s financial position.

 

(9) Business and Credit Concentration

The Company’s business is to serve as the managing owner, commodity pool operator, and commodity trading advisor to the DB Exchange Traded Funds. The basis for the management fee calculation is the Funds’ net asset value. Accordingly, factors that may have the effect of causing a decline in the Funds’ net asset value will affect the Company’s income from management fees.

 

   11    (Continued)

DB COMMODITY SERVICES LLC

(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)

Notes to Financial Statements

December 31, 2009 and 2008

 

(10) Recently Issued Accounting Standards

In June 2009, the Financial Accounting Standards Board (FASB) issued ASC 810.10, Amendments to FASB Interpretation No. 46(R). ASC 810.10 changes the approach to determining a variable interest entity’s primary beneficiary for consolidation purposes, and requires companies to more frequently reassess whether they must consolidate variable interest entities. The application of ASC 810.10 is required for fiscal years beginning after November 15, 2009 and interim periods within those fiscal years, however, in February 2010, the FASB issued an Accounting Standards Update which defers the effective date of ASC 810.10 for companies, such as the Company, that have interests in certain investment entities.

 

(11) Subsequent Event

The Company evaluated the need for disclosures and/or adjustments resulting from subsequent events through March 26, 2010, the date the financial statements were available to be issued. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments, other than the event described below.

Effective January 4, 2010, the Management Fee for the following Funds were increased:

The DBA and DBC Master Fund payments to the Company for management fees were increased to 0.85% from 0.75% per annum of their daily net asset values.

The UUP, UDN, DGL, DBS and DBO Master Fund payments to the Company for management fees were increased to 0.75% from 0.50% per annum of their daily net asset values.

 

   12   
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