0001193125-11-082972.txt : 20110330 0001193125-11-082972.hdr.sgml : 20110330 20110330163749 ACCESSION NUMBER: 0001193125-11-082972 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20110330 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110330 DATE AS OF CHANGE: 20110330 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: 11722548 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: 11722552 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: 11722553 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: 11722554 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: 11722555 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: 11722556 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: 11722549 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: 11722550 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, 2011

 

 

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

(Co-Registrants)

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

 

 

 

PowerShares DB Multi-Sector Commodity Trust – Delaware   87-0778053 (Trust)

(State or Other Jurisdiction of

Incorporation or Organization)

  

(IRS Employer

ID Number)

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; and 001-33238

(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, 2010 and 2009. 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 and PowerShares DB Agriculture Fund. The DBCS Audited Financial Statements for the years ended December 31, 2010 and 2009 are attached hereto as Exhibits 99.1 and are being filed herewith.

 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are 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, 2010 and 2009

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

Date: March 30, 2011

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, PowerShares DB Agriculture Fund, PowerShares DB Base Metals Fund, PowerShares DB Precious Metals Fund, PowerShares DB Gold Fund, PowerShares DB Silver Fund, PowerShares DB Oil Fund, and PowerShares DB Energy Fund (the “SEC Registrants”) with the Securities and Exchange Commission of our report dated March 29, 2011, with respect to the statements of financial condition of DB Commodity Services LLC as of December 31, 2010 and 2009, and the related statements of income and expenses, changes in member’s capital, and cash flows for each of the years in the two-year period ended December 31, 2010, which report appears in the Current Report on Form 8-K of the SEC Registrants dated March 30, 2011. We also consent to the reference to our firm under the heading “Experts” in the above noted Registration Statement.

/s/ KPMG LLP

New York, New York

March 30, 2011

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

Exhibit 99.1

LOGO

DB COMMODITY SERVICES LLC

(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)

Financial Statements

December 31, 2010 and 2009

(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, 2010 and 2009, and the related statements of income and expenses, changes in member’s capital, and cash flows for each of the years in the two-year period ended December 31, 2010. 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, 2010 and 2009, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2010 in conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP

March 29, 2011

DB COMMODITY SERVICES LLC

(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)

Statements of Financial Condition

December 31, 2010 and 2009

 

     2010      2009  
Assets      

Due from DB Exchange Traded Funds

    $ 7,711,150         6,686,890   

Investment in DB Exchange Traded Funds

      14,786         25,654   

Due from affiliate, net

      97,703,702         42,209,136   

Prepaid expenses

      —           1,825,640   
                 

Total assets

    $ 105,429,638         50,747,320   
                 
Liabilities and Member’s Capital      

Liabilities:

      

Accrued expenses

    $ 8,015,861         8,614,248   
                 

Total liabilities

      8,015,861         8,614,248   
                 

Member’s capital

      97,413,777         42,133,072   
                 

Total liabilities and member’s capital

    $ 105,429,638         50,747,320   
                 

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, 2010 and 2009

 

     2010      2009  

Income:

      

Management fees

    $ 85,148,636         48,882,828   

Equity in earnings in investment in DB Exchange Traded Funds

      4,798         4,416   
                 

Total income

      85,153,434         48,887,244   
                 

Expenses:

      

Legal fees

      1,252,507         2,069,380   

Audit fees and tax services

      5,864,957         5,382,643   

Printing services

      1,180,466         900,042   

Administrator and trustee fees

      4,177,274         3,043,784   

Distribution fees

      15,027,747         8,627,659   

Registration fees

      1,825,640         377,680   

Other

      544,138         155,920   
                 

Total expenses

      29,872,729         20,557,108   
                 

Net income

    $ 55,280,705         28,330,136   
                 

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

Years ended December 31, 2010 and 2009

 

     2010      2009  

Member’s capital, January 1

    $ 42,133,072         13,802,936   

Net income

      55,280,705         28,330,136   
                 

Member’s capital, December 31

    $ 97,413,777         42,133,072   
                 

See accompanying notes to financial statements.

 

4

DB COMMODITY SERVICES LLC

(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)

Statements of Cash Flows

Years ended December 31, 2010 and 2009

 

     2010     2009  

Cash flows from operating activities:

     

Net income

    $ 55,280,705        28,330,136   

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

      (1,024,260 )      (4,785,814 ) 

Due from affiliate, net

      (55,494,566 )      (21,533,008 ) 

Decrease in investment in DB Exchange Traded Funds

      10,868        (4,416 ) 

Prepaid expenses

      1,825,640        (1,825,640 ) 

Increase (decrease) in operating liabilities:

     

Accrued expenses

      (598,387 )      (181,258 ) 
                

Net cash provided by 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, 2010 and 2009

 

(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 (DBC)

 

  •  

PowerShares DB G10 Currency Harvest Fund (DBV)

 

  •  

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

 

  •  

PowerShares DB Energy Fund (DBE)

 

  •  

PowerShares DB Oil Fund (DBO)

 

  •  

PowerShares DB Precious Metals Fund (DBP)

 

  •  

PowerShares DB Gold Fund (DGL)

 

  •  

PowerShares DB Silver Fund (DBS)

 

  •  

PowerShares DB Base Metals Fund (DBB)

 

  •  

PowerShares DB Agriculture Fund (DBA)

 

  •  

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

 

  •  

PowerShares DB US Dollar Index Bullish Fund (UUP)

 

  •  

PowerShares DB US Dollar Index Bearish Fund (UDN)

 

(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.

 

   6    (Continued)

DB COMMODITY SERVICES LLC

(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)

Notes to Financial Statements

December 31, 2010 and 2009

 

  (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, 2010 or December 31, 2009.

 

  (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, 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 $16,600,000 and $8,500,000 for the federal tax, $3,700,000 and $1,900,000 for the New York State tax, and $4,200,000 and $2,200,000 for the New York City tax for the years ended December 31, 2010 and 2009, respectively. As the Company is not required to separately file its own returns, the following is the major tax jurisdiction for the Company’s parent, DB U.S. Financial Markets Holding Corporation, and the earliest tax year subject to examination: United States – 2007.

 

  (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 Funds monthly.

 

(3) Related-Party Transactions

 

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

The DBA and DBC Funds pay the Company a management fee, monthly in arrears, in an amount equal to 0.85% per annum of their net asset values. Effective January 4, 2010, the Management Fee paid to the Company by the DBA and DBC Funds was increased from 0.75% to 0.85% per annum of their net asset values.

 

   7    (Continued)

DB COMMODITY SERVICES LLC

(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)

Notes to Financial Statements

December 31, 2010 and 2009

 

The DBO, DBS, DGL, DBB, DBE, DBP, DBV, UDN, and UUP Funds pay the Company a management fee, monthly in arrears, in an amount equal to 0.75% per annum of their net asset values. Effective January 4, 2010, the Management Fee paid to the Company by the DBO, DBS, DGL, UDN, and UUP Funds was increased from 0.50% to 0.75% per annum of their net asset values.

During the years ended December 31, 2010 and 2009, the Company earned management fees of $85,148,636 and $48,882,828, respectively. As of December 31, 2010 and 2009, Due from DB Exchange Traded Funds was $7,711,150 and $6,686,890, respectively.

 

     2010
Management
Fees		      2009
Management
Fees		      2010 Due
from DB
Exchange
Traded Funds		      2009 Due
from DB
Exchange
Traded Funds		  

DBA Fund

    $ 18,940,346         14,834,932         1,833,427         1,569,426   

DBB Fund

      3,242,004         2,116,853         290,028         371,746   

DBC Fund

      38,197,079         20,523,876         3,507,167         2,685,592   

DBE Fund

      2,147,831         1,493,885         98,899         214,483   

DBO Fund

      3,469,732         1,152,707         381,087         142,660   

DBP Fund

      2,194,672         1,162,569         244,532         166,549   

DBS Fund

      733,609         377,189         122,896         52,553   

DGL Fund

      1,649,412         644,501         206,598         79,290   

DBV Fund

      2,887,129         2,486,774         227,190         266,329   

UDN Fund

      1,424,186         1,383,499         98,615         155,745   

UUP Fund

      10,262,636         2,706,043         700,711         982,517   
                                   
   $ 85,148,636         48,882,828         7,711,150         6,686,890   
                                   

 

  (b) Organization and Offering Costs

The Company assumes all organization and offering costs of the 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, 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.

 

   8    (Continued)

DB COMMODITY SERVICES LLC

(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)

Notes to Financial Statements

December 31, 2010 and 2009

 

  (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, 2010 and 2009, the Company had a net receivable from affiliate of $97,703,702 and $42,209,136, respectively.

 

(4) Investments in DB Exchange Traded Funds

Investments in DB Exchange Traded Funds as of December 31, 2010 and 2009 amount to $14,786 and $25,654, respectively. The Company’s ownership in each of the DB Exchange Traded Funds represents less than 1.0% of the Funds’ equity.

 

(5) Accrued Expenses

Accrued expenses as of December 31, 2010 and 2009 consist of the following:

 

     2010      2009  

Audit fees and tax services

    $ 4,808,500         4,224,921   

Distribution fees

      1,392,102         2,448,232   

Administrator and trustee fees

      670,769         770,030   

Legal fees

      590,947         857,596   

Printing services

      392,133         162,599   

Other

      161,410         150,870   
                 
   $ 8,015,861         8,614,248   
                 

 

(6) Prepaid Expenses

There were no prepaid expenses as of December 31, 2010. Prepaid expenses as of December 31, 2009 consisted 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.

 

   9    (Continued)

DB COMMODITY SERVICES LLC

(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)

Notes to Financial Statements

December 31, 2010 and 2009

 

  (b) Administration Agreement

The Company, in its capacity as the managing owner and on behalf of each of the 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.

 

  (d) License Agreement

Under the License Agreement among Invesco 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., 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.

 

   10    (Continued)

DB COMMODITY SERVICES LLC

(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)

Notes to Financial Statements

December 31, 2010 and 2009

 

(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.

 

(10) Subsequent Events

The Company evaluated the need for disclosures and/or adjustments resulting from subsequent events through March 29, 2011, 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 to the Company’s financial statements and notes to the financial statements.

 

   11   
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