~~Filed~~As filed with the Securities and Exchange Commission on ~~April 29, 2008~~November 15, 2018

Registration~~Registration~~ No. 333-[ ]

RegistrationNo. 333- ~~-01~~[ ]-01

RegistrationNo. 333- ~~-02~~[ ]-02

RegistrationNo. 333- ~~-03~~[ ]-03

RegistrationNo. 333- ~~-04~~[ ]-04

RegistrationNo. 333- ~~-05~~[ ]-05

~~333- -06~~

~~333- -07~~

~~333- -08~~

~~333- -09~~

~~333- -10~~

~~333- -11~~

~~333- -12~~

~~333- -13~~

~~333- -14~~

~~333- -15~~

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM~~FORM~~ S-1

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

~~POWERSHARES~~INVESCO DB MULTI-SECTOR COMMODITY TRUST

(Registrant)

~~POWERSHARES~~INVESCO DB ENERGY FUND; ~~POWERSHARES~~

INVESCO DB OIL FUND;

~~POWERSHARES~~INVESCO DB PRECIOUS METALS FUND; ~~POWERSHARES~~

INVESCO DB GOLD FUND;

~~POWERSHARES DB SILVER FUND; POWERSHARES~~INVESCO DB BASE METALS ~~FUND;~~FUND

~~POWERSHARES DB AGRICULTURE FUND~~(Co-Registrants)

~~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~~

~~(Rule 140 Co-Registrants)~~

(Exact name of ~~the~~ registrant as specified in its charter)


Delaware	6799	~~87-0778053~~87-0778078 (Trust) ~~87-0778057 (Master Trust)~~
(State of Organization)	(Primary Standard Industrial Classification Code Number)	(I.R.S. Employer Identification Number)
c/o ~~DB Commodity Services~~Invesco Capital Management LLC ~~60 Wall Street~~3500 Lacey Road, Suite 700 ~~New York, New York 10005~~Downers Grove, Illinois 60515 (800)~~(212) 250-5883~~983-0903		~~Kevin Rich~~ Anna Paglia c/o ~~DB Commodity Services~~Invesco Capital Management LLC ~~60 Wall Street~~3500 Lacey Road, Suite 700 ~~New York, New York 10005~~Downers Grove, Illinois 60515 (800)~~(212) 250-5883~~983-0903
(Address, including zip code, and telephone ~~telephone~~ number, including area code, of ~~registrant’s~~registrants’ principal executive offices)		(Name, address, including zip code, and telephone ~~number,~~ number, including area code, of agent for service)

Copies to:

~~Michael J. Schmidtberger~~Joshua B. Sterling, Esq.

~~Sidley Austin~~Morgan, Lewis & Bockius LLP

~~787 Seventh~~1111 Pennsylvania Avenue NW

~~New York, New York 10019~~Washington, DC 20004

Approximate date of commencement of proposed sale to the public:

As promptly as practicable after the effective date of this Registration Statement.

If any of the securities being registered on this ~~form~~Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. x☒

If this ~~form~~Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ¨☐

If this ~~form~~Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ¨☐

If this ~~form~~Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ¨☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, anon-accelerated filer, or a smaller reporting company or an emerging growth company. See the definitions of “large accelerated ~~filer,”~~filer”, “accelerated filer” ~~and~~, “smaller reporting company” and “emerging growth company” inRule ~~12b2~~12b-2 of the Exchange Act. (check one).

Invesco DB Energy Fund


Large accelerated filer¨	~~Accelerated filer~~ ¨ ☐	~~Non-accelerated filer~~ x	Accelerated filer	☒

Non-accelerated filer	☐		Smaller reporting company¨	☐

		~~(Do not check if a smaller reporting company)~~	Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

Invesco DB Oil Fund


Large accelerated filer	☐	Accelerated filer	☒

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

Invesco DB Precious Metals Fund


Large accelerated filer	☐	Accelerated filer	☒

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

Invesco DB Gold Fund


Large accelerated filer	☐	Accelerated filer	☒

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

Invesco DB Base Metals Fund


Large accelerated filer	☐	Accelerated filer	☒

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

CALCULATION OF REGISTRATION FEE

Title of Securities to be Registered    Amount to be Registered    Proposed Maximum
Aggregate
Offering Price Per Share    Proposed Maximum
Aggregate Offering Price    Amount of
Registration Fee
PowerShares DB Agriculture Fund Common Units of Beneficial Interest
   125,000,000    $ 37.50¹    $ 4,687,500,000¹    $ 184,218.15



Title of Securities being included in this registration statement	Earlier Registration Statements Numbers	Unsold Number of Shares from Earlier Registration Statement Offered^1,	Filing Fee paid for Unsold Shares¹
Invesco DB Energy Fund Common Units of Beneficial Interest	333-209437-05	22,000,000	$31,635.25
Invesco DB Oil Fund Common Units of Beneficial Interest	333-209437-04	81,600,000	$75,270.06
Invesco DB Precious Metals Fund Common Units of Beneficial Interest	333-209437-01	22,400,000	$50,434.28
Invesco DB Gold Fund Common Units of Beneficial Interest	333-209437-02	15,400,000	$35,893.79
Invesco DB Base Metals Fund Common Units of Beneficial Interest	333-209437-03	27,000,000	$37,292.48

This Registration Statement contains a combined prospectus under Rule 429 promulgated under the Securities Act of 1933, which relates to File Nos. 333-148613, 333-142163 and 333-135422. Accordingly, upon effectiveness, this Registration Statement shall act as a Post-Effective Amendment No. 1 to File No. 333-148613, a Post-Effective Amendment No. 2 to File No. 333-142163 and Post-Effective Amendment No. 3 to File No. 333-135422.

1(1)

~~Estimated solely for~~

Pursuant to the ~~purpose~~provisions of ~~calculating the registration fee pursuant to~~ Rule ~~457(d)~~415(a)(6) under the Securities Act ~~based upon a net asset value per Share~~ of ~~$37.50~~1933, as ~~of April 21, 2008.~~amended, the issuer is including on this new registration statement both the unsold Shares and the filing fees paid in connection with such unsold Shares that was covered by the earlier registration statements, as provided in the table above. The filing fees in the above table will continue to be applied to such unsold Shares.

The ~~registrant~~Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the ~~registrant~~Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until ~~this~~the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.

The information in this Prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

~~Subject to completion, dated April 29, 2008~~

~~POWERSHARES~~INVESCO DB MULTI-SECTOR COMMODITY TRUST


~~PowerShares~~Invesco DB Energy Fund	~~$372,480,730 and 14,212,621~~ 22,000,000	Common Units of Beneficial Interest
~~PowerShares~~Invesco DB Oil Fund	~~$424,565,202 and 14,513,789~~ 81,600,000	Common Units of Beneficial Interest
~~PowerShares~~Invesco DB Precious Metals Fund	~~$370,043,586 and 15,743,074~~ 22,400,000	Common Units of Beneficial Interest
~~PowerShares~~Invesco DB Gold Fund	~~$411,700,396 and 15,408,321~~ 15,400,000	Common Units of Beneficial Interest
~~PowerShares~~Invesco DB ~~Silver~~Base Metals Fund	~~$423,261,880 and 17,568,518~~ 27,000,000	Common Units of Beneficial Interest
~~PowerShares DB Base Metals Fund~~	~~$417,310,633 and 21,949,079 Common Units of Beneficial Interest~~
~~PowerShares DB Agriculture Fund~~	~~19,172,875 Common Units of Beneficial Interest~~

~~PowerShares~~Invesco DB Multi-Sector Commodity Trust ~~or the Trust,~~(the “Trust”) is organized in seven separate series as a Delaware statutory trust. Each series of the Trust ~~called~~(each a ~~Fund,~~“Fund”) issues common units of beneficial interest ~~or Shares,~~(“Shares”), which represent units of fractional undivided beneficial interest in and ownership of such ~~Fund~~series only. Unless the context otherwise requires, references in this Prospectus to a “Fund” or the “Funds” are to the series of the Trust that is or are being offered pursuant to this Prospectus. Shares in each Fund are being separately offered.

Shares may be purchased from each Fund only by certain eligible financial institutions, called Authorized Participants, ~~may sell the Shares they purchase from a Fund~~and only in one or more blocks of 200,000 Shares ~~called~~(“Baskets”). Baskets ~~to other investors at prices that~~ are ~~expected to reflect, among other factors, the trading price of such Fund’s Shares~~issued on the ~~Amex and~~creation order settlement date as of 2:45 p.m., Eastern time, on the ~~supply of and demand for Shares of such Fund~~business day immediately following the creation order date at the ~~time of sale and are expected to fall between~~applicable net asset value ~~and the trading price~~(“NAV”) per Share as of the ~~Shares~~closing time if the NYSE Arca, Inc. (“NYSE Arca”) or the last to close of ~~such Fund~~the exchanges on which the Fund’s futures contracts are traded, whichever is later, on the ~~Amex at~~creation order date. Upon submission of a creation order, the ~~time of sale.~~

Authorized Participant may request the Managing Owner to agree to a creation order settlement date up to two business days after the creation order date.

The Shares of each Fund trade on the ~~Amex~~NYSE Arca under the following symbols: ~~PowerShares~~Invesco DB Energy Fund –— DBE; ~~PowerShares~~Invesco DB Oil Fund –— DBO; ~~PowerShares~~Invesco DB Precious Metals Fund –— DBP; ~~PowerShares~~Invesco DB Gold Fund ~~– DGL; PowerShares DB Silver Fund – DBS; PowerShares~~— DGL and Invesco DB Base Metals Fund ~~– DBB; and PowerShares DB Agriculture Fund – DBA.~~— DBB.

Each Fund invests the proceeds of its offering of Shares in a corresponding series of DB Multi-Sector Commodity Master Trust, or the Master Trust. The Master Trust is organized in seven separate series as a Delaware statutory trust. Each series of the Master Trust, called a Master Fund, corresponds to a particular Fund.

~~DB Commodity Services~~Invesco Capital Management LLC serves as ~~the Managing Owner,~~each Fund’s managing owner (the “Managing Owner”), commodity pool operator and commodity trading advisor of each ~~Fund and each Master~~ Fund.

Each ~~Master~~ Fund trades exchange-traded futures contracts on the commodities comprising a particular commodities index, with a view to tracking the index over time. Each Fund also earns interest income (“Treasury Income”) from United States Treasury securities (“Treasury Securities”) and ~~other high credit quality short-term fixed income securities.~~dividends from its holdings

in money market mutual funds (affiliated or otherwise) (“Money Market Income”). Each Fund also gains an exposure to Treasury Securities through an investment in exchange-traded funds (affiliated or otherwise) (“ETFs”) that track indexes that measure the performance of U.S. Treasury Obligations with a maximum remaining maturity of up to twelve months(“T-Bill ETFs”), and each Fund may receive dividends or distributions of capital gains from those investments(“T-Bill ETF Income”). Additionally, each Fund’s performance reflects the appreciation or depreciation of its investments in Treasury Securities, money market mutual funds andT-Bill ETFs.

•~~PowerShares DB Energy Fund~~ ~~is designed to track the Deutsche Bank Liquid Commodity Index–Optimum Yield Energy Excess Return™ (DBLCI-OY~~
•
Invesco DB Energy Fund is designed to track the DBIQ Optimum Yield Energy Index Excess Return™(“DBIQ-OY Energy ER™”), which is intended to reflect the changes in market value of the energy sector.

•~~PowerShares DB Oil Fund~~ ~~is designed to track the Deutsche Bank Liquid Commodity Index–Optimum Yield Crude Oil Excess Return™ (DBLCI-OY~~
•
Invesco DB Oil Fund is designed to track the DBIQ Optimum Yield Crude Oil Index Excess Return™(“DBIQ-OY CL ER™”), which is intended to reflect the changes in market value of crude oil.

•~~PowerShares DB Precious Metals Fund~~ ~~is designed to track the Deutsche Bank Liquid Commodity Index–Optimum Yield Precious Metals Excess Return™ (DBLCI-OY~~
•
Invesco DB Precious Metals Fund is designed to track the DBIQ Optimum Yield Precious Metals Index Excess Return™(“DBIQ-OY Precious Metals ER™”), which is intended to reflect the changes in market value of the precious metals sector.

•~~PowerShares DB Gold Fund~~ ~~is designed to track the Deutsche Bank Liquid Commodity Index–Optimum Yield Gold Excess Return™ (DBLCI-OY~~
•
Invesco DB Gold Fund is designed to track the DBIQ Optimum Yield Gold Index Excess Return™(“DBIQ-OY GC ER™”), which is intended to reflect the changes in market value of gold.

•~~PowerShares DB Silver Fund~~ ~~is designed to track the Deutsche Bank Liquid Commodity Index–Optimum Yield Silver Excess Return™ (DBLCI-OY SI~~
•
Invesco DB Base Metals Fund is designed to track the DBIQ Optimum Yield Industrial Metals Index Excess Return™(“DBIQ-OY Industrial Metals ER™”), which is intended to reflect the changes in market value of ~~silver.~~
•~~PowerShares DB Base Metals Fund~~ ~~is designed to track the Deutsche Bank Liquid Commodity Index–Optimum Yield Industrial Metals Excess Return™ (DBLCI-OY Industrial Metals ER™), which is intended to reflect~~ the base metals sector.
•~~PowerShares DB Agriculture Fund~~ ~~is designed to track the Deutsche Bank Liquid Commodity Index–Optimum Yield Agriculture Excess Return™ (DBLCI-OY Agriculture ER™), which is intended to reflect the agricultural sector.~~

We refer to each of the indexes as an ~~Index~~“Index” and we refer to them collectively as the ~~Indexes.~~“Indexes”.

~~Except when aggregated in Baskets, the Shares are not redeemable securities.~~

INVESTING IN THE SHARES INVOLVES SIGNIFICANT RISKS.

PLEASE REFER TO “~~THE RISKS YOU FACE~~RISK FACTORS” BEGINNING ON PAGE ~~21.~~15.

• Futures trading is volatile and even a small movement in market prices could cause large losses.

~~The success of each Master Fund’s trading program depends upon the skill of the Managing Owner and its trading principals.~~

~~You could lose all or substantially all of your investment.~~

~~Each of the Indexes is concentrated in a small number of commodities and some are highly concentrated in a single commodity. Concentration may result in greater volatility.~~

Investors in each Fund pay fees in connection with their investment in Shares including asset-based fees of either 0.50% per annum with respect to PowerShares DB Oil Fund, PowerShares DB Gold Fund and PowerShares DB Silver Fund or 0.75% per annum with respect to PowerShares DB Energy Fund, PowerShares DB Precious Metals Fund, PowerShares DB Base Metals Fund and PowerShares DB Agriculture Fund. Additional charges include brokerage fees of approximately 0.03% with respect to PowerShares DB Energy Fund and PowerShares DB Base Metals Fund, 0.04% with respect to PowerShares DB Oil Fund, PowerShares DB Precious Metals Fund, PowerShares DB Gold Fund and PowerShares DB Silver Fund or 0.16% with respect to PowerShares DB Agriculture Fund per annum in the aggregate.

• The success of each Fund’s trading program depends upon the skill of the Managing Owner and its trading principals.

• You could lose all or substantially all of your investment.

• Each of the Indexes is concentrated in a small number of commodities and some are highly concentrated in a single commodity. Concentration may result in greater volatility.

• Investors in each Fund pay fees in connection with their investment in the Shares, including asset-based fees of 0.75% per annum. Additional charges include brokerage fees of approximately 0.03% with respect to Invesco DB Energy Fund, Invesco DB Oil Fund, Invesco DB Precious Metals Fund and Invesco DB Gold Fund and 0.05% with respect to Invesco DB Base Metals Fund per annum in the aggregate.

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Shares will trade at market prices, rather than the ~~offer.~~NAV of each Fund, Shares ~~initially comprising the same Basket but offered by Authorized Participants to the public~~may trade at ~~different times may have different offering prices.~~prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount). Authorized Participants will not receive from any Fund, the Managing Owner or any of their affiliates, any fee or other compensation in connection with their sale of Shares to the public.

An Authorized Participant may receive commissions or fees from investors who purchase Shares through their commission orfee-based brokerage accounts. In addition, the Managing Owner pays a distribution services fee to Invesco Distributors, Inc. and pays a marketing services fee to Deutsche Investment Management Americas Inc. (“DIMA”) without reimbursement from the Trust or any Fund. For more information regarding items of compensation paid to Financial Industry Regulatory Authority, Inc. (“FINRA”) members, please see the “Plan of Distribution” section on page 128.

These securities have not been approved or disapproved by the U.S Securities and Exchange Commission (“SEC”) or any state securities commission nor has the ~~Securities and Exchange Commission~~SEC or any state securities commission passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense. None of the Funds ~~nor any of the Master Funds~~ is a mutual fund or any other type of investment company within the meaning of the Investment Company Act of 1940, as amended, and ~~none of them~~ is not subject to regulation thereunder.

THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN THESE POOLS NOR HAS THE COMMISSION PASSED ~~UPON~~ON THE ADEQUACY OR ACCURACY OF THIS DISCLOSURE DOCUMENT. The Shares are neither interests in nor obligations of any of the Managing Owner, the Trustee or any of their respective affiliates. The Shares are not insured by the Federal Deposit Insurance Corporation or any other governmental agency.

November 15, 2018

~~( , 2008)~~-ii-

COMMODITY FUTURES TRADING COMMISSION

RISK DISCLOSURE STATEMENT

YOU SHOULD CAREFULLY CONSIDER WHETHER YOUR FINANCIAL CONDITION PERMITS YOU TO PARTICIPATE IN A COMMODITY POOL. IN SO DOING, YOU SHOULD BE AWARE THAT ~~FUTURES~~COMMODITY INTEREST TRADING CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS GAINS. SUCH TRADING LOSSES CAN SHARPLY REDUCE THE NET ASSET VALUE OF THE POOL AND CONSEQUENTLY THE VALUE OF YOUR INTEREST IN THE POOL. IN ADDITION, RESTRICTIONS ON REDEMPTIONS MAY AFFECT YOUR ABILITY TO WITHDRAW YOUR PARTICIPATION IN THE POOL.

FURTHER, COMMODITY POOLS MAY BE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT, AND ADVISORY AND BROKERAGE FEES. IT MAY BE NECESSARY FOR THOSE POOLS THAT ARE SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS. THIS DISCLOSURE DOCUMENT CONTAINS A COMPLETE DESCRIPTION OF EACH EXPENSE TO BE CHARGED TO THESE POOLS AT PAGE ~~145~~81 AND A STATEMENT OF THE PERCENTAGE RETURNS NECESSARY TO BREAK EVEN, THAT IS, TO RECOVER THE AMOUNT OF YOUR INITIAL INVESTMENT, AT PAGE ~~15.~~31.

THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER FACTORS NECESSARY TO EVALUATE YOUR PARTICIPATION IN ANY OF THESE COMMODITY POOLS. THEREFORE, BEFORE YOU DECIDE TO PARTICIPATE IN ANY OF THESE COMMODITY POOLS, YOU SHOULD CAREFULLY STUDY THIS DISCLOSURE DOCUMENT, INCLUDING A DESCRIPTION OF THE PRINCIPAL RISK FACTORS OF THIS INVESTMENT, AT PAGES 2115 THROUGH ~~28.~~29.

YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY POOL MAY TRADE FOREIGN FUTURES OR OPTIONS CONTRACTS. TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES, INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET, MAY BE SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION TO THE POOL AND ITS PARTICIPANTS. FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES OR MARKETS INNON-UNITED STATES JURISDICTIONS WHERE TRANSACTIONS FOR THE POOL MAY BE EFFECTED.

THE BOOKS AND RECORDS OF EACH FUND AND EACH MASTER FUND ARE MAINTAINED AS FOLLOWS: ALL MARKETING MATERIALS ARE MAINTAINED AT THE OFFICES OF ALPS DISTRIBUTORS, INC., 1290 BROADWAY, SUITE 1100, DENVER, COLORADO 80203; TELEPHONE NUMBER (303) 623-2577; BASKET CREATION AND REDEMPTION BOOKS AND RECORDS, ACCOUNTING AND CERTAIN OTHER FINANCIAL BOOKS AND RECORDS (INCLUDING FUND AND MASTER FUND ACCOUNTING RECORDS, LEDGERS WITH RESPECT TO ASSETS, LIABILITIES, CAPITAL, INCOME AND EXPENSES, THE REGISTRAR, TRANSFER JOURNALS AND RELATED DETAILS) AND TRADING AND RELATED DOCUMENTS RECEIVED FROM FUTURES COMMISSION MERCHANTS ARE MAINTAINED BY THE BANK OF NEW YORK, 2 HANSON PLACE, 12^TH FLOOR, BROOKLYN, NEW YORK 11217, TELEPHONE NUMBER (718) 315-4850. ALL OTHER BOOKS AND RECORDS OF EACH FUND AND EACH MASTER FUND (INCLUDING MINUTE BOOKS AND OTHER GENERAL CORPORATE RECORDS, TRADING RECORDS AND RELATED REPORTS AND OTHER ITEMS RECEIVED FROM EACH MASTER FUND’S COMMODITY BROKERS) ARE MAINTAINED AT THE FUNDS’ PRINCIPAL OFFICE, C/O DB COMMODITY SERVICES LLC, 60 WALL STREET, NEW YORK, NEW YORK 10005; TELEPHONE NUMBER (212) 250-5883. SHAREHOLDERS WILL HAVE THE RIGHT, DURING NORMAL BUSINESS HOURS, TO HAVE ACCESS TO AND COPY (UPON PAYMENT OF REASONABLE REPRODUCTION COSTS) SUCH BOOKS AND RECORDS IN PERSON OR BY THEIR AUTHORIZED ATTORNEY OR AGENT. MONTHLY ACCOUNT STATEMENTS FOR EACH FUND CONFORMING TO COMMODITY FUTURES TRADING COMMISSION (THE “CFTC”) AND THE NATIONAL FUTURES ASSOCIATION (THE “NFA”) REQUIREMENTS ARE POSTED ON THE MANAGING OWNER’S WEBSITE AT WWW.DBFUNDS.DB.COM. ADDITIONAL REPORTS ARE POSTED ON THE FUNDS’ WEBSITE IN THE DISCRETION OF THE MANAGING OWNER OR AS

REQUIRED BY REGULATORY AUTHORITIES. THERE WILL SIMILARLY BE DISTRIBUTED TO SHAREHOLDERS OF EACH FUND, NOT MORE THAN 90 DAYS AFTER THE CLOSE OF EACH FUND’S FISCAL YEAR, CERTIFIED AUDITED FINANCIAL STATEMENTS AND (IN NO EVENT LATER THAN MARCH 15 OF THE IMMEDIATELY FOLLOWING YEAR) THE TAX INFORMATION RELATING TO SHARES OF EACH FUND NECESSARY FOR THE PREPARATION OF SHAREHOLDERS’ ANNUAL FEDERAL INCOME TAX RETURNS.

THIS PROSPECTUS DOES NOT INCLUDE ALL OF THE INFORMATION OR EXHIBITS IN THE REGISTRATION STATEMENT OF THE TRUST ~~AND THE MASTER TRUST.~~OR FUNDS. YOU CAN READ AND COPY THE ENTIRE REGISTRATION STATEMENT AT THE PUBLIC REFERENCE FACILITIES MAINTAINED BY THE SEC IN WASHINGTON, D.C.

THE ~~FUNDS AND THE MASTER~~ FUNDS FILE QUARTERLY AND ANNUAL REPORTS WITH THE SEC. YOU CAN READ AND COPY THESE REPORTS AT THE SEC PUBLIC REFERENCE FACILITIES IN WASHINGTON, D.C. PLEASE CALL THE SEC AT1-800-SEC-0330 FOR FURTHER INFORMATION.

THE FILINGS OF THE TRUST AND ~~THE MASTER TRUST~~FUNDS ARE POSTED AT THE SEC WEBSITE ATHTTP://~~WWW.SEC.GOV.~~WWW.SEC.GOV.

REGULATORY NOTICES

NO DEALER, SALESMAN OR ANY OTHER PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATION NOT CONTAINED IN THIS PROSPECTUS, AND, IF GIVEN OR MADE, SUCH OTHER INFORMATION OR REPRESENTATION

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MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE TRUST, ANY FUND, THE ~~MASTER TRUST, ANY MASTER FUND, THE~~ MANAGING OWNER, THE AUTHORIZED PARTICIPANTS OR ANY OTHER PERSON.

THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFER OR SOLICITATION TO SELL OR A SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY OFFER, SOLICITATION, OR SALE OF THE SHARES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION, OR SALE IS NOT AUTHORIZED OR TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE ANY SUCH OFFER, SOLICITATION, OR SALE.

THE BOOKS AND RECORDS OF EACH FUND ARE MAINTAINED AS FOLLOWS: ALL MARKETING MATERIALS ARE MAINTAINED AT THE OFFICES OF INVESCO DISTRIBUTORS, INC., 11 GREENWAY PLAZA, SUITE 1000, HOUSTON, TEXAS 77046-1173; TELEPHONE NUMBER (800)983-0903; BASKET CREATION AND REDEMPTION BOOKS AND RECORDS, ACCOUNTING AND CERTAIN OTHER FINANCIAL BOOKS AND RECORDS (INCLUDING FUND ACCOUNTING RECORDS, LEDGERS WITH RESPECT TO ASSETS, LIABILITIES, CAPITAL, INCOME AND EXPENSES, THE REGISTRAR, TRANSFER JOURNALS AND RELATED DETAILS) AND TRADING AND RELATED DOCUMENTS RECEIVED FROM FUTURES COMMISSION MERCHANTS ARE MAINTAINED BY THE BANK OF NEW YORK MELLON, 2 HANSON PLACE, BROOKLYN, NEW YORK 11217, TELEPHONE NUMBER (718)315-7500. ALL OTHER BOOKS AND RECORDS OF EACH FUND (INCLUDING MINUTE BOOKS AND OTHER GENERAL CORPORATE RECORDS, TRADING RECORDS AND RELATED REPORTS AND OTHER ITEMS RECEIVED FROM EACH FUND’S COMMODITY BROKERS) ARE MAINTAINED AT THE FUNDS’ PRINCIPAL OFFICE, C/O INVESCO CAPITAL MANAGEMENT LLC, 3500 LACEY ROAD, SUITE 700, DOWNERS GROVE, ILLINOIS 60515; TELEPHONE NUMBER (800)983-0903. SHAREHOLDERS WILL HAVE THE RIGHT, DURING NORMAL BUSINESS HOURS, TO HAVE ACCESS TO AND COPY (UPON PAYMENT OF REASONABLE REPRODUCTION COSTS) SUCH BOOKS AND RECORDS IN PERSON OR BY THEIR AUTHORIZED ATTORNEY OR AGENT. MONTHLY ACCOUNT STATEMENTS FOR EACH FUND CONFORMING TO COMMODITY FUTURES TRADING COMMISSION (“CFTC”) AND THE NATIONAL FUTURES ASSOCIATION (“NFA”) REQUIREMENTS ARE POSTED ON THE MANAGING OWNER’S WEBSITE ATWWW.INVESCO.COM/ETFs. ADDITIONAL REPORTS MAY BE POSTED ON THE MANAGING OWNER’S WEBSITE IN THE DISCRETION OF THE MANAGING OWNER OR AS REQUIRED BY REGULATORY AUTHORITIES. INFORMATION ON THE MANAGING OWNER’S WEBSITE SHALL NOT BE DEEMED TO BE A PART OF THIS PROSPECTUS OR INCORPORATED BY REFERENCE HEREIN UNLESS OTHERWISE EXPRESSLY STATED. THERE WILL SIMILARLY BE DISTRIBUTED TO SHAREHOLDERS, NOT MORE THAN 90 DAYS AFTER THE CLOSE OF EACH FUND’S FISCAL YEAR, CERTIFIED AUDITED FINANCIAL STATEMENTS AND (IN NO EVENT LATER THAN MARCH 15 OF THE IMMEDIATELY FOLLOWING YEAR) THE TAX INFORMATION RELATING TO SHARES OF EACH FUND NECESSARY FOR THE PREPARATION OF SHAREHOLDERS’ ANNUAL FEDERAL INCOME TAX RETURNS.

THE DIVISION OF INVESTMENT MANAGEMENT OF THE SECURITIES AND EXCHANGE COMMISSION REQUIRES THAT THE FOLLOWING STATEMENT BE PROMINENTLY SET FORTH HEREIN: “NEITHER ~~POWERSHARES~~INVESCO DB MULTI-SECTOR COMMODITY ~~TRUST NOR DB MULTI-SECTOR COMMODITY MASTER~~ TRUST NOR ANY SERIES THEREOF IS A MUTUAL FUND OR ANY OTHER TYPE OF INVESTMENT COMPANY WITHIN THE MEANING OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED, AND IS NOT SUBJECT TO REGULATION THEREUNDER.”

AUTHORIZED PARTICIPANTS MAY BE REQUIRED TO DELIVER A PROSPECTUS WHEN TRANSACTING IN SHARES. SEE “PLAN OF DISTRIBUTION.”

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SUMMARY

This summary of ~~all~~ material information ~~provided~~contained or incorporated by reference in this Prospectus is intended for quick reference ~~only.~~only and does not contain all of the information that may be important to you. For ease of reference, any references throughout this Prospectus to various actions taken by each of the Funds ~~or each of the Master Funds~~ are actually actions that the ~~Trust or the Master~~ Trust has taken on behalf of such respective ~~Funds or Master~~ Funds. The remainder of this Prospectus contains more detailed information. You should read the entire Prospectus, including ~~all exhibits to~~ the information incorporated by reference in this Prospectus, before deciding whether to invest in Shares of any Fund. Please see the section “Incorporation by Reference of Certain Documents” for information on how you can obtain the information that is incorporated by reference in this Prospectus. This Prospectus is ~~intended to be used beginning [ ], 2008.~~dated November 15, 2018.

The Trust and the ~~Funds; The Master Trust and the Master~~ Funds

~~PowerShares~~Invesco DB Multi-Sector Commodity Trust ~~or the Trust,~~(the “Trust”) was formed as a Delaware statutory trust, in seven separate series ~~or Funds,~~(“Funds”) on August 3, 2006. Each Fund issues common units of beneficial interest ~~or Shares,~~(“Shares”) which represent units of fractional undivided beneficial interest in and ownership of such Fund. The term of the Trust and each Fund is perpetual (unless terminated earlier in certain circumstances). The principal executive offices of the Trust and each Fund are located at c/o ~~DB Commodity Services~~Invesco Capital Management LLC, ~~60 Wall Street, New York, New York 10005,~~3500 Lacey Road, Suite 700, Downers Grove, IL 60515, and ~~the~~its telephone number is (800)983-0903.

As of the date of this Prospectus, the Trust consists of the following seven series — Invesco DB Energy Fund, Invesco DB Oil Fund, Invesco DB Precious Metals Fund, Invesco DB Gold Fund, Invesco DB Silver Fund, Invesco DB Base Metals Fund and Invesco DB Agriculture Fund. This Prospectus is for each of ~~them is (212) 250-5883.~~

the Funds listed in the prior sentence, except for Invesco DB ~~Multi-Sector Commodity Master Trust, or~~Silver Fund and Invesco DB Agriculture Fund. Information regarding the ~~Master Trust, was formed as a Delaware statutory trust, in seven separate~~offered Funds (including any other additional series or Master Funds, on August 3, 2006. Each Master Fund issues common units of beneficial interest, or Master Fund Units, which represent units of fractional undivided beneficial interest in and ownership of such Master Fund. The term of the ~~Master Trust~~Trust) and ~~each Master~~both Invesco DB Silver Fund and Invesco DB Agriculture Fund (neither of which

is perpetual (unless terminated earlier in certain circumstances). The principal offices of the Master Trust and each Master Fund are located at c/o DB Commodity Services LLC, 60 Wall Street, New York, New York 10005, and the telephone number of each of themoffered by this Prospectus) is ~~(212) 250-5883.~~

available atwww.invesco.com/ETFs.

Each of the Trust and Master Trust was organized in seven separate series as a Delaware statutory trust rather than as seven separate statutory trusts in order to achieve certain administrative efficiencies. The interests of investors are not adversely affected by the choice of form of organization.

Shares Listed on the ~~Amex~~

NYSE Arca

The Shares of each Fund are listed on the ~~Amex~~NYSE Arca under the following symbols:

~~PowerShares~~Invesco DB Energy Fund –— DBE;

~~PowerShares~~Invesco DB Oil Fund –— DBO;

~~PowerShares~~Invesco DB Precious Metals Fund –— DBP;

~~PowerShares~~Invesco DB Gold Fund –— DGL; and

~~PowerShares DB Silver Fund – DBS;~~

~~PowerShares~~Invesco DB Base Metals Fund ~~– DBB; and~~— DBB.

~~PowerShares DB Agriculture Fund – DBA.~~

Secondary market purchases and sales of Shares ~~will be~~are subject to ordinary brokerage commissions and charges.

Purchases and Sales in the Secondary Market on the ~~Amex~~NYSE Arca

~~The~~Individual Shares of each Fund ~~trade~~may be purchased and sold only on the ~~Amex like any other equity security.~~

NYSE Arca. Because the Shares will trade at market prices, rather than the net asset value (“NAV”) of a Fund, Shares may trade at prices greater than NAV of such Fund (at a premium), at NAV, or less than NAV (at a discount).

Baskets ~~of Shares in each Fund~~ may be created or redeemed directly with each Fund only by Authorized Participants. It is expected that Baskets in a Fund will be created when ~~there is sufficient demand for Shares in such Fund that~~ the market price per Share in such Fund is at a premium to the ~~net asset value~~NAV per Share. Authorized Participants are expected to sell such Shares, which are listed on the Amex, to the public at prices that are expected to reflect, among other factors, the trading price of the Shares of such Fund on the Amex and the supply of and demand for Shares at the time of sale and are expected to fall between net asset value and the trading price of the Shares on the Amex at the time of sale. Similarly, it is expected that Baskets in a Fund will be redeemed when the market price per Share of such Fund is at a discount to the ~~net asset value~~NAV per Share. Retail investors seeking to purchase or sell Shares on any day are expected to effect

such transactions in the secondary market, on the ~~Amex,~~NYSE Arca, at the market price per ~~Share, rather than in connection with the creation or redemption of Baskets.~~

Share.

The market price of the Shares of a Fund may not be identical to the ~~net asset value~~NAV per Share, but these valuations are expected to be very close. Investors are able to use theintra-day indicative ~~intra-day~~ value (“IIV”) per Share to determine if they want to purchase in the secondary market via the ~~Amex.~~NYSE Arca. The ~~intra-day indicative value~~IIV per Share of each Fund is based on the prior day’s final ~~net asset value,~~

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NAV, adjusted four times per minute throughout the trading day to reflect the ~~continuous~~ price changes of the ~~Master~~ Fund’s ~~futures positions to provide~~holdings. As a result, the IIV provides a continuously updated ~~estimated net asset value~~estimate of each Fund’s NAV per Share.

Retail investors may purchase and sell Shares through traditional brokerage accounts. Purchases or sales of Shares may be subject to ~~customary~~ brokerage commissions. Investors are encouraged to review the terms of their brokerage accounts for applicable charges.

Pricing Information Available on the ~~Amex~~NYSE Arca and Other Sources

Theintra-day data, including the IIV, is published once every fifteen seconds throughout each trading day.

The Index Sponsor (as defined herein) calculates and publishes the closing level of the Indexes daily. The Managing Owner publishes the NAV of each Fund and the NAV per Share of each Fund daily.

All of the foregoing information is published as follows:

Intra-Day Index Level Symbols and IIVs Per Share Symbols

Invesco DB Energy Fund. Theintra-day index level of theDBIQ-OY Energy ER™ is published under the symbol DBENIX. The IIV per Share of Invesco DB Energy Fund is published under the symbol DBE.IV.

Invesco DB Oil Fund. Theintra-day index level of theDBIQ-OY CL ER™ is published under the symbol DBOLIX. The IIV per Share of Invesco DB Oil Fund is published under the symbol DBO.IV.

Invesco DB Precious Metals Fund. Theintra-day index level of theDBIQ-OY Precious Metals ER™ is published under the symbol DBPMIX. The IIV per Share of Invesco DB Precious Metals Fund is published under the symbol DBP.IV.

Invesco DB Gold Fund. Theintra-day index level of theDBIQ-OY GC ER™ is published under the symbol DGLDIX. The IIV per Share of Invesco

DB Gold Fund is published under the symbol DGL.IV.

Invesco DB Base Metals Fund. Theintra-day index level of theDBIQ-OY Industrial Metals ER™ is published under the symbol DBBMIX. The IIV per Share of Invesco DB Base Metals Fund is published under the symbol DBB.IV.

The current trading price per Share of each Fund (quoted in U.S. dollars) is published continuously under its ticker symbol as trades occur throughout each trading day on the consolidated tape, Reuters and/or Bloomberg and on the Managing Owner’s website at~~http://www.dbfunds.db.com~~www. invesco.com/ETFs, or any successor thereto.

The most recentend-of-day closing level of each Index is published under its own symbol as of the close of business for the ~~Amex~~NYSE Arca each trading day on the consolidated tape, Reuters and/or Bloomberg and on the Managing Owner’s website at~~http://www.dbfunds.db.com~~www.invesco.com/ETFs, or any successor thereto.

The most recentend-of-day ~~net asset value~~ NAV of each Fund is published under its own symbol as of the close of business on Reuters and/or Bloomberg and on the Managing Owner’s website at~~http://www.dbfunds.db.com~~www.invesco.com/ETFs, or any successor thereto. In addition, the most recentend-of-day ~~net asset value~~ NAV of each Fund is published under its own symbol the following morning on the consolidated tape.

~~End of Day~~End-of-Day Index Closing Level Symbols;End-of-Day ~~Net Asset Value~~ NAV Symbols

~~PowerShares~~Invesco DB Energy ~~Fund.~~Fund. Theend-of-day closing level of the ~~DBLCI-OY~~DBIQ-OY Energy ERER™ is published under the symbol ~~DBENIX.~~DBCMYEEN. Theend-of-day ~~net asset value~~ NAV of ~~PowerShares~~Invesco DB Energy Fund is published under the symbol DBE.NV.

~~PowerShares~~Invesco DB Oil ~~Fund.~~Fund. Theend-of-day closing level of the ~~DBLCI-OY~~DBIQ-OY CL ERER™ is published under the symbol ~~DBOLIX.~~DBCMOCLE. Theend-of-day ~~net asset value~~ NAV of ~~PowerShares~~Invesco DB Oil Fund is published under the symbol DBO.NV.

~~PowerShares~~Invesco DB Precious Metals ~~Fund.~~Fund. Theend-of-day closing level of the ~~DBLCI-OY~~DBIQ-OY Precious Metals ERER™ is published under the symbol ~~DBPMIX.~~

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DBCMYEPM. Theend-of-day ~~net asset value~~ NAV of ~~PowerShares~~Invesco DB Precious Metals Fund is published under the symbol DBP.NV.

~~PowerShares~~Invesco DB Gold ~~Fund.~~Fund. Theend-of-day closing level of the ~~DBLCI-OY~~DBIQ-OY GC ERER™ is published under the symbol ~~DGLDIX.~~DBCMOGCE. Theend-of-day ~~net asset value~~ NAV of ~~PowerShares~~Invesco DB Gold Fund is published under the symbol DGL.NV.

~~PowerShares~~Invesco DB ~~Silver Fund.~~Base Metals Fund. Theend-of-day closing level of the ~~DBLCI-OY SI ER~~DBIQ-OY Industrial Metals ER™ is published under the symbol ~~DBSLIX.~~DBCMYEIM. Theend-of-day ~~net asset value~~ NAV of ~~PowerShares DB Silver Fund is published under the symbol DBS.NV.~~

~~PowerShares DB Base Metals Fund.~~ ~~The end-of-day closing level of the DBLCI-OY Industrial Metals ER is published under the symbol DBBMIX. The end-of-day net asset value of PowerShares~~Invesco DB Base Metals Fund is published under the symbol DBB.NV.

~~PowerShares DB Agriculture Fund.~~ The end-of-day closing level of the DBLCI-OY Agriculture ER is published under the symbol DBAGIX. The end-of-day net asset value of PowerShares DB Agriculture Fund is published under the symbol DBA.NV.

The Managing Owner publishes the net asset value of each Fund and the net asset value per Share of each Fund daily. Additionally, the Index Sponsor publishes the intra-day level of each Index, and the Managing Owner will publish the indicative value per Share of each Fund (quoted in U.S. dollars) once every fifteen seconds throughout each trading day on the consolidated tape, Reuters and/or Bloomberg and on the Managing Owner’s website at~~http://www.dbfunds.db.com, or any successor thereto.~~ All of the foregoing information ~~is published under the following symbols:~~

~~Intra-Day~~with respect to each Index, ~~Level Symbols and Intra-Day Indicative Values Per Share Symbols~~

~~PowerShares DB Energy Fund.~~ ~~The intra-day index level of the DBLCI-OY Energy ER is published under the symbol DBENIX. The intra-day indicative value per Share of PowerShares DB Energy Fund is published under the symbol DBE.IV.~~

~~PowerShares DB Oil Fund.~~ ~~The intra-day index level of the DBLCI-OY CL ER is published under the symbol DBOLIX. The intra-day indicative value per Share of PowerShares DB Oil Fund is published under the symbol DBO.IV.~~

~~PowerShares DB Precious Metals Fund.~~ The intra-day index level of the DBLCI-OY Precious Metals ER is published under the symbol DBPMIX. The intra-day indicative value per Share of PowerShares DB Precious Metals Fund is published under the symbol DBP.IV.

~~PowerShares DB Gold Fund.~~ ~~The intra-day index level of the DBLCI-OY GC ER is published under the symbol DGLDIX. The intra-day indicative value per Share of PowerShares DB Gold Fund is published under the symbol DGL.IV.~~

~~PowerShares DB Silver Fund.~~ ~~The intra-day index level of the DBLCI-OY SI ER is published under the symbol DBSLIX. The intra-day indicative value per Share of PowerShares DB Silver Fund is published under the symbol DBS.IV.~~

~~PowerShares DB Base Metals Fund.~~ The intra-day index level of the DBLCI-OY Industrial Metals ER is published under the symbol DBBMIX. The intra-day indicative value per Share of PowerShares DB Base Metals Fund is published under the symbol DBB.IV.

~~PowerShares DB Agriculture Fund.~~ The intra-day index level of the DBLCI-OY Agriculture ER is published under the symbol DBAGIX. The intra-day indicative value per Share of PowerShares DB Agriculture Fund is published under the symbol DBA.IV.

~~Each~~including each Index’s history, is also ~~available~~published athttps://~~index.db.com~~.

index.db.com.

The Index Sponsor obtains information for inclusion in, or for use in the calculation of, the Indexes from sources the Index Sponsor considers reliable. None of the Index Sponsor, the Managing Owner, the Funds~~the Master Funds~~ or any of their respective affiliates accepts responsibility for or guarantees the accuracy and/or completeness of any of the Indexes or any data included in any of the Indexes.

Information on the Managing Owner’s website shall not be deemed to be a part of this Prospectus or incorporated by reference herein unless otherwise expressly stated.

CUSIP Numbers

The CUSIP number of ~~PowerShares~~Invesco DB Energy Fund is ~~73936B101.~~

46140H304.

The CUSIP number of ~~PowerShares~~Invesco DB Oil Fund is ~~73936B507.~~

46140H403.

The CUSIP number of ~~PowerShares~~Invesco DB Precious Metals Fund is ~~73936B200.~~

46140H502.

The CUSIP number of ~~PowerShares~~Invesco DB Gold Fund is ~~73936B606.~~

46140H601.

The CUSIP number of ~~PowerShares DB Silver Fund is 73936B309.~~

~~The CUSIP number of PowerShares~~Invesco DB Base Metals Fund is ~~73936B705.~~46140H700.

~~The CUSIP number of PowerShares DB Agriculture Fund is 73936B408.~~

~~The Master-Feeder Structure~~

Each Fund invests substantially all of its assets in a separate Master Fund in a master-feeder structure. Each Fund holds no investment assets other than Master Fund Units of its corresponding Master Fund. Each Master Fund is wholly-owned by its corresponding Fund and the Managing Owner. Each Share issued by a Fund correlates with a Master Fund Unit issued by such Fund’s corresponding Master Fund and held by such Fund.

Risk Factors

An investment in the Shares of any Fund is speculative and involves a high degree of risk. The summary risk factors set forth below are intended merely to highlight certain risks that are common to all the Funds. Each Fund has ~~particular~~additional risks that are set forth elsewhere in this Prospectus.

~~The Funds and the Master Funds have a limited operating history. Therefore, a potential investor has only a limited performance history to serve as a factor for evaluating an investment in any Fund.~~

Past performance is not necessarily indicative of future results; all or substantially all of an investment in any Fund could be lost.

~~The~~Each Fund’s trading of ~~each Master Fund~~futures contracts takes place in very volatile markets.

Each Fund ~~and its corresponding Master Fund~~ is subject to ~~the fees and expenses set forth below (prior to the amount of any commissions charged~~position limits imposed by the ~~investor’s broker in connection with an investor’s purchase of Shares) and will be successful only if significant losses are avoided.~~

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the conflicts will not, in fact, result in adverse consequences to the Funds and the Shareholders.

Each Fund’s NAV may not always correspond to the market price of the Shares and, as a ~~disincentive~~result, Baskets may be created or redeemed at a value that differs from the market price of the Shares.

Shareholders will be subject to ~~replace~~taxation on their allocable share of each Fund’s taxable income, whether or not they receive cash distributions.

Each Fund is subject to fees and expenses in the ~~Commodity Broker. The Commodity Broker may have a conflict~~aggregate amount of ~~interest between its execution of trades~~approximately 0.78% per annum for the ~~Master Funds~~Invesco DB Energy Fund, Invesco DB Oil Fund, Invesco DB Precious Metals Fund and Invesco DB Gold Fund, and of approximately 0.80% for the Invesco DB Base Metals Fund. Each Fund will be successful only if its ~~other customers. More specifically, the Commodity Broker will benefit~~annual returns from ~~executing orders for other clients, whereas the Master Funds may be harmed to the extent that the Commodity Broker has fewer~~

futures trading, plus its annual Treasury Income and any Money Market Income andT-Bill ETF Income, exceed such fees and expenses.

resources to allocate to the Master Funds’ accounts due to the existence of such other clients. Allocation of resources among the Master Funds adds to the potential conflict. Proprietary trading by the affiliates of the Managing Owner and the Commodity Broker may create conflicts of interest from time-to-time because such proprietary trades may take a position that is opposite of that of a Master Fund or may compete with a Master Fund for certain positions within the marketplace. See “Conflicts of Interest” for a more complete disclosure of various conflicts. Although the Managing Owner has established procedures designed to resolve certain of these conflicts equitably, the Managing Owner has not established formal procedures to resolve all potential conflicts of interest. Consequently, investors may be dependent on the good faith of the respective parties subject to such conflicts to resolve them equitably. Although the Managing Owner attempts to monitor these conflicts, it is extremely difficult, if not impossible, for the Managing Owner to ensure that these conflicts will not, in fact, result in adverse consequences to the Funds.

The Trustee

Wilmington Trust Company ~~or the Trustee,~~(the “Trustee”), a Delaware ~~banking corporation,~~trust company, is the sole trustee of the ~~Trust and the Master~~ Trust. The ~~Trustee delegated to the Managing Owner all of the power and authority to manage the business and affairs of the Trust and each Fund and the Master Trust and each Master Fund and has only nominal~~Trustee’s duties and liabilities with respect to the ~~Trust,~~offering of the Shares and the management of the Funds are limited to its express obligations under the ~~Master~~Fifth Amended and Restated Declaration of Trust and ~~the Master Funds.~~Trust Agreement (the “Trust Agreement”).

Investment Objective

Each ~~Fund and its corresponding Master~~ Fund seeks to track changes, whether positive or negative, in the level of its corresponding Index over time, plus the excess, if any, of the sum of its ~~corresponding Master Fund’s interest income from its holdings of United States~~ Treasury Income, Money Market Income and ~~other high credit quality short-term fixed income securities~~T-Bill ETF Income, over the expenses of ~~each~~the Fund. Each Fund ~~and~~invests in futures contracts in an attempt to track its corresponding ~~Master Fund.~~ Index. Each Fund holds Treasury Securities, money market mutual funds andT-Bill ETFs for margin and/or cash management purposes only and each Fund’s performance reflects the appreciation and depreciation of such securities.

The Shares of each Fund are designed for investors who want a cost-effective and convenient way to invest in commodity futures on U.S. andnon-U.S. markets.

Advantages of investing in the ~~Shares~~Funds include:

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Ease and Flexibility of Investment. The Shares trade on the ~~Amex~~NYSE Arca and provide institutional and retail investors with indirect access to commodity futures markets. The Shares may be bought and sold on the ~~Amex~~NYSE Arca like other exchange-listed securities. Retail investors may purchase and sell Shares through traditional brokerage accounts.

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Margin. Shares are eligible for margin accounts.

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Diversification. The Shares may help to diversify a portfolio ~~because historically~~of investments in stocks, bonds, and related assets to the ~~Indexes have tended to exhibit~~extent there is low to negative correlation ~~with both equities~~between those asset classes and ~~conventional bonds and positive correlation to inflation.~~the performance of the Indexes.

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Optimum ~~Yield™~~Yield™. The ~~Shares seek to follow the~~Indexes utilize an Optimum Yield™ ~~version of their respective Index,~~methodology, which seeks to minimize the effects of negative roll yield that may be experienced by conventional commodities indexes. “Negative roll yield” is a term that describes the adverse impact of an upward-sloping price curve for futures contracts, which makes it more expensive to replace expiring contracts with new contracts.

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Transparency. The Shares provide a more direct investment in commodities than mutual funds or ETFs that invest in commodity-linked notes or otherwise gain indirect exposure to commodities, which may have implicit imbedded costs, credit risk and ~~credit risk.~~other potentially opaque features.

Investing in ~~the Shares~~a Fund does not insulate Shareholders from certain risks, including ~~price volatility.~~volatility in the spot prices of commodities comprising each Index (“Index Commodities”). In addition, each Fund seeks to mitigate the adverse consequences of negative roll yield and to maximize the potential

benefits of positive roll yield by ~~investing substantially all of its assets~~tracking the corresponding Index. However, the Funds may not be successful in ~~its corresponding Master Fund.~~ doing so.

Each ~~Master~~ Fund pursues its investment objective by investing in a portfolio of exchange-traded futures on ~~the commodities comprising the corresponding Index.~~

one or more Index Commodities.

The ~~Trust~~Funds being offered pursuant to this Prospectus intend to reflect the sectors described below. Each Index is comprised of ~~each of the following Funds, each of which, in turn, intends~~one or more underlying commodities and is intended to reflect ~~the below sectors:~~each such sector.

~~PowerShares~~Invesco DB Energy Fund is designed to track the ~~Deutsche Bank Liquid Commodity Index–~~DBIQ Optimum Yield Energy Index Excess Return™ ~~(DBLCI-OY~~(DBIQ-OY Energy ER™), which is intended to reflect the changes in market value of the energy sector. The Index Commodities consist of Light, Sweet ~~Light~~ Crude Oil (WTI),; Heating ~~Oil,~~Oil; Brent Crude ~~Oil,~~Oil; RBOB Gasoline and Natural Gas.

~~PowerShares~~Invesco DB Oil Fund is designed to track the ~~Deutsche Bank Liquid Commodity Index–~~DBIQ Optimum Yield Crude Oil Index Excess Return™(DBIQ-OY CL ER™), which is intended to reflect the changes in market value of crude oil. The single Index Commodity is Light, Sweet Crude Oil (WTI).

~~(DBLCI-OY CL~~Invesco DB Precious Metals Fund is designed to track the DBIQ Optimum Yield Precious Metals Index Excess Return™(DBIQ-OY Precious Metals ER™), which is intended to reflect the changes in market value of ~~crude oil. The single Index Commodity consists of Sweet Light Crude Oil (WTI).~~

PowerShares DB Precious Metals Fund is designed to track the Deutsche Bank Liquid Commodity Index–Optimum Yield Precious Metals Excess Return™ (DBLCI-OY Precious Metals ER™), which is intended to reflect the precious metals sector. The Index Commodities consist of Gold and Silver.

~~PowerShares~~Invesco DB Gold Fund is designed to track the ~~Deutsche Bank Liquid Commodity Index–~~DBIQ Optimum Yield Gold Index Excess Return™ ~~(DBLCI-OY~~(DBIQ-OY GC ER™), which is intended to reflect the changes in market value of gold. The single Index Commodity ~~consists of~~is Gold.

~~PowerShares~~Invesco DB ~~Silver~~Base Metals Fund is designed to track the ~~Deutsche Bank Liquid Commodity Index–~~DBIQ Optimum Yield ~~Silver~~Industrial Metals Index Excess Return™ ~~(DBLCI-OY SI~~(DBIQ-OY Industrial Metals ER™), which is intended to reflect the changes in market

value of ~~silver. The single Index Commodity consists of Silver.~~

PowerShares DB Base Metals Fund is designed to track the Deutsche Bank Liquid Commodity Index–Optimum Yield Industrial Metals Excess Return™ (DBLCI-OY Industrial Metals ER™), which is intended to reflect the base metals sector. The Index Commodities consist of Aluminum, Zinc and Copper — Grade A.

Each Fund trades futures contracts on the Index Commodities ~~consist~~(“Index Contracts”) that are subject to position limits under regulations of ~~Aluminum, Zinc and Copper—Grade A.~~

~~PowerShares DB Agriculture Fund is designed to track~~ the ~~Deutsche Bank Liquid Commodity Index–Optimum Yield Agriculture Excess Return™ (DBLCI-OY Agriculture ER™), which is intended to reflect the agricultural sector.~~CFTC or futures exchange rules, as applicable. The ~~Index Commodities consist of Corn, Wheat, Soybeans and Sugar.~~

~~If the~~ Managing Owner ~~determines~~may determine to invest in ~~its commercially reasonable judgment that~~other futures contracts if at any time it ~~has become impracticable~~is impractical or inefficient ~~for any reason for any Master Fund~~ to gain full or partial exposure to any Index Commodity ~~by investing in a specific futures contract that comprises~~through the ~~applicable~~use of Index ~~such Master Fund may invest in a futures contract referencing the particular Index Commodity other than the specific contract that comprises the applicable Index or, in the alternative, invest in~~Contracts. These other futures contracts may or may not be based on ~~the particular~~an Index ~~Commodity if, in the commercially reasonable judgment of~~Commodity. When they are not, the Managing Owner ~~suchfutures~~seeks to select futures contracts that it reasonably believes tend to exhibit trading prices that correlate with an Index Contract.

Managing Owner reasonably believes tend to exhibit trading prices that correlate with an Index Contract. As a Fund that is designed to track an Index with one underlying commodity approaches or reaches position limits with respect to an Index Commodity, the Fund may commence investing in futures contracts based on commodities other than the Index Commodity that the Managing Owner reasonably believes tend to exhibit trading prices that correlate with an Index Contract.

The Index Sponsor calculates each Index on ~~both~~ an excess ~~return basis and a total~~ return basis. The excess return basis calculation reflects the change in market value over time, whether positive or negative, of the applicable underlying commodity futures only.

Each Fund also holds Treasury Securities for deposit with each Fund’s Commodity Broker as margin and has Treasury Securities, cash and money market mutual funds (affiliated or otherwise) on deposit with the Custodian (for cash management purposes). Additionally, each Fund gains an exposure

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to Treasury Securities, with a maximum remaining maturity of up to 12 months, through its holdings ofT-Bill ETFs (affiliated or otherwise). Such holdings ofT-Bill ETFs are on deposit with the Custodian (for cash management purposes) and may be held by each Fund’s Commodity Broker as margin, to the extent permissible under CFTC rules.

General

Each Index is calculated on an excess return, or unfunded basis. Each Index is rolled on an Optimum Yield™ basis. The ~~total return basis calculation reflects~~Optimum Yield™ rolling methodology seeks to maximize the ~~sum~~roll benefits in backwardated markets and to minimize the losses from rolling in contangoed markets. Each Index is comprised of one or more Index Commodities. The composition of Index Commodities with respect to each Index varies according to each specific sector that such Index is intended to reflect. The sponsor of each Index is Deutsche Investment Management Americas Inc. (the “Index Sponsor” or “DIMA”).

Index Composition

DBIQ-OY CL ER™ andDBIQ-OY GC ER™ are Indexes with a single Index Commodity (“Single Commodity Indexes”). Each Single Commodity Index is designed to be composed of one Index Commodity. Each other Index is composed of notional amounts of each of the ~~change~~underlying Index Commodities. The notional amount of each Index Commodity included in each such other Index is intended to reflect the changes in market value ~~over time, whether positive or negative,~~of each such Index Commodity within the specific Index. The Closing Level of each Index is calculated on each Index Business Day (as defined below) by the Index Sponsor based on the closing price of the futures contracts for each of the underlying Index Commodities and the notional amounts of such Index Commodities.

Each Index Commodity is assigned a weight (“Index Base Weight”), which is intended to reflect the proportion of such Index Commodity relative to each Index. Each Index has been calculated back to a base date (“Base Date”). On the Base Date the closing level of each Index (“Closing Level”) was 100.

Each ofDBIQ-OY Energy ER™,DBIQ-OY Precious Metals ER™ andDBIQ-OY Industrial Metals ER™ is rebalanced annually in November to ensure that each of the Index Commodities is weighted in the same proportion that such Index Commodities were weighted on the Base Date.

The composition of each Index may be adjusted in the event that the Index Sponsor is not able to calculate the closing prices of the Index Commodities.

Each Index methodology includes provisions for the replacement of futures contracts as they approach maturity. This replacement takes place over a period of time in order to lessen the impact on the market for the futures contracts being replaced. With respect to each Index Commodity, each Fund employs a rule-based approach when it ‘rolls’ from one futures contract to another. Rather than select a new futures contract based on a predetermined schedule (e.g., monthly), each Index Commodity rolls to the futures contract which generates the best possible “implied roll yield” under prevailing market conditions. Where there is an upward-sloping price curve for futures contracts, the implied roll yield is expected to be negative. The selection of a new futures contract on an Index Commodity in such market conditions is designed to minimize the impact of negative roll yield. Conversely, where there is a downward-sloping price curve for futures contracts, the implied roll yield is expected to be positive. The selection of a new futures contract on the Index Commodities in such market conditions is designed to maximize the impact of positive roll yield. The Indexes take the impact of implied roll yield into consideration by selecting, as the replacement for an expiring futures contract, the futures contract with a delivery month within the next thirteen months that generates the most favorable implied roll yield under the current market conditions.

The market condition in which an Index is designed to maximize the effect of positive roll yield when entering into new futures contracts is called backwardation. Backwardation exists when prices are higher for contracts with shorter-term expirations than those with longer-term expirations, a condition that is typically associated with commodities that are consumed quickly instead of being held in storage.

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Rolling in a backwardated market will tend to enhance returns from futures trading.

The market condition in which the Index is designed to mitigate the effect of negative roll yield when entering into new futures contracts is called contango. Contango exists when contract prices are higher in distant delivery months than in nearer delivery months, typically due to costs associated with storing a given physical commodity for a longer period. Rolling in a contangoed market will tend to cause a drag on returns from futures trading.

Each Fund’s returns from futures trading is called excess return, which is the combined return based on the spot prices of the Index Commodities and the roll yield from trading Index Contracts.

Contract Selection

On the first Index Business Day of each month (“Verification Date”), each Index Commodity futures contract will be tested in order to determine whether to continue including it in the applicable Index. If the Index Commodity futures contract requires delivery of the underlying commodity in the next month, known as the Delivery Month, a new Index Commodity futures ~~plus~~contract will be selected for inclusion in such Index. For example, if the first Index Business Day is May 1 of the current year, and the Delivery Month of the Index Commodity futures contract currently in such Index is June of the current year, a new Index Commodity futures contract with a later Delivery Month will be selected.

For each underlying Index Commodity of an Index, the new Index Contract selected will be the Index Contract with the best possible “implied roll yield” based on the closing price for each eligible Index Contract. Eligible Index Contracts are any Index Contracts having a Delivery Month (i) no sooner than the month after the Delivery Month of the Index Contract currently in such Index, and (ii) no later than the thirteenth month after the Verification Date. For example, if the first Index Business Day is May 1 of the current year and the Delivery Month of an Index Contract currently in an Index is therefore June of the current year, the Delivery Month of an eligible new Index Commodity futures contract must be between July of the current year and June of the following year.

The implied roll yield is calculated and the futures contract on the Index Commodity with the best possible implied roll yield is selected. If two futures contracts have the same implied roll yield, the futures contract with the fewest number of months prior to the Delivery Month is selected.

After the futures contract selection with respect to the Indexes, the monthly roll for each Index Commodity subject to a roll in that particular month unwinds the old futures contract and enters a position in the new futures contract. This takes place between the second and sixth Index Business Day of the month.

On each day during the roll period, new notional holdings are calculated. The calculations for the old Index Commodities that are leaving an Index and the new Index Commodities are then calculated.

On all days that are not monthly index roll days, the notional holdings of each Index Commodity futures remains constant.

The calculation of each Index is expressed as the weighted average return of the Index Commodities.

Monthly Index Roll Period

On each day during the roll period, new notional holdings are calculated. The calculations for the Index Contracts that are leaving an Index and for the new Index Contracts that are being added to the Index are then calculated.

On all days that are not monthly index roll days, the notional holdings of each Index Contract remains constant.

Each Index that is not a Single Commodity Index isre-weightedon ~~3-month U.S. Treasury bills.~~an annual basis on the sixth Index Business Day of each November.

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The calculation of each such Index is expressed as the weighted average return of the Index Commodities.

Shares of Each Fund ~~and~~Should Track Closely the Value of its ~~corresponding Master~~Index

The Shares of each Fund ~~seeks~~are intended to ~~track~~provide investment results that generally correspond to changes, ~~whether~~ positive or negative, in the ~~level~~levels of the Fund’s corresponding Index, over time.

The value of the Shares of each Fund is expected to fluctuate in relation to changes in the value of its portfolio. The market price of the Shares of a Fund may not be identical to the NAV per Share, but these two valuations are expected to be very close.

Each Fund holds a portfolio of long futures contracts on each Index Commodity that comprises its corresponding Index, each of which are traded on various commodity futures markets. Each Fund’s portfolio is traded with a view to tracking the changes in its corresponding Index over time, ~~plus~~whether the ~~excess, if~~Index is rising, falling or flat over any particular period. None of ~~its corresponding Master Fund’s interest income from its holdings~~the Funds actively management on the basis of judgments relating to economic, financial and market considerations with a view to obtaining positive results under all market conditions.

The Managing Owner

Invesco Capital Management LLC, a Delaware limited liability company, serves as Managing Owner of the Trust and each Fund. The Managing Owner was formed on February 7, 2003. The Managing Owner is an affiliate of Invesco Ltd. The Managing Owner was formed to be the managing owner of investment vehicles such as ETFs and has been managingnon-commodity futures based ETFs since 2003 and a commodity futures based ETF since 2014. The Managing Owner serves as the commodity pool operator and commodity trading advisor of the Trust and each Fund. The Managing Owner is registered as a commodity pool operator and commodity trading advisor with the CFTC, and is a member of, and approved as a swap firm by, the National Futures Association (the “NFA”). As a registered commodity pool operator and commodity

trading advisor, with respect to both the Trust and each Fund, the Managing Owner must comply with various regulatory requirements under the United States ~~Treasury~~Commodity Exchange Act of 1936, as amended (the “Commodity Exchange Act”) and ~~other high credit quality short-term fixed income securities over~~ the ~~expenses~~rules and regulations of the CFTC and the NFA, including investor protection requirements, antifraud prohibitions, disclosure requirements, and reporting and recordkeeping requirements. The Managing Owner also is subject to periodic inspections and audits by the CFTC and NFA.

The principal office of the Managing Owner is located at 3500 Lacey Road, Suite 700, Downers Grove, IL 60515. The telephone number of the Managing Owner is (800)983-0903.

Each Fund pays the Managing Owner a Management Fee, monthly in arrears, in an amount equal to 0.75% per annum of the daily NAV of each Fund.

The Management Fee is paid in consideration of the Managing Owner’s services related to the management of the Fund’s business and affairs, including the provision of commodity futures trading advisory services.

Each Fund may, for margin and/or cash management purposes, invest in money market mutual funds and/orT-Bill ETFs that are managed by affiliates of the Managing Owner. The indirect portion of the management fees that such Fund may incur through such investments is in addition to the Management Fee paid to the Managing Owner. The Managing Owner has contractually agreed to waive indefinitely the fees that it receives from each Fund in an amount equal to the indirect management fees that each Fund incurs through its investments in affiliated money market mutual funds and/or affiliatedT-Bill ETFs. The Managing Owner may terminate these waivers on 60 days’ notice.

Under the Trust Agreement, Wilmington Trust Company is the trustee of each Fund. The Trustee’s duties and liabilities with respect to the offering of each Fund’s Shares and the management of each Fund are limited to its ~~corresponding Master~~express obligations under the Trust Agreement. The Trustee has no duty or liability to supervise or monitor the performance of the Managing

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Owner, nor does the Trustee have any liability for the acts or omissions of the Managing Owner.

Effective June 4, 2018, the name of the Managing Owner changed from Invesco PowerShares Capital Management LLC to Invesco Capital Management LLC, and the names of the Funds changed from PowerShares DB Energy Fund, PowerShares DB Base Metals Fund, PowerShares DB Oil Fund, PowerShares DB Gold Fund and PowerShares DB Precious Metals Fund to Invesco DB Energy Fund, Invesco DB Base Metals Fund, Invesco DB Oil Fund, Invesco DB Gold Fund and Invesco DB Precious Metals Fund, respectively.

The Commodity Broker

A variety of executing brokers execute futures transactions on behalf of the Funds. Such executing brokersgive-up all such transactions to Morgan Stanley & Co. LLC, a Delaware limited liability company, which serves as the clearing broker (the “Commodity Broker”) of each of the Funds. In its capacity as clearing broker, the Commodity Broker may execute or receive transactions executed by others, clears all of each Fund’s ~~expenses.~~futures transactions and performs certain administrative services for each Fund. The Commodity Broker is registered with the CFTC as a futures commission merchant and is a member of the NFA in such capacity.

Each Fund pays the Commodity Broker all brokerage commissions, including applicable exchange fees, NFA fees,give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities for each Fund. On average, total charges paid to the Commodity Broker are expected to be less than $6.00 per round-turn trade (except with respect to the Invesco DB Base Metals Fund, which is expected to be less than $13.00 per round-turn trade), although the Commodity Broker’s brokerage commissions and trading fees are determined on acontract-by-contract basis. The Managing Owner estimates the brokerage commissions and fees will be approximately as follows in any year:

0.03% of the NAV of each of Invesco DB Energy Fund, Invesco DB Oil Fund, Invesco DB Precious Metals Fund and Invesco DB Gold Fund; and

0.05% of the NAV of Invesco DB Base Metals Fund

However, although the actual amount of brokerage commissions and fees in any year or any part of any year may be greater.

The Administrator, Custodian and Transfer Agent

The Bank of New York Mellon is the administrator (the “Administrator”) and serves as the custodian (the “Custodian”) and transfer agent (the “Transfer Agent”) of each Fund. The Bank of New York Mellon has entered into an Administration and Accounting Agreement (the “Administration Agreement”), a Global Custody Agreement (the “Custody Agreement”), and a Transfer Agency and Service Agreement in connection therewith.

Pursuant to the Administration Agreement, the Administrator performs or supervises the performance of services necessary for the operation and administration of each Fund (other than making investment decisions), NAV calculations, accounting and other fund administrative services.

Key terms of the Administration Agreement are summarized under the heading “Material Contracts.”

The Administrator’s monthly fees are paid on behalf of each Fund by the Managing Owner out of the applicable Management Fee.

Pursuant to the Transfer Agency and Service Agreement, the Transfer Agent receives a transaction processing fee in connection with receiving and processing orders from Authorized Participants to create or redeem Baskets in the amount of $500 per order. These transaction processing fees are paid directly by the Authorized Participants and not by any Fund.

Invesco Distributors, Inc.

Invesco Distributors, Inc. (“Invesco Distributors”) assists the Managing Owner with certain functions and duties relating to distribution and marketing, including reviewing and approving marketing materials. Invesco Distributors retains all

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marketing materials at c/o Invesco Distributors, Inc., 11 Greenway Plaza, Suite 1000, Houston, Texas 77046-1173. Investors may contact Invesco Distributors toll-free in the U.S. at (800)983-0903. The Funds have entered into a Distribution Services Agreement with Invesco Distributors. Invesco Distributors is affiliated with the Managing Owner.

The Managing Owner, out of the relevant Management Fee, pays Invesco Distributors $25,000 annually ($6,250 per quarter) per Fund for performing its duties on behalf of each Fund. Such services may include, among other services, reviewing distribution related legal documents and contracts, consulting on marketing or sales strategy, maintaining certain books and records in respect of each Fund and performing additional marketing and distribution related services as may be agreed upon by Invesco Distributors and the Managing Owner.

Index Sponsor

The Managing Owner, on behalf of each Fund, has appointed DIMA to serve as the Index Sponsor. The Index Sponsor calculates and publishes the daily index levels and the indicative intraday index levels. The Index Sponsor also calculates the IIV per Share of each Fund throughout each Business Day.

The Managing Owner pays the Index Sponsor a licensing fee and an index services fee out of the Management Fee for performing its duties.

Marketing Agent

The Managing Owner, on behalf of each Fund, has appointed DIMA (the “Marketing Agent”) to assist the Managing Owner by providing support to educate institutional investors about the Deutsche Bank indices and to complete governmental or institutional due diligence questionnaires or requests for proposals related to the Deutsche Bank indices.

The Managing Owner pays the Marketing Agent a marketing services fee out of the Management Fee.

The Marketing Agent will not open or maintain customer accounts or handle orders for any Fund. The Marketing Agent has no responsibility for the

performance of any Fund or the decisions made or actions taken by the Managing Owner.

“800” Number for Investors

Investors may contact the Managing Owner toll free in the U.S. at (800)983-0903.

Limitation of Liabilities

You cannot lose more than your investment, including any appreciation in your investment, in the Shares. Shareholders are entitled to limitation on liability equivalent to the limitation on liability enjoyed by stockholders of a Delaware business corporation for profit. An investor may be required to return some or all of its capital in the event of a bankruptcy of any Fund.

You will not be subject to the losses or liabilities of any other series of the Trust in which you have not invested. We have received an opinion of counsel that each Fund is entitled to the benefits of the limitation on inter-series liability provided under the Delaware Statutory Trust Act. Each Share, when purchased in accordance with the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Trust, as amended from time to time (the “Trust Agreement”), shall, except as otherwise provided by law, be fully-paid andnon-assessable.

The debts, liabilities, obligations, claims and expenses of a particular Fund will be enforceable against the assets of that Fund only, and not against the assets of the Trust generally or the assets of any other series of the Trust, and, unless otherwise provided in the Trust Agreement, none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Trust generally or any other series thereof will be enforceable against the assets of such Fund, as the case may be.

Creation and Redemption of Shares

The Funds create and redeem Shares from time to time, but only in one or more Baskets. A Basket is a block of 200,000 Shares. Baskets may be created or redeemed only by Authorized Participants. Baskets

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are created and redeemed continuously on the creation order settlement date or redemption order settlement date, as applicable, as of 2:45 p.m., Eastern time, on the business day immediately following the date on which a valid order to create or redeem a Basket is accepted by the Fund. The creation or redemption will be at the NAV of 200,000 Shares as of the closing time of the NYSE Arca or the last to close of the exchanges on which the Index Commodities are traded, whichever is later, on the date that a valid order to create or redeem a Basket is accepted by a Fund. Upon submission of a creation order or redemption order, the Authorized Participant may request the Managing Owner to agree to a creation order settlement or redemption order settlement date up to two business days after the creation order date or redemption order date.

For purposes of processing both purchase and redemption orders, a “business day” means any day other than a day when banks in New York City are required or permitted to be closed. Except when aggregated in Baskets, the Shares are not redeemable securities. Authorized Participants pay a transaction fee of $500 in connection with each order to create or redeem a Basket and are subject to an additional processing charge for failure to timely deliver such orders. Authorized Participants may sell the Shares included in the Baskets they purchase from the Funds to other investors.

See “Creation and Redemption of Shares” for more details.

Authorized Participants

Baskets may be created or redeemed only by Authorized Participants. Each Authorized Participant must: (1) be a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions; (2) be a participant in the Depository Trust Company (“DTC”); and (3) have entered into an agreement with each Fund and the Managing Owner (a “Participant Agreement”). The Participant Agreement sets forth the procedures for the creation and redemption of Baskets and for the delivery of cash required for such creations or redemptions. A list of the current Authorized Participants can be

obtained from the Administrator. See “Creation and Redemption of Shares” for more details.

NAV

NAV means the total assets of a Fund including, but not limited to, all cash and cash equivalents or other debt securities less total liabilities of such Fund, each determined on the basis of generally accepted accounting principles in the United States, consistently applied under the accrual method of accounting.

NAV per Share, in respect of any Fund, is the NAV of the Fund divided by the number of outstanding Shares.

See “Description of the Shares; The Funds; Certain Material Terms of the Trust Agreement —NAV” for more details.

Clearance and Settlement

The Shares of each Fund are evidenced by global certificates that the Fund issues to DTC. The Shares of each Fund are available only in book-entry form. Shareholders may hold their Shares of any Fund through DTC, if they are participants in DTC, or indirectly through entities that are participants in DTC.

Segregated Accounts/Treasury Income, Money Market Income andT-Bill ETF Income

Each Fund has arranged for the proceeds of the continuous offering of the Shares of each Fund to be deposited as cash in a segregated account in such Fund’s the name at the Custodian (or another eligible financial institution, as applicable) in accordance with CFTC investor protection and segregation requirements. Each Fund is credited with 100% of the interest earned on its average net assets on deposit with the Custodian or such other financial institution each week. The Fund’snon-margin assets are generally invested in Treasury Securities, money market mutual funds (affiliated or otherwise), andT-Bill ETFs (affiliated or otherwise).

See “Fees and Expenses” for more details.

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Fees and Expenses


Management Fee		Each Fund pays the Managing Owner a Management Fee, monthly in arrears, in an amount equal to 0.75% per annum of its daily NAV. The Management Fee is paid in consideration of the Managing Owner’s services related to the management of each Fund’s business and affairs, including the provision of commodity futures trading advisory services. Each Fund may, for margin and/or cash management purposes, invest in money market mutual funds and/orT-Bill ETFs that are managed by affiliates of the Managing Owner. The indirect portion of the management fees that such Fund may incur through such investments is in addition to the Management Fee paid to the Managing Owner. The Managing Owner has contractually agreed to waive indefinitely the fees that it receives in an amount equal to the indirect management fees that each Fund incurs through its investments in affiliated money market mutual funds and/or affiliatedT-Bill ETFs. The Managing Owner may terminate each waiver on 60 days’ notice.
Offering Expenses		Expenses incurred in connection with the continuous offering of Shares are paid by the Managing Owner.
Brokerage Commissions and Fees		Each Fund pays to the Commodity Broker all brokerage commissions, including applicable exchange fees, NFA fees,give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with its trading activities. On average, total charges paid to the Commodity Broker are expected to be less than $6.00 per round-turn trade (except with respect to the Invesco DB Base Metals Fund, which is expected to be less than $13.00 per round-turn trade), although the Commodity Broker’s brokerage commissions and trading fees are determined on acontract-by-contract basis. The Managing Owner estimates the brokerage commissions and fees will be approximately (i) 0.03% of the NAV of each Fund with respect to Invesco DB Energy Fund, Invesco DB Oil Fund, Invesco DB Precious Metals Fund and Invesco DB Gold Fund and (ii) 0.05% of the NAV with respect to Invesco DB Base Metals Fund in any year, although the actual amount of brokerage commissions and fees in any year or any part of any year may be greater.
Routine Operational, Administrative and Other Ordinary Expenses		The Managing Owner pays all of the routine operational, administrative and other ordinary expenses of each Fund, including, but not limited to, computer services, the fees and expenses of the Trustee, license and service fees paid to DIMA, as Marketing Agent and Index Sponsor, legal and accounting fees and expenses, tax preparation expenses, filing fees, and printing, mailing and duplication costs.
Non-Recurring Fees and Expenses		Each Fund pays allnon-recurring and unusual fees and expenses (referred to as extraordinary fees and expenses in the Trust Agreement), if any, as determined by the Managing Owner.Non-recurring and unusual fees and expenses include items such as legal claims and liabilities, litigation costs, indemnification expenses and other expenses that are not currently anticipated obligations of any Fund or of managed futures funds in general.

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Management Fee and Expenses to be Paid First out of Treasury Income, Money Market Income and/orT-Bill ETF Income		The Management Fee and the brokerage commissions and fees of each Fund are paid first out of Treasury Income from such Fund’s holdings of Treasury Securities, Money Market Income from such Fund’s holdings of money market mutual funds (affiliated or otherwise) andT-Bill ETF Income from such Fund’s holdings ofT-Bill ETFs (affiliated or otherwise), as applicable, on deposit with the Commodity Broker as margin, the Custodian, or otherwise. If the sum of the Treasury Income, the Money Market Income and theT-Bill ETF Income is not sufficient to cover the fees and expenses of each Fund that are payable by each Fund during any period, the excess of such fees and expenses over such Treasury Income, Money Market Income andT-Bill ETF Income will be paid out of income from futures trading, if any, or from sales of the Fund’s holdings in Treasury Securities, money market mutual funds, and/or holdings inT-Bill ETFs.
Selling Commission		Retail investors may purchase and sell Shares through traditional brokerage accounts. Investors are expected to be charged a commission by their brokers in connection with purchases of Shares that will vary from investor to investor. Investors are encouraged to review the terms of their brokerage accounts for applicable charges.

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SUMMARY(cont’d)

Distributions

Each Fund will make distributions at the discretion of the Managing Owner. To the extent that a ~~Master~~ Fund’s actual and projected ~~interest income from its holdings of United States~~ Treasury ~~securities~~Income, the Fund’s actual and ~~other high credit quality short-term fixed income securities exceeds~~projected Money Market Income and the Fund’s actual and projectedT-Bill ETF Income, as applicable, exceed the actual and projected fees and expenses of such ~~Master Fund and its corresponding~~ Fund, the Managing Owner expects periodically to make distributions of the amount of such excess. The ~~Funds~~Managing Owner currently dodoes not expect to make distributions with respect to capital ~~gains.~~gains for any of the Funds. Depending on the applicable Fund’s performance for the taxable year and your own tax situation for such year, your income tax liability for the taxable year for your allocable share of such Fund’s net ordinary income or loss and capital gain or loss may exceed any distributions you receive with respect to such year.

Fiscal Year

The ~~Master~~fiscal year of each Fund ends on December 31 of each year.

U.S. Federal Income Tax Considerations

Subject to the discussion below in “Material U.S. Federal Income Tax Considerations,” each of the Funds will be classified as a partnership for U.S. federal income tax purposes. Accordingly, a Fund will generally not incur U.S. federal income tax liability; rather, each beneficial owner of a Fund’s Shares will be required to take into account its allocable share of such Fund’s income, gain, loss, deduction and other items for the Fund’s taxable year ending with or within the owner’s taxable year.

Please refer to the “Material U.S. Federal Income Tax Considerations” section below for information on the potential U.S. federal income tax consequences of the purchase, ownership and disposition of Shares of a Fund.

Breakeven Amounts

As long as each of the following Funds do not lose at least the following approximate percentage per annum, or the following dollar amount per annum per Share based on the NAV per Share of each Fund as of September 30, 2018, an investor will break even on an investment during the first twelve months of an investment:

  Fund NAV per
Share $ %
  Invesco DB Energy Fund
$ 18.10 $ 0.25 1.36%
  Invesco DB Oil Fund
$ 13.46 $ 0.19 1.38%
  Invesco DB Precious Metals Fund
$ 34.49 $ 0.49 1.43%
  Invesco DB Gold Fund
$ 37.45 $ 0.53 1.41%
  Invesco DB Base Metals Fund
$ 16.66 $ 0.23 1.35%
THE SHARES ARE SPECULATIVE AND
INVOLVE A HIGH DEGREE OF RISK.
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RISK FACTORS

You could lose money investing in Shares. You should consider carefully the risks described below before making an investment decision. You should also refer to the other information included in this Prospectus.

MARKET RISKS

NAV May Not Always Correspond to Market Price and, as a Result, Baskets May Be Created or Redeemed at a Value that Differs from the Market Price of the Shares.

Shares may trade at, above or below their NAV. The NAV fluctuates with changes in the market value of a Fund’s assets. The trading price of Shares fluctuates in accordance with changes in the NAV, intraday changes in the value of the futures contracts and market supply and demand. The amount of the discount or premium in the trading price of the Shares relative to their NAV may be influenced bynon-concurrent trading hours between NYSE Arca (the exchange on which the Shares trade) and the exchanges on which futures contracts on the Index Commodities trade. While the Shares are expected to trade on NYSE Arca until 4:00 p.m. (Eastern time), liquidity in the markets for the futures contracts on the Index Commodities is expected to be reduced whenever the principal markets for those contracts are closed. As a result, trading spreads, and the resulting premium or discount on Shares, may widen during these gaps in market trading hours.

The NYSE Arca May Halt Trading in the Shares Which Would Adversely Impact Your Ability to Sell Shares.

The Shares are listed for trading on the NYSE Arca. Trading in Shares may be halted due to market conditions or in light of certain procedures and safeguards under NYSE Arca rules. In addition, trading is subject to trading halts caused by extraordinary market volatility pursuant to “circuit breaker” rules that require trading to be halted for a specified period based on a specified market decline. If a Fund were no longer to meet the requirements necessary to maintain the listing of its Shares, the Shares would be delisted. In such a scenario, the Fund would be terminated.

The Lack of an Active Trading Market for the Shares May Result in Losses on Your Investment at the Time of Disposition of Your Shares.

Although the Shares are listed and traded on the NYSE Arca, there can be no guarantee that an active trading market for the Shares will be maintained. If you need to sell your Shares at a time when no active market for them exists, the price you receive for your Shares, assuming that you are able to sell them, likely will be lower than the price you would receive if an active market did exist.

Volatility May Cause the Total Loss of Your Investment.

Futures contract prices have a high degree of volatility and are subject to rapid and substantial changes. Consequently, there is a risk that the value of your investment in any of the Funds could decrease significantly due to rapid and substantial changes in the prices of futures contracts held by a Fund. The following table sets forth the average annual volatility of each Index. Average annual volatility is the average of an Index’s volatility each year since its inception:


Fund	Index	Average Annual Volatility
Invesco DB Energy Fund	DBIQ-OY Energy ER^™		23.70	%
Invesco DB Oil Fund	DBIQ-OY CL ER^™		26.22	%
Invesco DB Precious Metals Fund	DBIQ-OY Precious Metals ER™		15.32	%
Invesco DB Gold Fund	DBIQ-OY GC ER^™		14.11	%
Invesco DB Base Metals Fund	DBIQ-OY Industrial Metals ER^™		17.91	%

In addition, each Fund enters sell orders with the Commodity Broker from time to time, to liquidate Index Contract positions in order to satisfy redemption requests or to pay expenses and liabilities. A Fund is subject to the risk that temporary aberrations or distortions will occur in the market for Index Contracts at the time those orders are executed. The prices received by a Fund from the

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liquidation of its positions could be adversely affected, which in turn could adversely affect the value of the Shares. Those aberrations or distortions may result from trading activities by other market participants or actions taken by the Commodity Broker, the CFTC, the exchanges or other regulatory authorities. If a Fund’s positions are liquidated at inopportune times or in a manner that temporarily distorts the market or otherwise causes a pricing aberration, the value of the Shares may be adversely affected.

A Fund’s Trading of Index Contracts May Adversely Affect the Price that the Fund Pays for Index Contracts.

The prices that a Fund pays for Index Contracts may be adversely affected by the trading of Index Contracts by other market participants. Transactions by other market participants may be based on their awareness of a Fund’s positions in Index Contracts. If other market participants are able to anticipate the timing of a Fund’s Index Contract transactions, for instance, they may be able to execute transactions in advance of the Fund. If that were to occur, those market participants may receive more favorable pricing for their Index Contract transactions than the Fund does for its own, subsequent Index Contract transactions. If the Fund’s Index Contract positions represent a significant part of the open long interest in those Index Contracts, moreover, other market participants may take that fact into account and trade in a manner that adversely affects the prices that the Fund obtains when trading Index Contracts. A Fund may not be able to counteract adverse pricing effects of its own positions and transactions in Index Contracts.

Withdrawal from Participation by Authorized Participants May Affect the Liquidity of Shares.

If one or more Authorized Participants withdraws from participation, it may become more difficult to create or redeem Baskets, which may reduce the liquidity of the Shares. If it becomes more difficult to create or redeem Baskets, the correlation between the price of the Shares and the NAV may be affected, which may affect the trading market for the Shares. Having fewer participants in the market for the Shares could also adversely affect the ability to arbitrage any price difference between futures

contracts and the Shares, which may also affect the trading market and liquidity of the Shares.

Possible Illiquid Markets May Exacerbate Losses.

Futures positions cannot always be liquidated at the desired price. It is difficult to execute a trade at a specific price when there is a relatively small volume of buy and sell orders in a market. A market disruption, such as when foreign governments may take or be subject to political actions which disrupt the markets in their currencies or major commodities exports, can also make it difficult to liquidate a position.

Illiquidity may cause losses for the Funds. The large size of the positions which a Fund may acquire increases the risk of illiquidity by both making its positions more difficult to liquidate and increasing the losses incurred while trying to do so.

Trading on Futures Exchanges Outside the United States Is Not Subject to U.S. Regulation.

Trading on futures exchanges located outside the United States is not regulated by any United States governmental agency and may involve certain risks not applicable to trading on U.S. exchanges, including different or diminished investor protections. If a Fund trades contracts denominated in currencies other than U.S. dollars, the Fund will be exposed to the risk of adverse exchange-rate movements between the dollar and the currencies in which those contracts are denominated.

In addition, trading onnon-U.S. exchanges is subject to the risks presented by exchange controls, expropriation, increased tax burdens and exposure to local economic declines and political instability, among other factors. An adverse development with respect to any of these factors could reduce the profit or increase the loss earned on these Funds’ trades onnon-U.S. exchanges.

The Effect of Market Disruptions and Government Interventions Are Unpredictable and May Have an Adverse Effect on the Value of Your Shares.

The commodity futures markets may be subject to temporary distortions due to various factors,

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including lack of liquidity, congestion, disorderly closing periods, manipulation and disruptive conduct, limitations on deliverable supplies, excessive speculation, government regulation and intervention, technical and operational or system failures, nuclear accidents, terrorism, riots and acts of God.

Government intervention has in certain cases been implemented on an “emergency” basis, suddenly and substantially eliminating market participants’ ability to continue to implement certain strategies or manage the risk of their outstanding positions. These interventions have typically been unclear in scope and application, resulting in confusion and uncertainty which in itself has been materially detrimental to the efficient functioning of the markets as well as previously successful investment strategies.

The financial crisis of 2008-2009 and associated regulatory changes, including the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), are generally considered to have contributed to less credit being available to financial market participants. This is particularly the case for credit extended by banks and other traditional lending sources. The Funds do not borrow from lenders for the purpose of pursuing their investment objectives. Nonetheless, restrictions on the availability of credit may adversely affect investors who borrow to purchase Shares and participants in the markets for financial instruments in which the Funds trades, including futures markets. Limitations on the availability of credit, whether in stressed market conditions or otherwise, may have a material adverse effect on investors and financial market participants, which in turn could affect a Fund’s ability to pursue its investment objective. Among other things, fewer prospective investors may adversely affect a Fund’s asset levels, and fewer financial market participants may reduce liquidity and adversely affect pricing for the financial instruments that the Fund seeks to trade.

The Funds may incur major losses in the event of disrupted markets and other extraordinary events in which historical pricing relationships become materially distorted. The risk of loss from pricing distortions is compounded by the fact that in disrupted markets many positions become illiquid, making it difficult or impossible to close out or liquidate positions against which the markets are moving. The

large size of the positions which the Funds may acquire increases the risk of illiquidity by both making its positions more difficult to liquidate and increasing the losses incurred while trying to do so.

An Investment in the Shares May Be Adversely Affected by Competition from Other Methods of Investing in Commodities.

The Funds compete with other financial vehicles, including mutual funds, and other investment companies, ETFs, other index tracking commodity pools, actively traded commodity pools, hedge funds, traditional debt and equity securities issued by companies in the commodities industry, other securities backed by or linked to commodities, and direct investments in the underlying commodities or commodity futures contracts. Market and financial conditions, and other conditions beyond the Managing Owner’s control, may make it more attractive to invest in other financial vehicles or to invest in such commodities directly, which could limit the market for the Shares and therefore reduce the liquidity of the Shares.

The NAV Calculation of the Funds May Be Overstated or Understated Due to the Valuation Method Employed When a Settlement Price is Not Available on the Date of NAV Calculation.

Calculating the NAV of the Funds includes, in part, any unrealized profits or losses on open commodity futures contracts. Under normal circumstances, the NAV of each of the Funds reflects the settlement price of open commodity futures contracts on the date when the NAV is being calculated. However, if a settlement price for a commodity futures contract could not be determined for any reason, the Managing Owner may value the futures contract pursuant to policies the Managing Owner has adopted. In such a situation, there is a risk that the resulting calculation of a Fund’s NAV could be understated or overstated, perhaps to a significant degree.

FUTURES RISKS

Fluctuations in the Price of Assets Held by the Funds Could Have a Materially Adverse Effect on the Value of an Investment in Shares.

The Shares of each Fund are designed to reflect as closely as possible the changes, positive or negative,

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in the level of the corresponding Index, over time, through a Fund’s portfolio ~~also will include United States Treasury securities~~of exchange-traded futures contracts on the Index Commodities. The value of the Shares of each Fund relates directly to the value of the portfolio, less the liabilities (including estimated accrued but unpaid expenses) of the Fund. The price of the Index Commodities may fluctuate widely. Several factors may affect the prices of the Index Commodities, including, but not limited to:

Global supply and demand of each of the Index Commodities, which may be influenced by such factors as forward selling by the various commodities producers, purchases made by the commodities’ producers to unwind their hedge positions and production and cost levels in the major markets of each of the Index Commodities;

Domestic and foreign interest rates and investors’ expectations concerning interest rates;

Domestic and foreign inflation rates and investors’ expectations concerning inflation rates;

Investment and trading activities of mutual funds, ETFs,closed-end funds, hedge funds and commodity funds;

Weather and other ~~high credit quality short-term fixed income securities~~environmental conditions;

Acts of God; and

Global or regional political, economic or financial events and situations.

Fewer Representative Commodities May Result in Greater Index Volatility.

Each of the Indexes is concentrated in terms of the number of commodities represented. Each of the Indexes for ~~deposit~~the Invesco DB Energy Fund, Invesco DB Precious Metals Fund and Invesco DB Base Metals Fund is concentrated in five or fewer commodities and each of the Indexes for Invesco DB Oil Fund and Invesco DB Gold Fund is concentrated in a single commodity. Other commodity indexes may contain a larger number of commodities than the Indexes. Accordingly, increased volatility in a single Index Commodity is expected to have a greater impact on an Index’s overall volatility than would

likely be the case with increased volatility in a single commodity within a broader index. Because each Fund tracks the performance of its Index, your investment in a Fund will be exposed to the relatively greater impact on the Index of volatility in a single Index Commodity.

Because the Futures Contracts Have No Intrinsic Value, the Positive Performance of Your Investment Is Wholly Dependent Upon an Equal and Offsetting Loss.

Trading in futures contracts transfers the risk of future price movements from one market participant to another. For every gain in futures trading, there is an equal and offsetting loss. Accordingly, whether a futures trade is profitable for one party depends on whether the price paid, value received, or cost of delivery under the related futures contract is favorable to that party. The prices of stocks, bonds, and other assets could rise significantly, and the economy as a whole could prosper, while a Fund experiences losses as a result of pursuing its investment objective through trading Index Contracts.

The Funds May Not Provide a Diversification Benefit to Investments in Other Asset Classes and May Result in Additional Losses to Your Portfolio.

Historically, commodity futures returns have tended not to be correlated with the ~~Master~~returns of other assets such as stocks and bonds. Commodity futures contracts therefore have the potential to help diversify investor portfolios consisting of stocks and bonds, to the extent there is low or negative correlation between commodity futures contracts and other assets held in those portfolios. However, the fact that the Indexes are not inversely correlated with other assets such as stocks and bonds means that, in seeking to replicate the performance of the Indexes, the Funds will not necessarily be profitable during unfavorable periods for the stock or bond markets. If the Shares perform in a manner that correlates with the stock or bond markets or otherwise do not perform successfully, the Shares may not provide any diversification from losses in those markets. In such a scenario, the Shares may produce no gains to offset losses from investments in stocks, bonds, or related assets and may result in additional losses.

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The Funds’ Returns from Futures Trading Will Be Affected by Market Conditions When Replacing Expiring Futures Contracts With New Futures Contracts on Index Commodities.

The Funds’ returns from futures trading are called excess return, which is the combined return based on the spot prices of Index Commodities and the roll yield from trading Index Contracts. Market conditions at the time a Fund replaces expiring Index Contracts with new Index Contracts – i.e., when Index Contracts are “rolled” – will affect the Fund’s roll yield. Those market conditions are referred to as backwardation and contango, which will generally affect a Fund’s roll yield as set forth below:

Rolling in a backwardated market will tend to enhance returns from futures trading. Backwardation exists when prices are higher for contracts with shorter-term expirations than those with longer-term expirations, a condition that is typically associated with commodities that are consumed quickly instead of being put in storage.

Rolling in a contangoed market will tend to cause a drag on returns from futures trading. Contango exists when contract prices are higher in distant delivery months than in nearer delivery months, typically due to costs associated with storing a given physical commodity for a longer period.

In seeking to track the performance of an Index, therefore, a Fund will be exposed to the effects of backwardation and contango when it rolls its positions in Index Contracts. An Index using the Optimum Yield^TM rolling methodology seeks to maximize the roll benefits in backwardated markets and to minimize the losses from rolling in contangoed markets. There can be no assurance that these outcomes will be obtained. The impact of backwardation and contango may also cause a Fund’s performance to vary from the returns of other price references, including the spot prices of one or more Index Commodities.

INDEX RISKS

A Fund’s Performance May Not Always Replicate the Changes in the Levels of its Index.

Tracking an Index requires trading of the corresponding Fund’s portfolio with a view to tracking the Index over time and is dependent upon the skills of the Managing Owner and its trading principals, among other factors. It is possible that a Fund’s performance may not fully replicate the changes in levels of the corresponding Index due to disruptions in the markets for the relevant Index Commodities, the imposition of position limits, or due to other extraordinary circumstances. The CFTC and/or certain futures exchanges impose position limits on Index Contracts.

The Managing Owner may determine to invest in other futures contracts if at any time it is impractical or inefficient to gain full or partial exposure to an Index Commodity through the use of Index Contracts. These other futures contracts may or may not be based on an Index Commodity. When they are not, the Managing Owner may seek to select futures contracts that it reasonably believes tend to exhibit trading prices that correlate with an Index Contract.

As a Fund that is designed to track an Index with more than one underlying commodity approaches or reaches position limits with respect to an Index Commodity, the Fund may commence investing in Index Contracts that reference other Index Commodities. In those circumstances, the Fund may also trade in futures contracts based on commodities other than Index Commodities that the Managing Owner reasonably believes tend to exhibit trading prices that correlate with an Index Contract. As a Fund that is designed to track an Index with one underlying commodity approaches or reaches position limits with respect to an Index Commodity, the Fund may commence investing in futures contracts based on commodities other than the Index Commodity that the Managing Owner reasonably believes tend to exhibit trading prices that correlate with an Index Contract.

In addition, the Funds may not be able to replicate the changes in levels of the corresponding Index because the total return generated by the Funds is reduced by expenses and transaction costs,

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including those incurred in connection with the Funds’ trading activities, and increased by, as applicable, Treasury Income, Money Market Income andT-Bill ETF Income.

The Funds Are Not Actively Managed and Track the Indexes During Periods in Which any of the Indexes Is Flat or Declining as well as When any of the Indexes Is Rising.

None of the Funds are actively managed on the basis of judgments relating to economic, financial and market conditions with a view to obtaining positive results under all market conditions. Instead, the Managing Owner seeks to cause the NAV of each Fund to track the performance of its Index during periods in which the Index is flat or declining as well as when the Index is rising. Therefore, if positions in any one or more of the Index Commodities are declining in value, a Fund will not close out such positions, except in connection with a change in the composition or weighting of the corresponding Index.

Unusually LongPeak-to-Valley Drawdown Periods with Respect To the Indexes May Be Reflected in Equally LongPeak-to-Valley Drawdown Periods with Respect to the Performance of the Shares.

“Peak-to-valley drawdown” represents the cumulative percentage decline inmonth-end NAV per Share due to losses sustained during any period in which the initialmonth-end NAV per Share is not equaled or exceeded by a subsequentmonth-end NAV per Share.

Although past Index levels are not necessarily indicative of future Index levels, thepeak-to-valley drawdown periods that the Indexes have experienced have been unusually long and have lasted for multi-year drawdown periods. Please see the charts beginning on page 35 for information regarding worstpeak-to-valley drawdown periods with respect to each Index.

Because it is expected that each Fund’s performance will track the change of its underlying Index, a Fund would experience a continuous drawdown during the period that its underlying Index experiences such a drawdown. The value of your Shares will also decrease during such a period.

REGULATORY RISKS

Position Limits and Other Potential Limitations on Futures Trading May Restrict the Creation of Baskets and the Operation of the Funds.

Position Limits. CFTC and futures exchange rules impose position limits on market participants, including the Funds, trading in certain commodity futures contracts. These position limits prohibit any person from holding a position of more than a specific number of futures contracts. Generally, position limits in the physical delivery markets are set at a stricter level during the spot month, which is the month when the futures contract matures and becomes deliverable, versus the limits for any other month or for all months combined. Limits are generally applied on an aggregate basis to positions held in accounts that are subject to 10% or greater common ownership or control. There are exemptions from this general aggregation requirement.

The Indexes are composed of Index Commodities, which are all subject to position limits imposed by the rules of the CFTC and/or futures exchanges on which the futures contracts for the applicable Index Commodities are traded. The CFTC has been seeking to amend its position limit rules for several years. In November 2013, the CFTC proposed for public comment new position limits and aggregation regulations. After a lengthy comment period on this proposal, the CFTCre-proposed in December 2016 position limits for 25 commodity futures and options contracts, as well as for swaps that are economically equivalent to those contracts. In December 2016, the CFTC adopted rule amendments that provide exemptions from the general requirement to aggregate all positions that are held pursuant to 10% or greater common ownership or control.

The ultimate outcome of this rulemaking effort, and the resulting impact on the Funds of any final regulations that impose new or revised position limits, is unknown. It is also possible that futures exchanges may amend their existing position limits rules or adopt new requirements. In addition, the CFTC could separately implement other changes to specific position limits or to the regime as a whole. New or more restrictive position limits could reduce liquidity in the market, which would be likely to have adverse effects on the pricing of commodity futures contracts. Changes in CFTC and/or exchange-level

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position limits rules therefore could adversely affect a Fund’s ability to pursue its investment objective.

Position Aggregation. In general, a trader is required by CFTC or exchange rules, as applicable, to aggregate all positions in accounts as to which the trader has 10% or greater ownership or control. CFTC and exchange rules provide exemptions from this requirement. For example, a trader is not required to aggregate positions in multiple accounts that it owns or controls if that trader is able to satisfy the requirements of an exemption from aggregation of those accounts, including, where available, the independent account controller exemption.

Failure to comply with the independent account controller exemption or another exemption from the aggregation requirement could obligate the Managing Owner to aggregate positions in multiple accounts under its control, which could include the Funds and other commodity pools or accounts under the Managing Owner’s control. In such a scenario, a Fund may not be able to obtain exposure to one or more Index Contracts necessary to pursue its investment objective, or it may be required to liquidate existing Index Contract positions in order to comply with a limit. Such an outcome could adversely affect a Fund’s ability to pursue its investment objective.

The CFTC amended its position aggregation rules in December 2016. The CFTC staff subsequently issued time-limitedno-action relief from compliance with certain requirements under the amended aggregation rules, including the general requirement to aggregate positions in the same commodity futures contracts traded pursuant to substantially identical trading strategies. Thisno-action relief expires on August 12, 2019.

Since coming into effect on January 3, 2018, Markets in Financial Instruments Directive II (“MiFID II”) requires the competent authorities of member states in the European Union (“EU”) to impose position limits on certain commodity derivatives contracts which are applicable to any person, whether or not based in the European Union. Pursuant to MiFID II, the UK’s regulatory agency, the Financial Conduct Authority (“FCA”), has established position limits applicable to aluminum, copper, lead, nickel, tin and zinc commodity derivative contracts traded on the London Metal

Exchange (“LME”). LME may also impose accountability levels in certain contracts, where further directions in respect of those positions can then be required. If the Funds were to trade commodity derivatives contracts on other exchanges in the European Union, position limits may apply to such trading activity pursuant to MiFID II as implemented in the relevant national laws and regulations of member states. The United Kingdom (“UK”) will cease to be a member state of the EU on March 29, 2019. The EU and UK have agreed on a transitional period until December 31 2020 during which the UK would remain subject to EU law and reciprocal rights of market access. However, that agreement is political and not yet legally binding. In the event the UK exits the EU without a transitional period, the UK commodity trading venues would immediately have more potential flexibility in setting position limits than is the case under MiFID II. In the event a transitional period is agreed then the status quo under MiFID II would continue until the end of that period. In addition, unless the EU agrees otherwise and subject to the possibility of such a transitional period, after the UK exits the EU any UK firm that was trading derivatives in EU markets will no longer be able to use its MiFID II passport to do so and instead would need to look to any MiFID II third country regime to access the EU market or establish a MiFID II compliant EU branch or subsidiary. The potential loss of MiFID II passports byUK-based firms through which the Funds trade derivatives in EU markets could adversely affect the Funds’ ability to continue doing so absent substitute arrangements for continued access to those markets.

Accountability Levels. Exchanges may establish accountability levels applicable to futures contracts instead of position limits. An exchange may order a person who holds or controls a position in excess of a position accountability level not to further increase its position, to comply with any prospective limit that exceeds the size of the position owned or controlled, or to reduce any open position that exceeds the position accountability level if the exchange determines that such action is necessary to maintain an orderly market. Position accountability levels could adversely affect a Fund’s ability to establish and maintain positions in commodity futures contracts to which such levels apply, if the Fund were to trade in such contracts. Such an outcome could adversely affect a Fund’s ability to pursue its investment objective.

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Daily Limits. U.S. futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices that may occur during a single business day. These limits are generally referred to as “daily price fluctuation limits” or “daily limits,” and the maximum or minimum price of a contract on any given day as a result of these limits is referred to as a “limit price.” Once a limit price has been reached in a particular contract, it is usually the case that no trades may be made at a different price than specified in the limit. The duration of limit prices generally varies. Limit prices may have the effect of precluding a Fund from trading in a particular contract or requiring a Fund to liquidate contracts at disadvantageous times or prices. Either of those outcomes could adversely affect a Fund’s ability to pursue its investment objective.

Potential Effects of Positions Limits, Accountability Levels, and Daily Limits. The Funds are currently subject to position limits and may be subject to new and more restrictive position limits in the future. If a Fund reached a position limit or accountability level or became subject to a price limit, its ability to issue new Baskets or reinvest income in additional commodity futures contracts may be limited to the extent these restrictions limit its ability to establish new futures positions, add to existing positions, or otherwise transact in futures. Limiting the size of a Fund, or restricting a Fund’s futures trading, under these requirements could adversely affect the Fund’s ability to pursue its investment objective.

Failure of Futures Commission Merchants or Commodity Brokers to Segregate Assets May Cause Losses for a Fund.

The Commodity Exchange Act requires a futures commission merchant to segregate all funds received from customers from such futures commission merchant’s proprietary assets. If the Commodity Broker fails to segregate customer assets as required, the assets of the Funds might not be fully protected in the event of the Commodity Broker’s bankruptcy. Furthermore, in the event of the Commodity Broker’s bankruptcy, the Funds could be limited to recovering either a pro rata share of all available funds segregated on behalf of the Commodity Broker’s combined customer accounts or the Funds may not recover any assets at all, even

though certain property specifically traceable to the Funds was held by the Commodity Broker.

The Commodity Exchange Act requires an approved derivatives clearing organization to segregate all funds and other property received from a clearing member’s customers in connection with U.S. futures and options contracts from any funds held at the clearing organization to support the clearing member’s proprietary trading. Nevertheless, customer funds held at a clearing organization in connection with any futures or options contracts may be held in a commingled omnibus account, which may not identify the name of the clearing member’s individual customers. With respect to futures and options contracts, a clearing organization may use assets of anon-defaulting customer held in an omnibus account at the clearing organization to satisfy payment obligations of a defaulting customer of the clearing member to the clearing organization. In the event of a default of the clearing futures commission merchant’s other clients or the clearing futures commission merchant’s failure to extend its own funds in connection with any such default, a customer may not be able to recover the full amount of assets deposited by the clearing futures commission merchant with the clearing organization on the customer’s behalf.

In the event of a bankruptcy or insolvency of any exchange or a clearing house, the Funds could experience a loss of the funds deposited through the Commodity Broker as ~~margin.~~margin with the exchange or clearing house, a loss of any unrealized profits on the Funds’ open positions on the exchange, and the loss of unrealized profits on the Funds’ closed positions on the exchange.

Regulatory Changes or Actions May Alter the Operations and Profitability of the Funds.

The regulation of commodity interest transactions and markets, including under theDodd-Frank Act, is a rapidly changing area of law and is subject to ongoing modification by governmental and judicial action. In particular, the Dodd-Frank Act has expanded the regulation of markets, market participants and financial instruments. The regulatory regime under the Dodd-Frank Act has imposed additional compliance and legal burdens on participants in the markets for futures and other commodity interests. For example,

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under theDodd-Frank Act new capital and risk requirements have been imposed on market intermediaries. Those requirements may cause the cost of trading to increase for market participants, like the Funds, that must interact with those intermediaries to carry out their trading activities. These increased costs can detract from each Fund’s performance.

Each Fund and the Managing Owner Are Subject to Extensive Legal and Regulatory Requirements.

Each Fund is subject to a comprehensive scheme of regulation under the federal commodity futures trading and securities laws, as well as futures market rules and the rules and listing standards for its Shares. The Funds and the Managing Owner could each be subject to sanctions for a failure to comply with those requirements, which could adversely affect the Funds’ financial performance and its ability to pursue its investment objective.

In addition, each Fund is subject to significant disclosure, internal control, governance, and financial reporting requirements because the Shares are publicly traded.

For example, the Funds are responsible for establishing and maintaining internal controls over financial reporting. Under this requirement, each Fund must adopt, implement, and maintain an internal control system designed to provide reasonable assurance to its management regarding the preparation and fair presentation of published financial statements. Each Fund is also required to adopt, implement, and maintain disclosure controls and procedures that are designed to ensure information required to be disclosed by a Fund in reports that it files or submits to the SEC is recorded, processed, summarized and reported within the time periods specified by the SEC. A Fund’s internal controls over financial reporting and disclosure controls and procedures could fail to work properly or otherwise fail to satisfy SEC requirements. Such a failure could result in the reporting or disclosure of incorrect information or a failure to report information on a timely basis. Such a failure could be to the disadvantage of Shareholders and could expose a Fund to penalties or otherwise adversely affect the Fund’s status under the federal securities laws and SEC regulations.

All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective may provide only reasonable assurance with respect to financial statement preparation and presentation and other disclosure matters.

Current Discussions between the SEC and PricewaterhouseCoopers LLP regarding PricewaterhouseCoopers LLP’s Independence Could Have Potentially Adverse Consequences for the Funds.

PricewaterhouseCoopers LLP informed the Funds that it has identified an issue related to its independence under Rule2-01(c)(1)(ii)(A) of RegulationS-X (referred to as the Loan Rule). The Loan Rule prohibits accounting firms, such as PricewaterhouseCoopers LLP, from being deemed independent if they have certain financial relationships with their audit clients or certain affiliates of those clients. Each Fund is required under various securities laws to have its financial statements audited by an independent accounting firm.

The Loan Rule specifically provides that an accounting firm would not be independent if it or certain affiliates and covered persons receive a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities (referred to as a “more than ten percent owner”). For purposes of the Loan Rule, audit clients include the Funds as well as all registered investment companies advised by the Managing Owner and its affiliates, including other subsidiaries of the Managing Owner’s parent company, Invesco Ltd. (collectively, the “Invesco Fund Complex”). PricewaterhouseCoopers LLP informed the Funds it has and certain affiliates and covered persons have relationships with lenders who hold, as record owner, more than ten percent of the shares of certain funds within the Invesco Fund Complex, which may implicate the Loan Rule.

On June 20, 2016, the SEC Staff issued a“no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al.,No-Action Letter) related to the audit independence issue described above. In that letter, the SEC confirmed that it would not recommend enforcement action against a fund that relied on audit

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services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. On May 2, 2018, the SEC proposed amendments to the Loan Rule that, if adopted as proposed, would address many of the issues that led to issuance of theno-action letter. In connection with prior independence determinations, PricewaterhouseCoopers LLP communicated, as contemplated by theno-action letter, that it believes that it remains objective and impartial and that a reasonable investor possessing all the facts would conclude that PricewaterhouseCoopers LLP is able to exhibit the requisite objectivity and impartiality to report on each Fund’s financial statements as the independent registered public accounting firm. PricewaterhouseCoopers LLP also represented that it has complied with Rule 3526(b)(1) and (2) of the Public Company Accounting Oversight Board (the “PCAOB”), which reflect conditions to the Funds relying on the no action letter, and affirmed that it is an independent accountant within the meaning of PCAOB Rule 3520. Therefore, the Managing Owner, the Funds and PricewaterhouseCoopers LLP concluded that PricewaterhouseCoopers LLP could continue as the Funds’ independent registered public accounting firm. The Invesco Fund Complex relied upon theno-action letter in reaching this conclusion.

If in the future the independence of PricewaterhouseCoopers LLP is called into question under the Loan Rule by circumstances that are not addressed in the SEC’sno-action letter, the Funds will need to take other action in order for the Funds’ filings with the SEC containing financial statements to be deemed compliant with applicable securities laws. Such additional actions could result in additional costs, impair the ability of the Funds to issue new shares or have other material adverse effects on the Funds. The SECno-action relief was initially set to expire eighteen (18) months from issuance but has been extended by the SEC without an expiration date, except that theno-action letter will be withdrawn upon the effectiveness of any amendments to the Loan Rule designed to address the concerns expressed in the letter.

TAX RISKS

Shareholders Will Be Subject to Taxation on Their Allocable Share of a Fund’s Taxable Income, Whether or Not They Receive Cash Distributions.

Shareholders will be subject to U.S. federal income taxation and, in some cases, state, local, or foreign income taxation on their allocable share of a Fund’s taxable income, whether or not they receive cash distributions from the Fund. Shareholders may not receive cash distributions equal to their share of a Fund’s taxable income or even the tax liability that results from such income.

Items of Income, Gain, Loss and Deduction with Respect to Shares Could Be Reallocated if the IRS Does Not Accept the Assumptions or Conventions Used by the Funds in Allocating Such Items.

U.S. federal income tax rules applicable to partnerships are complex and often difficult to apply to publicly traded partnerships. The Funds will apply certain assumptions and conventions in an attempt to comply with applicable rules and to report items of income, gain, loss and deduction to Shareholders in a manner that reflects the Shareholders’ beneficial interest in such tax items, but these assumptions and conventions may not be in compliance with all aspects of the applicable tax requirements. It is possible that the United States Internal Revenue Service (the “IRS”) will successfully assert that the conventions and assumptions used by the Funds do not satisfy the technical requirements of the Internal Revenue Code of 1986, as amended (the “Code”), and/or the Federal Tax Regulations codified under 26 C.F.R., referred to herein as the Treasury Regulations, and could require that items of income, gain, loss and deduction be adjusted or reallocated in a manner that adversely affects one or more Shareholders.

The Tax Cuts and Jobs Act (the “Tax Act”) Makes Significant Changes to U.S. Federal Income Tax Rules.

The Tax Act makes significant changes to the U.S. federal income tax rules for taxation of individuals and corporations, generally effective for taxable years beginning after December 31, 2017. Most of the changes applicable to individuals are

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temporary and would apply only to taxable years beginning after December 31, 2017 and before January 1, 2026. In particular, for individuals, the Tax Act establishes for taxable years beginning after December 31, 2017 and before January 1, 2026 a 20% deduction for “qualified publicly traded partnership income” within the meaning of new Section 199A(e)(5) of the Code. In general, “qualified publicly traded partnership income” for this purpose is an item of income, gain, deduction or loss that is effectively connected with a United States trade or business and includable income for the year, but does not include certain investment income. It is currently not expected that a Fund’s income will be eligible for such deduction because as discussed below, although the matter is not free from doubt, each Fund believes that the activities directly conducted by the Fund will not result in the Fund being engaged in a trade or business within the United States. Potential investors should consult their tax advisors regarding the availability of such deduction for their allocable share of a Fund’s items of income, gain, deduction and loss.

PROSPECTIVE INVESTORS ARE STRONGLY URGED TO CONSULT THEIR OWN TAX ADVISORS AND COUNSEL WITH RESPECT TO THE POSSIBLE TAX CONSEQUENCES TO THEM OF AN INVESTMENT IN THE SHARES; SUCH TAX CONSEQUENCES MAY DIFFER WITH RESPECT TO DIFFERENT INVESTORS.

OTHER RISKS

An Insolvency Resulting From Another Series of the Trust or the Trust Itself May Have a Material Adverse Effect on the Funds.

Each Fund is a series of a Delaware statutory trust. Pursuant to Delaware law, the organization of the Trust provides that the assets and liabilities of each Fund are separate from the assets and liabilities of the other series of the Trust, as well as the larger Trust itself. Though such organization may, under state law, protect the assets of the Funds in an insolvency action brought by the creditors of one or more of the series of the Trust, this may be insufficient to protect the assets of the Funds from such creditors in an insolvency action in federal court, or in a court in a foreign jurisdiction. Accordingly, an insolvency resulting from one or

more of the other series of the Trust or the Trust itself may have a material adverse effect on the Funds.

Disruptions in the Ability to Create and Redeem Baskets May Adversely Affect Investors.

It is generally expected that the public trading price per Share will track the NAV per Share closely over time. The relationship between the public trading price per Share and the NAV per Share depends, to a considerable degree, on the ability of Authorized Participants or their clients or customers to purchase and redeem Baskets in the ordinary course. If the process for creating or redeeming Shares is impaired for any reason, Authorized Participants and their clients or customers may not be able to purchase and redeem Baskets or, even if possible, may choose not to do so. The inability to purchase and redeem Baskets, or the partial impairment of the ability to purchase and redeem Baskets, could result in Shares trading at a premium or discount to the NAV of each Fund. Such a premium or discount could be significant, depending upon the nature or duration of the impairment.

If any of the Funds were to issue all Shares registered in this offering, it would not be able to create new Baskets until it registered additional Shares and those additional Shares became available for sale. An inability to create new Baskets could increase the possibility that the trading price per Share would not track closely the NAV per Share. In addition, any of the Funds may, in its discretion, suspend the creation of Baskets. Suspension of creations may adversely affect how the Shares are traded and could cause Shares to trade at a premium or discount to the NAV of a Fund, perhaps to a significant degree.

The Shares Could Decrease in Value if Unanticipated Operational or Trading Problems Arise.

The mechanisms and procedures governing the creation, redemption and offering of the Shares have been developed specifically for the Funds. Consequently, there may be unanticipated problems with respect to the mechanics of the operations of the Funds and the trading of the Shares that could have a material adverse effect on an investment in the Shares. To the extent that unanticipated operational

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or trading problems arise, the Managing Owner’s past experience and qualifications may not be suitable for solving those problems.

Historical Performance of the Funds and the Indexes is Not Indicative of Future Performance.

Past performance of any of the Funds or Indexes is not necessarily indicative of future results. Therefore, past performance of the Funds or the Indexes should not be relied upon in deciding whether to buy Shares of any of the Funds.

Fees and Expenses May Deplete the Funds’ Assets if the Funds’ Investment Performance is Not Favorable.

Each Fund pays fees and expenses regardless of its investment performance. Such fees and expenses include asset-based fees of 0.75% per annum. Additional charges include brokerage fees of approximately 0.03% of the NAV of Invesco DB Energy Fund, Invesco DB Oil Fund, Invesco DB Precious Metals Fund and Invesco DB Gold Fund, and 0.05% of the NAV of Invesco DB Base Metals Fund per annum in the aggregate and selling commissions. Selling commissions are not included in any of the Funds’ breakeven calculation. The sum of a Fund’s Treasury Income, Money Market Income and/orT-Bill ETF Income may not exceed its fees and expenses. If such income does not exceed its fees and expenses, in order to break even, a Fund’s futures trading activity will need to have a favorable performance that exceeds the difference between the sum of the Fund’s Treasury Income, Money Market Income and/orT-Bill ETF Income and its fees and expenses. If a Fund’s futures trading performance is not sufficiently favorable, the Fund’s expenses could deplete its assets over time. In such a scenario, the value of your Shares will decrease.

There May Be Circumstances That Could Prevent a Fund from Being Operated In a Manner Consistent With Its Investment Objective.

There may be circumstances outside the control of the Managing Owner and/or the Funds that make it, for all practical purposes, impossible tore-position the Funds and/or to process a purchase or redemption order. Examples of such circumstances include:

natural disasters; public service disruptions or utility problems such as those caused by fires, floods, extreme weather conditions, and power outages resulting in telephone, telecopy, and computer failures; market conditions or activities causing trading halts; systems failures involving computer or other information systems affecting the aforementioned parties, as well as DTC, or any other participant in the purchase process, and similar extraordinary events. While the Managing Owner has established and implemented a disaster recovery plan, circumstances such as those identified above may prevent the Funds from being operated in a manner consistent with its investment objective.

Redemption Orders for Baskets May Be Subject to Postponement, Suspension or Rejection Under Certain Circumstances.

The Managing Owner may, in its discretion, suspend the right of redemption or postpone the redemption order settlement date with respect to a Basket for (1) any period during which an emergency exists as a result of which the redemption distribution is not reasonably practicable, or (2) such other period as the Managing Owner determines to be necessary for the protection of the Shareholders. In addition, the Funds will reject a redemption order if the order is not in proper form as described in the participant agreement with the Authorized Participant, or if the fulfillment of the order, in the opinion of the Funds’ counsel, might be unlawful. Any such postponement, suspension or rejection could adversely affect a redeeming Authorized Participant. For example, the resulting delay may adversely affect the value of the Authorized Participant’s redemption proceeds if the NAV of a Fund declines during the period of delay. The Funds disclaim any liability for any loss or damage that may result from any such suspension or postponement.

Shareholders Do Not Have the Protections Associated with Ownership of Shares in an Investment Company Registered Under the Investment Company Act of 1940.

None of the Funds is registered as an investment company under the Investment Company Act of 1940, as amended. Consequently, Shareholders do not have the legal and regulatory protections provided to the investors in investment companies that are registered as such.

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Shareholders Do Not Have the Rights Enjoyed by Investors in Certain Other Vehicles.

The Shares have none of the statutory rights normally associated with the ownership of shares of a corporation. However, under Delaware law, a beneficial owner of a business trust (such as a Shareholder) may, under certain circumstances, institute legal action on behalf of himself and all other similarly situated beneficial owners to recover damages from a third party where a managing owner has failed or refused to institute legal action on behalf of himself and all other similarly situated beneficial owners to recover damages from a managing owner for violations of fiduciary duties, or on behalf of a business trust to recover damages from a third party where a managing owner has failed or refused to institute proceedings to recover such damages. The Shares have limited voting and distribution rights (for example, Shareholders do not have the right to elect directors and the Funds are not required to pay regular distributions, although the Funds may pay distributions in the discretion of the Managing Owner).

Various Actual and Potential Conflicts of Interest May Be Detrimental to Shareholders.

Each Fund is subject to actual and potential conflicts of interest involving the Managing Owner or any of its affiliates, the Commodity Broker, including its principals and its affiliates, the Index Sponsor and Marketing Agent, and Invesco Distributors. The Managing Owner and its principals, all of whom are engaged in other investment activities, are not required to devote substantially all of their time to the business of the Funds, which also presents the potential for numerous conflicts of interest with the Funds. The Managing Owner and its principals and affiliates are engaged in a broad array of asset management and financial services activities and may engage in activities during the ordinary course of business that cause their interests or those of their other clients to conflict with those of the Funds and their Shareholders.

As a result of these and other relationships, parties involved with the Funds have a financial incentive to act in a manner other than in the best interests of the Funds and the Shareholders. For example, by investing in affiliated money market mutual funds and/orT-Bill ETFs for margin and/or cash management purposes, the Managing Owner

may select affiliated money market mutual funds and/orT-Bill ETFs that may pay dividends that are lower thannon-affiliated money market mutual funds and/orT-Bill ETFs. In addition, the Managing Owner would have a conflict of interest if it sought to redeem a Fund’s interest in an affiliated money market mutual fund orT-Bill ETF in circumstances where such a redemption would be unfavorable for the affiliated fund. The Managing Owner has not established any formal procedure to resolve conflicts of interest. Consequently, investors are dependent on the good faith of the respective parties subject to such conflicts to resolve them equitably. Although the Managing Owner attempts to monitor these conflicts, it is extremely difficult, if not impossible, for the Managing Owner to ensure that these conflicts do not, in fact, result in adverse consequences to the Funds and the Shareholders.

The Funds may be subject to certain conflicts with respect to the Commodity Broker, including, but not limited to, conflicts that result from receiving greater amounts of compensation from other clients, or purchasing opposite or competing positions on behalf of third party accounts traded through the Commodity Broker.

Because the Managing Owner and Invesco Distributors are affiliates, the Managing Owner has a disincentive to replace Invesco Distributors. Furthermore, the Managing Owner did not conduct an arm’s length negotiation when it retained Invesco Distributors.

Lack of Independent Advisers Representing Investors.

The Managing Owner has consulted with counsel, accountants and other advisers regarding the operation of the Funds. No counsel has been appointed to represent you in connection with the Funds’ continuous offering of Shares. Accordingly, you should consult your own legal, tax and financial advisers about whether you should invest in the Funds.

Possibility of Termination of the Funds May Adversely Affect Your Portfolio.

It is ultimately within the discretion of the Managing Owner whether it will continue to operate and advise each Fund. The Managing Owner may

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withdraw from any of the Funds upon 120 days’ prior written notice to all Shareholders and the Trustee, which would cause any such Fund to terminate unless a substitute managing owner was obtained. Shareholders owning 50% or more of the Shares have the power to terminate any of the Funds. If it is so exercised, investors who may wish to continue to invest in a vehicle that tracks the Funds’ Indexes will have to find another vehicle, and may not be able to find another vehicle that offers the same features as the relevant Fund. See “Description of the Shares; Certain Material Terms of the Trust Agreement – Termination Events” for a summary of termination events. Such detrimental developments could cause you to liquidate your investments and upset the overall maturity and timing of your investment portfolio. If the registrations with the CFTC or memberships in the NFA of the Managing Owner or the Commodity Broker were revoked or suspended, such entity would no longer be able to provide services to the Funds.

Competing Claims Over Ownership of Intellectual Property Rights Related to the Funds Could Adversely Affect the Funds and an Investment in the Shares.

While the Managing Owner believes that all intellectual property rights needed to operate the Funds in the manner described in this Prospectus are either owned by or licensed to the Managing Owner or have been obtained, third parties may allege or assert ownership of intellectual property rights which may be related to the design, structure and operations of the Funds. To the extent any claims of such ownership are brought or any proceedings are instituted to assert such claims, the issuance of any restraining orders or injunctions, the negotiation, litigation or settlement of such claims, or the ultimate disposition of such claims in a court of law may adversely affect the Funds and an investment in the Shares. For example, such actions could result in expenses or damages payable by the Funds, suspension of activities or the termination of the Funds.

The Value of the Shares Will Be Adversely Affected if the Funds Are Required to Indemnify the Trustee or the Managing Owner.

Under the Trust Agreement, the Trustee and the Managing Owner have the right to be indemnified for

any liability or expense they incur, except for any expenses resulting from gross negligence or willful misconduct. That means the Managing Owner may require the assets of any of the Funds to be sold in order to cover losses or liability suffered by it or by the Trustee. Any sale of that kind would reduce the NAV of the Fund and, consequently, the value of the Shares.

Although the Shares Are Limited Liability Investments, Certain Circumstances such as Bankruptcy of the Funds or Indemnification of the Funds by the Shareholders Will Increase a Shareholder’s Liability.

The Shares are limited liability investments; investors may not lose more than the amount that they invest including any appreciation in their investments. However, Shareholders could be required, as a matter of bankruptcy law, to return to the estate of a Fund any distribution they received at a time when the Fund was in fact insolvent or in violation of the Trust Agreement. In addition, Shareholders agree in the Trust Agreement that they will indemnify each Fund for any harm suffered by it as a result of:

Shareholders’ actions unrelated to the business of the Fund, or

taxes imposed on the Shares by the states or municipalities in which such investors reside.

The Funds May Lose Money on Their Holdings of Money Market Mutual Funds.

The Funds may invest in government money market funds that have chosen to not rely on the ability to impose fees on shareholder redemptions, or liquidity fees, or temporarily to suspend redemption privileges, or gates, if the government money market fund’s weekly liquid assets fall below a certain threshold. Although such government money market funds seek to preserve the value of an investment at $1.00 per share, there is no guarantee that they will be able to do so. As a result, the Funds may lose money by investing in a government money market fund. An investment in a government money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. The share price of a government money market fund can fall below the $1.00 share

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price. The Funds cannot rely on or expect a government money market fund’s adviser or its affiliates to enter into support agreements or take other actions to maintain the government money market fund’s $1.00 share price. The credit quality of a government money market fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the government money market fund’s share price. Due to fluctuations in interest rates, the market value of securities held by a government money market fund may vary. A government money market fund’s share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets.

Due to the Increased Use of Technologies, Intentional and Unintentional Cyber Attacks Pose Operational and Information Security Risks.

With the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions, the Funds are susceptible to operational and information security risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to gaining unauthorized access to digital systems for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption.

Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causingdenial-of-service attacks on websites. Cyber security failures or breaches of the Funds’ third party service providers (including, but not limited to the Index Sponsor, the Administrator and the Transfer Agent) or the money market mutual funds andT-Bill ETFs in which the Funds invest, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Shareholders or Authorized Participants to transact business in Shares and Baskets, respectively, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. The Funds and their Shareholders could be negatively impacted as a result.

While the Managing Owner has established business continuity plans and systems reasonably designed to detect and prevent such cyber attacks from being effective, there are inherent limitations in such plans and systems. For instance, it is possible that certain existing risks have not been identified or that new risks will emerge before countervailing measures can be implemented. Furthermore, the Funds cannot control, or even necessarily influence, the cyber security plans and systems put in place by the Funds’ third party service providers. Since the Funds are dependent upon third party service providers (including the Managing Owner) for substantially all of their operational needs, the Funds are subject to the risk that a cyber attack on a service provider will materially impair their normal operations even if the Funds themselves are not subject to such an attack. Cyber attacks may also cause disruptions to the futures exchanges and clearinghouses through which a Fund invests in futures contracts and to the exchanges on which a Fund buys and sells shares ofT-Bill ETFs, which could result in disruptions to a Fund’s ability to pursue its investment objective, resulting in financial losses to the Fund and Shareholders.

~~General~~FORWARD-LOOKING STATEMENTS

This Prospectus includes forward-looking statements that reflect the Managing Owner’s current expectations about the future results, performance, prospects and opportunities of the Fund. The Managing Owner has tried to identify these forward-looking statements by using words such as “may,” “will,” “expect,” “anticipate,” “believe,” “intend,” “should,” “estimate” or the negative of those terms or similar expressions. These forward-looking statements are based on information currently available to the Managing Owner and are subject to a number of risks, uncertainties and other factors, both known, such as those described in “Risk Factors” and elsewhere in this Prospectus, and unknown, that could cause the actual results, performance, prospects or opportunities of the Fund to differ materially from those expressed in, or implied by, these forward-looking statements.

You should not place undue reliance on any forward-looking statements. Except as expressly required by the federal securities laws, the Managing Owner undertakes no obligation to publicly update or revise any forward-looking statements or the risks,

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uncertainties or other factors described in this Prospectus, as a result of new information, future events or changed circumstances or for any other reason after the date of this Prospectus.

INVESTMENT OBJECTIVES OF THE FUNDS

Each Fund seeks to track changes, whether positive or negative, in the level of its corresponding Index over time, plus the excess, if any, of the sum of its Treasury Income, Money Market Income andT-Bill ETF Income over its expenses. Each Fund invests in futures contracts in an attempt to track its corresponding Index. Each Fund holds Treasury Securities, money market mutual funds andT-Bill ETFs for margin and/or cash management purposes only and each Fund’s performance reflects the appreciation or depreciation of such securities.

The Shares of each Fund are designed for investors who want a cost-effective and convenient way to invest in commodity futures on U.S. andnon-U.S. markets.

Advantages of investing in the Funds include:

•

Ease and Flexibility of Investment. The Shares trade on the NYSE Arca and provide institutional and retail investors with indirect access to commodity futures markets. The Shares may be bought and sold on the NYSE Arca like other exchange-listed securities. Retail investors may purchase and sell Shares through traditional brokerage accounts.

•

Margin. Shares are eligible for margin accounts.

•

Diversification. The Shares may help to diversify a portfolio of investments in stocks, bonds, and related assets to the extent there is low to negative correlation between those asset classes and the performance of the Index.

•

Optimum Yield™. The Indexes utilize an Optimum Yield™ methodology, which seeks to minimize the effects of negative roll yield that may be experienced by other commodities indexes. “Negative roll yield” is a term that describes the adverse impact of an upward-sloping price curve for futures contracts, which makes it more

expensive to replace expiring contracts with new contracts.

•

Investing in the Funds does not insulate Shareholders from certain risks, including price volatility.

Each Fund’s Shares are intended to provide investment results that generally correspond to the changes, positive or negative, in the levels of the corresponding Index over time. The value of each Fund’s Shares is expected to fluctuate in relation to changes in the value of its portfolio. The market price of a Fund’s Shares may not be identical to the NAV per Share, but these two valuations are expected to be very close. See “Risk Factors – NAV May Not Always Correspond to Market Price and, as a Result, Baskets May Be Created or Redeemed at a Value that Differs from the Market Price of the Shares.”

Each Fund pursues its investment objective by investing in a portfolio of exchange-traded futures on the Index Commodities.

The ~~Deutsche Bank Liquid Commodity Index–~~Invesco DB Energy Fund is designed to track the DBIQ Optimum Yield Energy Index Excess Return™(DBIQ-OY Energy ER™), ~~or DBLCI-OYER™,~~which is intended to reflect the changes in market value of the energy sector.

The Invesco DB Oil Fund is designed to track the DBIQ Optimum Yield Crude Oil Index Excess Return™(DBIQ-OY CL ER™), which is intended to reflect the changes in market value of the crude oil sector.

The Invesco DB Precious Metals Fund is designed to track the DBIQ Optimum Yield Precious Metals Index Excess Return™(DBIQ-OY Precious Metals ER™), which is intended to reflect the changes in market value of the precious metals sector.

The Invesco DB Gold Fund is designed to track the DBIQ Optimum Yield Gold Index Excess

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Return™(DBIQ-OY GC ER™), which is intended to reflect the changes in market value of the gold sector.

The Invesco DB Base Metals Fund is designed to track the DBIQ Optimum Yield Industrial Metals Index Excess Return™(DBIQ-OY Industrial Metals ER™), which is intended to reflect the changes in market value of the base metals sector.

Each Fund trades Index Contracts that are subject to position limits under regulations of the CFTC or futures exchange rules, as applicable. As a Fund that is designed to track an Index with more than one underlying commodity approaches or reaches position limits with respect to an Index Commodity, the Fund may commence investing in Index Contracts that reference other Index Commodities. In those circumstances, the Fund may also trade in futures contracts based on commodities other than Index Commodities that the Managing Owner reasonably believes tend to exhibit trading prices that correlate with an Index Contract. As a Fund that is designed to track an Index with one underlying commodity approaches or reaches position limits with respect to an Index Commodity, the Fund may commence investing in futures contracts based on commodities other than the Index Commodity that the Managing Owner reasonably believes tend to exhibit trading prices that correlate with an Index Contract. The Managing Owner may determine to invest in other futures contracts if at any time it is impractical or inefficient to gain full or partial exposure to an Index Commodity through the use of Index Contracts. These other futures contracts may or may not be based on an Index Commodity. When they are not, the Managing Owner seeks to select futures contracts that it reasonably believes tend to exhibit trading prices that correlate with an Index Contract.

Under the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Trust, as amended (the “Trust Agreement”), the Managing Owner has exclusive management and control of all aspects of the business of the Funds. The Trustee’s duties and liabilities with respect to the offering of the Shares and the management of the Funds are limited to its express obligations under the Trust Agreement. The Trustee will have no duty or liability to supervise, or monitor the performance of the Managing Owner, nor will the Trustee have any liability for the acts or omissions of the Managing Owner.

There can be no assurance that any of the Funds will achieve its investment objective or avoid substantial losses.

Role of Managing Owner

The Managing Owner serves as the commodity pool operator and commodity trading advisor of each Fund.

Specifically, with respect to each Fund, the Managing Owner:

selects the Trustee, Commodity Broker, Administrator, Index Sponsor, Custodian, Transfer Agent, Marketing Agent, distributor and auditor;

negotiates various agreements and fees;

performs such other services as the Managing Owner believes that each Fund may from time to time require; and

monitors the performance results of each Fund’s portfolio and reallocates assets within such portfolio with a view to causing the performance of each Fund’s portfolio to track its corresponding Index over time.

The Managing Owner is registered as a commodity pool operator and commodity trading advisor with the CFTC and is a member of the NFA. The Managing Owner is anNFA-approved swap firm.

The principal office of the Managing Owner is located at c/o Invesco Capital Management LLC, 3500 Lacey Road, Suite 700, Downers Grove, IL 60515. The telephone number of the Managing Owner is (800)983-0903.

BREAKEVEN ANALYSIS

The following table reflects the estimated amount of all fees and expenses which are anticipated to be incurred by a new investor in Shares during the first twelve months of investment based on the NAV

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per Share of each Fund as of September 30, 2018, including trading expenses of each Fund:


Fund	% per annum
Invesco DB Energy Fund		0.78	%
Invesco DB Oil Fund		0.78	%
Invesco DB Precious Metals Fund		0.78	%
Invesco DB Gold Fund		0.78	%
Invesco DB Base Metals Fund		0.80	%

Each Fund is expected to earn Treasury Income, Money Market Income andT-Bill ETF Income equal to the following percentage:


Fund	% per annum
Invesco DB Energy Fund		2.14	%
Invesco DB Oil Fund		2.16	%
Invesco DB Precious Metals Fund		2.21	%
Invesco DB Gold Fund		2.19	%
Invesco DB Base Metals Fund		2.15	%

Accordingly, an investor will break-even on an investment in a Fund during the first twelve months, unless the Fund loses at least the following approximate percentage per annum, or the following dollar amount per annum per Share based on the NAV per Share of each Fund as of September 30, 2018:

  Fund NAV per
Share $ %
  Invesco DB Energy Fund
$ 18.10 $ 0.25 1.36%
  Invesco DB Oil Fund
$ 13.46 $ 0.19 1.38%
  Invesco DB Precious Metals Fund
$ 34.49 $ 0.49 1.43%
  Invesco DB Gold Fund
$ 37.45 $ 0.53 1.41%
  Invesco DB Base Metals Fund
$ 16.66 $ 0.23 1.35%
Breakeven Table
The Breakeven Table on the following page indicates the approximate percentage and dollar returns required for the value of the following initial investment in a Share to equal the amount originally

invested twelve months after issuance, based on the NAV per Share as of September 30, 2018:

  Fund    Initial Investment
  Invesco DB Energy Fund
   $ 18.10
  Invesco DB Oil Fund
   $ 13.46
  Invesco DB Precious Metals Fund
   $ 34.49
  Invesco DB Gold Fund
   $ 37.45
  Invesco DB Base Metals Fund
   $ 16.66
The amounts reflected in this discussion and the accompanying tables reflect the effect of rounding.
[Remainder of page left blank intentionally.]

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BREAKEVEN TABLE

The Breakeven Table, as presented, is an approximation only. Because a constant NAV per Share has been assumed, the actual capitalization of each Fund does not directly affect the level of its charges as a percentage of its NAV.

Dollar Amount and Percentage of Expenses Per Fund
DBE DBO DBP DGL DBB
Expense¹ $ % $ % $ % $ % $ %
Management Fee²
$ 0.14 0.75 % $ 0.10 0.75 % $ 0.26 0.75 % $ 0.28 0.75 % $ 0.12 0.75 %
Offering Expense Reimbursement
$ 0.00 0.00 % $ 0.00 0.00 % $ 0.00 0.00 % $ 0.00 0.00 % $ 0.00 0.00 %
Brokerage Commissions and Fees³
$ 0.01 0.03 % $ 0.00 0.03 % $ 0.01 0.03 % $ 0.01 0.03 % $ 0.01 0.05 %
Routine Operational, Administrative and Other Ordinary Expenses^4,5
$ 0.00 0.00 % $ 0.00 0.00 % $ 0.00 0.00 % $ 0.00 0.00 % $ 0.00 0.00 %
Treasury Income, Money Market Income andT-Bill ETF Income
$ 0.39 2.14 % $ 0.29 2.16 % $ 0.76 2.21 % $ 0.82 2.19 % $ 0.36 2.15 %
12-Month Breakeven^6,7
$ 0.00 0.00 % $ 0.00 0.00 % $ 0.00 0.00 % $ 0.00 0.00 % $ 0.00 0.00 %
1.
See the “Charges” section for an explanation of the expenses included in the Breakeven Table. The Managing Owner pays a marketing services fee to the Marketing Agent and an index services fee to the Index Sponsor. Because the marketing services fee and the index services fee are not paid by the Funds, these fees are not included in the breakeven analysis.
2.
The Managing Owner is responsible for paying the fees and expenses of the Administrator, Invesco Distributors, the Index Sponsor and the Marketing Agent from its own assets.
Each Fund may, for margin and/or cash management purposes, invest in money market mutual funds and/orT-Bill ETFs that are managed by affiliates of the Managing Owner. The indirect portion of the management fees that such Fund may incur through such investments is in addition to the Management Fee paid to the Managing Owner. The Managing Owner has contractually agreed to waive indefinitely the fees that it receives in an amount equal to the indirect management fees that each Fund incurs through its investments in affiliated money market mutual funds and/or affiliatedT-Bill ETFs. The Managing Owner may terminate these waivers on 60 days’ notice.
As of the date of this prospectus, this waiver is approximately less than $0.01 per Share per annum for each of the Funds.
3.
The actual amount of brokerage commissions and trading fees to be incurred will vary based upon the trading frequency of each Fund and the specific futures contracts traded.
4.
The Managing Owner is responsible for paying all routine operational, administrative and other ordinary expenses of each Fund.
5.
Authorized Participants pay a transaction fee in the amount of $500 per order to create and redeem Baskets and are subject to an additional processing charge for failure to timely deliver such orders. Because these transaction fees are de minimis in amount, are charged on atransaction-by-transaction basis (and not on aBasket-by-Basket basis), and are borne by the Authorized Participants, they have not been included in the Breakeven Table.
6.
The table indicates that the breakeven amount during the first 12 months of an investment in each Fund is $0.00 and 0% of NAV. These figures reflect that, during those first 12 months, each Fund’s Treasury
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Income, Money Market Income, andT-Bill ETF Income are expected to exceed the Fund’s fees and expenses.

You may pay brokerage commissions in connection with purchases of the Shares. Because such brokerage commission rates are set by your broker, they will vary from investor to investor and have not been included in the Breakeven Table. Investors are encouraged to review the terms of their brokerage accounts for applicable charges.

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PERFORMANCE OF INVESCO DB ENERGY FUND (TICKER: DBE),

A SERIES OF INVESCO DB MULTI-SECTOR COMMODITY TRUST

Name of Pool: Invesco DB Energy Fund

Type of Pool: Public, Exchange-Listed Commodity Pool

Inception of Trading: January 2007

Aggregate Gross Capital Subscriptions as of September 28, 2018¹: $1,720,195,035

NAV as of September 28, 2018²: $228,093,458

NAV per Share as of September 28, 2018³: $18.10

Worst Monthly Drawdown⁴: (17.05)% December 2014

WorstPeak-to-Valley Drawdown⁵: (81.53)% June 2008 — February 2016

Monthly Rate of Return
   2018(%)    2017(%)    2016(%)    2015(%)    2014(%)    2013(%)
January
   4.18    (4.78)    (7.98)    (7.30)    (2.85)    4.68
February
   (5.20)    (0.76)    (4.09)    10.39    4.31    (3.75)
March
   5.97    (3.45)    6.50    (9.58)    (0.95)    3.30
April
   5.76    (3.02)    12.50    13.44    0.82    (4.43)
May
   3.65    (2.13)    4.41    (2.28)    0.64    (2.12)
June
   2.15    (3.01)    1.95    (1.71)    3.43    (0.11)
July
   (2.98)    5.78    (10.36)    (14.82)    (5.34)    5.47
August
   3.31    0.41    4.53    1.90    (1.35)    2.33
September
   5.60    4.63    5.70    (9.47)    (6.36)    (3.91)
October
      6.44    (1.29)    0.59    (9.28)    (0.21)
November
      2.48    4.40    (7.99)    (15.25)    1.35
December
      3.84    7.73    (11.23)    (17.05)    2.14
Compound Rate of Return⁶
   24.06    5.72%    23.77%    (34.91)%    (41.27)%    4.18%
*
The WorstPeak-to-Valley Drawdown from June 2008 – February 2016 reflects the total return of the Fund, including the $0.44 per Share distribution made to Shareholders of record as of December 17, 2008.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
See accompanying Footnotes to Performance Information on page 40.
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PERFORMANCE OF INVESCO DB OIL FUND (TICKER: DBO),

A SERIES OF INVESCO DB MULTI-SECTOR COMMODITY TRUST

Name of Pool: Invesco DB Oil Fund

Type of Pool: Public, Exchange-Listed Commodity Pool

Inception of Trading: January 2007

Aggregate Gross Capital Subscriptions as of September 28, 2018¹: $3,869,818,265

NAV as of September 28, 2018²: $403,668,947

NAV per Share as of September 28, 2018³: $13.46

Worst Monthly Drawdown⁴: (20.83)% December 2014

WorstPeak-to-Valley Drawdown⁵: (85.91)% June 2008 — February 2016*

Monthly Rate of Return
   2018(%)    2017(%)    2016(%)    2015(%)    2014(%)    2013(%)
January
   7.15    (3.31)    (11.91)    (11.22)    (2.82)    5.73
February
   (3.93)    (0.43)    (7.38)    6.75    6.65    (6.15)
March
   6.28    (5.59)    5.27    (8.16)    (0.10)    4.96
April
   6.18    (2.62)    10.78    12.81    (0.87)    (4.25)
May
   0.51    (2.92)    5.56    (2.56)    3.69    (1.93)
June
   4.87    (3.13)    0.55    (1.21)    4.31    2.12
July
   (2.32)    5.96    (11.90)    (17.19)    (5.81)    5.43
August
   3.52    (2.11)    4.46    3.95    (1.99)    1.97
September
   6.49    5.63    5.93    (10.62)    (4.77)    (1.47)
October
      4.76    (3.58)    3.28    (10.88)    (1.31)
November
      4.87    5.34    (10.30)    (18.64)    (1.88)
December
      5.37    6.62    (13.21)    (20.83)    3.98
Compound Rate of Return⁶
   31.83    5.58%    6.62%    (41.52)%    (43.97)%    6.54%
*
The WorstPeak-to-Valley Drawdown from June 2008 – February 2016 reflects the total return of the Fund, including the $0.12 per Share distribution made to Shareholders of record as of December 17, 2008.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
See accompanying Footnotes to Performance Information on page 40.
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PERFORMANCE OF INVESCO DB PRECIOUS METALS FUND (TICKER: DBP),

A SERIES OF INVESCO DB MULTI-SECTOR COMMODITY TRUST

Name of Pool: Invesco DB Precious Metals Fund

Type of Pool: Public, Exchange-Listed Commodity Pool

Inception of Trading: January 2007

Aggregate Gross Capital Subscriptions as of September 28, 2018¹: $1,510,533,577

NAV as of September 28, 2018²: $110,368,430

NAV per Share as of September 28, 2018³: $34.49

Worst Monthly Drawdown⁴: (12.61)% June 2013

WorstPeak-to-Valley Drawdown⁵: (51.67)% August 2011 — December 2015

Monthly Rate of Return
   2018(%)    2017(%)    2016(%)    2015(%)    2014(%)    2013(%)
January
   2.12    5.90    4.71    8.72    2.22    (0.09)
February
   (2.46)    3.76    9.41    (5.23)    7.57    (6.12)
March
   0.16    (0.63)    0.76    (2.04)    (3.85)    0.73%
April
   (0.39)    (0.05)    6.47    (0.68)    0.12    (9.34)
May
   (1.12)    0.39    (6.76)    1.06    (3.81)    (6.11)
June
   (3.42)    (3.01)    9.95    (2.64)    7.47    (12.61)
July
   (2.70)    1.67    3.56    (6.54)    (3.30)    6.05
August
   (3.02)    3.89    (4.75)    2.40    (0.75)    8.64
September
   (0.43)    (3.11)    1.02    (1.36)    (7.47)    (5.64)
October
      (0.84)    (4.22)    3.20    (3.90)    (0.14)
November
      (0.08)    (8.04)    (7.40)    (0.58)    (6.42)
December
      2.88    (2.16)    (0.86)    0.63    (3.95)
Compound Rate of Return⁶
   (10.83)%    10.87%    8.21%    (11.78)%    (6.58)%    (31.40)%
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
See accompanying Footnotes to Performance Information on page 40.
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PERFORMANCE OF INVESCO DB GOLD FUND (TICKER: DGL),

A SERIES OF INVESCO DB MULTI-SECTOR COMMODITY TRUST

Name of Pool: Invesco DB Gold Fund

Type of Pool: Public, Exchange-Listed Commodity Pool

Inception of Trading: January 2007

Aggregate Gross Capital Subscriptions as of September 28, 2018¹: $1,612,618,101

NAV as of September 28, 2018²: $112,365,235

NAV per Share as of September 28, 2018³: $37.45

Worst Monthly Drawdown⁴: (12.48)% June 2013

WorstPeak-to-Valley Drawdown⁵: (45.83)% August 2011 — December 2015

Monthly Rate of Return
   2018(%)    2017(%)    2016(%)    2015(%)    2014(%)    2013(%)
January
   2.36    4.97    5.10    8.22    3.10    (1.03)
February
   (1.76)    3.47    10.56    (5.45)    6.74    (5.22)
March
   0.36    (0.50)    0.08    (2.62)    (3.04)    0.97
April
   (0.53)    1.37    4.46    (0.10)    0.86    (7.94)
May
   (1.46)    0.30    (5.86)    0.49    (4.03)    (5.63)
June
   (3.75)    (2.58)    8.44    (1.53)    6.24    (12.48)
July
   (2.43)    1.82    2.05    (6.79)    (3.34)    7.18
August
   (2.07)    3.86    (3.69)    3.37    0.25    6.36
September
   (0.82)    (2.67)    0.57    (1.59)    (6.21)    (5.11)
October
      (1.05)    (3.34)    2.30    (3.49)    (0.34)
November
      0.30    (8.10)    (6.76)    0.21    (5.76)
December
      2.60    (1.93)    (0.57)    0.73    (4.05)
Compound Rate of Return⁶
   (9.78)%    12.18%    6.78%    (11.44)    (2.84)%    (29.81)%
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
See accompanying Footnotes to Performance Information on page 40.
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PERFORMANCE OF INVESCO DB BASE METALS FUND (TICKER: DBB),

A SERIES OF INVESCO DB MULTI-SECTOR COMMODITY TRUST

Name of Pool: Invesco DB Base Metals Fund

Type of Pool: Public, Exchange-Listed Commodity Pool

Inception of Trading: January 2007

Aggregate Gross Capital Subscriptions as of September 28, 2018¹: $2,239,659,536

NAV as of September 28, 2018²: $189,955,422

NAV per Share as of September 28, 2018³: $16.66

Worst Monthly Drawdown⁴: (7.25)% November 2015

WorstPeak-to-Valley Drawdown⁵: (54.47)% February 2011 — November 2015

Monthly Rate of Return
   2018(%)    2017(%)    2016(%)    2015(%)    2014(%)    2013(%)
January
   1.03    9.03    (1.26)    (5.63)    (4.83)    1.41
February
   (2.86)    1.10    4.78    0.40    2.25    (4.64)
March
   (4.52)    (0.61)    1.06    0.33    (2.94)    (5.19)
April
   2.75    (3.11)    6.61    7.96    0.76    (3.65)
May
   0.54    (0.38)    (4.99)    (7.13)    1.82    2.54
June
   (6.07)    3.16    6.36    (5.45)    4.37    (6.75)
July
   (4.88)    2.82    2.69    (6.18)    4.36    0.43
August
   (2.98)    9.60    (1.38)    (2.74)    1.04    2.09
September
   2.40    (1.63)    3.69    (3.04)    (5.10)    1.15
October
      3.93    2.14    (2.59)    1.45    0.00
November
      (3.30)    8.72    (7.25)    (4.10)    (4.30)
December
      6.71    (4.10)    3.04    (3.23)    4.61
Compound Rate of Return⁶
   (14.08)    29.70%    25.95%    (25.77)%    (4.71)%    (12.28)%
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
See accompanying Footnotes to Performance Information on page 40.
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Footnotes to Performance Information

1. “Aggregate Gross Capital Subscriptions” is the aggregate of all amounts ever contributed to the relevant Fund, including investors who subsequently redeemed their investments.

2. “NAV” is the NAV of the relevant Fund as of Friday, September 28, 2018. As September 30, 2018 was a Sunday, the Funds did not engage in any trading or creation or redemption of Shares on that date.

3. “NAV per Share” is the NAV of the relevant Fund divided by the total number of Shares outstanding with respect to such Fund as of September 28, 2018.

4. “Worst Monthly Drawdown” is the largest single month loss sustained during the most recent five calendar years and year to date (if applicable). “Drawdown” as used in this section of the Prospectus means losses experienced by the relevant Fund over the specified period and is calculated on a rate of return basis, i.e., dividing net performance by beginning equity. “Drawdown” is measured on the basis of monthly returns only, and does not reflect intra-month figures. “Month” is the month of the Worst Monthly Drawdown.

5. “WorstPeak-to-Valley Drawdown” is the largest percentage decline in the NAV per Share during the last five years (and to the extent applicable, for a period beyond the most recent five calendar years if the starting date of the peak value extends beyond this period). This need not be a continuous decline, but can be a series of positive and negative returns where the negative returns are larger than the positive returns. “WorstPeak-to-Valley Drawdown” represents the greatest percentage decline from anymonth-end NAV per Share that occurs without suchmonth-end NAV per Share being equaled or ~~negative,~~exceeded as of a subsequentmonth-end. For example, if the NAV per Share of a particular Fund declined by $1 in each of January and February, increased by $1 in March and declined again by $2 in April, a“peak-to-valley drawdown” analysis conducted as of the end of April would consider that “drawdown” to be still continuing and to be $3 in amount, whereas if the NAV per Share had increased by $2 in March, the January-February drawdown would have ended as of the end of February at the $2 level.

6. “Compound Rate of Return” of the relevant Fund is calculated by multiplying on a compound basis each of the monthly rates of return set forth in the respective charts above and not by adding or averaging such monthly rates of return. For periods of less than one year, the results areyear-to-date.

EACH FUND’S PERFORMANCE INFORMATION FROM INCEPTION UP TO AND EXCLUDING FEBRUARY 23, 2015 IS A REFLECTION OF THE PERFORMANCE ASSOCIATED WITH ITS PREDECESSOR MANAGING OWNER. ALL THE PERFORMANCE INFORMATION ON AND AFTER FEBRUARY 23, 2015 REFLECTS THE PERFORMANCE ASSOCIATED WITH THE MANAGING OWNER.

-40-

DESCRIPTION OF THE DBIQ OPTIMUM YIELD INDEX EXCESS RETURN™ SECTOR INDEXES

The Invesco DB Energy Fund, Invesco DB Oil Fund, Invesco DB Precious Metals Fund, Invesco DB Gold Fund and Invesco DB Base Metals Fund (the “Funds”) are not sponsored or endorsed by Deutsche Bank AG, Deutsche Investment Management Americas Inc. or any subsidiary or affiliate of Deutsche Bank AG or Deutsche Investment Management Americas Inc. (collectively, “Deutsche Bank”). The DBIQ Optimum Yield Energy Index Excess Return™, DBIQ Optimum Yield Crude Oil Index Excess Return™, DBIQ Optimum Yield Precious Metals Index Excess Return™, DBIQ Optimum Yield Gold Index Excess Return™, and DBIQ Optimum Yield Industrial Metals Index Excess Return™ (collectively, the “DB Indexes”) are the exclusive property of Deutsche Investment Management Americas Inc. “DBIQ” and “Optimum Yield” are service marks of Deutsche Bank AG and have been licensed for use for certain ~~sectors~~purposes by Deutsche Investment Management Americas Inc. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the DB Indexes makes any representation or warranty, express or implied, concerning the DB Indexes, the Funds or the advisability of ~~commodities,~~investing in securities generally. Neither Deutsche Bank nor any other party involved in, or ~~an Index.~~ related to, making or compiling the DB Indexes has any obligation to take the needs of Invesco Capital Management LLC, the sponsor of the Funds, or its clients into consideration in determining, composing or calculating the DB Indexes. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the DB Indexes is responsible for or has participated in the determination of the timing of, prices at, quantities or valuation of the Funds. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the DB Indexes has any obligation or liability in connection with the administration or trading of the Funds.

NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE DB INDEXES, WARRANTS OR GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE DB INDEXES OR ANY DATA INCLUDED THEREIN AND SHALL HAVE NO LIABILITY FOR ANY

ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE DB INDEXES, MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY INVESCO CAPITAL MANAGEMENT LLC FROM THE USE OF THE DB INDEXES OR ANY DATA INCLUDED THEREIN. NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE DB INDEXES, MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE DB INDEXES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DEUTSCHE BANK OR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE DB INDEXES HAVE ANY LIABILITY FOR DIRECT, INDIRECT, PUNITIVE, SPECIAL, CONSEQUENTIAL OR ANY OTHER DAMAGES OR LOSSES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF. EXCEPT AS EXPRESSLY PROVIDED TO THE CONTRARY, THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DEUTSCHE BANK AND INVESCO CAPITAL MANAGEMENT LLC.

No purchaser, seller or holder of the shares of the Funds, or any other person or entity, should use or refer to any Deutsche Bank trade name, trademark or service mark to sponsor, endorse, market or promote the Funds without first contacting Deutsche Bank to determine whether Deutsche Bank’s permission is required. Under no circumstances may any person or entity claim any affiliation with Deutsche Bank without the written permission of Deutsche Bank.

General

Each Index is ~~(i)~~ calculated on an excess return, or

unfunded, ~~basis and (ii)~~basis. All Indexes are rolled in a manner which is aimed at potentially maximizing the roll benefits in backwardated markets and minimizing the losses from rolling in contangoed markets. Each Index is comprised of one or more ~~underlying commodities, or~~ Index Commodities. The composition of Index

-41-

Commodities with respect to each Index varies according to each specific sector that such Index intends to reflect. Each Index Commodity is assigned ~~a weight, or~~an Index Base Weight, which is intended to reflect the proportion of such Index Commodity relative to each Index.

Indexes and Covered Sectors

~~DBLCI-OY~~The Indexes track the following sectors:

DBIQ Optimum Yield Energy Index Excess Return™(“DBIQ-OY Energy ER™”) is intended to reflect the energy sector.

DBIQ Optimum Yield Crude Oil Index Excess Return™(“DBIQ-OY CL ER™~~, DBLCI-OY~~”) is intended to reflect the changes in market value of the crude oil sector.

DBIQ Optimum Yield Precious Metals Index Excess Return™(“DBIQ-OY Precious Metals ER™”) is intended to reflect the precious metals sector.

DBIQ Optimum Yield Gold Index Excess Return™(“DBIQ-OY GC ER™”) is intended to reflect the changes in market value of the gold sector.

DBIQ Optimum Yield Industrial Metals Index Excess Return™(“DBIQ-OY Industrial Metals ER™”) is intended to reflect the base metals sector.

DBIQ-OY CL ER™ and ~~DBLCI-OY SI~~DBIQ-OY GC ER™ are Indexes with a single Index Commodity or (“Single Commodity ~~Sector Indexes.~~

Indexes”).

Each Index has been calculated back to ~~a base date, or~~the Base Date. On the Base Date the ~~closing level~~Closing Level of each Index ~~or Closing Level,~~ was 100.

The Index Sponsor is DIMA. The Index Sponsor may from time to time subcontract the provision of the calculation and other services described below to one or more third parties.

[Remainder of page left blank intentionally.]

-42-

SECTOR INDEXES OVERVIEW


Index	Index Commodity	Exchange (Contract Symbol)¹	Base Date	Index Base Weight
DBIQ-OY Energy ER™	Light, Sweet Crude Oil (WTI)	NYMEX (CL)	June 4, 1990		22.50	%
	Heating Oil	NYMEX (HO)			22.50	%
	Brent Crude Oil	ICE-UK (LCO)			22.50	%
	RBOB Gasoline	NYMEX (XB)			22.50	%
	Natural Gas	NYMEX (NG)			10.00	%

DBIQ-OY CL ER™²	Light, Sweet Crude Oil (WTI)	NYMEX (CL)	December 2, 1988		100.00	%

DBIQ-OY Precious Metals ER™	Gold	COMEX (GC)	December 2, 1988		80.00	%
	Silver	COMEX (SI)			20.00	%

DBIQ-OY GC ER™²	Gold	COMEX (GC)	December 2, 1988		100.00	%

DBIQ-OY Industrial Metals ER™	Aluminum	LME (MAL)	September 3, 1997		33.33	%
	Zinc	LME (MZN)			33.33	%
	Copper — Grade A	LME (MCU)			33.33	%

1 Connotes the exchanges on which the underlying futures contracts are traded.

2DBIQ-OY CL ER™ andDBIQ-OY GC ER™ are Single Commodity Indexes.

Legend:

“COMEX” means the Commodity Exchange Inc., New York, a part of the CME Group, or its successor.

“ICE-UK” means ICE Futures Europe, or its successor.

“LME” means The ~~sponsor~~London Metal Exchange Limited, or its successor.

“NYMEX” means the New York Mercantile Exchange, a part of ~~each Index is Deutsche Bank AG London,~~the CME Group, or ~~Index Sponsor.~~its successor.

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Index Composition

Each ~~Index, except each Single Commodity Sector Index,~~ofDBIQ-OY Energy ER™,DBIQ-OY Precious Metals ER™ andDBIQ-OY Industrial Metals ER™ is composed of notional amounts of ~~each of the underlying~~its Index Commodities. Each Single Commodity ~~Sector~~ Index is composed of one underlying Index Commodity. The notional ~~amount~~amounts of ~~each~~the Index ~~Commodity~~Commodities included in each multi-sector Index isare intended to reflect the changes in market value of each such Index Commodity within the specific Index. The Closing Level of each Index is calculated on each business day by the Index Sponsor based on the closing price of the futures contracts for each of the underlying Index Commodities and the notional amounts of such Index Commodities.

Each ~~Index, excluding each Single Commodity Sector Index,~~ofDBIQ-OY Energy ER™,DBIQ-OY Precious Metals ER™ andDBIQ-OY Industrial Metals ER™ is rebalanced annually in November to ensure that each of the Index Commodities is weighted in the same proportion that such Index Commodities were weighted on the Base Date.

The composition of each Index may be adjusted in the event that the Index Sponsor is not able to calculate the closing prices of the Index Commodities.

Each Index methodology includes provisions for the replacement of futures contracts as they approach maturity. This replacement takes place over a period of time in order to lessen the impact on the market for the futures contracts being replaced. With respect to each Index Commodity,~~the Master~~ each Fund employs a rule-based approach when it ‘rolls’ from one futures contract to another. Rather than select a new futures contract based on a predetermined schedule (e.g., monthly), each Index Commodity ~~rolls~~is rolled from one contract to ~~the~~another futures contract ~~which generates~~that is intended to generate the ~~best possible ‘implied~~most favorable “implied roll yield” under prevailing market conditions. When there is an upward-sloping price curve for futures contracts, the implied roll yield is expected to be negative. The selection of a new futures contract on an Index Commodity in such market conditions is designed to minimize the impact of negative roll yield.’ Conversely, where there is a downward-sloping price curve for futures contracts, the implied roll yield is expected to be positive. The selection of a new futures contract on an Index Commodity in such market conditions is designed to maximize the impact of positive roll yield. The Indexes take the impact of implied roll yield into consideration by selecting, as the replacement for an expiring futures contract, the futures contract with a delivery month within the next thirteen months ~~which~~that generates the ~~best possible~~

most favorable implied roll yield ~~will be included~~under current market conditions.

The market condition in which each ~~Index. As a result, each~~relevant Index ~~Commodity~~ is ~~able~~designed to ~~potentially~~ maximize the effect of positive roll ~~benefits~~yield when entering into new futures contracts is called backwardation. Backwardation exists when prices are higher for contracts with shorter-term expirations than those with longer-term expirations, a condition that is typically associated with commodities that are consumed quickly instead of being put in ~~backwardated markets and minimize the losses from rolling in contangoed markets.~~

In general, as a futures contract approaches its expiration date, its price will move towards the spot price in a contangoed market. Assuming the spot price does not change, this would result in the futures contract price decreasing and a negative implied roll yield. The opposite is truestorage. Rolling in a backwardated ~~market.~~market will tend to enhance returns from futures trading.

Returns from futures trading are called excess return, which is the combined return based on the spot prices of Index Commodities and the roll yield from trading Index Contracts.

The Managing Owner may determine to invest in other futures contracts if at any time it is impractical or inefficient to gain full or partial exposure to an Index ~~Commodity’s contribution to~~Commodity through the ~~Fund’s return while rolling in a backwardated market will tend to cause a push~~use of Index Contracts or other futures contracts. These other futures contracts may or may not be based on an Index ~~Commodity’s contribution~~Commodity. When they are not, the Managing Owner may seek to select futures contracts that it reasonably believes tend to exhibit trading prices that correlate with an Index Contract. A Fund that is designed to track an Index with more than one underlying commodity approaches or reaches position limits with respect to an Index Commodity, the Fund may commence investing in Index Contracts that reference other Index Commodities. In those circumstances, the Fund may also trade in futures contracts based on commodities other than Index Commodities that the Managing Owner reasonably believes tend to exhibit trading prices that correlate with an Index Contract. In addition, as a Fund that is designed to track an Index with one underlying commodity approaches or reaches

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position limits with respect to an Index Commodity, the Fund may commence investing in futures contracts based on commodities other than the Index Commodity that the Managing Owner reasonably believes tend to exhibit trading prices that correlate with an Index Contract.

Each Index is calculated in USD on an excess return (unfunded) basis, which means that the Index reflects the return associated with spot prices for Index Commodities and the roll yield associated with trading Index Contracts. Each Fund also invests in securities that are expected to generate income, including Treasury Securities, money market mutual funds, andT-Bill ETFs. These securities are held with the Custodian. In addition, Treasury Securities for deposit may be held with the Commodity Broker as margin for a Fund’s ~~return.~~

futures positions. The Index does not reflect any corresponding income characteristics.

The futures contract price for each Index Commodity will be the exchange closing price for such Index Commodity on ~~each weekday when banks in New York, New York are~~a day on which the relevant exchange is open or for business (“Index Business ~~Days.~~Day”). If a weekday is not an Exchange Business Day (as defined in the following sentence) but is an Index Business Day, the exchange closing price from the previous Index Business Day will be used for each Index Commodity. “Exchange Business Day” means, in respect of an Index Commodity, a day that is a trading day for such Index Commodity on the relevant exchange (unless either an Index disruption event or force majeure event has occurred).

Contract Selection

On the ~~first New York business day, or~~ Verification Date, ~~of each month,~~ each Index Commodity futures contract will be tested in order to determine whether to continue including it in the applicable Index. If the Index Commodity futures contract requires delivery of the underlying commodity in the next month, known as the Delivery Month, a new Index Commodity futures contract will be selected for inclusion in such Index. For example, if the first ~~New York business day~~Index Business Day is May 1 ~~2009,~~of the current year, and the Delivery Month of the Index Commodity futures contract currently in such Index is June ~~2009,~~of the current year, a new Index Commodity futures contract with a later Delivery Month will be selected.

For each underlying Index Commodity of an Index, the new Index ~~Commodity futures contract~~Contract selected will be the

Index ~~Commodity futures contract~~Contract with the best possible “implied roll yield” based on the closing price for each eligible Index ~~Commodity futures contract.~~ Contract.

Eligible Index ~~Commodity futures contracts~~Contracts are any Index ~~Commodity futures contracts~~Contracts having a Delivery Month (i) no sooner than the month after the Delivery Month of the Index ~~Commodity futures contract~~Contract currently in such Index, and (ii) no later than the 13^ththirteenth month after the Verification Date. For example, if the first ~~New York business day~~Index Business Day is May 1 ~~2009~~of the current year and the Delivery Month of an Index ~~Commodity futures contract~~Contract currently in an Index is therefore June ~~2009,~~of the current year, the Delivery Month of an eligible new Index ~~Commodity futures contract~~Contract must be between July ~~2009~~of the current year and ~~July 2010.~~June of the following year. The implied roll yield is ~~then~~ calculated and the futures contract on the Index Commodity with the best possible implied roll yield under the current market conditions is ~~then~~ selected. If two futures contracts have the same implied roll yield, the futures contract with the ~~minimum~~fewest number of months prior to the Delivery Month is selected.

On all days that are not monthly index roll days, the notional holdings of each Index Commodity future remains constant.

Each ~~Index~~ofDBIQ-OY Energy ER™,DBIQ-OY Precious Metals ER™ andDBIQ-OY Industrial Metals ER™ isre-weighted on an annual basis on the 6^thsixth Index Business Day of each November.

The calculation of each such Index is expressed as the weighted average return of the Index Commodities.

DBLCI™ and Deutsche Bank Liquid Commodity Index™ are trade marks of the Index Sponsor and are the subject of Community Trade Mark Nos. 3055043 and 3054996. Trade Mark applications in the United States are pending with respect to both the Trust and aspects of each Index. Any use of these marks must be with the consent of or under license from the Index Sponsor. The Fund, Master Fund and the ManagingOwner have been licensed to use DBLCI™ and Deutsche Bank Liquid Commodity Index™. The Index Sponsor does not approve, endorse or recommend the Fund, the Master Fund or the Managing Owner.

There can be no assurance that any Fund or Master Fund will achieve its investment objective or avoid substantial losses. The Master Funds have limited performance history. The value of the Shares of each Fund is expected to fluctuate generally in relation to changes in the value of its corresponding Master Fund Units.

~~Shares of Each Fund Should Track Closely the Value of its Index~~

~~The Shares of each Fund are intended to provide investment results that generally correspond to changes, positive or negative, in the levels of the Fund’s corresponding Index, over time.~~

The value of the Shares of each Fund is expected to fluctuate in relation to changes in the value of its corresponding Master Fund’s portfolio. The market price of the Shares of a Fund may not be identical to the net asset value per Share, but these two valuations are expected to be very close.

Each Master Fund holds a portfolio of long futures contracts on the Index Commodities which comprise its corresponding Index, each of which are traded on various commodity futures markets in the United States and abroad. Each Master Fund also holds cash and United States Treasury securities and other high credit quality short-term fixed income securities for deposit with its Commodity Broker as margin. Each Master Fund’s portfolio is traded with a view to tracking the changes in its corresponding Index over time, whether the Index is rising, falling or flat over any particular period. None of the Master Funds is “managed” by traditional methods, which typically involve effecting changes in the composition of a portfolio on the basis of judgments relating to economic, financial and market considerations with a view to obtaining positive results under all market conditions.

~~The Managing Owner~~

DB Commodity Services LLC, a Delaware limited liability company, serves as Managing Owner of the Trust and each Fund and the Master Trust and each Master Fund. The Managing Owner was formed on May 23, 2005. The Managing Owner is an affiliate of

Deutsche Bank AG. The Managing Owner serves as the commodity pool operator and commodity trading advisor of the Trust and each Fund and the Master Trust and each Master Fund. The Managing Owner and its trading principals have limited experience in operating commodity pools and in managing futures trading accounts. The Managing Owner is registered as a commodity pool operator and commodity trading advisor with the Commodity Futures Trading Commission, or the CFTC, and is a member of the National Futures Association, or the NFA. As a registered commodity pool operator and commodity trading advisor, with respect to both the Trust and each Fund and the Master Trust and each Master Fund, the Managing Owner must comply with various regulatory requirements under the Commodity Exchange Act and the rules and regulations of the CFTC and the NFA, including investor protection requirements, antifraud prohibitions, disclosure requirements, and reporting and recordkeeping requirements. The Managing Owner is also subject to periodic inspections and audits by the CFTC and NFA.

The Shares are not deposits or other obligations of the Managing Owner, the Trustee or any of their respective subsidiaries or affiliates or any other bank, are not guaranteed by the Managing Owner, the Trustee or any of their respective subsidiaries or affiliates or any other bank and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency. An investment in the Shares of any Fund is speculative and involves a high degree of risk.

~~The principal office of the Managing Owner is located at 60 Wall Street, New York, New York 10005. The telephone number of the Managing Owner is (212) 250-5883.~~

~~Each Master Fund pays the Managing Owner a Management Fee, monthly in arrears, in an amount equal to either:~~

~~0.50% per annum of the daily net asset value of such Master Fund with respect to PowerShares DB Oil Fund, PowerShares DB Gold Fund and PowerShares DB Silver Fund, or~~

0.75% per annum of the daily net asset value of such Master Fund with respect to PowerShares DB Energy Fund, PowerShares DB Precious Metals Fund, PowerShares DB Base Metals Fund and PowerShares DB Agriculture Fund.

~~No separate fee is paid by any Fund. The Management Fee is paid in consideration of the Managing Owner’s commodity futures trading advisory services.~~

~~The Commodity Broker~~

A variety of executing brokers execute futures transactions on behalf of the Master Funds. Such executing brokers give-up all such transactions to Deutsche Bank Securities Inc., a Delaware corporation, which serves as clearing broker, or Commodity Broker of each of the Master Funds. The Commodity Broker is an affiliate of the Managing Owner. In its capacity as clearing broker, the Commodity Broker executes and clears each Master Fund’s futures transactions and performs certain administrative services for each Master Fund. Deutsche Bank Securities Inc. is registered with the CFTC as a futures commission merchant and is a member of the NFA in such capacity.

Each Master Fund pays to the Commodity Broker all brokerage commissions, including applicable exchange fees, NFA fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities for each Master Fund. On average, total charges paid to the Commodity Broker are expected to be less than $10.00 per round-turn trade, although the Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis. The Managing Owner does not expect brokerage commissions and fees to exceed:

~~0.03% of the net asset value of each Master Fund with respect to PowerShares DB Energy Fund and PowerShares DB Base Metals Fund,~~

~~0.04% of the net asset value of each Master Fund with respect to PowerShares DB Oil Fund, PowerShares DB Precious Metals Fund, PowerShares DB Gold Fund and PowerShares DB Silver Fund, and~~

~~0.16% of the net asset value of the Master Fund with respect to PowerShares DB Agriculture Fund~~

~~in any year, although the actual amount of brokerage commissions and fees in any year or any part of any year may be greater.~~

~~A round-turn trade is a completed transaction involving both a purchase and a liquidating sale, or a sale followed by a covering purchase.~~

~~The Administrator~~

The Trust and Master Trust, on behalf of each Fund and each Master Fund, respectively, has appointed The Bank of New York as the administrator, or the Administrator, of each Fund and each Master Fund and has entered into an Administration Agreement in connection therewith. The Bank of New York serves as custodian, or Custodian, of each Fund and has entered into a Global Custody Agreement, or Custody Agreement, in connection therewith. The Bank of New York serves as the transfer agent, or Transfer Agent, of each Fund and has entered into a Transfer Agency and Service Agreement in connection therewith.

~~The Bank of New York, a banking corporation organized under the laws of the State of New York with trust powers, has an office at 2 Hanson Place, 12~~^th Floor, Brooklyn, N.Y. 11217. The Bank of New York is subject to supervision by the New York State Banking Department and the Board of Governors of the Federal Reserve System. Information regarding the net asset value of each Fund, creation and redemption transaction fees and the names of the parties that have executed a Participant Agreement may be obtained from The Bank of New York by calling the following number: (718) 315-4412. A copy of the Administration Agreement is available for inspection at The Bank of New York’s trust office identified above.

Pursuant to the Administration Agreement, the Administrator performs or supervises the performance of services necessary for the operation and administration of each Fund and each Master Fund (other than making investment decisions), including receiving and processing orders from Authorized Participants to create and redeem Baskets, net asset value calculations, accounting and other fund administrative services. The Administrator retains, separately for each Fund and each Master Fund, certain financial books and records, including: Basket creation and redemption books and records, Fund and Master Fund accounting records, ledgers with respect to assets, liabilities, capital, income and expenses, the registrar, transfer journals and related details and trading and related documents received from futures commission merchants, c/o The Bank of New York, 2 HansonPlace, 12^th ~~Floor, Brooklyn, New York 11217, telephone number (718) 315-4850.~~

The Administration Agreement will continue in effect from the commencement of trading operations unless terminated on at least 90 days’ prior written notice by either party to the other party. Notwithstanding the foregoing, the Administrator may terminate the Administration Agreement upon 30 days’ prior written notice if any Fund and/or any Master Fund has materially failed to perform its obligations under the Administration Agreement.

The Administration Agreement provides for the exculpation and indemnification of the Administrator from and against any costs, expenses, damages, liabilities or claims (other than those resulting from the Administrator’s own bad faith, negligence or willful misconduct) which may be imposed on, incurred by or asserted against the Administrator in performing its obligations or duties under the Administration Agreement. Key terms of the Administration Agreement are summarized under the heading “Material Contracts.”

~~The Administrator’s monthly fees are paid on behalf of each Fund and each Master Fund by the Managing Owner out of the applicable Management Fee.~~

The Administrator and any of its affiliates may from time-to-time purchase or sell Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

The Administrator also receives a transaction processing fee in connection with orders from Authorized Participants to create or redeem Baskets in the amount of $500 per order. These transaction processing fees are paid indirectly by the Authorized Participants and not by any Fund or any Master Fund.

~~Each Fund is expected to retain the services of one or more additional service providers to assist with certain tax reporting requirements of each Fund and the Shareholders of each Fund.~~

~~ALPS DISTRIBUTORS, INC.~~

The Trust, on behalf of each Fund, has appointed ALPS Distributors, Inc., or ALPS Distributors, to assist the Managing Owner and the Administrator with certain functions and duties relating to distribution and

marketing, including reviewing and approving marketing materials. ALPS Distributors retains all marketing materials separately for each Fund and each Master Fund, at c/o ALPS Distributors, Inc., 1290 Broadway, Suite 1100, Denver, Colorado 80203; telephone number (303) 623-2577. Investors may contact ALPS Distributors toll-free in the U.S. at (877) 369-4617. The Managing Owner, on behalf of each Fund, has entered into a Distribution Services Agreement with ALPS Distributors. ALPS Distributors is affiliated with ALPS Fund Services, Inc., a Denver-based outsourcing solution for administration, compliance, fund accounting, legal, marketing, tax administration, transfer agency and shareholder services for open-end, closed-end, hedge and exchange-traded funds, with over 350,000 shareholder accounts and approximately $17 billion in client mutual fund assets under administration. ALPS Distributors provides distribution services to approximately $232 billion in client assets.

The Managing Owner, out of the relevant Management Fee, pays ALPS Distributors for performing its duties on behalf of each Fund and its corresponding Master Fund and may pay ALPS Distributors additional compensation in consideration of the performance by ALPS Distributors of additional marketing, distribution and ongoing support services to such Fund or its corresponding Master Fund. Such additional services may include, among other services, the development and implementation of a marketing plan and the utilization of ALPS Distributors’ resources, which include an extensive broker database and a network of internal and external wholesalers.

ALPS Distributors, Inc. is the distributor of 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. Certain marketing services may be provided for each Fund by Invesco Aim Distributors, Inc. or Invesco PowerShares Capital Management, LLC. This assistance includes the licensing of the PowerShares^® ~~registered service mark to the Managing Owner for use with each Fund. PowerShares~~^® is a registered service mark of Invesco PowerShares Capital Management LLC. Invesco PowerShares Capital Management LLC is not a sponsor or promoter of any of the Funds and has no responsibility for the performance of any of the Funds or the decisions made or actions taken by the Managing Owner.

~~“800” Number for Investors~~

~~Investors may contact Invesco PowerShares Capital Management LLC toll free in the U.S. at (800) 983-0903.~~

~~INVESCO AIM DISTRIBUTORS, INC.~~

Through a marketing agreement between the Managing Owner and Invesco Aim Distributors, Inc. (formerly known as A I M Distributors, Inc.), or Invesco Aim Distributors, an affiliate of Invesco PowerShares Capital Management LLC (formerly known as PowerShares Capital Management LLC), or Invesco PowerShares, the Managing Owner, on behalf of each Fund and each Master Fund, has appointed Invesco Aim Distributors as a marketing agent. Invesco Aim Distributors assists the Managing Owner and the Administrator with certain functions and duties such as providing various educational and marketing activities regarding each Fund, primarily in the secondary trading market, which activities include, but are not limited to, communicating each Fund’s name, characteristics, uses, benefits, and risks, consistent with the prospectus. Invesco Aim Distributors will not open or maintain customer accounts or handle orders for each Fund. Invesco Aim Distributors is a subsidiary of Invesco Ltd. Invesco Ltd. is a leading independent global investment manager operating under the AIM, Atlantic Trust, Invesco, Perpetual, PowerShares, Trimark and WL Ross brands.

~~The Managing Owner, out of the relevant Management Fee, pays Invesco Aim Distributors for performing its duties on behalf of each Fund and its corresponding Master Fund.~~

~~Limitation of Liabilities~~

Although the Managing Owner has unlimited liability for any obligations of each Fund that exceed that Fund’s net assets, your investment in a Fund is part of the assets of that Fund, and it will therefore be subject to the risks of that Fund’s trading only. You cannot lose more than your investment in any Fund, and you will not be subject to the losses or liabilities of any Fund in which you have not invested. We have received an opinion of counsel that each Fund is entitled to the benefits of the limitation on inter-series liability provided under the Delaware Statutory Trust Act. Each Share, when purchased in accordance with the Declaration of Trust, shall, except as otherwise provided by law, be fully-paid and non-assessable.

The debts, liabilities, obligations, claims and expenses of a particular Fund will be enforceable against the assets of that Fund only, and not against the assets of the Trust generally or the assets of any other Fund or of any Master Fund, and, unless otherwise provided in the Declaration of Trust, none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Trust or Master Trust generally or any other series thereof will be enforceable against the assets of such Fund or Master Fund, as the case may be.

~~Creation and Redemption of Shares~~

The Funds create and redeem Shares from time-to-time, but only in one or more Baskets. A Basket is a block of 200,000 Shares. Baskets may be created or redeemed only by Authorized Participants. Except when aggregated in Baskets, the Shares are not redeemable securities. Authorized Participants pay a transaction fee of $500 in connection with each order to create or redeem a Basket. Authorized Participants may sell the Shares included in the Baskets they purchase from the Funds to other investors.

The Master Funds create and redeem Master Fund Units from time-to-time, but only in one or more Master Unit Baskets. A Master Unit Basket is a block of 200,000 Master Fund Units. Master Unit Baskets in a particular Master Fund may be created or redeemed only by its corresponding Fund. Each Master Fund is wholly-owned by its corresponding Fund and the Managing Owner. Each Share issued by its corresponding Fund correlates with a Master Fund Unit issued by its corresponding Master Fund and held by such Fund.

~~See “Creation and Redemption of Shares” for more details.~~

~~The Offering~~

Each Fund issues Shares in Baskets to Authorized Participants continuously as of noon, New York time, on the business day immediately following the date on which a valid order to create a Basket is accepted by the Fund, at the net asset value of 200,000 Shares of the Fund as of the closing time of the Amex or the last to close of the exchanges on which the corresponding Master Fund’s futures contracts are traded, whichever is later, on the date that a valid order to create a Basket is accepted by the Fund.

Each Master Fund issues Master Fund Units in Master Unit Baskets to its corresponding Fund continuously as of noon, New York time, on the business day immediately following the date on which a valid order to create a Master Unit Basket is accepted by the Master Fund, at the net asset value of 200,000 Master Fund Units as of the closing time of the Amex or the last to close of the exchanges on which the corresponding Master Fund’s futures contracts are traded, whichever is later, on the date that a valid order to create a Master Unit Basket is accepted by the Master Fund. Each Master Fund is wholly-owned by its corresponding Fund and the Managing Owner. Each Share issued by a Fund correlates with a Master Fund Unit issued by its corresponding Master Fund and held by the Fund.

~~Authorized Participants~~

Baskets may be created or redeemed only by Authorized Participants. Each Authorized Participant must (1) be a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions, (2) be a participant in DTC, and (3) have entered into an agreement with each Fund and the Managing Owner (a Participant Agreement). The Participant Agreement sets forth the procedures for the creation and redemption of Baskets of Shares and for the delivery of cash required for such creations or redemptions. A list of the current Authorized Participants can be obtained from the Administrator. A similar agreement between each Fund and its corresponding Master Fund sets forth the procedures for the creation and redemption of Master Unit Baskets by the Funds. See “Creation and Redemption of Shares” for more details.

~~Net Asset Value~~

Net asset value, in respect of any Master Fund, means the total assets of the Master Fund including, but not limited to, all cash and cash equivalents or other debt securities less total liabilities of such Master Fund, each determined on the basis of generally accepted accounting principles in the United States, consistently applied under the accrual method of accounting.

Net asset value per Master Fund Unit, in respect of any Master Fund, is the net asset value of the Master Fund divided by the number of its outstanding Master Fund Units. Because there is a one-to-one correlation

between Shares of a Fund and Master Fund Units of its corresponding Master Fund and each Master Fund has assumed all liabilities of its corresponding Fund, the net asset value per Share of any Fund and the net asset value per Master Fund Unit of its corresponding Master Fund is equal.

~~See “Description of the Shares and the Master Fund Units; The Funds; Certain Material Terms of the Trust Declarations – Net Asset Value” for more details.~~

~~Clearance and Settlement~~

The Shares of each Fund are evidenced by global certificates that the Fund issues to DTC. The Shares of each Fund are available only in book-entry form. Shareholders may hold Shares of any Fund through DTC, if they are participants in DTC, or indirectly through entities that are participants in DTC. The Master Fund Units of each Master Fund are uncertificated and held by its corresponding Fund in book-entry form.

~~Segregated Accounts/Interest Income~~

The proceeds of the offering of each Fund are deposited in cash in a segregated account in the name of its corresponding Master Fund at the Commodity Broker (or another eligible financial institution, as applicable) in accordance with CFTC investor protection and segregation requirements. Each Master Fund is credited with 100% of the interest earned on its average net assets on deposit with the Commodity Broker or such other financial institution each week. In an attempt to increase interest income earned, the Managing Owner expects to invest non-margin assets of each Master Fund in United States government securities (which include any security issued or guaranteed as to principal or interest by the United States), or any certificate of deposit for any of the foregoing, including United States Treasury bonds, United States Treasury bills and issues of agencies of the United States government, and certain cash items such as money market funds, certificates of deposit (under nine months) and time deposits or other instruments permitted by applicable rules and regulations. Currently, the rate of interest expected to be earned by each Master Fund is estimated to be 1.25% per annum, based upon the yield on 3-month U.S. Treasury bills as of April 17, 2008. This interest income is used by each Master Fund to pay its own expenses and the expenses of its corresponding Fund. See “Fees and Expenses” for more details.

~~[Remainder of page left blank intentionally.]~~

~~Fees and Expenses~~


~~Management Fee~~		Each Master Fund with respect to PowerShares DB Oil Fund, PowerShares DB Gold Fund and PowerShares DB Silver Fund pays the Managing Owner a Management Fee, monthly in arrears, in an amount equal to 0.50% per annum of the daily net asset value of such Master Fund. Each Master Fund with respect to PowerShares DB Energy Fund, PowerShares DB Precious Metals Fund, PowerShares DB Base Metals Fund and PowerShares DB Agriculture Fund pays the Managing Owner a Management Fee, monthly in arrears, in an amount equal to 0.75% per annum of the daily net asset value of such Master Fund. No separate management fee is paid by any corresponding Fund. The Management Fee is paid in consideration of the Managing Owner’s commodity futures trading advisory services.
~~Organization and Offering Expenses~~		Expenses incurred in connection with organizing each Fund and its corresponding Master Fund and the initial offering of its Shares were paid by the Managing Owner. Expenses incurred in connection with the continuous offering of Shares of each Fund after the commencement of its corresponding Master Fund’s trading operations are also paid by the Managing Owner.
~~Brokerage Commissions and Fees~~		Each Master Fund pays to the Commodity Broker all brokerage commissions, including applicable exchange fees, NFA fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with its trading activities. On average, total charges paid to the Commodity Broker are expected to be less than $10.00 per round-turn trade, although the Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis. The Managing Owner does not expect brokerage commissions and fees to exceed (i) 0.03% of the net asset value of each Master Fund with respect to PowerShares DB Energy Fund and PowerShares DB Base Metals Fund, (ii) 0.04% of the net asset value of each Master Fund with respect to PowerShares DB Oil Fund, PowerShares DB Precious Metals Fund, PowerShares DB Gold Fund and PowerShares DB Silver Fund, or (iii) 0.16% of the net asset value of the Master Fund with respect to PowerShares DB Agriculture Fund in any year, although the actual amount of brokerage commissions and fees in any year or any part of any year may be greater.
~~Routine Operational, Administrative and Other Ordinary Expenses~~		The Managing Owner pays all of the routine operational, administrative and other ordinary expenses of each Fund and its corresponding Master Fund, including, but not limited to, computer services, the fees and expenses of the Trustee, legal and accounting fees and expenses, tax preparation expenses, filing fees, and printing, mailing and duplication costs.
~~Non-Recurring Fees and Expenses~~		Each Master Fund pays all non-recurring and unusual fees and expenses, (referred to as extraordinary fees and expenses in the Trust Agreement), if any, of itself and its corresponding Fund. Non-recurring and unusual fees and expenses are fees and expenses which are non-recurring and unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other unanticipated expenses. Such non-recurring and unusual fees and expenses, by their nature, are unpredictable in terms of timing and amount.
~~Management Fee~~ ~~and Expenses to be Paid First out of Interest Income~~		The Management Fee and the brokerage commissions and fees of each Master Fund and its corresponding Fund are paid first out of interest income from such Master Fund’s holdings of U.S. Treasury bills and other high credit quality short-term fixed income securities on deposit with the Commodity Broker as margin or otherwise. Such interest income has been sufficient to cover the fees and expenses of each Master Fund and its corresponding Fund and is expected to continue to do so. To the extent interest income is not sufficient to cover the fees and expenses of a Master Fund and its corresponding Fund during any period, the excess of such fees and expenses over such interest income will be paid out of income from futures trading, if any, or from sales of the Master Fund’s fixed income securities.
~~Selling Commission~~		Retail investors may purchase and sell Shares through traditional brokerage accounts. Investors are expected to be charged a customary commission by their brokers in connection with purchases of Shares that will vary from investor to investor. Investors are encouraged to review the terms of their brokerage accounts for applicable charges.

~~Breakeven Amounts~~

The following table estimates the amount of (i) all fees and expenses which are anticipated to be incurred by a new investor in Shares of each Fund during the first twelve months of investment is the following percentage per annum of the net asset value of each Fund, (ii) the current yield earned by each Master Fund on the 3-month U.S. Treasury bills and (iii) the expected annual net income, plus the amount of any commissions charged by the investor’s broker in connection with an investor’s purchase of Shares:

Fund    Fees and
Expenses
Yield on 3-
month U.S.
Treasury bills
Expected
Annual Net
Income
DBE
   (0.78 )% 1.25 % 0.47 %
DBO
   (0.54 )% 1.25 % 0.71 %
DBP
   (0.79 )% 1.25 % 0.46 %
DGL
   (0.54 )% 1.25 % 0.71 %
DBS
   (0.54 )% 1.25 % 0.71 %
DBB
   (0.78 )% 1.25 % 0.47 %
DBA
   (0.91 )% 1.25 % 0.34 %
Each Fund and its corresponding Master Fund is subject to the approximate fees and expenses in the aggregate amounts per annum set forth in the above table and elsewhere in this Prospectus. Each Fund and its corresponding Master Fund will be successful only if their annual returns from futures trading, plus their annual interest income from their holdings of United States Treasury securities and other high credit quality short-term fixed income securities, exceed these fees and expenses per annum. Because it is expected that interest income will exceed the fees and costs incurred by each Fund and Master Fund at the end of the first twelve months of an investment, the percentage of profit required for each Fund to breakeven at the end of the first twelve months of an investment, by definition, is expected to be 0.00%. Each Master Fund (and, in turn, each Fund) is expected to earn interest income equal to 1.25% per annum, based upon the yield of 3-month U.S. Treasury bills as of April 17, 2008. Therefore, based upon the difference between the current yield of 3-month U.S. Treasury bills and the annual fees and expenses, each Fund is expected to have net income equal to or greater than the approximate amount per annum set forth in the above table, assuming that each Fund does not experience gainsor losses from its futures trading. Actual interest income could be higher or lower than the current yield of 3-month U.S. Treasury bill.
~~Distributions~~
Each Fund will make distributions at the discretion of the Managing Owner. To the extent that a Master Fund’s actual and projected interest income from its holdings of United States Treasury securities and other high credit quality short-term fixed income securities exceeds the actual and projected fees and expenses of such Master Fund and its corresponding Fund, the Managing Owner expects periodically to make distributions of the amount of such excess. The Funds currently do not expect to make distributions with respect to capital gains. Depending on the applicable Fund’s performance for the taxable year and your own tax situation for such year, your income tax liability for the taxable year for your allocable share of such Fund’s net ordinary income or loss and capital gain or loss may exceed any distributions you receive with respect to such year.
~~Fiscal Year~~
~~The fiscal year of each Fund and each Master Fund ends on December 31 of each year.~~
~~Financial Information~~
~~The Funds and the Master Funds have only recently been organized and have limited financial histories.~~
~~U.S. Federal Income Tax Considerations~~
Subject to the discussion below in “Material U.S. Federal Income Tax Considerations,” no Fund or Master Fund will be classified as an association taxable as a corporation. Instead, each Fund and Master Fund expects that it will be classified as a partnership for United States federal income tax purposes. Accordingly, neither the Master Fund nor its corresponding Fund will incur United States federal income tax liability; rather, each beneficial owner of a Fund’s Shares will be required to take into account its allocable share of the Fund’s income, gain, loss, deductions and other items (which includes the Fund’s allocable share of the Master Fund’s income, gain, loss, deduction and other items) for the Fund’s taxable year ending with or within the owner’s taxable year.
15
Regulated investment companies (“RICs”) that invest in Shares will be treated as owning a proportionate share of the applicable Master Fund’s assets and will take into account their allocable share of such Master Fund’s income, gain and loss when testing compliance with the asset, income and other statutory requirements specifically applicable to them. A Fund would be treated as a qualified publicly traded partnership (“qualified PTP”) within the meaning of the Internal Revenue Code of 1986, as amended, or the Code, for purposes of satisfying the qualification requirements specifically applicable to RICs for any taxable year in which its underlying Master Fund realizes sufficient gross income from its commodity futures transactions. Prospective RIC investors should consult a tax adviser regarding the treatment of an investment in a Master Fund to them under current tax rules. See “Material U.S. Federal Income Tax Considerations—Regulated Investment Companies” below.
Additionally, please refer to the “Material U.S. Federal Income Tax Considerations” section below for information on the potential United States federal income tax consequences of the purchase, ownership and disposition of Shares.
~~“Breakeven Table”~~
The “Breakeven Table” on the following page indicates the approximate percentage and dollar returns required for the value of an initial $25.00 investment in a Share of each Fund to equal the amount originally invested twelve months after issuance.
The “Breakeven Table,” as presented, is an approximation only. The capitalization of each Fund does not directly affect the level of its charges as a percentage of its net asset value, other than brokerage commissions.
~~[Remainder of page left blank intentionally.]~~
16
~~“Breakeven Table”~~

      Dollar Amount and Percentage of Expenses Per Fund
Expense¹    DBE¹⁰    DBO¹¹    DBP¹² DGL¹¹ DBS¹¹    DBB¹⁰    DBA¹³
   $    %    $    %    $    % $    % $    %    $    %    $    %
Management Fee²
   $ 0.19    0.75 %    $ 0.13    0.50 %    $ 0.19    0.75 % $ 0.13    0.50 % $ 0.13    0.50 %    $ 0.19    0.75 %    $ 0.19    0.75 %
Organization and Offering Expense
Reimbursement³
   $ 0.00    0.00 %    $ 0.00    0.00 %    $ 0.00    0.00 % $ 0.00    0.00 % $ 0.00    0.00 %    $ 0.00    0.00 %    $ 0.00    0.00 %
Brokerage Commissions and Fees⁴
   $ 0.01    0.03 %    $ 0.01    0.04 %    $ 0.01    0.04 % $ 0.01    0.04 % $ 0.01    0.04 %    $ 0.01    0.03 %    $ 0.04    0.16 %
Routine Operational,
Administrative and Other Ordinary
Expenses^5,6
   $ 0.00    0.00 %    $ 0.00    0.00 %    $ 0.00    0.00 % $ 0.00    0.00 % $ 0.00    0.00 %    $ 0.00    0.00 %    $ 0.00    0.00 %
Interest Income⁷
   $ (0.31 )    (1.25 )%    $ (0.31 )    (1.25 )%    $ (0.31 )    (1.25 )% $ (0.31 )    (1.25 )% $ (0.31 )    (1.25 )%    $ (0.31 )    (1.25 )%    $ (0.31 )    (1.25 )%
12-Month Breakeven^8,9
   $ (0.11 )    0.00 %    $ (0.17 )    0.00 %    $ (0.11 )    0.00 % $ (0.17 )    0.00 % $ (0.17 )    0.00 %    $ (0.11 )    0.00 %    $ (0.08 )    0.00 %
1. The breakeven analysis assumes that the Shares have a constant month-end Fund net asset value and is based on $25.00 as the net asset value per Share. See “Charges” on page 146 for an explanation of the expenses included in the “Breakeven Table.”
2. ~~From the Management Fee, the Managing Owner will be responsible for paying the fees and expenses of the Administrator, ALPS Distributors and Invesco Aim Distributors.~~
3. ~~The Managing Owner is responsible for paying the organization and offering expenses of each Fund and each Master Fund.~~
4. ~~The actual amount of brokerage commissions and trading fees to be incurred will vary based upon the trading frequency of each Master Fund and the specific futures contracts traded.~~
5. ~~The Managing Owner is responsible for paying all routine operational, administrative and other ordinary expenses of each Fund and each Master Fund.~~
6. ~~In connection with orders to create and redeem Baskets, Authorized Participants will pay a transaction fee in the amount of $500 per order. Because these transaction fees are~~~~de minimis~~ ~~in amount, are charged on a transaction-by-transaction basis (and not on a Basket-by-Basket basis), and are borne by the Authorized Participants, they have not been included in the Breakeven Table.~~
7. Interest income currently is estimated to be earned at a rate of 1.25%, based upon the yield on 3-month U.S. Treasury bills as of April 17, 2008. Actual interest income could be higher or lower than the current yield of 3-month U.S. Treasury bills.
8. Because it is expected that interest income will exceed the fees and costs incurred by each Fund and Master Fund at the end of the first twelve months of an investment, the percentage of profit required for each Fund to breakeven at the end of the first twelve months of an investment, by definition, is expected to be 0.00%.
9. You may pay customary brokerage commissions in connection with purchases of the Shares. Because such brokerage commission rates will vary from investor to investor, such brokerage commissions have not been included in the Breakeven Table. Investors are encouraged to review the terms of their brokerage accounts for applicable charges.
~~10.~~ Each of DBE and DBB are subject to (i) a Management Fee of 0.75% per annum and (ii) estimated brokerage commissions and fees of 0.03% per annum. DBE and DBB are each subject to fees and expenses in the aggregate amount of approximately 0.78% per annum. DBE and DBB will be successful only if each of their annual returns from the underlying futures contracts, including annual income from 3-month U.S. Treasury bills, exceeds approximately 0.78% per annum. The Master Funds of DBE and DBB (and, in turn, DBE and DBB) are expected to earn 1.25% per annum, based upon the yield of 3-month U.S. Treasury bills as of April 17, 2008. Therefore, based upon the difference between the current yield of 3-month U.S. Treasury bills and the annual fees and expenses, each of DBE and DBB would be expected to earn approximately 0.47% per annum, assuming that both DBE and DBB have not experienced either gains or losses resulting from investing in the underlying futures contracts. Actual interest income could be higher or lower than the current yield of 3-month U.S. Treasury bills.
~~11.~~ Each of DBO, DGL and DBS are subject to (i) a Management Fee of 0.50% per annum and (ii) estimated brokerage commissions and fees of 0.04% per annum. DBO, DGL and DBS are each subject to fees and expenses in the aggregate amount of approximately 0.54% per annum. DBO, DGL and DBS will be successful only if each of their annual returns from the underlying futures contracts, including annual income from 3-month U.S. Treasury bills, exceeds approximately 0.54% per annum. The Master Funds of DBO, DGL and DBS (and, in turn, DBO, DGL and DBS) are expected to earn 1.25% per annum, based upon the yield of 3-month U.S. Treasury bills as of April 17, 2008. Therefore, based upon the difference between the current yield of 3-month U.S. Treasury bills and the annual fees and expenses, each of DBO, DGL and DBS would be expected to earn approximately 0.71% per annum, assuming that each of DBO, DGL and DBS has not experienced either gains or losses resulting from investing in the underlying futures contracts. Actual interest income could be higher or lower than the current yield of 3-month U.S. Treasury bills.
~~12.~~ DBP is subject to (i) a Management Fee of 0.75% per annum and (ii) estimated brokerage commissions and fees of 0.04% per annum. DBP is subject to fees and expenses in the aggregate amount of approximately 0.79% per annum. DBP will be successful only if its annual returns from the underlying futures contracts, including annual income from 3-month U.S. Treasury bills, exceeds approximately 0.79% per annum. The Master Fund of DBP (and, in turn, DBP) is expected to earn 1.25% per annum, based upon the yield of 3-month U.S. Treasury bills as of April 17, 2008. Therefore, based upon the difference between the current yield of 3-month U.S. Treasury bills and the annual fees and expenses, DBP would be expected to earn approximately 0.46% per annum, assuming that DBP has not experienced either gains or losses resulting from investing in the underlying futures contracts. Actual interest income could be higher or lower than the current yield of 3-month U.S. Treasury bills.
17
~~13.~~ DBA is subject to (i) a Management Fee of 0.75% per annum and (ii) estimated brokerage commissions and fees of 0.16% per annum. DBA is subject to fees and expenses in the aggregate amount of approximately 0.91% per annum. DBA will be successful only if its annual returns from the underlying futures contracts, including annual income from 3-month U.S. Treasury bills, exceeds approximately 0.91% per annum. The Master Fund of DBA (and, in turn, DBA) is expected to earn 1.25% per annum, based upon the yield of 3-month U.S. Treasury bills as of April 17, 2008. Therefore, based upon the difference between the current yield of 3-month U.S. Treasury bills and the annual fees and expenses, DBA would be expected to earn approximately 0.34% per annum, assuming that DBA has not experienced either gains or losses resulting from investing in the underlying futures contracts. Actual interest income could be higher or lower than the current yield of 3-month U.S. Treasury bills.
18
~~Reports to Shareholders~~
The Managing Owner will furnish you with an annual report of each Fund in which you are invested within 90 calendar days after the end of such Fund’s fiscal year as required by the rules and regulations of the SEC as well as with those reports required by the CFTC and the NFA, including, but not limited to, an annual audited financial statement certified by independent registered public accountants and any other reports required by any other governmental authority that has jurisdiction over the activities of the Funds and the Master Funds. You also will be provided with appropriate information to permit you to file your United States federal and state income tax returns (on a timely basis) with respect to your Shares. Monthly account statements conforming to CFTC and NFA requirements are posted on the Managing Owner’s website at~~www.dbfunds.db.com. Additional reports may be posted on the Fund’s website in the discretion of the Managing Owner or as required by regulatory authorities.~~
~~Cautionary Note Regarding Forward-Looking Statements~~
This Prospectus includes forward-looking statements that reflect the Managing Owner’s current expectations about the future results, performance, prospects and opportunities of the Funds and the Master Funds. The Managing Owner has tried to identify these forward-looking statements by using words such as “may,” “will,” “expect,” “anticipate,” “believe,” “intend,” “should,” “estimate” or the negative of those terms or similar expressions. These forward-looking statements are based on information currently available to the Managing Owner and are subject to a number of risks, uncertainties and other factors, both known, such as those described in “Risk Factors” in this Summary, in “The Risks You Face” and elsewhere in this Prospectus, and unknown, that could cause the actual results, performance, prospects or opportunities of the Funds and the Master Funds to differ materially from those expressed in, or implied by, these forward-looking statements.
You should not place undue reliance on any forward-looking statements. Except as expressly required by the federal securities laws, the Managing Owner undertakes no obligation to publicly update or revise any forward-looking statements or the risks, uncertainties or other factors described in thisProspectus, as a result of new information, future events or changed circumstances or for any other reason after the date of this Prospectus.
~~THE SHARES ARE SPECULATIVE AND INVOLVE A HIGH DEGREE OF RISK.~~
~~Patent Applications Pending~~
~~Patent applications directed to the creation and operation of the Trust and aspects of each Index are pending at the United States Patent and Trademark Office.~~
~~[Remainder of page left blank intentionally.]~~
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~~THE RISKS YOU FACE~~
You could lose money investing in Shares of any Fund. You should consider carefully the risks described below before making an investment decision. You should also refer to the other information included in this Prospectus.
(1) The Value of the Shares of each Fund Relates Directly to the Value of the Futures Contracts and Other Assets Held by its Corresponding Master Fund and Fluctuations in the Price of These Assets Could Materially Adversely Affect an Investment in the Funds’ Shares.
The Shares of each Fund are designed to reflect as closely as possible the changes, positive or negative, in the level of its corresponding Index, over time, through its corresponding Master Fund’s portfolio of exchange traded futures contracts on its Index Commodities. The value of the Shares of each Fund relates directly to the value of the portfolio of its corresponding Master Fund, less the liabilities (including estimated accrued but unpaid expenses) of the Fund and its corresponding Master Fund. The price of the various Index Commodities may fluctuate widely. Several factors may affect the prices of the Index Commodities, including, but not limited to:
Global supply and demand of the Index Commodities which may be influenced by such factors as forward selling by the various commodities producers, purchases made by the commodities’ producers to unwind their hedge positions and production and cost levels in the major markets of the Index Commodities;
~~Domestic and foreign interest rates and investors’ expectations concerning interest rates;~~
~~Domestic and foreign inflation rates and investors’ expectations concerning inflation rates;~~
~~Investment and trading activities of mutual funds, hedge funds and commodity funds; and~~
~~Global or regional political, economic or financial events and situations.~~
~~(2) Net Asset Value May Not Always Correspond to Market Price and, as a Result, Baskets may be Created or Redeemed at a Value that Differs from the Market Price of the Shares.~~
The net asset value per share of the Shares of a Fund will change as fluctuations occur in the market value of the portfolio of its corresponding Master Fund. Investors should be aware that the public trading price of a Basket of Shares of a Fund may be different from the net asset value of a Basket of Shares of the Fund (~~i.e.~~, 200,000 Shares may trade at a premium over, or a discount to, net asset value of a Basket of Shares) and similarly the public trading price per Share of a Fund may be different from the net asset value per Share of the Fund. Consequently, an Authorized Participant may be able to create or redeem a Basket of Shares of a Fund at a discount or a premium to the public trading price per Share of the Fund. This price difference may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares of a Fund is closely related, but not identical to the same forces influencing the prices of the Index Commodities comprising the Fund’s corresponding Index, trading individually or in the aggregate at any point in time. Investors also should note that the size of each Fund in terms of total assets held may change substantially over time and from time-to-time as Baskets are created and redeemed.
Authorized Participants or their clients or customers may have an opportunity to realize a riskless profit if they can purchase a creation Basket at a discount to the public trading price of the Shares of a Fund or can redeem a redemption Basket at a premium over the public trading price of the Shares of the Fund. The Managing Owner expects that the exploitation of such arbitrage opportunities by Authorized Participants and their clients and customers will tend to cause the public trading price to track net asset value per Share of the Funds closely over time.
The value of a Share of a Fund may be influenced by non-concurrent trading hours between the Amex and the various futures exchanges on which the Index Commodities corresponding to such Fund are traded. As a result, during periods when the Amex is open and the futures exchanges on which the Index Commodities are traded is closed, trading spreads and the resulting premium or discount on the Shares may widen and, therefore, increase the difference between the price of the Shares and the net asset value of the Shares.
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~~(3) Regulatory and Exchange Position Limits and Other Rules May Restrict the Creation of Baskets of One or More of the Funds and the Operation of its Corresponding Master Fund.~~
CFTC and commodity exchange rules impose position limits on market participants, including certain of the Master Funds, trading in certain agricultural commodities. These position limits prohibit any person from holding a position of more than a specific number of such futures contracts.
It is possible that in the future, the CFTC may propose new rules with respect to position limits in certain agricultural commodities for traders engaged in indexed-based trading, such as the trading engaged in by the Master Funds. Depending on the outcome of any future CFTC rulemaking, the rules concerning position limits may be amended in a manner that is either detrimental or favorable to the Funds. For example, if the amended rules are detrimental to the DB Agriculture Master Fund, the PowerShares DB Agriculture Fund’s ability to issue new Baskets, or the DB Agriculture Master Fund’s ability to reinvest income in additional corn and wheat futures contracts, may be limited to the extent these activities would cause the Master Fund to exceed the applicable position limits. Limiting the size of the PowerShares DB Agriculture Fund may affect the correlation between the price of the Shares of the PowerShares DB Agriculture Fund, as traded on the Amex, and the net asset value of the PowerShares DB Agriculture Fund. That is, the inability to create additional Baskets could result in Shares in the PowerShares DB Agriculture Fund trading at a premium or discount to net asset value of the PowerShares DB Agriculture Fund.
The PowerShares DB Agriculture Fund’s Index includes four commodities, corn, wheat, soybeans and sugar, that are subject to position limits imposed by the CFTC and the rules of the exchanges on which the futures contracts for these commodities trade. The Chicago Board of Trade limits are currently for corn futures: 22,000 contracts net all months combined, 13,500 contracts net a single month (other than the spot month), and 600 contracts for a spot month; for wheat futures: 6,500 contracts net all months combined, 5,000 contracts net a single month (other than a spot month), and 220 to 600 contracts for a spot month based on the month and certified stocks; for soybean futures: 5,500 contracts net all monthscombined, 3,500 contracts net a single month (other than a spot month), and 600 contracts for a spot month. The ICE Futures U.S. limits for sugar #11 futures are currently: 15,000 contracts net all months combined, 10,000 contracts net a single month (other than the spot month), and 5,000 contracts for a spot month.
Because the DB Agriculture Master Fund is approaching or has reached position limits with respect to certain futures contracts comprising the PowerShares DB Agriculture Fund’s Index, the DB Agriculture Master Fund has commenced investing in other futures contracts based on commodities that comprise the PowerShares DB Agriculture Fund’s Index and in futures contracts based on commodities other than commodities that comprise the PowerShares DB Agriculture Fund’s Index that, in the commercially reasonable judgment of the Managing Owner, tend to exhibit trading prices that correlate with a futures contract that comprises the PowerShares DB Agriculture Fund’s Index.
~~(4) A Fund’s Performance May Not Always Replicate Exactly the Changes in the Level of its Corresponding Index.~~
It is possible that a Fund’s performance may not fully replicate the changes in the level of the Index to which it corresponds due to disruptions in the markets for the relevant Index Commodities, the imposition of speculative position limits (as discussed in “The Risks You Face— (3) Regulatory and Exchange Position Limits and Other Rules May Restrict the Creation of Baskets of One or More of the Funds and the Operation of its Corresponding Master Fund”, or due to other extraordinary circumstances. In addition, the Funds are not able to replicate exactly the changes in the level of their respective Indexes because the total return generated by their corresponding Master Funds is reduced by expenses and transaction costs, including those incurred in connection with the Master Funds’ trading activities, and increased by interest income from the Master Funds’ holdings of short-term high credit quality fixed income securities. Tracking the applicable Index requires trading of the relevant Master Fund’s portfolio with a view to tracking the Index over time and is dependent upon the skills of the Managing Owner and its trading principals, among other factors.
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~~(5) None of the Master Funds Is Actively Managed and each Tracks its Index During Periods in which the Index Is Flat or Declining as well as when the Index Is Rising.~~
None of the Master Funds is actively managed by traditional methods. Therefore, if positions in any one or more of its Index Commodities are declining in value, a Master Fund will not close out such positions, except in connection with a change in the composition or weighting of the Index. The Managing Owner will seek to cause the net asset value of each Master Fund to track its Index during periods in which the Index is flat or declining as well as when the Index is rising.
~~(6) Amex May Halt Trading in the Shares of a Fund Which Would Adversely Impact Your Ability to Sell Shares.~~
Trading in Shares of a Fund may be halted due to market conditions or, in light of Amex rules and procedures, for reasons that, in the view of the Amex, make trading in Shares of a Fund inadvisable. In addition, trading is subject to trading halts caused by extraordinary market volatility pursuant to “circuit breaker” rules that require trading to be halted for a specified period based on a specified market decline. There can be no assurance that the requirements necessary to maintain the listing of the Shares of a Fund will continue to be met or will remain unchanged. Any Fund and its corresponding Master Fund will be terminated if its Shares are delisted.
~~(7) The Lack of Active Trading Markets for the Shares of a Fund May Result in Losses on Your Investment in such Fund at the Time of Disposition of Your Shares.~~
Although the Shares of each Fund are listed and traded on the Amex, there can be no guarantee that an active trading market for the Shares of a Fund will develop or be maintained. If you need to sell your Shares at a time when no active market for them exists, the price you receive for your Shares, assuming that you are able to sell them, likely will be lower than that you would receive if an active market did exist.
~~(8) The Shares of each Fund Are New Securities Products and Their Value Could Decrease if Unanticipated Operational or Trading Problems Arise.~~
The mechanisms and procedures governing the creation, redemption and offering of the Shares have been developed specifically for these securities products. Consequently, there may be unanticipated problems or issues with respect to the mechanics of the operations of the Funds and the Master Funds and the trading of the Shares that could have a material adverse effect on an investment in the Shares. In addition, although the Master Funds are not actively “managed” by traditional methods, to the extent that unanticipated operational or trading problems or issues arise, the Managing Owner’s past experience and qualifications may not be suitable for solving these problems or issues.
(9) As the Managing Owner and its Principals have Only a Limited History of Operating Investment Vehicles like the Funds or the Master Funds, their Experience may be Inadequate or Unsuitable to Manage the Funds or the Master Funds.
The Managing Owner was formed to be the managing owner of investment vehicles such as the Funds and the Master Funds and has only a limited history of past performance. The past performances of the Managing Owner’s management in other positions are no indication of its or their ability to manage investment vehicles such as the Funds or the Master Funds. If the experience of the Managing Owner and its principals is not adequate or suitable to manage investment vehicles such as the Funds and the Master Funds, the operations of the Funds and the Master Funds may be adversely affected.
~~(10) You May Not Rely on Past Performance or Index Results in Deciding Whether to Buy Shares.~~
Each Fund and its corresponding Master Fund has a limited performance history upon which to evaluate your investment in each Fund and its corresponding Master Fund. Although past performance is not necessarily indicative of future results, if each Fund and its corresponding Master Fund had a longer performance history, such performance history might (or might not) provide you with more information on which to evaluate an investment in each Fund and its corresponding Master Fund. Likewise, each Index has a limited history which might be indicative of the future Index
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results, or of the future performance of each applicable Fund or its corresponding Master Fund. Therefore, you will have to make your decision to invest in each Fund on the basis of limited information.
~~(11) Fewer Representative Commodities May Result In Greater Index Volatility.~~
Each of the Indexes is concentrated in terms of the number of commodities represented, and some are highly concentrated in a single commodity. Each of PowerShares DB Energy Fund, PowerShares DB Precious Metals Fund, PowerShares DB Base Metals Fund and PowerShares DB Agriculture Fund are concentrated in 5 or fewer commodities and each of PowerShares DB Oil Fund, PowerShares DB Gold Fund and PowerShares DB Silver Fund is concentrated in a single commodity. You should be aware that other commodities indexes are more diversified in terms of both the number and variety of commodities included. Concentration in fewer commodities may result in a greater degree of volatility in an Index and the net asset value of the Fund and Master Fund which track the Index under specific market conditions and over time.
~~(12) Price Volatility May Possibly Cause the Total Loss of Your Investment.~~
Futures contracts have a high degree of price variability and are subject to occasional rapid and substantial changes. Consequently, you could lose all or substantially all of your investment in any Fund.
(13) Unusually Long Peak-to-Valley Drawdown Periods With Respect To the Index of Each Fund May Be Reflected in Equally Long Peak-to-Valley Drawdown Periods with Respect to the Performance of the Shares of Each Fund.
Although past Index levels are not necessarily indicative of future Index levels, the peak-to-valley drawdown periods that each Index has experienced has been unusually long and has lasted for multi-year drawdown periods. Please see the chart on page 43 for information regarding worst peak-to-valley drawdown periods with respect to each Index.
Because it is expected that each Fund’s performance will track the performance of its underlying Index, a Fund would suffer a continuous drawdown during the period that an Index sufferssuch a drawdown period, and in turn, the value of your Shares will also suffer.
~~(14) Fees and Commissions are Charged Regardless of Profitability and May Result in Depletion of Assets.~~
Each Fund indirectly is subject to the fees and expenses described herein which are payable irrespective of profitability. See “Breakeven Table” on page 17. Consequently, depending upon the performance of each Fund and the interest rate environment, the expenses of each corresponding Master Fund could, over time, result in losses to your investment in the Fund. You may never achieve profits, significant or otherwise by investing in a Fund.
~~(15) You Cannot Be Assured of the Managing Owner’s Continued Services, Which Discontinuance May Be Detrimental to the Funds.~~
You cannot be assured that the Managing Owner will be willing or able to continue to service the Funds and the Master Funds for any length of time. If the Managing Owner discontinues its activities on behalf of the Funds and the Master Funds, the Funds and the Master Funds may be adversely affected.
~~(16) Possible Illiquid Markets May Exacerbate Losses.~~
Futures positions cannot always be liquidated at the desired price. It is difficult to execute a trade at a specific price when there is a relatively small volume of buy and sell orders in a market. A market disruption, such as when foreign governments may take or be subject to political actions which disrupt the markets in their currency or major exports, can also make it difficult to liquidate a position.
There can be no assurance that market illiquidity will not cause losses for the Funds. The large size of the positions which a Master Fund may acquire on behalf of its corresponding Fund increases the risk of illiquidity by both making its positions more difficult to liquidate and increasing the losses incurred while trying to do so.
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~~(17) You May Be Adversely Affected by Redemption Orders that Are Subject To Postponement, Suspension or Rejection Under Certain Circumstances.~~
Each Fund may, in its discretion, suspend the right of redemption or postpone the redemption settlement date, (1) for any period during which an emergency exists as a result of which the redemption distribution is not reasonably practicable, or (2) for such other period as the Managing Owner determines to be necessary for the protection of the Shareholders of a Fund. In addition, a Fund will reject a redemption order if the order is not in proper form as described in the Participant Agreement or if the fulfillment of the order, in the opinion of its counsel, might be unlawful. Any such postponement, suspension or rejection could adversely affect a redeeming Authorized Participant. For example, the resulting delay may adversely affect the value of the Authorized Participant’s redemption proceeds if the net asset value of the applicable Fund declines during the period of delay. The Funds disclaim any liability for any loss or damage that may result from any such suspension or postponement.
~~(18) Because the Futures Contracts Have No Intrinsic Value, the Positive Performance of Your Investment Is Wholly Dependent Upon an Equal and Offsetting Loss.~~
Futures trading is a risk transfer economic activity. For every gain there is an equal and offsetting loss rather than an opportunity to participate over time in general economic growth. Unlike most alternative investments, an investment in Shares of a Fund does not involve acquiring any asset with intrinsic value. Overall stock and bond prices could rise significantly and the economy as a whole prosper while Shares of a Fund trade unprofitably.
~~(19) Failure of Commodity Futures Markets to Exhibit Low to Negative Correlation to General Financial Markets Will Reduce Benefits of Diversification and May Exacerbate Losses to Your Portfolio.~~
Historically, commodity futures’ returns have tended to exhibit low to negative correlation with the returns of other assets such as stocks and bonds. Although commodity futures trading can provide a diversification benefit to investor portfolios because of its low to negative correlation with other financial assets, the fact that the Index is not 100% negatively correlated with financial assets such as stocks andbonds means that each respective Fund cannot be expected to be automatically profitable during unfavorable periods for the stock or bond market, or vice-versa. If the Shares perform in a manner that correlates with the general financial markets or do not perform successfully, you will obtain no diversification benefits by investing in the Shares and the Shares may produce no gains to offset your losses from other investments.
~~(20) Shareholders Will Not Have the Protections Associated With Ownership of Shares in an Investment Company Registered Under the Investment Company Act of 1940.~~
None of the Funds or the Master Funds is registered as an investment company under the Investment Company Act of 1940, and none of them is required to register under such Act. Consequently, Shareholders will not have the regulatory protections provided to investors in registered and regulated investment companies.
~~(21) Various Actual and Potential Conflicts of Interest May Be Detrimental to Shareholders.~~
The Funds and the Master Funds are subject to actual and potential conflicts of interest involving the Managing Owner, various commodity futures brokers and Authorized Participants. The Managing Owner and its principals, all of whom are engaged in other investment activities, are not required to devote substantially all of their time to the business of the Funds and the Master Funds, which also presents the potential for numerous conflicts of interest with the Funds and the Master Funds. As a result of these and other relationships, parties involved with the Funds and the Master Funds have a financial incentive to act in a manner other than in the best interests of the Funds, the Master Funds and the Shareholders. The Managing Owner has not established any formal procedure to resolve conflicts of interest. Consequently, investors are dependent on the good faith of the respective parties subject to such conflicts to resolve them equitably. Although the Managing Owner attempts to monitor these conflicts, it is extremely difficult, if not impossible, for the Managing Owner to ensure that these conflicts do not, in fact, result in adverse consequences to the Shareholders.
~~The Funds and the Master Funds may be subject to certain conflicts with respect to the Commodity Broker, including, but not limited to, conflicts that result from receiving greater amounts of~~
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~~compensation from other clients, or purchasing opposite or competing positions on behalf of third party accounts traded through the Commodity Broker.~~
(22) Shareholders of each Fund Will Be Subject to Taxation on Their Share of the Fund’s Taxable Income (Including the Fund’s Share of the corresponding Master Fund’s Taxable Income), Whether or Not They Receive Cash Distributions.
Shareholders of each Fund will be subject to U.S. federal income taxation and, in some cases, state, local, or foreign income taxation on their share of the Fund’s taxable income (including the corresponding Master Fund’s taxable income allocable to their Fund), whether or not they receive cash distributions from the Fund. Shareholders of a Fund may not receive cash distributions equal to their share of the Fund’s taxable income (including the corresponding Master Fund’s taxable income) or even the tax liability that results from such income.
(23) Items of Income, Gain, Deduction, Loss and Credit with respect to Shares of a Fund could be Reallocated if the IRS does not Accept the Assumptions or Conventions Used by a Fund or its corresponding Master Fund in Allocating Tax Items.
U.S. federal income tax rules applicable to partnerships are complex and often difficult to apply to publicly traded partnerships. Each Fund and its corresponding Master Fund will apply certain assumptions and conventions in an attempt to comply with applicable rules and to report income, gain, deduction, loss and credit to Shareholders of the Fund in a manner that reflects Shareholders’ beneficial shares of partnership items, but these assumptions and conventions may not be in compliance with all aspects of applicable tax requirements. It is possible that the IRS will successfully assert that the conventions and assumptions used by a Fund or its corresponding Master Fund do not satisfy the technical requirements of the Code and/or Treasury regulations and could require that items of income, gain, deduction, loss or credit be adjusted or reallocated in a manner that adversely affects you.
~~(24) The Current Treatment of Long-Term Capital Gains Under Current U.S. Federal Income Tax Law May Be Adversely Affected, Changed or Repealed in the Future.~~
Under current law, long-term capital gains are taxed to noncorporate investors at a maximum U.S. federal income tax rate of 15%. This tax treatment may be adversely affected, changed or repealed by future changes in tax laws at any time and is currently scheduled to expire for tax years beginning after December 31, 2010.
PROSPECTIVE INVESTORS ARE STRONGLY URGED TO CONSULT THEIR OWN TAX ADVISERS AND COUNSEL WITH RESPECT TO THE POSSIBLE TAX CONSEQUENCES TO THEM OF AN INVESTMENT IN THE SHARES OF ANY FUND; SUCH TAX CONSEQUENCES MAY DIFFER IN RESPECT OF DIFFERENT INVESTORS.
(25) Failure of Futures Commission Merchants or Commodity Brokers to Segregate Assets May Increase Losses; Despite Segregation of Assets, the Master Fund Remains at Risk of Significant Losses Because the Master Fund May Only Receive a Pro-Rata Share of the Assets, or No Assets at All.
The Commodity Exchange Act requires a clearing broker to segregate all funds received from customers from such broker’s proprietary assets. If the Commodity Broker fails to do so, the assets of the Master Funds might not be fully protected in the event of the Commodity Broker’s bankruptcy. Furthermore, in the event of the Commodity Broker’s bankruptcy, any Master Fund Units could be limited to recovering either a pro rata share of all available funds segregated on behalf of the Commodity Broker’s combined customer accounts or the Master Fund Units may not recover any assets at all, even though certain property specifically traceable to a particular Master Fund was held by the Commodity Broker. The Commodity Broker may, from time-to-time, have been the subject of certain regulatory and private causes of action. Such material actions, if any, are described under “The Commodity Broker.”
~~In the event of a bankruptcy or insolvency of any exchange or a clearing house, a Master Fund could experience a loss of the funds deposited through its Commodity Broker as margin with the~~
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~~exchange or clearing house, a loss of any profits on its open positions on the exchange, and the loss of unrealized profits on its closed positions on the exchange.~~
~~(26) Regulatory Changes or Actions May Alter the Nature of an Investment in the Funds.~~
~~Considerable regulatory attention has been focused on non-traditional investment pools which are publicly distributed in the United States.~~There is a possibility of future regulatory changes altering, perhaps to a material extent, the nature of an investment in a Fund or the ability of a Fund to continue to implement its investment strategy.
The futures markets are subject to comprehensive statutes, regulations, and margin requirements. In addition, the CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the retroactive implementation of speculative position limits or higher margin requirements, the establishment of daily price limits and the suspension of trading. The regulation of futures transactions in the United States is a rapidly changing area of law and is subject to modification by government and judicial action. The effect of any future regulatory change on a Fund is impossible to predict, but could be substantial and adverse.
~~(27) Lack of Independent Advisers Representing Investors.~~
The Managing Owner has consulted with counsel, accountants and other advisers regarding the formation and operation of the Funds and the Master Funds. No counsel has been appointed to represent you in connection with the offering of the Shares. Accordingly, you should consult your own legal, tax and financial advisers regarding the desirability of an investment in the Shares.
~~(28) Possibility of Termination of the Funds or Master Funds May Adversely Affect Your Portfolio.~~
The Managing Owner may withdraw from the Trust upon 120 days’ notice, which would cause the Funds and the Master Funds to terminate unless a substitute managing owner were obtained. Owners of 50% of the Shares of any Fund have the power to terminate the Fund. If it is so exercised, investors who may wish to continue to invest in a Fund’scorresponding Index through a fund vehicle will have to find another vehicle, and may not be able to find another vehicle that offers the same features as the Fund. See “Description of the Shares and the Master Fund Units; The Funds; Certain Material Terms of the Trust Declarations – Termination Events” for a summary of termination events. Such detrimental developments could cause you to liquidate your investments and upset the overall maturity and timing of your investment portfolio. If the registrations with the CFTC or memberships in the NFA of the Managing Owner or the Commodity Broker were revoked or suspended, such entity would no longer be able to provide services to the Funds and the Master Funds.
~~(29) Shareholders Do Not Have the Rights Enjoyed by Investors in Certain Other Vehicles.~~
As interests in separate series of a Delaware statutory trust, the Shares have none of the statutory rights normally associated with the ownership of shares of a corporation (including, for example, the right to bring “oppression” or “derivative” actions). In addition, the Shares have limited voting and distribution rights (for example, Shareholders do not have the right to elect directors and the Funds are not required to pay regular distributions, although the Funds may pay distributions in the discretion of the Managing Owner).
~~(30) Competing Claims Over Ownership of Intellectual Property Rights Related to the Funds Could Adversely Affect the Funds and an Investment in Shares.~~
While the Managing Owner believes that all intellectual property rights needed to operate the Funds and the Master Funds are either owned by or licensed to the Managing Owner or have been obtained, third parties may allege or assert ownership of intellectual property rights which may be related to the design, structure and operations of a Fund and its corresponding Master Fund. To the extent any claims of such ownership are brought or any proceedings are instituted to assert such claims, the negotiation, litigation or settlement of such claims, or the ultimate disposition of such claims in a court of law if a suit is brought, may adversely affect a Fund and its corresponding Master Funds and an investment in the Shares, for example, resulting in expenses or damages or the termination of the Funds and the Master Funds.
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~~(31) The Value of the Shares Will be Adversely Affected if the Funds or the Master Funds are Required to Indemnify the Trustee or the Managing Owner.~~
Under the Trust Declarations, the Trustee and the Managing Owner have the right to be indemnified for any liability or expense either incurs without negligence or misconduct. That means the Managing Owner may require the assets of one or more of the Master Funds to be sold in order to cover losses or liability suffered by it or by the Trustee. Any sale of that kind would reduce the net asset value of the Master Fund and the value of the Shares of its corresponding Fund.
(32) The Net Asset Value Calculation of the Master Funds May Be Overstated or Understated Due to the Valuation Method Employed When a Settlement Price is not Available on the Date of Net Asset Value Calculation.
Calculating the net asset value of each Master Fund (and, in turn, its corresponding Fund) includes, in part, any unrealized profits or losses on open commodity futures contracts. Under normal circumstances, the net asset value of each Master Fund reflects the settlement price of open commodity futures contracts on the date when the net asset value is being calculated. However, if a commodity futures contract traded on an exchange (both U.S. and, to the extent it becomes applicable, non-U.S. exchanges) could not be liquidated on such day (due to the operation of daily limits or other rules of the exchange upon which that position is traded or otherwise), the settlement price on the most recent day on which the position could have been liquidated will be the basis for determining the market value of such position for such day. In such a situation, there is a risk that the calculation of the net asset value of the applicable Master Fund on such day will not accurately reflect the realizable market value of such commodity futures contract. For example, daily limits are generally triggered in the event of a significant change in market price of a commodity futures contract. Therefore, as a result of the daily limit, the current settlement price is unavailable. Because the settlement price on the most recent day on which the position could have been liquidated would be used in lieu of the actual settlement price on the date of determination, there is a risk that the resulting calculation of the net asset value of the applicable Master Fund (and, in turn, itscorresponding Fund) could be under or overstated, perhaps to a significant degree.
(33) Although the Shares of Each Fund are Limited Liability Investments, Certain Circumstances such as Bankruptcy of a Fund or Indemnification of Such Fund by the Shareholder will Increase a Shareholder’s Liability.
The Shares of each Fund are limited liability investments; investors may not lose more than the amount that they invest plus any profits recognized on their investment. However, Shareholders could be required, as a matter of bankruptcy law, to return to the estate of such Fund any distribution they received at a time when the Fund was in fact insolvent or in violation of its Trust Declaration. In addition, although the Managing Owner is not aware of this provision ever having been invoked in the case of any public futures fund, Shareholders agree in the Trust Declaration that they will indemnify the Fund for any harm suffered by it as a result of
~~Shareholders’ actions unrelated to the business of the Fund, or~~
~~taxes imposed on the Shares by the states or municipalities in which such investors reside.~~
~~INVESTMENT OBJECTIVES OF THE FUNDS~~
Each Fund and its corresponding Master Fund seeks to track changes, whether positive or negative, in the level of its corresponding Index over time, plus the excess, if any, of its corresponding Master Fund’s interest income from its holdings of United States Treasury and other high credit quality short-term fixed income securities over the expenses of each Fund and its corresponding Master Fund. The Shares of each Fund are designed for investors who want a cost-effective and convenient way to invest in a commodity futures on U.S. and non-U.S. markets.
~~Advantages of investing in the Shares include:~~
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~~Ease and Flexibility of Investment~~. The Shares trade on the Amex and provide institutional and retail investors with indirect access to commodity futures markets. The Shares may be bought and sold on the Amex like other exchange-listed securities. Retail investors may purchase and sell Shares through traditional brokerage accounts.
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•
~~Margin~~~~. Shares are eligible for margin accounts.~~
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~~Diversification~~. The Shares may help to diversify a portfolio because historically the Indexes have tended to exhibit low to negative correlation with both equities and conventional bonds and positive correlation to inflation.
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~~Optimum Yield™~~. The Shares seek to follow the Optimum Yield™ version of their respective Index, which seeks to minimize the effects of negative roll yield that may be experienced by conventional commodities indexes.
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~~Transparency~~~~. The Shares provide a more direct investment in commodities than mutual funds that invest in commodity-linked notes, which have implicit imbedded costs and credit risk.~~
~~Investing in the Shares does not insulate Shareholders from certain risks, including price volatility.~~
Each Fund pursues its investment objective by investing substantially all of its assets in its corresponding Master Fund. Each Master Fund pursues its investment objective by investing in a portfolio of exchange-traded futures on the commodities comprising the corresponding Index.
~~The Trust is comprised of each of the following Funds, each of which, in turn, intends to reflect the below sectors:~~
PowerShares DB Energy Fund is designed to track the Deutsche Bank Liquid Commodity Index–Optimum Yield Energy Excess Return™ (DBLCI-OY Energy ER™), which is intended to reflect the energy sector.
PowerShares DB Oil Fund is designed to track the Deutsche Bank Liquid Commodity Index–Optimum Yield Crude Oil Excess Return™ (DBLCI-OY CL ER™), which is intended to reflect the changes in market value of the crude oil sector.
PowerShares DB Precious Metals Fund is designed to track the Deutsche Bank Liquid Commodity Index–Optimum Yield Precious Metals Excess Return™ (DBLCI-OY Precious Metals ER™), which is intended to reflect the precious metals sector.
PowerShares DB Gold Fund is designed to track the Deutsche Bank Liquid Commodity Index–Optimum Yield Gold Excess Return™ (DBLCI-OYGC ER™), which is intended to reflect the changes in market value of the gold sector.
PowerShares DB Silver Fund is designed to track the Deutsche Bank Liquid Commodity Index– Optimum Yield Silver Excess Return™ (DBLCI-OY SI ER™), which is intended to reflect the changes in market value of the silver sector.
PowerShares DB Base Metals Fund is designed to track the Deutsche Bank Liquid Commodity Index–Optimum Yield Industrial Metals Excess Return™ (DBLCI-OY Industrial Metals ER™), which is intended to reflect the base metals sector.
PowerShares DB Agriculture Fund is designed to track the Deutsche Bank Liquid Commodity Index–Optimum Yield Agriculture Excess Return™ (DBLCI-OY Agriculture ER™), which is intended to reflect the agricultural sector.
If the Managing Owner determines in its commercially reasonable judgment that it has become impracticable or inefficient for any reason for any Master Fund to gain full or partial exposure to any Index Commodity by investing in a specific futures contract that comprises the applicable Index, such Master Fund may invest in a futures contract referencing the particular Index Commodity other than the specific contract that comprises the applicable Index or, in the alternative, invest in other futures contracts not based on the particular Index Commodity if, in the commercially reasonable judgment of the Managing Owner, such futures contracts tend to exhibit trading prices that correlate with a futures contract that comprises the applicable Index.
Each Fund will make distributions at the discretion of the Managing Owner. To the extent that a Master Fund’s actual and projected interest income from its holdings of United States Treasury securities and other high credit quality short-term fixed income securities exceeds the actual and projected fees and expenses of such Master Fund and its corresponding Fund, the Managing Owner expects periodically to make distributions of the amount of such excess. The Funds currently do not expect to make distributions with respect to capital gains. Depending on the applicable Fund’s performance for the taxable year and your own tax situation for such year, your income tax liability for the taxable year for your allocable share of such Fund’s net ordinary income or loss and capital gain or loss may exceed any distributions you receive with respect to such year.
29
The sponsor of each Index, or the Index Sponsor, is Deutsche Bank AG London. DBLCI™ and Deutsche Bank Liquid Commodity Index™ are trade marks of Deutsche Bank AG and are the subject of Community Trade Mark Nos. 3055043 and 3054996. Trade Mark applications in the United States are pending with respect to both the Trust and aspects of each Index. Deutsche Bank AG is an affiliate of the Fund, the Master Fund and the Managing Owner.
Under the Trust Declarations of each Fund and corresponding Master Fund, Wilmington Trust Company, the Trustee of each Fund and each corresponding Master Fund, has delegated to the Managing Owner the exclusive management and control of all aspects of the business of each Fund and its corresponding Master Fund. The Trustee will have no duty or liability to supervise or monitor the performance of the Managing Owner, nor will the Trustee have any liability for the acts or omissions of the Managing Owner.
~~The Shares of each Fund are intended to provide investment results that generally correspond to the changes, positive or negative, in the levels of the Fund’s corresponding Index over time.~~
The value of the Shares of each Fund is expected to fluctuate in relation to changes in the value of its corresponding Master Fund’s portfolio. The market price of the Shares of a Fund may not be identical to the net asset value per Share, but these two valuations are expected to be very close. See “The Risks You Face – (2) Net Asset Value May Not Always Correspond to Market Price and, as a Result, Baskets may be Created or Redeemed at a Value that Differs from the Market Price of the Shares.”
The current trading price per Share of each Fund (quoted in U.S. dollars) is published continuously under its ticker symbol as trades occur throughout each trading day on the consolidated tape, Reuters and/or Bloomberg and on the Managing Owner’s website at~~http://www.dbfunds.db.com, or any successor thereto.~~
The most recent end-of-day closing level of each Index is published under its own symbol as of the close of business for the Amex each trading day on the consolidated tape, Reuters and/or Bloomberg and on the Managing Owner’s website at~~http://www.dbfunds.db.com~~, or any successor thereto. The most recent end-of-day net asset value of each Fund is published under its own symbol as of the close of business on Reuters and/or Bloomberg and on the Managing Owner’s website at~~http://www.dbfunds.db.com, or any successor thereto. In addition, the most recent end-of-day net asset value of each Fund is published the following morning on the consolidated tape.~~
~~End of Day Index Closing Level Symbols; End-of-Day Net Asset Value Symbols~~
~~PowerShares DB Energy Fund.~~ ~~The end-of-day closing level of the DBLCI-OY Energy ER is published under the symbol DBENIX. The end-of-day net asset value of PowerShares DB Energy Fund is published under the symbol DBE.NV.~~
~~PowerShares DB Oil Fund.~~ ~~The end-of-day closing level of the DBLCI-OY CL ER is published under the symbol DBOLIX. The end-of-day net asset value of PowerShares DB Oil Fund is published under the symbol DBO.NV.~~
~~PowerShares DB Precious Metals Fund.~~ The end-of-day closing level of the DBLCI-OY Precious Metals ER is published under the symbol DBPMIX. The end-of-day net asset value of PowerShares DB Precious Metals Fund is published under the symbol DBP.NV.
~~PowerShares DB Gold Fund.~~ ~~The end-of-day closing level of the DBLCI-OY GC ER is published under the symbol DGLDIX. The end-of-day net asset value of PowerShares DB Gold Fund is published under the symbol DGL.NV.~~
~~PowerShares DB Silver Fund.~~ ~~The end-of-day closing level of the DBLCI-OY SI ER is published under the symbol DBSLIX. The end-of-day net asset value of PowerShares DB Silver Fund is published under the symbol DBS.NV.~~
~~PowerShares DB Base Metals Fund.~~ The end-of-day closing level of the DBLCI-OY Industrial Metals ER is published under the symbol DBBMIX. The end-of-day net asset value of PowerShares DB Base Metals Fund is published under the symbol DBB.NV.
~~PowerShares DB Agriculture Fund.~~ The end-of-day closing level of the DBLCI-OY Agriculture ER is published under the symbol DBAGIX. The end-of-day net asset value of PowerShares DB Agriculture Fund is published under the symbol DBA.NV.
~~The Managing Owner publishes the net asset value of each Fund and the net asset value per Share of each Fund daily. Additionally, the Index Sponsor~~
30
publishes the intra-day level of each Index, and the Managing Owner publishes the indicative value per Share of each Fund (quoted in U.S. dollars) once every fifteen seconds throughout each trading day on the consolidated tape, Reuters and/or Bloomberg and on the Managing Owner’s website at http://~~www.dbfunds.db.com, or any successor thereto. All of the foregoing information is published under the following symbols:~~
~~Intra-Day Index Level Symbols and Intra-Day Indicative Values Per Share Symbols~~
~~PowerShares DB Energy Fund.~~ ~~The intra-day index level of the DBLCI-OY Energy ER is published under the symbol DBENIX. The intra-day indicative value per Share of PowerShares DB Energy Fund is published under the symbol DBE.IV.~~
~~PowerShares DB Oil Fund.~~ ~~The intra-day index level of the DBLCI-OY CL ER is published under the symbol DBOLIX. The intra-day indicative value per Share of PowerShares DB Oil Fund is published under the symbol DBO.IV.~~
~~PowerShares DB Precious Metals Fund.~~ The intra-day index level of the DBLCI-OY Precious Metals ER is published under the symbol DBPMIX. The intra-day indicative value per Share of PowerShares DB Precious Metals Fund is published under the symbol DBP.IV.
~~PowerShares DB Gold Fund.~~ ~~The intra-day index level of the DBLCI-OY GC ER is published under the symbol DGLDIX. The intra-day indicative value per Share of PowerShares DB Gold Fund is published under the symbol DGL.IV.~~
~~PowerShares DB Silver Fund.~~ ~~The intra-day index level of the DBLCI-OY SI ER is published under the symbol DBSLIX. The intra-day indicative value per Share of PowerShares DB Silver Fund is published under the symbol DBS.IV.~~
~~PowerShares DB Base Metals Fund.~~ The intra-day index level of the DBLCI-OY Industrial Metals ER is published under the symbol DBBMIX. The intra-day indicative value per Share of PowerShares DB Base Metals Fund is published under the symbol DBB.IV.
~~PowerShares DB Agriculture Fund.~~ ~~The intra-day index level of the DBLCI-OY Agriculture ER is published under the symbol DBAGIX. The intra-day indicative value per Share of PowerSharesDB Agriculture Fund is published under the symbol DBA.IV.~~
~~Each Index’s history is also available athttps://index.db.com~~.
The Index Sponsor obtains information for inclusion in, or for use in the calculation of, the Indexes from sources the Index Sponsor considers reliable. None of the Index Sponsor, the Managing Owner, the Funds, the Master Funds or any of their respective affiliates accepts responsibility for or guarantees the accuracy and/or completeness of any of the Indexes or any data included in any of the Indexes.
The intra-day indicative value per Share of each Fund is based on the prior day’s final net asset value, adjusted four times per minute throughout the day to reflect the continuous price changes of the Master Fund’s futures positions. The final net asset value of each Fund and the final net asset value per Share of each Fund is calculated as of the closing time of the Amex or the last to close of the exchanges on which the corresponding Master Fund’s futures contracts are traded, whichever is later, and posted in the same manner. Although a time gap may exist between the close of the Amex and the close of the exchanges on which the Master Fund’s futures contracts are traded, there is no effect on the net asset value calculations as a result.
~~There can be no assurance that each Fund or its corresponding~~~~Master~~ Fund will achieve its investment objective or avoid substantial losses. Each Master Fund does not have any performance history. The value of the Shares is expected to fluctuate generally in relation to changes in the value of the corresponding Master Fund Units.
~~Role of Managing Owner~~
~~The Managing Owner serves as the commodity pool operator and commodity trading advisor of each Fund and each Master Fund.~~
~~Specifically, with respect to each Fund and each Master Fund, the Managing Owner:~~
~~selects the Trustee, administrator, distributor, marketing agent and auditor;~~
~~negotiates various agreements and fees; and~~
31
~~performs such other services as the Managing Owner believes that the Fund and its corresponding Master Fund may from time-to-time require.~~
~~Specifically, with respect to each Master Fund, the Managing Owner:~~
~~selects the Commodity Broker; and~~
monitors the performance results of the Master Fund’s portfolio and reallocates assets within such portfolio with a view to causing the performance of the Master Fund’s portfolio to track its corresponding Index over time.
~~The Managing Owner 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 principal office of the Managing Owner is located at 60 Wall Street, New York, New York 10005. The telephone number of the Managing Owner is (212) 250-5883.~~
~~Market Diversification~~
As global markets and investing become more complex, the inclusion of futures may continue to increase in traditional portfolios of stocks and bonds managed by advisors seeking improved balance and diversification. The globalization of the world’s economy has the potential to offer significant investment opportunities, as major political and economic events continue to have an influence, in some cases a dramatic influence, on the world’s markets, creating risk but also providing the potential for profitable trading opportunities. By allocating a portion of the risk segment of their portfolios to one or more of the Funds, each of which invests through its corresponding Master Fund in futures comprising its corresponding Index, investors have the potential, if their investments are successful, to reduce the volatility of their portfolios over time and the dependence of such portfolios on any single nation’s economy.
~~THE MASTER-FEEDER STRUCTURE~~
Each Fund invests substantially all of its assets in a separate Master Fund in a master-feeder structure. Each Fund holds no investment assets otherthan Master Fund Units in its corresponding Master Fund. Each Master Fund is wholly-owned by its corresponding Fund and the Managing Owner. Each Share issued by a Fund correlates with a Master Fund Unit issued by its corresponding Master Fund and held by the Fund.
~~[Remainder of page left blank intentionally.]~~
32
~~PERFORMANCE OF POWERSHARES DB ENERGY FUND~~~~(TICKER: DBE)~~~~, A SERIES OF~~
~~POWERSHARES DB MULTI-SECTOR COMMODITY TRUST~~
~~Name of Pool~~~~: PowerShares DB Energy Fund~~
~~Type of Pool~~~~: Public, Exchange-Listed Commodity Pool~~
~~Inception of Trading~~~~: January 2007~~
~~Aggregate Gross Capital Subscriptions as of February 29, 2008~~~~: $78,516,964~~
~~Net Asset Value as of February 29, 2008~~~~: $53,834,260~~
~~Net Asset Value per Share as of February 29, 2008~~~~: $38.45~~
~~Worst Monthly Drawdown~~~~: (4.07)% August 2007~~
~~Worst Peak-to-Valley Drawdown~~~~: (4.07)% July – August 2007~~

Monthly Rate of Return
     2008(%)      2007(%)
January
     (1.17)      0.08
February
     10.62      5.80
March
          5.33
April
          0.86
May

(0.92)
June
          3.41
July
          2.26
August

(4.07)
September
          7.78
October
          12.90
November

(2.56)
December

4.95*
Compound Rate of Return
     9.33%
(2 months)

40.68%
* The December 2007 return of 4.95% includes the $0.90 per Share distribution made to Shareholders of record as of December 19, 2007. Prior to the December 28, 2007 distribution, the pool’s return for December 2007 was 7.64%.
~~PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.~~
~~PERFORMANCE OF POWERSHARES DB OIL FUND~~~~(TICKER: DBO)~~~~, A SERIES OF POWERSHARES~~
~~DB MULTI-SECTOR COMMODITY TRUST~~
~~Name of Pool:~~~~PowerShares DB Oil Fund~~
~~Type of Pool:~~~~Public, Exchange-Listed Commodity Pool~~
~~Inception of Trading:~~~~January 2007~~
~~Aggregate Gross Capital Subscriptions as of February 29, 2008~~~~: $81,941,766~~
~~Net Asset Value as of February 29, 2008~~~~: $37,273,632~~
~~Net Asset Value per Share as of February 29, 2008~~~~: $37.27~~
~~Worst Monthly Drawdown:~~~~(4.20)% August 2007~~
~~Worst Peak-to-Valley Drawdown:~~~~(4.63)% March—May 2007~~

Monthly Rate of Return
     2008(%)      2007(%)
January
     (3.00)
(2.08)
February
     10.99      6.13
March
          4.77
April

(2.20)
May

(2.48)
June
          4.58
July
          2.65
August

(4.20)
September
          9.59
October
          15.62
November

(2.39)
December

4.85*
Compound Rate of Return
     7.65%
(2 months)

38.48%
* The December 2007 return of 4.85% includes the $1.28 per Share distribution made to Shareholders of record as of December 19, 2007. Prior to the December 28, 2007 distribution, the pool’s return for December 2007 was 7.93%.
~~PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.~~
~~See accompanying Footnotes to Performance Information on page 36.~~
33
~~PERFORMANCE OF POWERSHARES DB PRECIOUS METALS FUND~~~~(TICKER: DBP)~~~~, A SERIES OF~~
~~POWERSHARES DB MULTI-SECTOR COMMODITY TRUST~~
~~Name of Pool:~~~~PowerShares DB Precious Metals Fund~~
~~Type of Pool:~~~~Public, Exchange-Listed Commodity Pool~~
~~Inception of Trading:~~~~January 2007~~
~~Aggregate Gross Capital Subscriptions as of February 29, 2008~~~~: $101,022,816~~
~~Net Asset Value as of February 29, 2008~~~~: $109,725,403~~
~~Net Asset Value per Share as of February 29, 2008~~~~: $36.58~~
~~Worst Monthly Drawdown:~~~~(5.36)% October 2007~~
~~Worst Peak-to-Valley Drawdown:~~~~(5.49)% April – June 2007~~

Monthly Rate of Return
     2008(%)      2007(%)
January
     10.18      4.04
February
     7.34      2.77
March
          (1.87 )
April
          2.10
May
          (2.43 )
June
          (3.14 )
July
          2.96
August
          (0.77 )
September
          16.86
October
          (5.36 )
November
          3.95
December
          4.04 *
Compound Rate of Return
     18.27
(2 months
%
)
     23.72 %
* The December 2007 return of 4.04% includes the $0.60 per Share distribution made to Shareholders of record as of December 19, 2007. Prior to the December 28, 2007 distribution, the pool’s return for December 2007 was 5.58%.
~~PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.~~
~~PERFORMANCE OF POWERSHARES DB GOLD FUND~~~~(TICKER: DGL)~~~~, A SERIES OF~~
~~POWERSHARES DB MULTI-SECTOR COMMODITY TRUST~~
~~Name of Pool:~~~~PowerShares DB Gold Fund~~
~~Type of Pool:~~~~Public, Exchange-Listed Commodity Pool~~
~~Inception of Trading:~~~~January 2007~~
~~Aggregate Gross Capital Subscriptions as of February 29, 2008~~~~: $73,664,730~~
~~Net Asset Value as of February 29, 2008~~~~: $72,751,970~~
~~Net Asset Value per Share as of February 29, 2008~~~~: $36.38~~
~~Worst Monthly Drawdown:~~~~(2.93)% May 2007~~
~~Worst Peak-to-Valley Drawdown:~~~~(4.86)% April – June 2007~~

Monthly Rate of Return
     2008(%)      2007(%)
January
     9.67      3.44
February
     5.14      2.44
March
          (1.02 )
April
          2.86
May
          (2.93 )
June
          (1.99 )
July
          2.61
August
          0.68
September
          9.81
October
          6.01
November
          (1.26 )
December
          3.54 *
Compound Rate of Return
     15.31
(2 months
%
)
     26.20 %
* The December 2007 return of 3.54% includes the $0.81 per Share distribution made to Shareholders of record as of December 19, 2007. Prior to the December 28, 2007 distribution, the pool’s return for December 2007 was 5.84%.
~~PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.~~
~~See accompanying Footnotes to Performance Information on page 36.~~
34
~~PERFORMANCE OF POWERSHARES DB SILVER FUND~~~~(TICKER: DBS)~~~~, A SERIES OF~~
~~POWERSHARES DB MULTI-SECTOR COMMODITY TRUST~~
~~Name of Pool:~~~~PowerShares DB Silver Fund~~
~~Type of Pool:~~~~Public, Exchange-Listed Commodity Pool~~
~~Inception of Trading:~~~~January 2007~~
~~Aggregate Gross Capital Subscriptions as of February 29, 2008~~~~: $55,285,358~~
~~Net Asset Value as of February 29, 2008: $58,551,819~~
~~Net Asset Value per Share as of February 29, 2008~~~~: $36.59~~
~~Worst Monthly Drawdown:~~~~(7.80)% June 2007~~
~~Worst Peak-to-Valley Drawdown:~~~~(14.25)% February – August 2007~~

Monthly Rate of Return
     2008(%)      2007(%)
January
     12.83      6.48
February
     16.53      4.13
March
          (4.91 )
April
          0.49
May
          (0.26 )
June
          (7.80 )
July
          4.60
August
          (6.71 )
September
          13.76
October
          3.92
November
          (2.92 )
December
          2.02 *
Compound Rate of Return
     31.48
(2 months
%
)
     11.32 %
* The December 2007 return of 2.02% includes the $0.87 per Share distribution made to Shareholders of record as of December 19, 2007. Prior to the December 28, 2007 distribution, the pool’s return for December 2007 was 5.24%.
~~PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.~~
~~PERFORMANCE OF POWERSHARES DB BASE METALS FUND~~~~(TICKER: DBB)~~~~, A SERIES OF POWERSHARES DB MULTI-SECTOR COMMODITY TRUST~~
~~Name of Pool:~~~~PowerShares DB Base Metals Fund~~
~~Type of Pool:~~~~Public, Exchange-Listed Commodity Pool~~
~~Inception of Trading:~~~~January 2007~~
~~Aggregate Gross Capital Subscriptions as of February 29, 2008~~~~: $169,656,540~~
~~Net Asset Value as of February 29, 2008~~~~: $118,131,441~~
~~Net Asset Value per Share as of February 29, 2008~~~~: $26.85~~
~~Worst Monthly Drawdown:~~(8.98)% December 2007*
~~Worst Peak-to-Valley Drawdown:~~(21.01)% July – December 2007**

Monthly Rate of Return
     2008(%)      2007(%)
January
     8.82      (5.84 )
February
     12.16      3.70
March
          1.88
April
          10.74
May
          (2.40 )
June
          (1.19 )
July
          4.86
August
          (7.61 )
September
          2.37
October
          (2.43 )
November
          (5.95 )
December
          (8.98 )*
Compound Rate of Return
     22.05
(2 months
%
)
     (12.00 )%
* The December 2007 return of (8.98)% includes the $0.96 per Share distribution made to Shareholders of record as of December 19, 2007. Prior to the December 28, 2007 distribution, the pool’s return for December 2007 was (5.01)%.
** ~~The Worst Peak-to-Valley Drawdown from July—December 2007 includes the effect of the distribution made to Shareholders of record as of December 19, 2007. Please see Footnote *.~~
~~PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.~~
~~See accompanying Footnotes to Performance Information on page 36.~~
35
~~PERFORMANCE OF POWERSHARES DB AGRICULTURE FUND~~~~(TICKER: DBA~~~~), A SERIES OF POWERSHARES DB MULTI-SECTOR COMMODITY TRUST~~
~~Name of Pool:~~~~PowerShares DB Agriculture Fund~~
~~Type of Pool:~~~~Public, Exchange-Listed Commodity Pool~~
~~Inception of Trading:~~~~January 2007~~
~~Aggregate Gross Capital Subscriptions as of February 29, 2008~~~~: $2,387,167,878~~
~~Net Asset Value as of February 29, 2008~~~~: $2,790,888,963~~
~~Net Asset Value per Share as of February 29, 2008~~~~: $41.66~~
~~Worst Monthly Drawdown:~~~~(5.81)% March 2007~~
~~Worst Peak-to-Valley Drawdown:~~~~(7.63)% February – April 2007~~

Monthly Rate of Return
     2008(%)      2007(%)
January
     12.47      3.44
February
     12.90      3.91
March
          (5.81 )
April
          (1.94 )
May
          5.84
June
          (0.04 )
July
          (0.50 )
August
          2.07
September
          10.20
October
          (0.17 )
November
          4.94
December
          6.56 *
Compound Rate of Return
     26.97
(2 months
%
)
     31.24 %
* The December 2007 return of 6.56% includes the $0.45 per Share distribution made to Shareholders of record as of December 19, 2007. Prior to the December 28, 2007 distribution, the pool’s return for December 2007 was 7.89%.
~~PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.~~
~~See accompanying Footnotes to Performance Information.~~
~~Footnotes to Performance Information~~
~~1. “Aggregate Gross Capital Subscriptions” is the aggregate of all amounts ever contributed to the relevant pool, including investors who subsequently redeemed their investments.~~
~~2. “Net Asset Value” is the net asset value of each pool as of February 29, 2008.~~
~~3. “Net Asset Value per Share” is the Net Asset Value of the relevant pool divided by the total number of Shares outstanding with respect to such pool as of February 29, 2008.~~
4. “Worst Monthly Drawdown” is the largest single month loss sustained since inception of trading. “Drawdown” as used in this section of the Prospectus means losses experienced by the relevant pool over the specified period and is calculated on a rate of return basis, i.e., dividing net performance by beginning equity. “Drawdown” is measured on the basis of monthly returns only, and does not reflect intra-month figures. “Month” is the month of the Worst Monthly Drawdown.
5. “Worst Peak-to-Valley Drawdown” is the largest percentage decline in the Net Asset Value per Share over the history of the relevant pool. This need not be a continuous decline, but can be a series of positive and negative returns where the negative returns are larger than the positive returns. “Worst Peak-to-Valley Drawdown” represents the greatest percentage decline from any month-end Net Asset Value per Share that occurs without such month-end Net Asset Value per Share being equaled or exceeded as of a subsequent month-end. For example, if the Net Asset Value per Share of a particular pool declined by $1 in each of January and February, increased by $1 in March and declined again by $2 in April, a “peak-to-valley drawdown” analysis conducted as of the end of April would consider that “drawdown” to be still continuing and to be $3 in amount, whereas if the Net Asset Value per Share had increased by $2 in March, the January-February drawdown would have ended as of the end of February at the $2 level.
36
~~DESCRIPTION OF THE DEUTSCHE BANK LIQUID COMMODITY INDEX–OPTIMUM YIELD EXCESS RETURN™ SECTOR INDEXES~~
DBLCI™ and Deutsche Bank Liquid Commodity Index™ are trade marks of the Index Sponsor and are the subject of Community Trade Mark Nos. 3055043 and 3054996. Trade Mark applications in the United States are pending with respect to both the Trust and aspects of each Index. Any use of these marks must be with the consent of or under license from the Index Sponsor. The Fund, Master Fund and the Managing Owner have been licensed to use DBLCI™ and Deutsche Bank Liquid Commodity Index™. The Index Sponsor does not approve, endorse or recommend the Fund, the Master Fund or the Managing Owner.
~~General~~
The Deutsche Bank Liquid Commodity Index–Optimum Yield Excess Return™, or DBLCI-OYER™, is intended to reflect the changes in market value over time, positive or negative, in certain sectors of commodities, or an Index. Each Index is (i) calculated on an excess return, or unfunded basis and (ii) rolled in a manner which is aimed at potentially maximizing the roll benefits in backwardated markets and minimizing the losses from rolling in contangoed markets. Each Index is comprised of one or more underlying commodities, or Index Commodities. The composition of Index Commodities with respect to each Index varies according to each specific sector that such Index intends to reflect. Each Index Commodity is assigned a weight, or Index Base Weight, which is intended to reflect the proportion of such Index Commodity relative to each Index.
~~Indexes and Covered Sectors~~
~~The Indexes track the following sectors:~~
~~Deutsche Bank Liquid Commodity Index–Optimum Yield Energy Excess Return™, or DBLCI-OY Energy ER™, is intended to reflect the energy sector.~~
~~Deutsche Bank Liquid Commodity Index–Optimum Yield Crude Oil Excess Return™, or DBLCI-OY CL ER™, is intended to reflect the changes in market value of the crude oil sector.~~
~~Deutsche Bank Liquid Commodity Index–Optimum Yield Precious Metals Excess Return™, or DBLCI-OY Precious Metals ER™, is intended to reflect the precious metals sector.~~
~~Deutsche Bank Liquid Commodity Index–Optimum Yield Gold Excess Return™, or DBLCI-OY GC ER™, is intended to reflect the changes in market value of the gold sector.~~
~~Deutsche Bank Liquid Commodity Index–Optimum Yield Silver Excess Return™, or DBLCI-OY SI ER™, is intended to reflect the changes in market value of the silver sector.~~
~~Deutsche Bank Liquid Commodity Index–Optimum Yield Industrial Metals Excess Return™, or DBLCI-OY Industrial Metals ER™, is intended to reflect the base metals sector.~~
~~Deutsche Bank Liquid Commodity Index–Optimum Yield Agriculture Excess Return™, or DBLCI-OY Agriculture ER™, is intended to reflect the agricultural sector.~~
~~DBLCI-OY CL ER™, DBLCI-OY GC ER™ and DBLCI-OY SI ER™ are Indexes with a single Index Commodity, or Single Commodity Sector Indexes.~~
~~Each Index has been calculated back to a base date, or Base Date. On the Base Date the closing level of each Index, or Closing Level, was 100.~~
~~The sponsor of the each Index is Deutsche Bank AG London, or Index Sponsor.~~
~~[Remainder of page left blank intentionally.]~~
37
~~SECTOR INDEXES OVERVIEW~~
~~Index~~ ~~Index Commodity~~ Exchange (Contract Symbol)* ~~Base Date~~ ~~Index Base Weight~~
~~DBLCI-OY Energy ER™~~
~~Sweet Light Crude Oil (WTI)~~ ~~NYMEX (CL)~~ ~~June 4, 1990~~ ~~22.50~~ %
~~Heating Oil~~ ~~NYMEX (HO)~~ ~~22.50~~ %
~~Brent Crude Oil~~ ~~ICE (LCO)~~ ~~22.50~~ %
~~RBOB Gasoline~~ ~~NYMEX (XB)~~ ~~22.50~~ %
~~Natural Gas~~ ~~NYMEX (NG)~~ ~~10.00~~ %
~~DBLCI-OY CL ER™~~
~~Sweet Light Crude Oil (WTI)~~ ~~NYMEX (CL)~~ ~~December 2, 1988~~ ~~100.00~~ %
~~DBLCI-OY Precious Metals ER™~~
~~Gold~~ ~~COMEX (GC)~~ ~~December 2, 1988~~ ~~80.00~~ %
~~Silver~~ ~~COMEX (SI)~~ ~~20.00~~ %
~~DBLCI-OY GC ER™~~
~~Gold~~ ~~COMEX (GC)~~ ~~December 2, 1988~~ ~~100.00~~ %
~~DBLCI-OY SI ER™~~
~~Silver~~ ~~COMEX (SI)~~ ~~December 2, 1988~~ ~~100.00~~ %
~~DBLCI-OY Industrial Metals ER™~~
~~Aluminum~~ ~~LME (MAL)~~ ~~September 3, 1997~~ ~~33.33~~ %
~~Zinc~~ ~~LME (MZN)~~ ~~33.33~~ %
~~Copper - Grade A~~ ~~LME (MCU)~~ ~~33.33~~ %
~~DBLCI-OY Agriculture ER™~~
~~Corn~~ ~~CBOT (C)~~ ~~December 2, 1988~~ ~~25.00~~ %
~~Wheat~~ ~~CBOT (W)~~ ~~25.00~~ %
~~Soybeans~~ ~~CBOT (S)~~ ~~25.00~~ %
~~Sugar~~ ~~ICE (SB)~~ ~~25.00~~ %
*Connotes ~~the exchanges on which the underlying futures contracts are traded with respect to each Index Commodity.~~
~~Legend:~~
~~“CBOT” means the Board of Trade of the City of Chicago Inc., or its successor.~~
~~“COMEX” means the Commodity Exchange Inc., New York or its successor.~~
~~“ICE” means the Intercontinental Exchange, Inc. or its successor.~~
~~“LME” means The London Metal Exchange Limited or its successor.~~
~~“NYMEX” means the New York Mercantile Exchange or its successor.~~
38
~~Composition of Indexes~~
Each Index, except each Single Commodity Sector Index, is composed of notional amounts of each of the underlying Index Commodities. Each Single Commodity Sector Index is composed of one underlying Index Commodity. The notional amount of each Index Commodity included in each multi-sector Index is intended to reflect the changes in market value of each such Index Commodity within the specific Index. The closing level of each Index is calculated on each business day by the Index Sponsor based on the closing price of the futures contracts for each of the underlying Index Commodities and the notional amounts of such Index Commodities.
Each Index, excluding each Single Commodity Sector Index, is rebalanced annually in November to ensure that each of the Index Commodities is weighted in the same proportion that such Index Commodities were weighted on the Base Date.
~~The composition of each Index may be adjusted in the event that the Index Sponsor is not able to calculate the closing prices of the Index Commodities.~~
Each Index includes provisions for the replacement of futures contracts as they approach maturity. This replacement takes place over a period of time in order to lessen the impact on the market for the futures contracts being replaced. With respect to each Index Commodity, the Master Fund employs a rule-based approach when it ‘rolls’ from one futures contract to another. Rather than select a new futures contract based on a predetermined schedule (e.g., monthly), each Index Commodity rolls to the futures contract which generates the best possible ‘implied roll yield.’ The futures contract with a delivery month within the next thirteen months which generates the best possible implied roll yield will be included in each Index. As a result, each Index Commodity is able to potentially maximize the roll benefits in backwardated markets and minimize the losses from rolling in contangoed markets.
In general, as a futures contract approaches its expiration date, its price will move towards the spot price in a contangoed market. Assuming the spot price does not change, this would result in the futures contract price decreasing and a negative implied roll yield. The opposite is true in a backwardated market. Rolling in a contangoed market will tend to cause a drag on an Index Commodity’s contribution to the Fund’s return while rolling in a backwardated market will tend to cause a push on an Index Commodity’s contribution to the Fund’s return.
~~Each Index is calculated in USD on both an excess return (unfunded) and total return (funded) basis.~~
The futures contract price for each Index Commodity will be the exchange closing price for such Index Commodity on each weekday when banks in New York, New York are open, or Index Business Days. If a weekday is not an Exchange Business Day (as defined in the following sentence) but is an Index Business Day, the exchange closing price from the previous Index Business Day will be used for each Index Commodity. “Exchange Business Day” means, in respect of an Index Commodity, a day that is a trading day for such Index Commodity on the relevant exchange (unless either an Index disruption event or force majeure event has occurred).
On the first New York business day, or Verification Date, of each month, each Index Commodity futures contract will be tested in order to determine whether to continue including it in the applicable Index. If the Index Commodity futures contract requires delivery of the underlying commodity in the next month, known as the Delivery Month, a new Index Commodity futures contract will be selected for inclusion in such Index. For example, if the first New York business day is May 1, 2009, and the Delivery Month of the Index Commodity futures contract currently in such Index is June 2009, a new Index Commodity futures contract with a later Delivery Month will be selected.
For each underlying Index Commodity of an Index, the new Index Commodity futures contract selected will be the Index Commodity futures contract with the best possible “implied roll yield” based on the closing price for each eligible Index Commodity futures contract. Eligible Index Commodity futures contracts are any Index Commodity futures contracts having a Delivery Month (i) no sooner than the month after the Delivery Month of the Index Commodity futures contract currently in such Index, and (ii) no later than the 13^th month after the Verification Date. For example, if the first New York business day is May 1, 2009 and the Delivery Month of an Index Commodity futures contract currently in an Index is therefore June 2009, the Delivery Month of an eligible new Index Commodity futures contract must be between July 2009 and July 2010. The implied roll yield is then calculated and the futures contract on the Index Commodity with the best possible implied roll yield is then selected. If two futures contracts have the same implied roll yield, the futures contract with the minimum number of months prior to the Delivery Month is selected.
39
After the futures contract selection, the monthly roll for each Index Commodity subject to a roll in that particular month unwinds the old futures contract and enters a position in the new futures contract. This takes place between the 2^nd ~~and 6~~^th ~~Index Business Day of the month.~~
~~On each day during the roll period, new notional holdings are calculated. The calculations for the old Index Commodities that are leaving an Index and the new Index Commodities are then calculated.~~
~~On all days that are not monthly index roll days, the notional holdings of each Index Commodity future remains constant.~~
~~Each Index is re-weighted on an annual basis on the 6~~^th ~~Index Business Day of each November.~~
~~The calculation of each Index is expressed as the weighted average return of the Index Commodities.~~
Change in the Methodology of an Index
The Index Sponsor employs the methodology described above and its application of such

-45-

methodology shall be ~~conclusive and binding. While the~~final. The Index Sponsor ~~currently employs the above described~~can change its methodology ~~to calculate each Index, no assurance can be given that fiscal, market, regulatory, juridical or financial circumstances (including, but not limited to,~~at any ~~changes to or~~time for any suspension or termination of or any other events affecting any Index Commodity or a futures contract) will not arise that would, in the view of the Index Sponsor, necessitate a modification of or change to such methodology and in such circumstances the Index Sponsor may make any such modification or changereason, as it ~~determines~~deems appropriate. The Index Sponsor may also make ~~modifications~~adjustments to the terms of an Index in any manner, ~~that it may deem necessary or desirable,~~ including (without limitation) to correct any manifest or proven error or to cure, correct or supplement any defective provision of an Index. The Index Sponsor will publish notice of any such ~~modification or change~~adjustment and the effective date thereof as set forth below.

Publication of Closing Levels and Adjustments

In order to calculate each indicative Index level, the Index Sponsor polls Reuters every 15 seconds to determine the real time price of each underlying futures contract with respect to each Index Commodity of the applicable Index. The Index Sponsor then applies a set of rules to these values to create the indicative level of each Index. These rules are consistent with the rules ~~which~~that the Index ~~Sponsorapplies~~Sponsor applies at the end of each trading day to calculate the closing level of each Index. ~~A similar polling process is applied to the U.S. Treasury bills to determine the indicative value of the U.S. Treasury bills held by the Fund every 15 seconds throughout the trading day.~~

The ~~intra-day indicative value~~IIV per Share of each Fund is ~~calculated by adding~~based on the ~~intra-day U.S. Treasury bills level plus~~prior day’s final NAV, adjusted four times per minute throughout the ~~intra-day level~~trading day to reflect the continuous price changes of the ~~applicable Index~~Fund’s futures positions, which ~~will then be applied to the last published net asset value of such Fund, less accrued fees.~~

provide a continuously updated estimated NAV per Share.

The Index Sponsor calculates and publishes the closing level of each Index daily. The Managing Owner publishes the ~~net asset value~~NAV of each Fund and the ~~net asset value~~NAV per Share of each Fund daily. ~~Additionally,~~The Index Sponsor also calculates and publishes theintra-day Index level, and the Index Sponsor ~~publishes the intra-day Index level,~~calculates, and the Managing Owner publishes, the ~~indicative value~~IIV per Share of each Fund (quoted in U.S. dollars) once every fifteen seconds throughout each trading day.

All of the foregoing information is published as follows:

The current trading price per Share of each Fund (quoted in U.S. dollars) will be published continuously under its ticker symbol as trades occur throughout each trading day on the consolidated tape, Reuters and/or Bloomberg and on the Managing Owner’s website at~~http://www.dbfunds.db.com~~www.invesco.com/ETFs, or any successor thereto.

~~End of Day~~End-of-Day Index Closing Level Symbols;End-of-Day ~~Net Asset Value~~ NAV Symbols

~~PowerShares~~Invesco DB Oil ~~Fund.~~Fund. Theend-of-day closing level of the ~~DBLCI-OY~~DBIQ-OY CL ERER™ is published

under the symbol ~~DBOLIX.~~DBCMOCLE. Theend-of-day ~~net asset value~~ NAV of ~~PowerShares~~Invesco DB Oil Fund is published under the symbol DBO.NV.

~~PowerShares~~Invesco DB Precious Metals ~~Fund.~~Fund. Theend-of-day closing level of the ~~DBLCI-OY~~DBIQ-OY Precious Metals ERER™ is published under the symbol ~~DBPMIX.~~DBCMYEPM. Theend-of-day ~~net asset value~~ NAV of ~~PowerShares~~Invesco DB Precious Metals Fund is published under the symbol DBP.NV.

~~PowerShares DB Agriculture Fund.~~The ~~end-of-day~~Index Sponsor calculates and publishes the closing level of ~~the DBLCI-OY Agriculture ER is published under the symbol DBAGIX. The end-of-day net asset value of PowerShares DB Agriculture Fund is published under the symbol DBA.NV.~~

each Index daily. The Managing Owner publishes the ~~net asset value~~NAV of each Fund and the ~~net asset value~~NAV per Share of each Fund daily. Additionally, the

-46-

Index Sponsor calculates and publishes theintra-day level of each Index, and the Index Sponsor calculates, and the Managing Owner publishes, the ~~indicative value~~IIV per Share of each Fund (quoted in U.S. dollars) once every fifteen seconds throughout each trading day on the consolidated tape, Reuters and/or Bloomberg and on the Managing Owner’s website at~~http://www.dbfunds.db.com~~www.invesco.com/ETFs, or any successor thereto.

All of the foregoing information is published under the following symbols:

Intra-Day Index Level Symbols and ~~Intra-Day Indicative Values~~IIVs Per Share Symbols

~~PowerShares~~Invesco DB Energy ~~Fund.~~Fund. Theintra-day index level of the ~~DBLCI-OY~~DBIQ-OY Energy ERER™ is published under the symbol DBENIX. The ~~intra-day indicative value~~IIV per Share of ~~PowerShares~~Invesco DB Energy Fund is published under the symbol DBE.IV.

~~PowerShares~~Invesco DB Oil ~~Fund.~~Fund. Theintra-day index level of the ~~DBLCI-OY~~DBIQ-OY CL ERER™ is published under the symbol DBOLIX. The ~~intra-day indicative value~~IIV per Share of ~~PowerShares~~Invesco DB Oil Fund is published under the symbol DBO.IV.

~~PowerShares~~Invesco DB Precious Metals ~~Fund.~~Fund. Theintra-day index level of the ~~DBLCI-OY~~DBIQ-OY Precious Metals ERER™ is published under the symbol DBPMIX. The ~~intra-day indicative value~~IIV per Share of ~~PowerShares~~Invesco DB Precious Metals Fund is published under the symbol DBP.IV.

~~PowerShares~~Invesco DB Gold ~~Fund.~~Fund. Theintra-day index level of the ~~DBLCI-OY~~DBIQ-OY GC ERER™ is published under the symbol DGLDIX. The ~~intra-day indicative value~~IIV per Share of ~~PowerShares~~Invesco DB Gold Fund is published under the symbol DGL.IV.

~~PowerShares~~Invesco DB ~~Silver Fund.~~Base Metals Fund. Theintra-day index level of the ~~DBLCI-OY SI ER is published under the symbol DBSLIX. The intra-day indicative value per Share of PowerShares DB Silver Fund is published under the symbol DBS.IV.~~DBIQ-OY

~~PowerShares DB Base Metals Fund.~~ ~~The intra-day index level of the DBLCI-OY~~ Industrial Metals ERER™ is published under the symbol DBBMIX. The ~~intra-day indicative value~~IIV per Share of ~~PowerShares~~Invesco DB Base Metals Fund is published under the symbol DBB.IV.

~~PowerShares DB Agriculture Fund.~~ ~~The intra-day index level~~All of the ~~DBLCI-OY Agriculture ER is published under the symbol DBAGIX. The intra-day indicative value per Share of PowerShares DB Agriculture Fund is published under the symbol DBA.IV.~~

~~Each~~foregoing information with respect to each Index, including each Index’s history, is also ~~available~~published athttps://index.db.com.

Any adjustments made to each Index will be published on both https://index.db.com and atwww.invesco.com/ETFs, or any successor(s) thereto.

The Index Sponsor obtains information for inclusion in, or for use in the calculation of, the Indexes from sources the Index Sponsor considers reliable. None of the Index Sponsor, the Managing Owner, the Funds ~~the Master Funds~~ or any of their respective affiliates accepts responsibility for or guarantees the accuracy and/or completeness of any of the Indexes or any data included in any of the Indexes.

~~All of the foregoing information with respect to each Index is also published athttps://index.db.com~~.

~~The Index Sponsor publishes any adjustments made to each Index on the Managing Owner’s websitehttp://www.dbfunds.db.com~~ ~~andhttps://index.db.com, or any successor thereto.~~

Interruption of Index Calculation

Calculation of each Index may not be possible or feasible under certain events or circumstances, including, without limitation, a systems failure, natural orman-made disaster, act of God, armed conflict, act of terrorism, riot or labor disruption or any similar intervening circumstance, that is beyond the reasonable control of the Index Sponsor and that the Index Sponsor determines affects an Index or any Index Commodity. Upon the occurrence of such ~~force majeure events,~~an event, the Index Sponsor may, in its discretion, elect one (or more) of the following options:

make such determinations and/or adjustments to the terms of such Index as it considers appropriate to determine any closing level on any such ~~appropriate~~ Index ~~business day;~~Business Day; and/or

defer publication of the information relating to such Index until the next Index ~~business day~~Business Day on which it determines that no force majeure event exists; and/or

permanently cancel publication of the information relating to such Index.

~~Additionally, calculation~~Calculation of an Index may also be disrupted by an event that would require the Index Sponsor to calculate the closing price in respect of the relevant Index Commodity on an alternative basis were such event to occur or exist on a day that is a trading day for futures contracts in such Index Commodity on the relevant exchange. If such an Index disruption event ~~in relation to an Index Commodity as described in the prior sentence~~ occurs and continues for a period of five successive trading days, ~~for such Index Commodity on the relevant exchange,~~ the Index Sponsor will, in its discretion, ~~either~~either:

to continue to calculate the relevant closing price for a further period of five successive trading days for such Index Commodity on the relevant ~~exchange~~exchange; or

if such period extends beyond the five successive trading days, the Index Sponsor may elect to replace the exchange traded instrument with respect to a specific Index Commodity and shall make all necessary adjustments to the methodology and calculation of an Index as it deems appropriate.

~~Historical Closing Levels~~-47-


~~Index~~		~~Base Date~~

~~DBLCI-OY Energy ER™~~		~~June 4, 1990~~

~~DBLCI-OY CL ER™~~		~~December 2, 1988~~

~~DBLCI-OY Precious Metals ER™~~		~~December 2, 1988~~

~~DBLCI-OY GC ER™~~		~~December 2, 1988~~

~~DBLCI-OY SI ER™~~		~~December 2, 1988~~

~~DBLCI-OY Industrial Metals ER™~~		~~September 3, 1997~~

~~DBLCI-OY Agriculture ER™~~		~~December 2, 1988~~may elect to replace the futures contract with respect to a specific Index Commodity and shall make all necessary adjustments to the methodology and calculation of an Index as it deems appropriate.

Historical Closing Levels

~~Each Base Date was selected by the Index Sponsor based on the availability of price data with respect to the relevant underlying futures contracts on the Index Commodities of each Index.~~The Closing Level Tables present Closing Levels since January 2008.

~~Since March 2003, the~~The historic data shown with respect to the closing prices of futures contracts on Light, Sweet ~~Light~~ Crude Oil (CL), Heating Oil (HO), ~~Wheat (W), Corn (C),~~ Gold (GC) ~~and~~, Aluminum (MAL) originated from Reuters. Prior to March 2003, the closing prices of futures contracts on CL, HO, W, C, GC and MAL were obtained from publicly available information from Logical Information Machines (http://www.lim.com), Bloomberg and Reuters. The Index Sponsor has not independently verified the information extracted from these sources. The Index calculation methodology and commodity future selection are the same prior to and following March 2003.

~~Since June 2006, the historic data with respect to the closing prices of futures contracts on~~ Brent Crude Oil (LCO), RBOB Gasoline (XB), Natural Gas (NG), Silver (SI), Zinc (MZN), ~~Copper—~~and Copper – Grade A (MCU)~~, Soybeans (S) and Sugar (SB)~~ originated from Reuters. Prior to June 2006, the closing prices of futures contracts on LCO, XB, NG, SI, MZN, MCU, S and SB were obtained from publicly available information from Logical Information Machines (http://www.lim.com), Bloomberg and Reuters. The Index Sponsor has not independently verified the information extracted from ~~these sources. The Index calculation methodology and commodity future selection are the same prior to and following June 2006.~~

The Index Sponsor used the return of Unleaded Gasoline (traded on the NYMEX under the symbol “HU”) as a proxy with respect to XB prior to November 2005. On and after November 2005, the Index Sponsor obtained historic data from Reuters with respect to XB. The Index Sponsor considers the use of HU as a proxy for XB prior to November 2005 to be appropriate because XB and HU are sufficiently similar in nature.

this source.

Complete price histories regarding certain futures contracts on the Index Commodities were not available (e.g., due to lack of trading on specific days). In the event that prices on such futures contracts on the Index Commodities were unavailable during a contract selection day, such futures contracts were excluded from the futures contract selection process. The Index Sponsor believes that the incomplete price histories should not have a material impact on the calculation of any of the Indexes.

Each Index Closing Level is equal to the weighted sum of the market value of the commodity futures contracts of all the respective Index Commodities that comprise each specific Index. The market value of the commodity futures contracts of an Index Commodity is equal to the number of commodity futures contracts ~~of an Index Commodity held~~ multiplied by the commodity futures ~~contracts~~contracts’ closing ~~price of an Index Commodity.~~

The weight of each Index Commodity of a specific Index is linked to the number of commodity futures contracts held of such Index Commodity and the price of commodity futures contracts of the Index Commodity.price. The weight of an Index Commodity is ~~defined as~~ the market value of the commodity futures contracts of the Index Commodity divided by the sum of all market values of all commodity futures contracts of the Index Commodities that comprise ~~and~~an Index multiplied by 100%.

~~The Index Commodities Weights Tables reflect the range of the weightings with respect to each of the Index Commodities used to calculate each Index.~~

The Index rules stipulate the holding in each Index Commodity futures contract. Holdings in each Index Commodity change during the Index rebalancing periods as determined by the ~~optimum yield~~Optimum Yield^TM roll rules.

Cautionary ~~Statement–~~Statement — Statistical Information

Various statistical information is presented on the following pages, relating to the Closing Levels of each Index, on an annual and cumulative basis,including certain comparisons of each Index to other commodities indices. ~~In reviewing such information, prospective investors should consider that:~~

Changes in Closing Levels of each Index during any particular period or market cycle may be volatile.


~~Index~~	~~Worst Peak-~~ ~~to-Valley~~ ~~Drawdown~~ ~~and Time~~ ~~Period~~	~~Worst~~ ~~Monthly~~ ~~Drawdown~~ ~~and Month~~ ~~and Year~~
~~DBLCI-OY Energy ER™~~	~~(50.61)%,~~ ~~11/96 — 2/99~~	~~(20.26)%,~~ ~~1/91~~
~~DBLCI-OY CL ER™~~	~~(57.75)%,~~ ~~11/96 — 2/99~~	~~(20.37)%,~~ ~~1/91~~
~~DBLCI-OY Precious Metals ER™~~	~~(65.97)%,~~ ~~12/88 — 3/01~~	~~(13.03)%,~~ ~~4/04~~
~~DBLCI-OY GC ER™~~	~~(66.87)%,~~ ~~12/88 — 3/01~~	~~(9.58)%,~~ ~~3/90~~
~~DBLCI-OY SI ER™~~	~~(66.49)%,~~ ~~12/88 — 11/01~~	~~(23.26)%,~~ ~~4/04~~
~~DBLCI-OY Industrial Metals ER™~~	~~(44.10)%,~~ ~~9/97 — 9/02~~	~~(9.39)%,~~ ~~1/07~~
~~DBLCI-OY Agriculture ER™~~	~~(61.14)%,~~ ~~4/96 — 4/02~~	~~(9.84)%,~~ ~~7/90~~

For example, the “Worst Peak-to-Valley Drawdown” of each Index, represents the greatest percentage decline from any month-end Closing Level, without such Closing Level being equaled or exceeded as of a subsequent month-end, which occurred during the above-listed time period.

~~The “Worst Monthly Drawdown” of each Index occurred during the above-listed month and year.~~

~~See “Volatility of the Various Indexes” on the page 45.~~

~~Neither the fees charged by any Fund nor the execution costs associated with establishing futures positions in the Index Commodities are incorporated into~~ In addition, the Closing Levels of each ~~Index. Accordingly, such~~ Index ~~Levels have~~do not ~~been reduced~~reflect any reduction commensurate with the fees, expenses and other costs incurred by ~~the costs associated with an actual investment, such as~~ a Fund in connection with anpursuing the Fund’s investment ~~objective~~objective. For additional information, see “Risk Factors — Volatility May Cause the Total Loss of ~~tracking the corresponding Index.~~Your Investment.”

The Indexes were established in betweenMay-July 2006, as applicable, and are independently calculated by the Index Sponsor. The calculation methodology and commodity futures contract selection for the Indexes has been the same since the Indexes were established inMay-July 2006, as applicable, meaning that the same calculation method and contract selection have been used since the Base Date. Accordingly, the Closing Levels of each Index, terms of each Index methodology and Index Commodities, reflect an element of hindsight based on the calculations and selections made at the time each Index was established. See “Risk Factors — Historical Performance of the Fund and the Index is Not Indicative of Future Performance” and “Risk Factors – Fewer Representative Commodities May Result in Greater Index Volatility.”

Information on the Indexes’ components and their performance over time is included below. No representation is being made that the Indexes will or are likely to achieve annual or cumulative closing levels consistent with or similar to those set forth herein. Similarly, no representation is being made that a Fund will generate profits or losses similar to an Index’s past performance or the historical annual or cumulative changes in Index closing levels. The Indexes’ performance should not be understood as a substitute for information on a Fund’s performance. Please see “PERFORMANCE OF INVESCO DB FUNDS” for a discussion of each Fund’s performance.

[Remainder of page left blank intentionally.]

43-48-

ENERGY SECTOR DATA

WHILE EACH FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK THE CORRESPONDING INDEX, BECAUSE EACH INDEX WAS ESTABLISHED BETWEEN MAY-JULY 2006, CERTAIN INFORMATION RELATING TO

DBIQ OPTIMUM YIELD ENERGY INDEX ~~CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW.~~EXCESS RETURN™

(DBIQ-OY ENERGY ER™)

~~NO REPRESENTATION IS BEING MADE THAT EACH INDEX WILL OR IS LIKELY TO ACHIEVE ANNUAL OR CUMULATIVE~~ -49-

CLOSING LEVELS CONSISTENT WITH OR SIMILAR TO THOSE SET FORTH HEREIN. SIMILARLY, NO REPRESENTATION IS BEING MADE THAT EACH FUND WILL GENERATE PROFITS OR LOSSES SIMILAR TO THE FUND’S PAST PERFORMANCE, WHEN AVAILABLE, OR THE HISTORICAL ANNUAL OR CUMULATIVE CHANGES IN THE CORRESPONDINGTABLES

DBIQ OPTIMUM YIELD ENERGY INDEX ~~CLOSING LEVELS. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY INVESTMENT METHODOLOGIES, WHETHER ACTIVE OR PASSIVE.~~EXCESS RETURN™

ONE OF THE LIMITATIONS OF HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. TO THE EXTENT THAT INFORMATION PRESENTED HEREIN RELATES TO THE PERIOD SINCE INCEPTION WITH RESPECT TO EACH INDEX THROUGH MAY-JULY 2006, AS APPLICABLE, EACH INDEX’S CLOSING LEVELS REFLECT THE APPLICATION OF THE INDEX’SMETHODOLOGY, AND SELECTION OF INDEX COMMODITIES, IN HINDSIGHT.

NO HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS, INCLUDING THOSE DESCRIBED UNDER “RISK FACTORS” HEREIN, RELATED TO THE COMMODITIES MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF EACH FUND’S EFFORTS TO TRACK ITS CORRESPONDING INDEX OVER TIME WHICH CANNOT BE, AND HAVE NOT BEEN, ACCOUNTED FOR IN THE PREPARATION OF SUCH INDEX INFORMATION SET FORTH ON THE FOLLOWING PAGES, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL PERFORMANCE RESULTS FOR EACH FUND. FURTHERMORE, THE INDEX INFORMATION DOES NOT INVOLVE FINANCIAL RISK OR ACCOUNT FOR THE IMPACT OF FEES AND COSTS ASSOCIATED WITH EACH FUND.

      CLOSING LEVEL    INDEX CHANGES
      High¹    Low²    Annual³ Since Inception⁴
2008
   1772.65    559.38    -40.45 % 560.50 %
2009
   862.18    518.29    25.76 % 730.64 %
2010
   884.28    704.89    4.00 % 763.88 %
2011
   1075.48    812.44    3.38 % 793.06 %
2012
   1013.67    764.32    2.01 % 811.04 %
2013
   976.99    872.41    4.77 % 854.50 %
2014
   1020.64    580.57    -39.18 % 480.57 %
2015
   619.91    368.00    -34.42 % 280.74 %
2016
   473.21    301.44    24.27 % 373.17 %
2017
   500.18    371.70    5.71 % 400.18 %
2018⁵
   616.16    475.49    23.19 % 516.16 %
THE ~~MANAGING OWNER HAS HAD LIMITED EXPERIENCE IN TRADING ACTUAL ACCOUNTS FOR ITSELF OR FOR CLIENTS. BECAUSE THERE ARE NO ACTUAL TRADING RESULTS TO COMPARE~~PRIOR INDEX LEVELS AND CHANGES TO THE INDEX ~~CLOSING~~ LEVELS ~~SET FORTH HEREIN, PROSPECTIVE INVESTORS SHOULD BE PARTICULARLY WARY~~SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF ~~PLACING UNDUE RELIANCE ON~~ THE ~~ANNUAL~~FUND’S FUTURE PERFORMANCE. THE INDEX SHOWN DOES NOT REFLECT ANY FEES OR ~~CUMULATIVE INDEX RESULTS.~~EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.
Please refer to the “Notes” section below.
[Remainder of page left blank intentionally.]

44-50-

~~Volatility~~The Index Sponsor also maintains a separate index, DBIQ Optimum Yield Energy Index Total Return (“DBIQ Optimum Yield Energy TR™”) which the Fund does not track. DBIQ Optimum Yield Energy TR™ is calculated on a funded (total return) basis, which reflects the change in market value of the ~~Various Indexes~~

~~The following table~~¹ ~~reflects various measures~~underlying index commodities and interest income from a notional basket of ~~volatility~~² offixed income securities. DBIQ Optimum Yield Energy TR™ is included so that investors can evaluate an index with both futures and income components, as the ~~history of each Index as calculated on an excess return basis:~~

Volatility Type DBLCI-OY
Energy ER™³ DBLCI-OY
CL ER™⁴ DBLCI-OY
Precious Metals
ER™⁴ DBLCI-OY
GC ER™⁴ DBLCI-OY
SI ER™⁴ DBLCI-OY
Industrial
Metals ER™⁵ DBLCI-OY
Agriculture
ER™⁴
Daily volatility over full history
24.15 % 26.33 % 14.99 % 14.04 % 23.79 % 18.39 % 14.74 %
Average rolling 3 month daily volatility
22.64 % 24.91 % 14.12 % 13.09 % 22.44 % 17.07 % 14.24 %
Monthly return volatility
24.00 % 25.14 % 14.45 % 13.51 % 23.65 % 18.70 % 14.58 %
Average annual volatility
23.92 % 25.83 % 14.40 % 13.50 % 22.26 % 17.40 % 14.62 %
~~The following table reflects the daily volatility on an annual basis of each Index:~~

Year    DBLCI-OY
Energy ER™³ DBLCI-OY
CL ER™⁴ DBLCI-OY
Precious Metals
ER™⁴ DBLCI-OY GC
ER™⁴ DBLCI-OY SI
ER™⁴ DBLCI-OY
Industrial Metals
ER™⁵ DBLCI-OY
Agriculture
ER™⁴
1988    — 26.56 % 11.17 % 11.41 % 10.73 % — 9.60 %
1989    — 28.11 % 13.57 % 13.14 % 18.53 % — 15.30 %
1990    44.82 % 40.56 % 16.71 % 17.67 % 19.41 % — 12.77 %
1991    31.03 % 29.57 % 13.63 % 12.63 % 23.40 % — 15.70 %
1992    14.60 % 16.66 % 8.90 % 8.32 % 15.67 % — 12.02 %
1993    15.25 % 17.70 % 16.81 % 14.44 % 28.37 % — 12.81 %
1994    18.05 % 20.13 % 12.08 % 9.60 % 23.28 % — 13.20 %
1995    13.45 % 17.07 % 9.89 % 6.62 % 26.37 % — 11.56 %
1996    23.86 % 31.02 % 7.74 % 6.17 % 17.62 % — 14.73 %
1997    18.29 % 21.51 % 13.51 % 12.60 % 24.68 % 11.99 % 12.85 %
1998    23.80 % 27.97 % 14.60 % 12.84 % 29.22 % 14.38 % 14.13 %
1999    24.43 % 27.10 % 16.54 % 17.35 % 21.74 % 14.07 % 17.49 %
2000    28.21 % 32.19 % 14.01 % 15.02 % 14.41 % 11.78 % 15.71 %
2001    27.56 % 29.77 % 13.79 % 14.44 % 17.22 % 12.57 % 14.55 %
2002    24.63 % 25.52 % 13.51 % 13.44 % 17.43 % 13.12 % 15.07 %
2003    26.34 % 26.59 % 16.17 % 16.66 % 20.32 % 13.80 % 12.47 %
2004    28.71 % 30.80 % 19.48 % 16.25 % 35.48 % 20.85 % 19.40 %
2005    27.49 % 26.55 % 13.23 % 12.38 % 21.32 % 18.18 % 16.31 %
2006    22.01 % 22.01 % 25.97 % 22.81 % 41.21 % 32.26 % 16.57 %
2007    19.54 % 21.17 % 14.96 % 14.05 % 21.28 % 20.35 % 14.63 %
2008¹    22.38 % 23.87 % 16.09 % 15.77 % 19.77 % 25.42 % 20.07 %
¹~~As of February 29, 2008. Past Index levels are not necessarily indicative of future Index levels.~~
²~~Volatility, for these purposes, means the following:~~
~~Daily Volatility: The relative rate at which the price of~~particular Fund tracks the Index ~~moves up~~ and ~~down, found by calculating the annualized standard deviation of the daily change~~expects to generate income from positions in ~~price.~~Treasury Securities, money market funds, and/orT-Bill ETFs that are maintained for margin and/or cash management purposes.
45
~~Monthly Return Volatility: The relative rate at which the price of the Index moves up and down, found by calculating the annualized standard deviation of the monthly change in price.~~
~~Average Annual Volatility~~: The average of yearly volatilities for a given sample period. The yearly volatility is the relative rate at which the price of the Index moves up and down, found by calculating the annualized standard deviation of the daily change in price for each business day in the given year.
³~~As of June 4, 1990. Past Index levels are not necessarily indicative of future Index levels.~~
⁴~~As of December 2, 1988. Past Index levels are not necessarily indicative of future Index levels.~~
⁵~~As of September 3, 1997. Past Index levels are not necessarily indicative of future Index levels.~~
46
~~ENERGY SECTOR DATA~~
~~RELATING TO~~
~~DEUTSCHE BANK LIQUID COMMODITY INDEX–~~DBIQ OPTIMUM YIELD ENERGY ~~EXCESS~~INDEX TOTAL RETURN™

      CLOSING LEVEL    INDEX CHANGES
      High¹    Low²    Annual³ Since Inception⁴
2008
   3676.21    1165.04    -39.62 % 1275.66 %
2009
   1798.15    1079.73    25.94 % 1632.53 %
2010
   1845.15    1471.50    4.14 % 1704.26 %
2011
   2247.01    1697.62    3.43 % 1766.13 %
2012
   2118.34    1597.67    2.10 % 1805.30 %
2013
   2044.00    1824.93    4.83 % 1897.28 %
2014
   2136.06    1215.17    -39.16 % 1115.17 %
2015
   1297.61    770.59    -34.39 % 697.27 %
2016
   994.06    631.32    24.67 % 894.00 %
2017
   1060.63    783.57    6.70 % 960.63 %
2018⁵
   1324.50    1010.07    24.88 % 1224.50 %
~~(DBLCI-OY ENERGY ER™)~~
47
~~CLOSING LEVELS TABLES~~
~~DEUTSCHE BANK LIQUID COMMODITY INDEX–~~THE FUND DOES NOT TRACK DBIQ OPTIMUM YIELD ENERGY ~~EXCESS RETURN~~™INDEX TOTAL RETURN™.

   CLOSING LEVEL CHANGES
   High¹ Low² Annual Index
Changes³ Index Changes Since
Inception⁴
1990⁵ 179.19 96.66 45.52 % 45.52 %
1991 147.42 107.20 -20.99 % 14.98 %
1992 137.39 110.88 9.57 % 25.99 %
1993 138.78 100.51 -20.19 % 0.56 %
1994 122.19 95.20 6.96 % 7.56 %
1995 119.82 102.02 11.00 % 19.39 %
1996 197.83 111.99 63.92 % 95.71 %
1997 204.30 159.71 -18.40 % 59.71 %
1998 160.51 97.65 -36.95 % 0.70 %
1999 178.20 92.77 72.80 % 74.00 %
2000 298.97 167.50 41.06 % 145.44 %
2001 278.42 192.42 -16.74 % 104.36 %
2002 298.19 194.55 41.97 % 190.12 %
2003 391.72 284.31 32.29 % 283.81 %
2004 715.99 383.42 54.72 % 493.84 %
2005 1037.13 582.46 55.14 % 821.29 %
2006 1074.96 812.65 -10.74 % 722.36 %
2007 1112.80 709.23 34.88 % 1009.21 %
2008⁶ 1216.05 1031.64 8.92 % 1108.17 %
~~THE FUND WILL TRADE WITH A VIEW TO TRACKING THE~~
~~DEUTSCHE BANK LIQUID COMMODITY INDEX–OPTIMUM YIELD ENERGY EXCESS RETURN™ OVER TIME.~~
~~NEITHER THE PAST PERFORMANCE OF THE FUND NOR~~ THE PRIOR INDEX LEVELS AND CHANGES ~~POSITIVE~~TO THE INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ~~NEGATIVE, SHOULD BE TAKEN AS AN INDICATION~~ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE.
~~DEUTSCHE BANK LIQUID COMMODITY INDEX–OPTIMUM YIELD ENERGY TOTAL RETURN~~™

   CLOSING LEVEL CHANGES
   High¹ Low² Annual Index
Changes³ Index Changes Since
Inception⁴
1990⁵ 183.60 97.33 51.88 % 51.88 %
1991 154.30 112.85 -16.53 % 26.77 %
1992 155.82 122.35 13.48 % 43.86 %
1993 160.01 118.31 -17.71 % 18.38 %
1994 147.06 112.95 11.67 % 32.19 %
1995 155.68 127.46 17.38 % 55.17 %
1996 270.11 146.19 72.56 % 167.77 %
1997 279.83 227.35 -14.08 % 130.07 %
1998 232.17 147.51 -33.81 % 52.29 %
1999 282.30 141.11 81.15 % 175.87 %
2000 496.29 265.84 49.64 % 312.83 %
2001 476.58 334.41 -13.77 % 255.97 %
2002 527.96 339.16 44.32 % 413.72 %
2003 700.53 505.36 33.65 % 586.61 %
2004 1293.70 686.54 56.88 % 977.16 %
2005 1917.92 1056.70 60.14 % 1625.00 %
2006 2070.40 1595.93 -6.33 % 1515.87 %
2007 2285.06 1397.07 41.00 % 2178.45 %
2008⁶ 2508.15 2123.21 9.37 % 2392.04 %
THE INDEX SHOWN DOES NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND ~~WILL NOT TRADE WITH A VIEW TO TRACKING THE DEUTSCHE BANK LIQUID COMMODITY INDEX–OPTIMUM YIELD ENERGY TOTAL RETURN™ OVER TIME.~~
~~NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.~~
OR ACTUAL TRADING.
Please refer to ~~notes and legends that follow on~~the “Notes” section below.
[Remainder of page ~~53.~~left blank intentionally.]

48-51-

~~INDEX COMMODITIES WEIGHTS TABLES~~The following table presents various measures of performance for the Index (“DBIQ Optimum Yield Energy ER^TM”), DBIQ Optimum Yield Energy TR^TM, and S&P GSCI Energy Index Total Return (“S&P GSCI Energy Index TR”), which is a broad-based commodity index. The S&P GSCI Energy Index TR has been included to provide investors with an additional basis for evaluating the Fund.

~~DEUTSCHE BANK LIQUID COMMODITY INDEX–OPTIMUM YIELD ENERGY EXCESS RETURN™~~

   CL⁷ HO⁷ LCO⁷ XB⁷ NG⁷
   High¹ Low² High Low High Low High Low High Low
1990⁵ 21.8 % 21.9 % 21.4 % 22.6 % 27.2 % 22.2 % 23.4 % 22.4 % 6.2 % 10.9 %
1991 21.8 % 22.5 % 22.8 % 22.7 % 23.8 % 20.0 % 21.5 % 21.8 % 10.1 % 13.1 %
1992 21.3 % 22.3 % 23.1 % 23.1 % 21.6 % 21.5 % 21.7 % 22.2 % 12.3 % 10.8 %
1993 21.6 % 22.1 % 21.5 % 22.8 % 21.1 % 22.7 % 21.4 % 22.0 % 14.4 % 10.4 %
1994 20.6 % 21.7 % 22.4 % 22.5 % 24.7 % 21.9 % 23.0 % 21.8 % 9.3 % 12.1 %
1995 22.9 % 24.3 % 21.2 % 22.1 % 23.1 % 23.0 % 23.1 % 21.9 % 9.7 % 8.8 %
1996 22.6 % 22.6 % 21.6 % 21.1 % 22.0 % 22.5 % 21.8 % 22.9 % 12.0 % 10.9 %
1997 23.2 % 22.5 % 21.6 % 22.6 % 22.2 % 21.6 % 21.4 % 23.1 % 11.4 % 10.1 %
1998 22.4 % 22.7 % 22.9 % 23.4 % 21.3 % 21.1 % 23.5 % 22.5 % 9.9 % 10.4 %
1999 22.7 % 23.1 % 21.9 % 22.0 % 23.0 % 22.2 % 23.3 % 22.3 % 9.1 % 10.4 %
2000 21.8 % 22.9 % 22.5 % 22.2 % 21.2 % 22.8 % 23.2 % 23.2 % 11.4 % 8.9 %
2001 23.5 % 22.9 % 22.0 % 22.2 % 21.4 % 21.8 % 22.5 % 22.7 % 10.5 % 10.4 %
2002 21.4 % 23.2 % 22.4 % 22.5 % 24.2 % 22.6 % 21.8 % 23.2 % 10.3 % 8.5 %
2003 22.7 % 21.2 % 22.6 % 21.5 % 22.3 % 23.2 % 22.3 % 21.8 % 10.2 % 12.3 %
2004 23.9 % 22.6 % 23.0 % 22.2 % 23.2 % 21.8 % 21.0 % 22.9 % 8.8 % 10.5 %
2005 20.6 % 22.3 % 23.5 % 22.7 % 21.8 % 22.3 % 24.9 % 23.0 % 9.1 % 9.7 %
2006 23.3 % 22.8 % 22.7 % 22.7 % 23.2 % 22.9 % 25.3 % 22.8 % 5.5 % 8.7 %
2007 22.6 % 22.1 % 22.8 % 23.0 % 22.5 % 22.1 % 23.0 % 22.6 % 9.1 % 10.2 %
2008⁶ 22.2 % 22.1 % 22.7 % 22.6 % 22.0 % 22.2 % 22.2 % 22.7 % 10.8 % 10.3 %
~~THE FUND WILL TRADE WITH A VIEW TO TRACKING THE~~
~~DEUTSCHE BANK LIQUID COMMODITY INDEX–OPTIMUM YIELD ENERGY EXCESS RETURN™ OVER TIME.~~
~~NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.~~
~~DEUTSCHE BANK LIQUID COMMODITY INDEX–OPTIMUM YIELD ENERGY TOTAL RETURN™~~

   CL⁷ HO⁷ LCO⁷ XB⁷ NG⁷
   High¹ Low² High Low High Low High Low High Low
1990⁵ 21.8 % 21.9 % 21.4 % 22.6 % 27.2 % 22.2 % 23.4 % 22.4 % 6.2 % 10.9 %
1991 21.8 % 22.5 % 22.8 % 22.7 % 23.8 % 20.0 % 21.5 % 21.8 % 10.1 % 13.1 %
1992 21.3 % 22.3 % 23.2 % 23.1 % 21.6 % 21.5 % 21.5 % 22.2 % 12.5 % 10.8 %
1993 21.6 % 22.1 % 21.5 % 22.8 % 21.1 % 22.7 % 21.4 % 22.0 % 14.4 % 10.4 %
1994 20.6 % 21.7 % 22.4 % 22.5 % 24.7 % 21.9 % 23.0 % 21.8 % 9.3 % 12.1 %
1995 22.9 % 22.9 % 21.2 % 22.4 % 23.1 % 23.1 % 23.1 % 23.3 % 9.7 % 8.4 %
1996 22.6 % 22.6 % 21.6 % 21.1 % 22.0 % 22.5 % 21.8 % 22.9 % 12.0 % 10.9 %
1997 23.2 % 22.0 % 21.6 % 22.8 % 22.2 % 21.1 % 21.4 % 23.7 % 11.4 % 10.3 %
1998 22.4 % 22.7 % 22.9 % 23.4 % 21.3 % 21.1 % 23.5 % 22.5 % 9.9 % 10.4 %
1999 22.9 % 23.1 % 22.3 % 22.0 % 22.8 % 22.2 % 23.3 % 22.3 % 8.6 % 10.4 %
2000 21.8 % 22.9 % 22.5 % 22.2 % 21.2 % 22.8 % 23.2 % 23.2 % 11.4 % 8.9 %
2001 23.5 % 22.9 % 22.0 % 22.2 % 21.4 % 21.8 % 22.5 % 22.7 % 10.5 % 10.4 %
2002 21.4 % 23.2 % 22.4 % 22.5 % 24.2 % 22.6 % 21.8 % 23.2 % 10.3 % 8.5 %
2003 22.7 % 21.2 % 22.6 % 21.5 % 22.3 % 23.2 % 22.3 % 21.8 % 10.2 % 12.3 %
2004 23.9 % 22.6 % 23.0 % 22.2 % 23.2 % 21.8 % 21.0 % 22.9 % 8.8 % 10.5 %
2005 20.6 % 22.3 % 23.5 % 22.7 % 21.8 % 22.3 % 24.9 % 23.0 % 9.1 % 9.7 %
2006 23.3 % 22.8 % 22.7 % 22.7 % 23.2 % 22.9 % 25.3 % 22.8 % 5.5 % 8.7 %
2007 22.6 % 22.1 % 22.8 % 23.0 % 22.5 % 22.1 % 23.0 % 22.6 % 9.1 % 10.2 %
2008⁶ 22.2 % 22.1 % 22.7 % 22.6 % 22.0 % 22.2 % 22.2 % 22.7 % 10.8 % 10.3 %
~~THE FUND WILL NOT TRADE WITH A VIEW TO TRACKING THE~~
~~DEUTSCHE BANK LIQUID COMMODITY INDEX–OPTIMUM YIELD ENERGY TOTAL RETURN™ OVER TIME.~~
~~NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.~~
~~Please refer to notes and legends that follow on page 53.~~
49
All statistics based on data from June 4, 1990 to ~~February 29, 2008.~~September 28, 2018.

VARIOUS STATISTICAL MEASURES
     DBLCI-OY
Energy ER⁸      DBLCI-OY
Energy TR⁹      Goldman Sachs
US Energy Total Return¹⁰    DBIQ Optimum Yield
Energy ER    DBIQ Optimum Yield
Energy TR    S&P GSCI Energy
Index TR
Annualized Changes to Index Level¹¹
     15.1%      19.9%      11.7%
Average rolling 3 month daily volatility¹²
     22.6%      22.6%      28.6%
Sharpe Ratio¹³
     0.49      0.70      0.27
% of months with positive change¹⁴
     57%      58%      54%
Average monthly positive change¹⁵
     6.0%      6.2%      7.8%
Average monthly negative change¹⁶
     -4.6%      -4.3%      -6.1%
Annualized Changes to Index Level⁶
   6.6%    9.6%    2.4%
Average rolling 3 month daily volatility⁷
   23.9%    23.9%    28.9%
Sharpe Ratio⁸
   0.28    0.28    -0.01
% of months with positive change⁹
   55%    55%    52%
Average monthly positive change¹⁰
   5.7%    5.9%    7.0%
Average monthly negative change¹¹
   -5.1%    -5.0%    -6.4%

ANNUALIZED INDEX LEVELS¹⁷
     DBLCI-OY
Energy ER⁸      DBLCI-OY
Energy TR⁹      Goldman Sachs US
Energy Total Return¹⁰
ANNUALIZED INDEX LEVELS¹²    DBIQ Optimum Yield
Energy ER    DBIQ Optimum Yield
Energy TR    S&P GSCI Energy
Index TR
1 year
     45.0%      50.9%      51.1%    39.5%    41.8%    43.3%
3 year
     19.5%      24.6%      8.1%    10.0%    11.0%    5.6%
5 year
     28.2%      32.1%      11.8%    -7.8%    -7.3%    -12.3%
7 year
     24.9%      28.5%      12.6%    -4.3%    -3.9%    -7.0%
10 year
     23.5%      27.9%      16.3%    -6.7%    -6.4%    -11.9%
15 year
     15.9%      20.5%      10.6%    4.1%    5.4%    -3.4%
THE FUND DOES NOT TRACK DBIQ OPTIMUM YIELD ENERGY TR™ OR THE S&P GSCI ENERGY INDEX TR. THE VARIOUS STATISTICAL MEASURES AND ANNUALIZED INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE.
Please refer to the “Notes” section below.
[Remainder of page left blank intentionally.]

~~NEITHER~~ -52-

The following tables present additional information regarding the Index, DBIQ Optimum Yield Energy TR^TM and S&P GSCI Energy Index TR.

COMPARISON OF DBIQ OPTIMUM YIELD ENERGY INDEX TOTAL RETURN™, DBIQ OPTIMUM YIELD ENERGY

INDEX EXCESS RETURN™ AND S&P GSCI ENERGY INDEX TR

(June 4, 1990 — September 28, 2018)

THE ~~PAST~~FUND TRACKS ONLY ITS OWN INDEX, DBIQ OPTIMUM YIELD ENERGY ER^TM. THE PRIOR INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEXES SHOWN DO NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND ~~NOR~~ OR ACTUAL TRADING.

[Remainder of page left blank intentionally.]

-53-

COMPARISON OF DBIQ OPTIMUM YIELD ENERGY INDEX TOTAL RETURN™, DBIQ OPTIMUM YIELD ENERGY INDEX EXCESS

RETURN™ AND S&P GSCI ENERGY INDEX TR

(June 4, 1990 — September 28, 2018)

THE FUND TRACKS ONLY ITS OWN INDEX, DBIQ OPTIMUM YIELD ENERGY ER^TM. THE PRIOR INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEXES SHOWN DO NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.

[Remainder of page left blank intentionally.]

-54-

CRUDE OIL SECTOR DATA

RELATING TO

DBIQ OPTIMUM YIELD CRUDE OIL INDEX EXCESS RETURN™

(DBIQ-OY CL ER™)

-55-

CLOSING LEVELS TABLES

DBIQ OPTIMUM YIELD CRUDE OIL INDEX EXCESS RETURN™

      CLOSING LEVEL    INDEX CHANGES
      High¹    Low²    Annual³ Since Inception⁴
2008
   3955.92    1188.78    -41.61 % 1368.33 %
2009
   2057.94    1147.41    36.08 % 1898.07 %
2010
   2169.64    1673.17    3.20 % 1962.00 %
2011
   2508.55    1642.90    1.97 % 2002.66 %
2012
   2343.44    1685.62    -8.17 % 1830.84 %
2013
   2108.94    1796.69    7.08 % 1967.56 %
2014
   2308.48    1203.05    -41.81 % 1103.05 %
2015
   1203.36    687.13    -40.87 % 611.36 %
2016
   765.81    528.35    7.09 % 661.77 %
2017
   803.40    587.93    5.46 % 703.40 %
2018⁵
   1052.44    794.23    31.00 % 952.44 %
THE PRIOR INDEX LEVELS AND CHANGES ~~POSITIVE~~TO THE INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ~~NEGATIVE, SHOULD BE TAKEN AS AN INDICATION~~ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE.
~~WHILE THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK~~ THE INDEX BECAUSE THE INDEX WAS ESTABLISHED IN JULY 2006, CERTAIN INFORMATION RELATING TO INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW.
NO REPRESENTATION IS BEING MADE THAT THE INDEX WILL OR IS LIKELY TO ACHIEVE ANNUAL OR CUMULATIVE CLOSING LEVELS CONSISTENT WITH OR SIMILAR TO THOSE SET FORTH HEREIN. SIMILARLY, NO REPRESENTATION IS BEING MADE THAT THE FUND WILL GENERATE PROFITS OR LOSSES SIMILAR TO THE FUND’S PAST PERFORMANCE, WHEN AVAILABLE, OR THE HISTORICAL ANNUAL OR CUMULATIVE CHANGES IN THE INDEX CLOSING LEVELS. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY INVESTMENT METHODOLOGIES, WHETHER ACTIVE OR PASSIVE.
ONE OF THE LIMITATIONS OF HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. TO THE EXTENT THAT INFORMATION PRESENTED HEREIN RELATES TO THE PERIOD JUNE 1990 THROUGH JUNE 2006, THE INDEX CLOSING LEVELS REFLECT THE APPLICATION OF THE INDEX’S METHODOLOGY, AND SELECTION OF INDEX COMMODITIES, IN HINDSIGHT.
NO HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS, INCLUDING THOSE DESCRIBED UNDER “RISK FACTORS” HEREIN, RELATED TO THE COMMODITIES MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF THE FUND’S EFFORTS TO TRACK ITS INDEX OVER TIME WHICH CANNOT BE, AND HAVE NOT BEEN, ACCOUNTED FOR IN THE PREPARATION OF SUCH INDEX INFORMATION SET FORTH ON THE FOLLOWING PAGES, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL PERFORMANCE RESULTS FOR THE FUND. FURTHERMORE, THE INDEX INFORMATIONSHOWN DOES NOT ~~INVOLVE FINANCIAL RISK~~REFLECT ANY FEES OR ~~ACCOUNT FOR THE IMPACT OF FEES AND COSTS~~EXPENSES ASSOCIATED WITH ~~THE FUND.~~
~~THE MANAGING OWNER HAS HAD LIMITED EXPERIENCE IN TRADING~~OPERATING A FUND OR ACTUAL ACCOUNTS FOR ITSELF OR FOR CLIENTS. BECAUSE THERE ARE NO ACTUAL TRADING RESULTS TO COMPARE TO THE INDEX CLOSING LEVELS SET FORTH HEREIN, PROSPECTIVE INVESTORS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THE ANNUAL OR CUMULATIVE INDEX RESULTS.
TRADING.
Please refer to ~~notes and legends that follow on~~the “Notes” section below.
[Remainder of page ~~53.~~left blank intentionally.]

50-56-

The Index Sponsor also maintains a separate index, DBIQ Optimum Yield Crude Oil Index Total Return (“DBIQ Optimum Yield Crude Oil TR™”) which the Fund does not track. DBIQ Optimum Yield Crude Oil TR™ is calculated on a funded (total return) basis, which reflects the change in market value of the underlying index commodities and interest income from a notional basket of fixed income securities. DBIQ Optimum Yield Crude Oil TR™ is included so that investors can evaluate an index with both futures and income components, as the particular Fund tracks the Index and expects to generate income from positions in Treasury Securities, money market funds, and/orT-Bill ETFs that are maintained for margin and/or cash management purposes.

~~COMPARISON OF DBLCI-OY ENERGY ER, DBLCI-OY ENERGY TR AND GOLDMAN SACHS US ENERGY~~DBIQ OPTIMUM YIELD CRUDE OIL INDEX TOTAL ~~RETURN~~RETURN™

      CLOSING LEVEL    INDEX CHANGES
      High¹    Low²    Annual³ Since Inception⁴
2008
   9281.23    2799.96    -40.80 % 3358.41 %
2009
   4853.73    2703.20    36.28 % 4612.97 %
2010
   5119.70    3948.54    3.34 % 4770.26 %
2011
   5927.09    3882.20    2.02 % 4868.75 %
2012
   5538.20    3984.72    -8.09 % 4466.53 %
2013
   4989.66    4250.26    7.14 % 4792.56 %
2014
   5463.65    2847.65    -41.80 % 2747.65 %
2015
   2848.58    1627.14    -40.84 % 1584.67 %
2016
   1819.25    1251.36    7.43 % 1709.70 %
2017
   1926.55    1401.60    6.46 % 1826.55 %
2018⁵
   2558.41    1907.72    32.80 % 2458.41 %
~~NEITHER THE PAST PERFORMANCE OF~~ THE FUND ~~NOR~~ DOES NOT TRACK DBIQ OPTIMUM YIELD CRUDE OIL INDEX TOTAL RETURN™.
THE PRIOR INDEX LEVELS AND CHANGES ~~POSITIVE~~TO THE INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ~~NEGATIVE, SHOULD BE TAKEN AS AN INDICATION~~ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE.
~~Each of DBLCI-OY Energy ER, DBLCI-OY Energy TR and Goldman Sachs US Energy Total Return are indices and do not reflect actual trading.~~
~~DBLCI-OY Energy TR and Goldman Sachs US Energy Total Return are calculated on a total return basis and do not reflect any fees or expenses.~~
~~WHILE THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK~~ THE INDEX BECAUSE THE INDEX WAS ESTABLISHED IN JULY 2006, CERTAIN INFORMATION RELATING TO INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW.
NO REPRESENTATION IS BEING MADE THAT THE INDEX WILL OR IS LIKELY TO ACHIEVE ANNUAL OR CUMULATIVE CLOSING LEVELS CONSISTENT WITH OR SIMILAR TO THOSE SET FORTH HEREIN. SIMILARLY, NO REPRESENTATION IS BEING MADE THAT THE FUND WILL GENERATE PROFITS OR LOSSES SIMILAR TO THE FUND’S PAST PERFORMANCE, WHEN AVAILABLE, OR THE HISTORICAL ANNUAL OR CUMULATIVE CHANGES IN THE INDEX CLOSING LEVELS. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY INVESTMENT METHODOLOGIES, WHETHER ACTIVE OR PASSIVE.
ONE OF THE LIMITATIONS OF HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. TO THE EXTENT THAT INFORMATION PRESENTED HEREIN RELATES TO THE PERIOD JUNE 1990 THROUGH JUNE 2006, THE INDEX CLOSING LEVELS REFLECT THE APPLICATION OF THE INDEX’S METHODOLOGY, AND SELECTION OF INDEX COMMODITIES, IN HINDSIGHT.
NO HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS, INCLUDING THOSE DESCRIBED UNDER “RISK FACTORS” HEREIN, RELATED TO THE COMMODITIES MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF THE FUND’S EFFORTS TO TRACK ITS INDEX OVER TIME WHICH CANNOT BE, AND HAVE NOT BEEN, ACCOUNTED FOR IN THE PREPARATION OF SUCH INDEX INFORMATION SET FORTH ON THE FOLLOWING PAGES, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL PERFORMANCE RESULTS FOR THE FUND. FURTHERMORE, THE INDEX INFORMATIONSHOWN DOES NOT ~~INVOLVE FINANCIAL RISK~~REFLECT ANY FEES OR ~~ACCOUNT FOR THE IMPACT OF FEES AND COSTS~~EXPENSES ASSOCIATED WITH ~~THE FUND.~~
~~THE MANAGING OWNER HAS HAD LIMITED EXPERIENCE IN TRADING~~OPERATING A FUND OR ACTUAL ACCOUNTS FOR ITSELF OR FOR CLIENTS. BECAUSE THERE ARE NO ACTUAL TRADING RESULTS TO COMPARE TO THE INDEX CLOSING LEVELS SET FORTH HEREIN, PROSPECTIVE INVESTORS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THE ANNUAL OR CUMULATIVE INDEX RESULTS.
TRADING.
Please refer to ~~notes and legends that follow on~~the “Notes” section below.
[Remainder of page ~~53.~~left blank intentionally.]

51-57-

~~COMPARISON OF DBLCI-OY ENERGY TR AND GOLDMAN SACHS US ENERGY TOTAL RETURN~~

~~NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.~~

~~Each~~The following table presents various measures of ~~DBLCI-OY Energy~~performance for the Index (“DBIQ Optimum Yield Crude Oil ER^TM”), DBIQ Optimum Yield Crude Oil TR^TM, and ~~Goldman Sachs US Energy~~S&P GSCI Crude Oil Index Total Return ~~are indices and do not reflect actual trading.~~(“S&P GSCI Crude Oil Index TR”), which is a broad-based commodity index. The S&P GSCI Crude Oil Index TR has been included to provide investors with an additional basis for evaluating the Fund.

~~DBLCI-OY Energy TR and Goldman Sachs US Energy Total Return are calculated on a total return basis and do not reflect any fees or expenses.~~

WHILE THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN JULY 2006, CERTAIN INFORMATION RELATING TO INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW.

NO REPRESENTATION IS BEING MADE THAT THE INDEX WILL OR IS LIKELY TO ACHIEVE ANNUAL OR CUMULATIVE CLOSING LEVELS CONSISTENT WITH OR SIMILAR TO THOSE SET FORTH HEREIN. SIMILARLY, NO REPRESENTATION IS BEING MADE THAT THE FUND WILL GENERATE PROFITS OR LOSSES SIMILAR TO THE FUND’S PAST PERFORMANCE, WHEN AVAILABLE, OR THE HISTORICAL ANNUAL OR CUMULATIVE CHANGES IN THE INDEX CLOSING LEVELS. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY INVESTMENT METHODOLOGIES, WHETHER ACTIVE OR PASSIVE.

ONE OF THE LIMITATIONS OF HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. TO THE EXTENT THAT INFORMATION PRESENTED HEREIN RELATES TO THE PERIOD JUNE 1990 THROUGH JUNE 2006, THE INDEX CLOSING LEVELS REFLECT THE APPLICATION OF THE INDEX’S METHODOLOGY, AND SELECTION OF INDEX COMMODITIES, IN HINDSIGHT.

NO HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS, INCLUDING THOSE DESCRIBED UNDER “RISK FACTORS” HEREIN, RELATED TO THE COMMODITIES MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF THE FUND’S EFFORTS TO TRACK ITS INDEX OVER TIME WHICH CANNOT BE, AND HAVE NOT BEEN, ACCOUNTED FOR IN THE PREPARATION OF SUCH INDEX INFORMATION SET FORTH ON THE FOLLOWING PAGES, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL PERFORMANCE RESULTS FOR THE FUND. FURTHERMORE, THE INDEX INFORMATION DOES NOT INVOLVE FINANCIAL RISK OR ACCOUNT FOR THE IMPACT OF FEES AND COSTS ASSOCIATED WITH THE FUND.

THE MANAGING OWNER HAS HAD LIMITED EXPERIENCE IN TRADING ACTUAL ACCOUNTS FOR ITSELF OR FOR CLIENTS. BECAUSE THERE ARE NO ACTUAL TRADING RESULTS TO COMPARE TO THE INDEX CLOSING LEVELS SET FORTH HEREIN, PROSPECTIVE INVESTORS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THE ANNUAL OR CUMULATIVE INDEX RESULTS.

~~Please refer to notes and legends that follow on page 53.~~

~~NOTES AND LEGENDS:~~

1.	~~“High” reflects the highest closing level of the Index during the applicable year.~~

2.	~~“Low” reflects the lowest closing level of the Index during the applicable year.~~

3.	~~“Annual Index Changes” reflect the change to the Index level on an annual basis as of December 31 of each applicable year.~~

4.	~~“Index Changes Since Inception” reflects the change of the Index level since inception on a compounded annual basis as of December 31 of each applicable year.~~

5.	~~Closing levels as of inception on June 4, 1990.~~

6.	~~Closing levels as of February 29, 2008.~~

The Deutsche Bank Liquid Commodity Index–Optimum Yield Energy Excess Return™ and Deutsche Bank Liquid Commodity Index–Optimum Yield Energy Total Return™ reflect the change in market value of the following underlying index commodities: CL (Sweet Light Crude Oil), HO (Heating Oil), LCO (Brent Crude Oil), XB (RBOB Gasoline) and NG (Natural Gas) on an optimum yield basis.

8.	~~“DBLCI-OY Energy ER™” is Deutsche Bank Liquid Commodity Index–Optimum Yield Energy Excess Return™.~~

9.	~~“DBLCI-OY Energy TR™” is Deutsche Bank Liquid Commodity Index–Optimum Yield Energy Total Return™.~~

~~10.~~

~~“Goldman Sachs US Energy Total Return” is Goldman Sachs US Energy Total Return.~~

~~11.~~

~~“Annualized Changes to Index Level” reflect the change to the applicable index level on an annual basis as of December 31 of each applicable year.~~

~~12.~~

“Average rolling 3 month daily volatility.” The daily volatility reflects the relative rate at which the price of the applicable index moves up and down, which is found by calculating the annualized standard deviation of the daily change in price. In turn, an average of this value is calculated on a 3 month rolling basis.

~~13.~~

“Sharpe Ratio” compares the annualized rate of return minus the annualized risk-free rate of return to the annualized variability — often referred to as the “standard deviation” — of the monthly rates of return. A Sharpe Ratio of 1:1 or higher indicates that, according to the measures used in calculating the ratio, the rate of return achieved by a particular strategy has equaled or exceeded the risks assumed by such strategy. The risk-free rate of return that was used in these calculations was assumed to be 4.01%.

~~14.~~

~~“% of months with positive change” during the period from inception to February 29, 2008.~~

~~15.~~

~~“Average monthly positive change” during the period from inception to February 29, 2008.~~

~~16.~~

~~“Average monthly negative change” during the period from inception to February 29, 2008.~~

~~17.~~

“Annualized Index Levels” reflect the change to the level of the applicable index on an annual basis as of December 31 of each the applicable time period (e.g., 1 year, 3, 5 or 7, 10 or 15 years, as applicable).

ONE OF THE LIMITATIONS OF HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. TO THE EXTENT THAT INFORMATION PRESENTED HEREIN RELATES TO THE PERIOD JUNE 1990 THROUGH JUNE 2006, THE INDEX CLOSING LEVELS REFLECT THE APPLICATION OF THE INDEX’S METHODOLOGY, AND SELECTION OF INDEX COMMODITIES, IN HINDSIGHT.

NO HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS, INCLUDING THOSE DESCRIBED UNDER “RISK FACTORS” HEREIN, RELATED TO THE COMMODITIES MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF THE FUND’S EFFORTS TO TRACK ITS INDEX OVER TIME WHICH CANNOT BE, AND HAVE NOT BEEN, ACCOUNTED FOR IN THE PREPARATION OF SUCH INDEX INFORMATION SET FORTH ON THE FOLLOWING PAGES, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL PERFORMANCE RESULTS FOR THE FUND. FURTHERMORE, THE INDEX INFORMATION DOES NOT INVOLVE FINANCIAL RISK OR ACCOUNT FOR THE IMPACT OF FEES AND COSTS ASSOCIATED WITH THE FUND.

ALTHOUGH THE INDEX SPONSOR WILL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE INDEX FROM SOURCE(S) WHICH THE INDEX SPONSOR CONSIDERS RELIABLE, THE INDEX SPONSOR WILL NOT INDEPENDENTLY VERIFY SUCH INFORMATION AND DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN. THE INDEX SPONSOR SHALL NOT BE LIABLE (WHETHER IN NEGLIGENCE OR OTHERWISE) TO ANY PERSON FOR ANY ERROR IN THE INDEX AND THE INDEX SPONSOR IS UNDER NO OBLIGATION TO ADVISE ANY PERSON OF ANY ERROR THEREIN.

UNLESS OTHERWISE SPECIFIED, NO TRANSACTION RELATING TO THE INDEX IS SPONSORED, ENDORSED, SOLD OR PROMOTED BY THE INDEX SPONSOR AND THE INDEX SPONSOR MAKES NO EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES AS TO (A) THE ADVISABILITY OF PURCHASING OR ASSUMING ANY RISK IN CONNECTION WITH ANY SUCH TRANSACTION (B) THE LEVELS AT WHICH THE INDEX STANDS AT ANY PARTICULAR TIME ON ANY PARTICULAR DATE (C) THE RESULTS TO BE OBTAINED BY THE ISSUER OF ANY SECURITY OR ANY COUNTERPARTY OR ANY SUCH ISSUER’S SECURITY HOLDERS OR CUSTOMERS OR ANY SUCH COUNTERPARTY’S CUSTOMERS OR COUNTERPARTIES OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH ANY LICENSED RIGHTS OR FOR ANY OTHER USE OR (D) ANY OTHER MATTER. THE INDEX SPONSOR MAKES NO EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN.

WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE INDEX SPONSOR HAVE ANY LIABILITY (WHETHER IN NEGLIGENCE OR OTHERWISE) TO ANY PERSON FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

~~CRUDE OIL SECTOR DATA~~

~~RELATING TO~~

~~DEUTSCHE BANK LIQUID COMMODITY INDEX–OPTIMUM YIELD CRUDE OIL EXCESS RETURN™~~

~~(DBLCI-OY CL ER™)~~

~~CLOSING LEVELS TABLES~~

~~DEUTSCHE BANK LIQUID COMMODITY INDEX–OPTIMUM YIELD CRUDE OIL EXCESS RETURN™~~

   CLOSING LEVEL CHANGES
   High¹ Low² Annual Index
Changes³      Index Changes
Since Inception⁴
1988⁵ 112.02 97.53 12.02 %      12.02 %
1989 192.01 110.98 71.41 %      92.01 %
1990 294.82 160.13 24.79 %      139.61 %
1991 238.71 175.06 -15.63 %      102.15 %
1992 224.82 189.93 0.68 %      103.52 %
1993 217.01 152.46 -24.79 %      53.08 %
1994 173.31 142.13 5.59 %      61.64 %
1995 202.32 157.90 25.16 %      102.32 %
1996 414.35 185.87 104.80 %      314.35 %
1997 425.66 303.27 -26.65 %      203.93 %
1998 302.95 171.33 -40.94 %      79.51 %
1999 346.30 165.23 85.26 %      232.56 %
2000 551.67 325.69 31.04 %      335.79 %
2001 532.29 390.80 -3.95 %      318.57 %
2002 608.00 399.11 41.61 %      492.76 %
2003 847.48 574.29 39.55 %      727.21 %
2004 1632.10 824.87 63.83 %      1255.23 %
2005 2171.79 1319.88 42.95 %      1837.28 %
2006 2389.01 1856.67 -2.48 %      1789.17 %
2007 2523.38 1571.31 33.12 %      2414.88 %
2008⁶ 2716.82 2292.22 7.15 %      2594.76 %
~~THE FUND WILL TRADE WITH A VIEW TO TRACKING THE~~
~~DEUTSCHE BANK LIQUID COMMODITY INDEX–OPTIMUM YIELD CRUDE OIL EXCESS RETURN™ OVER TIME.~~
~~NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.~~
~~DEUTSCHE BANK LIQUID COMMODITY INDEX– OPTIMUM YIELD CRUDE OIL TOTAL RETURN™~~

        CLOSING LEVEL      CHANGES
        High¹      Low²      Annual Index
Changes³      Index Changes
Since Inception⁴
1988⁵      112.73      97.60      12.73 %      12.73 %
1989      209.87      111.81      86.17 %      109.87 %
1990      341.64      182.36      34.76 %      182.82 %
1991      295.24      208.42      -10.88 %      152.05 %
1992      288.22      237.02      4.27 %      162.81 %
1993      281.69      202.92      -22.45 %      103.80 %
1994      235.88      190.71      10.24 %      124.67 %
1995      297.36      219.85      32.36 %      197.36 %
1996      641.10      274.37      115.60 %      541.10 %
1997      659.34      493.93      -22.77 %      395.14 %
1998      495.55      292.68      -37.99 %      207.03 %
1999      620.64      284.23      94.21 %      496.27 %
2000      1035.63      584.55      39.02 %      728.92 %
2001      1030.69      768.08      -0.53 %      724.54 %
2002      1217.32      786.82      43.96 %      1087.00 %
2003      1713.97      1154.40      40.99 %      1573.50 %
2004      3334.95      1670.29      66.12 %      2679.95 %
2005      4541.88      2707.94      47.56 %      4002.06 %
2006      5203.49      3969.14      2.34 %      4097.88 %
2007      5859.72      3499.36      39.16 %      5741.98 %
2008⁶      6336.95      5335.07      7.60 %      6185.83 %
~~THE FUND WILL NOT TRADE WITH A VIEW TO TRACKING THE~~
~~DEUTSCHE BANK LIQUID COMMODITY INDEX–OPTIMUM YIELD CRUDE OIL TOTAL RETURN™ OVER TIME.~~
~~NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.~~
~~Please refer to notes and legends that follow on page 61.~~
56
~~INDEX COMMODITIES WEIGHTS TABLES~~
~~DEUTSCHE BANK LIQUID COMMODITY INDEX–OPTIMUM YIELD CRUDE OIL EXCESS RETURN™~~

        CL⁷
        High¹      Low²
1988⁵      100%      100%
1989      100%      100%
1990      100%      100%
1991      100%      100%
1992      100%      100%
1993      100%      100%
1994      100%      100%
1995      100%      100%
1996      100%      100%
1997      100%      100%
1998      100%      100%
1999      100%      100%
2000      100%      100%
2001      100%      100%
2002      100%      100%
2003      100%      100%
2004      100%      100%
2005      100%      100%
2006      100%      100%
2007      100%      100%
2008⁶      100%      100%
~~THE FUND WILL TRADE WITH A VIEW TO TRACKING THE~~
~~DEUTSCHE BANK LIQUID COMMODITY INDEX–OPTIMUM YIELD CRUDE OIL EXCESS RETURN™ OVER TIME.~~
~~NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.~~
~~DEUTSCHE BANK LIQUID COMMODITY INDEX–OPTIMUM YIELD CRUDE OIL TOTAL RETURN™~~

        CL⁷
        High¹      Low²
1988⁵      100%      100%
1989      100%      100%
1990      100%      100%
1991      100%      100%
1992      100%      100%
1993      100%      100%
1994      100%      100%
1995      100%      100%
1996      100%      100%
1997      100%      100%
1998      100%      100%
1999      100%      100%
2000      100%      100%
2001      100%      100%
2002      100%      100%
2003      100%      100%
2004      100%      100%
2005      100%      100%
2006      100%      100%
2007      100%      100%
2008⁶      100%      100%
~~THE FUND WILL NOT TRADE WITH A VIEW TO TRACKING THE DEUTSCHE BANK LIQUID COMMODITY INDEX–OPTIMUM YIELD CRUDE OIL TOTAL RETURN™ OVER TIME.~~
~~NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.~~
~~Please refer to notes and legends that follow on page 61.~~
57
All statistics based on data from December 2, 1988 to ~~February 29, 2008.~~September 28, 2018.

VARIOUS STATISTICAL MEASURES
     DBLCI-OY
CL ER⁸      DBLCI-OY
CL TR⁹      Goldman Sachs
Crude Oil Total Return
Index¹⁰    DBIQ Optimum Yield
Crude Oil ER    DBIQ Optimum Yield
Crude Oil TR    S&P GSCI Crude
Oil Index TR
Annualized Changes to Index Level¹¹
     18.7%      24.0%      19.2%
Average rolling 3 month daily volatility¹²
     24.9%      24.9%      30.9%
Sharpe Ratio¹³
     0.58      0.79%      0.48
% of months with positive change¹⁴
     58%      59%      58%
Average monthly positive change¹⁵
     6.4%      6.7%      8.2%
Average monthly negative change¹⁶
     -4.8%      -4.6%      -6.6%
Annualized Changes to Index Level⁶
   8.2%    11.5%    5.9%
Average rolling 3 month daily volatility⁷
   26.7%    26.7%    32.1%
Sharpe Ratio⁸
   0.31    0.32    0.09
% of months with positive change⁹
   54%    56%    54%
Average monthly positive change¹⁰
   6.3%    6.4%    7.6%
Average monthly negative change¹¹
   -5.6%    -5.4%    -7.0%

ANNUALIZED INDEX LEVELS¹⁷
     DBLCI-OY
CL ER⁸      DBLCI-OY
CL TR⁹      Goldman Sachs
Crude Oil Total Return
Index¹⁰
ANNUALIZED INDEX LEVELS¹²    DBIQ Optimum Yield
Crude Oil ER    DBIQ Optimum Yield
Crude Oil TR    S&P GSCI Crude
Oil Index TR
1 year
     44.5%      50.4%      59.2%    51.6%    54.1%    48.6%
3 year
     18.1%      23.1%      10.6%    6.0%    7.0%    2.9%
5 year
     31.0%      35.0%      18.8%    -12.5%    -12.0%    -15.4%
7 year
     28.3%      31.9%      18.1%    -6.7%    -6.3%    -8.7%
10 year
     25.8%      30.3%      21.6%    -9.2%    -8.9%    -15.5%
15 year
     18.4%      23.1%      16.6%    2.6%    3.9%    -4.7%
THE FUND DOES NOT TRACK DBIQ OPTIMUM YIELD CRUDE OIL TR™ OR THE S&P GSCI CRUDE OIL INDEX TR. THE VARIOUS STATISTICAL MEASURES AND ANNUALIZED INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE.
Please refer to the “Notes” section below.
[Remainder of page left blank intentionally.]

~~NEITHER~~ -58-

The following tables present additional information regarding the Index, DBIQ Optimum Yield Crude Oil TR^TM and S&P GSCI Crude Oil Index TR.

COMPARISON OF DBIQ OPTIMUM YIELD CRUDE OIL INDEX TOTAL RETURN™, DBIQ OPTIMUM YIELD CRUDE OIL

INDEX EXCESS RETURN™ AND S&P GSCI CRUDE Oil Index TR (OFFICIAL CLOSE)

(December 2, 1988 — September 28, 2018)

THE ~~PAST~~FUND TRACKS ONLY ITS OWN INDEX, DBIQ OPTIMUM YIELD CRUDE OIL ER^TM. THE PRIOR INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEXES SHOWN DO NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND ~~NOR~~ OR ACTUAL TRADING.

[Remainder of page left blank intentionally.]

-59-

COMPARISON OF DBIQ OPTIMUM YIELD CRUDE OIL INDEX TOTAL RETURN™, DBIQ OPTIMUM YIELD CRUDE OIL INDEX

EXCESS RETURN™ AND S&P GSCI CRUDE Oil Index TR (OFFICIAL CLOSE)

(December 2, 1988 — September 28, 2018)

THE FUND TRACKS ONLY ITS OWN INDEX, DBIQ OPTIMUM YIELD CRUDE OIL ER^TM. THE PRIOR INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEXES SHOWN DO NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.

[Remainder of page left blank intentionally.]

-60-

PRECIOUS METALS SECTOR DATA

RELATING TO

DBIQ OPTIMUM YIELD PRECIOUS METALS INDEX EXCESS RETURN™

(DBIQ-OY PRECIOUS METALS ER™)

-61-

CLOSING LEVELS TABLES

DBIQ OPTIMUM YIELD PRECIOUS METALS INDEX EXCESS RETURN™

      CLOSING LEVEL    INDEX CHANGES
      High¹    Low²    Annual³ Since Inception⁴
2008
   111.75    70.48    -4.17 % -11.67 %
2009
   125.88    80.96    27.73 % 12.83 %
2010
   156.43    106.48    38.64 % 56.43 %
2011
   209.23    142.98    5.13 % 64.46 %
2012
   193.25    160.55    6.30 % 74.82 %
2013
   178.48    120.93    -30.30 % 21.85 %
2014
   138.62    111.68    -5.55 % 15.08 %
2015
   128.14    101.26    -11.19 % 2.20 %
2016
   135.49    103.07    8.76 % 11.15 %
2017
   127.78    112.51    10.75 % 23.10 %
2018⁵
   128.01    107.74    11.47 % 8.98 %
THE PRIOR INDEX LEVELS AND CHANGES ~~POSITIVE~~TO THE INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ~~NEGATIVE, SHOULD BE TAKEN AS AN INDICATION~~ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEX SHOWN DOES NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.
Please refer to the “Notes” section below.
[Remainder of page left blank intentionally.]
-62-

The Index Sponsor also maintains a separate index, DBIQ Optimum Yield Precious Metals Index Total Return (“DBIQ Optimum Yield Precious Metals TR™”) which the Fund does not track. DBIQ Optimum Yield Precious Metals TR™ is calculated on a funded (total return) basis, which reflects the change in market value of the underlying index commodities and interest income from a notional basket of fixed income securities. DBIQ Optimum Yield Precious Metals TR™ is included so that investors can evaluate an index with both futures and income components, as the particular Fund tracks the Index and expects to generate income from positions in Treasury Securities, money market funds, and/orT-Bill ETFs that are maintained for margin and/or cash management purposes.

DBIQ OPTIMUM YIELD PRECIOUS METALS INDEX TOTAL RETURN™

      CLOSING LEVEL    INDEX CHANGES
      High¹    Low²    Annual³ Since Inception⁴
2008
   260.94    166.06    -2.83 % 108.15 %
2009
   297.04    190.78    27.92 % 166.26 %
2010
   369.64    251.28    38.83 % 269.64 %
2011
   494.63    337.88    5.18 % 288.80 %
2012
   456.90    379.70    6.39 % 313.64 %
2013
   422.32    286.27    -30.26 % 188.46 %
2014
   328.18    264.46    -5.53 % 172.52 %
2015
   303.44    239.89    -11.15 % 142.13 %
2016
   321.53    244.20    9.10 % 164.18 %
2017
   305.45    267.43    11.78 % 195.31 %
2018⁵
   307.43    261.94    -10.25 % 165.04 %
THE FUND DOES NOT TRACK DBIQ OPTIMUM YIELD PRECIOUS METALS INDEX TOTAL RETURN™. THE PRIOR INDEX LEVELS AND CHANGES TO THE INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEX SHOWN DOES NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.
Please refer to the “Notes” section below.
[Remainder of page left blank intentionally.]
-63-

The following table presents various measures of performance for the Index (“DBIQ Optimum Yield Precious Metals ER^TM”), DBIQ Optimum Yield Precious Metals TR^TM, and S&P GSCI Precious Metals Index Total Return (“S&P GSCI Precious Metals Index TR”), which is a broad-based commodity index. The S&P GSCI Precious Metals Index TR has been included to provide investors with an additional basis for evaluating the Fund.

All statistics based on data from December 2, 1988 to September 28, 2018.

VARIOUS STATISTICAL MEASURES    DBIQ Optimum Yield
Precious Metals ER    DBIQ Optimum Yield
Precious Metals TR    S&P GSCI Precious
Metals Index TR
Annualized Changes to Index Level⁶
   0.3%    3.3%    3.5%
Average rolling 3 month daily volatility⁷
   16.1%    16.1%    15.4%
Sharpe Ratio⁸
   0.02    0.02    0.03
% of months with positive change⁹
   46%    50%    51%
Average monthly positive change¹⁰
   4.1%    4.1%    3.8%
Average monthly negative change¹¹
   -3.3%    -3.3%    -3.1%

ANNUALIZED INDEX LEVELS¹²    DBIQ Optimum Yield
Precious Metals ER    DBIQ Optimum Yield
Precious Metals TR    S&P GSCI Precious
Metals Index TR
1 year
   -9.8%    -8.3%    -8.2%
3 year
   0.4%    1.3%    1.3%
5 year
   -4.2%    -3.7%    -3.4%
7 year
   -6.3%    -5.9%    -5.6%
10 year
   1.9%    2.3%    2.2%
15 year
   5.9%    7.2%    6.9%
THE FUND DOES NOT TRACK DBIQ OPTIMUM YIELD PRECIOUS METALS TR™ OR THE S&P GSCI PRECIOUS METALS INDEX TR. THE VARIOUS STATISTICAL MEASURES AND ANNUALIZED INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE.
Please refer to the “Notes” section below.
~~WHILE~~[Remainder of page left blank intentionally.]
-64-

The following tables present additional information regarding the Index, DBIQ Optimum Yield Precious Metals TR^TM and S&P GSCI Precious Metals Index TR.

COMPARISON OF DBIQ OPTIMUM YIELD PRECIOUS METALS INDEX TOTAL RETURN™, DBIQ OPTIMUM YIELD PRECIOUS

METALS INDEX EXCESS RETURN™ AND S&P GSCI PRECIOUS METALS INDEX TR

(December 2, 1988 — September 28, 2018)

THE FUND TRACKS ONLY ITS OWN INDEX, DBIQ OPTIMUM YIELD PRECIOUS METALS ER^TM. THE PRIOR INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S ~~OBJECTIVE IS~~PERFORMANCE AND ARE NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN MAY 2006, CERTAIN INFORMATION RELATING TO INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW.

ONE OF THE LIMITATIONS OF HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. TO THE EXTENT THAT INFORMATION PRESENTED HEREIN RELATES TO THE PERIOD DECEMBER 1988 THROUGH APRIL 2006, THE INDEX CLOSING LEVELS REFLECT THE APPLICATION OF THE INDEX’S METHODOLOGY, AND SELECTION OF INDEX COMMODITIES, IN HINDSIGHT.

NO HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS, INCLUDING THOSE DESCRIBED UNDER “RISK FACTORS” HEREIN, RELATED TO THE COMMODITIES MARKETS IN GENERAL OR TO THE IMPLEMENTATIONINDICATIVE OF THE FUND’S ~~EFFORTS TO TRACK ITS INDEX OVER TIME WHICH CANNOT BE, AND HAVE~~FUTURE PERFORMANCE. THE INDEXES SHOWN DO NOT BEEN, ACCOUNTED FOR IN THE PREPARATION OF SUCH INDEX INFORMATION SET FORTH ON THE FOLLOWING PAGES, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL PERFORMANCE RESULTS FOR THE FUND. FURTHERMORE, THE INDEX INFORMATION DOES NOT INVOLVE FINANCIAL RISKREFLECT ANY FEES OR ~~ACCOUNT FOR THE IMPACT OF FEES AND COSTS~~EXPENSES ASSOCIATED WITH ~~THE FUND.~~OPERATING A FUND OR ACTUAL TRADING.

[Remainder of page left blank intentionally.]

~~THE MANAGING OWNER HAS HAD LIMITED EXPERIENCE IN TRADING ACTUAL ACCOUNTS FOR ITSELF OR FOR CLIENTS. BECAUSE THERE ARE NO ACTUAL TRADING RESULTS TO COMPARE TO THE~~-65-

COMPARISON OF DBIQ OPTIMUM YIELD PRECIOUS METALS INDEX ~~CLOSING LEVELS SET FORTH HEREIN, PROSPECTIVE INVESTORS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THE ANNUAL OR CUMULATIVE~~TOTAL RETURN™, DBIQ OPTIMUM YIELD PRECIOUS

METALS INDEX ~~RESULTS.~~EXCESS RETURN™ AND S&P GSCI PRECIOUS METALS INDEX TR

(December 2, 1988 — September 28, 2018)

~~Please refer to notes and legends that follow on~~

THE FUND TRACKS ONLY ITS OWN INDEX, DBIQ OPTIMUM YIELD PRECIOUS METALS ER^TM. THE PRIOR INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEXES SHOWN DO NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.

[Remainder of page ~~61.~~left blank intentionally.]

58-66-

~~COMPARISON OF DBLCI-OY CL ER, DBLCI-OY CL TR AND GOLDMAN SACHS CRUDE OIL TOTAL RETURN~~GOLD SECTOR DATA

RELATING TO

DBIQ OPTIMUM YIELD GOLD INDEX EXCESS RETURN™

(DBIQ-OY GC ER™)

-67-

CLOSING LEVELS TABLES

DBIQ OPTIMUM YIELD GOLD INDEX EXCESS RETURN™

      CLOSING LEVEL    INDEX CHANGES
      High¹    Low²    Annual³ Since Inception⁴
2008
   102.34    70.49    1.73 % -11.99 %
2009
   120.07    80.47    22.77 % 8.05 %
2010
   139.11    103.64    28.75 % 39.11 %
2011
   183.97    128.88    9.42 % 52.22 %
2012
   173.42    148.72    6.01 % 61.38 %
2013
   163.03    114.17    -28.75 % 14.99 %
2014
   131.79    108.91    -1.88 % 12.82 %
2015
   123.95    99.59    -10.86 % 0.57 %
2016
   129.41    101.72    7.27 % 7.88 %
2017
   124.92    107.88    12.12 % 20.96 %
2018⁵
   126.04    107.34    -10.41 % 8.37 %
~~NEITHER THE PAST PERFORMANCE OF THE FUND NOR~~ THE PRIOR INDEX LEVELS AND CHANGES ~~POSITIVE~~TO THE INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ~~NEGATIVE, SHOULD BE TAKEN AS AN INDICATION~~ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEX DOES NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.
Please refer to the “Notes” section below.
[Remainder of page left blank intentionally.]
-68-

The Index Sponsor also maintains a separate index, DBIQ Optimum Yield Gold Index Total Return (“DBIQ Optimum Yield Gold TR™”) which the Fund does not track. DBIQ Optimum Yield Gold TR™ is calculated on a funded (total return) basis, which reflects the change in market value of the underlying index commodities and interest income from a notional basket of fixed income securities. DBIQ Optimum Yield Gold TR™ is included so that investors can evaluate an index with both futures and income components, as the particular Fund tracks the Index and expects to generate income from positions in Treasury Securities, money market funds, and/orT-Bill ETFs that are maintained for margin and/or cash management purposes.

DBIQ OPTIMUM YIELD GOLD INDEX TOTAL RETURN™

      CLOSING LEVEL    INDEX CHANGES
      High¹    Low²    Annual³ Since Inception⁴
2008
   238.99    166.08    3.15 % 107.38 %
2009
   283.32    189.63    22.95 % 154.97 %
2010
   328.71    244.58    28.92 % 228.71 %
2011
   434.91    304.57    9.48 % 259.86 %
2012
   410.02    351.68    6.10 % 281.82 %
2013
   385.77    270.26    -28.71 % 172.22 %
2014
   312.03    257.90    -1.85 % 167.17 %
2015
   239.51    235.93    -10.82 % 138.26 %
2016
   307.02    241.02    7.62 % 156.41 %
2017
   298.60    256.42    13.17 % 190.18 %
2018⁵
   302.69    260.40    -9.17 % 163.56 %
THE FUND DOES NOT TRACK DBIQ OPTIMUM YIELD GOLD INDEX TOTAL RETURN™. THE PRIOR INDEX LEVELS AND CHANGES TO THE INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEX SHOWN DOES NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.
Please refer to the “Notes” section below.
[Remainder of page left blank intentionally.]
-69-

The following table presents various measures of performance for the Index (“DBIQ Optimum Yield Gold ER^TM”), DBIQ Optimum Yield Gold TR^TM, and the spot price of gold (“Gold Spot Fix pm”). The Gold Spot Fix pm has been included to provide investors with an additional basis for evaluating the Fund.

All statistics based on data from December 2, 1988 to September 28, 2018.

VARIOUS STATISTICAL MEASURES    DBIQ Optimum
Yield Gold ER    DBIQ Optimum
Yield Gold TR    Gold Spot
Fix pm
Annualized Changes to Index Level⁶
   0.3%    3.3%    3.5%
Average rolling 3 month daily volatility⁷
   14.8%    14.8%    14.4%
Sharpe Ratio⁸
   0.02    0.02    0.03
% of months with positive change⁹
   46%    49%    52%
Average monthly positive change¹⁰
   3.8%    3.8%    3.6%
Average monthly negative change¹¹
   -3.1%    -2.9%    -3.1%

ANNUALIZED INDEX LEVELS¹²    DBIQ Optimum
Yield Gold ER    DBIQ Optimum
Yield Gold TR    Gold Spot
Fix pm
1 year
   -8.8%    -7.3%    -7.5%
3 year
   0.8%    1.7%    2.1%
5 year
   -3.1%    -2.6%    -2.2%
7 year
   -5.2%    -4.8%    -4.3%
10 year
   2.1%    2.4%    3.0%
15 year
   5.7%    7.0%    7.7%
THE FUND DOES NOT TRACK DBIQ OPTIMUM YIELD GOLD TR™ OR THE GOLD SPOT FIX PM. THE VARIOUS STATISTICAL MEASURES AND ANNUALIZED INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE.
~~Each~~Please refer to the “Notes” section below.
[Remainder of ~~DBLCI-OY CL~~page left blank intentionally.]
-70-

The following tables present additional information regarding the Index, DBIQ Optimum Yield Gold TR^TM and Gold Spot Fix pm.

COMPARISON OF DBIQ OPTIMUM YIELD GOLD INDEX TOTAL RETURN™, DBIQ OPTIMUM YIELD GOLD INDEX EXCESS

RETURN™ AND GOLD SPOT FIX PM

(December 2, 1988 — September 28, 2018)

THE FUND TRACKS ONLY ITS OWN INDEX, DBIQ OPTIMUM YIELD GOLD ER DBLCI-OY CL TR and Goldman Sachs Crude Oil Total Return Index are indices and do not reflect actual trading. DBLCI-OY CL TR and Goldman Sachs Crude Oil Total Return Index are calculated on a total return basis and do not reflect any fees or expenses.

~~WHILE~~^TM. THE PRIOR INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S ~~OBJECTIVE IS~~PERFORMANCE AND ARE NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN MAY 2006, CERTAIN INFORMATION RELATING TO INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW.

ONE OF THE LIMITATIONS OF HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. TO THE EXTENT THAT INFORMATION PRESENTED HEREIN RELATES TO THE PERIOD DECEMBER 1988 THROUGH APRIL 2006, THE INDEX CLOSING LEVELS REFLECT THE APPLICATION OF THE INDEX’S METHODOLOGY, AND SELECTION OF INDEX COMMODITIES, IN HINDSIGHT.

NO HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS, INCLUDING THOSE DESCRIBED UNDER “RISK FACTORS” HEREIN, RELATED TO THE COMMODITIES MARKETS IN GENERAL OR TO THE IMPLEMENTATIONINDICATIVE OF THE FUND’S ~~EFFORTS TO TRACK ITS INDEX OVER TIME WHICH CANNOT BE, AND HAVE~~FUTURE PERFORMANCE. THE INDEXES SHOWN DO NOT BEEN, ACCOUNTED FOR IN THE PREPARATION OF SUCH INDEX INFORMATION SET FORTH ON THE FOLLOWING PAGES, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL PERFORMANCE RESULTS FOR THE FUND. FURTHERMORE, THE INDEX INFORMATION DOES NOT INVOLVE FINANCIAL RISKREFLECT ANY FEES OR ~~ACCOUNT FOR THE IMPACT OF FEES AND COSTS~~EXPENSES ASSOCIATED WITH ~~THE FUND.~~OPERATING A FUND OR ACTUAL TRADING.

~~Please refer to notes and legends that follow on page 61.~~-71-

COMPARISON OF DBIQ OPTIMUM YIELD GOLD INDEX TOTAL RETURN™, DBIQ OPTIMUM YIELD GOLD INDEX EXCESS

RETURN™ AND GOLD SPOT FIX PM

(December 2, 1988 — September 28, 2018)

~~COMPARISON~~THE FUND TRACKS ONLY ITS OWN INDEX, DBIQ OPTIMUM YIELD GOLD ER^TM. THE PRIOR INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF ~~DBLCI-OY CL TR AND GOLDMAN SACHS CRUDE OIL TOTAL RETURN INDEX~~THE FUND’S FUTURE PERFORMANCE. THE INDEXES SHOWN DO NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.
[Remainder of page left blank intentionally.]

-72-

INDUSTRIAL METALS SECTOR DATA

RELATING TO

DBIQ OPTIMUM YIELD INDUSTRIAL METALS INDEX EXCESS RETURN™

(DBIQ-OY INDUSTRIAL METALS ER™)

~~NEITHER THE PAST PERFORMANCE OF THE FUND NOR~~ -73-

CLOSING LEVELS TABLES

DBIQ OPTIMUM YIELD INDUSTRIAL METALS INDEX EXCESS RETURN™

      CLOSING LEVEL    INDEX CHANGES
      High¹    Low²    Annual³ Since Inception⁴
2008
   277.42    113.65    -45.29 % 21.06 %
2009
   228.32    111.76    88.53 % 128.23 %
2010
   248.13    173.48    8.72 % 148.13 %
2011
   261.54    184.74    -22.19 % 93.08 %
2012
   221.47    180.37    2.85 % 98.58 %
2013
   205.25    166.93    -11.26 % 76.22 %
2014
   189.16    162.19    -3.73 % 69.66 %
2015
   179.14    122.14    -24.82 % 27.55 %
2016
   173.49    118.58    26.71 % 61.63 %
2017
   210.62    159.97    29.71 % 109.65 %
2018⁵
   214.40    166.94    -14.66 % 78.91 %
THE PRIOR INDEX LEVELS AND CHANGES ~~POSITIVE~~TO THE INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ~~NEGATIVE, SHOULD BE TAKEN AS AN INDICATION~~ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEX SHOWN DOES NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.
Please refer to the “Notes” section below.
[Remainder of page left blank intentionally.]
-74-

The Index Sponsor also maintains a separate index, DBIQ Optimum Yield Industrial Metals Index Total Return (“DBIQ Optimum Yield Industrial Metals TR™”) which the Fund does not track. DBIQ Optimum Yield Industrial Metals TR™ is calculated on a funded (total return) basis, which reflects the change in market value of the underlying index commodities and interest income from a notional basket of fixed income securities. DBIQ Optimum Yield Industrial Metals TR™ is included so that investors can evaluate an index with both futures and income components, as the particular Fund tracks the Index and expects to generate income from positions in Treasury Securities, money market funds, and/orT-Bill ETFs that are maintained for margin and/or cash management purposes.

DBIQ OPTIMUM YIELD INDUSTRIAL METALS INDEX TOTAL RETURN™

      CLOSING LEVEL    INDEX CHANGES
      High¹    Low²    Annual³ Since Inception⁴
2008
   404.06    167.11    -44.52 % 78.00 %
2009
   336.19    164.37    88.80 % 236.06 %
2010
   365.85    255.58    8.87 % 265.85 %
2011
   385.74    272.52    -22.15 % 184.82 %
2012
   326.71    266.17    2.94 % 193.18 %
2013
   303.03    246.58    -11.21 % 160.32 %
2014
   279.49    239.60    -3.70 % 150.69 %
2015
   264.72    180.55    -24.78 % 88.57 %
2016
   257.17    175.31    27.11 % 139.70 %
2017
   315.28    237.25    30.93 % 213.84 %
2018⁵
   322.50    252.70    -13.49 % 171.50 %
THE FUND DOES NOT TRACK DBIQ OPTIMUM YIELD INDUSTRIAL METALS INDEX TOTAL RETURN™. THE PRIOR INDEX LEVELS AND CHANGES TO THE INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEX SHOWN DOES NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.
Please refer to the “Notes” section below.
[Remainder of page left blank intentionally.]
-75-

The following table presents various measures of performance for the Index (“DBIQ Optimum Yield Industrial Metals ER^TM”), DBIQ Optimum Yield Industrial Metals TR^TM, and S&P GSCI Industrial Metals Index Total Return (“S&P GSCI Industrial Metals Index TR”), which is a broad-based commodity index. The S&P GSCI Industrial Metals Index TR has been included to provide investors with an additional basis for evaluating the Fund.

All statistics based on data from September 3, 1997 to September 28, 2018.

VARIOUS STATISTICAL MEASURES    DBIQ Optimum Yield
Industrial Metals ER    DBIQ Optimum Yield
Industrial Metals TR    S&P GSCI Industrial
Metals Index TR
Annualized Changes to Index Level⁶
   2.8%    4.9%    3.1%
Average rolling 3 month daily volatility⁷
   19.5%    19.5%    20.2%
Sharpe Ratio⁸
   0.14    0.15    0.05
% of months with positive change⁹
   51%    53%    53%
Average monthly positive change¹⁰
   4.8%    4.8%    4.6%
Average monthly negative change¹¹
   -4.1%    -4.1%    -4.4%

ANNUALIZED INDEX LEVELS¹²    DBIQ Optimum Yield
Industrial Metals ER    DBIQ Optimum Yield
Industrial Metals TR    S&P GSCI Industrial
Metals Index TR
1 year
   -8.5%    -7.0%    -3.7%
3 year
   9.4%    10.4%    7.7%
5 year
   0.4%    0.9%    -1.4%
7 year
   -1.1%    -0.7%    -2.5%
10 year
   -0.9%    -0.6%    -2.5%
15 year
   7.3%    8.6%    5.7%
THE FUND DOES NOT TRACK DBIQ OPTIMUM YIELD INDUSTRIAL METALS TR™ OR THE S&P GSCI INDUSTRIAL METALS INDEX TR. THE VARIOUS STATISTICAL MEASURES AND ANNUALIZED INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE.
~~Each~~Please refer to the “Notes” section below.
[Remainder of ~~DBLCI-OY CL~~page left blank intentionally.]
-76-

The following tables present additional information regarding the Index, DBIQ Optimum Yield Industrial Metals TR^TM and ~~Goldman Sachs Crude Oil Total Return~~S&P GSCI Industrial Metals Index ~~are indices and do not reflect actual trading. DBLCI-OY CL~~TR.

COMPARISON OF DBIQ OPTIMUM YIELD INDUSTRIAL METALS INDEX TOTAL RETURN™, DBIQ OPTIMUM YIELD INDUSTRIAL METALS INDEX EXCESS RETURN™ AND S&P GSCI INDUSTRIAL METALS INDEX TR ~~and Goldman Sachs Crude Oil Total Return Index are calculated on a total return basis and do not reflect any fees or expenses.~~

~~WHILE~~(September 3, 1997 — September 28, 2018)

THE FUND TRACKS ONLY ITS OWN INDEX, DBIQ OPTIMUM YIELD INDUSTRIAL METALS ER^TM. THE PRIOR INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S ~~OBJECTIVE IS~~PERFORMANCE AND ARE NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN MAY 2006, CERTAIN INFORMATION RELATING TO INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW.

ONE OF THE LIMITATIONS OF HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. TO THE EXTENT THAT INFORMATION PRESENTED HEREIN RELATES TO THE PERIOD DECEMBER 1988 THROUGH APRIL 2006, THE INDEX CLOSING LEVELS REFLECT THE APPLICATION OF THE INDEX’S METHODOLOGY, AND SELECTION OF INDEX COMMODITIES, IN HINDSIGHT.

NO HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS, INCLUDING THOSE DESCRIBED UNDER “RISK FACTORS” HEREIN, RELATED TO THE COMMODITIES MARKETS IN GENERAL OR TO THE IMPLEMENTATIONINDICATIVE OF THE FUND’S ~~EFFORTS TO TRACK ITS INDEX OVER TIME WHICH CANNOT BE, AND HAVE~~FUTURE PERFORMANCE. THE INDEXES SHOWN DO NOT BEEN, ACCOUNTED FOR IN THE PREPARATION OF SUCH INDEX INFORMATION SET FORTH ON THE FOLLOWING PAGES, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL PERFORMANCE RESULTS FOR THE FUND. FURTHERMORE, THE INDEX INFORMATION DOES NOT INVOLVE FINANCIAL RISKREFLECT ANY FEES OR ~~ACCOUNT FOR THE IMPACT OF FEES AND COSTS~~EXPENSES ASSOCIATED WITH ~~THE FUND.~~OPERATING A FUND OR ACTUAL TRADING.

~~Please refer to notes and legends that follow on page 61.~~-77-

COMPARISON OF DBIQ OPTIMUM YIELD INDUSTRIAL METALS INDEX TOTAL RETURN™, DBIQ OPTIMUM YIELD INDUSTRIAL

METALS INDEX EXCESS RETURN™ AND S&P GSCI INDUSTRIAL METALS INDEX TR

(September 3, 1997 — September 28, 2018)

THE FUND TRACKS ONLY ITS OWN INDEX, DBIQ OPTIMUM YIELD INDUSTRIAL METALS ER^TM. THE PRIOR INDEX LEVELS SHOWN ABOVE DO NOT REPRESENT THE FUND’S PERFORMANCE AND ARE NOT INDICATIVE OF THE FUND’S FUTURE PERFORMANCE. THE INDEXES SHOWN DO NOT REFLECT ANY FEES OR EXPENSES ASSOCIATED WITH OPERATING A FUND OR ACTUAL TRADING.

[Remainder of page left blank intentionally.]

-78-

~~NOTES AND LEGENDS:~~NOTES:

1. “High” reflects the highest closing level of the Index during the applicable year.

2. “Low” reflects the lowest closing level of the Index during the applicable year.

3. “Annual Index Changes” reflect the change to the Index level on an annual basis as of December 31 of each applicable year.

4. “Index Changes Since Inception” reflects the change of the Index level since inception on a compounded annual basis as of December 31 of each applicable year.

5. Closing levels as of ~~inception on December 2, 1988.~~September 28, 2018.

6. ~~Closing levels as of February 29, 2008.~~

7. The Deutsche Bank Liquid Commodity Index–Optimum Yield Crude Oil Excess Return™ and Deutsche Bank Liquid Commodity Index–Optimum Yield Crude Oil Total Return™ reflect the change in market value of CL (Sweet Light Crude Oil) on an optimum yield basis.

~~8. “DBLCI-OY CL ER™” is Deutsche Bank Liquid Commodity Index–Optimum Yield Crude Oil Excess Return™.~~

~~9. “DBLCI-OY CL TR™” is Deutsche Bank Liquid Commodity Index–Optimum Yield Crude Oil Total Return™.~~

~~10. “Goldman Sachs Crude Oil Total Return Index” is Goldman Sachs Crude Oil Total Return Index.~~

~~11.~~ “Annualized Changes to Index Level” reflect the change to the applicable index level on an annual basis as of December 31 of each applicable year.

~~12.~~7. “Average rolling 3 month daily volatility.” The daily volatility reflects the relative rate at which the price of the applicable index moves up and down, which is found by calculating the annualized standard deviation of the daily change in price. In turn, an average of this value is calculated on a 3 month rolling basis.

~~13.~~8 “Sharpe Ratio” compares the annualized rate of return minus the annualized risk-free rate of return to the annualized ~~variability—~~variability – often referred to as the “standard deviation”— – of the monthly rates of return. A Sharpe Ratio of 1:1 or higher indicates that, according to the measures used in calculating the ratio, the rate of return achieved by a particular strategy has equaled or exceeded the risks assumed by such strategy. The risk-free ~~rate~~rates of return that ~~was~~were used in these calculations ~~was~~for the indexes with respect to the Invesco DB Energy Fund, Invesco DB Oil Fund, Invesco DB Precious Metals Fund, Invesco DB Gold Fund and Invesco DB Base Metals Fund were assumed to be ~~4.31%.~~2.75%, 3.03%, 3.03%, 3.03% and 2.01%, respectively.

~~14.~~9. “% of months with positive change” during the period from inception to ~~February 29, 2008.~~September 28, 2018.

~~15.~~10. “Average monthly positive change” during the period from inception to ~~February 29, 2008.~~September 28, 2018.

~~16.~~11. “Average monthly negative change” during the period from inception to ~~February 29, 2008.~~September 28, 2018.

~~17.~~12. “Annualized Index Levels” reflect the change to the level of the applicable index on an annual basis as of December 31 of each ~~the~~ applicable time period (e.g., 1one year, ~~3, 5~~three, five or ~~7, 10 or 15~~seven years, as applicable).

WHILE THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN MAY 2006, CERTAIN INFORMATION RELATING TO INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW.-79-

~~The Calculation Group and Public Personnel may not coordinate or seek to coordinate decision-making on the selection of any Index constituent instruments.~~

~~The Calculation Group also may not enter into any trades based on any non-public, proprietary or confidential information with respect to any Index.~~

~~These procedures supplement and do not override policies and procedures concerning information barriers otherwise adopted by Deutsche Bank AG or any of Deutsche Bank’s affiliates.~~

~~[Remainder of page left blank intentionally.]~~

~~106~~

~~MANAGEMENT’S DISCUSSION AND~~

~~ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS~~

~~Overview / Introduction~~

~~For the purposes of this section only, each Fund issues limited shares, or Limited Shares, to Authorized Participants only, and general shares, or General Shares to the Managing Owner.~~

For the purposes of this section only, each Master Fund issues Master Fund limited units, or Master Fund Limited Units, to each respective Fund and issues Master Fund general units, or Master Fund General Units to the Master Owner.

Each Fund and its corresponding Master Fund seeks to track changes, whether positive or negative, in the level of its corresponding index, or the Index, overtime, plus the excess, if any, of the corresponding Master Fund’s interest income from its holdings of United States Treasury Obligations and other high credit quality short-term fixed income securities over the expenses of the corresponding Fund and its Master Fund. The Limited Shares are designed for investors who want a cost-effective and convenient way to invest in a group of commodity futures on U.S. and non-U.S. markets.

Each Fund pursues its investment objective by investing substantially all of its assets in its corresponding Master Fund. Each Master Fund pursues its investment objective by investing in a portfolio of exchange traded futures contracts, or the Index Contracts, on the commodities comprising the applicable Index, or the Index Commodities.

~~The following table lists each Fund, its corresponding Index and Index Commodities.~~


~~Fund~~	~~Index~~	~~Index Commodity~~

~~PowerShares DB Energy Fund~~	~~Deutsche Bank Liquid Commodity Index-Optimum Yield Energy Excess Return™ (DBLCI-OY Energy ER™)~~	~~Sweet Light Crude Oil (WTI)~~ ~~Heating Oil~~ ~~Brent Crude Oil~~ ~~RBOB Gasoline~~ ~~Natural Gas~~

~~PowerShares DB Oil Fund~~	~~Deutsche Bank Liquid Commodity Index-Optimum Yield Crude Oil Excess Return™ (DBLCI-OY CL ER™)~~	~~Sweet Light Crude Oil (WTI)~~

~~PowerShares DB Precious Metals Fund~~	~~Deutsche Bank Liquid Commodity Index-Optimum Yield Precious Metals Excess Return™ (DBLCI-OY Precious Metals ER™)~~	~~Gold~~ ~~Silver~~

~~PowerShares DB Gold Fund~~	~~Deutsche Bank Liquid Commodity Index-Optimum Yield Gold Excess Return™ (DBLCI-OY GC ER™)~~	~~Gold~~

~~PowerShares DB Silver Fund~~	~~Deutsche Bank Liquid Commodity Index-Optimum Yield Silver Excess Return™ (DBLCI-OY SI ER™)~~	~~Silver~~

~~PowerShares DB Base Metals Fund~~	~~Deutsche Bank Liquid Commodity Index-Optimum Yield Industrial Metals Excess Return™ (DBLCI-OY Industrial Metals ER™)~~	~~Aluminum~~ ~~Zinc~~ ~~Copper – Grade A~~

~~PowerShares DB Agriculture Fund~~	~~Deutsche Bank Liquid Commodity Index-Optimum Yield Agriculture Excess Return™ (DBLCI-OY Agriculture ER™)~~	~~Corn~~ ~~Wheat~~ ~~Soybeans~~ ~~Sugar~~

~~107~~

Each Index is composed of notional amounts of each of the Index Commodities. Each Master Fund’s portfolio also includes United States Treasury Obligations and other high credit quality short-term fixed income securities for deposit with each Master Fund’s Commodity Broker as margin.

Each Index is comprised of futures contracts on the Index Commodities that expire in a specific month and trade on a specific exchange (the “Index Contracts”). In the event that a Fund reaches position limits with respect to certain of the Index Contracts, its corresponding Master Fund may invest in other futures contracts based on the Index Commodity. If the Managing Owner determines in its commercially reasonable judgment that it has become impracticable or inefficient for any reason for a certain Master Fund to gain full or partial exposure to any Index Commodity by investing in a specific Index Contract, such Master Fund may invest in a futures contract referencing the particular Index Commodity other than the Index Contract or, in the alternative, invest in other futures contracts not based on the particular Index Commodity if, in the commercially reasonable judgment of the Managing Owner, such futures contracts tend to exhibit trading prices that correlate with such Index Commodity. For example, in October 2007, the DB Agriculture Master Fund reached position limits with respect to the CBOT July wheat futures contract, which was an Index Contract. Since that time, when required to buy wheat to track the Index, the DB Agriculture Master Fund has been purchasing CBOT wheat futures contracts expiring in different months as well as wheat futures trading on other United States futures exchanges.

The sponsor of each Index, or the Index Sponsor, is Deutsche Bank AG London. DBLCI™ and Deutsche Bank Liquid Commodity Index™ are trademarks of Deutsche Bank AG. Trademark applications in the United States are pending with respect to both the Trust and aspects of each Index. Deutsche Bank AG London is an affiliate of the Trust, each Fund, the Master Trust, each Master Fund and the Managing Owner.

Under the Trust Agreements of the Trust and the Master Trust, Wilmington Trust Company, the Trustee of the Trust and the Master Trust, has delegated to the Managing Owner the exclusive management and control of all aspects of the business of the Trust, each Fund and the Master Trust and each Master Fund. The Trustee will have no duty or liability to supervise or monitor the performance of the Managing Owner, nor will the Trustee have anyliability for the acts or omissions of the Managing Owner.

The Index Sponsor obtains information for inclusion in, or for use in the calculation of, each Index from sources the Index Sponsor considers reliable. None of the Index Sponsor, the Managing Owner, the Trust, each Fund, the Master Trust, each Master Fund or any of their respective affiliates accepts responsibility for or guarantees the accuracy and/or completeness of each Index or any data included in each Index.

The Limited Shares are intended to provide investment results that generally correspond to the changes, positive or negative, in the levels of the applicable Index over time. The value of the Limited Shares is expected to fluctuate in relation to changes in the value of the corresponding Master Fund’s portfolio. The market price of the Limited Shares may not be identical to the net asset value per Limited Share, but these two valuations are expected to be very close.

P~~ERFORMANCE~~ S~~UMMARY~~

Performance information herein covers the three months ended December 31, 2007 and the period from January 3, 2007 (commencement of investment operations) to December 31, 2007 (herein referred to as the “Period Ended December 31, 2007”). Each Fund commenced trading on the American Stock Exchange (the “Amex”) on January 5, 2007.

~~Performance of each Fund and the exchange traded Limited Shares are detailed below in “Results of Operations”. Past performance of each Fund is not necessarily indicative of future performance.~~

P~~OWERSHARES~~ ~~DB ENERGY~~ F~~UND~~

The Index is intended to reflect the change in market value of the Index Commodities. In turn, the Index is intended to reflect the Energy sector. The Deutsche Bank Liquid Commodity Index-Optimum Yield Energy Total Return™, or DBLCI-OY Energy TR™, consists of the Index plus 3 month United States Treasury Obligations returns. Past Index results are not necessarily indicative of future changes, positive or negative, in the Index closing levels.

~~The section “Summary of DBLCI-OY Energy TR™ and Underlying Index Commodity Returns for the Three Months Ended December 31, 2007 and the~~

~~108~~

Period Ended December 31, 2007” below provides an overview of the changes in the closing levels of DBLCI-OY Energy TR™ by disclosing the change in market value of each underlying component Index Commodity through a “surrogate” (and analogous) index plus 3 month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index (not DBLCI-OY Energy TR™) and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield rolls method with the objective of mitigating the negative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.

~~Summary of DBLCI-OY Energy TR™ and Underlying Index Commodity Returns for the Three Months Ended December 31, 2007 and the Period Ended December 31, 2007~~

Index Total returns for index in the
DBLCI-OY Energy TR™
Three Months
Ended
December 31,
2007 Period Ended
December 31,
2007
DB Light Sweet Crude Oil Indices 23.40 % 45.71 %
DB Heating Oil Indices 20.93 % 50.12 %
DB Brent Crude Oil Indices 21.01 % 52.29 %
DB RBOB Gasoline Indices 18.62 % 51.60 %
DB Natural Gas Indices 0.98 % 15.56 %
TOTAL RETURN 19.10 % 46.62 %

In the current interest rate environment, the total return on an investment in the Fund is expected to outperform the Index and underperform the DBLCI-OY Energy TR™. The only difference between the Index and the DBLCI-OY Energy TR™ is that the Index does not include interest income from a hypothetical basket of fixed income securities while the DBLCI-OY Energy TR™ does include such a component. The difference between the Index and the DBLCI-OY Energy TR™ is attributable entirely to the hypothetical interest income from this hypothetical basket of fixed income securities. The Fund’s interest income from its holdings of fixed-income securities is expected to exceed the Fund’s fees and expenses, and the amount of such excess is expected to be distributed periodically. The market price of the Limited Shares is expected closely to track the Index. The total return on an investment in the Fund over any period is the sum of the capital appreciation or depreciation of the Limited Shares over the period, plus the amount of any distributions during the period. Consequently, inthe current interest rate environment, the Fund’s total return is expected to outperform the Index by the amount of the excess of its interest income over its fees and expenses but, as a result of the Fund’s fees and expenses, the total return on the Fund is expected to underperform the DBLCI-OY Energy TR™. If the Fund’s fees and expenses were to exceed the Fund’s interest income from its holdings of fixed income securities, the Fund would underperform the Index.

* Please refer to the section “Results of Operations” for the Fund performance.

P~~OWERSHARES~~ ~~DB O~~IL F~~UND~~

The Index is intended to reflect the change in market value of the Index Commodity. In turn, the Index is intended to reflect the oil sector. The Deutsche Bank Liquid Commodity Index-Optimum Yield Crude Oil Total Return™, or DBLCI-OY CL TR™, consists of the Index plus 3 month United States Treasury Obligations returns. Past Index results are not necessarily indicative of future changes, positive or negative, in the Index closing levels.

The section “Summary of DBLCI-OY CL TR™ and Underlying Index Commodity Returns for the Three Months Ended December 31, 2007 and the Period Ended December 31, 2007” below provides an overview of the changes in the closing levels of DBLCI-OY CL TR™ by disclosing the change in market value of each underlying component Index Commodity through a “surrogate” (and analogous) index plus 3 month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index (not DBLCI-OY CL TR™) and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield rolls method with the objective of mitigating the negative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.

~~Summary of DBLCI-OY CL TR™ and Underlying Index Commodity Returns for the Three Months Ended December 31, 2007 and the Period Ended December 31, 2007~~

Index Total returns for index in the
DBLCI-OY CL TR™
Three Months
Ended
December 31,
2007
Period Ended
December 31,
2007

DB Light Sweet Crude Oil (WTI) Indices 23.40 % 45.71 %
TOTAL RETURN 23.40 % 45.71 %

~~109~~

In the current interest rate environment, the total return on an investment in the Fund is expected to outperform the Index and underperform the DBLCI-OY CL TR™. The only difference between the Index and the DBLCI-OY CL TR™ is that the Index does not include interest income from a hypothetical basket of fixed income securities while the DBLCI-OY CL TR™ does include such a component. The difference between the Index and the DBLCI-OY CL TR™ is attributable entirely to the hypothetical interest income from this hypothetical basket of fixed income securities. The Fund’s interest income from its holdings of fixed-income securities is expected to exceed the Fund’s fees and expenses, and the amount of such excess is expected to be distributed periodically. The market price of the Limited Shares is expected closely to track the Index. The total return on an investment in the Fund over any period is the sum of the capital appreciation or depreciation of the Limited Shares over the period, plus the amount of any distributions during the period. Consequently, in the current interest rate environment, the Fund’s total return is expected to outperform the Index by the amount of the excess of its interest income over its fees and expenses but, as a result of the Fund’s fees and expenses, the total return on the Fund is expected to underperform the DBLCI-OY CL TR™. If the Fund’s fees and expenses were to exceed the Fund’s interest income from its holdings of fixed income securities, the Fund would underperform the Index.

* Please refer to the section “Results of Operations” for the Fund performance.

P~~OWERSHARES~~ ~~DB PRECIOUS~~ M~~ETALS~~ F~~UND~~

The Index is intended to reflect the change in market value of the Index Commodities. In turn, the Index is intended to reflect the precious metals sector. The Deutsche Bank Liquid Commodity Index-Optimum Yield Precious Metals Total Return™, or DBLCI-OY Precious Metals TR™, consists of the Index plus 3 month United States Treasury Obligations returns. Past Index results are not necessarily indicative of future changes, positive or negative, in the Index closing levels.

The section “Summary of DBLCI-OY Precious Metals TR™ and Underlying Index Commodity Returns for the Three Months Ended December 31, 2007 and the Period Ended December 31, 2007” below provides an overview of the changes in the closing levels of DBLCI-OY Precious Metals TR™ by disclosing the change in market value of each underlying component Index Commodity through a“surrogate” (and analogous) index plus 3 month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index (not DBLCI-OY Precious Metals TR™) and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield rolls method with the objective of mitigating the negative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.

~~Summary of DBLCI-OY Precious Metals TR™ and Underlying Index Commodity Returns for the Three Months Ended December 31, 2007 and the Period Ended December 31, 2007~~

Index Total returns for index in the
DBLCI-OY Precious Metals TR™

Three Months Ended
December 31,
2007

Period Ended
December 31,
2007

DB Gold Indices
11.62 % 30.68 %
DB Silver Indices
6.67 % 16.84 %
TOTAL RETURN
10.63 % 27.86 %

In the current interest rate environment, the total return on an investment in the Fund is expected to outperform the Index and underperform the DBLCI-OY Precious Metals TR™. The only difference between the Index and the DBLCI-OY Precious Metals TR™ is that the Index does not include interest income from a hypothetical basket of fixed income securities while the DBLCI-OY Precious Metals TR™ does include such a component. The difference between the Index and the DBLCI-OY Precious Metals TR™ is attributable entirely to the hypothetical interest income from this hypothetical basket of fixed income securities. The Fund’s interest income from its holdings of fixed-income securities is expected to exceed the Fund’s fees and expenses, and the amount of such excess is expected to be distributed periodically. The market price of the Limited Shares is expected closely to track the Index. The total return on an investment in the Fund over any period is the sum of the capital appreciation or depreciation of the Limited Shares over the period, plus the amount of any distributions during the period. Consequently, in the current interest rate environment, the Fund’s total return is expected to outperform the Index by the amount of the excess of its interest income over its fees and expenses but, as a result of the Fund’s fees and expenses, the total return on the Fund is expected to underperform the DBLCI-OY Precious Metals TR™. If the Fund’s fees and expenses were to

~~110~~

~~exceed the Fund’s interest income from its holdings of fixed income securities, the Fund would underperform the Index.~~

* Please refer to the section “Results of Operations” for the Fund performance.

P~~OWERSHARES~~ ~~DB GOLD~~ F~~UND~~

The Index is intended to reflect the change in market value of the Index Commodity. In turn, the Index is intended to reflect the gold sector. The Deutsche Bank Liquid Commodity Index-Optimum Yield Gold Total Return™, or DBLCI-OY Gold TR™, consists of the Index plus 3 month United States Treasury Obligations returns. Past Index results are not necessarily indicative of future changes, positive or negative, in the Index closing levels.

The section “Summary of DBLCI-OY Gold TR™ and Underlying Index Commodity Returns for the Three Months Ended December 31, 2007 and the Period Ended December 31, 2007” below provides an overview of the changes in the closing levels of DBLCI-OY Gold TR™ by disclosing the change in market value of each underlying component Index Commodity through a “surrogate” (and analogous) index plus 3 month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index (not DBLCI-OY Gold TR™) and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield rolls method with the objective of mitigating the negative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.

~~Summary of DBLCI-OY Gold TR™ and~~

~~Underlying Index Commodity Returns for the ThreeMonths Ended December 31, 2007 and for the PeriodEnded December 31, 2007~~

Index
Total returns for index in the
DBLCI-OY Gold TR™

Three Months Ended
December 31, 2007

Period Ended
December 31, 2007

DB Gold
11.62 % 30.68 %
TOTAL RETURN
11.62 % 30.68 %

In the current interest rate environment, the total return on an investment in the Fund is expected to outperform the Index and underperform the DBLCI-OY Gold TR™. The only difference between the Index and the DBLCI-OY Gold TR™ is that the Index does not include interest income from a hypothetical basket of fixed income securities whilethe DBLCI-OY Gold TR™ does include such a component. The difference between the Index and the DBLCI-OY Gold TR™ is attributable entirely to the hypothetical interest income from this hypothetical basket of fixed income securities. The Fund’s interest income from its holdings of fixed-income securities is expected to exceed the Fund’s fees and expenses, and the amount of such excess is expected to be distributed periodically. The market price of the Limited Shares is expected closely to track the Index. The total return on an investment in the Fund over any period is the sum of the capital appreciation or depreciation of the Limited Shares over the period, plus the amount of any distributions during the period. Consequently, in the current interest rate environment, the Fund’s total return is expected to outperform the Index by the amount of the excess of its interest income over its fees and expenses but, as a result of the Fund’s fees and expenses, the total return on the Fund is expected to underperform the DBLCI-OY Gold TR™. If the Fund’s fees and expenses were to exceed the Fund’s interest income from its holdings of fixed income securities, the Fund would underperform the Index.

* Please refer to the section “Results of Operations” for the Fund performance.

P~~OWERSHARES~~ ~~DB SILVER~~ F~~UND~~

The Index is intended to reflect the change in market value of the Index Commodity. In turn, the Index is intended to reflect the silver sector. The Deutsche Bank Liquid Commodity Index-Optimum Yield Silver Total Return^™, or DBLCI-OY Silver TR™, consists of the Index plus 3 month United States Treasury Obligations returns. Past Index results are not necessarily indicative of future changes, positive or negative, in the Index closing levels.

The section “Summary of DBLCI-OY Silver TR™ and Underlying Index Commodity Returns for the Three Months Ended December 31, 2007 and the Period Ended December 31, 2007” below provides an overview of the changes in the closing levels of DBLCI-OY Silver TR™ by disclosing the change in market value of each underlying component Index Commodity through a “surrogate” (and analogous) index plus 3 month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index (not DBLCI-OY Silver TR™) and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield rolls method with the objective of

~~111~~

mitigating the negative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.

~~Summary of DBLCI-OY Silver TR™ and Underlying Index Commodity Returns for the Three Months Ended December 31, 2007 and the Period Ended December 31, 2007~~

Index Total returns for index in the
DBLCI-OY Silver TR™

Three Months
Ended
December 31, 2007

Period Ended
December 31, 2007

DB Silver Indices
6.67 % 16.84 %
TOTAL RETURN
6.67 % 16.84 %

In the current interest rate environment, the total return on an investment in the Fund is expected to outperform the Index and underperform the DBLCI-OY Silver TR™. The only difference between the Index and the DBLCI-OY Silver TR™ is that the Index does not include interest income from a hypothetical basket of fixed income securities while the DBLCI-OY Silver TR™ does include such a component. The difference between the Index and the DBLCI-OY Silver TR™ is attributable entirely to the hypothetical interest income from this hypothetical basket of fixed income securities. The Fund’s interest income from its holdings of fixed-income securities is expected to exceed the Fund’s fees and expenses, and the amount of such excess is expected to be distributed periodically. The market price of the Limited Shares is expected closely to track the Index. The total return on an investment in the Fund over any period is the sum of the capital appreciation or depreciation of the Limited Shares over the period, plus the amount of any distributions during the period. Consequently, in the current interest rate environment, the Fund’s total return is expected to outperform the Index by the amount of the excess of its interest income over its fees and expenses but, as a result of the Fund’s fees and expenses, the total return on the Fund is expected to underperform the DBLCI-OY Silver TR™. If the Fund’s fees and expenses were to exceed the Fund’s interest income from its holdings of fixed income securities, the Fund would underperform the Index.

* Please refer to the section “Results of Operations” for the Fund performance.

P~~OWERSHARES~~ ~~DB BASE~~ M~~ETALS~~ F~~UND~~

The Index is intended to reflect the change in market value of the Index Commodities. In turn, theIndex is intended to reflect the base metals sector. The Deutsche Bank Liquid Commodity Index-Optimum Yield Industrial Metals Total Return™, or DBLCI-OY Industrial Metals TR™, consists of the Index plus 3 month United States Treasury Obligations returns. Past Index results are not necessarily indicative of future changes, positive or negative, in the Index closing levels.

The section “Summary of DBLCI-OY Industrial Metals TR™ and Underlying Index Commodity Returns for the Three Months Ended December 31, 2007 and the Period Ended December 31, 2007” below provides an overview of the changes in the closing levels of DBLCI-OY Industrial Metals TR™ by disclosing the change in market value of each underlying component Index Commodity through a “surrogate” (and analogous) index plus 3 month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index (not DBLCI-OY Industrial Metals TR™) and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield rolls method with the objective of mitigating the negative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.

~~Summary of DBLCI-OY Industrial Metals TR™ and Underlying Index Commodity Returns for the Three Months Ended December 31, 2007 and the Period Ended December 31, 2007~~

Index    Total returns for index in the
DBLCI-OY Industrial Metals
TR™

Three Months
Ended
December 31,
2007

Period Ended
December 31,
2007

DB Aluminum Indices
   (3.95 %) (5.13 %)
DB Zinc Indices
   (20.05 %) (35.14 %)
DB Copper—Grade
A Indices
   (15.25 %) 23.10 %
TOTAL RETURN
   (13.21 %) (7.76 %)

In the current interest rate environment, the total return on an investment in the Fund is expected to outperform the Index and underperform the DBLCI-OY Industrial Metal TR™. The only difference between the Index and the DBLCI-OY Industrial Metal TR™ is that the Index does not include interest income from a hypothetical basket of fixed income securities while the DBLCI-OY Industrial Metals TR™ does include such a component. The difference between the Index and the

~~112~~

DBLCI-OY Industrial Metals TR™ is attributable entirely to the hypothetical interest income from this hypothetical basket of fixed income securities. The Fund’s interest income from its holdings of fixed-income securities is expected to exceed the Fund’s fees and expenses, and the amount of such excess is expected to be distributed periodically. The market price of the Limited Shares is expected closely to track the Index. The total return on an investment in the Fund over any period is the sum of the capital appreciation or depreciation of the Limited Shares over the period, plus the amount of any distributions during the period. Consequently, in the current interest rate environment, the Fund’s total return is expected to outperform the Index by the amount of the excess of its interest income over its fees and expenses but, as a result of the Fund’s fees and expenses, the total return on the Fund is expected to underperform the DBLCI-OY Industrial Metals TR™. If the Fund’s fees and expenses were to exceed the Fund’s interest income from its holdings of fixed income securities, the Fund would underperform the Index.

* Please refer to the section “Results of Operations” for the Fund performance.

P~~OWERSHARES~~ ~~DB AGRICULTURE~~ F~~UND~~

The Index is intended to reflect the change in market value of the Index Commodities. In turn, the Index is intended to reflect the agriculture sector. The Deutsche Bank Liquid Commodity Index-Optimum Yield Agriculture Total Return™, or DBLCI-OY Agriculture TR™, consists of the Index plus 3 month United States Treasury Obligations returns. Past Index results are not necessarily indicative of future changes, positive or negative, in the Index closing levels.

The section “Summary of DBLCI-OY Agriculture TR™ and Underlying Index Commodity Returns for the Three Months Ended December 31, 2007 and the Period Ended December 31, 2007” below provides an overview of the changes in the closing levels of DBLCI-OY Agriculture TR™ by disclosing the change in market value of each underlying component Index Commodity through a “surrogate” (and analogous) index plus 3 month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index (not DBLCI-OY Agriculture TR™) and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield rolls method with the objective of mitigating thenegative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.

~~Summary of DBLCI-OY Agriculture TR™ and Underlying Index Commodity Returns for the Three Months Ended December 31, 2007 and for the Period Ended December 31, 2007~~

Index    Total returns for index in the
DBLCI-OY Agriculture TR™

Three Months
Ended
December 31,
2007

Period Ended
December 31,
2007

DB Corn Indices
   13.75 % 21.42 %
DB Wheat Indices
   14.87 % 63.02 %
DB Soybean Indices
   14.58 % 62.00 %
DB Sugar Indices
   12.88 % (8.11 %)
TOTAL RETURN
   13.60 % 34.71 %

In the current interest rate environment, the total return on an investment in the Fund is expected to outperform the Index and underperform the DBLCI-OY Agriculture TR™. The only difference between the Index and the DBLCI-OY Agriculture TR™ is that the Index does not include interest income from a hypothetical basket of fixed income securities while the DBLCI-OY Agriculture TR™ does include such a component. The difference between the Index and the DBLCI-OY Agriculture TR™ is attributable entirely to the hypothetical interest income from this hypothetical basket of fixed income securities. The Fund’s interest income from its holdings of fixed-income securities is expected to exceed the Fund’s fees and expenses, and the amount of such excess is expected to be distributed periodically. The market price of the Limited Shares is expected closely to track the Index. The total return on an investment in the Fund over any period is the sum of the capital appreciation or depreciation of the Limited Shares over the period, plus the amount of any distributions during the period. Consequently, in the current interest rate environment, the Fund’s total return is expected to outperform the Index by the amount of the excess of its interest income over its fees and expenses but, as a result of the Fund’s fees and expenses, the total return on the Fund is expected to underperform the DBLCI-OY Agriculture TR™. If the Fund’s fees and expenses were to exceed the Fund’s interest income from its holdings of fixed income securities, the Fund would underperform the Index.

* Please refer to the section “Results of Operations” for the Fund performance.

~~113~~

~~Net Asset Value~~

Net asset value means the total assets of each Master Fund, including, but not limited to, all futures, cash and investments less total liabilities of such Master Fund, each determined on the basis of U.S. generally accepted accounting principles, consistently applied under the accrual method of

~~113.1~~

accounting. In particular, net asset value includes any unrealized appreciation or depreciation on open commodity futures contracts, and any other credit or debit accruing to a Master Fund but unpaid or not received by such Master Fund. All open commodity futures contracts will be calculated at their then current market value, which will be based upon the settlement price for that particular commodity futures contract traded on the applicable exchange on the date with respect to which net asset value is being determined; provided, that if a commodity futures contract could not be liquidated on such day, due to the operation of daily limits or other rules of the exchange upon which that position is traded or otherwise, the settlement price on the most recent day on which the position could have been liquidated will be the basis for determining the market value of such position for such day. The Managing Owner may in its discretion (and only under extraordinary circumstances, including, but not limited to, periods during which a settlement price of a futures contract is not available due to exchange limit orders or force majeure type events such as systems failure, natural or man-made disaster, act of God, armed conflict, act of terrorism, riot or labor disruption or any similar intervening circumstance) value any asset of a Master Fund pursuant to such other principles as the Managing Owner deems fair and equitable so long as such principles are consistent with normal industry standards. Interest earned on a Master Fund’s brokerage account is accrued monthly. The amount of any distribution is a liability of a Master Fund from the day when the distribution is declared until it is paid.

Each Fund invests substantially all of its assets in the corresponding Master Fund in a master-feeder structure. No Fund holds any investment assets other than its corresponding Master Fund Limited Units. Each Fund is the majority Master Fund Limited Unit owner (in its corresponding Master Fund) and the Managing Owner holds a minority interest in each Master Fund. Each Limited Share issued by a Fund correlates with the Master Fund Limited Unit issued by the corresponding Master Fund and held by such Fund.

Net asset value per Master Fund Limited Unit and Master Fund General Unit (collectively, “Master Fund Units”) is the net asset value of a Master Fund divided by the number of outstanding and corresponding Master Fund Units. Because there is a one-to-one correlation between Limited Shares and the Master Fund Limited Units, the net asset value per Limited Share of each Fund and the net assetvalue per Master Fund Limited Unit of each corresponding Master Fund are equal.

~~Critical Accounting Policies~~

~~Each Fund’s and Master Fund’s critical accounting policies are as follows:~~

Preparation of the financial statements and related disclosures in conformity with U.S. generally accepted accounting principles requires the application of appropriate accounting rules and guidance, as well as the use of estimates, and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expense and related disclosure of contingent assets and liabilities during the reporting period of the consolidated financial statements and accompanying notes. Both each Fund’s and each Master Fund’s application of these policies involve judgments and actual results may differ from the estimates used.

Each Master Fund holds a significant portion of its assets in futures contracts and United States Treasury Obligations, both of which are recorded on a trade date basis and at fair value in the consolidated financial statements, with changes in fair value reported in the consolidated statement of income and expenses. Generally, fair values are based on quoted market closing prices. However, when market closing prices are not available, the Managing Owner may value an asset of a Master Fund pursuant to policies the Managing Owner has adopted, which are consistent with normal industry standards.

Realized gains (losses) and changes in unrealized appreciation (depreciation) on open positions are determined on a specific identification basis and recognized in the consolidated statement of income and expenses in the period in which the contract is closed or the changes occur, respectively.

Interest income on United States Treasury Obligations is recognized on an accrual basis when earned. Premiums and discounts are amortized or accreted over the life of the United States Treasury Obligations.

~~Market Risk~~

Trading in futures contracts involves a Master Fund entering into contractual commitments to purchase a particular commodity at a specified date and price. The market risk associated with a Master Fund’s commitments to purchase commodities is limited to the gross or face amount of the contracts held.

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Each Master Fund’s exposure to market risk is also influenced by a number of factors including the volatility of interest rates and foreign currency exchange rates, the liquidity of the markets in which the contracts are traded and the relationships among the contracts held. The inherent uncertainty of a Master Fund’s trading as well as the development of drastic market occurrences could ultimately lead to a loss of all or substantially all of the investors’ capital.

~~Credit Risk~~

When a Master Fund enters into futures contracts, the Master Fund will be exposed to credit risk that the counterparty to the contract will not meet its obligations. The counterparty for futures contracts traded on United States and on most of foreign futures exchanges is the clearing house associated with the particular exchange. In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from the nonperformance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearing house is not backed by the clearing members (~~i.e.~~, some foreign exchanges), it may be backed by a consortium of banks or other financial institutions. There can be no assurance that any counterparty, clearing member or clearinghouse will meet its obligations to a Master Fund.

The Commodity Broker, when acting as a Master Fund’s futures commission merchant in accepting orders for the purchase or sale of domestic futures contracts, is required by CFTC regulations to separately account for and segregate as belonging to the Master Fund all assets of such Master Fund relating to domestic futures trading and the Commodity Broker is not allowed to commingle such assets with other assets of the Commodity Broker. In addition, CFTC regulations also require the Commodity Broker to hold in a secure account assets of a Master Fund related to foreign futures trading. Also, see Risk Factors – “Failure of Futures Commission Merchants or Commodity Brokers to Segregate Assets May Increase Losses; Despite Segregation of Assets, the Master Fund Remains at Risk of Significant Losses Because the Master Fund May Only Receive a Pro-rata Share of the Assets.”

~~Liquidity~~

All of each Master Fund’s source of capital is derived from the corresponding Fund through such Fund’s offering of Limited Shares to Authorized Participants. Authorized Participants may thensubsequently redeem such Limited Shares. Each Master Fund in turn allocates its net assets to commodities trading. A significant portion of the net asset value is held in United States Treasury Obligations and cash, which is used as margin for such Master Fund’s trading in commodities. The percentage that United States Treasury Obligations bear to the total net assets will vary from period to period as the market values of a Master Fund’s commodity interests change. The balance of the net assets is held in a Master Fund’s commodity trading account. Interest earned on each Master Fund’s interest-bearing funds is paid to such Master Fund.

Each Master Fund’s commodity contracts may be subject to periods of illiquidity because of market conditions, regulatory considerations or for other reasons. For example, commodity exchanges generally have the ability to limit fluctuations in certain commodity futures contract prices during a single day by regulations referred to as “daily limits.” During a single day, no trades may be executed at prices beyond the daily limit. Once the price of a particular futures contract has increased or decreased by an amount equal to the daily limit, positions in the commodity can neither be taken nor liquidated unless the traders are willing to effect trades at or within the limit. Commodity futures prices have occasionally moved the daily limit for several consecutive days with little or no trading. Such market conditions could prevent a Master Fund from promptly liquidating its commodity futures positions.

Because each Master Fund trades futures contracts, its capital is at risk due to changes in the value of future contracts (market risk) or the inability of counterparties (including exchange clearinghouses) to perform under the terms of the contracts (credit risk).

On any business day, an Authorized Participant may place an order with the Managing Owner to redeem one or more Baskets. Redemption orders must be placed by 10:00 a.m., New York time. The day on which the Managing Owner receives a valid redemption order is the redemption order date. Redemption orders are irrevocable. The redemption procedures allow Authorized Participants to redeem Baskets. Individual Shareholders may not redeem directly from a Fund. By placing a redemption order, an Authorized Participant agrees to deliver the Baskets to be redeemed through DTC’s book-entry system to the applicable Fund no later than noon, New York time, on the business day immediately following the redemption order date. By placing a redemption order, and prior to receipt of the redemption proceeds, an

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~~Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the redemption order.~~

~~Cash Flows~~

The primary cash flow activities of each Fund is to raise capital from Authorized Participants through the issuance of Limited Shares. This cash is invested into the corresponding Master Fund where it is used to invest in United States Treasury Obligations and to meet margin requirements as a result of the positions taken in futures contracts to match the fluctuations of the Index that the Fund is tracking.

~~Operating Activities~~

P~~OWERSHARES~~ ~~DB ENERGY~~ F~~UND~~

Net cash flow used for operating activities was $23.6 million for the Period Ended December 31, 2007. This amount primarily includes net purchases and sales of United States Treasury Obligations which are held at fair value on the statement of financial condition. During the Period Ended December 31, 2007 $163.2 million was paid to purchase United States Treasury Obligations and $134.8 million was received from sales of maturing contracts. Unrealized appreciation on United States Treasury Obligations and futures increased by $8.4 million during the Period Ended December 31, 2007.

P~~OWERSHARES~~ ~~DB O~~IL F~~UND~~

Net cash flow used for operating activities was $25.5 million for the Period Ended December 31, 2007. This amount primarily includes net purchases and sales of United States Treasury Obligations which are held at fair value on the statement of financial condition. During the Period Ended December 31, 2007 $121.1 million was paid to purchase United States Treasury Obligations and $94.3 million was received from sales of maturing contracts. Unrealized appreciation on United States Treasury Obligations and futures increased by $5.2 million during the Period Ended December 31, 2007.

P~~OWERSHARES~~ ~~DB PRECIOUS~~ M~~ETALS~~ F~~UND~~

Net cash flow used for operating activities was $47.2 million for the Period Ended December 31, 2007. This amount primarily includes net purchases and sales of United States Treasury Obligations which are held at fair value on the statement offinancial condition. During the Period Ended December 31, 2007 $121.2 million was paid to purchase United States Treasury Obligations and $72.9 million was received from sales of maturing contracts. Unrealized appreciation on United States Treasury Obligations and futures increased by $5.0 million during the Period Ended December 31, 2007.

P~~OWERSHARES~~ ~~DB GOLD~~ F~~UND~~

Net cash flow used for operating activities was $36.2 million for the Period Ended December 31, 2007. This amount primarily includes net purchases and sales of United States Treasury Obligations which are held at fair value on the statement of financial condition. During the Period Ended December 31, 2007 $126.1 million was paid to purchase United States Treasury Obligations and $87.8 million was received from sales of maturing contracts. Net change in realized appreciation on United States Treasury Obligations and futures increased by $6.3 million during the Period Ended December 31, 2007.

P~~OWERSHARES~~ ~~DB SILVER~~ F~~UND~~

Net cash flow used for operating activities was $20.5 million for the Period Ended December 31, 2007. This amount primarily includes net purchases and sales of United States Treasury Obligations which are held at fair value on the statement of financial condition. During the Period Ended December 31, 2007 $93.4 million was paid to purchase United States Treasury Obligations and $70.9 million was received from sales of maturing contracts. Unrealized appreciation on United States Treasury Obligations and futures increased by $0.60 million during the Period Ended December 31, 2007.

P~~OWERSHARES~~ ~~DB BASE~~ M~~ETALS~~ F~~UND~~

Net cash flow used for operating activities was $54.1 million for the Period Ended December 31, 2007. This amount primarily includes net purchases and sales of United States Treasury Obligations which are held at fair value on the statement of financial condition. During the Period Ended December 31, 2007 $282.8 million was paid to purchase United States Treasury Obligations and $240.6 million was received from sales of maturing contracts. Unrealized appreciation on United States Treasury Obligations and futures decreased by $7.5 million during the Period Ended December 31, 2007.

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P~~OWERSHARES~~ ~~DB AGRICULTURE~~ F~~UND~~

Net cash flow used for operating activities was $939.8 million for the Period Ended December 31, 2007. This amount primarily includes net purchases and sales of United States Treasury Obligations which are held at fair value on the statement of financial condition. During the Period Ended December 31, 2007 $2,241.6 million was paid to purchase United States Treasury Obligations against $1,224.9 million received from sales of maturing contracts. Unrealized appreciation on United States Treasury Obligations and futures decreased by $139.5 million during the Period Ended December 31, 2007.

~~Financing Activities~~

P~~OWERSHARES~~ ~~DB ENERGY~~ F~~UND~~

The Fund’s net cash flow provided by financing activities was $34.6 million during the Period Ended December 31, 2007. This included $71.0 million from the sale of Limited shares to Authorized Participants during the Period Ended December 31, 2007.

P~~OWERSHARES~~ ~~DB O~~IL F~~UND~~

The Fund’s net cash flow provided by financing activities was $27.0 million during the Period Ended December 31, 2007. This included $75.4 million from the sale of Limited shares to Authorized Participants during the Period Ended December 31, 2007.

P~~OWERSHARES~~ ~~DB PRECIOUS~~ M~~ETALS~~ F~~UND~~

The Fund’s net cash flow provided by financing activities was $48.6 million during the Period Ended December 31, 2007. This included $60.1 million from the sale of Limited shares to Authorized Participants during the Period Ended December 31, 2007.

P~~OWERSHARES~~ ~~DB GOLD~~ F~~UND~~

The Fund’s net cash flow provided by financing activities was $36.2 million during the Period Ended December 31, 2007. This included $53.2 million from the sale of Limited shares to Authorized Participants during the Period Ended December 31, 2007.

P~~OWERSHARES~~ ~~DB SILVER~~ F~~UND~~

The Fund’s net cash flow provided by financing activities was $24.3 million during the Period Ended December 31, 2007. This included $10.9 million from the sale of Limited shares to Authorized Participants during the Period Ended December 31, 2007.

P~~OWERSHARES~~ ~~DB BASE~~ M~~ETALS~~ F~~UND~~

The Fund’s net cash flow provided by financing activities was $65.1 million during the Period Ended December 31, 2007. This included $114.4 million from the sale of Limited shares to Authorized Participants during the Period Ended December 31, 2007.

P~~OWERSHARES~~ ~~DB AGRICULTURE~~ F~~UND~~

The Fund’s net cash flow provided by financing activities was $939.8 million during the Period Ended December 31, 2007. This included $986.2 million from the sale of Limited shares to Authorized Participants for during the Period Ended December 31, 2007.

~~Results of Operations~~

~~FOR THE THREE MONTHS ENDED DECEMBER 31, 2007 AND THE PERIOD ENDED DECEMBER 31, 2007~~

~~Each Fund was launched on January 3, 2007 at $25.00 per share and listed for trading on the Amex on January 5, 2007.~~

P~~OWERSHARES~~ ~~DB ENERGY~~ F~~UND~~

The Fund and the Master Fund seek to track changes in the closing levels of the Deutsche Bank Liquid Commodity Index–Optimum Yield Energy Excess Return™ (“DBLCI-OY Energy ER™”, or the “Index”), over time, plus the excess, if any, of the Master Fund’s interest income from its holdings of United States Treasury Obligations and other high credit quality short-term fixed income securities over the expenses of the Fund and the Master Fund. The following graphs illustrate changes in (i) the price of the Limited Shares (as reflected by the graph “DBE”), (ii) the Fund’s NAV (as reflected by the graph “DBENAV”), and (iii) the closing levels of the

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Index (as reflected by the graph “DBENIX”). The price of the Limited Shares generally has exceeded the levels of the Index primarily because the Limited Share price reflects interest income from the Master Fund’s collateral holdings whereas the Index does not consider such interest income. There can be no assurances that the price of the Limited Shares will continue to exceed the Index levels.

~~[Remainder of page left blank intentionally.]~~

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~~COMPARISON OF DBE, DBENAV AND DBENIX FOR THE THREE MONTHS ENDED~~

~~DECEMBER 31, 2007 AND THE PERIOD ENDED DECEMBER 31, 2007~~

~~NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.~~

~~See Additional Legends below~~

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~~Additional Legends~~

~~Deutsche Bank Liquid Commodity Index–Optimum Yield Energy Excess Return™ is an index and does not reflect (i) actual trading and (ii) any fees or expenses.~~

WHILE THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN JULY 2006, CERTAIN INFORMATION RELATING TO THE INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW.

WITH RESPECT TO INDEX DATA, NO REPRESENTATION IS BEING MADE THAT THE INDEX WILL OR IS LIKELY TO ACHIEVE ANNUAL OR CUMULATIVE CLOSING LEVELS CONSISTENT WITH OR SIMILAR TO THOSE SET FORTH HEREIN. SIMILARLY, NO REPRESENTATION IS BEING MADE THAT THE FUND WILL GENERATE PROFITS OR LOSSES SIMILAR TO THE FUND’S PAST PERFORMANCE OR THE HISTORICAL ANNUAL OR CUMULATIVE CHANGES IN THE INDEX CLOSING LEVELS. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY INVESTMENT METHODOLOGIES, WHETHER ACTIVE OR PASSIVE.

WITH RESPECT TO INDEX DATA, ONE OF THE LIMITATIONS OF HYPOTHETICAL INFORMATION IS THAT IT IS GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. TO THE EXTENT THAT INFORMATION PRESENTED HEREIN RELATES TO THE PERIOD DECEMBER 1988 THROUGH JUNE 2006, THE INDEX CLOSING LEVELS REFLECT THE APPLICATION OF THE INDEX’S METHODOLOGY, AND SELECTION OF INDEX COMMODITIES, IN HINDSIGHT.

NO HYPOTHETICAL RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THERE ARE NUMEROUS FACTORS, INCLUDING THOSE DESCRIBED UNDER THE “RISK FACTORS” HEREIN, RELATED TO THE COMMODITIES MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF THE FUND’S EFFORTS TO TRACK THE INDEX OVER TIME WHICH CANNOT BE, AND HAVE NOT BEEN, ACCOUNTED FOR IN THE PREPARATION OF THE INDEX INFORMATION SET FORTH ON THE FOLLOWING PAGES, ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL PERFORMANCE RESULTS FOR THE FUND. FURTHERMORE, THE INDEX INFORMATION DOES NOT INVOLVE FINANCIAL RISK OR ACCOUNT FOR THE IMPACT OF FEES AND COSTS ASSOCIATED WITH THE FUND.

THE MANAGING OWNER HAS HAD LIMITED EXPERIENCE IN TRADING ACTUAL ACCOUNTS FOR ITSELF OR FOR CLIENTS. BECAUSE THERE ARE LIMITED ACTUAL TRADING RESULTS TO COMPARE TO THE INDEX CLOSING LEVELS SET FORTH HEREIN, PROSPECTIVE INVESTORS SHOULD BE PARTICULARLY WARY OF PLACING UNDUE RELIANCE ON THE ANNUAL OR CUMULATIVE INDEX RESULTS.

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~~FOR THE PERIOD ENDED DECEMBER 31, 2007~~

~~Fund Limited Share Price Performance~~

~~The Fund was launched on January 3, 2007 at $25.00 per share and listed for trading on the Amex on January 5, 2007.~~

~~On December 28, 2007, the Fund made a $0.90 per share distribution to Limited shareholders of record as of December 19, 2007.~~

For the Period Ended December 31, 2007, the Amex market value of Limited Shares increased 41.2% from $25.00 per share to $35.30 per share. The Limited Share price low and high for the Period Ended December 31, 2007 and related change from the Limited Share price on January 3, 2007 (commencement of investment operations) was as follows: Limited Shares traded from a low of $22.49 per share (-10.04%) on January 18, 2007 to a high of $35.93 per share (+43.72%) on November 23, 2007. Total return for the Fund, on a market value basis was 44.80%, including the above noted distribution for the period.

~~Fund Limited Share Net Asset Performance~~

For the Period Ended December 31, 2007, the net asset value of each Limited Share increased 40.68% from $25.00 per share to $35.17 per share. On December 28, 2007, the Fund made a $0.90 per share distribution to Limited shareholders of record as of December 19, 2007. Therefore, total return on a net asset value basis, for the Fund, including the distribution, was 44.28%.

Net income for the Period Ended December 31, 2007 was $14.6 million, resulting from $1.6 million of interest income supplemented by net realized gains of $4.9 million and net unrealized gains of $8.4 million and operating expenses of $0.3 million.

~~FOR THE THREE MONTHS ENDED DECEMBER 31, 2007~~

~~Fund Limited Share Price Performance~~

~~On December 28, 2007, the Fund made a $0.90 per share distribution to Limited shareholders of record as of December 19, 2007.~~

For the Three Months Ended December 31, 2007, the Amex market value of Limited Shares increased 15.47% from $30.57 per share to $35.30 per share. The Limited Share price low and high for the Three Months Ended December 31, 2007 andrelated change from the Limited Share price on September 30, 2007 was as follows: Limited Shares traded from a low of $29.88 per share (-2.26%) on August 10, 2007 to a high of $35.93 per share (+17.53%) on November 23, 2007. Total return for the Fund, on a market value basis was 18.42%, including the above noted distribution, for the three month period.

~~Fund Limited Share Net Asset Performance~~

For the Three Months Ended December 31, 2007, the net asset value of each Limited Share increased 15.46% from $30.46 per share to $35.17 per share. On December 28, 2007, the Fund made a $0.90 per share distribution to Limited shareholders of record as of December 19, 2007. Therefore, total return on a net asset value basis, for the Fund, including the distribution, was 18.42%.

Net income for the Three Months Ended December 31, 2007 was $7.7 million, resulting from $0.5 million of interest income supplemented by net realized gains of $2.0 million and net unrealized gains of $5.3 million and operating expenses of $0.1 million.

P~~OWERSHARES~~ ~~DB O~~IL F~~UND~~

~~The Fund and the Master Fund seek to track changes in the closing levels of the Deutsche Bank Liquid Commodity Index–Optimum Yield Crude Oil Excess Return~~^™ ~~(“DBLCI-OY CL ER~~^™”, or the “Index”), over time, plus the excess, if any, of the Master Fund’s interest income from its holdings of United States Treasury Obligations and other high credit quality short-term fixed income securities over the expenses of the Fund and the Master Fund. The following graphs illustrate changes in (i) the price of the Limited Shares (as reflected by the graph “DBO”), (ii) the Fund’s NAV (as reflected by the graph “DBONAV”), and (iii) the closing levels of the Index (as reflected by the graph “DBOLIX”). The price of the Limited Shares generally has exceeded the levels of the Index primarily because the Limited Share price reflects interest income from the Master Fund’s collateral holdings whereas the Index does not consider such interest income. There can be no assurances that the price of the Limited Shares will continue to exceed the Index levels.

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~~COMPARISON OF DBO, DBONAV AND DBOLIX FOR THE THREE MONTHS ENDED~~

~~DECEMBER 31, 2007 AND THE PERIOD ENDED DECEMBER 31, 2007~~

~~NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.~~

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~~See Additional Legends below~~

~~Additional Legends~~

~~Deutsche Bank Liquid Commodity Index–Optimum Yield Crude Oil Excess Return™ is an index and does not reflect (i) actual trading and (ii) any fees or expenses.~~

WHILE THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN JULY 2006, CERTAIN INFORMATION RELATING TO THE INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW.

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~~FOR THE PERIOD ENDED DECEMBER 31, 2007~~

~~Fund Limited Share Price Performance~~

~~The Fund was launched on January 3, 2007 at $25.00 per share and listed for trading on the Amex on January 5, 2007.~~

~~On December 28, 2007, the Fund made a $1.28 per share distribution to Limited shareholders of record as of December 19, 2007.~~

For the Period Ended December 31, 2007, the Amex market value of Limited Shares increased 38.84% from $25.00 per share to $34.71 per share. The Limited Share price low and high for the Period Ended December 31, 2007 and related change from the Limited Share price on January 3, 2007 (commencement of investment operations) was as follows: Limited Shares traded from a low of $21.96 per share (-12.16%) on January 18, 2007 to a high of $35.84 per share (+43.36%) on November 20, 2007. Total return for the Fund, on a market value basis was 43.96% including the above noted distribution for the period.

~~Fund Limited Share Net Asset Performance~~

For the Period Ended December 31, 2007, the net asset value of each Limited Share increased 38.48% from $25.00 per share to $34.62 per share. Therefore, total return on a net asset value basis for the Fund including the above noted distribution was 43.60%.

Net income for the Period Ended December 31, 2007 was $7.6 million, resulting from $1.2 million of interest income supplemented by net realized gain of $1.4 million and net unrealized gain of $5.1 million and operating expenses of $0.1 million.

~~FOR THE THREE MONTHS ENDED DECEMBER 31, 2007~~

~~Fund Limited Share Price Performance~~

~~On December 28, 2007, the Fund made a $1.28 per share distribution to Limited shareholders of record as of December 19, 2007.~~

For the Three Months Ended December 31, 2007, the Amex market value of Limited Shares increased 18.18% from $29.37 per share to $34.71 per share. The Limited Share price low and high for the Three Months Ended December 31, 2007 and related change from the Limited Share price onSeptember 30, 2007 was as follows: Limited Shares traded from a low of $28.65 per share (-2.45%) on October 3, 2007 to a high of $35.84 per share (+22.03%) on November 11, 2007. Total return for the Fund, on a market value basis was 22.54% including the above noted distribution, for the three month period.

~~Fund Limited Share Net Asset Performance~~

For the Three Months Ended December 31, 2007, the net asset value of each Limited Share increased 18.32% from $29.26 per share to $34.62 per share. Therefore, total return on a net asset value basis for the Fund including the above noted distribution, was 22.69%.

Net income for the Three Months Ended December 31, 2007 was $4.1 million, resulting from $0.2 million of interest income supplemented by net realized gain of $0.1 million and unrealized gain of $3.8 million.

P~~OWERSHARES~~ ~~DB PRECIOUS~~ M~~ETALS~~ F~~UND~~

The Fund and the Master Fund seek to track changes in the closing levels of the Deutsche Bank Liquid Commodity Index–Optimum Yield Precious Metals Excess Return™ (DBLCI-OY Precious Metals ER™, or Index), over time, plus the excess, if any, of the Master Fund’s interest income from its holdings of United States Treasury Obligations and other high credit quality short-term fixed income securities over the expenses of the Fund and the Master Fund. The following graphs illustrate changes in (i) the price of the Limited Shares (as reflected by the graph “DBP”), (ii) the Fund’s NAV (as reflected by the graph “DBPNAV”), and (iii) the closing levels of the Index (as reflected by the graph “DBPGIX”). The price of the Limited Shares generally has exceeded the levels of the Index primarily because the Limited Share price reflects interest income from the Master Fund’s collateral holdings whereas the Index does not consider such interest income. There can be no assurances that the price of the Limited Shares will continue to exceed the Index levels.

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~~COMPARISON OF DBP, DBPNAV AND DBPGIX FOR THE THREE MONTHS ENDED~~

~~DECEMBER 31, 2007 AND THE PERIOD ENDED DECEMBER 31, 2007~~

~~NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.~~

~~See Additional Legends below~~

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~~Additional Legends~~

~~Deutsche Bank Liquid Commodity Index–Optimum Yield Precious Metals Excess Return™ is an index and does not reflect (i) actual trading and (ii) any fees or expenses.~~

WHILE THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN JULY 2006, CERTAIN INFORMATION RELATING TO THE INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW.

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~~FOR THE PERIOD ENDED DECEMBER 31, 2007~~

~~Fund Limited Share Price Performance~~

~~The Fund was launched on January 3, 2007 at $25.00 per share and listed for trading on the Amex on January 5, 2007.~~

~~On December 28, 2007, the Fund made a $0.60 per share distribution to Limited shareholders of record as of December 19, 2007.~~

For the Period Ended December 31, 2007, the Amex market value of Limited Shares increased 23.88% from $25.00 per share to $30.97 per share. The Limited Share price low and high for the Period Ended December 31, 2007 and related change from the Limited Share price on January 3, 2007 (commencement of investment operations) was as follows: Limited Shares traded from a low of $24.04 per share (-3.84%) on January 5, 2007 to a high of $31.90 per share (+27.60%) on November 8, 2007. Total return for the Fund, on a market value basis was 26.28%, including the above noted distribution for the period.

~~Fund Limited Share Net Asset Performance~~

For the Period Ended December 31, 2007, the net asset value of each Limited Share increased 23.72% from $25.00 per share to $30.93 per share. On December 28, 2007, the Fund made a $0.60 per share distribution to Limited shareholders of record as of December 19, 2007. Therefore, total return on a net asset value basis, for the Fund, including the distribution, was 26.12%.

Net income for the Period Ended December 31, 2007 was $7.1 million, resulting from $1.1 million of interest income supplemented by net realized gains of $1.2 million and net unrealized gains of $5.0 million and operating expenses of $0.2 million.

~~FOR THE THREE MONTHS ENDED~~

~~DECEMBER 31, 2007~~

~~Fund Limited Share Price Performance~~

~~On December 28, 2007, the Fund made a $0.60 per share distribution to Limited shareholders of record as of December 19, 2007.~~

For the Three Months Ended December 31, 2007, the Amex market value of Limited Shares increased 8.25% from $28.61 per share to $30.97 per share. The Limited Share price low and high for theThree Months ended December 31, 2007 and related change from the Limited Share price on September 30, 2007 was as follows: Limited Shares traded from a low of $27.96 per share (-2.27%) on October 3, 2007 to a high of $31.90 per share (+11.50%) on November 8, 2007. Total return for the Fund, on a market value basis was 10.35%, including the above noted distribution, for the three month period.

~~Fund Limited Share Net Asset Performance~~

For the Three Months Ended December 31, 2007, the net asset value of each Limited Share increased 8.15% from $28.60 per share to $30.93 per share. On December 28, 2007, the Fund made a $0.60 per share distribution to Limited shareholders of record as of December 19, 2007. Therefore, total return on a net asset value basis, for the Fund, including the distribution, was 10.24%.

Net income for the Three Months Ended December 31, 2007 was $3.6 million, resulting from $0.4 million of interest income supplemented by net realized gains of $0.3 million and net unrealized gains of $3.0 million and operating expenses of $0.1 million.

P~~OWERSHARES~~ DB G~~OLD~~ F~~UND~~

The Fund and the Master Fund seek to track changes in the closing levels of the Deutsche Bank Liquid Commodity Index–Optimum Yield Gold Excess Return™ (DBLCI-OY GC ER™ or “Index”) over time, plus the excess, if any, of the Master Fund’s interest income from its holdings of United States Treasury Obligations and other high credit quality short-term fixed income securities over the expenses of the Fund and the Master Fund. The following graphs illustrate changes in (i) the price of the Limited Shares (as reflected by the graph “DGL”), (ii) the Fund’s NAV (as reflected by the graph “DGLNAV”), and (iii) the closing levels of the Index (as reflected by the graph “DGLDIX”). The price of the Limited Shares generally has exceeded the levels of the Index primarily because the Limited Share price reflects interest income from the Master Fund’s collateral holdings whereas the Index does not consider such interest income. There can be no assurances that the price of the Limited Shares will continue to exceed the Index levels.

~~127~~

~~COMPARISON OF DGL, DGLNAV AND DGLDIX FOR THE THREE MONTHS ENDED~~

~~DECEMBER 31, 2007 AND THE PERIOD ENDED DECEMBER 31, 2007~~

~~NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.~~

~~See Additional Legends below~~

~~128~~

~~Additional Legends~~

~~Deutsche Bank Liquid Commodity Index–Optimum Yield Gold Excess Return™ is an index and does not reflect (i) actual trading and (ii) any fees or expenses.~~

WHILE THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN JULY 2006, CERTAIN INFORMATION RELATING TO THE INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW.

~~129~~

~~FOR THE PERIOD ENDED DECEMBER 31, 2007~~

~~Fund Limited Share Price Performance~~

~~The Fund was launched on January 3, 2007 at $25.00 per share and listed for trading on the Amex on January 5, 2007.~~

~~On December 28, 2007, the Fund made a $0.81 per share distribution to Limited shareholders of record as of December 19, 2007.~~

For the Period Ended December 31, 2007, the Amex market value of Limited Shares increased 26.32% from $25.00 per share to $31.58 per share. The Limited Share price low and high for the Period Ended December 31, 2007 and related change from the Limited Share price on January 3, 2007 (commencement of investment operations) was as follows: Limited Shares traded from a low of $24.12 per share (-3.52%) on January 5, 2007 to a high of $32.47 per share (+29.88%) on November 7, 2007. Total return for the Fund, on a market value basis was 29.56% including the above noted distribution for the period.

~~Fund Limited Share Net Asset Performance~~

For the Period Ended December 31, 2007, the net asset value of each Limited Share increased 26.20% from $25.00 per share to $31.55 per share. Therefore, total return on a net asset value basis, for the Fund including the above noted distribution was 29.44%.

Net income for the Period Ended December 31, 2007 was $8.0 million, resulting from $1.2 million of interest income supplemented by net realized gain of $0.7 million and net unrealized gain of $6.3 million and operating expenses of $0.1 million.

~~FOR THE THREE MONTHS ENDED DECEMBER 31, 2007~~

~~Fund Limited Share Price Performance~~

~~On December 28, 2007, the Fund made a $0.81 per share distribution to Limited shareholders of record as of December 19, 2007.~~

For the Three Months Ended December 31, 2007, the Amex market value of Limited Shares increased 8.52% from $29.10 per share to $31.58 per share. The Limited Share price low and high for the Three Months Ended December 31, 2007 and relatedchange from the Limited Share price on September 30, 2007 was as follows: Limited Shares traded from a low of $28.48 per share (-2.13%) on October 3, 2007 to a high of $32.47 per share (+11.58%) on November 7, 2007. Total return for the Fund, on a market value basis was 11.31% including the above noted distribution, for the three month period.

~~Fund Limited Share Net Asset Performance~~

For the Three Months Ended December 31, 2007, the net asset value of each Limited Share increased 8.38% from $29.11 per share to $31.55 per share. Therefore, total return on a net asset value basis, for the Fund including the above noted distribution, was 11.16%.

Net income for the Three Months Ended December 31, 2007 was $4.1 million, resulting from $0.4 million of interest income supplemented by net realized gain of $0.1 million and net unrealized gain of $3.7 million and operating expenses of $0.1 million.

P~~OWERSHARES~~ DB S~~ILVER~~ F~~UND~~

The Fund and the Master Fund seek to track changes in the closing levels of the Deutsche Bank Liquid Commodity Index–Optimum Yield Silver Excess Return™ (DBLCI-OY SI ER™ or “Index”) over time, plus the excess, if any, of the Master Fund’s interest income from its holdings of United States Treasury Obligations and other high credit quality short-term fixed income securities over the expenses of the Fund and the Master Fund. The following graphs illustrate changes in (i) the price of the Limited Shares (as reflected by the graph “DBS”), (ii) the Fund’s NAV (as reflected by the graph “DBSNAV”), and (iii) the closing levels of the Index (as reflected by the graph “DBSLIX”). The price of the Limited Shares generally has exceeded the levels of the Index primarily because the Limited Share price reflects interest income from the Master Fund’s collateral holdings whereas the Index does not consider such interest income. There can be no assurances that the price of the Limited Shares will continue to exceed the Index levels.

~~130~~

~~COMPARISON OF DBS, DBSNAV AND DBSLIX FOR THE THREE MONTHS ENDED~~

~~DECEMBER 31, 2007 AND THE PERIOD ENDED DECEMBER 31, 2007~~

~~NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.~~

~~See Additional Legends below~~

~~131~~

~~Additional Legends~~

~~Deutsche Bank Liquid Commodity Index–Optimum Yield Silver Excess Return™ is an index and does not reflect (i) actual trading and (ii) any fees or expenses.~~

WHILE THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN JULY 2006, CERTAIN INFORMATION RELATING TO THE INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW.

~~132~~

~~FOR THE PERIOD ENDED DECEMBER 31, 2007~~

~~Fund Limited Share Price Performance~~

~~The Fund was launched on January 3, 2007 at $25.00 per share and listed for trading on the Amex on January 5, 2007.~~

~~On December 28, 2007, the Fund made a $0.87 per share distribution to Limited shareholders of record as of December 19, 2007.~~

For the Period Ended December 31, 2007, the Amex market value of Limited Shares increased 11.16% from $25.00 per share to $27.79 per share. The Limited Share price low and high for the Period Ended December 31, 2007 and related change from the Limited Share price on January 3, 2007 (commencement of investment operations) was as follows: Limited Shares traded from a low of $22.73 per share (-9.08%) on August 21, 2007 to a high of $30.19 per share (+20.76%) on November 9, 2007. Total return for the Fund, on a market value basis was 14.64% including the above noted distribution.

~~Fund Limited Share Net Asset Performance~~

For the Period Ended December 31, 2007, the net asset value of each Limited Share increased 11.32% from $25.00 per share to $27.83 per share. On December 28, 2007, the Fund made a $0.87 per share distribution to Limited shareholders of record as of December 19, 2007. Therefore, total return on a net asset value basis for the Fund including the distribution, was 14.80%.

Net income for the Period Ended December 31, 2007 was $3.5 million, resulting from $1.0 million of interest income supplemented by net realized gain of $2.0 million and net unrealized gain of $0.6 million and operating expenses of $0.1 million.

~~FOR THE THREE MONTHS ENDED~~

~~DECEMBER 31, 2007~~

~~Fund Limited Share Price Performance~~

~~On December 28, 2007, the Fund made a $0.87 per share distribution to Limited shareholders of record as of December 19, 2007.~~

For the Three Months Ended December 31, 2007, the Amex market value of Limited Shares increased 2.89% from $27.01 per share to $27.79 per share. The Limited Share price low and high for theThree Months Ended December 31, 2007 and related change from the Limited Share price on September 30, 2007 was as follows: Limited Shares traded from a low of $26.04 per share (-3.59%) on December 17, 2007 to a high of $30.19 per share (+11.77%) on November 9, 2007. Total return for the Fund, on a market value basis was 6.11% including the above noted distribution, for the three month period.

~~Fund Limited Share Net Asset Performance~~

For the Three Months Ended December 31, 2007, the net asset value of each Limited Share increased 2.92% from $27.04 per share to $27.83 per share. On December 28, 2007, the Fund made a $0.87 per share distribution to Limited shareholders of record as of December 19, 2007. Therefore, total return on a net asset value basis, for the Fund, including the distribution was 6.14%.

Net income for the Three Months Ended December 31, 2007 was $1.3 million, resulting from $0.2 million of interest income supplemented by net realized gain of $0.9 million and net unrealized gain of $0.2 million.

P~~OWERSHARES~~ ~~DB BASE~~ M~~ETALS~~ F~~UND~~

The Fund and the Master Fund seek to track changes in the closing levels of the Deutsche Bank Liquid Commodity Index–Optimum Yield Industrial Metals Excess Return™ (DBLCI-OY Industrial Metals ER™ or “Index”), over time, plus the excess, if any, of the Master Fund’s interest income from its holdings of United States Treasury Obligations and other high credit quality short-term fixed income securities over the expenses of the Fund and the Master Fund. The following graphs illustrate changes in (i) the price of the Limited Shares (as reflected by the graph “DBB”), (ii) the Fund’s NAV (as reflected by the graph “DBBNAV”), and (iii) the closing levels of the Index (as reflected by the graph “DBBMIX”). The price of the Limited Shares generally has exceeded the levels of the Index primarily because the Limited Share price reflects interest income from the Master Fund’s collateral holdings whereas the Index does not consider such interest income. There can be no assurances that the price of the Limited Shares will continue to exceed the Index levels.

~~133~~

~~COMPARISON OF DBB, DBBNAV AND DBBMIX FOR THE THREE MONTHS ENDED~~

~~DECEMBER 31, 2007 AND THE PERIOD ENDED DECEMBER 31, 2007~~

~~NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.~~

~~See Additional Legends below~~

~~134~~

~~Additional Legends~~

~~Deutsche Bank Liquid Commodity Index–Optimum Yield Industrial Metals Excess Return™ is an index and does not reflect (i) actual trading and (ii) any fees or expenses.~~

WHILE THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN JULY 2006, CERTAIN INFORMATION RELATING TO THE INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW.

~~135~~

~~FOR THE PERIOD ENDED DECEMBER 31, 2007~~

~~Fund Limited Share Price Performance~~

~~The Fund was launched on January 3, 2007 at $25.00 per share and listed for trading on the Amex on January 5, 2007.~~

~~On December 28, 2007, the Fund made a $0.96 per share distribution to Limited shareholders of record as of December 19, 2007.~~

For the Period Ended December 31, 2007, the Amex market value of Limited Shares decreased (-12.40%) from $25.00 per share to $21.90 per share. The Limited Share price low and high for the Period Ended December 31, 2007 and related change from the Limited Share price on January 3, 2007 (commencement of investment operations) was as follows: Limited Shares traded from a low of $21.34 per share (-14.64%) on December 18, 2007 to a high of $29.43 per share (+17.72%) on May 4, 2007. Total return for the Fund, on a market value basis was (-8.56%), including the above noted distribution, for the period.

~~Fund Limited Share Net Asset Performance~~

For the Period Ended December 31, 2007, the net asset value of each Limited Share decreased (-12.00%) from $25.00 per share to $22.00 per share. On December 28, 2007, the Fund made a $0.96 per share distribution to Limited shareholders of record as of December 19, 2007. Therefore, total return on a net asset value basis, for the Fund including the distribution, was (-8.16%).

Net loss for the Period Ended December 31, 2007 was $16.7 million, resulting from $2.6 million of interest income supplemented by net realized loss of $11.4 million and net unrealized losses of $7.5 million and operating expenses of $0.4 million.

~~FOR THE THREE MONTHS ENDED~~

~~DECEMBER 31, 2007~~

~~Fund Limited Share Price Performance~~

~~On December 28, 2007, the Fund made a $0.96 per share distribution to Limited shareholders of record as of December 19, 2007.~~

For the Three Months Ended December 31, 2007, the Amex market value of Limited Shares decreased (-17.01%) from $26.39 per share to $21.90per share. The Limited Share price low and high for the Three Months Ended December 31, 2007 and related change from the Limited Share price on September 30, 2007 was as follows: Limited Shares traded from a low of $21.34 per share (-19.14%) on December 18, 2007 to a high of $26.80 per share (+1.55%) on October 3, 2007. Total return for the Fund, on a market value basis was (-13.38%), including the above noted distribution, for the three month period.

~~Fund Limited Share Net Asset Performance~~

For the Three Months Ended December 31, 2007, the net asset value of each Limited Share decreased (-16.48%) from $26.34 per share to $22.00 per share. On December 28, 2007, the Fund made a $0.96 per share distribution to Limited shareholders of record as of December 19, 2007. Therefore, total return on a net asset value basis, for the Fund, including the distribution, was (-12.83%).

Net loss for the Three Months Ended December 31, 2007 was $12.4 million, resulting from $0.7 million of interest income supplemented by net realized gains of $10.8 million and net unrealized losses of $2.2 million and operating expenses of $0.1 million.

P~~OWERSHARES~~ ~~DB AGRICULTURE~~ F~~UND~~

The Fund and the Master Fund seek to track changes in the closing levels of the Deutsche Bank Liquid Commodity Index–Optimum Yield Agriculture Excess Return™ (DBLCI-OY Agriculture ER™), or the Index, over time, plus the excess, if any, of the Master Fund’s interest income from its holdings of United States Treasury Obligations and other high credit quality short-term fixed income securities over the expenses of the Fund and the Master Fund. The following graphs illustrate changes in (i) the price of the Limited Shares (as reflected by the graph “DBA”), (ii) the Fund’s NAV (as reflected by the graph “DBANAV”), and (iii) the closing levels of the Index (as reflected by the graph “DBAGIX”). The price of the Limited Shares generally has exceeded the levels of the Index primarily because the Limited Share price reflects interest income from the Master Fund’s collateral holdings whereas the Index does not consider such interest income. There can be no assurances that the price of the Limited Shares will continue to exceed the Index levels.

~~136~~

~~COMPARISON OF DBA, DBANAV AND DBAGIX FOR THE THREE MONTHS ENDED~~

~~DECEMBER 31, 2007 AND THE PERIOD ENDED DECEMBER 31, 2007~~

~~NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.~~

~~See Additional Legends below~~

~~137~~

~~Additional Legends~~

~~Deutsche Bank Liquid Commodity Index–Optimum Yield Agriculture Excess Return™ is an index and does not reflect (i) actual trading and (ii) any fees or expenses.~~

WHILE THE FUND’S OBJECTIVE IS NOT TO GENERATE PROFIT THROUGH ACTIVE PORTFOLIO MANAGEMENT, BUT IS TO TRACK THE INDEX, BECAUSE THE INDEX WAS ESTABLISHED IN JULY 2006, CERTAIN INFORMATION RELATING TO THE INDEX CLOSING LEVELS MAY BE CONSIDERED TO BE “HYPOTHETICAL.” HYPOTHETICAL INFORMATION MAY HAVE CERTAIN INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW.

~~138~~

~~FOR THE PERIOD ENDED DECEMBER 31, 2007~~

~~Fund Limited Share Price Performance~~

~~The Fund was launched on January 3, 2007 at $25.00 per share and listed for trading on the Amex on January 5, 2007.~~

~~On December 28, 2007, the Fund made a $0.45 per share distribution to Limited shareholders of record as of December 19, 2007.~~

For the Period Ended December 31, 2007, the Amex market value of Limited Shares increased 31.96% from $25.00 per share to $32.99 per share. The Limited Share price low and high for the Period Ended December 31, 2007 and related change from the Limited Share price on January 3, 2007 (commencement of investment operations) was as follows: Limited Shares traded from a low of $24.66 per share (-1.36%) on January 9, 2007 to a high of $33.54 per share (+34.16%) on December 26, 2007. Total return for the Fund, on a market value basis was 33.76%, including the above noted distribution for the period.

~~Fund Limited Share Net Asset Performance~~

For the Period Ended December 31, 2007, the net asset value of each Limited Share increased 31.24% from $25.00 per share to $32.81 per share. On December 28, 2007, the Fund made a $0.45 per share distribution to Limited shareholders of record as of December 19, 2007. Total return on a net asset value basis, for the Fund including the distribution, was 33.04%.

Net income for the Period Ended December 31, 2007 was $175.9 million, resulting from $18.7 million of interest income supplemented by net realized gains of $21.3 million and net unrealized gains of $139.5 million and operating expenses of $3.6 million.

~~FOR THE THREE MONTHS ENDED~~

~~DECEMBER 31, 2007~~

~~Fund Limited Share Price Performance~~

~~On December 28, 2007, the Fund made a $0.45 per share distribution to Limited shareholders of record as of December 19, 2007.~~

For the Three Months Ended December 31, 2007, the Amex market value of Limited Shares increased 11.83 % from $29.50 per share to $32.99 per share. The Limited Share price low and high forthe Three Months Ended December 31, 2007 and related change from the Limited Share price on September 30, 2007 was as follows: Limited Shares traded from a low of $27.78 per share (-5.83%) on October 8, 2007 to a high of $33.54 per share (+13.69%) on December 26, 2007. Total return for the Fund, on a market value basis was 13.36% including the above noted distribution, for the three month period.

~~Fund Limited Share Net Asset Performance~~

For the Three Months Ended December 31, 2007, the net asset value of each Limited Share increased 11.64% from $29.39 per share to $32.81 per share. On December 28, 2007, the Fund made a $0.45 per share distribution to Limited shareholders of record as of December 19, 2007. Total return on a net asset value basis, for the Fund including the distribution, was 13.17%.

Net income for the Three Months Ended December 31, 2007 was $111.6 million, resulting from $7.8 million of interest income supplemented by net realized gain of $23.6 million and net unrealized gains of $81.8 million and operating expenses of $1.6 million.

~~Off-Balance Sheet Arrangements and Contractual Obligations~~

In the normal course of its business, each Master Fund is party to financial instruments with off-balance sheet risk. The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss. The financial instruments used by each Master Fund are commodity futures, whose values are based upon an underlying asset and generally represent future commitments which have a reasonable possibility to be settled in cash or through physical delivery. The financial instruments are traded on an exchange and are standardized contracts.

Each Fund and its corresponding Master Fund have not utilized, nor do they expect to utilize in the future, special purpose entities to facilitate off-balance sheet financing arrangements and have no loan guarantee arrangements or off-balance sheet arrangements of any kind, other than agreements entered into in the normal course of business noted above, which may include indemnification provisions related to certain risks service providers undertake in

~~139~~

performing services which are in the best interests of such Fund and its corresponding Master Fund. While each Fund’s and its corresponding Master Fund’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on either such Fund’s or its corresponding Master Fund’s financial position.

Each Fund and its corresponding Master Fund’s contractual obligations are with the Managing Owner and the Commodity Broker. Management Fee payments made to the Managing Owner are calculated as a fixed percentage of each Master Fund’s net asset value. Commission payments to the Commodity Broker are on a contract-by-contract, or round-turn, basis. As such, the Managing Owner cannot anticipate the amount of payments that will be required under these arrangements for future periods as net asset values are not known until a future date. These agreements are effective for one year terms, renewable automatically for additional one year terms unless terminated. Additionally, these agreements may be terminated by either party for various reasons.

~~QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK~~

~~INTRODUCTION~~

Each Fund is designed to replicate positions in a commodity index. The market sensitive instruments held by it are subject to the risk of trading loss. Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to each Fund’s main line of business.

Market movements can produce frequent changes in the fair market value of a Fund’s open positions and, consequently, in its earnings and cash flow. Each Fund’s market risk is primarily influenced by changes in the price of commodities.

Value at Risk is a measure of the maximum amount which each Fund could reasonably be expected to lose in a given market sector. However, the inherent uncertainty in the markets in which a Fund trades and the recurrence in the markets traded by such Fund of market movements far exceeding expectations could result in actual trading or non-trading losses far beyond the indicated Value at Risk or a Fund’s experience to date (~~i.e.~~~~, “risk of ruin”). In light of this, as well as the risks and uncertainties intrinsic to all future projections, the~~inclusion of the quantification included in this section should not be considered to constitute any assurance or representation that a Fund’s losses in any market sector will be limited to Value at Risk or by a Fund’s attempts to manage its market risk.

~~Standard of Materiality~~

Materiality as used in this section, “Quantitative and Qualitative Disclosures About Market Risk,” is based on an assessment of reasonably possible market movements and the potential losses caused by such movements, taking into account the leverage, and multiplier features of a Fund’s market sensitive instruments.

~~QUANTIFYING EACH FUND’S TRADING VALUE AT RISK~~

~~Quantitative Forward-Looking Statements~~

The following quantitative disclosures regarding each Fund’s market risk exposures contain “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact (such as the dollar amount of maintenance margin required for market risk sensitive instruments held at the end of the reporting period).

Each Fund’s risk exposure in the various market sectors traded by such Fund is quantified below in terms of Value at Risk. Exchange maintenance margin requirements have been used by a Fund as the measure of its Value at Risk. Maintenance margin requirements are set by exchanges to equal or exceed 95-99% of the maximum one-day losses at fair value of any given contract incurred during the time period over which historical price fluctuations are researched for purposes of establishing margin levels. The maintenance margin levels are established by exchanges using historical price studies as well as an assessment of current market volatility and economic fundamentals to provide a probabilistic estimate of the maximum expected near-term one-day price fluctuation.

~~140~~

~~EACH FUND’S TRADING VALUE AT RISK IN DIFFERENT MARKET SECTORS~~

P~~OWERSHARES~~ ~~DB ENERGY~~ F~~UND~~

~~The following table indicates the trading Value at Risk associated with the Fund’s open positions by market category as of December 31, 2007.~~

Market
Sector Delivery
Month
Value at
Risk
(VaR)
$ Value*

Value at
Risk
(VaR)*
% of Net
Assets
Number
of times
VaR
Exceeded
Light Sweet
Crude Oil
May
2008
471,746 0.96 % 7
Heating Oil
June
2008
442,655 0.90 % 6
Brent Crude
Oil
March
2008
443,027 0.90 % 7
RBOB
Gasoline
November
2008
477,809 0.97 % 10
Natural Gas
May
2008
323,373 0.66 % 8
Aggregate/
Total
1,786,843 0.036 % 6

* The VaR for a contract represents the one day, downside risk, under normal market conditions, with a 99% confidence level. It is calculated using historical market moves for the contract and uses a one year look-back. The aggregate VaR for the fund represents the VaR of the Fund’s open positions across all contracts, and is less than the sum of VaRs for each individual contract due to the diversification benefit across the contracts.

P~~OWERSHARES~~ ~~DB O~~IL F~~UND~~

~~The following table indicates the trading Value at Risk associated with the Fund’s open positions by market category as of December 31, 2007.~~

Market
Sector    Delivery
Month
Value at
Risk
(VaR)
$ Value*
   Value
at Risk
(VaR)* Number
of times
VaR
Exceeded
Light Sweet
Crude Oil
   May 2008    1,474,323    4.26 % 7
Aggregate/
Total
      1,474,323    4.26 % 7

P~~OWERSHARES~~ ~~DB PRECIOUS~~ M~~ETALS~~ F~~UND~~

~~The following table indicates the trading Value at Risk associated with the Fund’s open positions by market category as of December 31, 2007.~~

Market
Sector
Delivery
Month
Value at
Risk
(VaR)
$ Value*
   Value
at Risk
(VaR)* Number
of times
VaR
Exceeded
Gold
January 2009      1,082,782    1.95 % 7
Silver
August 2008      445,331    0.80 % 7
Aggregate/
Total
      2.66 % 7

P~~OWERSHARES~~ ~~DB GOLD~~ F~~UND~~

~~The following table indicates the trading Value at Risk associated with the Fund’s open positions by market category as of December 31, 2007.~~

Market
Sector Delivery
Month
Value at
Risk
(VaR)
$ Value*
   Value
at Risk
(VaR)*
Number
of times
VaR
Exceeded
Gold
August 2008    1,074,000    2.43 % 7
Aggregate/
Total
   1,074,000    2.43 % 7

P~~OWERSHARES~~ ~~DB SILVER~~ F~~UND~~

~~The following table indicates the trading Value at Risk associated with the Fund’s open positions by market category as of December 31, 2007.~~

~~141~~

Market
Sector
Delivery
Month
Value at
Risk
(VaR)
$ Value*
Value
at Risk
(VaR)* Number
of times
VaR
Exceeded
Silver
January 2009 1,113,425 4.00 % 7
Aggregate/
Total
1,113,425 4.00 % 7

P~~OWERSHARES~~ ~~DB BASE~~ M~~ETALS~~ F~~UND~~

~~The following table indicates the trading Value at Risk associated with the Fund’s open positions by market category as of December 31, 2007.~~

Market
Sector
   Delivery
Month    Value
at Risk
(VaR)* Number
of times
VaR
Exceeded
Aluminum
   November 2008    1.00 % 10
Zinc
   May 2008    1.93 % 8
Copper-Grade A
   March 2008    1.52 % 7
Aggregate/ Total
      3.92 % 4

P~~OWERSHARES~~ ~~DB AGRICULTURE~~ F~~UND~~

~~The following table indicates the trading Value at Risk associated with the Fund’s open positions by market category as of December 31, 2007.~~

Market
Sector Delivery
Month
Value at
Risk
(VaR)
$ Value*

Value
at Risk
(VaR)*
% of
Net
Assets
Number
of times
VaR
Exceeded
Corn
December
2008 13,003,919 1.17 % 6
Wheat
July-December
2008 13,306,338 0.80 % 5
Soybeans
November
2008 8,828,453 0.89 % 8
Sugar
September
2008 9,861,242 1.20 % 11
Aggregate/
Total
36,642,774 2.76 % 5

~~NON-TRADING RISK~~

~~Each Fund has non-trading market risk as a result of investing in short-term United States Treasury Obligations. The market risk represented by these investments is expected to be immaterial.~~

~~QUALITATIVE DISCLOSURES REGARDING PRIMARY TRADING RISK EXPOSURES~~

The following qualitative disclosures regarding each Fund’s market risk exposures — except for those disclosures that are statements of historical fact — constitute forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Each Fund’s primary market risk exposures are subject to numerous uncertainties, contingencies and risks. Government interventions, defaults and expropriations, illiquid markets, the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation and many other factors could result in material losses as well as in material changes to the risk exposures of a Fund. There can be no assurance that a Fund’s current market exposure will not change materially. Investors may lose all or substantially all of their investment in a Fund.

~~The following were the primary trading risk exposures of the Funds as of December 31, 2007 by Index Commodities:~~

P~~OWERSHARES~~ ~~DB ENERGY~~ F~~UND~~

~~Light Sweet Crude Oil~~

The price of light sweet crude oil is volatile and is affected by numerous factors. The level of global industrial activity influences the demand for light sweet crude oil. In addition, various other factors can affect the demand for light sweet crude oil, such as weather, political events and labor activity. The

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supply of light sweet crude oil can be affected by many events, in particular, the meetings of the Organization of Petroleum Exporting Countries. Market expectations about events that will influence either demand or supply can cause prices for light sweet crude oil to fluctuate greatly. A significant amount of the world oil production capacity is controlled by a relatively small number of producers. Any large change in production by one of these producers could have a substantial effect on the price of light sweet crude oil.

~~Heating Oil~~

The price of heating oil is volatile and is affected by numerous factors. The level of global industrial activity influences the demand for heating oil. In addition, the seasonal temperatures in countries throughout the world can also heavily influence the demand for heating oil. Heating oil is derived from crude oil and as such, any factors that influence the supply of crude oil may also influence the supply of heating oil.

~~Brent Crude Oil~~

The price of Brent crude oil is volatile and is affected by numerous factors. The price of Brent crude oil is influenced by may factors, including, but not limited to, amount of output by oil producing nations, worldwide supply/stockpiles, weather, various geopolitical factors that causes supply disruptions (~~e.g.~~~~, war, terrorism), global demand (particularly from emerging nations), currency fluctuations, and activities of market participants such as hedgers and speculators.~~

~~RBOB Gasoline~~

The price of RBOB Gasoline is volatile and is affected by numerous factors. The level of global industrial activity influences the demand for RBOB Gasoline. In addition, the demand has seasonal variations, which occur during “driving seasons” usually considered the summer months in North America and Europe. RBOB Gasoline is derived from crude oil and as such, any factors that influence the supply of crude oil may also influence the supply of RBOB Gasoline.

~~Natural Gas~~

The price of natural gas is volatile and is affected by numerous factors. The level of global industrial activity influences the demand for natural gas. In addition to the seasonal temperatures in countries throughout the world, any fluctuations may also heavily influence the demand for natural gas.

P~~OWERSHARES~~ ~~DB O~~IL F~~UND~~

~~Please see “~~~~Light Sweet Crude Oil~~~~” under Powershares DB Energy Fund.~~

P~~OWERSHARES~~ ~~DB PRECIOUS~~ M~~ETALS~~ F~~UND~~

~~Gold~~

The price of gold is volatile and is affected by numerous factors. Gold prices float freely in accordance with supply and demand. The price movement of gold may be influenced by a variety of factors, including announcements from central banks regarding reserve gold holdings, agreements among central banks, purchases and sales of gold by central banks other governmental agencies that hold large supplies of gold, political uncertainties, economic concerns such as an increase or decrease in confidence in the global monetary system, the relative strength of the U.S. dollar, interest rates and numerous other factors. Gold prices may also be affected by industry factors such as industrial and jewelry demand.

~~Silver~~

~~The price of silver is volatile and is affected by numerous factors. The largest industrial users of silver (~~~~e.g.~~, photographic, jewelry, and electronic industries) may influence its price. A change in economic conditions, such as a recession, can adversely affect industries which are dependent upon the use of silver. In turn, such a negative economic impact may decrease demand for silver, and, consequently, its price. Worldwide speculation and hedging activity by silver producers may also impact its price.

P~~OWERSHARES~~ ~~DB GOLD~~ F~~UND~~

~~Please see “~~~~Gold~~~~” under Powershares DB Precious Metals Fund.~~

P~~OWERSHARES~~ ~~DB SILVER~~ F~~UND~~

~~Please see “~~~~Silver~~~~” under Powershares DB Precious Metals Fund.~~

P~~OWERSHARES~~ ~~DB BASE~~ M~~ETALS~~ F~~UND~~

~~Aluminum~~

~~The price of aluminum is volatile. The price movement of aluminum may be influenced by a~~

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variety of factors, including the level of global industrial activity and demands, especially relating to the transportation, packaging and building sectors, each of which significantly influences the demand, and in turn, the price of aluminum. Prices for aluminum are influenced by a number of factors including the level of economic activity in large aluminum consuming markets, political uncertainties, economic concerns and the rate of supply of new metal from producers. The production of aluminum is a power intensive process that requires large amounts of inexpensive power. Disruptions in the amount of energy available to aluminum producers could affect the supply of aluminum.

~~Zinc~~

The price of zinc is volatile and is affected by numerous factors. The closing price of zinc is determined by reference to the official U.S. dollar cash settlement price per ton of the zinc futures contract traded on the LME. The price of zinc is primarily affected by the global demand for and supply of zinc. Demand for zinc is significantly influenced by the level of global industrial economic activity. The galvanized steel industrial sector is particularly important given that the use of zinc in the manufacture of galvanized steel accounts for approximately 50% of world-wide zinc demand. The galvanized steel sector is in turn heavily dependent on the automobile and construction sectors. A relatively widespread increase in the demand for zinc by the galvanized steel sector, particularly in China and the United States, has been the primary cause of the recent rise in zinc prices. An additional, but highly volatile component of demand, is adjustments to inventory in response to changes in economic activity and/or pricing levels. The supply of zinc concentrate (the raw material) is dominated by China, Australia, North America and Latin America. The supply of zinc is also affected by current and previous price levels, which will influence investment decisions in new mines and smelters. It is not possible to predict the aggregate effect of all or any combination of these factors.

~~Copper~~

The price of copper is volatile. The price of copper is primarily affected by the global demand for and supply of copper. Demand for copper is significantly influenced by the level of global industrial economic activity. Industrial sectors which are particularly important include the electrical and construction sectors. In recent years demand has been supported by strong consumption from newlyindustrializing countries, which continue to be in a copper-intensive period of economic growth as they develop their infrastructure (such as China). An additional, but highly volatile, component of demand is adjustments to inventory in response to changes in economic activity and/or pricing levels. Apart from the United States, Canada and Australia, the majority of copper concentrate supply (the raw material) comes from outside the Organization for Economic Cooperation and Development countries. Chile is the largest producer of copper concentrate. In previous years, copper supply has been affected by strikes, financial problems and terrorist activity. Output has fallen particularly sharply in the “African Copperbelt” and in Bougainville, Papua New Guinea. Any political turmoil in these countries may cause copper supply to fall.

P~~OWERSHARES~~ ~~DB AGRICULTURE~~ F~~UND~~

~~Corn~~

The price of corn is volatile. The price movement of corn may be influenced by three primary supply factors: farmer planting decisions, climate, and government agricultural policies and three major market demand factors: livestock feeding, shortages or surpluses of world grain supplies, and domestic and foreign government policies and trade agreements. Additionally, the price movement of corn may be influenced by a variety of other factors, including weather conditions, disease, transportation costs, political uncertainties and economic concerns.

~~Wheat~~

The price of wheat is volatile. The price movement of wheat may be influenced by three primary supply factors: farmer planting decisions, climate, and government agricultural policies and three major market demand factors: food, shortages or surpluses of world grain supplies, and domestic and foreign government policies and trade agreements. Additionally, the price movement of wheat may be influenced by a variety of other factors, including weather conditions, disease, transportation costs, political uncertainties and economic concerns.

~~Soybeans~~

~~The price of soybeans is volatile. The price movement of soybeans may be influenced by a variety of factors, including demand, weather~~

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~~conditions, disease, crop production, transportation costs, political uncertainties and economic concerns.~~

~~Sugar~~

The price of sugar is volatile. The price movement of sugar may be influenced by a variety of factors, including demand, weather conditions, disease, crop production, transportation costs, political uncertainties and economic concerns.

~~QUALITATIVE DISCLOSURES REGARDING NON-TRADING RISK EXPOSURE~~

~~General~~

The Funds are unaware of any (i) anticipated known demands, commitments or capital expenditures; (ii) material trends, favorable or unfavorable, in its capital resources; or (iii) trends or uncertainties that will have a material effect on operations.

~~QUALITATIVE DISCLOSURES REGARDING MEANS OF MANAGING RISK EXPOSURE~~

Under ordinary circumstances, the Managing Owner’s discretionary power is limited to determining whether a Fund will make a distribution. Under emergency or extraordinary circumstances, the Managing Owner’s discretionary powers increase, but remain circumscribed. These special circumstances, for example, include the unavailability of an Index or certain natural or man-made disasters. The Managing Owner does not apply risk management techniques. Each Fund initiates positions only on the “long” side of the market and does not employ “stop-loss” techniques.

~~[Remainder of page left blank intentionally.]~~

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USE OF PROCEEDS

~~A substantial amount of proceeds~~Proceeds of the offering of the Shares of each Fund are used by ~~each Fund, through its corresponding Master~~that Fund to ~~engage in the trading of exchange-traded futures on its~~trade Index ~~Commodities~~Contracts with a view to tracking the changes, positive or negative, in the level of its Index over ~~time, less~~time. Proceeds of each Fund’s offering are also used to pay the Fund’s fees, expenses, ~~of the operations of the Fund~~ and ~~its corresponding Master Fund.~~other costs. Each ~~Master~~ Fund’s portfolio also includes ~~United States~~ Treasury ~~securities and other high credit quality short-term fixed income securities~~Securities for deposit with such ~~Master~~ Fund’s Commodity Broker as ~~margin.~~margin and Treasury Securities, cash and money market mutual funds (affiliated or otherwise) on deposit with such Fund’s Custodian (for margin and/or cash management purposes). In addition, each Fund gains an exposure to Treasury Securities with a maximum remaining maturity of up to twelve months through its holdings ofT-Bill ETFs (affiliated or otherwise). Holdings ofT-Bill ETFs are on deposit with the Fund’s Custodian (for margin and/or cash management purposes).

The following table reflects the approximate percentage of each Fund’s NAV that is required to be posted as collateral with respect to its holdings of each Fund’s applicable futures contracts as of September 28, 2018:


Fund		Approximate % of each Fund’s NAV posted as collateral for futures contracts
DBE		4%
DBO		4%
DBP		4%
DGL		3%
DBB		7%

Collateral requirements are initially set by the applicable futures exchanges. The Commodity Broker applies an additional collateral requirement based on a number of factors, including, but not limited to, volatility, concentration, percentage of open interest, and position size with respect to each Fund’s Index Contracts. For purposes of calculating the approximate percentage of each Fund’s NAV that was posted as collateral, each Fund’s aggregate assets under management reflected the sum of each Fund’s holdings of Treasury Securities, money market mutual funds,T-Bill ETFs, cash and the value of the applicable Index Contracts that have been marked to market as of September 28, 2018.

The changes in market value over time, whether positive or negative, of the futures contracts held by the Invesco DB Energy Fund are intended to reflect the changes in the market value of the energy sector.

The changes in market value over time, whether positive or negative, of the futures contracts held by the Invesco DB Oil Fund are intended to reflect the changes in market value of crude oil.

The changes in market value over time, whether positive or negative, of the futures contracts held by the Invesco DB Precious Metals Fund are intended to reflect the changes in market value of the precious metals sector.

The changes in market value over time, whether positive or negative, of the futures contracts held by the Invesco DB Gold Fund are intended to reflect the changes in market value of gold.

The changes in market value over time, whether positive or negative, of the futures contracts held by the Invesco DB Base Metals Fund are intended to reflect the base metals sector.

To the extent that a ~~Master~~ Fund trades in futures contracts on United States exchanges, the assets deposited by such ~~Master~~ Fund with its Commodity Broker as margin must be segregated pursuant to the regulations of the CFTC. Such segregated funds may be invested only in a limited range of instruments — principally U.S. government obligations.

ToThe Invesco DB Base Metals Fund typically trades futures contracts onnon-U.S. exchanges and the ~~extent,~~Invesco DB Energy Fun trades certain futures contracts on anon-U.S. exchange as well. Other Funds may also trade in futures contracts onnon-U.S. exchanges, for instance, if at any ~~that~~time it is impractical or inefficient to gain full or partial exposure to any Index Commodity through the use of Index Contracts. If a ~~Master~~ Fund trades in futures on ~~markets other than regulated United States~~non-U.S. futures exchanges, funds deposited to margin positions held on ~~such~~those exchanges ~~are~~will be invested in bank deposits or in instruments of a credit standing generally comparable to those authorized by the CFTC for investment of ~~“customer~~customer segregated ~~funds,” although~~funds. It should be noted, however, that applicable CFTC rules prohibit funds employed in trading on foreign exchanges from being deposited in “customer segregated fund ~~accounts.”~~accounts” (certain exceptions apply).

Although the ~~following~~ percentages set forth below may vary substantially over time, as of the date of this Prospectus, each ~~Master~~ Fund estimates ~~that~~that:

(i) approximately ~~100%~~3%-7% of the ~~net asset value~~NAV of each ~~Master~~ Fund iswill be required to be maintained in segregated accounts in the name of such ~~Master~~ Fund with the Commodity Broker (or

another eligible financial institution, as applicable) in the form of cash, money market mutual funds orT-Bill ETFs (affiliated or ~~United States~~otherwise) or Treasury ~~bills. Approximately 10%~~Securities to margin positions of ~~the net asset value of each Master Fund may be held in cash at any one time.~~all commodities combined. Such funds are segregated pursuant to CFTC ~~rules.~~rules;

~~The Managing Owner, a registered commodity pool operator and commodity trading advisor, is responsible for~~(ii) approximately93%-97% of the ~~cash management activities~~NAV of each ~~Master~~ Fund ~~including investing in United States Treasury and United States Government Agencies issues.~~

~~In addition, assets of each Master Fund not required to margin positions may be~~is maintained in ~~United States bank~~segregated accounts ~~opened~~with the Custodian in the name of such ~~Master~~ Fund ~~and may be held~~ in ~~United States~~bank deposits, money market mutual funds,T-Bill ETFs or Treasury ~~bills~~Securities (or other securities approved by the CFTC for investment of customer funds). for margin and/or cash management purposes when assets of a Fund are not being used to margin positions.

The Managing Owner is responsible for the cash management activities of each Fund, including investing in Treasury Securities, money market mutual funds (affiliated or otherwise) andT-Bill ETFs (affiliated or otherwise), as applicable.

Each ~~Master~~ Fund receives 100% of ~~the interest income earned on~~ its ~~fixed income assets.~~Treasury Income, Money Market Income andT-Bill ETF Income.

CHARGES

See ~~“Summary — Breakeven Amounts” and “Summary — ‘Breakeven Table’”~~“Breakeven Analysis” for ~~additional~~ breakeven related information.

Management Fee

Each Master Fund with respect to PowerShares DB Oil Fund, PowerShares DB Gold Fund and PowerShares DB Silver Fund pays the Managing Owner a Management Fee, monthly in arrears, in an amount equal to 0.50% per annum of the daily net asset value of such Master Fund. Each Master Fund with respect to PowerShares DB Energy Fund, PowerShares DB Precious Metals Fund, PowerShares DB Base Metals Fund and PowerShares DB Agriculture Fund pays the Managing Owner a Management Fee, monthly in arrears, in an amount equal to 0.75% per annum of the daily ~~net asset value~~NAV of ~~such Master Fund. No separate management fee is paid by any corresponding~~the Fund. The Management Fee ~~will be~~is paid in consideration of the Managing Owner’s services related to the management of each Fund’s business and affairs, including the provision of commodity futures trading advisory services.

Each Fund may, for margin and/or cash management purposes, invest in money market mutual funds and/orT-Bill ETFs that are managed by affiliates of the Managing Owner. The indirect portion of the management fees that such Fund may incur through such investments is in addition to the Management Fee paid to the Managing Owner. The Managing Owner has contractually agreed to waive indefinitely the fees that it receives in an amount equal to the indirect management fees that each Fund incurs through its investments in affiliated money market mutual funds and/or affiliatedT-Bill ETFs. The Managing Owner may terminate these waivers on 60 days’ notice.

Organization and Offering Expenses

Expenses incurred in connection with organizing each Fund and ~~its corresponding Master Fund and~~ the initial offering of ~~its~~each Fund’s Shares were paid by the Funds’ predecessor managing owner. Expenses incurred in connection with the continuous offering of Shares of each Fund from commencement of each Fund’s trading operations up to and excluding February 23, 2015 were also paid by the Predecessor Managing Owner. Expenses incurred in connection with the continuous offering of Shares of each Fund on and after ~~the commencement of its corresponding Master Fund’s trading operations~~February 23, 2015 are ~~also~~ paid by the Managing Owner. The Managing Owner aggregates the offering expenses related to the Funds and other commodity pools within the Invesco DB fund suite, and allocates the costs associated to each Fund for payment by the Managing Owner on behalf of each Fund. The Managing Owner expects that the expenses incurred in connection with the continuous offering of Shares of the Invesco DB fund suite may be approximately 0.05% of the average of the funds’ NAV during the life of the Fund’s currently effective registration statement. These costs may vary considerably during the life of a Fund’s current registration statement, but the Managing Owner retains the obligation to pay those expenses in lieu of the Fund.

~~Organization and offering~~Offering expenses relating to ~~both~~ a ~~Master~~ Fund ~~and its corresponding Fund, as applicable,~~ means those expenses incurred in connection with ~~their formation,~~ the ~~qualification and registration of the Shares of such Fund and in offering, distributing and processing the Shares of such Fund under applicable federal law, and any~~

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~~other expenses actually incurred and, directly or indirectly, related to the organization of such Fund, and its corresponding Master Fund or the~~continuous offering of the Shares of such Fund, including, but not limited to, expenses such as:

~~initial and ongoing~~ registration fees, filing fees and taxes;

costs of preparing, printing (including typesetting), amending, supplementing, mailing and distributing the Registration ~~Statement, the exhibits thereto and the Prospectus;~~

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Statement, the exhibits thereto and this Prospectus;

the costs of qualifying, printing (including typesetting), amending, supplementing, mailing and distributing sales materials used in connection with the offering and issuance of the Shares;

travel, telegraph, telephone and other expenses in connection with the offering and issuance of the Shares; and

accounting, auditing and legal fees (including disbursements related thereto) incurred in connection therewith.

The Managing Owner will not allocate to the Funds ~~or the Master Funds~~ the indirect expenses of the Managing Owner.

~~The aggregate amount of the original organization and offering expenses was approximately $3,125,000.~~

Brokerage Commissions and Fees

Each ~~Master~~ Fund pays to the Commodity Broker all brokerage commissions, including applicable exchange fees, NFA fees,give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with its trading activities. On average, total charges paid to the Commodity Broker are expected to be less than ~~$10.00~~$6.00 per round-turn trade (except with respect to the Invesco DB Base Metals Fund, which is expected to be less than $13.00 per round-turn trade), although the Commodity Broker’s brokerage commissions and trading fees are determined on acontract-by-contract, or round-turn, basis. A round-turn trade is a completed transaction involving both a purchase and a liquidating sale, or a sale followed by a covering purchase. The Managing Owner ~~does not expect~~estimates the brokerage commissions and fees ~~to exceed~~will be approximately (i) 0.03% of the ~~net asset value~~NAV of each ~~Master~~ Fund with respect to ~~PowerShares~~Invesco DB Energy Fund, ~~and PowerShares DB Base Metals Fund, (ii) 0.04% of thenet asset value of each Master Fund with respect to PowerShares~~Invesco DB Oil Fund, ~~PowerShares~~Invesco DB Precious Metals Fund ~~PowerShares~~and Invesco DB Gold Fund and ~~PowerShares DB Silver Fund, or (iii) 0.16%~~(ii) 0.05% of the ~~net asset value of the Master Fund~~NAV with respect to ~~PowerShares~~Invesco DB ~~Agriculture~~Base Metals Fund in any year, although the actual amount of brokerage commissions and fees in any year or any part of any year may be greater.

Routine Operational, Administrative and Other Ordinary Expenses

The Managing Owner pays all ~~of the~~ routine operational, administrative and other ordinary expenses of each ~~Fund and its corresponding Master Fund, generally, as determined by the Managing Owner, including,~~Fund. These expenses include, but are not limited to, computer ~~services,~~service expenses, the

fees and expenses of the Trustee, license and service fees paid to DIMA as Marketing Agent and Index Sponsor, legal and accounting fees and expenses, tax preparation expenses, filing fees, and printing, mailing and duplication costs. Each Fund does not reimburse the Managing Owner for the routine operational, administrative and other ordinary expenses of each Fund. The Managing Owner aggregates the routine operational, administrative and other ordinary expenses related to the Funds and the other funds within the Invesco DB fund suite, and allocates the costs associated to each fund. The expenses may vary, but the Managing Owner retains the obligation to pay those expenses in lieu of a Fund. The Managing Owner expects that all of the routine operational, administrative and other ordinary expenses of ~~each Fund and its corresponding Master Fund~~the Invesco DB fund suite will be approximately ~~0.40%.~~0.36% per annum of the average of the funds’ NAV.

~~Non-recurring and Unusual~~Non-Recurring Fees and Expenses

Each ~~Master~~ Fund pays all itsnon-recurring and unusual fees and expenses (referred to as extraordinary fees and expenses in the Trust Agreement), of the Fund generally, if any, ~~of itself and its corresponding Fund,~~ as determined by the Managing Owner.Non-recurring and unusual fees and expenses ~~are fees and expenses which are non-recurring and unusual in nature,~~include items such as legal claims and liabilities, ~~and~~ litigation costs, or indemnification orexpenses and other ~~unanticipated expenses. Non-recurring and unusual fees and~~ expenses ~~will also include material expenses which~~that are not currently anticipated obligations of the Funds or ~~Master Funds or~~ of managed futures funds in general. ~~Routine operational, administrative and other ordinary expenses will not be deemed non-recurring and unusual expenses.~~

Management Fee and Expenses to be Paid First out of ~~Interest~~Treasury Income, Money Market Income and/orT-Bill ETF Income

The Management Fee and the brokerage commissions and fees of each ~~Master Fund and its corresponding~~ Fund are paid first out of ~~interest income from such Master Fund’s holdings of U.S.~~ Treasury ~~bills~~Income, Money Market Income and ~~other high credit quality short-term~~

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~~fixed income securities~~T-Bill ETF Income, as applicable, on deposit with the Commodity Broker as margin, the Custodian, or otherwise. ~~Such interest income has been sufficient to cover~~If the ~~fees~~sum of the Treasury Income, the Money Market Income and ~~expenses of each Master Fund and its corresponding Fund and it is expected to continue to do so. To~~ the ~~extent interest income~~T-Bill ETF Income, as applicable, is not sufficient to cover the fees and expenses of ~~a Master~~each Fund ~~and its corresponding~~that are payable by each Fund during any period, the excess of such fees and expenses over such ~~interest income~~Treasury Income, Money Market Income andT-Bill ETF Income, as applicable, will be paid out of income from futures trading, if any, or from sales of the ~~Master~~ Fund’s ~~fixed income securities.~~Treasury Securities and/or holdings in money market mutual funds and/or holdings inT-Bill ETFs. Each Fund holds Treasury

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Securities, money market mutual funds andT-Bill ETFs for margin and/or cash management purposes only.

Selling Commission

Retail investors may purchase and sell Shares through traditional brokerage accounts. Investors are expected to be charged a ~~customary~~ commission by their brokers in connection with purchases of Shares that will vary from investor to investor. Investors are encouraged to review the terms of their brokerage accounts for applicable charges. ~~Also,~~

The offering of Baskets is being made in compliance with Conduct Rule 2310 of the Financial Industry Regulatory Authority (“FINRA”). The excess, if any, of the price at which an Authorized Participant sells a Share over the price paid by such Authorized Participant in connection with the creation of such Share in a Basket may, depending on the facts and circumstances, be deemed to be underwriting ~~compensation.~~compensation by the FINRA Corporate Financing Department.

WHO MAY SUBSCRIBE

Baskets may be created or redeemed only by Authorized Participants. Each Authorized Participant must (1) be a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions, (2) be a participant in DTC, and (3) have entered into ~~an agreement~~a Participant Agreement with the Funds and the Managing ~~Owner (a Participant Agreement).~~Owner. The Participant Agreement sets forth the procedures for the creation and redemption of Baskets ~~of Shares~~ and for the delivery of cash required for such creations or redemptions. A list of the current Authorized Participants can be obtained from the Administrator. ~~A similar agreement between each Fund and its corresponding Master Fund sets forth the procedures for the creation and redemption of Master Unit Baskets by such Fund.~~ See “Creation and Redemption of Shares” for more details.

CREATION AND REDEMPTION OF SHARES

Each Fund creates and redeems Shares from ~~time-to-time,~~time to time, but only in one or more Baskets. ~~ABasket~~A Basket is a block of 200,000 Shares. Baskets may be created or redeemed only by Authorized Participants. Except when aggregated in Baskets, the Shares are not redeemable securities. Authorized Participants

pay a transaction fee of $500 in connection with each order to create or redeem a Basket ~~of Shares.~~and are subject to an additional processing charge for failure to timely deliver such orders. Authorized Participants may sell the Shares included in the Baskets they purchase from the Funds to other investors.

Each Master Fund creates and redeems Master Fund Units from time-to-time, but only in one or more Master Unit Baskets. A Master Unit Basket is a block of 200,000 Master Fund Units. Master Unit Baskets may be created or redeemed only by the Fund corresponding to such Master Fund. Each Master Fund is wholly-owned by its corresponding Fund and the Managing Owner. Each Share issued by a Fund correlates with a Master Fund Unit issued by its corresponding Master Fund and held by the Fund.

Authorized Participants are the only persons that may place orders to create and redeem Baskets. Authorized Participants must be (1) registered broker-dealers or other securities market participants, such as banks and other financial institutions, which are not required to register as broker-dealers to engage in securities transactions, and (2) participants in DTC. To become an Authorized Participant, a person must enter into a Participant Agreement with the Funds and the Managing Owner. The Participant Agreement sets forth the procedures for the creation and redemption of Baskets and for the payment of cash required for such creations and redemptions. The Managing Owner may delegate its duties and obligations under the Participant Agreement to ~~ALPS~~Invesco Distributors, ~~Invesco Aim Distributors~~the Administrator or the ~~Administrator~~Transfer Agent without consent from any Shareholder or Authorized Participant. The Participant Agreement ~~and the related procedures attached thereto~~ may be amended by the Managing Owner ~~without~~only with the consent of ~~any~~the Authorized Participant, while the procedures attached thereto may be amended with notice to the Authorized Participant. Shareholder ~~or Authorized Participant.~~consent is not required in either case. To compensate the ~~Administrator~~Transfer Agent for services in processing the creation and redemption of Baskets, an Authorized Participant is required to pay a transaction fee of $500 per order to create or redeem Baskets. Authorized Participants who purchase Baskets from a Fund receive no fees, commissions or other form of compensation or inducement of any kind from either the Managing Owner or the Fund, and no such person has any obligation or responsibility to the Managing Owner or the Fund to effect any sale or resale of Shares.

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Authorized Participants are cautioned that some of their activities ~~will~~may result in their being deemed participants in a distribution in a manner which would render them statutory underwriters and subject them to the prospectus delivery and liability provisions of the Securities Act of 1933 (the ~~Securities Act)~~“Securities Act”), as described in “Plan of Distribution.”

Each Authorized Participant must be registered as a broker-dealer under the Securities Exchange Act of 1934 (the Exchange Act) and regulated by the Financial Industry Regulatory Authority, or FINRA, or exempt from being, or otherwise not be required to be, so regulated or registered, and qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. Certain Authorized Participants may be regulated under federal and state banking laws and regulations. Each Authorized Participant will have its own set of rules and procedures, internal controls and information barriers as it determines is appropriate in light of its own regulatory regime.-83-

Authorized Participants may act for their own accounts or as agents for broker-dealers, custodians and other securities market participants that wish to create or redeem Baskets.

Persons interested in purchasing Baskets should contact the Managing Owner or the Administrator to obtain the contact information for the Authorized Participants. Shareholders who are not Authorized Participants will only be able to redeem their Shares through an Authorized Participant.

Under the Participant Agreements, the Managing Owner has agreed to indemnify the Authorized Participants and certain parties related to the Authorized Participants against certain liabilities ~~including liabilities under~~as a result of:

any breach by the ~~Securities Act,~~Managing Owner of any provision of the Participant Agreement;

any failure on the part of the Managing Owner to perform any obligation of the Managing Owner set forth in the Participant Agreement;

any failure by the Managing Owner to comply with applicable laws and ~~to contribute to~~regulations in connection with the ~~payments~~Participant Agreement, except that the ~~Authorized Participants may~~Managing Owner will not be required to ~~make in respect of those liabilities. The~~indemnify a Managing Owner ~~has agreed to reimburse~~Indemnified Party (as defined in the ~~Authorized Participants, solely from and~~Participant Agreement) to the extent that such failure was caused by the reasonable reliance on instructions given or representations made by one or more Managing Owner Indemnified Parties or the negligence or willful malfeasance of any Managing Owner Indemnified Party;

any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement of the ~~Master Funds’ assets, for indemnification and contribution amounts due from~~Trust as originally filed with the SEC, or in any amendment thereof, or in any prospectus, or in any amendment thereof or supplement thereto, or arising out of or based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except those statements in the Registration Statement or the Prospectus based on information

furnished in writing by or on behalf of the Authorized Participant expressly for use in the Registration Statement or the Prospectus.

As provided in the Participant Agreements, in the absence of gross negligence, bad faith or willful misconduct, neither the Managing Owner nor an Authorized Participant will be liable to each other or to any other person, including any party claiming by, through or on behalf of the Authorized Participant, for any losses, liabilities, damages, costs or expenses arising out of any mistake or error in ~~respect~~data or other information provided to any of ~~such liabilities to~~them by each other or any other person or out of any interruption or delay in the ~~extent the Managing Owner has not paid such amounts when due.~~

electronic means of communications used by them.

The following description of the procedures for the creation and redemption of Baskets is only a summary and an investor should refer to the relevant provisions of the Trust ~~Declaration~~Agreement and the form of Participant Agreement for more detail. The Trust ~~Declaration~~Agreement and the form of Participant ~~Agreementare~~Agreement are filed as exhibits to the registration statement of which this Prospectus is a part.

Creation Procedures

On any business day, an Authorized Participant may place an order with the ~~Managing Owner~~Transfer Agent to create one or more Baskets. For purposes of processing both ~~purchase~~creation and redemption orders, a “business day” means any day other than a day when banks in New York City are required or permitted to be closed. ~~Purchase~~Creation orders must be placed by 10:00 a.m., ~~New York~~Eastern time. The day on which the ~~Managing Owner~~Transfer Agent receives a valid ~~purchase~~creation order is the ~~purchase~~creation order date. ~~Purchase orders are irrevocable.~~The day on which a creation order is settled is the creation order settlement date. As provided below, the creation order settlement date may occur up to two business days after the creation order date. By placing a ~~purchase~~creation order, and prior to delivery of such Baskets, an Authorized Participant’s DTC account is charged thenon-refundable transaction fee due for the ~~purchase~~creation order.

Baskets are issued on the creation order settlement date as of 2:45 p.m., Eastern time, on the business day immediately following the creation order date at the applicable NAV per Share as of the closing time of the NYSE Arca or the last to close of

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the exchanges on which its futures contracts are traded, whichever is later, on the creation order date, but only if the required payment has been timely received. Upon submission of a creation order, the Authorized Participant may request the Managing Owner to agree to a creation order settlement date up to two business days after the creation order date. By placing a creation order, and prior to receipt of the Baskets, an Authorized Participant’s DTC account is charged thenon-refundable transaction fee due for the creation order.

Determination of ~~required payment~~

Required Payment

The total payment required to create each Basket is the ~~net asset value~~NAV of 200,000 Shares of the applicable Fund as of the closing time of the Amex or the last to close of the exchanges on which its corresponding Master Fund’s futures contracts are traded, whichever is later, on the purchase order date. Baskets are issued as of noon, New York time, on the Business Day immediately following the purchase order date at the applicable net asset value per Share as of the closing time of the AmexNYSE Arca or the last to close of the exchanges on which the ~~corresponding Master~~ Fund’s futures contracts are traded, whichever is later, on the ~~purchase~~creation order ~~date, but only if the required payment has been timely received.~~

date.

Because orders to purchase Baskets must be placed by 10:00 a.m., ~~New York~~Eastern time, but the total payment required to create a Basket will not be determined until 4:00 p.m., ~~New York~~Eastern time, on the date the ~~purchase~~creation order is received, Authorized Participants will not know the total amount of the payment required to create a Basket at the time they submit ~~an irrevocable purchase~~the creation order for the Basket. ~~The net asset value of a Fund~~A Fund’s NAV and the total amount of the payment required to create a Basket could rise or fall substantially between the time ~~an irrevocable purchase~~a creation order is submitted and the time the amount of the purchase price in respect thereof is determined.

Rejection of ~~purchase orders~~

Creation Orders

The Managing Owner or the Transfer Agent may reject a ~~purchase~~creation order if:

ItThe Managing Owner or the Transfer Agent determines that the ~~purchase~~creation order is not in proper form;

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The Managing Owner believes that the ~~purchase~~acceptance or receipt of the creation order would have adverse tax consequences to any Fund or its Shareholders;

The acceptance or receipt of the creation order would, in the opinion of counsel to the Managing Owner, be unlawful; or

Circumstances outside the control of the Managing Owner ~~make it, for all practical purposes, not feasible to process creations of Baskets.~~or the Transfer Agent

make it, for all practical purposes, not feasible to process creations of Baskets.

The Managing Owner will not be liable for the rejection of any ~~purchase~~creation order.

A Fund also may not be able to create new Baskets at any time if there is an insufficient amount of Shares registered in this offering or if another legal or operational impediment to creating new Baskets arises.

Redemption Procedures

The procedures by which an Authorized Participant can redeem one or more Baskets mirror the procedures for the creation of Baskets. On any business day, an Authorized Participant may place an order with the ~~Managing Owner~~Transfer Agent to redeem one or more Baskets. Redemption orders must be placed by 10:00 a.m., ~~New York~~Eastern time. The day on which the Managing Owner receives a valid redemption order is the redemption order date. ~~Redemption orders are irrevocable.~~The day on which a redemption order is settled is the redemption order settlement date. As provided below, the redemption order settlement date may occur up to two business days after the redemption order date. The redemption procedures allow Authorized Participants to redeem Baskets. Individual Shareholders may not redeem directly from a Fund. Instead, individual Shareholders may only redeem Shares in ~~integral multiples of 200,000~~an amount equal to one or more whole Baskets and only through an Authorized Participant.

By placing a redemption order, an Authorized Participant agrees to deliver the Baskets to be redeemed through DTC’s book-entry system to the applicable Fund not later than ~~noon, New York~~the redemption order settlement date as of 2:45 p.m., Eastern time, on the business day immediately following the redemption order date. Upon submission of a redemption order, the Authorized Participant may request the Managing Owner to agree to a redemption order settlement date up to two business days after the redemption order date. By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant’s DTC account is charged thenon-refundable transaction fee due for the redemption order.

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Determination of ~~redemption proceeds~~

Redemption Proceeds

The redemption proceeds from a Fund consist of the cash redemption amount. The cash redemption amount is equal to the ~~net asset value~~NAV of the number of Basket(s) of such Fund requested in the Authorized Participant’s redemption order as of the closing time of the ~~Amex~~NYSE Arca or the last to close of the exchanges on which such ~~corresponding Master~~ Fund’s futures contracts are traded, whichever is later, on the redemption order date. The Managing Owner will distribute the cash redemption amount at ~~noon, New York~~the redemption order settlement date as of 2:45 p.m., Eastern time, on the ~~business day immediately following the~~ redemption order settlement date through DTC to the account of the Authorized Participant as recorded on DTC’s ~~book entry~~book-entry system.

Delivery of ~~redemption proceeds~~

Redemption Proceeds

The redemption proceeds due from a Fund are delivered to the Authorized Participant at ~~noon, New York~~2:45 p.m., Eastern time, on the ~~business day immediately following the~~ redemption order settlement date if, by such time, ~~on such business day immediately following the redemption order date,~~ the Fund’s DTC account has been credited with the Baskets to be redeemed. If the Fund’s DTC account has not been credited with all of the Baskets to be redeemed by such time, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next business day to the extent of remaining whole Baskets received if the ~~Managing Owner~~Transfer Agent receives the fee applicable to the extension of the redemption distribution date which the Managing Owner may, from ~~time-to-time,~~time to time, determine and the remaining Baskets to be redeemed are credited to the Fund’s DTC account by ~~noon, New York~~2:45 p.m., Eastern time, on such next business day. Any further outstanding amount of the redemption order ~~shall~~will be cancelled. The Managing Owner is also authorized to deliver the redemption distribution notwithstanding that the Baskets to be redeemed are not credited to the Fund’s DTC account by ~~noon, New York~~2:45 p.m., Eastern time, on the ~~business day immediately following the~~ redemption order settlement date if the Authorized Participant has collateralized its obligation to deliver the Baskets through DTC’s ~~book entry~~book-entry system on such terms as the Managing Owner may determine from ~~time-to-time.~~time to time.

Suspension, Postponement or Rejection of Redemption Orders

~~Suspension or rejection of redemption orders~~

~~In respect of any Fund, the~~The Managing Owner may, in its discretion, suspend the right of redemption, or postpone the

redemption order settlement date, for (1) ~~for~~ any period during which an emergency

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exists as a result of which the redemption distribution is not reasonably practicable, or (2) ~~for~~ such other period as the Managing Owner determines to be necessary for the protection of the Shareholders. The Managing Owner will not be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

The Managing Owner ~~will~~or the Transfer Agent may reject a redemption order if the order is not in proper form as described in the Participant ~~Agreement~~Agreement. The Managing Owner or the Transfer Agent will reject a redemption order if the ~~fulfillment~~acceptance or receipt of the order, in the opinion of its counsel, might be unlawful.

Creation and Redemption Transaction Fee

To compensate the ~~Administrator~~Transfer Agent for services in processing the creation and redemption of Baskets, an Authorized Participant is required to pay a transaction fee of $500 per order to create or redeem Baskets. An order may include multiple Baskets. The transaction fee may be reduced, increased or otherwise changed by the Managing Owner. The Managing Owner will notify DTC of any agreement to change the transaction fee and will not implement any increase in the fee for the redemption of Baskets until 30 days after the date of the notice.

Monthly account statements conforming to CFTC and NFA requirements are posted on the Managing Owner’s website at~~www.dbfunds.db.com.~~www.invesco.com/ETFs. Additional reports may be posted on the Managing Owner’s website in the discretion of the Managing Owner or as required by regulatory authorities.

THE COMMODITY BROKER

A variety of executing brokers execute futures transactions on behalf of ~~each Master~~the Fund. ~~Such executing~~Executing brokersgive-up all such transactions to Deutsche Bank Securities Inc., a Delaware corporation, which serves as the clearing broker, or Commodity Broker, for each Master Fund. The Commodity Broker is an affiliate of Deutsche Bank AG. In its capacity as clearing broker, the Commodity Broker, ~~executes~~Morgan Stanley & Co. LLC (“MS&Co.”). MS&Co. is a Delaware limited liability company with its main business office located at 1585 Broadway, New York, New York 10036. Among other registrations and ~~clears each of the futures transactions of each of the Master Funds and performs certain administrative services for each of the Master Funds. Deutsche Bank Securities Inc.~~memberships, MS&Co. is ~~also~~ registered ~~with the Commodity Futures Trading Commission~~ as a futures commission merchant and is a member of the ~~National Futures Association in such capacity.~~NFA. In its capacity as clearing

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broker, MS&Co. may execute or receive transactions executed by others and clears all of the Fund’s futures transactions and performs certain administrative and custodial services for the Fund.

MS&Co. is a wholly-owned, indirect subsidiary of Morgan Stanley, a Delaware holding company. Morgan Stanley files periodic reports with the SEC as required by the Securities Exchange Act of 1934 (the “Exchange Act”), which include current descriptions of material litigation and material proceedings and investigations, if any, by governmental and/or regulatory agencies or self-regulatory organizations concerning Morgan Stanley and its subsidiaries, including MS&Co. As a consolidated subsidiary of Morgan Stanley, MS&Co. does not file its own periodic reports with the SEC that contain descriptions of material litigation, proceedings and investigations. As a result, we refer you to the “Legal Proceedings” section of Morgan Stanley’s SEC10-K filings for 2017, 2016, 2015, 2014 and 2013.

In addition to the matters described in those filings, in the normal course of business, each of Morgan Stanley and MS&Co. has been named, from time to time, as a defendant in various legal actions, including arbitrations, class actions, and other litigation, arising in connection with its activities as a global diversified financial services institution. Certain of the legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. Each of Morgan Stanley and MS&Co. is also involved, from time to time, in investigations and proceedings by governmental and/or regulatory agencies or self-regulatory organizations, certain of which may result in adverse judgments, fines or penalties. The number of these investigations and proceedings has increased in recent years with regard to many financial services institutions, including Morgan Stanley and MS&Co.

Regulatory and Governmental Matters

In the normal course of business, Morgan Stanley receives subpoenas and requests for information from certain federal and state regulatory and governmental entities, including among others various members of the RMBS Working Group of the Financial Fraud Enforcement Task Force, such as the United States Department of Justice, Civil Division and several state Attorney General’s

Offices, concerning the origination, financing, purchase, securitization and servicing of subprime andnon-subprime residential mortgages and related matters such as residential mortgage backed securities (“RMBS”), collateralized debt obligations (“CDOs”), structured investment vehicles (“SIVs”) and credit default swaps backed by or referencing mortgage pass-through certificates. These matters, some of which are in advanced stages, include, but are not limited to, investigations related to MS&Co.’s due diligence on the loans that it purchased for securitization, MS&Co.’s communications with ratings agencies, MS&Co.’s disclosures to investors, and MS&Co.’s handling of servicing and foreclosure related issues.

On February 25, 2015, MS&Co. reached an agreement in principle with the United States Department of Justice, Civil Division and the United States Attorney’s Office for the Northern District of California, Civil Division (collectively, the “Civil Division”) to pay $2.6 billion to resolve certain claims that the Civil Division indicated it intended to bring against MS&Co. That settlement was finalized on February 10, 2016.

On April 1, 2016, the California Attorney General’s Office filed an action against MS&Co. in California state court styledCalifornia v. Morgan Stanley, et al., on behalf of California investors, including the California Public Employees’ Retirement System and the California Teachers’ Retirement System. The complaint alleges that MS&Co. made misrepresentations and omissions regarding residential mortgage-backed securities and notes issued by the Cheyne SIV, and asserts violations of the California False Claims Act and other state laws and seeks treble damages, civil penalties, disgorgement, and injunctive relief. On September 30, 2016, the court granted MS&Co.’s demurrer, with leave to replead. On October 21, 2016, the California Attorney General filed an amended complaint. On January 25, 2017, the court denied MS&Co.’s demurrer with respect to the amended complaint.

In October 2014, the Illinois Attorney General’s Office (“ILAG”) sent a letter to MS&Co. alleging that MS&Co. knowingly made misrepresentations related to RMBS purchased by certain pension funds affiliated with the State of Illinois and demanding that MS&Co. pay ILAG approximately $88 million.

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MS&Co. and ILAG reached an agreement to resolve the matter on February 10, 2016.

On January 13, 2015, the New York Attorney General’s Office (“NYAG”), which is also a member of the RMBS Working Group, indicated that it intends to file a lawsuit related to approximately 30 subprime securitizations sponsored by MS&Co. NYAG indicated that the lawsuit would allege that MS&Co. misrepresented or omitted material information related to the due diligence, underwriting and valuation of the loans in the securitizations and the properties securing them and indicated that its lawsuit would be brought under the Martin Act. MS&Co. and NYAG reached an agreement to resolve the matter on February 10, 2016.

On July 23, 2014, the “SEC” approved a settlement by MS&Co. and certain affiliates to resolve an investigation related to certain subprime RMBS transactions sponsored and underwritten by those entities in 2007. Pursuant to the settlement, MS&Co. and certain affiliates were charged with violating Sections 17(a)(2) and 17(a)(3) of the Securities Act, agreed to pay disgorgement and penalties in an amount of $275 million and neither admitted nor denied the SEC’s findings.

On April 21, 2015, the Chicago Board Options Exchange, Incorporated (“CBOE”) and the CBOE Futures Exchange, LLC (“CFE”) filed statements of charges against MS&Co. in connection with trading by one of MS&Co.’s former traders of EEM options contracts that allegedly disrupted the final settlement price of the November 2012 VXEM futures. CBOE alleged that MS&Co. violated CBOE Rules 4.1, 4.2 and 4.7, Sections 9(a) and 10(b) of the Exchange Act, and Rule10b-5 thereunder. CFE alleged that MS&Co. violated CFE Rules 608, 609 and 620. The matters were resolved on June 28, 2016, in which there were no findings of fraud, but MS&Co. was jointly and severally liable for a $400,000 fine and $152,664 in disgorgement.

On June 18, 2015, MS&Co. entered into a settlement with the SEC and paid a fine of $500,000 as part of the MCDC Initiative to resolve allegations that MS&Co. failed to form a reasonable basis through adequate due diligence for believing the truthfulness of the assertions by issuers and/or obligors regarding their compliance with previous continuing disclosure undertakings pursuant to

Rule 15c2-12 in connection with offerings in which MS&Co. acted as senior or sole underwriter.

On August 6, 2015, MS&Co. consented to and became the subject of an order by the CFTC to resolve allegations that MS&Co. violated CFTC Regulation 22.9(a) by failing to hold sufficient U.S. dollars in cleared swap segregated accounts in the United States to meet all U.S. dollar obligations to cleared swaps customers. Specifically, the CFTC found that while MS&Co. at all times held sufficient funds in segregation to cover its obligations to its customers, on certain days during 2013 and 2014, it held currencies, such as euros, instead of U.S. dollars, to meet its U.S. dollar obligations. In addition, the CFTC found that MS&Co. violated Regulation 166.3 by failing to have in place adequate procedures to ensure that it complied with Regulation 22.9(a). Without admitting or denying the findings or conclusions and without adjudication of any issue of law or fact, MS&Co. accepted and consented to the entry of findings, the imposition of a cease and desist order, a civil monetary penalty of $300,000, and undertakings related to public statements, cooperation, and payment of the monetary penalty.

On December 20, 2016, MS&Co. consented to and became the subject of an order by the SEC in connection with allegations that MS&Co. willfully violated Sections 15(c)(3) and 17(a)(1) of the Securities Exchange Act of 1934 andRules 15c3-3(e),17a-5(a), and17a-5(d) thereunder, by inaccurately calculating its Reserve Account requirement under Rule 15c3-3 by including margin loans to an affiliate in its calculations, which resulted in making inaccurate records and submitting inaccurate reports to the SEC. Without admitting or denying the underlying allegations and without adjudication of any issue of law or fact, MS&Co. consented to a cease and desist order, a censure, and a civil monetary penalty of $7,500,000.

On September 28, 2017, the CFTC issued an order filing and simultaneously settling charges against MS&Co. regarding violations of CFTC Rule 166.3 by failing to diligently supervise the reconciliation of exchange and clearing fees with the amounts it ultimately charged customers for certain transactions on multiple exchanges. The order and settlement required MS&Co. to pay a $500,000 penalty and cease and desist from violating Rule 166.3.

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On November 2, 2017, the CFTC issued an order filing and simultaneously settling charges against MS&Co. fornon-compliance with applicable rules governing Part 17 Large Trader reports to the CFTC. The order requires MS&Co. to pay a $350,000 penalty and cease and desist from further violations of the Commodity Exchange Act.

Civil Litigation

On July 15, 2010, China Development Industrial Bank (“CDIB”) filed a complaint against MS&Co., styledChina Development Industrial Bank v. Morgan Stanley & Co. Incorporated et al., which is pending in the Supreme Court of the State of New York, New York County (“Supreme Court of NY”). The complaint relates to a $275 million credit default swap referencing the super senior portion of the STACK2006-1 CDO. The complaint asserts claims for common law fraud, fraudulent inducement and fraudulent concealment and alleges that MS&Co. misrepresented the risks of the STACK2006-1 CDO to CDIB, and that MS&Co. knew that the assets backing the CDO were of poor quality when it entered into the credit default swap with CDIB. The complaint seeks compensatory damages related to the approximately $228 million that CDIB alleges it has already lost under the credit default swap, rescission of CDIB’s obligation to pay an additional $12 million, punitive damages, equitable relief, fees and costs. On February 28, 2011, the court denied MS&Co.’s motion to dismiss the complaint. On June 27, 2018, MS&Co. filed a motion for summary judgment and spoliation sanctions against CDIB. Based on currently available information, MS&Co. believes it could incur a loss of up to approximately $240 million pluspre- and post-judgment interest, fees and costs.

On October 15, 2010, the Federal Home Loan Bank of Chicago filed a complaint against MS&Co. and other defendants in the Circuit Court of the State of Illinois, styledFederal Home Loan Bank ofChicago v. Bank of America Funding Corporation et al. A corrected amended complaint was filed on April 8, 2011, which alleges that defendants made untrue statements and material omissions in the sale to the plaintiff of a number of mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans and asserts claims under Illinois law. The total amount of certificates allegedly sold to plaintiff by MS&Co. at issue in the action was

approximately $203 million. The complaint seeks, among other things, to rescind the plaintiff’s purchase of such certificates. The defendants filed a motion to dismiss the corrected amended complaint on May 27, 2011, which was denied on September 19, 2012. On December 13, 2013, the court entered an order dismissing all claims related to one of the securitizations at issue. On January 18, 2017, the court entered an order dismissing all claims related to an additional securitization at issue. After those dismissals, the remaining amount of certificates allegedly issued by MS&Co. or sold to the plaintiff by MS&Co. was approximately $65 million. At June 25, 2018, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $37 million and the certificates had not yet incurred actual losses. Based on currently available information, MS&Co. believes it could incur a loss in this action up to the difference between the $37 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against MS&Co., pluspre- and post-judgment interest, fees and costs. MS&Co. may be entitled to be indemnified for some of these losses and to an offset for interest received by the plaintiff prior to a judgment.

On April 20, 2011, the Federal Home Loan Bank of Boston filed a complaint against MS&Co. and other defendants in the Superior Court of the Commonwealth of Massachusetts styledFederal Home Loan Bank of Boston v. Ally Financial, Inc. F/K/A GMAC LLC et al. An amended complaint was filed on June 29, 2012 and alleges that the defendants made untrue statements and material omissions in the sale to plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly issued by MS&Co. or sold to the plaintiff by MS&Co. was approximately $385 million. The amended complaint raises claims under the Massachusetts Uniform Securities Act, the Massachusetts Consumer Protection Act and common law and seeks, among other things, to rescind the plaintiff’s purchase of such certificates. On May 26, 2011, the defendants removed the case to the United States District Court for the District of Massachusetts. The defendants’ motions to dismiss the amended complaint were granted in part and denied in part on September 30, 2013. On November 25, 2013, July 16, 2014, and May 19, 2015, respectively, the plaintiff voluntarily dismissed

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its claims against MS&Co. with respect to three of the securitizations at issue. After these voluntary dismissals, the remaining amount of certificates allegedly issued by MS&Co. or sold to the plaintiff by MS&Co. was approximately $332 million. On February 6, 2017, the action was remanded to the Superior Court of the Commonwealth of Massachusetts. On July 13, 2018, the parties reached an agreement in principle to settle the litigation.

On May 3, 2013, plaintiffs inDeutsche Zentral-Genossenschaftsbank AG et al. v. Morgan Stanley et al. filed a complaint against MS&Co., certain affiliates, and other defendants in the Supreme Court of NY. The complaint alleges that the defendants made material misrepresentations and omissions in the sale to the plaintiffs of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by MS&Co. to the plaintiff was approximately $634 million. The complaint alleges causes of action against MS&Co. for common law fraud, fraudulent concealment, aiding and abetting fraud, negligent misrepresentation, and rescission and seeks, among other things, compensatory and punitive damages. On June 26, 2018, the parties entered an agreement to settle the litigation.

On May 17, 2013, a plaintiff inIKB International S.A. in Liquidation, et al. v. Morgan Stanley, et al. filed a complaint against MS&Co. and certain affiliates in the Supreme Court of NY. The complaint alleges that the defendants made material misrepresentations and omissions in the sale to the plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by MS&Co. to the plaintiff was approximately $133 million. The complaint alleges causes of action against MS&Co. for common law fraud, fraudulent concealment, aiding and abetting fraud, and negligent misrepresentation, and seeks, among other things, compensatory and punitive damages. On October 29, 2014, the court granted in part and denied in part MS&Co.’s motion to dismiss. All claims regarding four certificates were dismissed. After these dismissals, the remaining amount of certificates allegedly issued by MS&Co. or sold to the plaintiff by MS&Co. was approximately $116 million. On

August 26, 2015, MS&Co. perfected its appeal from the court’s October 29, 2014 decision. On August 11, 2016, the Appellate Division, First Department affirmed the trial court’s decision denying in part MS&Co.’s motion to dismiss the complaint. At June 25, 2018, the current unpaid balance of the mortgage pass-through certificates at issue in this action was approximately $24 million, and the certificates had incurred actual losses of $58 million. Based on currently available information, MS&Co. believes it could incur a loss in this action up to the difference between the $24 million unpaid balance of these certificates (plus any losses incurred) and their fair market value at the time of a judgment against MS&Co., or upon sale, pluspre- and post-judgment interest, fees and costs. MS&Co. may be entitled to be indemnified for some of these losses and to an offset for interest received by the plaintiff prior to a judgment.

Settled Civil Litigation

On December 23, 2009, the Federal Home Loan Bank of Seattle filed a complaint against MS&Co. and another defendant in the Superior Court of the State of Washington, styledFederal Home Loan Bank of Seattle v. Morgan Stanley & Co. Inc., et al. The amended complaint, filed on September 28, 2010, alleges that defendants made untrue statements and material omissions in the sale to the plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sold to the plaintiff by MS&Co. was approximately $233 million. The complaint raises claims under the Washington State Securities Act and seeks, among other things, to rescind the plaintiff’s purchase of such certificates. On January 23, 2017, the parties reached an agreement to settle the litigation, ~~pending regarding~~the terms of which are confidential.

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sold to plaintiff by MS&Co. was approximately $276 million. The complaint raises claims under both the federal securities laws and California law and seeks, among other things, to rescind the plaintiff’s purchase of such certificates. On December 21, 2016, the parties reached an agreement to settle the litigation, the terms of which are confidential.

On March 15, 2010, the Federal Home Loan Bank of San Francisco filed a complaint against MS&Co. and other defendants in the Superior Court of the State of California styledFederal Home Loan Bank of San Francisco v. Credit Suisse Securities (USA) LLC, et al. An amended complaint filed on June 10, 2010 alleged that the defendants made untrue statements and material omissions in connection with the sale to the plaintiff of a number of mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The amount of certificates allegedly sold to the plaintiff by MS&Co. was approximately $704 million. The complaint raised claims under both the federal securities laws and California law and sought, among other things, to rescind the plaintiff’s purchase of such certificates. On January 26, 2015, as a result of a settlement with certain other defendants, the terms of which are confidential, the plaintiff requested and the court subsequently entered a dismissal with prejudice of certain of the plaintiff’s claims, including all remaining claims against MS&Co.

On July 9, 2010 and February 11, 2011, Cambridge Place Investment Management Inc. filed two separate complaints against MS&Co. and/or its ~~ability~~affiliates and other defendants in the Superior Court of the Commonwealth of Massachusetts, both styledCambridge Place Investment Management Inc. v. Morgan Stanley & Co., Inc., et al.The complaints asserted claims on behalf of certain clients of the plaintiff’s affiliates and allege that the defendants made untrue statements and material omissions in the sale of a number of mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly issued by MS&Co. and/or its affiliates or sold to ~~carry~~the plaintiff’s affiliates’ clients by MS&Co. and/or its affiliates in the two matters was approximately $263 million. On February 11, 2014, the parties entered into an agreement to settle the litigation, the terms of which are confidential. On February 20, 2014, the court dismissed the action.

On October 25, 2010, MS&Co., certain affiliates and Pinnacle Performance Limited, a special purpose vehicle (“SPV”), were named as defendants in a purported class action in the United States District Court for the Southern District of New York (“SDNY”), styledGe Dandong, et al. v. Pinnacle Performance Ltd., et al. On January 31, 2014, the plaintiffs in the action, which related to securities issued by the SPV in Singapore, filed a second amended complaint, which asserted common law claims of fraud, aiding and abetting fraud, fraudulent inducement, aiding and abetting fraudulent inducement, and breach of the implied covenant of good faith and fair dealing. On July 17, 2014, the parties reached an agreement, the terms of which are confidential, to settle the litigation, which received final court approval on July 2, 2015.

On July 5, 2011, Allstate Insurance Company and certain of its ~~commodity futures, foreign exchange futures~~affiliated entities filed a complaint against MS&Co. in the Supreme Court of NY, styledAllstate Insurance Company, et al. v. Morgan Stanley, et al. An amended complaint was filed on September 9, 2011, and ~~options brokerage business.~~alleges that the defendants made untrue statements and material omissions in the sale to the plaintiffs of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly issued and/or sold to the plaintiffs by MS&Co. was approximately $104 million. The complaint raised common law claims of fraud, fraudulent inducement, aiding and abetting fraud, and negligent misrepresentation and seeks, among other things, compensatory and/or recessionary damages associated with the plaintiffs’ purchases of such certificates. On January 16, 2015, the parties reached an agreement to settle the litigation, the terms of which are confidential.

On July 18, 2011, the Western and Southern Life Insurance Company and certain affiliated companies filed a complaint against MS&Co. and other defendants in the Court of Common Pleas in Ohio, styledWestern and Southern Life Insurance Company, et al. v. Morgan Stanley Mortgage Capital Inc., et al. An amended complaint was filed on April 2, 2012 and alleges that the defendants made untrue statements and material omissions in the sale to the plaintiffs of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The amount of the certificates allegedly sold to plaintiffs by MS&Co.

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was approximately $153 million. On June 8, 2015, the parties reached an agreement to settle the litigation, the terms of which are confidential.

On September 2, 2011, the Federal Housing Finance Agency (“FHFA”), as conservator for Fannie Mae and Freddie Mac, filed 17 complaints against numerous financial services companies, including MS&Co. and certain affiliates. A complaint against MS&Co. and certain affiliates and other defendants was filed in the Supreme Court of NY, styledFederal Housing Finance Agency, as Conservator v. Morgan Stanley et al. The complaint alleges that the defendants made untrue statements and material omissions in connection with the sale to Fannie Mae and Freddie Mac of residential mortgage pass-through certificates with an original unpaid balance of approximately $11 billion. The complaint raised claims under federal and state securities laws and common law and seeks, among other things, rescission and compensatory and punitive damages. On February 7, 2014, the parties entered into an agreement to settle the litigation. On February 20, 2014, the court dismissed the action, the terms of which are confidential.

On April 25, 2012, Metropolitan Life Insurance Company and certain affiliates filed a complaint against MS&Co. and certain affiliates in the Supreme Court of NY, styledMetropolitan Life Insurance Company, et al. v. Morgan Stanley, et al.An amended complaint was filed on June 29, 2012, and alleges that the defendants made untrue statements and material omissions in the sale to the plaintiffs of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten, and/or sold by MS&Co. was approximately $758 million. The amended complaint raised common law claims of fraud, fraudulent inducement, and aiding and abetting fraud and seeks, among other things, rescission, compensatory, and/or rescissionary damages, as well as punitive damages, associated with the plaintiffs’ purchases of such certificates. On April 11, 2014, the parties entered into a settlement agreement, the terms of which are confidential.

On April 25, 2012, The Prudential Insurance Company of America and certain affiliates filed a complaint against MS&Co. and certain affiliates in the Superior Court of the State of New Jersey, styled

The Prudential Insurance Company of America, et al. v. Morgan Stanley, et al.On October 16, 2012, the plaintiffs filed an amended complaint. The amended complaint alleged that the defendants made untrue statements and material omissions in connection with the sale to the plaintiffs of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by MS&Co. was approximately $1.073 billion. The amended complaint raises claims under the New Jersey Uniform Securities Law, as well as common law claims of negligent misrepresentation, fraud, fraudulent inducement, equitable fraud, aiding and abetting fraud, and violations of the New Jersey RICO statute, and includes a claim for treble damages. On January 8, 2016, the parties reached an agreement to settle the litigation, the terms of which are confidential.

In re Morgan Stanley Mortgage Pass-Through Certificates Litigation, which had been pending in the SDNY, was a putative class action involving allegations that, among other things, the registration statements and offering documents related to the offerings of certain mortgage pass-through certificates in 2006 and 2007 contained false and misleading information concerning the pools of residential loans that backed these securitizations. On December 18, 2014, the parties’ agreement to settle the litigation, the terms of which are confidential, received final court approval, and on December 19, 2014, the court entered an order dismissing the action.

On November 4, 2011, the FDIC, as receiver for Franklin Bank S.S.B, filed two complaints against MS&Co. in the District Court of the State of Texas. Each was styledFederal Deposit Insurance Corporation as Receiver for Franklin Bank, S.S.B v. Morgan Stanley & Company LLC F/K/A MorganStanley & Co. Inc.and alleged that MS&Co. made untrue statements and material omissions in connection with the sale to the plaintiff of mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The amount of certificates allegedly underwritten and sold to the plaintiff by MS&Co. in these cases was approximately $67 million and $35 million, respectively. On July 2, 2015, the parties reached an agreement to settle the litigation, the terms of which are confidential.

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On February 14, 2013, Bank Hapoalim B.M. filed a complaint against MS&Co. and certain affiliates in the Supreme Court of NY, styledBank Hapoalim B.M. v. Morgan Stanley et al.The complaint alleges that the defendants made material misrepresentations and omissions in the sale to the plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by MS&Co. to the plaintiff was approximately $141 million. On July 28, 2015, the parties reached an agreement to settle the litigation, the terms of which are confidential, and on August 12, 2015, the plaintiff filed a stipulation of discontinuance with prejudice.

On September 23, 2013, the plaintiff inNational Credit Union Administration Board v. Morgan Stanley & Co. Inc., et al.filed a complaint against MS&Co. and certain affiliates in the SDNY. The complaint alleged that the defendants made untrue statements of material fact or omitted to state material facts in the sale to the plaintiff of certain mortgage pass-through certificates issued by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by MS&Co. to the plaintiffs in the matter was approximately $417 million. The complaint alleged violations of federal and various state securities laws and sought, among other things, rescissionary and compensatory damages. On November 23, 2015, the parties reached an agreement to settle the matter, the terms of which are confidential.

On September 16, 2014, the Virginia Attorney General’s Office filed a civil lawsuit, styledCommonwealth of Virginia ex rel. Integra REC LLC v. Barclays Capital Inc., et al., against MS&Co. and several other defendants in the Circuit Court of the City of Richmond related to RMBS. The lawsuit alleged that MS&Co. and the other defendants knowingly made misrepresentations and omissions related to the loans backing RMBS purchased by the Virginia Retirement System. The complaint asserts claims under the Virginia Fraud Against Taxpayers Act, as well as common law claims of actual and constructive fraud, and seeks, among other things, treble damages and civil penalties. On January 6, 2016, the parties reached an agreement to settle the litigation, the terms of which are confidential. An

order dismissing the action with prejudice was entered on January 28, 2016.

Additional or replacement Commodity Brokers may be appointed in respect of any ~~Master~~ Fund in the future.

CONFLICTS OF INTEREST

General

~~General~~

The Managing Owner has not established formal procedures to resolve all potential conflicts of interest. Consequently, investors may be dependent on the good faith of the respective parties subject to such conflicts to resolve them equitably. Although the Managing Owner attempts to monitor these conflicts, it is extremely difficult, if not impossible, for the Managing Owner to ensure that these conflicts do not, in fact, result in adverse consequences to the ~~Funds.~~Funds and the Shareholders.

Prospective investors should be aware that the Managing Owner presently intends to assert that Shareholders have, by subscribing for Shares of a Fund, consented to the following conflicts of interest in the event of any proceeding alleging that such conflicts violated any duty owed by the Managing Owner to investors.

The Managing Owner

The Managing Owner has a conflict of interest in allocating its own limited resources among different clients and potential future business ventures, to each of which it owes fiduciary duties. ~~Additionally,~~

Certain of the professional staff of the Managing Owner may also service other affiliates of the Managing Owner and their respective ~~clients. Although~~clients The Managing Owner may, from time to time, have conflicting demands in respect of its obligations to the Funds and to other commodity pools and accounts. It is possible that current or future pools that the Managing Owner ~~and its professional staff cannot and will not devote all of its~~operates or ~~their respective time or resources to~~advises may generate larger fees than the ~~management~~fees that the Managing Owner receives from any of the ~~business~~Funds. In such a scenario, the Managing Owner’s principals and ~~affairs~~employees may receive a greater portion of their compensation from those other mandates. Any such increase in fee income for the ~~Funds~~Managing Owner or

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compensation for its principals and employees would create an incentive to expend greater resources on those other mandates than on operating and advising the ~~Master Funds, the~~Funds. The Managing Owner intends to devote, and to cause its professional staff to devote, sufficient time and resources to manage properly the business and affairs of the Funds ~~and the Master Funds~~ consistent with its or their respective fiduciary duties to the Funds and ~~the Master Funds and~~ others.

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~~Relationship of the Managing Owner to the Commodity Broker~~

The Managing Owner has a conflict of interest in the selection of affiliated money market mutual funds and/orT-Bill ETFs in which each of the Funds may invest a portion of its cash for margin and/or cash management purposes. The Managing Owner may choose to invest a portion of each of the Fund’s cash in an affiliated money market mutual fund and/orT-Bill ETF despite the fact thatnon-affiliated money market mutual funds orT-Bill ETFs may pay a higher dividend and/or make a bigger distribution of capital gains. In addition, the Managing Owner would have a conflict of interest if it sought to redeem a Fund’s interest in an affiliated money market mutual fund orT-Bill ETF in circumstances when such a redemption would be unfavorable for the affiliated fund.

The Trust Agreement provides that in the case of a conflict of interest between the Managing Owner or any of its affiliates, on the one hand, and the ~~Commodity Broker are indirect wholly-owned subsidiaries~~Trust or any other person, on the other hand, the Managing Owner shall resolve such conflict of ~~Deutsche Bank AG. The Commodity Broker receives~~interest, take such action or provide such terms, considering in each case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the Managing Owner, the resolution, action or terms so made, taken or provided by the Managing Owner shall not constitute a ~~brokerage commission for futures interests transactions effected for each Master Fund. Customers~~breach of the ~~Commodity Broker who maintain commodity~~Trust Agreement or any duty or obligation of the Managing Owner.

Invesco Distributors

Because the Managing Owner and ~~foreign exchange trading accounts may pay commissions at negotiated rates which~~Invesco Distributors are ~~greater or less than~~affiliates, the ~~rate paid by the Master Funds.~~

~~The~~ Managing Owner has a disincentive to replace the Commodity Broker as the Master Funds’ broker because it is an affiliate of the Managing Owner. In connection with this conflict of interest, Shareholders should understand that the Commodity Broker receives a round-turn brokerage fee from each of the Master Funds for serving as such Master Funds’ commodity broker. A round-turn trade is a completed transaction involving both a purchase and a liquidating sale, or a sale followed by a covering purchase.

The Managing Owner and the Commodity Broker may, from time-to-time, have conflicting demands in respect of their obligations to the Master Funds and to the Funds and, in the future, to other commodity pools and accounts. It is possible that future pools thatInvesco Distributors. Furthermore, the Managing Owner ~~may become involved with may generate larger brokerage commissions, resulting in increased payments to employees.~~

~~There is~~did not conduct an ~~absence of~~ arm’s length negotiation with respect to ~~some of the terms of this offering, and there has been no independent due diligence conducted with respect to this offering.~~Invesco Distributors.

The Commodity Broker

The Commodity Broker may have a conflict of interest in its execution of trade for a Fund and for other customers. For example, the Commodity Broker may act from ~~time-to-time~~time to time as a commodity broker for other accounts with which it is affiliated or in which it or one of its affiliates has a financial interest. The compensation received by the Commodity Broker from such accounts may be more or less than the compensation received for brokerage services provided to each ~~Master~~ Fund. Customers of the Commodity Broker who maintain commodity trading accounts may pay commissions at negotiated rates which are greater or lesser than the rate paid by the Funds. The Commodity Broker will also benefit from executing orders for other clients, whereas a Fund may be harmed to the extent that the Commodity Broker has fewer resources to allocate to the Fund’s accounts due to the existence of such other clients.

In addition, various accounts traded through the Commodity Broker (and over which their personnel may have discretionary trading authority) may take positions in the futures markets opposite to those of each ~~Master~~ Fund or may compete with each ~~Master~~ Fund for the same positions. The Commodity Broker may have aconflict of interest in its execution of trades for each Master Fund and for other customers. The Managing Owner will, however, not retain any commodity broker for a Master Fund which the Managing Owner has reason to believe would knowingly or deliberately favor any other customer over a Master Fund with respect to the execution of commodity trades.

The Commodity Broker, ~~will benefit from executing orders~~its principals and its affiliates may trade in the commodity and foreign exchange markets for their proprietary accounts and for the accounts of their clients. In doing so, they may take positions opposite those held by a Fund, may trade ahead of a Fund, may compete with a Fund for positions in the marketplace and may give preferential treatment to these proprietary andnon-proprietary accounts. Such trading may create conflicts of interest in respect of their obligations to a Fund. Records of proprietary trading and trading on behalf of other clients ~~whereas each Master Fund may~~will not be ~~harmed to the extent that the Commodity Broker has fewer resources to allocate to such Master Fund’s accounts due to the existence of such other clients.~~

available for inspection by Shareholders.

Certain officers or employees of the Commodity Broker may be members of United States ~~commodities~~futures exchanges and/or serve on the governing bodies and standing committees of such exchanges, their clearing houses and/or various other industry organizations. In such capacities, these officers or employees may have a fiduciary duty to the exchanges, their clearing houses and/or such various other industry organizations which could compel such employees to act in the best interests of these entities, perhaps to the detriment of a ~~Master~~ Fund.

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The Index Sponsor and the Marketing Agent

DIMA, in its capacity as each Fund’s Index Sponsor and Marketing Agent, has a conflict of interest in allocating its own limited resources among different clients and potential future business ventures. Certain of the professional staff of DIMA may also service other affiliates of DIMA and their respective clients. DIMA, in its capacity as each Fund’s Index Sponsor and Marketing Agent may, from time to time, have conflicting demands in respect of its obligations to each Fund and to other clients. It is possible that current or future pools that DIMA may become involved with in similar capacities may generate larger fees, which may cause DIMA to devote resources to other clients that otherwise would have been focused on the Funds.

Proprietary Trading/Other Clients

The Managing Owner the Commodity Broker and their respective affiliates may trade in the commodity and foreign exchange markets for their own accounts and for the accounts of their clients, and in doing so may take positions opposite to those held by a Master Fund or may compete with a Master Fund for positions in the marketplace. Such trading may create conflicts of interest on behalf of one or more such persons in respect of their obligations to each Master Fund. Records of proprietary trading and trading on behalf of other clients will not ~~be available for inspection by Shareholders.~~trade proprietary accounts.

~~Because~~The principals of the Managing Owner ~~the Commodity Broker and their respective affiliates~~ may trade for their own proprietary accounts (subject to certain internal Invesco Ltd. employee trading policies and procedures) at the same time that they are managing the account of each ~~Master Fund, prospective investors should be aware that — as~~Fund. As a result, ~~of a neutral allocation system, testing a new~~the principals’ own trading ~~system, trading their proprietary accounts more aggressively or other~~ activities ~~not constituting a breach of fiduciary duty — such persons~~ may ~~from time-to-time take~~result in the principals taking positions in their ~~proprietary~~

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personal trading accounts ~~which~~that are opposite orto those held by each Fund, may trade ahead of each Fund, may compete with each Fund for positions in the ~~positions taken~~marketplace and may give preferential treatment to these proprietary accounts. Records of the principals’ personal trading accounts will not be available for ~~a Master Fund.~~inspection by Shareholders.

DESCRIPTION OF THE ~~SHARES AND THE MASTER FUND UNITS;~~SHARES; THE FUNDS; CERTAIN MATERIAL TERMS OF THE TRUST ~~DECLARATIONS~~AGREEMENT

The following summary describes in brief the Shares ~~and the Master Fund Units~~ and certain aspects of the operation of the Trust, each ~~Fund, the Master Trust and each Master~~ Fund and the respective responsibilities of the Trustee and the Managing Owner concerning the Trust and ~~Master Trust and~~ the material terms of the ~~Declarations of~~ Trust ~~each of which are substantially identical except as set forth below.~~Agreement. Prospective investors should carefully review the ~~Forms of Declarations~~Form of Trust ~~filed as exhibits to the registration statement of~~Agreement which is incorporated by reference into this Prospectus ~~is a part~~ and consult with their own advisers concerning the implications ~~to such prospective subscribers~~ of investing in a series of a Delaware

statutory trust. Capitalized terms used in this section and not otherwise defined shall have such meanings assigned to them under the ~~applicable~~ Trust ~~Declaration.~~Agreement.

Description of the Shares ~~and the Master Fund Units~~

Each Fund issues common units of beneficial interest, or Shares, which represent units of fractional undivided beneficial interest in and ownership of such Fund. The Shares of each Fund are listed on the ~~Amex~~NYSE Arca under the following symbols:

~~PowerShares~~Invesco DB Energy Fund – DBE;

~~PowerShares~~Invesco DB Oil Fund – DBO;

~~PowerShares~~Invesco DB Precious Metals Fund – DBP;

~~PowerShares~~Invesco DB Gold Fund – DGL; and

~~PowerShares DB Silver Fund – DBS;~~

~~PowerShares~~Invesco DB Base Metals Fund – ~~DBB; and~~DBB.

~~PowerShares DB Agriculture Fund – DBA.~~

The Shares may be purchased from each Fund or redeemed on a continuous basis, but only by Authorized Participants and only in blocks of 200,000 Shares, or Baskets. Individual Shares may not be purchased from each Fund or redeemed. Shareholders that are not Authorized Participants may not purchase from each Fund or redeem Shares or Baskets.

Each Fund invests the proceeds of its offering of Shares in a corresponding Master Fund. Each Master Fund issues common units of beneficial interest, or Master Fund Units, which represent units of fractional undivided beneficial interest in and ownership of such Master Fund. Master Fund Units may be purchased or redeemed on a continuous basis, but only by the Fund and only in blocks of 200,000 Master Fund Units, or Master Unit Baskets. Each Master Fund is wholly-owned by the corresponding Fund and the Managing Owner. Each Share issued by a Fund correlates with a Master Fund Unit issued by such Fund’s corresponding Master Fund and held by such Fund.

Principal Office; Location of Records

~~Each of the~~The Trust ~~and the Master Trust is~~was organized in ~~seven~~ separate series as a Delaware statutory trust ~~under~~rather than as separate statutory trusts in order to achieve certain administrative efficiencies. As of the ~~Delaware Statutory~~date of this Prospectus, the Trust ~~Act.~~ consists of the following seven series — Invesco DB Energy Fund, Invesco DB Oil Fund, Invesco DB Precious Metals Fund, Invesco DB Gold Fund, Invesco DB Silver Fund, Invesco DB Base Metals Fund and Invesco DB Agriculture Fund. This Prospectus is for each of the Funds listed in the prior sentence, except for Invesco DB Silver Fund and Invesco DB Agriculture Fund. Information regarding the offered Funds (including any other additional series of the Trust, as applicable) and both Invesco DB Silver Fund and Invesco DB Agriculture Fund (neither of which are offered by this Prospectus) is available atwww.invesco.com/ETFs.

The Trust ~~and Master Trust are~~is managed by the Managing Owner, whose office is located at ~~60 Wall Street, New York, New York 10005,~~3500 Lacey Road, Suite 700, Downers Grove, IL 60515, telephone: ~~(212) 250-5883.~~(800)983-0903.

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The books and records of each ~~Fund and each Master~~ Fund are maintained as follows: all marketing materials are maintained at the offices of ~~ALPS~~Invesco Distributors, Inc., ~~1290 Broadway,~~11 Greenway Plaza, Suite ~~1100, Denver, Colorado 80203;~~1000, Houston, Texas 77046-1173, telephone number ~~(303) 623-2577;~~(800) 983-0903; Basket creation and redemption books and records, certain financial books and records (including ~~Fund and Master~~ Fund accounting records, ledgers with respect to assets, liabilities, capital, income and expenses, the registrar, transfer journals and related details) and trading and related documents received from futures commission merchants are maintained by The Bank of New York Mellon, 2 Hanson Place, 12^th ~~Floor,~~ Brooklyn, New York 11217, telephone number(718) ~~315-4850.~~315-7500. All other books and records of each ~~Fund and each Master~~ Fund (including minute books and other general corporate records, trading records and related reports and other items received from each ~~Master~~ Fund’s Commodity Brokers) are maintained at each Fund’s principal office, c/o ~~DB Commodity Services~~Invesco Capital Management LLC, ~~60 Wall Street, New York, New York 10005;~~3500 Lacey Road, Suite 700, Downers Grove, IL 60515; telephone number ~~(212) 250-5883.~~(800) 983-0903.

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The books and records of each Fund ~~and the Master Fund~~ are ~~located at the foregoing addresses, and~~ available for inspection and copying (upon payment of reasonable reproduction costs) by Shareholders of such Fund or their representatives for any purposes reasonably related to a Shareholder’s interest as a beneficial owner of such ~~Fund~~Shares during regular business hours as provided in the ~~Declarations of Trust.~~Trust Agreement. The Managing Owner will maintain and preserve the books and records of each Fund ~~and Master Fund~~ for a period of not less than six years.

The Funds

Solely for the purposes of thissub-section, the term “Fund” or “Funds” refers to all the series of the Trust. The term “Offered Funds” refer to the series that are offered pursuant to this Prospectus, namely, Invesco DB Energy Fund, Invesco DB Oil Fund, Invesco DB Precious Metals Fund, Invesco DB Gold Fund and Invesco DB Base Metals Fund. The term “Other Funds” refer to the remaining series of the Trust that are not offered pursuant to this Prospectus, namely, Invesco DB Silver Fund and Invesco DB Agriculture Fund.

The Trust ~~and the Master Trust are~~was formed and ~~are~~is operated in a manner such that each Fund is liable only for obligations attributable to such Fund and Shareholders of a Fund are not subject to the losses

or liabilities of any other Fund. IfFor example, if any creditor or Shareholder in any particular Fund asserted against a ~~Fund or Master~~ Fund a valid claim with respect to its indebtedness or Shares, the creditor or Shareholder would only be able to recover money from that particular Fund and its ~~assets and from the Managing Owner and its~~ assets. Accordingly, the debts, liabilities, obligations and expenses ~~or collectively, Claims,~~(collectively, the “Claims”) incurred, contracted for or otherwise existing solely with respect to a particular Fund are enforceable only against the assets of that Fund and ~~against the Managing Owner and its assets, and~~ not against any other Fund or ~~Master Fund or~~ the ~~Trust or Master~~ Trust generally or any of their respective assets. The assets of any particular Fund include only those funds and other assets that are paid to, held by or distributed to the Fund, ~~or Master Fund on account of and for the benefit of that Fund,~~ including, without limitation, funds delivered to the Trust ~~or Master Trust~~ for the purchase of Shares ~~or Units~~ in a Fund ~~or Master Fund. This limitation on liability is referred to as the~~(the “Inter-Series Limitation on ~~Liability.”~~Liability”). The Inter-Series Limitation on Liability is expressly provided for under the Delaware Statutory Trust Act, which provides that if certain conditions (as set forth in Section 3804(a)) are met, then the debts of any particular series will be enforceable only against the assets of such series and not against the assets of any other Fund or ~~Master Fund or~~ the Trust ~~or Master~~generally. The Inter-Series Limitation on Liability applies to all series of the Trust, ~~generally.~~

including both the Offered Funds and the Other Funds.

In furtherance of the Inter-Series Limitation on Liability, every party providing services to the Trust, ~~or Master Trust,~~ any ~~Fund or Master~~ Fund or the Managing Owner on behalf of the Trust or ~~MasterTrust or~~ any ~~Fund or Master~~ Fund has acknowledged and consented in writing ~~to:~~

to the Inter-Series Limitation on Liability with respect to such party’s ~~Claims;~~

voluntarily reduce the priority of its Claims against the Funds or the Master Funds or their respective assets, such that its Claims are junior in right of repayment to all other parties’ Claims against the Funds or the Master Funds or their respective assets, except that Claims against the Trust or Master Trust where recourse for the payment of such Claims was, by agreement, limited to the assets of a particular Fund or Master Fund, will not be junior in right of repayment, but will receive repayment from the assets of such particular Fund or Master Fund (but not from the assets of any other Fund or the Trust or Master Fund or the Master Trust generally) equal to the treatment received by all other creditors and Shareholders that dealt with such Fund or Master Fund; and

•

a waiver of certain rights that such party may have under the United States Bankruptcy Code, if such party held collateral for its Claims, in the event that the Trust or Master Trust is a debtor in a chapter 11 case under the United States Bankruptcy Code, to have any deficiency Claim (~~i.e.~~~~, the difference, if any, between the amount of the Claim and the value of the collateral) treated as an unsecured Claim against the Trust or Master Trust generally or any Fund or Master Fund.~~

Claims.

No special custody arrangements are applicable to any Fund, and the existence of a trustee should not be taken as an indication of any additional level of management or supervision over any ~~Fund or Master~~ Fund. ToUnder the ~~greatest extent permissible under Delaware law, the Trustee acts in an entirely passive role, delegating all authority over the operation of each~~ Trust ~~Master Trust, Fund and Master Fund to~~Agreement, the Managing ~~Owner.~~Owner has exclusive management and control of all aspects of the business of the Funds.

~~Although Shares in a Fund need not carry any voting rights, the Declaration of~~The Trust Agreement gives Shareholders of each Offered Fund voting rights in respect of the business and affairs of such ~~Fund comparable to those typically extended to limited partners in publicly-offered futures funds.~~Offered Fund.

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The Trustee

Wilmington Trust Company, a Delaware ~~banking corporation,~~trust company, is the sole Trustee of the Trust ~~each Fund and of the Master Trust~~ and each ~~Master~~ Fund. The Trustee’s principal offices are located at

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Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001. The Trustee is unaffiliated with the Managing Owner. The Trustee’s duties and liabilities with respect to the offering of the Shares and the management of the Trust and each Fund ~~and Master Trust and the Master Funds~~ are limited to its express obligations under the Trust ~~Declarations.~~

Agreement.

The rights and duties of the Trustee, the Managing Owner and the Shareholders are governed by the provisions of the Delaware Statutory Trust Act and by the ~~applicable~~ Trust ~~Declaration.~~

Agreement.

The Trustee serves as the sole trustee of the Trust ~~and the Master Trust~~ in the State of Delaware. The Trustee ~~accepts~~will accept service of legal process on ~~any Trust,~~ the ~~Funds and the Master~~ Trust and the ~~Master~~ Funds in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. The Trustee does not owe any other duties to the Trust, ~~or the Master Trust,~~ the Managing Owner or the Shareholders of any Fund. The Trustee is permitted to resign upon at least sixty (60) days’ notice to the Trust, ~~and the Master Trust,~~ provided, that any such resignation will not be effective until a successor Trustee is appointed by the Managing Owner. ~~Each of the~~The Trust ~~Declarations~~Agreement provides that the Trustee is compensated by each Fund ~~or Master Fund, as appropriate,~~ and is indemnified by each Fund ~~or Master Fund, as appropriate,~~ against any expenses it incurs relating to or arising out of the formation, operation or termination of such Fund or ~~Master Fund, as appropriate,~~the execution, delivery and performance of any other agreements to which the Trust is a party or the ~~performance~~action or inaction of ~~its duties pursuant to~~ the ~~Trust Declarations,~~Trustee, except to the extent that such expenses result from the gross negligence or willful misconduct of the Trustee. The Managing Owner has the discretion to replace the Trustee.

Only the Managing Owner has signed the registration statement of which this Prospectus is a part, and only the assets of the Trust, the Master Trust and the Managing Owner are subject to issuer liability under the federal securities laws for the information contained in this Prospectus and under federal securities laws with respect to the issuance and sale of the Shares. Under such laws, neither the Trustee, either in its capacity as Trustee or in its individual capacity, nor any director, officer orcontrolling person of the Trustee is, or has any liability as, the issuer or a director, officer or controlling person of the issuer of the Shares. The Trustee’s liability ~~in connection with the issuance and sale of the Shares~~ is limited solely to the express obligations of the Trustee set forth in each Trust ~~Declaration.~~Agreement.

Under each Trust Declaration, the Trustee has delegated to the Managing Owner the exclusive management and control of all aspects of the business of the Funds, the Trust, the Master Trust and the Master Funds. The Trustee has no duty or liability to supervise or monitor the performance of the Managing Owner, nor does the Trustee have any liability for the acts or omissions of the Managing ~~Owner.~~Owner in accordance with the Managing Owner’s instructions. The Shareholders have no voice in theday-to-day management of the business and operations of the Funds ~~the Trust, the Master Trust~~ and the ~~Master Funds,~~Trust, other than certain limited voting rights as set forth in ~~each~~the Trust ~~Declaration.~~Agreement. In the course of its management of the business and affairs of the Funds ~~the Trust, the Master Trust~~ and the ~~Master Funds,~~Trust, the Managing Owner may, in its sole and absolute discretion, appoint an

affiliate or affiliates of the Managing Owner as additional managing owners (except where the Managing Owner has been notified by the Shareholders that it is to be replaced as the managing owner) and retain such persons, including affiliates of the Managing Owner, as it deems necessary for the efficient operation of the Funds ~~the Trust, the Master Trust~~ or the ~~Master Funds,~~Trust, as appropriate.

~~Because the~~The Trustee ~~has delegated substantially all of its authority over the operation of the Funds, the Trust, the Master Trust and the Master Funds to the Managing Owner, the Trustee itself~~ is not registered in any capacity with the CFTC.

Performance information with respect to the offered pools starts on page 33. The section “Performance of Commodity Pools Operated by the Managing Owner and its Affiliates” on page 103 includes performance information of other pools managed by the Managing Owner.

The Managing Owner

Background and Principals

~~DB Commodity Services~~Invesco Capital Management LLC, a Delaware limited liability company, is the Managing Owner of the Trust and each ~~Fund~~Fund. The Managing Owner was formed on February 7, 2003 for the purpose of serving as the managing owner of investment vehicles such as ETFs. The Managing Owner has managednon-commodity futures based ETFs since 2003 and ~~the Master Trust and each Master Fund.~~a commodity futures based ETF since 2014. The Managing Owner serves as

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both commodity pool operator and commodity trading advisor of the Trust and each ~~Fund and Master Trust and each Master~~ Fund. The Managing Owner has been registered with the CFTC as a commodity pool operator ~~and~~since January 1, 2013, a commodity trading advisor since ~~June 7, 2005~~October 1, 2014 and ishas been a member ~~in good standing~~ of the NFA ~~in such capacity.~~since January 1, 2013. It has been anNFA-approved swap firm since September 8, 2015. Its principal place of business is ~~60 Wall Street, New York, New York 10005,~~3500 Lacey Road, Downers Grove, Illinois 60515, telephone number ~~(212) 250-5883.~~(800)983-0903. The Managing Owner is ~~a wholly-owned subsidiary~~an affiliate of DB U.S. Financial Markets Holding Corporation, which is a wholly-owned, indirect subsidiary of Deutsche Bank AG. DB U.S. Financial Markets Holding Corporation has been a principal of the Managing Owner since June 7, 2005.Invesco Ltd. The registration of the Managing Owner with the CFTC and its membership in the NFA must not be taken as an indication that either the CFTC or the NFA has recommended or approved the Managing Owner, the Trust ~~and~~or each ~~Fund or the Master Trust and each Master~~ Fund.

In its capacity as a commodity pool operator, the Managing Owner ~~is an organization which~~ operates or solicits funds for commodity pools; that is, an enterprise in which funds contributed by a number of persons are combined for the purpose of trading futures contracts. In its capacity as a commodity trading advisor, the Managing Owner ~~is an organization which, for compensation or profit,~~ advises others as to the value of or the advisability of buying or selling futures contracts.

The Managing Owner has served as the managing owner, commodity pool operator, and

~~Principals and Key Employees~~

~~Kevin Rich, Gregory Collett, Michael Gilligan and Martin Kremenstein serve as~~-97-

commodity trading advisor of each Fund since February 23, 2015, which is the ~~Chief Executive Officer, Chief Operating Officer, Principal Financial Officer, and Vice President~~date upon which the Managing Owner assumed those responsibilities for the Fund from the Predecessor Managing Owner. Please see the charts beginning on page 35 for information regarding past performance for each Fund.

Principals

The following principals serve in the below capacities on behalf of the Managing Owner:


Name		Capacity
Daniel Draper		Chief Executive Officer, Board of Managers

Peter Hubbard		Vice President and Director of Portfolio Management

David Warren		Chief Administrative Officer, Board of Managers

Annette Lege		Principal

Melanie Zimdars		Chief Compliance Officer

Kelli Gallegos		Principal Financial and Accounting Officer, Investment Pools

John Zerr		Board of Managers

Brian Hartigan		Global Head of ETF Investments

Invesco Group Services Inc. is also a principal of the Managing Owner.

The Managing Owner is managed by a Board of Managers. The Board of Managers is ~~comprised~~composed of Messrs. ~~Rich, Collett~~Draper, Warren and ~~Kremenstein.~~Zerr.

The Managing Owner has designated Mr. Hubbard as the trading principal of each Fund.

~~Kevin Rich~~Daniel Draper joined Deutsche Bank AG in June 2003 and serves as a Managing Director in the Global Markets Investment Products Group with responsibility for providing currency and commodity-based investor solutions to the DB sales force in the Americas. Mr. Rich serves as an associated person, principal and(49) has been Chief Executive Officer of the Managing Owner ~~and as an associated person of Deutsche Bank Securities Inc. Mr. Rich served as the Principal Financial Officer of theManaging Owner from April 2007 through April 2008. Prior to joining Deutsche Bank, Mr. Rich was a Regional Vice President from November 2002 through May 2003 in Product Distribution~~since March 24, 2016. In this role, he has general oversight responsibilities for Claymore Securities, Inc. (“Claymore”), responsible for distribution of closed-end funds and unit investment trusts in the State of New York. Mr. Rich acted as an independent product development consultant prior to joining Claymore (August through October, 2002). From January 2000 through July 2002, Mr. Rich worked at Lehman Brothers, Inc. Mr. Rich served in several roles supporting the equities, fixed income and investment banking product lines. Mr. Rich received his MBA in Finance from the New York University Leonard N. Stern School of Business in 1996 and his Bachelors of Science in Business Administration from Taylor University in Upland, Indiana in 1983.

~~Gregory Collett~~ served as Vice President and Counsel in the Legal Department of Deutsche Bank AG from October 2002 through June 2006, where he worked primarily with the Commodities Group to build Deutsche Bank’s power and gas trading and commodity funds businesses. Mr. Collett joined the Global Markets Investment Products Group in June 2006 where he is a Director with responsibility for providing currency and commodity based investor solutions to the DB sales force in the Americas and serves as a principal and Chief Operating Officerall of the Managing ~~Owner.~~Owner’s business. Mr. ~~Collett served as~~Draper has been a Member of the ~~Principal Financial Officer~~Board of Managers of the Managing Owner ~~from August 2006 through April 2007. Mr. Collett also serves as an associated person of Deutsche Bank Securities Inc. From March 2000 through October 2002, Mr. Collett was an associate with~~since September 2013. In this role he is responsible for the law firm of Sidley Austin LLP in New York, and prior to that he was an attorney-advisor with the Commodity Futures Trading Commission from October 1998 to February 2000. From May 2003 through May 2007, Mr. Collett has served on the Futures Industry Association’s Law & Compliance Executive Committee. Mr. Collett received his J.D. from George Washington University Law School in 1997 and his B.A. from Colgate University in 1993.

~~Michael Gilligan~~ ~~joined Deutsche Bank AG in March 2008 and is a Director in the Finance Group. Mr. Gilligan serves as the Principal Financial Officer~~management of the Managing ~~Owner.~~Owner’s exchange traded fund business with direct functional reporting responsibilities for the Managing Owner’s portfolio management, products, marketing and capital markets teams. In such capacity, Mr. ~~Gilligan will serve~~Draper also is responsible for managing the operations of the Invesco Funds. Previously, Mr. Draper was the Global Head of Exchange Traded Funds for Credit Suisse Asset Management (“Credit Suisse”) based in London from March 2010 until June 2013, followed by a three monthnon-compete period pursuant to his employment terms with Credit Suisse. Credit Suisse is an asset management business of Credit Suisse Group, a financial services company. From January 2007 to March 2010, he was the Global Head of Exchange Traded Funds for Lyxor Asset Management in London, an investment management business unit of Societe Generale Corporate & Investment Banking. Mr. Draper was previously registered as a Significant Influence Functions (“SIF”) person with the UK’s Financial Conduct Authority. He withdrew SIF person status on June 30, 2013 when he left Credit Suisse. Mr. Draper received his MBA from the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill and his BA from the College of William and Mary in Virginia. Mr. Draper is currently registered with FINRA and holds the Series 7, 24 and 63 registrations. Mr. Draper was listed as a principal of the Managing Owner ~~pending approval by~~on December 16, 2013.

Peter Hubbard (37) joined the Managing Owner in May 2005 as a portfolio manager and ~~registration~~has been Vice President, Director of Portfolio Management since September 2012. In his role, Mr. Hubbard manages a team of eight portfolio managers. His responsibilities include facilitating all portfolio management processes associated with more than 150 equity and fixed income Invesco Funds listed in the United States, Canada and Europe. He is a graduate of Wheaton College with a B.A. degree in Business & Economics. Mr. Hubbard was listed as a

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principal and registered as an associated person of the Managing Owner on November 15, 2012 and January 1, 2013, respectively. Mr. Hubbard was registered as a swap associated person of the Managing Owner effective as of September 8, 2015.

David Warren (60) is Chief Administrative Officer, Americas, for Invesco Ltd., a global investment management company affiliated with the ~~National Futures Association. Prior~~Managing Owner. He was appointed to ~~joining Deutsche Bank,~~this position in January 2007, and also holds the roles of Director, Executive Vice President and Chief Financial Officer of Invesco Canada Ltd., a Canadian investment management subsidiary of Invesco Ltd., since January 2009. He has been a Member of the Board of Managers and Chief Administrative Officer of the Managing Owner since January 2010, as well. In these capacities, Mr. ~~Gilligan worked~~Warren is responsible for ~~Credit Suisse~~general management support, in addition to executing on various strategic initiatives and overseeing the risk management framework for the business units operating within the Americas division of Invesco Ltd. He obtained a Bachelor’s Degree in Commerce from the University of Toronto as both a CA and certified public accountant (“CPA”), and is a member of the Chartered Professional Accountants of Canada. Mr. Warren was listed as a principal of the Managing Owner on November 21, 2012.

Annette Lege (48) has been a Chief Accounting Officer and Head of Finance and Corporate Services (“FCS”) Business Services for Invesco Ltd. since March 2017. In this role, she is responsible for all aspects of Corporate Accounting including group financial reporting, internal controls and group accounting policies. Ms Lege also manages Invesco’s Finance operations and shared service centers and has held this role since September 2015. Previously, Ms. Lege was Head of FCS Transformation Office from October 2013 through September 2015, with responsibility for business transformation initiatives taking place across FCS at Invesco. Before assuming that role in October 2013, Ms. Lege held the position of North American Corporate Controller at Invesco from March 2007 to October 2013. Ms. Lege is also a CPA, is licensed by FINRA as a Financial Operations Principal, and is a member of the Texas State Board of Public Accountants. Ms. Lege earned a BBA in accounting from the University of Houston. Ms. Lege was listed as a principal of the Managing Owner on March 30, 2017 and was listed as a principal of Invesco Advisors, Inc. on March 22, 2017.

Melanie H. Zimdars (41) has been Chief Compliance Officer of the Managing Owner since November 2017. In this role she is responsible for all aspects of regulatory compliance for the Managing Owner. Ms. Zimdars has also served as Chief Compliance Officer of Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Commodity Fund Trust since November 2017. From September 2009 to October 2017, she served as Vice President and Deputy Chief Compliance Officer at ALPS Holdings, Inc. where she was Chief Compliance Officer for six different mutual fund complexes, including active and passive ETFs andopen-end andclosed-end funds. Through its subsidiary companies, ALPS Holdings, Inc. is a provider of investment products and customized servicing solutions to the financial services industry. Ms. Zimdars received a BS degree from the University ofWisconsin-La Crosse. Ms. Zimdars was listed as a principal of the Managing Owner on February 1, 2018.

Kelli Gallegos (48) has been Principal Financial and Accounting Officer — Investment Pools for the Managing Owner since September 2018. Additionally, since September 2018, Ms. Gallegos has been Principal Financial and Accounting Officer – Investment Pools of Invesco Specialized Products, LLC (sponsor to a suite of currency exchange-traded funds, “ISP”), Head of North America Fund Reporting of Invesco, Ltd. (“Invesco”, a global investment management company), and Vice President and Treasurer of Invesco Exchange Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, and Invesco Exchange-Traded Self-Indexed Fund Trusts (each a registered investment company offering series of exchange-traded funds, the “Invesco ETFs”). She also serves as Vice President (since March 2016), Principal Financial Officer (since March 2016) and Assistant Treasurer (since December 2008) for a suite of mutual funds advised by Invesco Advisers, Inc., a registered investment adviser (the “Invesco Funds”). In her roles with the Managing Owner, ISP, Invesco, the Invesco ETFs and the Invesco Funds, Ms. Gallegos has financial and administrative

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oversight responsibilities for, and serves as Principal Financial Officer of the Invesco ETFs, the Trust, the Funds and the exchange-traded funds for which ISP serves as sponsor (the “CurrencyShares Trusts”). Previously, she was Director of Fund Financial Services from December 2008 to September 2018, Assistant Treasurer for the Managing Owner from January 2013 to September 2018, Assistant Treasurer of ISP from April 2018 to September 2018, Assistant Treasurer for the Invesco ETFs from September ~~1998~~2014 to September 2018 and Assistant Vice President for the Invesco Funds from December 2008 to March ~~2008~~2016. In such roles, Ms. Gallegos managed the group of personnel responsible for the preparation of fund financial statements and ~~held~~other information necessary for shareholder reports, fund prospectuses, regulatory filings, and for the coordination and oversight of third-party service providers of the Fund, the Invesco ETFs, the Invesco Funds, and the CurrencyShares Trusts. Ms. Gallegos earned a ~~number~~BBA in accounting from Harding University in Searcy, AR. Ms. Gallegos was listed as a principal of the Managing Owner on September 25, 2018.

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~~positions in finance; immediately prior to joining Deutsche Bank,~~John Zerr (55) has been a Member of the Board of Managers of the Managing Owner since September 2006. Mr. ~~Gilligan was the~~Zerr has also served as Chief Operating Officer of the Americas ~~Credit Trading~~for Invesco Ltd since February 2018. Prior to his current position, Mr. Zerr served as Managing Director and General Counsel for U.S. Retail of Invesco Management Group, Inc., a registered investment adviser affiliated with the Managing Owner, from ~~May 2007 to~~ March ~~2008.~~2006 until February 2018, where he was responsible for overseeing the U.S. Retail Legal Department for Invesco Ltd. and its affiliated companies. Mr. ~~Gilligan is~~Zerr has also been a ~~Chartered Accountant~~Senior Vice President and ~~received his Bachelors~~Secretary of ~~Science in Management from Trinity College in 1989 and his Post Graduate Diploma in Professional Accounting from University College Dublin in 1990.~~

~~Martin Kremenstein~~ ~~joined Deutsche Bank AG in August~~IDI since March 2006 and June 2006, respectively. He also served as a Director of that entity until February 2010. Mr. Zerr has served as Senior Vice President of Invesco Advisers, Inc., a registered investment adviser affiliated with the Managing Owner, since December 2009. Mr. Zerr serves as a Director, Vice President and Secretary of Invesco Investment Services, Inc., a registered transfer agency since May 2007. Mr. Zerr has served as Director, Senior Vice President, General Counsel and Secretary of a number of other Invesco Ltd. wholly-owned subsidiaries which service or serviced portions of Invesco Ltd.’s U.S. Retail business since May 2007 and since June 2010 with respect to certain Van Kampen entities engaged in the ~~Global Markets Investment Products Group~~asset

management business that were acquired by Invesco Ltd. from Morgan Stanley. In each of the foregoing positions Mr. Zerr is responsible for overseeing legal operations. In such capacity, Mr. Zerr also is responsible for overseeing the legal activities of the Invesco Funds. Mr. Zerr earned a BA degree in economics from Ursinus College. He graduated cum laude with ~~responsibility for providing currency and commodity-based investor solutions to the DB sales force in the Americas.~~a J.D. from Temple University School of Law. Mr. ~~Kremenstein serves~~Zerr was listed as a ~~Vice President~~principal of the Managing ~~Owner. Prior~~Owner on December 6, 2012.

Brian Hartigan (39) joined the Managing Owner in May 2015 as Global Head of ETF Investments. In his role, Mr. Hartigan manages the portfolio management function at the Managing Owner, with the Director of Portfolio Management reporting to ~~joining Deutsche Bank, Mr. Kremenstein worked for JPMorgan Chase from September 1998 to August 2006, initially in London and then,~~him. Previously from June ~~2003, in New York. From February 2005 to August 2006,~~2010 until May of 2015, Mr. ~~Kremenstein worked in Market Risk~~Hartigan was the Head of Portfolio Management ~~covering~~and Research for Invesco Capital Markets, Inc., the Credit Portfolio division initially as an Associate, and later as a Vice President. From September 1998 to February 2005, Mr. Kremenstein worked in various roles in Operations at JPMorgan Chase, including managing the Credit Portfolio Credit Hedge Analysis team, managing projects for the Credit Portfolio Market Hedge team, and managing P&L production for the Counterparty Risk Book (London). Mr. Kremenstein receivedsponsor of unit investment trusts. In that role, he oversaw portfolio management of Invesco unit trusts. He earned his B.A. from the University of ~~Leeds~~St. Thomas in ~~1998. Mr. Kremenstein~~Minnesota and an MBA in finance from DePaul University. He is a CFA charterholder and a member of the CFA Society of Chicago. Mr. Hartigan was listed as a principal and registered as an associated person of the Managing ~~Owner.~~Owner on February 21, 2018 and May 29, 2018, respectively.

~~Fiduciary and Regulatory Duties~~Invesco Group Services Inc., which is a wholly owned, indirect subsidiary of Invesco Ltd., has been a principal of the Managing Owner

~~An investor should be aware that the Managing Owner~~ since September 2018 and has ~~a fiduciary responsibility to the Shareholders to exercise good faith and fairness in all dealings affecting the Trust and each Fund and the Master Trust and each Master Fund.~~

As managing owner of the Trust and each Fund and the Master Trust and each Master Fund, the Managing Owner effectively is subject to the duties and restrictions imposed on “fiduciaries” under both statutory and common law. The Managing Owner has a fiduciary responsibility to the Shareholders to exercise good faith, fairness and loyalty in all dealings affecting the Trust and each Fund and the Master Trust and each Master Fund, consistentperiodically been listed with the terms of the Trust Declarations. A form of each of the Trust Declarations is filed as an exhibit to the registration statement of which this Prospectus is a part. The general fiduciary duties which wouldotherwise be imposed on the Managing Owner (which would make the operation of the Trust and each Fund and the Master Trust and each Master Fund as described herein impracticable due to the strict prohibition imposed by such duties on, for example, conflicts of interest on behalf of a fiduciary in its dealings with its beneficiaries), are defined and limited in scope by the disclosure of the business terms of the Trust and each Fund and the Master Trust and each Master Fund, as set forth herein and in the Trust Declarations (to which terms all Shareholders, by subscribing to the Shares, are deemed to consent).

The Trust Declarations provide that the Managing Owner and its affiliates shall have no liability to the Trust and each Fund or the Master Trust and each Master Fund or to any Shareholder for any loss suffered by the Trust and each Fund or the Master Trust and each Master Fund arising out of any action or inaction of the Managing Owner or its affiliates or their respective directors, officers, shareholders, partners, members, managers or employees (the “Managing Owner Related Parties”) if the Managing Owner Related Parties, in good faith, determined that such course of conduct was in the best interests of the Fund or the Master Fund, as applicable, and such course of conduct did not constitute negligence or misconduct by the Managing Owner Related Parties. The Trust and each Fund and the Master Trust and each Master Fund have agreed to indemnify the Managing Owner Related Parties against claims, losses or liabilities based on their conduct relating to the Fund and the Master Trust and each Master Fund, provided that the conduct resulting in the claims, losses or liabilities for which indemnity is sought did not constitute negligence or misconduct and was done in good faith and in a manner reasonably believed to be in the best interests of the Fund or the Master Fund, as applicable.

~~Under Delaware law, a beneficial owner of a business trust (such~~NFA as a ~~Shareholder~~principal of ~~each Fund) may, under certain circumstances, institute legal action on behalf of himself and all~~ other similarly situated beneficial owners (a “class action”) to recover damages from a managing owner of such business trust for violations of fiduciary duties, or on behalf of a business trust (a “derivative action”) to recover damages from a third party where a managing owner has failed or refused to institute proceedings to recover such damages. In addition, beneficial owners may have the right, subject to certain legal requirements, to bring class actions in federal court to enforce their rights under the federalNFA members since May 17, 1990.

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securities laws and the rules and regulations promulgated thereunder by the Securities and Exchange Commission (“SEC”). Beneficial owners who have suffered losses in connection with the purchase or sale of their beneficial interests may be able to recover such losses from a managing owner where the losses result from a violation by the managing owner of the anti-fraud provisions of the federal securities laws.

Under certain circumstances, Shareholders also have the right to institute a reparations proceeding before the CFTC against the Managing Owner (a registered commodity pool operator and commodity trading advisor), the Commodity Broker (registered futures commission merchant), as well as those of their respective employees who are required to be registered under the Commodity Exchange Act, as amended, and the rules and regulations promulgated thereunder. Private rights of action are conferred by the Commodity Exchange Act, as amended. Investors in futures and in commodity pools may, therefore, invoke the protections provided thereunder.

There are substantial and inherent conflicts of interest in the structure of the Trust and each Fund and the Master Trust and each Master Fund which are, on their face, inconsistent with the Managing Owner’s fiduciary duties. One of the purposes underlying the disclosures set forth in this Prospectus is to disclose to all prospective Shareholders these conflicts of interest so that the Managing Owner may have the opportunity to obtain investors’ informed consent to such conflicts. Prospective investors who are not willing to consent to the various conflicts of interest described under “Conflicts of Interest” and elsewhere should not invest in the Funds. The Managing Owner currently intends to raise such disclosures and consent as a defense in any proceeding brought seeking relief based on the existence of such conflicts of interest.

The foregoing summary describing in general terms the remedies available to Shareholders under federal law is based on statutes, rules and decisions as of the date of this Prospectus. This is a rapidly developing and changing area of the law. Therefore, Shareholders who believe that they may have a legal cause of action against any of the foregoing parties should consult their own counsel as to their evaluation of the status of the applicable law at such time.

Ownership or Beneficial Interest in the Funds ~~and Master Funds~~

As of the date of this ~~document,~~Prospectus, the Managing Owner and the principals of the Managing Owner own less than 1% of the Shares of ~~the~~any Fund.

Management; Voting by ~~Shareholders~~

Shareholders; Negative Consent

The Shareholders of each Fund take no part in the management or control, and have no voice in the operations or the business of the Trust ~~such Fund, the Master Trust,~~ or the ~~Master~~ Funds. Shareholders, voting together as a single series, may, however, remove and replace the Managing Owner as the managing owner of the Trust and all of the Funds, and may amend the Trust ~~Declaration of the Trust,~~Agreement, except

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in certain limited respects, by the affirmative vote of a majority of the outstanding Shares then owned by Shareholders ~~(as opposed to~~(not including Shares held by the Managing Owner and its affiliates). The owners of a majority of the outstanding Shares then owned by Shareholders may also compel dissolution of the Trust and all of the Funds. The owners of 10% of the outstanding Shares then owned by Shareholders have the right to bring a matter before a vote of the Shareholders. The Managing Owner has no power under the Trust ~~Declaration~~Agreement to restrict any of the Shareholders’ voting rights. Any Shares purchased by the Managing Owner or its affiliates, as well as the Managing Owner’s general ~~liability interest~~interests in each Fund or the Trust, arenon-voting.

Any action required or permitted to be taken by Shareholders by vote may be taken without a meeting by written consent setting forth the actions so taken. The written consents will be treated for all purposes as votes at a meeting. If the vote or consent of any Shareholder to any action of the Trust, any Fund or ~~Master~~any Shareholder, as contemplated by the Trust Agreement, is solicited by the Managing Owner, the solicitation will be effected by notice to each Shareholder given in the manner provided by the Trust Agreement.

The Trust Agreement permits the approval of actions through the negative consent of Shareholders. As provided in the Trust Agreement, the vote or consent of each Shareholder so solicited will be deemed conclusively to have been cast or granted as requested in the notice of solicitation, whether or not the notice of solicitation is actually received by that Shareholder, unless the Shareholder expresses written objection to the vote or consent by notice given in the manner provided in the Trust Agreement and ~~Master Funds,~~actually received by the Trust within twenty (20) days after the notice of solicitation is effected. Because the Trust Agreement provides for negative consent (e.g., that Shareholders are ~~non-voting.~~deemed to have consented unless they timely object), a Shareholder’s consent will be deemed conclusively to have been granted with respect to any matter for which the Managing Owner may solicit Shareholder consent unless the Shareholder expresses written objection in the manner required by the Trust Agreement and the written objection is actually received by the Trust within twenty (20) days after the notice of solicitation is effected. This means that not responding to the vote or consent solicitation would have the same

effect as responding with affirmative written consent. For example, in the context of a consent solicitation to change the managing owner or any other action, a Shareholder’s lack of a response will have the same effect as if the Shareholder had provided your affirmative written consent for the proposed action.

The Managing Owner and all persons dealing with the Trust will be entitled to act in reliance on any vote or consent which is deemed cast or granted pursuant to the negative consent provision and will be fully indemnified by the Trust in so doing. Any action taken or omitted in reliance on this deemed vote or consent of one or more Shareholders will not be void or voidable by reason of timely communication made by or on behalf of all or any of these Shareholders in any manner other than as expressly provided in the Trust Agreement.

The Managing Owner has the unilateral right ~~unilaterally~~ to amend the Trust ~~Declaration~~Agreement as it applies to any Fund provided that any such amendment is for the benefit of and not adverse to the Shareholders of such Fund or the Trustee and also in certain unusual circumstances, — for example, if doing so is necessary to comply with certain regulatory requirements.

Recognition of the Trust ~~the Master Trust,~~and the Funds ~~and each Master Fund~~ in Certain States

A number of states do not have “business trust” statutes such as that under which the Trust ~~and the Master Trust have~~has been formed in the State of Delaware. It is possible, although unlikely, that a court in such a state could hold that, due to the absence of any statutory provision to the contrary in such jurisdiction, the Shareholders, although entitled

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under Delaware law to the same limitation on personal liability as stockholders in a private corporation for profit organized under the laws of the State of Delaware, are not so entitled in such state. To protect Shareholders against any loss of limited liability, the Trust ~~Declarations provide~~Agreement provides that no written obligation may be undertaken by any ~~Fund or Master~~ Fund unless such obligation is explicitly limited so as not to be enforceable against any Shareholder personally. Furthermore, each Fund ~~and Master Fund, respectively,~~ itself indemnifies all its Shareholders against any liability that such Shareholders might incur in addition to that of a beneficial owner. The Managing Owner is itself generally liable for all obligations of each Fund and Master Fund and will use its assets to satisfy any such liability before such liability would be enforced against any Shareholder individually.

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Possible Repayment of Distributions Received by Shareholders; Indemnification by Shareholders

The Shares are limited liability investments; investors may not lose more than the amount that they invest ~~plus~~including any ~~profits recognized on~~appreciation in their ~~investment.~~investments. However, Shareholders of a Fund could be required, as a matter of bankruptcy law, to return to the estate of such Fund any distribution they received at a time when such Fund was in fact insolvent or in violation of the Trust ~~Declaration.~~Agreement. In addition, ~~although the Managing Owner is not aware of this provision ever having been invoked in the case of any public futures fund,~~ Shareholders of each Fund agree in the Trust ~~Declaration~~Agreement that they will indemnify such Fund for any harm suffered by it as a result ofof:

Shareholders’ actions unrelated to the business of such ~~Fund,~~Fund; or

taxes separately imposed on the Fund by any state, local or foreign taxing authority.

The foregoing repayment of distributions and indemnity provisions (other than the provision for Shareholders of a Fund indemnifying such Fund for taxes imposed upon it by a state, local or foreign taxing authority, which is included only as a formality due to the fact that many states do not have business trust statutes so that the tax status of a Fund in such states might, theoretically, be challenged — although the Managing Owner is unaware of any instance in which this has actually occurred) arecommonplace in statutory trusts and limited partnerships.

Shares Freely Transferable

The Shares of each Fund trade on the ~~Amex~~NYSE Arca and provide institutional and retail investors with direct access to each ~~Fund. Each Fund holds no investment assets other than the Master Fund Units of the corresponding Master~~ Fund. The Shares of each Fund may be bought and sold on the ~~Amex like any other exchange-listed security.~~NYSE Arca.

Book-Entry Form

Individual certificates will not be issued for the Shares. Instead, global certificates are deposited by the Trustee with DTC and registered in the name of Cede & Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding at any time. Under the ~~Trust’s~~ Trust ~~Declaration,~~Agreement, Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers and trust companies ~~(DTC Participants)~~(“DTC Participants”), (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC Participant ~~(Indirect Participants)~~(“Indirect Participants”), and (3) those banks, brokers, dealers, trust companies and others who hold interests in the Shares through DTC Participants or Indirect Participants. The Shares are only transferable through the book-entry system of DTC. Shareholders who are not DTC Participants may transfer their Shares through DTC by instructing the DTC Participant holding their Shares (or by instructing the Indirect Participant or other entity through which their Shares are held) to transfer the Shares. Transfers are made in accordance with standard securities industry practice.

Reports to Shareholders

The Managing Owner will furnish you with an annual report of each Fund within 90 calendar days after the end of its fiscal year as required by the rules and regulations of the SEC as well as with those reports required by the CFTC and the ~~National Futures Association, or the~~ NFA, including, but not limited to, an annual audited financial ~~statement~~statements certified by independent registered public accountants and any other reports required by any other governmental authority that has jurisdiction over the activities of the Trust ~~each Fund and the Master Trust~~ and each ~~Master~~ Fund. You also will be provided with appropriate information to permit you to file your ~~United States~~U.S. federal and state income tax

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returns (on a timely basis) with respect to your Shares. Monthly account statements conforming to CFTC and NFA requirements are posted on the Managing Owner’s website at~~www.dbfunds.db.com~~www.invesco.com/ETFs. Additional reports may be posted on the Managing Owner’s website in the discretion of the Managing Owner or as required by applicable regulatory authorities.

The Managing Owner will notify Shareholders of any change in the fees paid by the Trust ~~and the Master Trust~~ or of any material changes to any ~~Fund or any Master~~ Fund by filing with the SEC a supplement to this Prospectus and a Form8-K, which will be publicly available athttp://www.sec.gov and at the Managing Owner’s website at~~www.dbfunds.db.com~~www.invesco.com/ETFs. Any such notification will include a description of Shareholders’ voting rights.

NAV

~~Net Asset Value~~

~~Net asset value~~NAV, in respect of any ~~Master~~ Fund means the total assets of the ~~Master~~ Fund including, but not limited to, all cash and cash equivalents or other debt securities less total liabilities of such ~~Master~~ Fund, each determined on the basis of generally accepted accounting principles in the United States, consistently applied under the accrual method of accounting. In particular, ~~net asset value~~NAV includes any unrealized profit or loss on open futures ~~contracts,~~positions, and any other credit or debit accruing to a ~~Master~~ Fund but unpaid or not received by a ~~Master~~ Fund. All open commodity futures contracts traded on a ~~United States~~U.S. exchange are calculated at their then current market value, which are based upon the settlement price for that particular commodity futures contract traded on the applicable ~~United States~~U.S. exchange on the date with respect to which ~~net asset value~~NAV is being determined; provided, that if a commodity futures contract or option traded on a ~~United States~~U.S. exchange could not be liquidated on such day, due to the operation of daily limits or other rules of

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the exchange upon which that position is traded or otherwise, the ~~settlement price on~~Managing Owner may value such futures contract or option pursuant to policies the ~~most recent day on which the position could have been liquidated will be the basis for determining the market value of such position for such day.~~Managing Owner has adopted. The current market value of all open commodity futures contracts traded on anon-United States exchange ~~to the extent applicable,~~ will be based upon the settlement price for that particular commodity futures contract traded on the applicable ~~non-United States~~non-U.S. exchange on the date with respect to which ~~net asset value~~NAV is being determined; provided further, that if a futures contract traded on a ~~non-United States~~non-U.S. exchange, to the extent applicable, could not be liquidated on such day, due to the operation of ~~dailylimits~~daily limits (if applicable) or other rules of the exchange upon which that position is traded or otherwise, the ~~settlement price~~Managing Owner may value such futures contract pursuant to policies the Managing Owner has adopted. The current market value of all open forward contracts entered into by a Fund, if any, shall be the mean between the last bid and last asked prices quoted by the bank or financial institution which is a party to the contract on the ~~most recent~~date with respect to which NAV is being determined; provided, that if such quotations are not available on such date, the mean between the last bid and asked prices on the first subsequent day on which ~~the position could have been liquidated will~~such quotations are available shall be the basis for determining the market value of such ~~position~~forward contract for such day. The Managing Owner may in its discretion (and under extraordinary circumstances, including, but not limited to, periods during which a settlement price of a futures contract is not available due to exchange limit orders or force majeure type events such as systems failure, natural orman-made disaster, act of God, armed conflict, act of terrorism, riot or labor disruption or any similar intervening circumstance) value any asset of a ~~Master~~ Fund pursuant to such other principles as the Managing Owner deems fair and ~~equitable so long as such principles are consistent with normal industry standards.~~equitable. Interest earned on any ~~Master~~ Fund’s ~~foreign exchange futures~~commodity brokerage account is accrued at least monthly. The amount of any distribution will be a liability of such ~~Master~~ Fund from the day when the distribution is declared until it is paid.

~~Net asset value~~NAV per ~~Master Fund Unit,~~Share, in respect of any ~~Master~~ Fund, is the ~~net asset value~~NAV of the ~~Master~~ Fund divided by the number of ~~its~~the Fund’s outstanding Master Fund Units. Because there is a one-to-one correlation between Shares of a Fund and Master Fund Units of its corresponding Master Fund, the net asset value per Share of any Fund and the net asset value per Master Fund Unit of its corresponding Master Fund is equal.Shares.

Termination Events

The Trust, or, as the case may be, any Fund, will dissolve at any time upon the happening of any of the following events:

The filing of a certificate of dissolution or revocation of the Managing Owner’s charter (and the expiration of 90 days after the date of notice to the Managing Owner of revocation without a reinstatement of its charter) or upon the withdrawal, removal, adjudication or admission of bankruptcy or insolvency of the Managing Owner, or an event of withdrawal unless (i) at the time there is at least one remaining ~~Managing Owner~~managing owner and that remaining ~~Managing Owner~~managing owner carries on the business of the Fund or (ii) within 90 days of such event of withdrawal all the remaining Shareholders agree in writing to continue the business of a Fund and to select, effective as of the date of such event, one or more successor managing owners. If the Trust is terminated as the result of an event of withdrawal and a failure of all remaining Shareholders to continue the business of the Trust and to appoint a successor managing owner as provided above within 120 days of such event of withdrawal, Shareholders holding Shares representing at least a majority (over 50%) of the NAV of each Fund (not including Shares held by the Managing Owner and its affiliates) may elect to continue the business of the Trust by forming a new statutory trust (“Reconstituted Trust”) on the same terms and provisions as set forth in the Trust Agreement (whereupon the Managing Owner and the Trustee shall execute and deliver any documents or instruments as may be necessary to reform the Trust). Any such election must also provide for the election of a managing owner to the Reconstituted Trust. If such an election is made, all Shareholders of the Funds shall be bound thereby and continue as Shareholders of the Reconstituted Trust.

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one or more successor Managing Owners. If the Trust is terminated as the result of an event of withdrawal and a failure of all remaining Shareholders to continue the business of the Trust and to appoint a successor Managing Owner as provided above within 120 days of such event of withdrawal, Shareholders holding Shares representing at least a majority (over 50%) of the net asset value of each Fund (not including Shares held by the Managing Owner and its affiliates) may elect to continue the business of the Trust by forming a new statutory trust, or reconstituted trust, on the same terms and provisions as set forth in the Trust Declaration. Any such election must also provide for the election of a Managing Owner to the reconstituted trust. If such an election is made, all Shareholders of the Funds will be bound thereby and continue as Shareholders of series of the reconstituted trust.

The occurrence of any event which would make unlawful the continued existence of the Trust or any Fund, as the case may be.

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In the event of the suspension, revocation or termination of the Managing Owner’s registration as a commodity pool operator or commodity trading advisor under the Commodity Exchange Act, or membership as a commodity pool operator or commodity trading advisor with the NFA (if, in either case, such registration is required ~~at such time~~under the Commodity Exchange Act or the rules promulgated thereunder) unless at the time there is at least one remaining ~~Managing Owner~~managing owner whose registration or membership has not been suspended, revoked or terminated.

The Trust or any Fund, as the case may be, becomes insolvent or bankrupt.

The Shareholders holding Shares representing at least a majority (over 50%) of the ~~net asset value~~NAV (which excludes the Shares of the Managing Owner) vote to dissolve the Trust, notice of which is sent to the Managing Owner not less than ninety (90) Business Days prior to the effective date of termination.

The determination of the Managing Owner that the aggregate net assets of a Fund in relation to the operating expenses of such Fund make it unreasonable or imprudent to continue the business of such Fund, or, in the exercise of its reasonable discretion, the determination by the Managing Owner to dissolve the Trust because the aggregate ~~net asset value~~NAV of the Trust as of the close of business on any business day declines below $10 million.

The Trust or any Fund ~~becoming~~is required to be registered as an investment company under the Investment Company Act of ~~1940.~~1940, as amended.

DTC is unable or unwilling to continue to perform its functions, and a comparable replacement is unavailable.

DISTRIBUTIONS

~~The~~Each Fund will make distributions at the discretion of the Managing ~~Owner has discretionary authority over all distributions made by each Fund and its corresponding Master Fund.~~ Owner.

To the extent that a ~~Master~~ Fund’s actual and projected ~~interest income from its holdings of United States~~ Treasury ~~securities~~Income, actual and ~~other high credit quality short-term fixed income securities~~projected Money Market Income and a Fund’s actual and actual and projectedT-Bill ETF Income exceeds the actual and projected fees and expenses of ~~the Master Fund and its corresponding~~such Fund, the Managing Owner expects periodically to make distributions of the amount of such excess. The ~~Funds~~Managing Owner currently dodoes not expect to make distributions with respect to capital ~~gains.~~gains for any of the Funds. Depending on the applicable Fund’s performance for the taxable year and your own tax situation for such year, your income tax liability for the taxable year for your allocable share of such Fund’s net ordinary income or loss and capital gain or loss may exceed any distributions you receive with respect to such year.

THE ADMINISTRATOR, CUSTODIAN AND TRANSFER AGENT

~~The Trust and Master Trust, on behalf of each Fund and each Master Fund, respectively, has appointed~~ The Bank of New York asMellon is the administrator of each ~~Fund and each Master~~ Fund and has entered into an Administration Agreement in connection therewith.

The Bank of New York Mellon serves as the Custodian and has entered into the Custody Agreement in connection therewith. The Bank of New York Mellon serves as the Transfer Agent of each Fund and has entered into a Transfer Agency and Service Agreement in connection therewith.

The Bank of New York Mellon, a banking corporation organized under the laws of the State of New York with trust powers, has an office at 2 Hanson Place, 12^th ~~Floor,~~ Brooklyn, New York 11217. The Bank of New York Mellon is subject to supervision by the New York State Banking Department and the Board of Governors of the Federal Reserve System. Information regarding the ~~net asset value~~NAV of each Fund, creation and redemption transaction fees and the names of the parties that have executed a Participant Agreement may be obtained from The Bank of New York Mellon by calling the following number: (718) ~~315-4412.~~315-7500. A copy of the Administration

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Agreement is available for inspection at The Bank of New ~~York’s trust~~York Mellon’s office identified above.

The Administrator retains certain financial books and records, including: ~~Basket creation and redemption books and records, Fund and Master~~ Fund accounting records, ledgers with respect to assets, liabilities, capital, income and expenses, the registrar, transfer journals and related details and trading and related

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documents received from futures commission merchants, c/o The Bank of New York Mellon, 2 Hanson Place, 12^th ~~Floor,~~ Brooklyn, New York 11217, telephone number (718) ~~315-4850.~~315-7500.

A summary of the material terms of the Administration Agreement is disclosed in the “Material Contracts” section.

The Administrator’s monthly fees of up to 0.05% per annum are paid on behalf of each Fund ~~and each Master Fund~~ by the Managing Owner out of each ~~Master~~ Fund’s Management Fee.

The Administrator and any of its affiliates may from ~~time-to-time~~time to time purchase or sell Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

The Administrator and any successor administrator must be a participant in DTC or such other securities depository as shall then be acting.

The ~~Administrator~~Transfer Agent receives a transaction processing fee in connection with orders from Authorized Participants to create or redeem Baskets in the amount of $500 per order. These transaction processing fees are paid ~~indirectly~~directly by the Authorized Participants and not by any ~~Fund or any Master~~ Fund.

The Trust ~~retains~~may retain the services of one or more additional service providers to assist with certain tax reporting requirements of each Fund and the Shareholders of each Fund.

~~ALPS~~INVESCO DISTRIBUTORS, INC.

~~The Trust, on behalf of each Fund, has appointed ALPS~~Invesco Distributors ~~Inc. or ALPS Distributors, to assist~~assists the Managing Owner ~~and the Administrator~~ with certain functions and duties relating to distribution and marketing, which include the following: consultation with the marketing staff of the Managing Owner and its affiliates with respect to FINRA compliance in connection with ~~marketingefforts;~~marketing efforts; review and filing of marketing materials with FINRA; and consultation with the Managing Owner and its affiliates in connection with marketing and sales strategies. Investors may contact ~~ALPS~~Invesco Distributors toll-free in the U.S. at ~~(877) 369-4617.~~(800)983-0903.

~~ALPS~~Invesco Distributors retains all marketing materials ~~separately~~ for each ~~Fund and Master~~ Fund, at the offices of ~~ALPS~~ Invesco

Distributors, Inc., ~~1290 Broadway,~~11 Greenway Plaza, Suite ~~1100, Denver, Colorado 80203;~~1000, Houston, Texas 77046-1173; telephone number ~~(303) 623-2577.~~

(800) 983-0903.

The Managing Owner, out of the ~~relevant~~ Management Fee, pays ~~ALPS~~Invesco Distributors $25,000 annually ($6,250 per quarter) per Fund for performing its duties on behalf of each Fund and its corresponding Master Fund and may pay ALPS Distributors additional compensation in consideration of the performance by ALPS Distributors of additional marketing, distribution and ongoing support services to such Fund or its Master Fund. Such ~~additional~~ services may include, among other services, reviewing distribution related legal documents and contracts, consulting on marketing or sales strategy, maintaining certain books and records in respect of the ~~development~~Funds and ~~implementation of a~~performing additional marketing ~~plan~~and distribution related services as may be agreed upon by Invesco Distributors and the ~~utilization of ALPS Distributors’ resources, which include an extensive broker database and a network of internal and external wholesalers. ALPS~~Managing Owner. Invesco Distributors is affiliated with ~~ALPS~~the Managing Owner.

INDEX SPONSOR

The Managing Owner, on behalf of each Fund, ~~Services, Inc.,~~has appointed DIMA to serve as the Index Sponsor. The Index Sponsor calculates and publishes the daily index levels and the indicative intraday index levels.

The Index Sponsor also calculates the IIV per Share of each Fund throughout each Business Day. The Index Sponsor may subcontract its services from time to time to one or more third parties.

The Managing Owner pays the Index Sponsor a ~~Denver-based outsourcing solution~~licensing fee and an index services fee out of the Management Fee for ~~administration, compliance, fund accounting, legal, marketing, tax administration, transfer agency~~performing its duties. These fees constitute a portion of the routine operational, administrative and ~~shareholder services for open-end, closed-end, hedge~~other ordinary expenses and ~~exchange-traded funds,~~are paid from out of the applicable Management Fee and are not charged to or reimbursed by the Funds.

Neither the Managing Owner nor any affiliate of the Managing Owner has any rights to influence the selection of the futures contracts underlying each Index.

The Index Sponsor is not affiliated with ~~over 350,000 shareholder accounts and approximately $17 billion~~each Fund or the Managing Owner. The Managing Owner has entered into a license agreement with the Index Sponsor to use each Index.

The Index Sponsor makes no representation regarding the advisability of investing in ~~client mutual fund assets under administration. ALPS Distributors provides distribution services to approximately $232 billion in client assets.~~Shares of each Fund.

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There is no relationship between the ~~distributor of 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~~Index Sponsor and ~~PowerShares DB Agriculture Fund. Certain marketing services may be provided for~~the Managing Owner or each Fund other than a services agreement and a license by ~~Invesco Aim Distributors, Inc. or PowerShares Capital Management, LLC. This assistance includes~~ the ~~licensing of the PowerShares~~^® ~~registered service mark~~Index Sponsor to the Managing Owner of certain of the Index Sponsor’s trademarks and trade names, and each Index, for use ~~with~~by the Managing Owner or each Fund. ~~PowerShares~~^® ~~is a registered service mark~~Such trademarks, trade names and each Index have been created and developed by the Index Sponsor without regard to, and independently of, ~~PowerShares Capital Management LLC. PowerShares Capital Management LLC~~the Managing Owner and each Fund, their businesses, and/or any prospective investor. Each Fund and the Managing Owner have arranged with the Index Sponsor to license each Index for possible inclusion in funds which the Managing Owner independently intends to develop and promote. The Index Sponsor is not responsible for and has not participated in the determination of the prices and amount of Shares of each Fund or the timing of the issuance or sale of Shares of each Fund or in the determination of any financial calculations relating thereto. The Index Sponsor has no obligation or liability in connection with the administration of each Fund, or marketing of the Shares of each Fund. The Index Sponsor does not guarantee the accuracy and/or the completeness of each Index or any data included therein. The Index Sponsor shall have no liability for any errors, omissions, or interruptions therein. The Index Sponsor makes no warranty, express or implied, as to results to be obtained by the Managing Owner, each Fund or owners of Shares, or any other person or entity, from the use of the Index or any data included therein. The Index Sponsor makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a ~~sponsor~~particular purpose or ~~promoter~~use with respect to each Index or any data included therein, each Fund, or the Shares of each Fund. DIMA has entered into a services agreement with the Managing Owner. The agreement between the Managing Owner and DIMA as Index Sponsor relates to the Managing Owner’s sponsorship not only of the Funds but of other commodity pools and ETFs. The agreement is for an initialsix-year term which commenced on February 26, 2015, with additionalone-year renewal terms unless terminated.

Both the Managing Owner and DIMA have the right to terminate on notice subject to payment of a termination fee, both with respect to a given fund and with respect to all funds subject to these agreements. Each party also has the right to terminate for cause, although the Managing Owner’s ability to exercise

this right is restricted to a narrow set of circumstances during the initialsix-year term. Accordingly, there may be circumstances where the Managing Owner would otherwise believe cause exists to terminate DIMA but where it would have to rely on its right to terminate at will. The termination fee payable by the Managing Owner would be based on anticipated fee payments under these agreements during the remainder of the initialsix-year term, and therefore could be sufficiently high as to deter the Managing Owner from exercise of these termination rights. These termination fees would also be triggered by certain other termination rights of DIMA, including in the event of a change of control of the Managing Owner or changes of law affecting the licenses or services to be provided by DIMA. As a consequence of these termination fee rights, DIMA may elect to terminate these licenses and services under certain circumstances where, were these being provided under stand-alone arrangements in respect of the Funds, it might not elect to terminate the business relationship. Termination of the agreements between DIMA and the Managing Owner could result in disruption to the affairs of the Funds, including the need to adopt new indices and engage a replacement index sponsor.

Without limiting any of the ~~Funds~~foregoing, in no event shall the Index Sponsor have any liability for any special, punitive, indirect, or consequential damages (including lost profits) resulting from the use of each Index or any data included therein, each Fund, or the Shares of each Fund, even if notified of the possibility of such damages.

The Index Sponsor shall not be liable to the Managing Owner, each Fund, or the owners of any Shares of each Fund for any loss or damage, direct or indirect, arising from (i) any inaccuracy or incompleteness in, or delays, interruptions, errors or omissions in the delivery of each Index or any data related thereto, the Index Data, or (ii) any decision made or action taken by any customer or third party in reliance upon the Index Data. The Index Sponsor does not make any warranties, express or implied, to the Managing Owner, each Fund or owners of Shares or anyone else regarding the Index Data, including without limitation, any warranties with respect to the timeliness, sequence, accuracy, completeness, currentness, merchantability, quality, or fitness for a particular purpose or any warranties as to the results to be obtained by the Managing Owner, each Fund or

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owners of Shares or anyone else in connection with the use of the Index Data. The Index Sponsor shall not be liable to the Managing Owner, each Fund or owners of Shares or anyone else for loss of business revenues, lost profits or any indirect, consequential, special or similar damages whatsoever, whether in contract, tort or otherwise, even if advised of the possibility of such damages.

The Managing Owner does not guarantee the accuracy and/or the completeness of each Index or any Index Data included therein, and the Managing Owner shall have no liability for any errors, omissions, or interruptions therein. The Managing Owner makes no warranty, express or implied, as to results to be obtained by each Fund, owners of the Shares of each Fund or any other person or entity from the use of each Index or any Index Data included therein. The Managing Owner makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to each Underlying Index or any Index Data included therein. Without limiting any of the foregoing, in no event shall the Managing Owner have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) arising out of matters relating to the use of each Index even if notified of the possibility of such damages.

MARKETING AGENT

Pursuant to a services agreement, the Managing Owner, on behalf of each Fund, has appointed DIMA as Marketing Agent to assist the Managing Owner by providing support to educate institutional investors about the Deutsche Bank indices and to complete governmental or institutional due diligence questionnaires or requests for proposals related to the Deutsche Bank indices.

The Managing Owner pays the Marketing Agent a marketing services fee out of the Management Fee for performing its duties.

The Marketing Agent will not open or maintain customer accounts or handle orders for any Fund. The Marketing Agent has no responsibility for the performance of any ~~of the Funds~~Fund or the decisions made or actions taken by the Managing Owner.

The agreement between the Managing Owner and DIMA as Marketing Agent relates to not only the Fund but to other commodity pools and ETFs. The agreement is for an initialsix-year term which commenced on February 26, 2015, with additionalone-year renewal terms unless terminated.

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“800” Number for Investors

Investors may contact ~~Invesco PowerShares Capital Management LLC~~the Managing Owner toll free in the U.S. at (800)983-0903.

~~INVESCO AIM DISTRIBUTORS, INC.~~

~~The Managing Owner, out of the relevant Management Fee, pays Invesco Aim Distributors for performing its duties on behalf of each Fund and its corresponding Master Fund.~~

THE SECURITIES DEPOSITORY; BOOK-ENTRY-ONLY SYSTEM; GLOBAL SECURITY

DTC acts as securities depository for the Shares. DTC is a limited-purpose trust company organized under the laws of the State of New York, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York

Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of section 17A of the Exchange Act. DTC was created to hold securities of DTC Participants and to facilitate the clearance and settlement of transactions in such securities among the DTC Participants through electronic book-entry changes. This eliminates the need for physical movement of securities ~~certificates.DTC~~certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations, some of whom (and/or their representatives) own DTC. Access to the DTC system is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly. DTC has agreed to administer its book-entry system in accordance with its rules andby-laws and the requirements of law.

Individual certificates will not be issued for the Shares. Instead, global certificates are signed by ~~the Trustee and~~ the Managing Owner on behalf of each Fund, registered in the name of Cede & Co., as nominee for DTC, and deposited with the Trustee on behalf of DTC. The global certificates evidence all of the Shares of each Fund outstanding at any time. The representations, undertakings and agreements made on the part of each Fund in the global certificates are made and

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intended for the purpose of binding only the applicable Fund and not the Trustee or the Managing Owner individually.

Upon the settlement date of any creation, transfer or redemption of Shares, DTC credits or debits, on its book-entry registration and transfer system, the amount of the Shares so created, transferred or redeemed to the accounts of the appropriate DTC Participants. The Managing Owner and the Authorized Participants designate the accounts to be credited and charged in the case of creation or redemption of Shares.

Beneficial ownership of the Shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants. Owners of beneficial interests in the Shares is shown on, and the transfer of ownership is effected only through, records maintained by DTC (with respect to DTC Participants), the records of DTC Participants (with respect to Indirect Participants), and the records of Indirect Participants (with respect to Shareholders that are not DTC Participants or Indirect Participants). Shareholders are expected to receive from or through the DTC Participant maintaining the account through which the Shareholder has purchased their Shares a written confirmation relating to such purchase.

Shareholders that are not DTC Participants may transfer the Shares through DTC by instructing the DTC Participant or Indirect Participant through

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which the Shareholders hold their Shares to transfer the Shares. Shareholders that are DTC Participants may transfer the Shares by instructing DTC in accordance with the rules of DTC. Transfers are made in accordance with standard securities industry practice.

DTC may decide to discontinue providing its service with respect to Baskets and/or the Shares of each Fund by giving notice to the Trustee and the Managing Owner. Under such circumstances, the Trustee and the Managing Owner will either find a replacement for DTC to perform its functions at a comparable cost or, if a replacement is unavailable, terminate such Fund.

The rights of the Shareholders generally must be exercised by DTC Participants acting on their behalf

in accordance with the rules and procedures of DTC. Because the Shares can only be held in book-entry form through DTC and DTC Participants, investors must rely on DTC, DTC Participants and any other financial intermediary through which they hold the Shares to receive the benefits and exercise the rights described in this section. Investors should consult with their broker or financial institution to find out about procedures and requirements for securities held in book-entry form through DTC.

SHARE SPLITS

If the Managing Owner believes that the per Share price ~~of a Fund~~ in the secondary market for Shares has fallen outside a desirable trading price range, the Managing Owner may direct the Trustee to declare a split or reverse split in the number of Shares outstanding and to make a corresponding change in the number of Shares of such Fund constituting a Basket.

MATERIAL CONTRACTS

Brokerage Agreement

The Commodity Broker and the ~~Master Trust~~Managing Owner (on behalf of each ~~Master~~ Fund) entered into a brokerage agreement with respect to each ~~Master~~ Fund ~~or, each a Brokerage Agreement.~~(the “Brokerage Agreement”). As a result, the Commodity Broker:

acts as the clearing broker;

acts as custodian of each ~~Master~~ Fund’s ~~assets;~~assets in connection with the clearing of transactions; and

performs such other services for each ~~Master~~ Fund as the Managing Owner may from ~~time-to-time~~time to time request.

As clearing broker for each ~~Master~~ Fund, the Commodity Broker receives orders for trades from the Managing Owner.

Confirmations of all executed trades are given to each ~~Master~~ Fund by the Commodity Broker. ~~Each~~The Brokerage Agreement incorporates the Commodity Broker’s

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standard customer agreements and related documents, which generally include provisions that:

the assets of each Fund held in its account with the Commodity Broker and all ~~funds, futures~~contracts and ~~open or cash positions carried for each Master Fund~~rights to payment thereunder are held as security for each respective ~~Master~~ Fund’s obligations to the Commodity Broker;

the ~~margins required~~Commodity Broker shall have the right to ~~initiate or maintain~~limit the size of open positions ~~are~~(net or gross) of each Fund with respect to its account at any time only as ~~from time-to-time established by~~necessary to comply with the ~~Commodity Broker~~applicable law or applicable position limits and ~~may exceed exchange minimum levels; and~~shall promptly notify the Funds of any rejected order;

each Fund must make all applicable original margin, variation margin,intra-day margin and premium payments to the Commodity Broker; the Commodity Broker may, among other things, close out positions, sell securities or other property held in a Fund’s account, purchase futures or cancel orders at any time ~~it deems necessary for its protection,~~upon the default of a Fund under the Brokerage Agreement, without the consent of the ~~Master Trust,~~Managing Owner on behalf of ~~any Master Fund.~~such Fund; and

~~As custodian of each Master Fund’s assets,~~absent a separate written agreement with a Fund with respect togive-up transactions, the Commodity Broker, ~~is responsible, among~~in its sole discretion, may accept from other ~~things,~~brokers contracts executed by such brokers and to be given up to the Commodity Broker for ~~providing periodic accountings of all dealings and actions taken by the Master Trust on behalf of each Master Fund during the reporting period, together with an accounting of all securities, cash~~clearance or ~~other indebtedness or obligations held by it or its nominees for or on behalf of each Master Fund.~~carrying in any account.

Administrative functions provided by the Commodity Broker to each ~~Master~~ Fund include, but are not limited to, preparing and transmitting daily confirmations of transactions and monthly statements of account, calculating ~~equity~~ balances and margin requirements.

~~As long as a~~In respect of the transactions effected pursuant to the Brokerage Agreement, ~~between the Commodity Broker and the Master Trust, on behalf of each Master Fund is in effect,~~ the Commodity Broker will ~~not~~ charge ~~any Master Fund~~the Funds a fee for ~~any of~~ the services it has agreed to perform, ~~except for the~~including brokerage charges,give-up fees, commissions and services fees as may be agreed upon ~~brokerage fee.~~by the Funds and the Commodity Broker; exchange, clearing house, NFA or other

regulatory fees; the amount necessary to hold the Commodity Broker harmless against all taxes andtax-related liabilities of each Fund; any debit balance or deficiency in a Fund’s account; interest on any debit balances or deficiencies in a Fund’s account and on monies advanced to each Fund; and any other agreed upon amounts owed by a Fund to the Commodity Broker in connection with such Fund’s account or transactions therein.

~~Each Brokerage Agreement is not exclusive and runs for successive one-year terms to be renewed~~

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~~automatically each year unless terminated.~~ The Brokerage Agreement is terminable by each Fund at any time by written notice to the ~~Master Trust, on behalf of each Master Fund~~Commodity Broker, or by the Commodity Broker without penalty upon ~~thirty (30)~~ten (10) days’ prior written notice (unless where certain events of default occur or there is a material adverse change to a Master Fund’s financial position, in which case only prior written notice is required to terminate the Brokerage Agreement).notice.

~~Each~~The Brokerage Agreement provides that ~~neither~~except to the extent of its gross negligence, fraud or willful misconduct, the Commodity Broker ~~nor any of its managing directors, officers, employees or affiliates will~~shall not be liable for any ~~costs, losses, penalties, fines, taxes and damages sustained~~loss, liability or expense incurred by ~~the Master Trust~~each Fund in connection with or ~~each Master Fund other than as a result~~arising out of the Brokerage Agreement, transactions in or for each Fund or any actions taken by the Commodity ~~Broker’s gross negligence~~Broker at the request or ~~reckless or intentional misconduct or breach~~direction of ~~such agreement.~~each Fund.

Administration Agreement

Pursuant to the Administration Agreement among the Trust, ~~the Master Trust, each~~ on behalf of itself and on behalf of each ~~of their respective Funds and Master Funds,~~Fund, and the Administrator, the Administrator performs or supervises the performance of services necessary for the operation and administration on behalf of each ~~Fund and each Master~~ Fund (other than making investment decisions), including ~~receiving and processing orders from Authorized Participants to create and redeem Baskets, net asset value~~NAV calculations, accounting and other fund administrative services.

The Administration Agreement will continue in effect ~~from the commencement of trading operations~~ unless terminated on at least 90 days’ prior written notice by either party to the other party. Notwithstanding the foregoing, the Administrator may terminate the Administration Agreement with respect to a Fund ~~or its corresponding Master Fund~~ upon 30 ~~days~~days’ prior written notice if the ~~Fund and/or Master~~ Fund has materially failed to perform its obligations under the Administration Agreement or upon the termination of the ~~Global~~ Custody ~~Agreement.~~

Agreement by each Fund.

The Administrator is both exculpated and indemnified under the Administration Agreement.

Except as otherwise provided in the Administration Agreement, the Administrator will not be liable for any costs, expenses, damages,

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liabilities or claims (including attorneys’ and accountants’ fees) incurred by the Trust ~~the MasterTrust~~ or any ~~Fund or Master~~ Fund, except those costs, expenses, damages, liabilities or claims arising out of the Administrator’s own gross negligence or willful misconduct. In no event will the Administrator be liable to the Trust, the ~~Master Trust, the Funds, the Master~~ Funds or any third party for special, indirect or consequential damages, or lost profits or loss of business, arising under or in connection with the Administration Agreement, even if previously informed of the possibility of such damages and regardless of the form of action. The Administrator will not be liable for any loss, damage or expense, including counsel fees and other costs and expenses of a defense against any claim or liability, resulting from, arising out of, or in connection with its performance under the Administration Agreement, including its actions or omissions, the incompleteness or inaccuracy of any Proper Instructions (as defined therein), or for delays caused by circumstances beyond the Administrator’s control, unless such loss, damage or expense arises out of the gross negligence or willful misconduct of the Administrator.

~~Subject to limitations, the Trust, the Master~~The Trust and/or each ~~of their respective Funds and Master Funds, each Fund and each Master~~ Fund will indemnify and hold harmless the Administrator from and against any and all costs, expenses, damages, liabilities and claims (including claims asserted by the Trust ~~Master Trust~~ or any ~~Fund or Master~~ Fund), and reasonable attorneys’ and accountants’ fees relating thereto, which are sustained or incurred or which may be asserted against the Administrator by reason of or as a result of any action taken or omitted to be taken by the Administrator in good faith under the Administration Agreement or in reliance upon (i) any law, act, regulation or interpretation of the same even though the same may thereafter have been altered, changed, amended or repealed, (ii) the registration statement or Prospectus, (iii) any Proper Instructions, or (iv) any opinion of legal counsel for any Fund or ~~any Master Fund, or~~ arising out of transactions or other activities of any ~~Fund or any Master~~ Fund which occurred prior to the commencement of the Administration Agreement; provided, that neither the Trust ~~Master Trust,~~nor any ~~Fund any Master~~ Fund will indemnify the Administrator for costs, expenses, damages, liabilities or claims for which the Administrator is liable under the preceding paragraph. This indemnity will be a continuing obligation of ~~each of~~ the Trust, ~~Master Trust,~~ each ~~Fund and Master~~ Fund and their respective successors and assigns, notwithstanding the termination of the Administration Agreement.

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Without limiting the generality of the foregoing, the Trust ~~Master Trust,~~and each ~~Fund or Master~~ Fund will indemnify the

Administrator against and save the Administrator harmless from any loss, damage or expense, including counsel fees and other costs and expenses of a defense against any claim or liability, arising from any one or more of the following: (i) errors in records or instructions, explanations, information, specifications or documentation of any kind, as the case may be, supplied to the Administrator by any ~~third party~~third-party described ~~above~~in the Administration Agreement or by or on behalf of the ~~Fund or Master~~ Fund; (ii) action or inaction taken or omitted to be taken by the Administrator pursuant to Proper Instructions of the Trust, ~~or Master Trust,~~ on behalf of ~~each of their respective corresponding Funds or Master Funds~~a Fund, or otherwise without gross negligence or willful misconduct; (iii) any action taken or omitted to be taken by the Administrator in good faith in accordance with the advice or opinion of counsel for the Trust ~~Master Trust~~ or any ~~Fund or Master~~ Fund or its own counsel; (iv) any improper use by ~~any~~the Trust ~~Master Trust, Fund~~ or ~~Master~~any Fund or their respective agents, distributor or investment advisor of any valuations or computations supplied by the Administrator pursuant to the Administration Agreement; (v) the method of valuation and the method of computing ~~net asset value;~~NAV; or (vi) any valuations or ~~net asset value~~NAV provided by any ~~Fund or Master~~ Fund.

Actions taken or omitted in reliance on Proper Instructions, or upon any information, order, indenture, stock certificate, power of attorney, assignment, affidavit or other instrument believed by the Administrator to be genuine or bearing the signature of a person or persons believed to be authorized to sign, countersign or execute the same, or upon the opinion of legal counsel for the Trust, ~~or the Master Trust,~~ on behalf of ~~each of their respective Funds or Master Funds~~a Fund, or its own counsel, will be conclusively presumed to have been taken or omitted in good faith.

Notwithstanding any other provision contained in the Administration Agreement, the Administrator will have no duty or obligation with respect to, including, without limitation, any duty or obligation to determine, or advise or notify any Fund ~~or Master Fund~~ of: (a) the taxable nature of any distribution or amount received or deemed received by, or payable to any ~~Fund or Master~~ Fund; (b) the taxable nature or effect on any Fund or ~~Master Fund or their~~its shareholders of any corporate actions, class actions, tax reclaims, tax refunds, or similar events; (c) ~~thetaxable~~the taxable nature or taxable amount of any distribution or dividend paid, payable or deemed paid by each ~~Fund or Master~~ Fund to their respective shareholders; or (d) the effect under any federal, state, or foreign income tax laws of each Fund ~~or Master Fund~~

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making or not making any distribution or dividend payment, or any election with respect thereto.

~~Global~~ Custody Agreement

The Bank of New York Mellon serves as ~~each Fund’s custodian, or~~the Custodian. Pursuant to the ~~Global Custody Agreement between the Trust, on its own behalf and behalf of each Fund, and the Custodian, or~~ Custody Agreement, the Custodian serves as custodian of all securities and cash at any time delivered to Custodian by each respective Fund during the term of the Custody Agreement and has authorized the Custodian to hold its securities in registered form in its name or the name of its nominees. The Custodian has established and will maintain one or more securities accounts and cash accounts for each Fund pursuant to the Custody Agreement. The Custodian will maintain separate and distinct books and records segregating the assets of each ~~Fund and its corresponding Master~~ Fund.

The Trust, on behalf of each Fund, independently, and the Custodian may terminate the Custody Agreement by giving to the other party a notice in writing specifying the date of such termination, which will be not less than ninety (90) days after the date of such notice. Upon termination thereof, the applicable Fund will pay to the Custodian such compensation as may be due to the Custodian, and will likewise reimburse the Custodian for other amounts payable or reimbursable to the Custodian thereunder. The Custodian will follow such reasonable oral or written instructions concerning the transfer of custody of records, securities and other items as the Trust, on behalf of each Fund, gives; provided, that (a) the Custodian will have no liability for shipping and insurance costs associated therewith, and (b) full payment will have been made to the Custodian of its compensation, costs, expenses and other amounts to which it is entitled ~~hereunder.~~thereunder. If any securities or cash remain in any account, the Custodian may deliver to the Trust, on behalf of each Fund, such securities and cash. Except as otherwise provided herein, all obligations of the parties to each other hereunder will cease upon termination of the Custody Agreement.

The Custodian is both exculpated and indemnified under the Custody Agreement.

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Except as otherwise expressly provided in the Custody Agreement, the Custodian will not be liable for any costs, expenses, damages, liabilities or claims, including attorneys’ and accountants’ fees ~~or losses,~~

(collectively referred to in this section as “losses”), incurred by or asserted against the Trust or any Fund, except those losses arising out of the gross negligence or willful misconduct of the Custodian. The Custodian will have no liability whatsoever for the action or inaction of any depository. Subject to the Custodian’s delegation of its duties to its affiliates, the Custodian’s responsibility with respect to any securities or cash held by a subcustodian is limited to the failure on the part of the Custodian to exercise reasonable care in the selection or retention of such subcustodian in light of prevailing settlement and securities handling practices, procedures and controls in the relevant market. With respect to any losses incurred by the Trust or any Fund as a result of the acts or the failure to act by any subcustodian (other than an affiliate of the Custodian), the Custodian will take appropriate action to recover such losses from such subcustodian; and the Custodian’s sole responsibility and liability to the Trust or any Fund will be limited to amounts so received from such subcustodian (exclusive of costs and expenses incurred by the Custodian). In no event will the Custodian be liable to the Trust or any Fund or any ~~third party~~third-party for special, indirect or consequential damages, or lost profits or loss of business, arising in connection with the Custody Agreement.

The Trust, on behalf of each Fund, as applicable, will indemnify the Custodian and each subcustodian for the amount of any tax that the Custodian, any such subcustodian or any other withholding agent is required under applicable laws (whether by assessment or otherwise) to pay on behalf of, or in respect of income earned by or payments or distributions made to or for the account of each Fund (including any payment of tax required by reason of an earlier failure to withhold). The Custodian will, or will instruct the applicable subcustodian or other withholding agent to, withhold the amount of any tax which is required to be withheld under applicable law upon collection of any dividend, interest or other distribution made with respect to any security and any proceeds or income from the sale, loan or other transfer of any security. In the event that the Custodian or any subcustodian is required under applicable law to pay any tax on behalf of each Fund, the Custodian is hereby authorized to withdraw cash from any cash account in the amount required to pay such tax and to use such cash, or to remit such cash to the ~~appropriatesubcustodian,~~appropriate

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subcustodian, for the timely payment of such tax in the manner required by applicable law.

The Trust, on its own behalf and on behalf of each Fund, will indemnify the Custodian and hold the Custodian harmless from and against any and all losses sustained or incurred by or asserted against the Custodian by reason of or as a result of any action or inaction, or arising out of the Custodian’s performance under the Custody Agreement, including reasonable fees and expenses of counsel incurred by the Custodian in a successful defense of claims by any Fund; provided however, that the Trust, on its own behalf and on behalf of each Fund, as applicable, will not indemnify the Custodian for those losses arising out of the Custodian’s gross negligence or willful misconduct. This indemnity will be a continuing obligation of the Trust, on its own behalf and on behalf of each Fund, as applicable, their successors and assigns, notwithstanding the termination of the Custody Agreement.

Transfer Agency and Service Agreement

The Bank of New York Mellon serves as ~~each Fund’s transfer agent, or~~the Transfer Agent. Pursuant to the Transfer Agency and Service Agreement between the Trust, the Trust on its own behalf and on behalf of each Fund and the Transfer Agent, the Transfer Agent serves as each Fund’s transfer agent, dividend ~~or distribution~~ disbursing agent, and agent in connection with certain other activities as provided under the Transfer Agency and Service Agreement.

The term of the Transfer Agency and Service Agreement is one year from the effective date and will automatically renew for additional one year terms unless ~~any~~either party provides written notice of termination ~~(with respect to a specific Fund)~~ at least ninety (90) days prior to the end of any ~~one year~~one-year term or, unless earlier terminated as provided below:

Either party terminates prior to the expiration of the initial term in the event the other party breaches any material provision of the Transfer Agency and Service Agreement, including, without limitation in the case of the Trust, on behalf of each Fund, its obligations to compensate the Transfer Agent, provided that thenon-breaching party gives written notice of such breach to the breaching party and the ~~breaching party does not cure such violation within 90 days of receipt of such notice.~~

breaching party does not cure such violation within ninety (90) days of receipt of such notice.

Each Fund may terminate the Transfer Agency and Service Agreement prior to the expiration of the initial term upon ninety (90) days’ prior written notice in the event that the Managing Owner determines to liquidate the Trust or any Fund and terminate its registration with the SEC other than in connection with a merger or acquisition of the Trust.

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the initial term upon ninety (90) days’ prior written notice in the event that the Managing Owner determines to liquidate the Trust, or any Fund and terminate its registration with the Securities and Exchange Commission other than in connection with a merger or acquisition of the Trust.

The Transfer Agent will have no responsibility and will not be liable for any loss or damage unless such loss or damage is caused by its own gross negligence or willful misconduct or that of its employees, or its breach of any of its representations. In no event will the Transfer Agent be liable for special, indirect or consequential damages regardless of the form of action and even if the same were foreseeable.

Pursuant to the Transfer Agency and Service Agreement, the Transfer Agent will not be responsible for, and the Trust or each applicable Fund will indemnify and hold the Transfer Agent harmless from and against, any and all losses, damages, costs, charges, counsel fees, payments, expenses and liability, or ~~Losses,~~losses, arising out of or attributable to:

All actions of the Transfer Agent or its agents or subcontractors required to be taken pursuant to the Transfer Agency and Service Agreement, provided that such actions are taken without gross negligence, or willful misconduct.

The Trust’s or the respective Fund’s gross negligence or willful misconduct.

The breach of any representation or warranty of the Trust thereunder.

The conclusive reliance on or use by the Transfer Agent or its agents or subcontractors of information, records, documents or services which (i) are received by the Transfer Agent or its agents or subcontractors, and (ii) have been prepared, maintained or performed by the Trust, on its own behalf or on behalf of any ~~Fund or any other person or firm on behalf of the Trust or a Fund including but not limited to any previous transfer agent or registrar.~~

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Fund, or any other person or firm on behalf of the Trust or a Fund including but not limited to any previous transfer agent or registrar.

The conclusive reliance on, or the carrying out by the Transfer Agent or its agents or subcontractors of any instructions or requests of the Trust, on its own behalf and ~~the Trust~~ on behalf of ~~each Fund on behalf of each~~a Fund.

The offer or sale of Shares in violation of any requirement under the federal securities laws ~~orregulations~~or regulations or the securities laws or regulations of any state that such Shares be registered in such state or in violation of any stop order or other determination or ruling by any federal agency or any state with respect to the offer or sale of such Shares in such state.

Distribution Services Agreement

~~ALPS~~Invesco Distributors provides certain distribution services to each Fund. Pursuant to the Distribution Services Agreement between the Trust, with respect to each Fund and ~~ALPS~~Invesco Distributors, ~~ALPS~~as amended from time to time, Invesco Distributors ~~assists~~will assist the Managing Owner ~~and the Administrator~~ with certain functions and duties relating to distribution and marketing including reviewing and approving marketing materials.

The date of the Distribution Services Agreement is the effective date and such Agreement will continue ~~until two years from such date and thereafter will continue~~ automatically for successive annual periods, provided that such continuance is specifically approved (with respect to each Fund) at least annually ~~(i)~~ by the Managing ~~Owner with respect to each Fund or otherwise as provided under the Distribution Services Agreement.~~Owner. The Distribution Services Agreement is terminable, with respect to each individual Fund, without penalty on sixty days’ written notice by the Managing Owner ~~of each Fund (with respect to any individual Fund)~~ or by ~~ALPS~~Invesco Distributors. The Distribution Services Agreement will automatically terminate in the event of its assignment.

Pursuant to the Distribution Services Agreement, each Fund will indemnify ~~ALPS~~Invesco Distributors as follows:

Each Fund indemnifies and holds harmless ~~ALPS~~Invesco Distributors and each of its directors and officers and each person, if any, who controls ~~ALPS~~ Invesco

Distributors within the meaning of Section 15 of the Securities Act, against any loss, liability, claim, ~~damages~~damage or ~~expenses~~expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, ~~damages~~damage or ~~expenses~~expense and reasonable counsel fees incurred in connection therewith) ~~arising~~ by reason of any person acquiring any Shares, based upon the ground that the registration statement, Prospectus, ~~statement~~Statement of ~~additional information, Shareholder~~Additional Information, shareholder reports or other information filed or made public by each respective Fund (as from ~~time-to-time~~time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated ~~therein~~ or necessary in order to

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make the statements ~~therein~~ not misleading under the Securities Act or any other statute or the common law. However, ~~the Funds do not~~each Fund does agree to indemnify ~~ALPS~~Invesco Distributors or hold it harmless to the extent that the statement or omission was made in reliance upon, and in conformity with, information furnished to ~~each respective Fund~~it by or on behalf of ~~ALPS~~Invesco Distributors. In no ~~case~~case:

is the indemnity of each Fund in favor of ~~ALPS~~Invesco Distributors or any person indemnified to be deemed to protect ~~ALPS~~Invesco Distributors or any person against any liability to each Fund or its security holders to which ~~ALPS~~Invesco Distributors or such person would otherwise be subject by reason of willful misfeasance, bad faith or negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under the Distribution Services ~~Agreement,~~Agreement; or

is any Fund to be liable under its indemnity agreement ~~contained in this paragraph~~ with respect to any claim made against ~~ALPS~~Invesco Distributors or any person indemnified unless ~~ALPS~~Invesco Distributors or ~~the~~such person, as the case may be, will have notified the applicable Fund in writing of the claim promptly after the summons or other first written notification giving information of the nature of the claims will have been served upon ~~ALPS~~Invesco Distributors or any such person (or after ~~ALPS~~Invesco Distributors or such person will have received notice of service on any designated agent).

However, failure to notify each Fund of any claim will not relieve each Fund from any liability which it may have to any person against whom such action is brought otherwise than on account of its

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indemnity agreement described herein. Each Fund will be entitled to participate at its own expense in the defense, or, if it so elects, to assume the defense of any suit brought to enforce any claims, and if any Fund elects to assume the defense, the defense will be conducted by counsel chosen by such Fund. In the event any Fund elects to assume the defense of any suit and retain counsel, ~~ALPS~~Invesco Distributors, its officers or directors or controlling person(s), or defendant(s) in the suit, will bear the fees and expenses of any additional counsel retained by them. If no Fund elects to assume the defense of any suit, it will reimburse ~~ALPS~~Invesco Distributors, its officers or directors or controlling person(s) or defendant(s) in the suit for the reasonable fees and expenses of any counsel retained by them. Each Fund agrees to notify ~~ALPS~~Invesco Distributors promptly of the commencement of ~~anylitigation~~any litigation or proceeding against it or any of its officers in connection with the issuance or sale of any of the Shares.

~~Marketing Agreement~~

Invesco Aim Distributors provides certain marketing services to each Fund. Pursuant to the Marketing Agreement between the Managing Owner on behalf of each Fund and Invesco Aim Distributors, Invesco Aim Distributors assists the Managing Owner and the Administrator with certain functions and duties such as providing various educational and marketing activities regarding each Fund, primarily in the secondary trading market, which activities include, but are not limited to, communicating each Fund’s name, characteristics, uses, benefits, and risks, consistent with the prospectus. Invesco Aim Distributors will not open or maintain customer accounts or handle orders for the Funds. Invesco Aim Distributors engages in public seminars, road shows, conferences, media interviews and distribute sales literature and other communications (including electronic media) regarding each Fund.

The effective date of the Marketing Agreement will be the effective date of the registration statement and such Marketing Agreement will continue until terminated. The Marketing Agreement is terminable upon written notice by the Managing Owner of each Fund (with respect to any individual Fund) or by Invesco Aim Distributors. The Marketing Agreement may be terminated upon 30 days’ prior written notice for cause as provided under the Marketing Agreement or upon 90 days’ prior written notice as provided under the Marketing Agreement.

~~The Marketing Agreement may not be assigned without the prior written consent of the parties to the Marketing Agreement.~~

Pursuant to the Marketing Agreement, each party to this Agreement will indemnify and hold harmless the other parties to this Agreement against all losses, claims, damages, liabilities or expenses (including reasonable fees and disbursements of counsel) from any claim, demand, action or suit arising out of or in connection with the indemnifying party’s failure to comply with applicable laws, rules and regulations in connection with performing its obligations under this Agreement; negligence or willful misconduct in carrying out its duties and responsibilities under this agreement; or material breach of the terms of this Agreement. The

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indemnities granted by the parties in this Agreement will survive the termination of this Agreement. Additionally, the Managing Owner will indemnify Invesco Aim Distributors and hold Invesco Aim Distributors harmless from any losses, claims, damages, liabilities or expenses (including reasonable fees and disbursements of counsel) from any claim, demand, action or suit arising out of or in connection with any sales materials relating to each Fund provided by the Managing Owner to Invesco Aim Distributors.

Invesco Aim Distributors will not perform any marketing in respect of any Fund prior to Invesco Aim Distributors’ receipt of written notice from the Managing Owner that such Fund’s registration statement has been declared effective by the SEC.

MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS

The following discussion describes the material U.S. federal (and certain state and local) income tax considerations associated with the purchase, ownership and disposition of Shares as of the date hereof by U.S. Shareholders (as defined below) andnon-U.S. Shareholders (as defined below). Except where noted, this discussion deals only with Shares held as capital assets by Shareholders who acquired Shares by purchase and does not address special situations, such as those of:

dealers in securities, commodities or currencies;

financial institutions;

regulated investment companies (“RICs”), other than the status of the Funds ~~and the Master Funds~~ as qualified ~~PTPs~~publicly traded partnerships (“qualified PTPs”) within the meaning of the Code;

real estate investment trusts;

tax-exempt organizations;

insurance companies;

persons holding Shares as a part of a hedging, integrated or conversion transaction or a straddle;

traders in securities or commodities that elect to use amark-to-market method of accounting for their securities or commodities holdings; or

persons liable for federal alternative minimum tax.

Furthermore, the discussion below is based upon the provisions of the ~~Internal Revenue Code of 1986, as amended, or the~~ Code, the Treasury ~~regulations~~Regulations promulgated thereunder, ~~or the Regulations,~~ and administrative and judicial interpretations thereof, all as of the date hereof, and such authorities may be repealed, revoked, modified or subject to differing interpretations, possibly on a retroactive basis, so as to result in U.S. federal income tax consequences different from those described ~~below.~~below, which may adversely affect a Fund and/or its shareholders.

The recently enacted tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”) makes significant changes to the U.S. federal income tax rules for taxation of individuals and corporations, generally effective for taxable years beginning after December 31, 2017. Most of the changes applicable to individuals are temporary and would apply only to taxable years beginning after December 31, 2017 and before January 1, 2026. The Tax Act makes numerous changes to the tax rules that may affect shareholders and may indirectly affect the Funds. You should consult your tax advisor for specific guidance regarding the impact of the Tax Act on the tax effects of your investment in a Fund.

A “U.S. Shareholder” ~~of Shares~~ means a beneficial owner of Shares that is for U.S. federal income tax purposes:

an individual citizen or resident of the United States;

a corporation (or other entity taxable as a corporation) created or organized in or under the laws of the United States or any state thereof or the District of Columbia;

an estate the income of which is subject to U.S. federal income taxation regardless of its source; or

a trust if it (1) is subject to the primary supervision of a court within the United States and one or more U.S. persons have the authority to control all substantial ~~decisions of such trust or (2) has a valid election in effect under applicable Regulations to be treated as a U.S. person.~~

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decisions of such trust or (2) has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.

A ~~“non-U.S.~~“non-U.S. Shareholder” ~~of Shares~~ means a beneficial owner of Shares that is not a U.S. Shareholder.

If a partnership or other entity or arrangement treated as a partnership for U.S. federal income tax purposes holds Shares, the tax treatment of a partner in such partnership will generally depend upon the status of the partner and the activities of the partnership. If you are a partner ofin a partnership holding Shares, we urge you to consult your own tax ~~adviser.~~

advisor.

No statutory, administrative or judicial authority directly addresses the treatment of Shares or instruments similar to Shares for U.S. federal income tax purposes. As a result, we cannot assure you that the ~~United States Internal Revenue Service, or~~ IRS or the courts will agree with the tax consequences described herein. A different treatment from that described below could adversely affect the amount,

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timing and character of items of income, gain, loss or ~~loss~~deduction in respect of an investment in the Shares.If you are considering the purchase of Shares, we urge you to consult your own tax ~~adviser~~advisor concerning the particular U.S. federal income tax consequences to you of the purchase, ownership and disposition of Shares, as well as any consequences to you arising under the laws of any other taxing jurisdiction.

Status of the Funds ~~and the Master Funds~~

Under current law and assuming full compliance with the terms of the Trust ~~Declaration~~Agreement and applicable law (and other relevant documents), in the opinion of ~~Sidley Austin~~Morgan, Lewis & Bockius LLP,~~, (1)~~ each of the Funds ~~will not be treated as an association taxable as a corporation for U.S. federal income tax purposes, and (2) each Master Fund~~ will be classified as a partnership for U.S. federal income tax purposes. Accordingly, subject to the discussion below regarding publicly traded partnerships, each of the Funds ~~and Master Funds~~generally will not be a taxable ~~entities~~entity for U.S. federal income tax purposes and each of the Funds will not incur U.S. federal income tax liability.

~~Each~~The opinion of Morgan, Lewis & Bockius LLP is based on various assumptions relating to each Fund’s organization, operation, assets and activities, including assumptions that a Fund will not invest in any assets except those specifically provided for

currently in this Prospectus, and that neither the ~~Master Funds~~Trust Agreement nor any other relevant document will ~~file partnership tax returns, including for the taxable year ending December 31, 2007. Prospective Shareholders should~~ be ~~aware~~otherwise amended. The opinion of Morgan, Lewis & Bockius LLP further assumes that ~~there is no authority directly addressing the proper classification of a separate unincorporated entity, such as each of the Funds, whose sole asset is an interest~~all factual representations and statements set forth in all relevant documents, records, and instruments are true and correct, all actions described in this Prospectus are completed in a ~~limited liability entity classified as~~timely fashion and that a ~~partnership for U.S. federal income tax purposes, where that interest represents substantially~~Fund will at all times operate in accordance with the method of operation described in the ~~equity interests in such partnership. In 2007, the IRS announced that it will take the position that certain trusts of~~Trust Agreement and this ~~type should be treated as partnerships rather than grantor trusts. As~~Prospectus, and is conditioned upon factual representations and covenants made by a ~~result of this development,~~Fund and the Managing Owner ~~has determined that each Fund should also file a partnership tax return rather than a trust return, including for~~regarding the ~~taxable year ending December 31, 2007. Each Fund will provide~~Fund’s organization, operation, assets, activities and the annual tax information to its Shareholders on IRS Form 1065, Schedule K-1 (Schedule K-1) rather than in a grantor trust letter. See “Tax Reporting by each Fund to its Shareholders” below. Accordingly, investors in Shares of a Fund will be taxed as partners in a partnership, which means that investors generally will be required to take into account their allocable sharesconduct of the Fund’s operations, and ~~underlying Master Fund’s items of income, gain, loss, deduction~~assumes that such representations and ~~credit in computing the investors’ U.S. federal income tax liability.~~covenants are accurate and complete.

If the Managing Owner determines, based on a challenge to a Fund’s tax status or otherwise, that theexistence of the Fund results or is reasonably likely to result in a material tax detriment to Shareholders, then the Managing Owner may, among other things, agree to dissolve the Fund and transfer its underlying or corresponding Master Fund Units to Shareholders of such Fund in exchange for their Shares.

Special Rules for Publicly Traded Partnerships

A partnership generally is not a taxable entity and generally incurs no U.S. federal income tax liability. Section 7704 of the Code provides that publicly traded partnerships will, as a general rule, be taxed as corporations. However, an exception exists with respect to publicly traded partnerships of which 90% or more of the gross income during each taxable year consists of “qualifying income” within the meaning of Section 7704(d) of the Code, (“or the qualifying income ~~exception”).~~exception. Qualifying income includes dividends, interest, capital gains from the sale or other disposition of stocks and debt instruments and, in the case of a partnership (such as each ~~Master~~ Fund) a principal activity of which is the buying and selling of commodities or futures contracts with respect to commodities, income and gains derived from commodities or futures contracts with respect to commodities. Each Fund ~~and Master Fund~~ anticipates that at least 90% of its gross income for each taxable year will constitute qualifying income within the meaning of Section 7704(d) of the Code.

~~There can be no assurance that the~~The IRS ~~will not~~may assert that a ~~Fund or Master~~ Fund should be treated as a publicly traded partnership taxable as a corporation. No ruling has been or will be sought from the IRS, and the IRS has made no determination as to the status of any Fund ~~or Master Fund~~ for U.S. federal income tax purposes or whether ~~the Fund’s or Master~~any Fund’s operations generate “qualifying income” under Section 7704(d) of the Code. Whether a Fund ~~or Master Fund~~ will continue to meet the qualifying income exception is a matter that will

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be determined by the ~~Fund’s or Master~~ Fund’s operations and the facts existing at the time of future determinations. However, ~~each Fund’s and Master Fund’s~~the Managing Owner will use its best efforts to cause ~~the operation of the~~each Fund ~~and its corresponding Master Fund~~to operate in such manner as is necessary for the Fund ~~and its corresponding Master Fund~~ to continue to meet the qualifying income exception.

If a ~~Fund or Master~~ Fund were taxable as a corporation in any taxable year, either as a result of a failure to meet the qualifying income exception described above or otherwise, ~~its~~the Fund’s items of income,

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gain, loss and deduction would be reflected only on ~~its~~the Fund’s tax return rather than being passed through to the Shareholders, and ~~its~~the Fund’s net income would be taxed to it at the income tax rates applicable to domestic ~~corporations.~~corporations, which the Tax Act reduced to 21%. In addition, if ~~the~~a Fund were taxable as a corporation, any distribution made by the Fund to a Shareholder would be treated as taxable dividend income, to the extent of the Fund’s current or accumulated earnings and profits, or, in the absence of current and accumulated earnings and profits, as a nontaxable return of capital to the extent of the Shareholder’s tax basis in its Shares, or as taxable capital gain, after the Shareholder’s tax basis in its Shares is reduced to zero. Furthermore, if the Master Fund were taxable as a corporation, any distribution made by the Master Fund to the corresponding Fund would be treated as taxable dividend income, to the extent of the Master Fund’s current or accumulated earnings and profits, or, in the absence of current and accumulated earnings and profits, as a nontaxable return of capital to the extent of the Fund’s tax basis in its Master Fund Units, or as taxable capital gain, after the Fund’s tax basis in its Master Fund Units is reduced to zero. Taxation of a ~~Fund or Master~~ Fund as a corporation could result in a material reduction in a Shareholder’s cash flow andafter-tax return and thus could result in a substantial reduction of the value of the ~~Shares of such Fund.~~

Shares.

The discussion below is based on ~~Sidley Austin~~Morgan, Lewis & Bockius LLP’s opinion that each ~~Fund~~of the Funds will ~~not~~ be ~~treated as an association taxable~~classified as a ~~corporation~~partnership for U.S. federal income tax purposes ~~and that each Master Fund will be classified as a partnership~~ that is not subject to corporate income tax for U.S. federal income tax purposes.

U.S. Shareholders

Treatment of Fund Income

A partnership generally does not incur U.S. federal income tax liability. Instead, each partner of a partnership is required to take into account its share of items of income, gain, loss, deduction and other items of the partnership. Accordingly, each Shareholder in a Fund will be required to include in income its allocable share of the Fund’s income, gain, loss, deduction and other items ~~(which includes the Fund’s share of the corresponding Master Fund’s income, gain, loss, deduction and other items)~~ for the Fund’s taxable year ending with or within its taxable year. In computing a partner’s U.S. federal income tax liability, ~~such~~the items must be included, regardless of

whether cash distributions are made by the ~~Fund.~~partnership. Thus, Shareholders ~~in the Fund which corresponds toa particular Master Fund~~ may be required to take into account taxable income without a corresponding current receipt of cash if the ~~Master~~ Fund generates taxable income but does not make cash distributions in an amount equal to ~~such~~the taxable income, or if the Shareholder is not able to deduct, in whole or in part, ~~such~~the Shareholder’s allocable share of the Fund’s ~~or the Master Fund’s~~ expenses or capital losses. Each ~~Fund’s and Master~~ Fund’s taxable year will end on December 31 unless otherwise required by law. Each Fund ~~and Master Fund~~ will use the accrual method of accounting.

In the case ofnon-corporate shareholders, the Tax Act establishes for taxable years beginning after December 31, 2017 and before January 1, 2026 a 20% deduction for “qualified publicly traded partnership income” within the meaning of new Section 199A(e)(5) of the Code. In general, “qualified publicly traded partnership income” for this purpose is an item of income, gain, deduction or loss that is effectively connected with a United States trade or business and includable income for the year, but does not include certain investment income. It is currently not expected that any Fund’s income will be eligible for such deduction because as discussed below, although the matter is not free from doubt, each Fund believes that the activities directly conducted by the Fund will not result in the Fund being engaged in a trade or business within the United States. Potential investors should consult their tax advisors regarding the availability of such deduction for their allocable share of a Fund’s items of income, gain, deduction and loss.

Shareholders will take into account their ~~share~~respective shares of ordinary income realized by ~~such Fund’s underlying or corresponding Master~~the Fund from accruals of interest on Treasury ~~Bills (“T-Bills”)~~Securities, orT-Bills, held in the ~~Master~~ Fund’s portfolio. Each ~~Master~~ Fund may holdT-Bills or other debt instruments with “acquisition discount” or “original issue discount”, in which case Shareholders ~~in the Fund which corresponds to a particular Master Fund would~~will be required to include accrued amounts in taxable income on a current basis even though receipt of those amounts may occur in a subsequent year. Each ~~Master~~ Fund may also acquire debt instruments with “market discount.” Upon disposition of such obligations, gain ~~would~~will generally be required to be treated as interest income to the extent of the market discount and Shareholders in the Fund ~~which corresponds to a particular Master Fund would~~will be required to include as ordinary income their share of ~~such~~the market discount that accrued during the period the obligations were held by the ~~Master~~ Fund.

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Shareholders will take into account their respective shares of any dividends received by a Fund from such Fund’s investment in the money market mutual funds and certainT-Bill ETFs.

With the exception of futures on Aluminum, Zinc and Copper — Grade A, traded by DB Base Metals Fund, it is expected that a substantial portion of the futures on the Index Commodities held by the Funds will constitute Section 1256 Contracts (as defined below) (see “Special Notice for Investors in Invesco DB Base Metals Fund” below). The Code generally applies a ~~“mark-to-market”~~“mark-to-market” system of taxing unrealized gains and losses on and otherwise provides for special rules of taxation with respect to futures and other contracts that are Section 1256 Contracts. A Section 1256 Contract includes certain regulated futures contracts. With the exception of futures on Aluminum, Zinc and Copper – Grade A, traded by DB Base Metals Master Fund, it is expected that the futures on the Index Commodities held by the Master Funds will constitute Section 1256 Contracts (see “Special Notice for Investors in PowerShares DB Base Metals Fund” below). Section 1256 Contracts held by the ~~Master~~ Funds at the end of a taxable year of the ~~Master~~ Funds will be treated for U.S. federal income tax purposes as if they were sold by the ~~Master~~ Funds at their fair market value on the last business day of the taxable year. The net gain or loss, if any, resulting from these deemed sales (known as ~~“marking-to-market”~~“marking-to-market”), together with any gain or loss resulting from any actual sales of Section 1256

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Contracts (or other termination of a ~~Master~~ Fund’s obligations under such contracts), must be taken into account by the ~~Master~~ Fund in computing its taxable income for the year. If a Section 1256 Contract held by a ~~Master~~ Fund at the end of a taxable year is sold in the following year, the amount of any gain or loss realized on the sale will be adjusted to reflect the gain or loss previously taken into account under themark-to-market rules.

Capital gains and losses from Section 1256 Contracts generally are characterized as short-term capital gains or losses to the extent of 40% of the gains or losses and as long-term capital gains or losses to the extent of 60% of the gains or losses. ~~Gains and losses from certain non-U.S. currency transactions, however, will be treated as ordinary income and losses unless certain conditions are met.~~ Thus, Shareholders of a Fund will generally take into account their pro rata share of the long-term capital gains and losses and short-term capital gains and losses from Section 1256 Contracts held by the ~~underlying or corresponding Master~~ Fund and taken into account by the Fund in computing its taxable income. If a ~~noncorporate~~non-corporate taxpayer incurs a net capital loss for a year, the portion of the loss, if any, which consists of a net loss on Section 1256 Contracts may, at the election of the taxpayer, be carried back three years. A loss carried back to a year by a ~~noncorporate~~non-corporate taxpayer may be deducted only to the extent (1) the loss does not exceed the net gain on Section 1256 Contracts for the year and (2) the

allowance of the carryback does not increase or produce a net operating loss for the year.

Any Index Contracts held by a Fund that are not classified as Section 1256 Contracts will not be subject to theyear-end“mark-to-market” rules of Section 1256, as described above. Accordingly, any long-term or short-term capital gains or losses with respect to such futures held by a Fund that are not classified as Section 1256 Contracts will only be recognized by the Fund when such futures positions are assigned or closed (by offset or otherwise). The applicable holding period for qualification for long-term capital gain or loss treatment for the commodity futures held by a Fund that are not Section 1256 Contracts is more than one year.

Special Notice for Investors in ~~PowerShares~~Invesco DB Base Metals Fund

Prospective investors in ~~PowerShares~~Invesco DB Base Metals Fund should be aware that this Fund ~~and its Master Fund do~~does not invest in Section 1256 Contracts when tracking the ~~DBLCI-OY~~DBIQ-OY Industrial Metals ER™. As a result, all gains or losses will be characterized as short-term or long-term capital gains or losses rather than being characterized as a mixture of short-term and long-term capital gains or losses as applicable to the other Funds that invest in Section 1256 Contracts. The applicable holding period for qualification for long-term capital gain or loss treatment for such futures held by the ~~PowerShares~~Invesco DB Base Metals Fund ~~and its Master Fund which~~that are not Section 1256 Contracts is more than ~~six months (rather than the more than~~ one ~~year holding period applicable to other capital assets).~~year. In addition, since such futures are not subject to the year ~~end“~~end“mark-to-market” rules of Section 1256 described above, long-term or short-term capital gains and losses will only be recognized by the Fund ~~and its Master Fund~~ when such futures positions are assigned or closed (by offset or otherwise).

Allocation of the Funds’ ~~and the Master Funds’~~ Profits and Losses

For U.S. federal income tax purposes, a Shareholder’s distributive share of a Fund’s income, gain, loss, deduction and other items ~~and the Fund’s distributive share of the corresponding Master Fund’s income, gain, loss, deduction and other items~~ will be determined by the ~~Trust’s Declaration of~~ Trust ~~and the Master Trust’s Trust Declaration, respectively,~~Agreement, unless an allocation under ~~either~~such agreement does not have “substantial economic effect,” in which case the allocations will be determined in accordance with the “partners’ interests in the partnership.” Subject to the discussion below under ~~“—Monthly~~“Monthly Allocation and Revaluation ~~Conventions”~~Conventions and ~~“—Section~~Transferor/Transferee

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Allocations” and “Section 754 Election,” the allocations pursuant to the ~~Declaration of~~ Trust ~~and the Master Trust’s Trust Declaration~~Agreement should be considered to have substantial economic effect or deemed to be made in accordance with the ~~partners’~~Shareholders’ interests in the ~~partnership.~~

Fund.

If the allocations provided by the ~~Trust’s Declaration of~~ Trust ~~or the Master Trust’s Trust Declaration~~Agreement were successfully challenged by the IRS, the amount of income or loss allocated to Shareholders for U.S. federal income tax purposes under the ~~agreement~~Trust Agreement could be increased or reduced or the character of the income or loss could be ~~modified.~~

modified or both.

As described in more detail below, the ~~U.S~~U.S. federal income tax rules that apply to partnerships are complex and their application is not always clear. ~~Additionally, the~~The rules generally were not written for, and in some respects are difficult to apply to, publicly traded partnerships. Each ~~Fund and Master~~ Fund will apply certain assumptions and conventions intended to comply with the intent of the rules and to report income, gain, loss, deduction ~~loss~~ and credit to Shareholders in a manner that reflects the economic gains and losses, but these assumptions and conventions may not comply with all aspects of the applicable Treasury ~~regulations.~~Regulations. It is possible therefore that the IRS will successfully assert that assumptions made and/or conventions used do not satisfy the technical requirements of the Code or the Treasury ~~regulations~~Regulations and will require that tax items be adjusted or reallocated in a manner that could adversely impact ~~you.~~Shareholders.

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Monthly Allocation and Revaluation Conventions and Transferor/Transferee Allocations

In general, each Fund’s taxable income and losses ~~(including the Fund’s share of the corresponding Master Fund’s taxable income and losses)~~ will be determined monthly and will be apportioned among the ~~holders~~Shareholders of ~~Shares of its corresponding~~such Fund in proportion to the number of Shares owned by each of them as of the close of the last trading day of the preceding month. By investing in Shares, a U.S. Shareholder agrees that, in the absence of an administrative determination or judicial ruling to the contrary, it will report income and loss under the monthly allocation and revaluation conventions described below.

Under the monthly allocation convention, whomever is treated for U.S. federal income tax

purposes as holding Shares as of the close of the last trading day of the preceding month will be treated as continuing to hold the Shares until immediately before close of the last trading day of the following month. As a result, a holder who has disposed of shares prior to the close of the last trading day of a month may be allocated income, gain, loss and deduction realized after the date of transfer.

The Code generally requires that items of partnership income and deductions be allocated between transferors and transferees of partnership interests on a daily basis. It is possible that transfers of Shares could be considered to occur for U.S. federal income tax purposes when the transfer is completed without regard to a Fund’s monthly convention for allocating income and deductions. If this were to occur, the Fund’s allocation method might be deemed to violate that requirement.

In addition, for any month in which a creation or redemption of Shares takes place, a Fund generally will credit or debit, respectively, the “book” capital accounts of the holders of existing Shares with any unrealized gain or loss in the Fund’s assets. This will result in the allocation of items of the Fund’s income, gain, loss, deduction and credit (including the Fund’s share of the corresponding Master Fund’s income, gain, loss, deduction and credit) to existing holders of Shares to account for the difference between the tax basis and fair market value of property owned by the Fund or the Master Fund at the time new Shares are issued or old Shares are redeemed (“reverse section 704(c) allocations”). The intended effect of these allocations is to allocate any built-in gain or loss in the Fund’s or the Master Fund’s assets at the time ofa creation or redemption of Shares to the investors that economically have earned such gain or loss.

As with the other allocations described above, each Fund generally will use a monthly convention for purposes of the reverse section 704(c) allocations. More specifically, each Fund generally will credit or debit, respectively, the “book” capital accounts of the holders of existing Shares with any unrealized gain or loss in the Fund’s assets based on a calculation utilizing the average price of the corresponding Fund’s Shares during the month in which the creation or redemption transaction takes place, rather than the fair market value of its assets at the time of such creation or redemption (the “revaluation convention”). As a result, it is possible that, for U.S. federal income tax purposes, (i) a purchaser of newly issued Shares will be allocated some or all of the unrealized gain in the Fund’s assets at the time it acquires the Shares or (ii) an existing holder of Shares will not be allocated its entire share in the unrealized loss in the Fund’s assets at the time of such acquisition. Furthermore, the applicable Treasury regulations generally require that the “book” capital accounts will be adjusted based on the fair market value of partnership property on the date of adjustment and do not explicitly allow the adoption of a monthly revaluation convention.

The Code and applicable Treasury regulations generally require that items of partnership income and deductions be allocated between transferors and transferees of partnership interests on a daily basis, and that adjustments to “book” capital accounts be made based on the fair market value of partnership property on the date of adjustment. The Code and regulations do not contemplate monthly allocation or revaluation conventions. If the IRS does not accept a Fund’s or Master Fund’s monthly allocation or revaluation convention, the IRS may contend that taxable income or losses of the Fund or the Master Fund must be reallocated among the holders of Shares of the Funds or holders of Master Fund Units, as applicable. If such a contention were sustained, the holders’ respective tax liabilities would be adjusted to the possible detriment of certain holders. The Managing Owner is authorized to revise the Fund’s and the Master Fund’s allocation and revaluation methods in order to comply with applicable law or to allocate items of partnership income and deductions in a manner that reflects more accurately the Shareholders’ interests in the Fund and the corresponding Master Fund.

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~~Section 754 Election~~

Each Fund and Master Fund intends to make the election permitted by Section 754 of the Code. Such an election, once made, is irrevocable without the consent of the IRS. The making of such elections by a Fund and its Master Fund will generally have the effect of requiring a purchaser of Shares in its corresponding Fund to adjust its proportionate share of the basis in the Master Fund’s assets, or the inside basis, pursuant to Section 743(b) of the Code to fair market value (as reflected in the purchase price for the purchaser’s Shares), as if it had acquired a direct interest in the Master Fund’s assets. The Section 743(b) adjustment is attributed solely to a purchaser of Shares and is not added to the bases of the Master Fund’s assets associated with all of the other Shareholders. Depending on the relationship between a holder’s purchase price for Shares and its unadjusted share of the Master Fund’s inside basis at the time of the purchase, the Section 754 election may be either advantageous or disadvantageous to the holder as compared to the amount of gain or loss a holder would be allocated absent the Section 754 election.

The calculations under Section 754 of the Code are complex, and there is little legal authority concerning the mechanics of the calculations, particularly in the context of publicly traded partnerships. To help reduce the complexity of those calculations and the resulting administrative costs, each Fund and its Master Fund will apply certain conventions in determining and allocating the Section 743 basis adjustments. It is possible that the IRS will successfully assert that some or all of such conventions utilized by the Fund and its Master Fund do not satisfy the technical requirements of the Code or the Regulations and, thus, will require different basis adjustments to be made.

In order to make the basis adjustments permitted by Section 754, each Fund and its Master Fund will be required to obtain information regarding each holder’s secondary market transactions in Shares as well as creations and redemptions of Shares. Each Fund and Master Fund will seek such information from the record holders of Shares, and, by purchasing Shares, each beneficial owner of Shares will be deemed to have consented to the provision of such information by the record owner of such beneficial owner’s Shares. Notwithstanding the foregoing, however, there can be no guarantee that any Fund or Master Fund will be able to obtain such information from record owners or other sources, or that the basis adjustments that any Fund or Master Fund makesbased on the information it is able to obtain will be effective in eliminating disparity between a holder’s outside basis in its Shares and its interest in the inside basis in the Master Fund’s assets.

~~Constructive Termination~~

A Fund and Master Fund will experience a constructive termination for tax purposes if there is a sale or exchange of 50 percent or more of the total Shares in such Fund within a 12-month period. A constructive termination results in the closing of a Fund’s and Master Fund’s taxable year for all holders of Shares in the corresponding Fund. In the case of a holder of Shares reporting on a taxable year other than the taxable year used by a Master Fund (which is expected to be a fiscal year ending December 31), the early closing of the Master Fund’s taxable year may result in more than 12 months of its taxable income or loss being includable in such holder’s taxable income for the year of termination. The Fund and Master Fund would be required to make new tax elections after a termination, including a new election under Section 754. A termination could also result in penalties if a Fund or Master Fund were unable to determine that the termination had occurred.

~~Treatment of Distributions~~

Distributions of cash by a partnership are generally not taxable to the distributee to the extent the amount of cash does not exceed the distributee’s tax basis in its partnership interest. Thus, any cash distributions made by a Fund will be taxable to a Shareholder only to the extent such distributions exceed the Shareholder’s tax basis in the partnership interests it is treated as owning (see “— Tax Basis in Fund Shares” below). Any cash distributions in excess of a Shareholder’s tax basis generally will be considered to be gain from the sale or exchange of the Shares (see “— Disposition of Shares” below).

~~Creation and Redemption of Share Baskets~~

Shareholders, other than Authorized Participants (or holders for which an Authorized Participant is acting), generally will not recognize gain or loss as a result of an Authorized Participant’s creation or redemption of a Basket of Shares. If a Master Fund disposes of assets in connection with the redemption of a Basket of Shares, however, the disposition may give rise to gain or loss that will be allocated in part to you. An Authorized Participant’s creation or redemption of a Basket of Shares also may affect your share of a Master Fund’s tax basis in its assets, which could affect the amount of gain or loss

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~~allocated to you on the a sale or disposition of portfolio assets by the Master Fund.~~

~~Disposition of Shares~~

If a U.S. Shareholder transfers Shares of a Fund and such transfer is a sale or other taxable disposition, the U.S. Shareholder will generally be required to recognize gain or loss measured by the difference between the amount realized on the sale and the U.S. Shareholder’s adjusted tax basis in the Shares sold. The amount realized will include an amount equal to the U.S. Shareholder’s share of the Master Fund’s liabilities, as well as any proceeds from the sale. The gain or loss recognized will generally be taxable as capital gain or loss. Capital gain of noncorporate U.S. Shareholders is eligible to be taxed at reduced rates where the Shares sold are considered held for more than one year. Capital gain of corporate U.S. Shareholders is taxed at the same rate as ordinary income. Any capital loss recognized by a U.S. Shareholder on a sale of Shares will generally be deductible only against capital gains, except that a noncorporate U.S. Shareholder may also offset up to $3,000 per year of ordinary income with capital losses.

~~Tax Basis in Fund Shares~~

A U.S. Shareholder’s initial tax basis in the Shares will equal the sum of (a) the amount of cash paid by such U.S. Shareholder for its Shares and (b) such U.S. Shareholder’s share of the Master Fund’s liabilities. A U.S. Shareholder’s tax basis in the Shares will be increased by (a) the U.S. Shareholder’s share of the Master Fund’s taxable income, including capital gain, (b) the U.S. Shareholder’s share of the Master Fund’s income, if any, that is exempt from tax and (c) any increase in the U.S. Shareholder’s share of the Master Fund’s liabilities. A U.S. Shareholder’s tax basis in Shares will be decreased (but not below zero) by (a) the amount of any cash distributed (or deemed distributed) to the U.S. Shareholder, (b) the U.S. Shareholder’s share of the Master Fund’s losses and deductions, (c) the U.S. Shareholder’s share of the Master Fund’s expenditures that are neither deductible nor properly chargeable to its capital account and (d) any decrease in the U.S. Shareholder’s share of the Master Fund’s liabilities.

~~Limitations on Interest Deductions~~

The deductibility of a noncorporate U.S. Shareholder’s “investment interest expense” is generally limited to the amount of that Shareholder’s“net investment income.” Investment interest expense would generally include interest expense incurred by a Master Fund, if any, and investment interest expense incurred by the U.S. Shareholder on any margin account borrowing or other loan incurred to purchase or carry Shares. Net investment income includes gross income from property held for investment and amounts treated as portfolio income, such as dividends and interest, under the passive loss rules, less deductible expenses, other than interest, directly connected with the production of investment income. For this purpose, any long-term capital gain or qualifying dividend income that is taxable at long-term capital gains rates is excluded from net investment income unless the U.S. Shareholder elects to pay tax on such capital gain or dividend income at ordinary income rates.

~~Organization, Syndication and Other Expenses~~

In general, expenses incurred that are considered “miscellaneous itemized deductions” may be deducted by a U.S. Shareholder that is an individual, estate or trust only to the extent that they exceed 2% of the adjusted gross income of such U.S. Shareholder. The Code imposes additional limitations (which limitations are scheduled to be phased out between 2006 and 2010) on the amount of certain itemized deductions allowable to individuals, by reducing the otherwise allowable portion of such deductions by an amount equal to the lesser of:

~~3% of the individual’s adjusted gross income in excess of certain threshold amounts; or~~

~~80% of the amount of certain itemized deductions otherwise allowable for the taxable year.~~

In addition, these expenses are also not deductible in determining the alternative minimum tax liability of a U.S. Shareholder. Each Fund will report such expenses on a pro rata basis to the Shareholders, and each U.S. Shareholder will determine separately to what extent they are deductible on such U.S. Shareholder’s tax return. A U.S. Shareholder’s inability to deduct all or a portion of such expenses could result in an amount of taxable income to such U.S. Shareholder with respect to the Fund that exceeds the amount of cash actually distributed to such U.S. Shareholder for the year. It is anticipated that management fees each Master Fund will pay will constitute miscellaneous itemized deductions.

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Under Section 709(b) of the Code, amounts paid or incurred to organize a partnership may, at the election of the partnership, be treated as deferred expenses, which are allowed as a deduction ratably over a period of 180 months. Each of the Funds and Master Funds intends to make such an election. A noncorporate U.S. Shareholder’s allocable share of such organizational expenses would constitute miscellaneous itemized deductions. Expenditures in connection with the issuance and marketing of Shares (so called “syndication fees”) are not eligible for the 180-month amortization provision and are not deductible.

~~Passive Activity Income and Loss~~

Individuals are subject to certain “passive activity loss” rules under Section 469 of the Code. Under these rules, losses from a passive activity generally may not be used to offset income derived from any source other than passive activities. Losses that cannot be currently used under this rule may generally be carried forward. Upon an individual’s disposition of an interest in the passive activity, the individual’s unused passive losses may generally be used to offset other (i.e., non passive) income. Under current Treasury regulations, income or loss from a Master Fund’s investments generally will not constitute income or losses from a passive activity. Therefore, income or loss realized by Shareholders of a Fund will not be available to offset a U.S. Shareholder’s passive losses or passive income from other sources.

~~Transferor/Transferee Allocations~~

In general, a Fund’s and the Master Fund’s taxable income and losses will be determined monthly and will be apportioned among the Fund’s Shareholders in proportion to the number of Shares owned by each of them as of the close of the last trading day of the ~~preceding~~following month. With respect to any Shares that were not treated as outstanding as of the close of the last trading day of the preceding month, the first person that is treated as holding such Shares (other than an underwriter or other person holding in a similar capacity) for U.S. federal income tax purposes will be treated as holding such Shares for this purpose as of the close of the last trading day of the preceding month. As a result, a Shareholder ~~transferring its~~who has disposed of Shares prior to the close of the last trading day of a month may be allocated items of income, gain, loss and deduction realized after the date of transfer.

Section 706 of the Code generally requires that items of partnership income and deductions be allocated between transferors and transferees ~~ofpartnership~~of partnership interests on a daily basis. It is possible that transfers of Shares could be considered to occur for U.S. federal income tax purposes when the transfer is completed without regard to ~~the~~a Fund’s monthly convention for allocating income and deductions. ~~In that event,~~If this were to occur, the Fund’s allocation method might be considered a monthly convention that does not literally comply with that requirement.

If the IRS treats transfers of Shares as occurring throughout each month and a monthly convention is not allowed by the Treasury ~~regulations~~Regulations (or only applies to transfers of less than all of a Shareholder’s Shares) or if the IRS otherwise does not accept a Fund’s convention, the IRS may contend that taxable income or losses of the Fund must be reallocated among the Shareholders. If such a contention ~~were~~was sustained, the Shareholders’ respective tax liabilities would be adjusted to the possible detriment of certain Shareholders. ~~Each Fund and Master Fund’s~~The Managing Owner is authorized to revise the ~~Fund’s and Master Fund’s~~Funds’ methods of allocation between transferors and transferees (as well as among Shareholders whose interests otherwise vary during a taxable period).

~~Reporting by each~~In addition, for any month in which a creation or redemption of Shares takes place, a Fund ~~to its Shareholders~~

~~As described above under “Status~~generally will credit or debit, respectively, the “book” capital accounts of the ~~Funds and Master Funds”, as a~~existing Shareholders with any unrealized gain or loss in the Fund’s assets. This will result ~~of announcements made by~~in the IRS in 2007 on the classification of trusts similar to the Funds, the Managing Owner has decided that each Fund should file a partnership tax return rather than a trust tax return. Generally, the amount and allocation of ~~your share of the Fund’s and related Master~~a Fund’s items of income, gain, loss, deduction and credit to existing

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Shareholders to account for the difference between the tax basis and fair market value of property owned by the Fund at the time new Shares are issued or old Shares are redeemed, or reverse Section 704(c) allocations. The intended effect of these allocations is to allocate anybuilt-in gain or loss in a Fund’s assets at the time of a creation or redemption of Shares to the investors that economically have earned such gain or loss.

As with the other allocations described above, each Fund generally will use a monthly convention for purposes of the reverse Section 704(c) allocations. More specifically, each Fund generally will credit or debit, respectively, the “book” capital accounts of existing Shareholders with any unrealized gain or loss in the Fund’s assets based on a calculation utilizing the average price of the corresponding Fund’s Shares during the month in which the creation or redemption transaction takes place, rather than the fair market value of its assets at the time of such creation or redemption, or the revaluation convention. As a result, it is possible that, for U.S. federal income tax purposes, (i) a purchaser of newly issued Shares will be allocated some or all of the unrealized gain in the Fund’s assets at the time it acquires the Shares or (ii) an existing Shareholder will not be allocated its entire share in the unrealized loss in the Fund’s assets at the time of such acquisition. Furthermore, the applicable Treasury Regulations generally require that the “book” capital accounts be adjusted based on the fair market value of partnership property on the date of adjustment and do not explicitly allow the adoption of a monthly revaluation convention.

The Code and applicable Treasury Regulations generally require that items of partnership income and deductions be allocated between transferors and transferees of partnership interests on a daily basis, and that adjustments to “book” capital accounts be made based on the fair market value of partnership property on the date of adjustment. The Code and Treasury Regulations do not contemplate monthly allocation or revaluation conventions. If the IRS does not accept a Fund’s monthly allocation or revaluation convention, the IRS may contend that taxable income or losses of the Fund must be reallocated among the Shareholders of the Fund. If such a contention were sustained, the Shareholders’ respective tax liabilities would be adjusted to the possible detriment of certain Shareholders. The Managing Owner is authorized to

revise the Fund’s allocation and revaluation methods in order to comply with applicable law or to allocate items of partnership income and deductions in a manner that reflects more accurately the Shareholders’ interests in the Fund.

Section 754 Election

Each Fund has made the election permitted by Section 754 of the Code. Such an election, once made, is irrevocable without the consent of the IRS. The making of the Section 754 election by a Fund will generally have the effect of requiring a purchaser of Shares to adjust its proportionate share of the basis in the Fund’s assets, or the inside basis, pursuant to Section 743(b) of the Code to fair market value (as reflected in the purchase price for the purchaser’s Shares), as if it had acquired a direct interest in the Fund’s assets. The Section 743(b) adjustment is attributed solely to a purchaser of Shares and is not added to the bases of the Fund’s assets associated with all of the other Shareholders in the Fund. Depending on the relationship between a Shareholder’s purchase price for Shares and its unadjusted share of the Fund’s inside basis at the time of the purchase, the Section 754 election may be either advantageous or disadvantageous to the Shareholder as compared to the amount of gain or loss a Shareholder would be allocated absent the Section 754 election.

The calculations under Section 754 of the Code are complex, and there is little legal authority concerning the mechanics of the calculations, particularly in the context of publicly traded partnerships. To help reduce the complexity of those calculations and the time when you receive your tax reporting information, should be the same as if the applicable Fund were to file a trust tax return. However, the manner in which such information is provided to investors will be affected.

~~Because~~resulting administrative costs, each Fund will ~~file~~apply certain conventions in determining and allocating the Section 743 basis adjustments. It is possible that the IRS will successfully assert that some or all of such conventions utilized by a ~~partnership~~Fund do not satisfy the technical requirements of the Code or the Treasury Regulations and, thus, will require different basis adjustments to be made. If the IRS were to sustain such a position, a Shareholder may have adverse tax ~~return, tax information~~consequences.

In order to make the basis adjustments permitted by Section 754, each Fund will be ~~provided~~required to ~~investors on a Schedule K-1 for~~obtain information regarding each ~~calendar year~~Shareholder’s secondary market transactions in Shares as ~~soon~~well as ~~practicable after~~creations and

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redemptions of Shares. Each Fund will seek the ~~end of such taxable year but in no event later than March 15. Each Schedule K-1 Form provided to a holder~~requested information from the record Shareholders, and, by purchasing Shares, each beneficial owner of Shares will ~~set forth~~be deemed to have consented to the ~~holder’s share~~provision of the ~~Master~~information by the record owner of the beneficial owner’s Shares. Notwithstanding the foregoing, however, there can be no guarantee that any Fund will be able to obtain such information from record owners or other sources, or that the basis adjustments that any Fund makes based on the information it is able to obtain will be effective in eliminating disparity between a Shareholder’s outside basis in its Shares and its interest in the inside basis in the Fund’s assets.

Treatment of Distributions

Distributions of cash by a partnership are generally not taxable to the distributee to the extent the amount of cash does not exceed the distributee’s tax ~~items (i.e.~~basis in its partnership interest. Thus, any cash distributions made by a Fund will be taxable to a Shareholder only to the extent the distributions exceed the Shareholder’s tax basis in the Shares it is treated as owning (see “Tax Basis in Fund Shares” below). Any cash distributions in excess of a Shareholder’s tax basis generally will be considered to be gain from the sale or exchange of the Shares (see “Disposition of Shares” below).

Creation and Redemption of Baskets

Shareholders, other than Authorized Participants (or holders for which an Authorized Participant is acting), ~~interest income from Treasury Bills, short-term and long-term capital~~generally will not recognize gain or loss as a result of an Authorized Participant’s creation or redemption of a Basket. If a Fund disposes of assets in connection with ~~respect~~the redemption of a Basket, however, the disposition may give rise to gain or loss that will be allocated to Shareholders. An Authorized Participant’s creation or redemption of a Basket also may affect a Shareholder’s share of a Fund’s tax basis in its assets, which could affect the amount of gain or loss allocated to the ~~futures contracts, and investment expenses for such year) in a manner sufficient for~~Shareholder on the sale or disposition of portfolio assets by the Fund.

Disposition of Shares

If a U.S. Shareholder ~~to complete its tax return with respect to its investment in the Shares.~~

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~~Each holder, by its acquisition of~~transfers Shares of a Fund and such transfer is a sale or other taxable disposition, the U.S. Shareholder will generally be ~~deemed~~required to ~~agree to allow brokers~~recognize gain or loss measured by the

difference between the amount realized on the sale and ~~nominees to provide~~the U.S. Shareholder’s adjusted tax basis in the Shares sold. The amount realized will include an amount equal to the Fund and its underlying Master Fund its name and address and such other information and forms as may be reasonably requested by the Fund and such Master Fund for purposes of complying with their tax reporting and withholding obligations (and to waive any confidentiality rights with respect to such information and forms for such purpose) and to provide such information or forms upon request.

~~We note that, given the lack of authority addressing structures similar to that~~U.S. Shareholder’s share of the ~~Funds and~~Fund’s liabilities, as well as any proceeds from the ~~Master Funds, it~~sale. The gain or loss recognized will generally be taxable as capital gain or loss. Capital gain ofnon-corporate U.S. Shareholders is ~~not certain~~eligible to be taxed at reduced rates where the Shares sold are considered held for more than one year. Capital gain of corporate U.S. Shareholders is taxed at the same rate as ordinary income. Any capital loss recognized by a U.S. Shareholder on a sale of Shares will generally be deductible only against capital gains, except that ~~the IRS will agree~~anon-corporate U.S. Shareholder may also offset up to $3,000 per year of ordinary income with ~~the manner in which tax reporting by the Funds and the Master Funds will be undertaken. Therefore,~~capital losses.

U.S. Shareholders ~~should be aware that future IRS interpretations or revisions to Treasury regulations could alter the manner in which tax reporting by the Fund and any nominee will be undertaken.~~

~~Treatment of Securities Lending Transactions Involving Shares~~

~~If your~~whose Shares are ~~borrowed by your broker and sold to a third party, for example as part of a loan~~loaned to a “short seller” to cover a short sale of Shares ~~you~~ may be considered as having disposed of those Shares. If so, ~~you~~such Shareholder would no longer be a beneficial owner of ~~a pro rata portion of the~~those Shares during the period of the loan and may recognize gain or loss from the disposition. ~~In addition,~~As a result, during the period of the loan, (1) any of ~~the relevant Master~~a Fund’s income, gain, loss, deduction, or other items with respect to those Shares would not be reported by ~~you,~~the Shareholder, and (2) any cash distributions received by ~~you with respect~~the Shareholder as to ~~such~~those Shares could be fully taxable, likely as ordinary income. Accordingly, Shareholders who desire to avoid the risk of income recognition from a loan of their Shares to a short seller are urged to modify any applicable brokerage account agreements to prohibit their brokers from borrowing their Shares. These rules, however, should not affect the amount or timing of income, gain, deduction or loss reported by a taxpayer that is a dealer in securities that marks the Shares to market for U.S. federal income tax purposes, or a trader in securities that has elected to use themark-to-market method of tax accounting with respect to the Shares.

Tax Basis in Fund Shares

A U.S. Shareholder’s initial tax basis in its Shares will equal the sum of (a) the amount of cash paid by the U.S. Shareholder for its Shares and (b) the U.S. Shareholder’s share of the Fund’s liabilities. A U.S. Shareholder’s tax basis in its Shares will be increased by (a) the U.S. Shareholder’s share of the Fund’s taxable income,

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including capital gain, (b) the U.S. Shareholder’s share of the Fund’s income, if any, that is exempt from tax and (c) any increase in the U.S. Shareholder’s share of the Fund’s liabilities. A U.S. Shareholder’s tax basis in Shares will be decreased (but not below zero) by (a) the amount of any cash distributed (or deemed distributed) to the U.S. Shareholder, (b) the U.S. Shareholder’s share of the Fund’s losses and deductions, (c) the U.S. Shareholder’s share of the Fund’s expenditures that are neither deductible nor properly chargeable to its capital account and (d) any decrease in the U.S. Shareholder’s share of the Fund’s liabilities.

Limitations on Interest Deductions

The deductibility of anon-corporate U.S. Shareholder’s “investment interest expense” is generally limited to the amount of the Shareholder’s “net investment income.” Investment interest expense will generally include interest expense incurred by a Fund, if any, and investment interest expense incurred by the U.S. Shareholder on any margin account borrowing or other loan incurred to purchase or carry Shares. Net investment income includes gross income from property held for investment and amounts treated as portfolio income, such as dividends and interest, less deductible expenses, other than interest, directly connected with the production of investment income. For this purpose, any long-term capital gain or qualifying dividend income that is taxable at long-term capital gains rates is excluded from net investment income unless the U.S. Shareholder elects to pay tax on such capital gain or dividend income at ordinary income rates.

Organization, Syndication and Other Expenses

In general, for taxable years beginning before January 1, 2018, expenses incurred that are considered “miscellaneous itemized deductions” may be deducted by a U.S. Shareholder that is an individual, estate or trust only to the extent that they exceed 2% of the adjusted gross income of the U.S. Shareholder. The Code imposes additional limitations on the amount of certain itemized deductions allowable to individuals, by reducing the otherwise allowable portion of such deductions by an amount equal to the lesser of:

3% of the individual’s adjusted gross income in excess of certain threshold amounts; or

80% of the amount of certain itemized deductions otherwise allowable for the taxable year.

Under the Tax Act, “miscellaneous itemized deductions” are not permitted for taxable years beginning after December 31, 2017 and before January 1, 2026.

In addition, these expenses are also not deductible in determining the alternative minimum tax liability of anon-corporate U.S. Shareholder. Each Fund will report its expenses on a pro rata basis to the Shareholders, and each U.S. Shareholder will determine separately to what extent they are deductible on the U.S. Shareholder’s tax return. A U.S. Shareholder’s inability to deduct all or a portion of the expenses could result in an amount of taxable income to the U.S. Shareholder with respect to the Fund that exceeds the amount of cash actually distributed to such U.S. Shareholder for the year. It is anticipated that management fees each Fund will pay will constitute miscellaneous itemized deductions.

Under Section 709(b) of the Code, amounts paid or incurred to organize a partnership may, at the election of the partnership, be treated as deferred expenses, which are allowed as a deduction ratably over a period of 180 months. Each of the Funds has made a Section 709(b) election. Expenditures in connection with the issuance and marketing of Shares (so called “syndication fees”) are not eligible for the180-month amortization provision and are not deductible.

Passive Activity Income and Loss

Individuals are subject to certain “passive activity loss” rules under Section 469 of the Code. Under these rules, losses from a passive activity generally may not be used to offset income derived from any source other than passive activities. Losses that cannot be currently used under this rule may generally be carried forward. Upon an individual’s disposition of an interest in the passive activity, the individual’s unused passive losses may generally be used to offset other (i.e.,non-passive) income. Under current Treasury Regulations, income or loss from a Fund’s investments generally will not constitute income or losses from a passive activity. Therefore, income or loss realized by Shareholders of a Fund will not be available to offset a U.S. Shareholder’s passive losses or passive income from other sources.

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Tax on Net Investment Income

A 3.8% tax will be imposed on some or all of the net investment income of certain individuals with modified adjusted gross income of over $200,000 ($250,000 in the case of joint filers) and the undistributed net investment income of certain estates and trusts. For these purposes, it is expected that all or a substantial portion of a Shareholder’s share of Fund income will be net investment income. In addition, certain Fund expenses may not be deducted in calculating a Shareholder’s net investment income.

Reporting by each Fund to its Shareholders

Each Fund will file a partnership tax return. Accordingly, tax information will be provided to Shareholders on ScheduleK-1 for each calendar year as soon as practicable after the end of such taxable year but in no event later than March 15. Each ScheduleK-1 provided to a Shareholder will set forth the Shareholder’s share of the Fund’s tax items (i.e., interest income fromT-Bills, short-term and long-term capital gain or loss with respect to the futures contracts, Money Market Income,T-Bill ETF Income and investment expenses for the year) in a manner sufficient for a U.S. Shareholder to complete its tax return with respect to its investment in the Shares.

Each Shareholder, by its acquisition of Shares of a Fund, will be deemed to agree to allow brokers and nominees to provide to the Fund its name and address and the other information and forms as may be reasonably requested by the Fund for purposes of complying with their tax reporting and withholding obligations (and to waive any confidentiality rights with respect to the information and forms for this purpose) and to provide information or forms upon request.

Given the lack of authority addressing structures similar to that of the Funds, it is not certain that the IRS will agree with the manner in which tax reporting by the Funds will be undertaken. Therefore, Shareholders should be aware that future IRS interpretations or revisions to Treasury Regulations could alter the manner in which tax reporting by the Funds and any nominee will be undertaken.

Tax Agent

The beneficial owners who are of a type, as identified by the nominee through whom their Shares

are held, that do not ordinarily have U.S. federal tax return filing requirements (collectively, “CertainK-1 Unitholders”), have designated the Managing Owner as their tax agent (the “Tax Agent”) in dealing with the Trust. In light of such designation and pursuant to Treasury Regulation section1.6031(b)-1T(c), as amended from time to time, the Trust will provide to the Tax Agent CertainK-1 Unitholders’ statements (as such term is defined under Treasury Regulation section1.6031(b)-1T(a)(3)), as amended from time to time).

Audits and Adjustments to Tax Liability

Any challenge by the IRS to the tax treatment by a partnership of any item must be conducted at the partnership, rather than at the partner, level. A partnership ordinarily designates a “tax matters partner” (as defined under Section 6231 of the Code) as the person to receive notices and to act on its behalf in the conduct of such a challenge or audit by the IRS.

Pursuant to the governing documents, the Managing Owner ~~will be~~has been appointed the ~~“tax matters partner”~~“partnership representative” of each Fund to act on its behalf in connection with IRS audits and ~~Master Fund~~related proceedings.

Under the new regime for ~~all purposes of~~ the ~~Code. The tax matters partner, which is required by the Master Trust’s Trust Declaration to notify all U.S. Shareholders of any~~ U.S. federal income tax audit of ~~any Master~~partnerships, the partnership representative’s actions, including the partnership representative’s agreement to adjustments of a Fund’s income in settlement of an IRS audit of the Fund, will ~~have the authority under the Trust Declaration~~bind all Shareholders, andopt-out rights available to ~~conduct any IRS audits~~certain Shareholders in connection with certain actions of each Master Fund’s tax returns or other tax related administrative or judicial proceedings and to settle or further contest any issues in such proceedings. The decision in any proceeding initiated by the tax matters partner under the partnership audit rules in effect prior to January 1, 2018 will no longer be available.

The new partnership audit rules are effective for federal income tax returns filed for taxable years of the Fund beginning on or after January 1, 2018, but may apply for returns filed for the 2016 or 2017 taxable years, if elected. For returns filed for taxable years prior to the effective date of the new rules, the existing partnership rules apply.

Under the new rules, Shareholders are not required to receive notice of any audit of a Fund tax return and are not entitled to participate in any such audit, and any adjustment made in a Fund audit will be binding on all U.S. Shareholders. As the tax matters partner, the Managing Owner will have the right on behalf of all Shareholders to extend the statute of limitations relating to the Shareholders’ U.S. federal income tax liabilities with respect to Master Fund items.

~~A U.S. federal income tax audit of a Fund’s or Master Fund’s partnership tax return may result in an audit~~ of the returns of the U.S. Shareholders, which, in turn, could result in adjustments of items of a Shareholder that are unrelated to the Master Fund as well as to the Master Fund’s related items. In particular, there can be no assurance that the IRS, uponShareholders. Any tax arising from an audit of a ~~partnership~~Fund tax return, ~~of a Fund or a Master Fund or of an income tax return of a U.S. Shareholder, might not take a position that differs from the treatment thereof~~as well as any resulting interest and penalties, is generally payable by the Fund ~~or Master Fund. A U.S. Shareholder would be liable~~in the year in which the determination becomes final unless the Fund elects to send statements (“Adjustment Statements”) to its Shareholders for the audited year informing them of their shares of the adjustments made on audit. If a Fund sends Adjustment Statements, Shareholders are

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generally required to pay any tax, interest onand penalties arising from such adjustments as if the adjustments were made in the audited year and any ~~deficiencies that resulted~~other affected year, as applicable, but are not required to amend their tax returns for any prior year. In general, if a Fund pays the tax resulting from ~~any adjustments. Prospective U.S. Shareholders should also recognize that they might be forced~~the adjustment, the amount is determined by applying the highest rate of tax in effect for the audited year to ~~incur substantial legal and accounting costs in resisting any challenge by~~the net adjustment amount, subject to possible reduction, with the approval of the IRS, to ~~items~~account for certain types of income and fortax-exempt Shareholders. Proposed Treasury Regulations provide guidance as to how the tax is paid if a partnership or other flow-through entity receives an Adjustment Statement from a lower-tier partnership in which it holds an interest, but until such Treasury Regulations are finalized the application of the new rules to such tiered structures remains unclear. There are likely to be clarifications and other changes to the new rules, through Treasury regulations, other IRS guidance and possibly legislation. It is also possible that state and local taxing jurisdictions will enact similar provisions.

Shareholders should discuss with their ~~individual returns, even if~~own tax advisors the ~~challenge by~~possible implications of the ~~IRS should prove unsuccessful.~~

~~Foreign Tax Credits~~

~~Subject to generally applicable limitations, U.S. Shareholders will be able to claim foreign tax credits~~new rules with respect to ~~certain foreign income taxes paid or incurred by~~an investment in a Master Fund, withheld on payments made to us or paid by us on behalf of Fund Shareholders. If a Shareholder elects to claim foreign tax credit, it must include in its gross income, for U.S. federal income tax purposes, both its shareFund.

Non-U.S. Shareholders

Each of the ~~Master Fund’s items of income and gain and also its share of the amount which is deemed~~Funds intends to be the Shareholder’s portion of foreign income taxes paid with respect to, or withheld from, interest or other income derived by the Master Fund. U.S. Shareholders may then subtract from their U.S. federal income tax the amount of such taxes

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withheld, or else treat such foreign taxes as deductions from gross income; however, as in the case of investors receiving income directly from foreign sources, the above described tax credit or deduction is subject to certain limitations. Even if the Shareholder is unable to claim a credit, he or she must include all amounts described above in income. U.S. Shareholders are urged to consult their tax advisers regarding this election and its consequences to them.

~~Reportable Transactions~~

Treasury regulations require U.S. taxpayers to report certain types of transactions to the IRS, or Reportable Transactions. Under these regulations, a U.S. Shareholder (i) who disposes of Shares and recognizes a loss with respect to such disposition in excess of certain thresholds, or (ii) whose distributive share of a Fund loss under Section 165 of the Code exceeds such thresholds, would be required to report the loss on IRS Form 8886 (Reportable Transaction Statement). The applicable loss threshold is $10 million is any single taxable year or $20 million in any combination of taxable years for corporations, and $2 million in any single taxable year or $4 million in any combination of taxable years for most partnerships, individuals, S corporations or trusts. However, in the case of an individual or a trust, if the loss is with respect to certain foreign currency transactions, the reporting threshold is reduced to $50,000 in any taxable year. You should consult with your own tax advisor regarding any tax filing and reporting obligation that may apply in connection with acquiring, owning and disposing of Shares.

~~Non-U.S. Shareholders~~

~~Each Fund and underlying Master Fund will~~ conduct its activities in such a manner that anon-U.S. Shareholder who is not otherwise carrying on a trade or business in the United States ~~will~~is not expected to be considered to be engaged in a trade or business in the United States as a result of an investment in the Shares of a Fund. Anon-U.S. Shareholder’s share of the interest income realized by a ~~Master~~ Fund on its holdings of ~~U.S. Treasury Bills~~T-Bills will be exempt from U.S. withholding tax provided thenon-U.S. Shareholder certifies on IRS Form ~~W-BEN~~W-8BEN or IRS FormW-8BEN-E (or other applicable form) that ~~such holder~~the Shareholder is not a U.S. person, provides name and address information and otherwise satisfies applicable documentation and certification requirements. In addition, with respect to certain distributions made tonon-U.S. Shareholders, no withholding is required and the distributions by the Funds that relate to dividends paid to the Funds by money market mutual funds andT-Bill ETFs that are RICs generally will not be subject to federal income tax if (i) the distributions are properly reported by us as “interest-related

dividends” or “short-term capital gain dividends,” (ii) the distributions are derived from sources specified in the Code for such dividends and (iii) certain other requirements are satisfied. No assurance can be given that any of our distributions would be designated as eligible for this exemption.

Non-U.S. Shareholders will not be subject to U.S. federal income tax on gains realized on the ~~saleof~~sale of Shares of a Fund or on ~~such holder’s~~thenon-U.S. Shareholder’s share of the Fund’s ~~and the Master Fund’s~~capital gains. However, the Tax Act requires the purchaser or transferee of a partnership interest to withhold a 10% tax on the “amount realized” by aNon-U.S. Shareholder on the sale or exchange of Shares. The IRS, however, has temporarily suspended the 10% withholding requirement on sales of certain publicly traded partnership interests by foreign persons until it has a chance to issue Treasury Regulations. Each Fund believes that it is a publicly traded partnership for purposes of these rules and is eligible for the temporary suspension of these withholding provisions. It is unclear how this withholding requirement will be instituted in the future and will be governed by yet to be drafted IRS guidance.Non-U.S. Shareholders, however, should expect that this withholding requirement will be in effect at some point in the near future. ANon-U.S. Shareholder also could be liable for state/local income taxes, and could have corresponding state/local tax filing requirements.

In the case of an individualnon-U.S. Shareholder, ~~such~~thenon-U.S. Shareholder will be subject to U.S. federal income tax on gains on the sale of Shares or ~~such~~thenon-U.S. Shareholder’s distributive share of capital gains if ~~such~~thenon-U.S. Shareholder is present in the United States for 183 days or more during a taxable year and certain other conditions are met.

Non-U.S. Shareholders that are individuals will be subject to U.S. federal estate tax on the value of U.S. situs property owned at the time of their death (unless a statutory exemption or tax treaty exemption applies). It is unclear whether partnership interests (such as the Shares of a ~~Fund or interests in its Master~~ Fund) will be considered ~~United States~~U.S. situs property. Accordingly,non-U.S. Shareholders may be subject to U.S. federal estate tax on all or part of the value of the Shares owned at the time of their death.

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Non-U.S. Shareholders are advised to consult their own tax ~~advisers~~advisors with respect to the particular tax consequences to them of an investment in the Shares.

Regulated Investment Companies

~~Changes made to the Code in 2004 allow~~ RICs tomay invest up to 25% of their assets in ~~“qualified PTPs”~~qualified PTPs and ~~to treat~~ net income derived from such investments asis qualifying income under the income source test applicable to entities seeking to qualify for the special tax treatment available to RICs under the Code. ~~In addition, under these new rules, interests in a qualified PTP are treated as issued by such PTP and a~~A RIC is not required to look through to the underlying partnership assets of a qualified PTP when testing compliance with gross income tests applicable to determining whether an entity qualified as a RIC. A RIC, however, may be required to look through a qualified PTP when testing compliance with the asset diversification tests. A RIC will also be required to look through corporations in which the RIC owns a 20% or more voting stock interest in determining whether a RIC has invested up to 25% of its assets in “qualified PTPs,” including other issuers, when testing compliance with the asset diversification tests applicable to RICs under the Code. Each Fund anticipates that it will qualify as a qualified PTP for any taxable year in which ~~its underlying Master~~the Fund realizes sufficient gross income from its ~~commodities~~commodity futures transactions. However, qualification of a Fund as a qualified PTP depends on performance of the ~~underlying Master~~ Fund for the particular tax year and there is no assurance that it will qualify in a given year or that future results of ~~any Index~~the Fund will conform to prior experience. ~~Additionally,~~In addition, there is, to date, no regulatory guidance on the application of these rules, and it is possible that future guidance may adversely affect qualification of a Fund ~~or Master Fund~~ as a qualified PTP. ~~In a 2005 revenue ruling, the IRS has clarified that derivative contracts owned by a RIC that provide for a total-return~~

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exposure on a commodity index will not produce qualifying income for purposes of the RIC qualification rules. The IRS interpretation set forth in such rulings, however, does not adversely affect the Funds’ ability to be treated as a qualified PTP for purposes of applying the RIC qualification rules. RIC investors are urged to monitor their ~~investment~~investments in the ~~Fund~~Funds and consult with a tax advisor concerning the impact of such an investment on their compliance with the income source and asset diversification requirements applicable to RICs. Each Fund will make available on the Managing Owner’s website periodic tax information designed to enable RIC investors in its Shares to make a determination as to the Fund’s status under the qualified PTP rules.

Tax-Exempt Organizations

An organization that is otherwise exempt from U.S. federal income tax is nonetheless subject to taxation with respect to its “unrelated business

taxable ~~income,” or UBTI.~~income” (“UBTI”). Except as noted below with respect to certain categories of exempt income, UBTI generally includes income or gain derived (either directly or through a partnership) from a trade or business, the conduct of which is substantially unrelated to the exercise or performance of the organization’s exempt purpose or function.

UBTI generally does not include passive investment income, such as dividends, interest and capital gains, whether realized by the organization directly or indirectly through a partnership (such as ~~the Funds and Master Funds)~~a Fund) in which it is a partner. This type of income is exempt, subject to the discussion of “unrelated debt-financed income” below, even if it is realized from securities trading activity that constitutes a trade or business.

UBTI includes not only trade or business income or gain as described above, but also “unrelated debt-financed income.” This latter type of income generally consists of (1) income derived by an exempt organization (directly or through a partnership) from income producing property with respect to which there is “acquisition indebtedness” at any time during the taxable year and (2) gains derived by an exempt organization (directly or through a partnership) from the disposition of property with respect to which there is acquisition indebtedness at any time during the twelve-month period ending with the date of the disposition.

All of the income realized by a ~~Fund or its Master~~ Fund is expected to be short-term or long-term capital gain income, interest income or ~~otherpassive~~other passive investment income of the type specifically exempt from UBTI as discussed above. None of the ~~Funds or Master~~ Funds will borrow funds for the purpose of acquiring or holding any investments or otherwise incur “acquisition indebtedness” with respect to such investments. Therefore, atax-exempt entity purchasing Shares ~~of a Fund would~~is not expected to incur any UBTI by reason of its investment in the Shares or upon sale of such Shares provided that suchtax-exempt entity does not borrow funds for the purpose of investing in the Shares.

Under the Tax Act,tax-exempt entities are not permitted to offset losses from one trade or business against the income or gain of another trade or business. Certain net losses incurred prior to January 1, 2018 are permitted to offset gain and income created by an unrelated trade or business, if otherwise available.

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Certain State and Local Taxation Matters

Prospective Shareholders should consider, in addition to the U.S. federal income tax consequences described, potential state and local tax considerations in investing in the Shares.

These considerations arise under various taxing schemes, which include taxes imposed on entities treated as partnerships for U.S. federal income tax purposes, withholding on the distributive share of a nonresident partner, franchise and capital taxes, gross income taxes, net income taxes, value added taxes, and gross receipts taxes.

State and local tax laws often differ from U.S. federal income tax laws with respect to the treatment of specific items of income, gain, loss, deduction and ~~credit. A~~credit for state net income tax purposes. For Shareholders that are taxed as entities for state or local tax income tax purposes, the taxable nexus, income, and apportionment factors of a Fund may flow through to the Shareholder and such flow-through may disproportionately impact the taxability of the Shareholder in one or more jurisdictions relative to that Shareholder’s distributive share from the Fund. For Shareholders that are individuals, the taxable nexus and apportioned income of a Fund will generally flow through to the Shareholder and the Shareholder’s distributive share of the taxable income or loss of athe Fund generally will be required to be included in determining its reportable income for state and local income tax purposes in the jurisdiction in which the Shareholder is a resident. ~~Each Master Fund~~

The Funds may ~~conduct business in~~have a taxable nexus with one or more jurisdictions that will subject a Shareholder to tax (and require a Shareholder to file ~~an income~~a state and local tax return with the jurisdiction in respect to the Shareholder’s share of the income derived from that ~~business.)~~business). A prospective Shareholder should consult its tax ~~adviser~~advisor with respect to the availability of a credit for such tax in the ~~jurisdiction~~jurisdiction(s) in which the Shareholder is resident.

Tax Shelter Disclosure Rules

~~None of the Master Funds should~~There are circumstances under which certain transactions must be ~~subject~~disclosed to the ~~New York City unincorporated business~~IRS in a disclosure statement attached to a taxpayer’s U.S. federal income tax ~~because~~return. (A copy of such statement must also be sent to the IRS Office of Tax Shelter Analysis.) In addition, the Code imposes a requirement on certain “material advisors” to

maintain a list of persons participating in such transactions, which list must be furnished to the IRS upon written request. These provisions can apply to transactions not conventionally considered to involve abusive tax planning. Consequently, it is ~~not imposed on an entity~~possible that ~~is primarily engaged~~such disclosure could be required by the Fund or the Shareholders (1) if a Shareholder incurs a loss (in each case, in excess of a threshold computed without regard to offsetting gains or other income or limitations) from the disposition (including by way of withdrawal) of Shares, or (2) possibly in other circumstances. Furthermore, a Fund’s material advisors could be required to maintain a list of persons investing in the ~~purchase and sale~~Fund pursuant to the Code. While the tax shelter disclosure rules generally do not apply to a loss recognized on the disposition of ~~securities or other property~~an asset in which the taxpayer has a qualifying basis (generally a basis equal to the amount of cash paid by the taxpayer for ~~its “own account.” By reason of~~such asset), such rules will apply to a ~~similar “own account” exemption, it is also expected that~~taxpayer recognizing a ~~nonresident individual U.S. Shareholder should not be subject to New York State personal income tax~~loss with respect to ~~his or her share~~interests in a pass-through entity (such as the Shares) even if its basis in such interests is equal to the amount of ~~income or gain recognized by any Fund. A nonresident individual U.S. Shareholder will not~~cash it paid. In addition, significant penalties may be ~~subject~~imposed in connection with a failure to ~~New York City earnings tax on nonresidents~~comply with respect to his or her investment in any Fund. New York State and New York City residents will be subject to New York State and New York City personal income tax on their income recognized in respect of Shares. Because each Master Fund may conduct its business, in part, in New York

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~~City, corporate~~these reporting requirements. U.S. Shareholders ~~generally will be subject~~are urged to consult their tax advisors regarding the ~~New York franchise~~ tax shelter disclosure rules and ~~the New York City general corporation~~their possible application to them.

U.S. Shareholders should consult their own tax ~~by reason~~advisors regarding any tax reporting or filing obligations they may have as a result of their ~~investment in a Fund, unless certain exemptions apply. However, pursuant to applicable regulations, non-New York corporate U.S. Shareholders not otherwise subject to New York State franchise tax~~acquisition, ownership or ~~New York City general corporation tax should not be subject to these taxes solely by reason~~disposition of investing in shares based on qualification of a Fund as a “portfolio investment partnership” under applicable rules. No ruling from the New York State Department of Taxation and Finance or the New York City Department of Finance has been, or will be, requested regarding such matters.Shares.

Backup Withholding

Each Fund is required in certain circumstances to backup withhold on certain payments paid to ~~noncorporate shareholders of Shares who~~non-corporate Shareholders that do not furnish the Fund with their correct taxpayer identification number (in the case of individuals, their social security number) and certain certifications, or who are otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amounts withheld from payments made to ~~you~~a Shareholder may be refunded or credited against ~~your~~the Shareholder’s U.S. federal income tax liability, if any, provided that the required information is furnished to the ~~IRS.~~

IRS in a timely manner.

Shareholders should be aware that certain aspects of the U.S. federal, state and local income tax

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treatment regarding the purchase, ownership and disposition of Shares are not clear under existing law. Thus, Shareholders are urged to consult their own tax ~~advisers~~advisors to determine the tax consequences of ownership of the Shares in their particular circumstances, including the application of ~~United States~~U.S. federal, state, local and foreign tax laws.

FATCA

The Foreign Account Tax Compliance Act provisions of the Hiring Incentives to Restore Employment Act (“FATCA”) generally impose a reporting and 30% withholding tax regime with respect to certain items of U.S. source income (including dividends and interest) and gross proceeds from the sale or other disposal of property that can produce U.S. source interest or dividends (“Withholdable Payments”). As a general matter, the rules are designed to require U.S. persons’ direct and indirect ownership ofnon-U.S. accounts andnon-U.S. entities to be reported to the IRS. The 30% withholding tax regime applies if there is a failure to provide required information regarding U.S. ownership. The withholding rules generally apply to Withholdable Payments (other than gross proceeds of the type described above) and, beginning January 1, 2019, payments of gross proceeds of the type described above with respect to a sale or disposition.

The rules may subject anon-U.S. Shareholder’s share of Withholdable Payments received by a Fund to 30% withholding tax unless such Shareholder provides information, representations and waivers ofnon-U.S. law as may be required to comply with the provisions of the rules, including information regarding certain U.S. direct and indirect owners of suchnon-U.S. Shareholder. Anon-U.S. Shareholder that is treated as a “foreign financial institution” will generally be subject to withholding unless it agrees to report certain information to the IRS regarding its U.S. accountholders and those of its affiliates.

Although the application of the withholding rules to a sale or other disposal of an interest in a partnership is unclear, it is possible that the gross proceeds of the sale or other disposal of an interest in a Fund will be subject to tax under the withholding rules if such proceeds are treated as an indirect disposal of thenon-US. Shareholder’s interest in assets that can produce U.S. source interest or dividends, unless the sellingnon-U.S. Shareholder

provides appropriate reporting information. Prospective ~~investors are urged to~~shareholders should consult their ~~tax advisers before deciding whether~~own advisors regarding the requirements under FATCA with respect to ~~invest~~their own situation.

Euroclear System

Any participant of the Euroclear System that holds Shares in the ~~Shares.~~Euroclear System will be deemed to have represented to and agreed with a Fund and Euroclear Bank as a condition to Shares being in the Euroclear System to furnish to the Euroclear Bank (a) its tax identification number, (b) notice of whether it is (i) a person who is not a United States person, (ii) a foreign government, an international organization or any wholly owned agency or instrumentality of either of the foregoing or (iii) a tax exempt identity, and (c) such other information as the Euroclear Bank may request from time to time in order to comply with its United States tax reporting obligations. If a participant in the Euroclear System fails to provide such information, Euroclear Bank may, among other courses of action, block trades in the Shares and related income distributions of such participant.

PROSPECTIVE INVESTORS ARE URGED TO CONSULT THEIR TAX ADVISORS BEFORE DECIDING WHETHER TO INVEST IN THE SHARES.

PURCHASES BY EMPLOYEE BENEFIT PLANS

~~PLANS~~

Although there can be no assurance that an investment in ~~any~~a Fund, or any other managed futuresproduct,, will achieve the investment objectives of an employee benefit plan in makingsuch investment, futures investments have certain features which may be of interest to such a plan. Forexample, the futures markets are one of the few investment fields in which employee benefit plans can participate in leveraged strategies without being required to pay tax on “unrelated business taxable income.” See “Material U.S. Federal Income Tax ~~Considerations—‘~~Considerations —‘Tax-Exempt Organizations’” ~~at page 180.~~below. In addition, because they are not taxpaying entities, employee benefit plans are not subject to paying annual tax on profits (if any) of ~~any~~a Fund.

~~General~~-126-

General

The following section sets forth certain consequences under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and the Code, which a fiduciary of an “employee benefit plan” as defined in, and subject to the fiduciary responsibility provisions of, ERISA or of a “plan” as defined in and subject to Section 4975 of the Code who has investment discretion should consider before deciding to invest the plan’s assets in ~~any~~a Fund (such “employee benefit plans” and “plans” being referred to herein as “Plans,” and such fiduciaries with investment discretion being referred to herein as “Plan Fiduciaries”). The following summary is not intended to be complete, but only to address certain questions under ERISA and the Code which are likely to be raised by the Plan Fiduciary’s own counsel.

In general, the terms “employee benefit plan” as defined in ERISA and “plan” as defined in Section 4975 of the Code together refer to any plan or account of various types which provide retirement benefits or welfare benefits to an individual or to an employer’s employees and their beneficiaries. Such plans and accounts include, but are not limited to, corporate pension and profit-sharing plans, “simplified employee pension plans,” ~~KEOGH~~Keogh plans for self-employed individuals (including partners), individual retirement accounts described in Section 408 of the Code and medical benefit plans.

Each Plan Fiduciary of an ERISA Plan must give appropriate consideration to the facts and circumstances that are relevant to an investment in ~~any~~a Fund, including the role that such an investment in the Fund would play in the Plan’s overall investment portfolio. Each such Plan Fiduciary, before deciding to invest in ~~any~~a Fund, must be satisfied that such investment in the Fund is a prudent investment for the Plan, that the investments of the Plan, including the investment in ~~any~~a Fund, are diversified so as to minimize the risk of large losses and that an

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investment in a Fund complies with the documents of the Plan and related trust.

EACH PLAN FIDUCIARY CONSIDERING ACQUIRING SHARES ~~MUST~~SHOULD CONSULT WITH ITS OWN LEGAL AND TAX ~~ADVISERS~~ADVISORS BEFORE DOING SO. AN INVESTMENT IN ANY FUND IS SPECULATIVE AND INVOLVES

A HIGH DEGREE OF RISK. NO FUND IS INTENDED AS A COMPLETE INVESTMENT PROGRAM.

“Plan Assets”

AERISA and a regulation issued ~~under ERISA~~thereunder (the ~~“ERISA Regulation”~~“Plan Asset Rules”) ~~contains~~contain rules for determining when an investment by a Plan in ~~an equity interest of~~ an entity will result in the underlying assets of such entity being ~~considered to constitute~~treated as assets of the Plan for purposes of the fiduciary responsibility and prohibited transaction provisions of ERISA and Section 4975 of the Code (~~i.e.~~(i.e.,~~“plan~~ “plan assets”). Those rules provide that assets of an entity will not be ~~considered~~plan assets of a Plan which purchases an ~~equity~~ interest ~~in the entity~~therein if certain exceptions apply, including (i) an exception applicable if the equity interest purchased is a “publicly-offered security” (the “Publicly-Offered Security Exception”), and (ii) an exception applicable if the ~~equity interest purchased~~investment by all “benefit plan investors” is ~~an “insignificant participation”~~not “significant” or certain other exceptions apply (the “Insignificant Participation Exception”).

The Publicly-Offered Security Exception applies if the equity interest is a security that is (1) “freely transferable,” (2) part of a class of securities that is “widely held” and (3) either (a) part of a class of securities registered under Section 12(b) or 12(g) of the ~~Securities~~ Exchange Act, ~~of 1934,~~ or (b) sold to the Plan as part of a public offering pursuant to an effective registration statement under the Securities Act ~~of 1933~~ and the class of which such security is a part is registered under the ~~Securities~~ Exchange Act ~~of 1934~~ within 120 days (or such later time as may be allowed by the SEC) after the end of the fiscal year of the issuer in which the offering of such security occurred.

The Plan Asset Rules state that the determination of whether a security is “freely transferable” is to be made based on all relevant facts and circumstances. Under the Plan Asset Rules, a class of securities is “widely held” only if it is of a class of securities owned by 100 or more investors independent of the issuer and of each other.

The ~~Publicly-Offered Security Exception applies with respect~~Shares of each Fund should be considered to be publicly-offered securities. First, the Shares are being sold only as part of a public offering pursuant to an effective registration statement under the Securities Act, and the Shares were timely registered under the Exchange Act. Second, it appears that the Shares are freely transferable because the Shares of each Fund ~~due to their Amex listing.~~may be freely bought and sold on NYSE

~~Each Master Fund will be able to rely on the Insignificant Participation Exception. Because the Publicly-Offered Security Exception applies to~~-127-

Arca. Third, the Shares of each Fund have been owned by at least 100 investors independent of each ~~Fund’s~~such Fund and of each other from the date the Shares were first sold. Therefore, the underlying assets ~~will~~of each Fund should not be ~~classified as “plan assets.” In turn, because each Fundand the Managing Owner are the only investors in the corresponding Master Fund and the~~considered to constitute assets of ~~the Managing Owner are not “plan assets” either, each Master Fund will not have~~ any ~~plan asset investors, and therefore, qualifies for the Insignificant Participation Exception.~~Plan which purchases Shares.

Ineligible Purchasers

In general, Shares may not be purchased with the assets of a Plan if the Managing Owner, the Commodity Broker, the Administrator, Invesco Distributors, the Index Sponsor, the Marketing Agent, the Trustee, or any of their respective affiliates or any of their respective employees ~~or any employees of their respective affiliates:~~either: (a) has investment discretion with respect to the investment of such ~~Plan~~plan assets; (b)��has authority or responsibility to give ~~or regularly gives investment advice~~“investment advice” as defined by the U.S. Department of Labor regulations with respect to such ~~Plan~~plan assets, for a fee, and pursuant to an agreement or understanding that such advice will serve as a primary basis for investment decisions with respect to such Plan assets and that such advice will be based on the particular investment needs of the Plan;fee; or (c) is an employer maintaining or contributing to such Plan. A party that is described in clause (a) or (b) of the preceding sentence is a fiduciary under ERISA and the Code with respect to the Plan, and any such purchase might result in a “prohibited transaction” under ERISA and the ~~Code.~~Code absent an available exemption from the prohibited transaction rules.

Form 5500 Reporting

Certain ERISA Plans may be required to report certain compensation paid by a Fund to the Fund’s service providers on Schedule C to the Plan’s annual Form 5500. To the extent applicable, any descriptions of such compensation herein are intended to satisfy the disclosure requirements for “eligible indirect compensation” for purposes of the alternative reporting option on Schedule C.

Except as otherwise set forth, the foregoing statements regarding the consequences under ERISA and the Code of an investment in ~~Shares of~~ a Fund are based on the provisions of the Code and ERISA as currently in effect, and the existing administrative and judicial interpretations thereunder. No assurance can be given that administrative, judicial or legislative changes will not occur that will not make the foregoing statements incorrect or incomplete.

THE PERSON WITH INVESTMENT DISCRETION SHOULD CONSULT WITH HIS OR HER ATTORNEY AND FINANCIAL

ADVISERS AS TO THE PROPRIETY OF AN INVESTMENT IN ~~SHARES~~A FUND IN LIGHT OF THE CIRCUMSTANCES OF THE PARTICULAR PLAN AND CURRENT TAX LAW.

This section does not address any laws, regulations, or statutes that may apply to prospective investors that are employee benefit plans not subject to ERISA or Section 4975 of the Code, such as U.S. federal, state and local governmental plans and certain church plans (as well as foreign plans). These other laws, regulations or statutes may impose fiduciary responsibility requirements in connection with the investment of plan assets that may be similar to ERISA. Such investors should consult their own professional advisors about these matters.

PLAN OF DISTRIBUTION

Authorized Participants

Each Fund issues Shares in Baskets to Authorized Participants continuously on the creation order settlement date as of ~~noon New York~~2:45 p.m., Eastern time, on the business day immediately following the date on which a valid order to create a Basket is

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accepted by the ~~Fund,~~Fund. The creation or redemption will be at the ~~net asset value~~NAV of 200,000 Shares ~~of the Fund~~ as of the closing time of the ~~Amex~~NYSE Arca or the last to close of the exchanges on which the corresponding ~~Master~~ Fund’s futures contracts are traded, whichever is later, on the date that a valid order to create a Basket is accepted by the Fund.

~~Each Master Fund issues Master Fund Units in Master Unit Baskets to its corresponding Fund continuously as~~ Upon submission of ~~noon New York time on~~a creation order, the business day immediately following the date on which a valid order to create a Master Unit Basket is accepted by the Master Fund, at the net asset value of 200,000 Master Fund Units as of the closing time of the Amex or the last to close of the exchanges on which the corresponding Master Fund’s futures contracts are traded, whichever is later, on the date that a valid order to create a Master Unit Basket is accepted by the Master Fund. Each Master Fund will be wholly-owned by its corresponding Fund andAuthorized Participant may request the Managing ~~Owner. Each Share issued by~~Owner to agree to a ~~Fund will correlate with a Master Fund Unit issued by its corresponding Master Fund and held by~~creation order settlement date up to two business days after the ~~Fund.~~

creation order date.

Authorized Participants may offer to the public, from ~~time-to-time,~~time to time, Shares from any Baskets they create. Shares offered to the public by Authorized Participants will be offered at a per Share offering price that will vary depending on, among other factors, the trading price of the ~~Fund~~Shares on the ~~Amex,~~NYSE Arca, the ~~net asset value~~NAV per Share and the supply of and demand for the Shares at the time of the offer. Shares initially comprising the same Basket but offered by Authorized Participants to the public at different times may have different offering prices. The excess, if any, of the price at which an Authorized Participant sells a Share over the price paid by such Authorized Participant in connection with the creation of such

-128-

Share in a Basket may, depending upon the facts and circumstances, be deemed to be underwriting ~~compensation.~~compensation by the FINRA Corporate Financing Department. Authorized Participants will not receive from the Fund, the Managing Owner or any of their affiliates, any fee or other compensation in connection with their sale of Shares to the public, although investors are expected to be charged a ~~customary~~ commission by their brokers in connection with purchases of Shares that will vary from investor to investor. Investors are encouraged to review the terms of their brokerage accounts for applicable charges.

Each Fund has entered into the Distribution Services Agreement with Invesco Distributors to assist the Managing Owner with certain functions and duties relating to distribution and marketing, including reviewing and approving marketing materials. In consideration for the services provided by Invesco Distributors, the Managing Owner reimburses Invesco Distributors for actual costs associated with the performance of such services, capped at $25,000 annually. See also “Material Contracts – Distribution Services Agreement.”

As of ~~April 18, 2008,~~the date of this prospectus each of Bank of America Merrill Lunch, BMO Capital Markets Corp., BNP Paribas Securities Corp, Cantor Fitzgerald & Co., Citadel Securities LLC, Citigroup Global Markets, Credit Suisse Securities (USA) LLC, Deutsche ~~Bank~~Investment Management Americas Inc., Goldman Sachs & Co., Goldman Sachs Execution & Clearing LP, Interactive Brokers LLC, Jefferies LLC, JP Morgan Securities Inc., ~~Prudential Bache Securities,~~Knight Clearing Services LLC, Merrill Lynch Professional Clearing ~~Corp.~~Corp, Morgan Stanley & Co. LC, Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas Securities LLC, Timber Hill LLC, UBS Securities, Virtu Financial BD LLC and ~~EWT,~~Virtu Financial Capital Markets LLC ~~have each~~has executed a Participant Agreement and are the only Authorized Participants.

Likelihood of Becoming a Statutory Underwriter

Each Fund issues Shares in Baskets to Authorized Participants from ~~time-to-time~~time to time in exchange for cash. Because new Shares can be created and issued on an ongoing basis at any point during the life of each Fund, a “distribution,” as such

term is used in the Securities Act, ~~will be occurring.~~may occur at any point. An Authorized Participant, other broker-dealer firm or its client ~~will~~may be deemed a statutory underwriter, and thus ~~will~~may be subject to the prospectus-delivery and liability provisions of the Securities Act, if it purchases a Basket from any Fund, breaks the Basket down into the constituent Shares and sells the Shares to its customers; or if it chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary market demand for the Shares. A determination of whether one is an underwriter must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that would lead to categorization as an underwriter. Authorized Participants, other broker-dealers and other persons are cautioned that some of their activities ~~will~~may result in their being deemed participants in a distribution, under certain interpretations of applicable law, in a manner which would render them statutory underwriters and subject them to the prospectus-delivery and liability provisions of the Securities Act.

Dealers who are neither Authorized Participants nor “underwriters” but are participating in a distribution (as contrasted to ordinary secondary trading transactions), and thus dealing with Shares that are part of an “unsold allotment” within the meaning of section ~~4(3)~~4(a)(3)(C) of the Securities Act, would be unable to take advantage of the prospectus delivery exemption provided by section ~~4(3)~~4(a)(3) of the Securities Act.

[Remainder of page left blank intentionally.]

~~General~~-129-

Summary of Items of Value Paid Pursuant to FINRA Rule 2310


Nature of Payment	Recipient	Payor	Amount of Payment	Services Provided
Selling Commission	Authorized Participants	Shareholders	No greater than 0.99% of the gross offering proceeds.	Brokering purchases and sales of the Shares and creating and redeeming Baskets.
Distribution Services Fee	Invesco Distributors	Managing Owner	Capped at $25,000 per Fund, per annum, not to exceed 0.25% of the gross offering proceeds.	Assisting the Managing Owner with certain functions and duties relating to distribution and marketing, including reviewing and approving marketing materials, consulting with FINRA and ensuring compliance with FINRA marketing rules and maintaining certain books and records pertaining to the Trust and each Fund.
Marketing Services Fee	Marketing Agent	Managing Owner	A range from 0.05% — 0.345% per annum of the Total Average Net Assets (as defined herein) during each year calculated in U.S. dollars; not to exceed 8.75% of the gross offering proceeds.	Assisting the Managing Owner by providing support to educate institutional investors about the Deutsche Bank indices and to complete governmental or institutional due diligence questionnaires or requests for proposals related to the Deutsche Bank indices.

General

Retail investors may purchase and sell Shares through traditional brokerage accounts. Investors who purchase Shares through acommission/fee-based brokerage account may pay commissions/fees charged by the brokerage account. Investors are encouraged to review the terms of their brokerage accounts for applicable charges.

~~The Managing Owner intends to qualify the Shares in certain states and through broker-dealers~~

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~~who are members of FINRA.~~ Investors intending to create or redeem Baskets through Authorized Participants in transactions not involving a broker-dealer registered in such investor’s state of domicile or residence should consult their legal advisor regarding applicable broker-dealer or securities regulatory requirements under the state securities laws prior to such creation or redemption.

The Managing Owner has agreed to indemnify certain parties against certain liabilities, including liabilities under the Securities Act, and to contribute to payments that such parties may be required to

make in respect of those liabilities. The Trustee has agreed to reimburse such parties, solely from and to the extent of each respective Fund’s assets, for indemnification and contribution amounts due from the Managing Owner in respect of such liabilities to the extent the Managing Owner has not paid such amounts when due.

The offering of Baskets is being made in compliance with ~~Conduct~~FINRA Rule ~~2810 of the NASD.~~2310. Accordingly, the Authorized Participants will not make any sales to any account over which they have discretionary authority without the prior written approval of a purchaser of Shares. The maximum amount of items of value to be paid to FINRA Members in connection with the offering of the Shares by a Fund will not exceed 10% ~~plus 0.5% for bona fide due diligence.~~

of the gross offering proceeds of such Shares.

The Authorized Participants will not charge a commission of greater than 0.99% ~~(which represents a maximum of $140,662,171.25~~ of the ~~aggregate $14,208,300,126.10 registered on (i) the initial Registration Statement on Form S-1, SEC Registration Number 333-135422,~~gross offering proceeds of such Shares of the Trust and the Master Trust, on which $3,500,000,000 was previously registered, (ii) the Registration Statement on Form S-1, SEC Registration Number 333-142163, of the Trust and the Master Trust, on which $1,020,800,000 was registered, (iii) the Registration Statement on Form S-1, SEC Registration Number 333-148613, of the Trust and the Master Trust, on which $5,000,000,126.10 was registered and (iv) this Registration Statement on form S-1, SEC Registration Number 333-[ ], of the Trust and the Master Trust, on which $4,687,500,000.00 was registered).Trust.

~~Pursuant to the~~-130-

The Distribution Services Agreement ~~ALPS~~provides for Invesco Distributors to be paid $25,000 per annum ($6,250 per quarter) for each Fund. The Managing Owner pays these fees to the Distributor out of its own assets.

The Marketing Agent will be paid ~~out~~a marketing services fee by the Managing Owner. For each year ending on or prior to the sixth anniversary of the ~~Management Fee~~date of the Services Agreement, the marketing services fee will equal to the sum of: (i) 0.00345 times the lesser of Total Average Net Assets and $6,000,000,000, plus (ii) If such Total Average Net Assets were greater than $6,000,000,000, 0.002625 times the lesser of (A) the excess of such Total Average Net Assets over $6,000,000,000 and (B) $3,000,000,000, plus (iii) If such Total Average Net Assets were greater than $9,000,000,000, 0.000975 times the lesser of (A) the excess of such Total Average Net Assets over $9,000,000,000 and (B) $3,000,000,000, plus (iv) If such Total Average Net Assets were greater than $12,000,000,000, 0.00015 times the excess of such Total Average Net Assets over $12,000,000,000. For each ~~Master~~year ending on or after to the sixth anniversary of the date of the Services Agreement, the marketing services fee will equal to 0.0005 times Total Average Net Assets. “Total Average Net Assets” means the sum of the “Average Net Assets” of all “Funds” for such period. “Average Net Assets” means in respect of any Fund, the average of the total NAV of such Fund (determined as described in ~~an amount~~its prospectus) as of ~~approximately either (i) $35,000 per annum~~the close of trading on each day of the applicable determination year during which the market on which such Fund is or was listed for trading was open for trading. If a Fund was opened or terminated, or the applicable marketing services from the Marketing Agent were initiated or terminated, in the course of a determination year, the Average Net Assets will continue to be calculated with respect to ~~each~~all trading days in such determination year but with a value of ~~PowerShares~~zero for days on which the Fund did not exist or the Marketing Agent’s marketing services had been terminated or not yet initiated. For purposes of this paragraph only, “Funds” means, collectively, Invesco DB ~~Gold~~Agriculture Fund, ~~andPowerShares DB Silver Fund or (ii) $25,000 per annum with respect to each of PowerShares DB Energy Fund, PowerShares DB Oil Fund, PowerShares DB Precious Metals Fund, PowerShares~~Invesco DB Base Metals Fund, and PowerShares DB Agriculture Fund, plus any fees or disbursements incurred by ALPS Distributors in connection with the performance by ALPS Distributors of its duties on behalf of each Fund and its corresponding Master Fund.

~~Pursuant to the Marketing Agreement,~~ Invesco Aim Distributors will be paid the following fees out of the Management Fee of each Master Fund in an amount of (i) 0.10% per annum on the first $3 billion of the average amount of the daily net assets of all “DB Funds” (as defined in the following paragraph) during each calendar year calculated in U.S. dollars, or Total Net Assets, (ii) 0.12% per annum on the next $2 billion of Total Net Assets (~~i.e~~~~., the amount of Total Nets Assets above $3 billion but below $5 billion); and (iii) 0.15% per annum on the Total Net Assets in excess of $5 billion.~~

~~“DB Funds” means PowerShares~~ DB Commodity Index Tracking Fund, Invesco DB ~~Commodity Index Tracking Master~~Energy Fund, ~~PowerShares~~Invesco DB G10 Currency Harvest Fund, Invesco DB ~~G10 Currency Harvest Master~~Gold Fund, ~~PowerShares DB Energy Fund, DB Energy Master Fund, PowerShares~~Invesco DB Oil Fund, ~~DB Oil Master Fund, PowerShares~~Invesco DB Precious Metals Fund, ~~DB Precious Metals Master Fund, PowerShares DB Gold Fund, DB Gold Master Fund, PowerShares~~Invesco DB Silver Fund, DB Silver Master Fund, PowerShares DB Base Metals Fund, DB Base Metals Master Fund, PowerShares DB Agriculture Fund, DB Agriculture Master Fund, PowerShares DB US Dollar Index Bullish Fund, DB US Dollar Index Bullish Master Fund, PowerSharesInvesco DB US Dollar Index Bearish Fund, ~~and~~Invesco DB US Dollar Index ~~Bearish Master Fund.~~Bullish

Fund, and “New Invesco ETFs”. New Invesco ETF means, in part, any fund that both (i) is formed and sponsored or advised on or after the date of the Services Agreement by the Managing Owner or an affiliate and (ii) meets all of the following criteria: (1) is a vehicle that both (a) is listed, traded or sold in North America, Central America or South America and (b) either (i) has an investment strategy substantially similar to that of a Fund or (ii) satisfies (or would, if sponsored by the Managing Owner, satisfy) all of the criteria set forth in clauses (ii)(1) and (b) herein; (2) is marketed as having a principal investment objective of providing exposure to certain designated commodities or derivatives thereof, whether long, short, or otherwise; and (3) (A) invests, is permitted to invest in, or which has as a principal investment strategy the investment of, more than 51% of its net assets in certain designated commodities, or (B) establishes or maintains, is permitted to establish or maintain, or which has as a principal investment strategy to establish or maintain, exposure to derivatives of certain designated commodities with a gross aggregate notional value greater than 51% of its NAV.

The payments to ~~ALPS~~Invesco Distributors and ~~Invesco Aim Distributors~~the Marketing Agent will not, in the aggregate (of the Trust, and not on a Fund by Fund basis), exceed 0.25% and 8.75%, respectively, of the ~~aggregate dollar amount~~gross offering proceeds of the offering (or in an aggregate amount equal to $35,520,750.32 and $1,243,226,261.03 respectively, of the aggregate $14,208,300,126.10 registered on the (i) initial Registration Statement on Form S-1, SEC Registration Number 333-135422 of the Trust and Master Trust, on which, $3,500,000,000 was previously registered, (ii) the Registration Statement, on Form S-1, SEC Registration Number 333-142163 of the Trust and Master Trust, on which,

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$1,020,800,000 was registered only in respect of PowerShares DB Agriculture Fund, (iii) the Registration Statement, on Form S-1, SEC Registration Number 333-148613 of the Trust and Master Trust, on which, an aggregate of $5,000,000,126.10 was registered and (iv) this Registration Statement on Form S-1, SEC Registration Number 333-[ ] of the Trust and Master Trust, on which 125,000,000 common units of beneficial interest ($4,687,500,000.00) was registered only in respect of PowerShares DB Agriculture Fund). The Trust will advise ALPSoffering. Invesco Distributors and ~~Invesco Aim Distributors~~the Marketing Agent will monitor compensation received in connection with the Fund to determine if the payments described hereunder must be limited, when combined with selling commissions charged and any price spreads realized by other FINRA members, in order to comply with the 10% limitation on total underwriters’ compensation pursuant to FINRA Rule 2310.

The Marketing Agent’s compensation is also subject to the limitations under NASD Rule ~~2810.~~2830, which governs the underwriting compensation which may be paid in respect of investment companies.

~~The~~Each Fund’s Shares ~~of each Fund of the Trust will be listed~~trade on the ~~Amex~~NYSE Arca under the following symbols:

~~PowerShares~~Invesco DB Energy Fund –— DBE;

~~PowerShares~~Invesco DB Oil Fund –— DBO;

~~PowerShares~~Invesco DB Precious Metals Fund –— DBP;

~~PowerShares~~Invesco DB Gold Fund –— DGL; and

~~PowerShares DB Silver Fund – DBS;~~

~~PowerShares~~Invesco DB Base Metals Fund ~~– DBB; and~~— DBB.

~~PowerShares DB Agriculture Fund – DBA.~~

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LEGAL MATTERS

~~Sidley Austin~~Morgan, Lewis & Bockius LLP has advised the Managing Owner in connection with the Shares being offered hereby. ~~Sidley Austin~~Morgan, Lewis & Bockius LLP also advises the Managing Owner with respect to its responsibilities as managing owner of, and with respect to matters relating to the Trust ~~the Master Trust~~ and each ~~Fund and Master~~ Fund. ~~Sidley Austin~~Morgan, Lewis & Bockius LLP has prepared the sections “Material U.S. Federal Income Tax Considerations” and “Purchases By Employee Benefit Plans” with respect to ERISA. ~~Sidley Austin~~Morgan, Lewis & Bockius LLP has not represented, nor will it represent, the Trust ~~the Master Trust,~~or any ~~Fund or Master~~ Fund or the Shareholders in matters relating to the Trust or any Fund and no other counsel has been engaged to act on their behalf. Certain opinions of counsel havebeen filed with the SEC as exhibits to the Registration Statement of which this Prospectus is a part.

Richards, Layton & Finger, P.A., special Delaware counsel to the Trust, ~~and Master Trust,~~ has advised the ~~Trust and Master~~ Trust in connection with the legality of the Shares being offered hereby.

EXPERTS

The ~~consolidated~~financial statements of ~~financial condition~~each Fund and ~~consolidated schedules of investments~~management’s assessments of the ~~Funds and their respective Subsidiaries as~~effectiveness of internal control over financial reporting (which is included in Management’s Report on Internal Control over Financial Reporting) incorporated in this Prospectus by reference to the Annual Reports on Form10-K for the year ended December 31, 2007, and the related consolidated statements of income and expenses, changes in shareholders’ equity, and cash flows for the period from January 3, 2007 (commencement of investment operations) to December 31, 2007 and the statements of financial condition of the Funds as of December 31, 20062017 have been ~~included~~so incorporated in reliance ~~upon~~on the ~~report~~reports of ~~KPMG~~PricewaterhouseCoopers LLP, an independent registered public accounting firm, ~~appearing elsewhere herein, and upon~~given on the authority of ~~such~~said firm as experts in ~~accounting~~auditing and ~~auditing.~~accounting.

The statements of financial condition of DB Commodity Services LLC as of December 31, 2007 and 2006, and the related statements of income and expenses, changes in member’s deficit, and cash flows for each of the years in the two-year period ended December 31, 2007, have been included in reliance upon the report of KPMG LLP, an independent registered public accounting firm, appearing elsewhere herein, and upon the authority of such firm as experts in accounting and auditing.

ADDITIONAL INFORMATION

This Prospectus constitutes part of the Registration Statement filed by the Trust ~~the Master Trust~~ and the ~~Trust and Master~~ Trust on behalf of each ~~Fund and Master~~ Fund, respectively, with the SEC in Washington, D.C. As further discussed under “Incorporation by Reference of Certain Documents,” we have incorporated by reference certain information. This Prospectus does not contain all of the information set forth in such Registration Statement, certain portions of which have been

omitted pursuant to the rules and regulations of the SEC, including, without limitation, certain exhibits thereto (for example, the forms of the Participant Agreement and the Customer Agreement). The descriptions contained herein of agreements included as exhibits to the Registration Statement are necessarily summaries; the exhibits themselves may be inspected without charge at the public reference facilities maintained by the SEC in Washington, D.C., and copies of all or part thereof

~~185~~

may be obtained from the Commission upon payment of the prescribed fees. The SEC maintains a website that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC. The address of such site ishttp://www.sec.gov.

RECENT FINANCIAL INFORMATION AND ANNUAL REPORTS

The Managing Owner will furnish you with an annual report of each Fund in which you are invested within 90ninety (90) calendar days after the end of ~~its~~the Fund’s fiscal year as required by the rules and regulations of the ~~SEC as well as with those reports required by the~~ CFTC, ~~and the NFA,~~ including, but not limited to, an annual audited financial statement certified by independent registered public accountants and any other reports required by any other governmental authority that has jurisdiction over the activities of the ~~Funds and the Master~~ Funds. You also will be provided with appropriate information to permit you to file your ~~United States~~U.S. federal and state income tax returns (on a timely basis) with respect to your Shares. Monthly account statements conforming to CFTC and NFA requirements ~~will be~~are posted on the Managing Owner’s website at~~www.dbfunds.db.com.~~www.invesco.com/ETFs. Additional reports may be posted on the Managing Owner’s website in the discretion of the Managing Owner or as required by regulatory authorities.

INCORPORATION BY REFERENCE OF CERTAIN DOCUMENTS

The SEC allows each Fund to “incorporate by reference” into this Prospectus the information that the Fund files with it, meaning a Fund can disclose important information to Shareholders by referring Shareholders to those documents already on file with the SEC.

-132-

The information each Fund incorporates by reference is an important part of this Prospectus, and later information that a Fund files with the SEC will automatically update and supersede some of this information. Each Fund incorporates by reference the documents listed below.

This Prospectus incorporates by reference the following documents, which were previously filed with the SEC, in response to certain disclosures:

The Annual Report on Form~~PRIVACY POLICY OF THE MANAGING OWNER~~10-K for the fiscal year ended December 31, 2017, filed on February 28, 2018; and

The Quarterly Reports on Form 10-Q for the quarterly period ended March 31, 2018, June 30, 2018 and September 30, 2018, filed on May 8, 2018, August 8, 2018 and November 7, 2018, respectively; and

All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since December 31, 2017, except for information furnished under Form8-K, which is not deemed filed and not incorporated herein by reference.

Any statement contained in a document that is incorporated by reference will be modified or superseded for all purposes to the extent that a statement contained in this Prospectus (or in any other document that is subsequently filed with the SEC and incorporated by reference) modifies or is contrary to that previous statement. Any statement so modified or superseded will not be deemed a part of this Prospectus except as so modified or superseded.

The ~~Managing Owner collects non-public information about you from~~Funds will provide to Shareholders a copy of the filings that have been incorporated by reference in this Prospectus upon request, at no cost. Any request may be made by writing or calling the following ~~sources: (i)~~address or telephone number:

Invesco Capital Management LLC

3500 Lacey Road, Suite 700

Downers Grove, IL 60515

Telephone: (800)983-0903

These documents may also be accessed through our website atwww.invesco.com/ETFs or as described herein under “Additional Information.” The information ~~received~~and other content contained on or linked from ~~you on applications or~~our website is not incorporated by reference in this Prospectus and should not be considered a part of this Prospectus.

The Funds file annual, quarterly, current reports and other ~~forms; and (ii)~~ information ~~about your transactions~~ with the ~~Managing Owner~~SEC. These materials are available for copying and ~~others.~~reading at the SEC’s Public Reference Room at 100 F Street, N.E., Washington, DC 20549. The ~~Managing Owner does not disclose any non-public personal~~public may obtain information ~~about you to anyone,~~on the operation of the Public Reference Room by calling the SEC at1-800-SEC-0330. The SEC maintains an internet site athttp://www.sec.gov that contains reports, proxy and information statements and other ~~than as set forth below, as permitted by applicable law and regulation. The Managing Owner may disclose non-public personal~~ information ~~about you to~~regarding the funds in which you invest. The Managing Owner may disclose non-public personal information about you to non-affiliated companies that work with the Managing Owner to service your account(s), or to provide services or process transactions that you have requested. The Managing Owner may disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax adviser, or to other third parties at your direction/consent. If youdecide to close your account(s) or become an inactive customer, the Managing Owner will adhere to the privacy policies and practices as described in this notice. The Managing Owner restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. The Managing Owner maintains appropriate physical, electronic and procedural safeguards to guard your non-public personal information.

Funds.

[Remainder of page left blank intentionally.]

~~186~~-133-

~~INDEX TO FINANCIAL STATEMENTS~~PART TWO


		~~Page~~
~~PowerShares DB Energy Fund and Subsidiary~~

~~Report of Independent Registered Public Accounting Firm~~		~~189~~
~~Consolidated Statements of Financial Condition as of December 31, 2007 and December 31, 2006~~		~~190~~
~~Consolidated Schedule of Investments as of December 31, 2007~~		~~191~~
~~Consolidated Statement of Income and Expenses for the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~192~~
~~Consolidated Statement of Changes in Shareholders’ Equity for the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~193~~
~~Consolidated Statement of Cash Flows for the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~194~~
~~Notes to Consolidated Financial Statements~~		~~195~~

~~PowerShares DB Oil Fund and Subsidiary~~

~~Report of Independent Registered Public Accounting Firm~~		~~203~~
~~Consolidated Statements of Financial Condition as of December 31, 2007 and December 31, 2006~~		~~204~~
~~Consolidated Schedule of Investments as of December 31, 2007~~		~~205~~
~~Consolidated Statement of Income and Expenses for the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~206~~
~~Consolidated Statement of Changes in Shareholders’ Equity for the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~207~~
~~Consolidated Statement of Cash Flows for the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~208~~
~~Notes to Consolidated Financial Statements~~		~~209~~

~~PowerShares DB Precious Metals Fund and Subsidiary~~

~~Report of Independent Registered Public Accounting Firm~~		~~217~~
~~Consolidated Statements of Financial Condition as of December 31, 2007 and December 31, 2006~~		~~218~~
~~Consolidated Schedule of Investments as of December 31, 2007~~		~~219~~
~~Consolidated Statement of Income and Expenses for the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~220~~
~~Consolidated Statement of Changes in Shareholders’ Equity for the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~221~~
~~Consolidated Statement of Cash Flows for the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~222~~
~~Notes to Consolidated Financial Statements~~		~~223~~

~~PowerShares DB Gold Fund and Subsidiary~~

~~Report of Independent Registered Public Accounting Firm~~		~~231~~
~~Consolidated Statements of Financial Condition as of December 31, 2007 and December 31, 2006~~		~~232~~
~~Consolidated Schedule of Investments as of December 31, 2007~~		~~233~~
~~Consolidated Statement of Income and Expenses for the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~234~~
~~Consolidated Statement of Changes in Shareholders’ Equity for the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~235~~
~~Consolidated Statement of Cash Flows for the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~236~~
~~Notes to Consolidated Financial Statements~~		~~237~~

STATEMENT OF ADDITIONAL INFORMATION

~~187~~

INVESCO DB MULTI-SECTOR COMMODITY TRUST


~~PowerShares DB Silver Fund and Subsidiary~~

~~Report of Independent Registered Public Accounting Firm~~		~~245~~
~~Consolidated Statements of Financial Condition as of December 31, 2007 and December 31, 2006~~		~~246~~
~~Consolidated Schedule of Investments as of December 31, 2007~~		~~247~~
~~Consolidated Statement of Income and Expenses for the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~248~~
~~Consolidated Statement of Changes in Shareholders’ Equity for the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~249~~
~~Consolidated Statement of Cash Flows for the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~250~~
~~Notes to Consolidated Financial Statements~~		~~251~~

~~PowerShares DB Base Metals Fund and Subsidiary~~

~~Report of Independent Registered Public Accounting Firm~~		~~259~~
~~Consolidated Statements of Financial Condition as of December 31, 2007 and December 31, 2006~~		~~260~~
~~Consolidated Schedule of Investments as of December 31, 2007~~		~~261~~
~~Consolidated Statement of Income and Expenses for the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~262~~
~~Consolidated Statement of Changes in Shareholders’ Equity for the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~263~~
~~Consolidated Statement of Cash Flows for the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~264~~
~~Notes to Consolidated Financial Statements~~		~~265~~

~~PowerShares DB Agriculture Fund and Subsidiary~~

~~Report of Independent Registered Public Accounting Firm~~		~~273~~
~~Consolidated Statements of Financial Condition as of December 31, 2007 and December 31, 2006~~		~~274~~
~~Consolidated Schedule of Investments as of December 31, 2007~~		~~275~~
~~Consolidated Statement of Income and Expenses for the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~276~~
~~Consolidated Statement of Changes in Shareholders’ Equity for the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~277~~
~~Consolidated Statement of Cash Flows for the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~278~~
~~Notes to Consolidated Financial Statements~~		~~279~~

~~DB Commodity Services LLC~~

~~Report of Independent Registered Public Accounting Firm~~		~~288~~
~~Statements of Financial Condition for the Year Ended December 31, 2007 and 2006~~		~~289~~
~~Statements of Income and Expenses for the Year Ended December 31, 2007 and 2006~~		~~290~~
~~Statements of Changes in Member’s Deficit for the Years Ended December 31, 2007 and 2006~~		~~291~~
~~Statements of Cash Flows for the Years Ended December 31, 2007 and 2006~~		~~292~~
~~Notes to Financial Statements~~		~~293~~

~~188~~

~~Report of Independent Registered Public Accounting Firm~~

~~The Board of Managers~~

~~DB Commodity Services LLC:~~

~~We have audited the accompanying consolidated statement of financial condition of PowerShares~~Invesco DB Energy Fund and Subsidiary (the Fund), including the consolidated schedule of investments, as of December 31, 2007, and the related consolidated statements of income and expenses, changes in shareholders’ equity, and cash flows for the period from January 3, 2007 (commencement of investment operations) to December 31, 2007. We have also audited the accompanying statement of financial condition of PowerShares DB Energy Fund as of December 31, 2006. The above referenced consolidated financial statements of PowerShares DB Energy Fund and Subsidiary and the statement of financial condition of PowerShares DB Energy Fund are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the consolidated financial statements of PowerShares DB Energy Fund and Subsidiary as of December 31, 2007 and for the period from January 3, 2007 (commencement of investment operations) to December 31, 2007 and the statement of financial condition of PowerShares DB Energy Fund as of December 31, 2006 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 consolidated financial statements of PowerShares DB Energy Fund and Subsidiary present fairly, in all material respects, the financial position of PowerShares DB Energy Fund and Subsidiary as of December 31, 2007 and the results of their operations, changes in their shareholders’ equity and their cash flows for the period from January 3, 2007 (commencement of investment operations) to December 31, 2007, and the statement of financial condition of PowerShares DB Energy Fund presents fairly, in all material respects, the financial position of PowerShares DB Energy Fund as of December 31, 2006, in conformity with U.S. generally accepted accounting principles.

As discussed in Note 1 to the consolidated financial statements of PowerShares DB Energy Fund and Subsidiary, the Fund commenced investment operations on January 3, 2007, with the initial offering of common units of beneficial interest to certain eligible financial institutions.

~~/s/ KPMG LLP~~

~~New York, New York~~

~~March 25, 2008~~

~~189~~

~~PowerShares DB Energy Fund and Subsidiary~~

~~Consolidated Statements of Financial Condition~~

~~December 31, 2007 and 2006(i)~~

   2007    2006
Assets

Equity held in broker trading accounts

United States Treasury Obligations, at fair value (cost $29,885,030)
   $ 29,893,861    $ —
Cash held by broker
   11,001,940    1,000
Net unrealized appreciation on futures contracts
   8,367,383    —

Deposits with broker
   49,263,184    1,000

Other assets
   2,198    —

Total assets
   $ 49,265,382    $ 1,000

Liabilities and shareholders’ equity

Management fee payable
   $ 31,370    —
Non controlling interest in consolidated subsidiary – related party
   1,000    —

Total liabilities
   32,370    —

Commitments and Contingencies (Note 9)

Shareholders’ equity

General shares:

Paid in capital - 40 shares issued and outstanding as of December 31, 2007 and 2006, respectively
   1,000    1,000
Accumulated earnings
   407    —

Total General shares
   1,407    1,000

Limited shares:

Paid-in-capital - 1,400,000 and 0 redeemable shares issued and outstanding as of December 31, 2007 and 2006, respectively
   35,847,624    —
Accumulated earnings
   13,383,981    —

Total Limited shares
   49,231,605    —

Total shareholders’ equity
   49,233,012    1,000

Total liabilities and shareholders’ equity
   $ 49,265,382    $ 1,000

Net asset value per share

General shares
   $ 35.18    $ 25.00
Limited shares
   $ 35.17    Not Applicable

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~Represents financial condition only for PowerShares DB Energy Fund as consolidation of DB Energy Master Fund occurred upon commencement~~~~of investment operations, as of January 3, 2007.~~

~~190~~

~~PowerShares DB Energy Fund and Subsidiary~~

~~Consolidated Schedule of Investments (i)~~

~~December 31, 2007~~

Description
   Percentage
of
Net Assets Fair
Value Face
Value
United States Treasury Obligations

U.S. Treasury Bills, 2.89% due January 10, 2008
   10.15 % $ 4,997,285 $ 5,000,000
U.S. Treasury Bills, 3.92% due January 31, 2008
   10.13 4,988,280 5,000,000
U.S. Treasury Bills, 3.55% due February 7, 2008
   10.13 4,985,500 5,000,000
U.S. Treasury Bills, 3.43% due February 14, 2008
   10.12 4,982,650 5,000,000
U.S. Treasury Bills, 3.18% due February 28, 2008
   8.09 3,981,096 4,000,000
U.S. Treasury Bills, 3.00% due March 20, 2008
   12.10 5,959,050 6,000,000

Total United States Treasury Obligations
(cost $29,885,030)
   60.72 % $ 29,893,861


A portion of the above United States Treasury Obligations are held as initial margin against open futures contracts, as noted in Note 4 (d)

Description
   Percentage
of
Net Assets Fair
Value
Unrealized Appreciation (Depreciation) on Futures Contracts

Brent Crude Oil (117 contracts, settlement date February 14, 2008)
   4.61 % $ 2,268,120
Light, Sweet Crude Oil (117 contracts, settlement date April 22, 2008)
   4.92 2,423,350
Gasoline RBOB (114 contracts, settlement date October 31, 2008)
   3.38 1,663,494
Heating Oil (105 contracts, settlement date May 30, 2008)
   4.49 2,209,889
Natural Gas (61 contracts, settlement date April 28, 2008)
   (0.40 ) (197,470 )

Net Unrealized Appreciation on Futures Contracts
   17.00 % $ 8,367,383

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~PowerShares DB Energy Fund and Subsidiary commenced investment operations on January 3, 2007, therefore no investments were held prior to that date.~~

~~191~~

~~PowerShares DB Energy Fund and Subsidiary~~

~~Consolidated Statement of Income and Expenses~~

~~For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007(i)~~

Income

Interest Income
   $ 1,600,537

Expenses

Management fee
   270,255
Brokerage commissions and fees
   10,810

Total expenses
   281,065

Net investment income
   1,319,472

Net Realized and Net Change in Unrealized Gain on United States Treasury Obligations and Futures

Net Realized Gain on

United States Treasury Obligations
   4,491
Futures
   4,944,247

Net realized gain
   4,948,738

Net Change in Unrealized Gain on

United States Treasury Obligations
   8,831
Futures
   8,367,383

Net change in unrealized gain
   8,376,214

Net realized and Net change in unrealized gain on United States Treasury Obligations and Futures
   13,324,952

Net Income
   $ 14,644,424

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~PowerShares DB Energy Fund and Subsidiary commenced operations on January 3, 2007, therefore no operating results occurred prior to that date.~~

~~192~~

~~PowerShares DB Energy Fund and Subsidiary~~

~~Consolidated Statement of Changes in Shareholders’ Equity~~

~~For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007(i)~~

General Shares Limited Shares Total
General Shares Accumulated
Earnings
(Deficit) Total
General
Shareholders’
Equity
(Deficit) Limited Shares Accumulated
Earnings
(Deficit) Total
Limited
Shareholders’
Equity
(Deficit) Total
Shareholders’
Equity
(Deficit)
Shares Amount Shares Amount
Balance at January 3, 2007
40 $ 1,000 $ — $ 1,000 — $ — $ — $ — $ 1,000
Sale of Limited Shares
2,600,000 70,981,614 — 70,981,614 70,981,614
Redemption of Limited Shares
— — — — (1,200,000 ) (35,133,990 ) — (35,133,990 ) (35,133,990 )
Net Income

Net investment Income
— — 44 44 — — 1,319,428 1,319,428 1,319,472
Net realized gain on United States Treasury obligations and Futures
— — 169 169 — — 4,948,569 4,948,569 4,948,738
Net change in unrealized gain on United States Treasury Obligations and Futures
— — 230 230 — — 8,375,984 8,375,984 8,376,214

Net Income
443 443 14,643,981 14,643,981 14,644,424
Distributions of net investment income ($0.90 per share)
— — (36 ) (36 ) — — (1,260,000 ) (1,260,000 ) (1,260,036 )

Balance at December 31, 2007
40 $ 1,000 $ 407 $ 1,407 1,400,000 $ 35,847,624 $ 13,383,981 $ 49,231,605 $ 49,233,012

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~PowerShares DB Energy Fund and Subsidiary commenced operations on January 3, 2007, therefore no operating results occurred prior to that date.~~

~~193~~

~~PowerShares DB Energy Fund and Subsidiary~~

~~Consolidated Statement of Cash Flows~~

~~For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007(i)~~

   2007
Cash flow provided by operating activities:

Net Income
   $ 14,644,424
Adjustments to reconcile net income to net cash used for operating activities:

Cost of securities purchased
   (163,221,434 )
Proceeds from securities sold
   134,784,224
Net accretion of discount and amortization of premium on United States

Treasury Obligations
   (1,443,329 )
Net realized gain on United States Treasury Obligations
   (4,491 )
Net change in unrealized gain on United States Treasury

Obligations and Futures
   (8,376,214 )
Increase in operating receivables and liabilities:

Management fee payable
   31,370
Other assets
   (2,198 )
Non controlling interest in consolidated subsidiary – related party
   1,000

Net cash used for operating activities
   (23,586,648 )

Cash flows from financing activities:

Proceeds from sale of Limited Shares
   70,981,614
Redemption of Limited Shares
   (35,133,990 )
Cash distributions paid on Limited and General Shares
   (1,260,036 )

Net cash provided by financing activities
   34,587,588

Net change in cash held by broker
   11,000,940
Cash held by broker at beginning of period
   1,000

Cash held by broker at end of period
   $ 11,001,940

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~PowerShares DB Energy Fund and Subsidiary commenced operations on January 3, 2007, therefore no operating results occurred prior to that date.~~

~~194~~

~~PowerShares DB Energy Fund and Subsidiary~~

~~Notes to Consolidated Financial Statements~~

~~(1)~~

~~Organization~~

PowerShares DB Energy Fund (the “Fund”; “Fund” may also refer to the Fund and the Master Fund, collectively, as the context requires), a separate series of PowerShares DB Multi-Sector Commodity Trust (the “Trust”), a Delaware statutory trust organized in seven separate series and formed on August 3, 2006, and its subsidiary, DB Energy Master Fund (the “Master Fund”), a separate series of DB Multi-Sector Commodity Master Trust (the “Master Trust”), a Delaware statutory trust organized in seven separate series and formed on August 3, 2006. DB Commodity Services LLC, a Delaware limited liability company, (“DBCS” or the “Managing Owner”) funded both the Fund and the Master Fund with a capital contribution of $1,000 in exchange for 40 General Shares of each Fund and Master Fund. The fiscal year end of the Fund is December 31^st. The term of the Fund is perpetual (unless terminated earlier in certain circumstances) as provided in the Amended and Restated Declaration of Trust and Trust Agreement of the Trust and the Master Trust (the “Trust Agreement”).

The Fund offers common units of beneficial interest (the “Limited Shares”) only to certain eligible financial institutions (“Authorized Participants”) in one or more blocks of 200,000 Limited Shares, called a Basket. The proceeds from the offering of Limited Shares are invested in the Master Fund. The Fund and the Master Fund commenced investment operations on January 3, 2007 with the initial offering of 1,000,000 Limited Shares to Deutsche Bank Securities Inc. as initial purchaser of the Fund in exchange for $25,000,000. The Fund commenced trading on the American Stock Exchange (the “Amex”) on January 5, 2007.

This report covers the period from January 3, 2007 (commencement of investment operations) to December 31, 2007 (herein referred to as the “Period Ended December 31, 2007”). No investment operations occurred prior to January 3, 2007 therefore the 2007 and 2006 operating results are not comparable.

~~(2)~~

~~Fund Investment Overview~~

The Master Fund invests with a view to tracking the changes, whether positive or negative, in the level of the Deutsche Bank Liquid Commodity Index–Optimum Yield Energy Excess Return™ (“DBLCI-OY Energy ER™”, or the “Index”) plus the excess, if any, of the Master Fund’s income from its holdings of United States Treasury Obligations and other high credit quality short-term fixed income securities over the expenses of the Fund and the Master Fund.

The Index is intended to reflect the change in market value of the energy sector. The commodities comprising the Index, or the Index Commodities, are light sweet crude oil, heating oil, brent crude oil, RBOB gasoline and natural gas. The Commodity Futures Trading Commission and commodity exchanges impose position limits on market participants trading in certain commodities included in the Index. The Index is comprised of futures contracts on the Index Commodities that expire in a specific month and trade on a specific exchange (the “Index Contracts”). As disclosed in the Fund’s Prospectus, if the Managing Owner determines in its commercially reasonable judgment that it has become impracticable or inefficient for any reason for the Master Fund to gain full or partial exposure to any Index Commodity by investing in a specific Index Contract, the Master Fund may invest in a futures contract referencing the particular Index Commodity other than the Index Contract or, in the alternative, invest in other futures contracts not based on the particular Index Commodity if, in the commercially reasonable judgment of the Managing Owner, such futures contracts tend to exhibit trading prices that correlate with such Index Commodity.

The Master Fund also holds United States Treasury Obligations and other high credit quality short-term fixed income securities for deposit with the Master Fund’s commodities brokers as margin and for investment.

DBLCI™ and Deutsche Bank Liquid Commodity Index™ are trademarks of Deutsche Bank AG London (the “Index Sponsor”). The Index Sponsor is an affiliate of the Fund, the Master Fund and the Managing Owner.

~~195~~

~~(3)~~

~~Service Providers and Related Party Agreements~~

~~The Trustee~~

Under the Trust Agreements of the Trust and the Master Trust, Wilmington Trust Company (the “Trustee”), has delegated to the Managing Owner the exclusive management and control of all aspects of the business of the Trust, the Fund and the Master Trust and Master Fund. The Trustee will have no duty or liability to supervise or monitor the performance of the Managing Owner, nor will the Trustee have any liability for the acts or omissions of the Managing Owner.

~~The Managing Owner~~

The Managing Owner serves the Fund and Master Fund as commodity pool operator, commodity trading advisor and managing owner, and is an indirect wholly-owned subsidiary of Deutsche Bank AG. During the Period Ended December 31, 2007 the Fund and Master Fund incurred management fees of $270,255 of which $31,370 was still payable at December 31, 2007.

~~The Commodity Broker~~

Deutsche Bank Securities Inc., a Delaware corporation, serves as the Master Fund’s clearing broker (the “Commodity Broker”). The Commodity Broker is an indirect wholly-owned subsidiary of Deutsche Bank AG. In its capacity as clearing broker, the Commodity Broker executes and clears each of the Master Fund’s futures transactions and performs certain administrative services for the Master Fund. The Commodity Broker is an affiliate of the Managing Owner. During the Period Ended December 31, 2007 the Fund and Master Fund incurred brokerage fees of $10,810.

~~The Administrator~~

The Bank of New York (the “Administrator”) has been appointed by the Managing Owner as the administrator, custodian and transfer agent of the Master Fund and the Fund, and have entered into separate administrative, custodian, transfer agency and service agreements (collectively referred to as the “Administration Agreement”).

Pursuant to the Administration Agreement, the Administrator performs or supervises the performance of services necessary for the operation and administration of the Fund and the Master Fund (other than making investment decisions), including receiving and processing orders from Authorized Participants to create and redeem Baskets, net asset value calculations, accounting and other fund administrative services. The Administrator retains certain financial books and records, including: Basket creation and redemption books and records, fund accounting records, ledgers with respect to assets, liabilities, capital, income and expenses, the registrar, transfer journals and related details and trading and related documents received from futures commission merchants.

The Administration Agreement will continue in effect from the commencement of trading operations unless terminated on at least 90 days’ prior written notice by either party to the other party. Notwithstanding the foregoing, the Administrator may terminate the administrative portion of the Administration Agreement upon 30 days’ prior written notice if the Fund and/or Master Fund has materially failed to perform its obligations under the Administration Agreement.

~~The Distributor~~

ALPS Distributors (the “Distributor”) provides certain distribution services to the Fund. Pursuant to the Distribution Services Agreement between the Managing Owner in its capacity as managing owner of the Fund and the Distributor, the Distributor assists the Managing Owner and the Administrator with certain functions and duties relating to the creation and redemption of Baskets.

The Distribution Services Agreement is effective for two years and thereafter will continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by the Managing Owner or otherwise as provided under the Distribution Services Agreement. The Distribution Services Agreement is terminable without penalty on sixty days’ written notice by the Managing Owner or by the Distributor. The Distribution Services Agreement will automatically terminate in the event of its assignment.

~~196~~

~~PowerShares Capital Management LLC~~

Under the License Agreement among PowerShares Capital Management LLC (the “Licensor”), the Managing Owner in its own capacity and in its capacity as managing owner of the Fund (the Fund and the Managing Owner, collectively, the “Licensees”), the Licensor granted to each Licensee a non-exclusive license to use the “PowerShares^®” trademark (the “Trademark”) anywhere in the world, solely in connection with the marketing and promotion of the Fund and to use or refer to the Trademark in connection with the issuance and trading of the Fund as necessary.

~~A I M Distributors, Inc.~~

Through a marketing agreement between the Managing Owner and A I M Distributors, Inc. (“AIM Distributors”), an affiliate of PowerShares Capital Management LLC, or PowerShares, the Managing Owner, on behalf of the Fund and the Master Fund, has appointed AIM Distributors as a marketing agent. AIM Distributors assists the Managing Owner and the Administrator with certain functions and duties such as providing various educational and marketing activities regarding the Fund, primarily in the secondary trading market, which activities include, but are not limited to, communicating the Fund’s name, characteristics, uses, benefits, and risks, consistent with the prospectus. AIM Distributors will not open or maintain customer accounts or handle orders for the Fund. AIM Distributors engages in public seminars, road shows, conferences, media interviews, field incoming telephone “800” number calls and distribute sales literature and other communications (including electronic media) regarding the Fund.

~~(4)~~

~~Summary of Significant Accounting Policies~~

~~(a)~~

~~Basis of Presentation and Consolidation~~

The consolidated financial statements of the Fund have been prepared using U.S. generally accepted accounting principles, and they include the consolidated financial statement balances of the Fund and the Master Fund. Upon the initial offering of the Limited Shares on January 3, 2007, the capital raised by the Fund was used to purchase 100% of the common units of beneficial interest of the Master Fund (“Master Fund Limited Units”) (excluding common units of beneficial interest of the Master Fund held by the Managing Owner (“Master Fund General Units”)). The Master Fund Limited Units owned by the Fund provide the Fund and its investors certain controlling rights and abilities over the Master Fund. Consequently, the financial statement balances of the Master Fund have been consolidated with the Fund’s financial statement balances beginning January 3, 2007 (commencement of investment operations), and all significant inter-company balances and transactions have been eliminated.

~~(b)~~

~~Use of Estimates~~

The preparation of the consolidated 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 and liabilities, revenue and expense and related disclosure of contingent assets and liabilities during the reporting period of the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

~~(c)~~

~~Deposits with Broker~~

The Fund deposits cash and United States Treasury Obligations with its Commodity Broker subject to Commodity Futures Trading Commission (CFTC) regulations and various exchange and broker requirements. The combination of the Fund’s deposits with its Commodity Broker of cash and United States Treasury Obligations and the unrealized profit or loss on open futures contracts (variation margin) represents the Fund’s overall equity in its broker trading account. To meet the Fund’s initial margin requirements, the Fund holds United States Treasury Obligations. The Fund uses its cash held by the Commodity Broker to satisfy variation margin requirements. The Fund earns interest on its cash deposited with the Commodity Broker.

~~197~~

~~(d)~~

~~United States Treasury Obligations~~

The Fund records purchases and sales of United States Treasury Obligations on a trade date basis. These holdings are marked to market based on quoted market closing prices. The Fund holds United States Treasury Obligations for deposit with the Master Fund’s Commodity Broker to meet margin requirements and for trading purposes. Interest income is recognized on an accrual basis when earned. Premiums and discounts are amortized or accreted over the life of the United States Treasury Obligations. Included in the United States Treasury Obligations is $2,883,713 which is restricted and held against initial margin of the open futures contracts.

~~(e)~~

~~Cash Held by Broker~~

The Fund’s arrangement with the Commodity Broker requires the Fund to meet its variation margin requirement related to the price movements, both positive and negative, on futures contracts held by the Fund by keeping cash on deposit with the Commodity Broker. The Fund defines cash and cash equivalents to be highly liquid investments, with original maturities of three months or less when purchased. As of December 31, 2007 the Fund held cash of $11,001,940. There were no cash equivalents held by the Fund as of December 31, 2007.

~~(f)~~

~~Income Taxes~~

The Fund and the Master Fund are classified as partnerships for U.S. federal income tax purposes. Accordingly, neither the Fund nor the Master Fund will incur U.S. federal income taxes. No provision for federal, state, and local income taxes has been made in the accompanying consolidated financial statements, as investors are individually liable for income taxes, if any, on their allocable share of the Fund’s share of the Master Fund’s income, gain, loss, deductions and other items.

~~The following are the major tax jurisdictions for the Fund and the earliest tax year subject to examination:~~


~~Jurisdiction~~		~~Tax Year~~
~~US Federal~~		~~2007~~
~~State of New York~~		~~2007~~
~~New York City~~		~~2007~~
~~State of Florida~~		~~2007~~
~~State of Georgia~~		~~2007~~
~~State of Maine~~		~~2007~~
~~State of Missouri~~		~~2007~~
~~State of New Jersey~~		~~2007~~
~~State of Oregon~~		~~2007~~
~~State of Pennsylvania~~		~~2007~~
~~State of Utah~~		~~2007~~
~~State of West Virginia~~		~~2007~~

~~(g)~~

~~Futures Contracts~~

All commodity futures contracts are held and used for trading purposes. The commodity futures are recorded on a trade date basis and open contracts are recorded in the consolidated statement of financial condition at fair value on the last business day of the period, which represents market value for those commodity futures for which market quotes are readily available. However, when market closing prices are not available, the Managing Owner may value an asset of the Master Fund pursuant to policies the Managing Owner has adopted, which are consistent with normal industry standards. Realized gains (losses) and changes in unrealized appreciation (depreciation) on open positions are determined on a specific identification basis and recognized in the consolidated statement of income and expenses in the period in which the contract is closed or the changes occur, respectively. As of December 31, 2007, the futures contracts held by the Fund were in a net unrealized appreciation position of $8,367,383.

~~198~~

~~(h)~~

~~Management Fee~~

The Master Fund pays the Managing Owner a management fee (“Management Fee”), monthly in arrears, in an amount equal to 0.75% per annum of the daily net asset value of the Master Fund. No separate Management Fee is paid by the Fund. The Management Fee is paid in consideration of the Managing Owner’s commodity futures trading advisory services. For the Period Ended December 31, 2007 the Management Fee amounted to $270,255 of which $31,370 was payable to the Managing Owner as of December 31, 2007.

~~(i)~~

~~Brokerage Commissions and Fees~~

The Master Fund incurs all brokerage commissions, including applicable exchange fees, NFA fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities by the Commodity Broker. These costs are recorded as brokerage commissions and fees in the consolidated statement of income and expenses as incurred. The Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis. On average, total charges paid to the Commodity Broker were approximately $7.00 per round-turn trade for Period Ended December 31, 2007. For the Period Ended December 31, 2007 brokerage fees amounted to $10,810.

~~(j)~~

~~Routine Operational, Administrative and Other Ordinary Expenses~~

The Managing Owner assumes all routine operational, administrative and other ordinary expenses of the Fund and the Master Fund, including, but not limited to, computer services, the fees and expenses of the Trustee, legal and accounting fees and expenses, tax preparation expenses, filing fees and printing, mailing and duplication costs. Accordingly, all such expenses are not reflected in the consolidated statement of income and expenses of the Fund. (For additional information, see Note (8), Organizational and Offering Costs).

~~(k)~~

~~Non-Recurring and Unusual Fees and Expenses~~

The Master Fund pays all fees and expenses, if any, of the Fund and the Master Fund, which are non-recurring and unusual in nature. Such expenses include legal claims and liabilities, litigation costs or indemnification or other unanticipated expenses. Such fees and expenses, by their nature, are unpredictable in terms of timing and amount. For the Period Ended December 31, 2007, the Fund and the Master Fund did not incur such expenses.

~~(5)~~

~~Financial Instrument Risk~~

In the normal course of its business, the Master Fund is party to financial instruments with off-balance sheet risk. The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss. The financial instruments used by the Master Fund are commodity futures, whose values are based upon an underlying asset and generally represent future commitments that have a reasonable possibility of being settled in cash or through physical delivery. The financial instruments are traded on an exchange and are standardized contracts.

Market risk is the potential for changes in the value of the financial instruments traded by the Master Fund due to market changes, including fluctuations in commodity prices. In entering into these futures contracts, there exists a market risk that such futures contracts may be significantly influenced by conditions, resulting in such futures contracts being less valuable. If the markets should move against all of the futures contracts at the same time, the Master Fund could experience substantial losses.

Credit risk is the possibility that a loss may occur due to the failure of an exchange clearinghouse to perform according to the terms of a futures contract. Credit risk with respect to exchange-traded instruments is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transactions. The Master Fund’s risk of loss in the event of counterparty default is typically limited to the amounts recognized in the consolidated statement of financial condition and not represented by the futures contract or notional amounts of the instruments.

~~199~~

The Fund and the Master Fund have not utilized, nor do they expect to utilize in the future, special purpose entities to facilitate off-balance sheet financing arrangements and have no loan guarantee arrangements or off-balance sheet arrangements of any kind, other than agreements entered into in the normal course of business noted above.

~~(6)~~

~~Share Purchases and Redemptions~~

~~(a)~~

~~Purchases~~

Limited Shares may be purchased from the Fund only by Authorized Participants in one or more blocks of 200,000 Shares, called a Basket. The Fund issues Limited Shares in Baskets only to Authorized Participants continuously as of noon, New York time, on the business day immediately following the date on which a valid order to create a Basket is accepted by the Fund, at the net asset value of 200,000 Limited Shares as of the closing time of the Amex or the last to close of the exchanges on which the Master Fund’s assets are traded, whichever is later, on the date that a valid order to create a Basket is accepted by the Fund.

~~(b)~~

~~Redemptions~~

By placing a redemption order, an Authorized Participant agrees to deliver the Baskets to be redeemed through The Depository Trust Company’s (“DTC”) book-entry system to the Fund not later than noon, New York time, on the business day immediately following the redemption order date. By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the redemption order.

The redemption proceeds from the Fund consist of the cash redemption amount. The cash redemption amount is equal to the net asset value of the number of Basket(s) requested in the Authorized Participant’s redemption order as of the closing time of the Amex or the last to close of the exchanges on which the Master Fund’s assets are traded, whichever is later, on the redemption order date. The Fund will distribute the cash redemption amount at noon, New York time, on the business day immediately following the redemption order date through DTC to the account of the Authorized Participant as recorded on DTC’s book-entry system.

The redemption proceeds due from the Fund are delivered to the Authorized Participant at noon, New York time, on the business day immediately following the redemption order date if, by such time on such business day immediately following the redemption order date, the Fund’s DTC account has been credited with the Baskets to be redeemed. If the Fund’s DTC account has not been credited with all of the Baskets to be redeemed by such time, the redemption proceeds are delivered to the extent of whole Baskets received. Any remainder of the redemption proceeds are delivered on the next business day to the extent of remaining whole Baskets received if the Managing Owner receives the fee applicable to the extension of the redemption distribution date which the Managing Owner may, from time-to-time, determine and the remaining Baskets to be redeemed are credited to the Fund’s DTC account by noon, New York time, on such next business day. Any further outstanding amount of the redemption order will be canceled. The Managing Owner is also authorized to deliver the redemption proceeds notwithstanding that the Baskets to be redeemed are not credited to the Fund’s DTC account by noon, New York time, on the business day immediately following the redemption order date if the Authorized Participant has collateralized its obligation to deliver the Baskets through DTC’s book-entry system on such terms as the Managing Owner may from time-to-time agree upon.

~~(c)~~

~~Limited Share Transactions~~

The Fund and the Master Fund commenced investment operations on January 3, 2007 with the initial offering of 1,000,000 Limited Shares to Deutsche Bank Securities Inc. as Initial Purchaser of the Fund in exchange for $25,000,000. The Fund commenced trading on the Amex on January 5, 2007.

~~200~~

~~Summary of Limited Share Transactions for the Period Ended December 31, 2007~~

   Limited Shares
Period Ended
December 31,
2007 Amount
Period Ended
December 31,
2007
Limited Shares Sold
   2,600,000 $ 70,981,614
Limited Shares Redeemed
   (1,200,000 ) (35,133,990 )

Net Increase
   1,400,000 35,847,624

~~(7)~~

~~Profit and Loss Allocations and Distributions~~

Pursuant to the Amended and Restated Declaration of Trust and Trust Agreement of the Master Trust, income and expenses are allocated pro rata to the General and Limited shareholders monthly based on their respective percentage interests as of the close of the last trading day of the preceding month. Any losses allocated to the Managing Owner (the owner of the General Shares) which are in excess of the Managing Owner’s capital balance are allocated to the Limited shareholders in accordance with their respective interest in the Master Fund as a percentage of total shareholders’ equity. Distributions (other than redemption of units) may be made at the sole discretion of the Managing Owner on a pro rata basis in accordance with the respective capital balances of the shareholders.

A distribution of $0.90 per share from net investment income was declared on December 14, 2007 to Limited shareholders, on record as of the close of business on December 19, 2007, payable on December 28, 2007. On December 28, 2007, the total distribution of $1,260,000 million was paid to Limited shareholders. On December 28, 2007 the Fund paid $0.90 per General Share, a total distribution of $36.00.

~~(8)~~

~~Organizational and Offering Costs~~

All organizing and offering expenses of the Fund and its Master Fund are incurred and assumed by the Managing Owner. Expenses incurred in connection with the continuous offering of Limited Shares after the commencement of the Master Fund’s trading operations also will be paid by the Managing Owner.

~~(9)~~

~~Commitments and Contingencies~~

The Managing Owner, either in its own capacity or in its capacity as the Managing Owner and on behalf of the Fund and the Master Fund, has entered into various service agreements that contain a variety of representations, or provide indemnification provisions related to certain risks service providers undertake in performing services which are in the best interests of the Funds. As of December 31, 2007 no claims had been received by the Fund or the Master Fund and it was therefore not possible to estimate the Fund’s and the Master Fund’s potential future exposure under such indemnification provisions.

~~(10)~~

~~Net Asset Value and Financial Highlights~~

The Fund is presenting the following net asset value and financial highlights related to investment performance and operations for a Limited Share outstanding for the Period Ended December 31, 2007. The net investment income and total expense ratios are calculated using average net asset value. The net asset value presentation is calculated using daily Limited Shares outstanding. The net investment income and total expense ratios have been annualized. The total return is based on the change in net asset value of the Limited Shares during the period. An individual investor’s return and ratios may vary based on the timing of capital transactions.

~~201~~

   Period Ended
December 31, 2007
Net increase in net assets from operations
   11.07
Distributions of net investment income on Limited Shares
   (0.90 )

Net increase
   10.17
Net asset value per Limited Share, end of period
   $ 35.17

Market value per Limited Share, beginning of period
   $ 25.00

Market value per Limited Share, end of period
   $ 35.30

Ratio to average Limited Shares*

Net investment income
   3.63%
Total expenses
   0.78%
Total Return, at net asset value **
   44.28%

Total Return, at market value **
   44.80%

*	~~Percentages are annualized.~~

**	~~Percentages are not annualized and are calculated based on initial offering price upon commencement of investment operations of $25.00.~~

~~(11)~~

~~Recently Issued Accounting Standards~~

In September 2006, the FASB issued FASB Statement No. 157, Fair Value Measurement (Statement 157). Statement 157 defines fair value, establishes a framework for the measurement of fair value and enhances disclosures about fair value measurements. The Statement does not require any new fair value measures. The Statement is effective for fair value measures already required or permitted by other standards for fiscal years beginning after November 15, 2007. The Fund is required to adopt Statement 157 beginning on January 1, 2008. Statement 157 is required to be applied prospectively, except for certain financial instruments. Any transition adjustment will be recognized as an adjustment to opening retained earnings in the year of adoption. The Fund is currently evaluating the impact of adopting Statement 157 on its financial statements disclosures.

In December 2007, the FASB issued FASB Statement No. 160, Noncontrolling Interests in Consolidated Financial Statements – an amendment to ARB No. 51 (Statement 160). Statement 160 requires noncontrolling interests (previously referred to as minority interests) to be reported as a component of equity, which changes the accounting for transactions with noncontrolling interest holders. Statement 160 is effective for periods beginning on or after December 15, 2008 and earlier adoption is prohibited. Statement 160 will be applied prospectively to all noncontrolling interests including any that arose before the effective date and presentation and disclosure requirements shall be applied retrospectively for all periods presented. The Fund is currently evaluating the impact of adopting Statement 160 on its results of operations and financial position.

~~(12)~~

~~Recently Adopted Accounting Standards~~

In July 2006, the FASB issued FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement 109. FIN 48 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a threshold of more-likely-than-not for recognition of tax benefits of uncertain tax positions taken or expected to be taken in a tax return. FIN 48 also provides related guidance on measurement, derecognition, classification, interest and penalties, and disclosure. The Fund adopted FIN 48 on January 1, 2007, and has determined that the application of this Statement did not have any impact on its results of operations and financial position.

~~202~~

~~Report of Independent Registered Public Accounting Firm~~

~~The Board of Managers~~

~~DB Commodity Services LLC:~~

~~We have audited the accompanying consolidated statement of financial condition of PowerShares~~Invesco DB Oil Fund and Subsidiary (the Fund), including the consolidated schedule of investments, as of December 31, 2007, and the related consolidated statements of income and expenses, changes in shareholders’ equity, and cash flows for the period from January 3, 2007 (commencement of investment operations) to December 31, 2007. We have also audited the accompanying statement of financial condition of PowerShares DB Oil Fund as of December 31, 2006. The above referenced consolidated financial statements of PowerShares DB Oil Fund and Subsidiary and the statement of financial condition of PowerShares DB Oil Fund are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the consolidated financial statements of PowerShares DB Oil Fund and Subsidiary as of December 31, 2007 and for the period from January 3, 2007 (commencement of investment operations) to December 31, 2007 and the statement of financial condition of PowerShares DB Oil Fund as of December 31, 2006 based on our audits.

In our opinion, the consolidated financial statements of PowerShares DB Oil Fund and Subsidiary present fairly, in all material respects, the financial position of PowerShares DB Oil Fund and Subsidiary as of December 31, 2007 and the results of their operations, changes in their shareholders’ equity and their cash flows for the period from January 3, 2007 (commencement of investment operations) to December 31, 2007, and the statement of financial condition of PowerShares DB Oil Fund presents fairly, in all material respects, the financial position of PowerShares DB Oil Fund as of December 31, 2006, in conformity with U.S. generally accepted accounting principles.

As discussed in Note 1 to the consolidated financial statements of PowerShares DB Oil Fund and Subsidiary, the Fund commenced investment operations on January 3, 2007, with the initial offering of common units of beneficial interest to certain eligible financial institutions.

~~/s/ KPMG LLP~~

~~New York, New York~~

~~March 25, 2008~~

~~203~~

~~PowerShares DB Oil Fund and Subsidiary~~

~~Consolidated Statements of Financial Condition~~

~~December 31, 2007 and 2006(i)~~

   2007      2006
Assets

Equity held in broker trading accounts:

United States Treasury Obligations, at fair value (cost $27,914,660)
   $ 27,918,189      $ —
Cash held by broker
   1,538,904      1,000
Net unrealized appreciation on futures contracts
   5,172,000      —

Deposits with broker
   34,629,093      1,000

Other assets
   2,871

Total assets
   $ 34,631,964      $ 1,000

Liabilities and shareholders’ equity

Management fee payable
   $ 11,577      $ —
Non controlling interest in consolidated subsidiary – related party
   1,000      —

Total liabilities
   12,577      —

Commitments and Contingencies (Note 9)

Shareholders’ equity

General shares:

Paid in capital - 40 shares issued and outstanding as of December 31, 2007 and 2006 respectively
   1,000      1,000
Accumulated earnings
   385      —

Total General shares
   1,385      1,000

Limited shares:

Paid-in-capital - 1,000,000 and 0 redeemable shares issued and outstanding as of December 31, 2007 and 2006, respectively
   28,007,508      —
Accumulated earnings
   6,610,494      —

Total Limited shares
   34,618,002      —

Total shareholders’ equity
   34,619,387      1,000

Total liabilities and shareholders’ equity
   $ 34,631,964      $            1,000

Net asset value per share

General shares
   $ 34.63      $ 25.00
Limited shares
   $ 34.62      Not Applicable

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~Represents financial condition only for PowerShares DB Oil Fund as consolidation of DB Oil Master Fund occurred upon commencement of investment operations, as of January 3, 2007.~~

~~204~~

~~PowerShares DB Oil Fund and Subsidiary~~

~~Consolidated Schedule of Investments~~

~~December 31, 2007(i)~~

Description
   Percentage
of
Net Assets Fair Value    Face Value
United States Treasury Obligations

U.S. Treasury Bills, 3.10% due January 3, 2008
   30.33 % $ 10,499,328    $ 10,500,000
U.S. Treasury Bills, 2.89% due January 10, 2008
   2.89 999,457    1,000,000
U.S. Treasury Bills, 3.55% due February 7, 2008
   5.76 1,994,200    2,000,000
U.S. Treasury Bills, 3.39% due February 21, 2008
   28.76 9,958,990    10,000,000
U.S. Treasury Bills, 3.28% due March 27, 2008
   12.90 4,466,214    4,500,000

Total United States Treasury Obligations
(cost $27,914,660)
   80.64 % $ 27,918,189

A portion of the above United States Treasury Obligations are held as initial margin against open futures contracts, as noted in Note 4 (d)
Description
   Percentage
of
Net Assets Fair Value
Unrealized Appreciation (Depreciation) on Futures Contracts Light, Sweet Crude Oil (368 contracts, settlement date April 22, 2008)
   14.94 5,172,000

Net Unrealized Appreciation on Futures Contracts
   14.94 % $ 5,172,000

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~PowerShares DB Oil Fund and Subsidiary commenced investment operations on January 3, 2007, therefore no investments were held prior to that date.~~

~~205~~

~~PowerShares DB Oil Fund and Subsidiary~~

~~Consolidated Statement of Income and Expenses~~

~~For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007(i)~~

Income

Interest Income
   $ 1,212,509

Expenses

Management fee
   131,443
Brokerage commissions and fees
   18,515

Total expenses
   149,958

Net investment income
   1,062,551

Net Realized and Net Change in Unrealized Gain on United States
Treasury Obligations and Futures

Net Realized Gain on

United States Treasury Obligations
   490
Futures
   1,396,360

Net realized gain
   1,396,850

Net Change in Unrealized Gain on

United States Treasury Obligations
   3,529
Futures
   5,172,000

Net change in unrealized gain
   5,175,529

Net realized and Net change in unrealized gain on United States Treasury Obligations and Futures
   6,572,379

Net Income
   $ 7,634,930

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~PowerShares DB Oil Fund and Subsidiary commenced operations on January 3, 2007, therefore no operating results occurred prior to that date.~~

~~206~~

~~PowerShares DB Oil Fund and Subsidiary~~

~~Consolidated Statement of Changes in Shareholders’ Equity~~

~~For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007(i)~~

   General Shares Limited Shares Total
   General Shares    Accumulated
Earnings
(Deficit) Total
General
Shareholders’
Equity
(Deficit) Limited Shares Accumulated
Earnings
(Deficit) Total
Limited
Shareholders’
Equity
(Deficit) Total
Shareholders’
Equity
(Deficit)
   Shares    Amount    Shares Amount
Balance at January 3, 2007
   40    $ 1,000    $ — $ 1,000 — $ — $ — $ — $ 1,000
Sale of Limited Shares
         2,800,000 75,433,798 — 75,433,798 75,433,798
Redemption of Limited Shares
   —    —    — — (1,800,000 ) (47,426,290 ) — (47,426,290 ) (47,426,290 )
Net Income

Net investment income
   —    —    45 45 — — 1,062,506 1,062,506 1,062,551
Net realized gain on United
   —    —    — —
States Treasury Obligations and Futures
   —    —    65 65 — — 1,396,785 1,396,785 1,396,850
Net change in unrealized gain on United States Treasury Obligations and Futures
   —    —    326 326 — — 5,175,203 5,175,203 5,175,529

Net Income
   —    —    436 436 — — 7,634,494 7,634,494 7,634,930
Distributions of net investment income ($1.28 per share)
   —    —    (51 ) (51 ) — — (1,024,000 ) (1,024,000 ) (1,024,051 )

Balance at December 31, 2007
   40    $ 1,000    $ 385 $ 1,385 1,000,000 $ 28,007,508 $ 6,610,494 $ 34,618,002 $ 34,619,387

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~PowerShares DB Oil Fund and Subsidiary commenced operations on January 3, 2007, therefore no operating results occurred prior to that date.~~

~~207~~

~~PowerShares DB Oil Fund and Subsidiary~~

~~Consolidated Statement of Cash Flows~~

~~For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007(i)~~

   2007
Cash flow provided by operating activities:

Net Income
   $ 7,634,930
Adjustments to reconcile net income to net cash used for operating activities:

Cost of securities purchased
   (121,149,029 )
Proceeds from securities sold
   94,341,927
Net accretion of discount and amortization of premium on United States

Treasury Obligations
   (1,107,068 )
Net realized gain on United States Treasury Obligations
   (490 )
Net change in unrealized gain on United States Treasury

Obligations and Futures
   (5,175,529 )
Increase in operating receivables and liabilities:

Other assets
   (2,871 )
Management fee payable
   11,577
Non controlling interest in consolidated subsidiary – related party
   1,000

Net cash used for operating activities
   (25,445,553 )


Cash flows from financing activities:

Proceeds from sale of Limited Shares
   75,433,798
Redemption of Limited Shares
   (47,426,290 )
Cash distributions paid on Limited and General Shares
   (1,024,051 )

Net cash provided by financing activities
   26,983,457

Net change in cash held by broker
   1,537,904
Cash held by broker at beginning of period
   1,000

Cash held by broker at end of period
   $ 1,538,904

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~PowerShares DB Oil Fund and Subsidiary commenced operations on January 3, 2007, therefore no operating results occurred prior to that date.~~

~~208~~

~~PowerShares DB Oil Fund and Subsidiary~~

~~Notes to Consolidated Financial Statements~~

~~(1)~~

~~Organization~~

PowerShares DB Oil Fund (the “Fund”; “Fund” may also refer to the Fund and the Master Fund, collectively, as the context requires), a separate series of PowerShares DB Multi-Sector Commodity Trust (the “Trust”), a Delaware statutory trust organized in seven separate series and formed on August 3, 2006, and its subsidiary, DB Oil Master Fund (the “Master Fund”), a separate series of DB Multi-Sector Commodity Master Trust (the “Master Trust”), a Delaware statutory trust organized in seven separate series and formed on August 3, 2006. DB Commodity Services LLC, a Delaware limited liability company, (“DBCS” or the “Managing Owner”) funded both the Fund and the Master Fund with a capital contribution of $1,000 in exchange for 40 General Shares of the Fund and the Master Fund. The fiscal year end of the Fund is December 31^st. The term of the Fund is perpetual (unless terminated earlier in certain circumstances) as provided in the Amended and Restated Declaration of Trust and Trust Agreement of the Trust and the Master Trust (the “Trust Agreement”).

This report covers the period from January 3, 2007 (commencement of investment operations) to December 31, 2007 (herein referred to as the “Period Ended December 31, 2007”). No investment operations occurred prior to January 3, 2007 therefore, the 2007 and 2006 operating results are not comparable.

~~(2)~~

~~Fund Investment Overview~~

The Master Fund invests with a view to tracking the changes, whether positive or negative, in the level of the Deutsche Bank Liquid Commodity Index–Optimum Yield Crude Oil Excess Return™ (“DBLCI-OY CL ER™”, or the “Index”) plus the excess, if any, of the Master Fund’s income from its holdings of United States Treasury Obligations and other high credit quality short-term fixed income securities over the expenses of the Fund and the Master Fund.

The Index is intended to reflect the change in market value of the crude oil sector. The single commodity comprising the Index, or the Index Commodity, is Light Sweet Crude Oil (WTI). The Commodity Futures Trading Commission and commodity exchanges impose position limits on market participants trading in the commodity included in the Index. The Index is comprised of futures contracts on the Index Commodity that expire in a specific month and trade on a specific exchange (the “Index Contracts”). As disclosed in the Fund’s Prospectus, if the Managing Owner determines in its commercially reasonable judgment that it has become impracticable or inefficient for any reason for the Master Fund to gain full or partial exposure to any Index Commodity by investing in a specific Index Contract, the Master Fund may invest in a futures contract referencing the particular Index Commodity other than the Index Contract or, in the alternative, invest in other futures contracts not based on the particular Index Commodity if, in the commercially reasonable judgment of the Managing Owner, such futures contracts tend to exhibit trading prices that correlate with such Index Commodity.

~~209~~

~~(3)~~

~~Service Providers and Related Party Agreements~~

~~The Trustee~~

~~The Managing Owner~~

The Managing Owner serves the Fund and Master Fund as commodity pool operator, commodity trading advisor and managing owner, and is an indirect wholly-owned subsidiary of Deutsche Bank AG. During the Period Ended December 31, 2007 the Fund and Master Fund incurred Management Fees of $131,443 of which $11,577 was still payable at December 31, 2007.

~~The Commodity Broker~~

Deutsche Bank Securities Inc., a Delaware corporation, serves as the Master Fund’s clearing broker (the “Commodity Broker”). The Commodity Broker is an indirect wholly-owned subsidiary of Deutsche Bank AG. In its capacity as clearing broker, the Commodity Broker executes and clears each of the Master Fund’s futures transactions and performs certain administrative services for the Master Fund. The Commodity Broker is an affiliate of the Managing Owner. For the Period Ended December 31, 2007 the Fund and Master Fund incurred brokerage fees of $18,515.

~~The Administrator~~

The Administration Agreement will continue in effect from the commencement of trading operations unless terminated on at least 90 days’ prior written notice by either party to the other party. Notwithstanding the foregoing, the Administrator may terminate the administrative portion of the Administration Agreement upon 30 days’ prior written notice if the Fund and/or Master Fund has materially failed to perform its obligations under the Administration Agreement.

~~The Distributor~~

~~210~~

~~PowerShares Capital Management LLC~~

~~A I M Distributors, Inc.~~

~~(4)~~

~~Summary of Significant Accounting Policies~~

~~(a)~~

~~Basis of Presentation and Consolidation~~

~~(b)~~

~~Use of Estimates~~

~~(c)~~

~~Deposits with Broker~~

~~211~~

~~(d)~~

~~United States Treasury Obligations~~

The Fund records purchases and sales of United States Treasury Obligations on a trade date basis. These holdings are marked to market based on quoted market closing prices. The Fund holds United States Treasury Obligations for deposit with the Master Fund’s Commodity Broker to meet margin requirements and for trading purposes. Included in the United States Treasury Obligations is $2,235,600 which is restricted and held against initial margin of the open futures contracts. Interest income is recognized on an accrual basis when earned. Premiums and discounts are amortized or accreted over the life of the United States Treasury Obligations.

~~(e)~~

~~Cash Held by Broker~~

The Fund’s arrangement with the Commodity Broker requires the Fund to meet its variation margin requirement related to the price movements, both positive and negative, on futures contracts held by the Fund by keeping cash on deposit with the Commodity Broker. The Fund defines cash and cash equivalents to be highly liquid investments, with original maturities of three months or less when purchased. As of December 31, 2007 the Fund held cash of $1,538,904. There were no cash equivalents held by the Fund as of December 31, 2007.

~~(f)~~

~~Income Taxes~~

~~The following are the major tax jurisdictions for the Fund and the earliest tax year subject to examination:~~


~~Jurisdiction~~		~~Tax Year~~
~~US Federal~~		~~2007~~
~~State of New York~~		~~2007~~
~~New York City~~		~~2007~~
~~State of Florida~~		~~2007~~
~~State of Georgia~~		~~2007~~
~~State of Maine~~		~~2007~~
~~State of Missouri~~		~~2007~~
~~State of New Jersey~~		~~2007~~
~~State of Oregon~~		~~2007~~
~~State of Pennsylvania~~		~~2007~~
~~State of Utah~~		~~2007~~
~~State of West Virginia~~		~~2007~~

~~(g)~~

~~Futures Contracts~~

~~212~~

~~(h)~~

~~Management Fee~~

The Master Fund pays the Managing Owner a management fee (“Management Fee”), monthly in arrears, in an amount equal to 0.50% per annum of the daily net asset value of the Master Fund. No separate Management Fee is paid by the Fund. The Management Fee is paid in consideration of the Managing Owner’s commodity futures trading advisory services. For the Period Ended December 31, 2007, the Management Fee amounted to $131,443 of which $11,577 was payable to the Managing Owner as of December 31, 2007.

~~(i)~~

~~Brokerage Commissions and Fees~~

The Master Fund incurs all brokerage commissions, including applicable exchange fees, NFA fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities by the Commodity Broker. These costs are recorded as brokerage commissions and fees in the consolidated statement of income and expenses. On average, total charges paid to the Commodity Broker were approximately $7.00 per round-turn trade during the Period Ended December 31, 2007. For the Period Ended December 31, 2007 brokerage fees amounted to $18,515.

~~(j)~~

~~Routine Operational, Administrative and Other Ordinary Expenses~~

~~(k)~~

~~Non-Recurring and Unusual Fees and Expenses~~

~~(5)~~

~~Financial Instrument Risk~~

~~213~~

~~balance sheet arrangements of any kind, other than agreements entered into in the normal course of business noted above.~~

~~(6)~~

~~Share Purchases and Redemptions~~

~~(a)~~

~~Purchases~~

~~(b)~~

~~Redemptions~~

~~(c)~~

~~Limited Share Transactions~~

~~214~~

~~Summary of Limited Share Transactions for the Period Ended December 31, 2007~~

   Limited Shares
Period Ended
December 31,
2007 Amount
Period Ended
December 31,
2007
Limited Shares Sold
   2,800,000 $ 75,433,798
Limited Shares Redeemed
   (1,800,000 ) (47,426,290 )

Net Increase
   1,000,000 28,007,508

~~(7)~~

~~Profit and Loss Allocations and Distributions~~

A distribution of $1.28 per share from net investment income was declared on December 14, 2007 to Limited shareholders, on record as of the close of business on December 19, 2007, payable on December 28, 2007. On December 28, 2007, the total distribution of $1,024,000 was paid to Limited shareholders. On December 28, 2007 the Fund paid $1.28 per General Share, a total distribution of $51.20.

~~(8)~~

~~Organizational and Offering Costs~~

~~(9)~~

~~Commitments and Contingencies~~

~~(10)~~

~~Net Asset Value and Financial Highlights~~

~~215~~

   Period Ended
December 31, 2007
Net increase in net assets from operations
   10.90
Distributions of net investment income on Limited Shares
   (1.28 )

Net increase
   9.62
Net asset value per Limited Share, end of period
   $ 34.62

Market value per Limited Share, beginning of period
   $ 25.00

Market value per Limited Share, end of period
   $ 34.71

Ratio to average Limited Shares*

Net investment income
   4.02 %
Total expenses
   0.57 %
Total Return, at net asset value **
   43.60 %

Total Return, at market value **
   43.96 %

~~Percentages are annualized.~~

~~Percentages are not annualized and are calculated based on initial offering price upon commencement of investment operations of $25.00.~~

~~(11)~~

~~Recently Issued Accounting Standards~~

~~(12)~~

~~Recently Adopted Accounting Standards~~

~~216~~

~~Report of Independent Registered Public Accounting Firm~~

~~The Board of Managers~~

~~DB Commodity Services LLC:~~

~~We have audited the accompanying consolidated statement of financial condition of PowerShares~~Invesco DB Precious Metals Fund and Subsidiary (the Fund), including the consolidated schedule of investments, as of December 31, 2007, and the related consolidated statements of income and expenses, changes in shareholders’ equity, and cash flows for the period from January 3, 2007 (commencement of investment operations) to December 31, 2007. We have also audited the accompanying statement of financial condition of PowerShares DB Precious Metals Fund as of December 31, 2006. The above referenced consolidated financial statements of PowerShares DB Precious Metals Fund and Subsidiary and the statement of financial condition of PowerShares DB Precious Metals Fund are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the consolidated financial statements of PowerShares DB Precious Metals Fund and Subsidiary as of December 31, 2007 and for the period from January 3, 2007 (commencement of investment operations) to December 31, 2007 and the statement of financial condition of PowerShares DB Precious Metals Fund as of December 31, 2006 based on our audits.

In our opinion, the consolidated financial statements of PowerShares DB Precious Metals Fund and Subsidiary present fairly, in all material respects, the financial position of PowerShares DB Precious Metals Fund and Subsidiary as of December 31, 2007 and the results of their operations, changes in their shareholders’ equity and their cash flows for the period from January 3, 2007 (commencement of investment operations) to December 31, 2007, and the statement of financial condition of PowerShares DB Precious Metals Fund presents fairly, in all material respects, the financial position of PowerShares DB Precious Metals Fund as of December 31, 2006, in conformity with U.S. generally accepted accounting principles.

As discussed in Note 1 to the consolidated financial statements of PowerShares DB Precious Metals Fund and Subsidiary, the Fund commenced investment operations on January 3, 2007, with the initial offering of common units of beneficial interest to certain eligible financial institutions.

~~/s/ KPMG LLP~~

~~New York, New York~~

~~March 25, 2008~~

~~217~~

~~PowerShares DB Precious Metals Fund and Subsidiary~~

~~Consolidated Statements of Financial Condition~~

~~December 31, 2007 and 2006(i)~~

   2007    2006
Assets

Equity in broker trading accounts:

United States Treasury Obligations, at fair value (cost $49,333,517)
   $ 49,342,358    $ —
Cash held by broker
   1,330,109    1,000
Net unrealized appreciation on futures contracts
   5,023,210    —

Deposits with broker
   55,695,677    1,000

Other assets
   2,354    —

Total assets
   $ 55,698,031    $ 1,000

Liabilities and shareholders’ equity

Management fee payable
   $ 30,081    $ —
Non controlling interest in consolidated subsidiary – related party
   1,000    —

Total liabilities
   31,081    —

Commitments and Contingencies (Note 9)

Shareholders’ equity

General shares:

Paid in capital - 40 shares issued and outstanding as of December 31, 2007 and 2006 respectively
   1,000    1,000
Accumulated earnings
   237    —

Total General shares
   1,237    1,000

Limited shares:

Paid-in-capital - 1,800,000 and 0 redeemable shares issued and outstanding as of December 31, 2007 and 2006, respectively
   49,408,068    —
Accumulated earnings
   6,257,645    —

Total Limited shares
   55,665,713    —

Total shareholders’ equity
   55,666,950    1,000

Total liabilities and shareholders’ equity
   $ 55,698,031    $ 1,000

Net asset value per share

General shares
   $ 30.93    $ 25.00
Limited shares
   $ 30.93    Not Applicable

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

Represents financial condition only for PowerShares DB Precious Metals Fund as consolidation of DB Precious Metals Master Fund occurred upon commencement of investment operations, as of January 3, 2007.

~~218~~

~~PowerShares DB Precious Metals Fund and Subsidiary~~

~~Consolidated Schedule of Investments~~

~~December 31, 2007(i)~~

Description
   Percentage of
Net Assets Fair Value    Face Value
United States Treasury Obligations

U.S. Treasury Bills, 3.10% due January 3, 2008
   21.56 % $ 11,999,232    $ 12,000,000
U.S. Treasury Bills, 2.89% due January 10, 2008
   2.69 % $ 1,499,186    $ 1,500,000
U.S. Treasury Bills, 3.92% due January 31, 2008
   8.96 % $ 4,988,280    $ 5,000,000
U.S. Treasury Bills, 3.55% due February 7, 2008
   26.87 % $ 14,956,500    $ 15,000,000
U.S. Treasury Bills, 3.00% due March 13, 2008
   19.64 % $ 10,933,285    $ 11,000,000
U.S. Treasury Bills, 3.00% due March 20, 2008
   8.92 % $ 4,965,875    $ 5,000,000

Total United States Treasury Obligations (cost $49,333,517)
   88.64 % $ 49,342,358

~~A portion of the above United States Treasury Obligations are held as initial margin against open futures contracts, as noted in Note 4 (d)~~

Description
   Percentage of
Net Assets Fair
Value
Unrealized Appreciation (Depreciation) on Futures Contracts

Gold (519 contracts, settlement date August 27, 2008)
   8.47 % $ 4,716,180
Silver (138 contracts, settlement date January 28, 2009)
   0.55 307,030

Net Unrealized Appreciation on Futures Contracts
   9.02 % $ 5,023,210

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~PowerShares DB Precious Metals Fund and Subsidiary commenced investment operations on January 3, 2007, therefore no investments were held prior to that date.~~

~~219~~

~~PowerShares DB Precious Metals Fund and Subsidiary~~

~~Consolidated Statement of Income and Expenses~~

~~For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007(i)~~

Income

Interest Income
   $ 1,098,541

Expenses

Management fee
   185,982
Brokerage commissions and fees
   9,919

Total expenses
   195,901

Net investment income
   902,640

Net Realized and Net Change in Unrealized Gain on United States Treasury Obligations and Futures

Net Realized Gain on

United States Treasury Obligations
   5,770
Futures
   1,157,445

Net realized gain
   1,163,215

Net Change in Unrealized Gain on

United States Treasury Obligations
   8,841
Futures
   5,023,210

Net change in unrealized gain
   5,032,051

Net realized and net change in unrealized gain on United States Treasury Obligations and Futures
   6,195,266

Net Income
   $ 7,097,906

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~PowerShares DB Precious Metals Fund and Subsidiary commenced operations on January 3, 2007, therefore no operating results occurred prior to that date.~~

~~220~~

~~PowerShares DB Precious Metals Fund and Subsidiary~~

~~Consolidated Statement of Changes in Shareholders’ Equity~~

~~For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007(i)~~

General Shares Limited Shares Total
General Shares Accumulated
Earnings Total
General
Shareholders’
Equity Limited Shares Accumulated
Earnings
(Deficit) Total
Limited
Shareholders’
Equity
(Deficit) Total
Shareholders’
Equity
(Deficit)
Shares Amount Shares Amount
Balance at January 3, 2007
40 $ 1,000 $ - $ 1,000 — $ — $ — $ - $ 1,000
Sale of Limited Shares
— — 2,200,000 60,147,208 — 60,147,208 60,147,208
Redemption of Limited Shares
(400,000 ) (10,739,140 ) — (10,739,140 ) (10,739,140 )
Net income

Net investment income
— — 42 42 — — 902,598 902,598 902,640
Net realized gain on United States Treasury Obligations and Futures
— — 62 62 — — 1,163,153 1,163,153 1,163,215
Net change in unrealized gain on United States Treasury Obligations and Futures
— — 157 157 — — 5,031,894 5,031,894 5,032,051

Net income
— — 261 261 — — 7,097,645 7,097,645 7,097,906
Distributions of net investment income ($0.60 per share)
— — (24 ) (24 ) — — (840,000 ) (840,000 ) (840,024 )

Balance at December 31, 2007
40 $ 1,000 $ 237 $ 1,237 1,800,000 $ 49,408,068 $ 6,257,645 $ 55,665,713 $ 55,666,950

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~PowerShares DB Precious Metals Fund and Subsidiary commenced operations on January 3, 2007, therefore no operating results occurred prior to that date.~~

~~221~~

~~PowerShares DB Precious Metals Fund and Subsidiary~~

~~Consolidated Statement of Cash Flows~~

~~For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007(i)~~

   2007
Cash flow provided by operating activities:

Net Income
   $ 7,097,906
Adjustments to reconcile net income to net cash used for operating activities:

Cost of securities purchased
   (121,210,590 )
Proceeds from securities sold
   72,884,116
Net accretion of discount and amortization of premium on United States

Treasury Obligations
   (1,001,273 )
Net realized gain on United States Treasury Obligations
   (5,770 )
Net change in unrealized gain on United States Treasury

Obligations and Futures
   (5,032,051 )
Increase in operating receivables and liabilities:

Other assets
   (2,354 )
Management fee payable
   30,081
Non controlling interest in consolidated subsidiary – related party
   1,000

Net cash used for operating activities
   (47,238,935 )

Cash flows from financing activities:

Proceeds from sale of Limited Shares
   60,147,208
Redemption of Limited Shares
   (10,739,140 )
Cash distributions paid on Limited and General Shares
   (840,024 )

Net cash provided by financing activities
   48,568,044

Net change in cash held by broker
   1,329,109
Cash held by broker at beginning of period
   1,000

Cash held by broker at end of period
   $ 1,330,109

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~PowerShares DB Precious Metals Fund and Subsidiary commenced operations on January 3, 2007, therefore no operating results occurred prior to that date.~~

~~222~~

~~PowerShares DB Precious Metals Fund and Subsidiary~~

~~Notes to Consolidated Financial Statements~~

~~December 31, 2007~~

~~(1)~~

~~Organization~~

PowerShares DB Precious Metals Fund (the “Fund”; “Fund” may also refer to the Fund and the Master Fund, collectively, as the context requires), a separate series of PowerShares DB Multi-Sector Commodity Trust (the “Trust”), a Delaware statutory trust organized in seven separate series and formed on August 3, 2006, and its subsidiary, DB Precious Metals Master Fund (the “Master Fund”), a separate series of DB Multi-Sector Commodity Master Trust (the “Master Trust”), a Delaware statutory trust organized in seven separate series and formed on August 3, 2006. DB Commodity Services LLC, a Delaware limited liability company, (“DBCS” or the “Managing Owner”) funded both the Fund and the Master Fund with a capital contribution of $1,000 in exchange for 40 General Shares of each of the Fund and the Master Fund. The fiscal year end of the Fund is December 31^st. The term of the Fund is perpetual (unless terminated earlier in certain circumstances) as provided in the Amended and Restated Declaration of Trust and Trust Agreement of the Trust and the Master Trust (the “Trust Agreement”).

This report covers the period from January 3, 2007 (commencement of investment operations) to December 31, 2007 (herein referred to as the “Period Ended December 31, 2007”). No investment operations occurred prior to January 3, 2007, therefore, the 2007 and 2006 operating results are not comparable.

~~(2)~~

~~Fund Investment Overview~~

The Master Fund invests with a view to tracking the changes, whether positive or negative, in the level of the Deutsche Bank Liquid Commodity Index–Optimum Yield Precious Metals Excess Return™ (DBLCI-OY Precious Metals ER™, or “Index”) plus the excess, if any, of the Master Fund’s income from its holdings of United States Treasury Obligations and other high credit quality short-term fixed income securities over the expenses of the Fund and the Master Fund.

The Index is intended to reflect the change in market value of the precious metals sector. The commodities comprising the Index, or the Index Commodities, are gold and silver. The Commodity Futures Trading Commission and commodity exchanges impose position limits on market participants trading in certain commodities included in the Index. The Index is comprised of futures contracts on the Index Commodities that expire in a specific month and trade on a specific exchange (the “Index Contracts”). As disclosed in the Fund’s Prospectus, if the Managing Owner determines in its commercially reasonable judgment that it has become impracticable or inefficient for any reason for the Master Fund to gain full or partial exposure to any Index Commodity by investing in a specific Index Contract, the Master Fund may invest in a futures contract referencing the particular Index Commodity other than the Index Contract or, in the alternative, invest in other futures contracts not based on the particular Index Commodity if, in the commercially reasonable judgment of the Managing Owner, such futures contracts tend to exhibit trading prices that correlate with such Index Commodity.

~~223~~

~~(3)~~

~~Service Providers and Related Party Agreements~~

~~The Trustee~~

~~The Managing Owner~~

The Managing Owner serves the Fund and Master Fund as commodity pool operator, commodity trading advisor and managing owner, and is an indirect wholly-owned subsidiary of Deutsche Bank AG. During the Period Ended December 31, 2007 the Fund and Master Fund incurred management fees of $185,982 of which $30,081 was still payable at December 31, 2007.

~~The Commodity Broker~~

Deutsche Bank Securities Inc., a Delaware corporation, serves as the Master Fund’s clearing broker (the “Commodity Broker”). The Commodity Broker is an indirect wholly-owned subsidiary of Deutsche Bank AG. In its capacity as clearing broker, the Commodity Broker executes and clears each of the Master Fund’s futures transactions and performs certain administrative services for the Master Fund. The Commodity Broker is an affiliate of the Managing Owner. For the Period Ended December 31, 2007 the Fund and Master Fund incurred brokerage fees of $9,919.

~~The Administrator~~

The Administration Agreement will continue in effect from the commencement of trading operations unless terminated on at least 90 days’ prior written notice by either party to the other party. Notwithstanding the foregoing, the Administrator may terminate the administrative portion of the Administration Agreement upon 30 days’ prior written notice if the Fund and/or Master Fund has materially failed to perform its obligations under the Administration Agreement.

~~The Distributor~~

~~224~~

Agreement is terminable without penalty on sixty days’ written notice by the Managing Owner or by the Distributor. The Distribution Services Agreement will automatically terminate in the event of its assignment.

~~PowerShares Capital Management LLC~~

~~A I M Distributors, Inc.~~

~~(4)~~

~~Summary of Significant Accounting Policies~~

~~(a)~~

~~Basis of Presentation and Consolidation~~

~~(b)~~

~~Use of Estimates~~

~~(c)~~

~~Deposits with Broker~~

~~225~~

~~(d)~~

~~United States Treasury Obligations~~

The Fund records purchases and sales of United States Treasury Obligations on a trade date basis. These holdings are marked to market based on quoted market closing prices. The Fund holds United States Treasury Obligations for deposit with the Master Fund’s Commodity Broker to meet margin requirements and for trading purposes. Interest income is recognized on an accrual basis when earned. Premiums and discounts are amortized or accreted over the life of the United States Treasury Obligations. Included in the United States Treasury Obligations is $2,940,300 which is restricted and held against initial margin of the open futures contracts.

~~(e)~~

~~Cash Held by Broker~~

The Fund’s arrangement with the Commodity Broker requires the Fund to meet its variation margin requirement related to the price movements, both positive and negative, on futures contracts held by the Fund by keeping cash on deposit with the Commodity Broker. The Fund defines cash and cash equivalents to be highly liquid investments, with original maturities of three months or less when purchased. As of December 31, 2007 the Fund held cash of $1,330,109. There were no cash or cash equivalents held by the Fund as of December 31, 2007.

~~(f)~~

~~Income Taxes~~

~~The following are the major tax jurisdictions for the Fund and the earliest tax year subject to examination:~~


~~Jurisdiction~~		~~Tax Year~~
~~US Federal~~		~~2007~~
~~State of New York~~		~~2007~~
~~New York City~~		~~2007~~
~~State of Florida~~		~~2007~~
~~State of Georgia~~		~~2007~~
~~State of Maine~~		~~2007~~
~~State of Missouri~~		~~2007~~
~~State of New Jersey~~		~~2007~~
~~State of Oregon~~		~~2007~~
~~State of Pennsylvania~~		~~2007~~
~~State of Utah~~		~~2007~~
~~State of West Virginia~~		~~2007~~

~~(g)~~

~~Futures Contracts~~

~~226~~

~~(h)~~

~~Management Fee~~

The Master Fund pays the Managing Owner a management fee (“Management Fee”), monthly in arrears, in an amount equal to 0.75% per annum of the daily net asset value of the Master Fund. No separate Management Fee is paid by the Fund. The Management Fee is paid in consideration of the Managing Owner’s commodity futures trading advisory services. For the Period Ended December 31, 2007, the Management Fee amounted to $185,982 of which $30,081 was payable to the Managing Owner as of December 31, 2007.

~~(i)~~

~~Brokerage Commissions and Fees~~

The Master Fund incurs all brokerage commissions, including applicable exchange fees, NFA fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities by the Commodity Broker. These costs are recorded as brokerage commissions and fees in the consolidated statement of income and expenses as incurred. The Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis. On average, total charges paid to the Commodity Broker were approximately $7.00 per round-turn trade for the Period Ended December 31, 2007. For the Period Ended December 31, 2007, brokerage fees amounted to $9,919.

~~(j)~~

~~Routine Operational, Administrative and Other Ordinary Expenses~~

~~(k)~~

~~Non-Recurring and Unusual Fees and Expenses~~

~~(5)~~

~~Financial Instrument Risk~~

~~227~~

~~(6)~~

~~Share Purchases and Redemptions~~

~~(a)~~

~~Purchases~~

~~(b)~~

~~Redemptions~~

~~(c)~~

~~Limited Share Transactions~~

~~228~~

~~Summary of Limited Share Transactions for the Period Ended December 31, 2007~~

   Limited Shares Amount
   Period Ended
December 31,
2007 Period Ended
December 31,
2007
Limited Shares Sold
   2,200,000 $ 60,147,208
Limited Shares Redeemed
   (400,000 ) (10,739,140 )

Net Increase
   1,800,000 49,408,068

~~(7)~~

~~Profit and Loss Allocations and Distributions~~

A distribution of $0.60 per share from net investment income was declared on December 14, 2007 to Limited shareholders, on record as of the close of business on December 19, 2007, payable on December 28, 2007. On December 28, 2007, the total distribution of $840,000 was paid to Limited shareholders. On December 28, 2007 the Fund paid $0.60 per General Share, a total distribution of $24.00.

~~(8)~~

~~Organizational and Offering Costs~~

~~(9)~~

~~Commitments and Contingencies~~

~~(10)~~

~~Net Asset Value and Financial Highlights~~

~~229~~

   Period Ended
December 31, 2007
Net Asset Value

Initial offering price per Limited Share
   $ 25.00
Net realized and change in unrealized gain (loss) on United States
Treasury Obligations and Futures


5.54


Net investment income
   0.99

Net increase in net assets from operations
   6.53
Distributions of net investment income on Limited Shares
   (0.60 )

Net increase
   5.93
Net asset value per Limited Share, end of period
   $ 30.93

Market value per Limited Share, beginning of period
   $ 25.00

Market value per Limited Share, end of period
   $ 30.97

Ratio to average Limited Shares*

Net investment income
   3.60 %
Total expenses
   0.78 %
Total Return, at net asset value **
   26.12 %

Total Return, at market value **
   26.28 %

*	~~Percentages are annualized.~~

**	~~Percentages are not annualized and are calculated based on initial offering price upon commencement of investment operations of $25.00.~~

~~(11)~~

~~Recently Issued Accounting Standards~~

In December 2007, the FASB issued FASB Statement No 160, Noncontrolling Interests in Consolidated Financial Statements – an amendment to ARB No. 51 (Statement 160). Statement 160 requires noncontrolling interests (previously referred to as minority interests) to be reported as a component of equity, which changes the accounting for transactions with noncontrolling interest holders. Statement 160 is effective for periods beginning on or after December 15, 2008 and earlier adoption is prohibited. Statement 160 will be applied prospectively to all noncontrolling interests including any that arose before the effective date and presentation and disclosure requirements shall be applied retrospectively for all periods presented. The Fund is currently evaluating the impact of adopting Statement 160 on its results of operations and financial position.

~~(12)~~

~~Recently Adopted Accounting Standards~~

~~230~~

~~Report of Independent Registered Public Accounting Firm~~

~~The Board of Managers~~

~~DB Commodity Services LLC:~~

~~We have audited the accompanying consolidated statement of financial condition of PowerShares~~Invesco DB Gold Fund and Subsidiary (the Fund), including the consolidated schedule of investments, as of December 31, 2007, and the related consolidated statements of income and expenses, changes in shareholders’ equity, and cash flows for the period from January 3, 2007 (commencement of investment operations) to December 31, 2007. We have also audited the accompanying statement of financial condition of PowerShares DB Gold Fund as of December 31, 2006. The above referenced consolidated financial statements of PowerShares DB Gold Fund and Subsidiary and the statement of financial condition of PowerShares DB Gold Fund are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the consolidated financial statements of PowerShares DB Gold Fund and Subsidiary as of December 31, 2007 and for the period from January 3, 2007 (commencement of investment operations) to December 31, 2007 and the statement of financial condition of PowerShares DB Gold Fund as of December 31, 2006 based on our audits.

In our opinion, the consolidated financial statements of PowerShares DB Gold Fund and Subsidiary present fairly, in all material respects, the financial position of PowerShares DB Gold Fund and Subsidiary as of December 31, 2007 and the results of their operations, changes in their shareholders’ equity and their cash flows for the period from January 3, 2007 (commencement of investment operations) to December 31, 2007, and the statement of financial condition of PowerShares DB Gold Fund presents fairly, in all material respects, the financial position of PowerShares DB Gold Fund as of December 31, 2006, in conformity with U.S. generally accepted accounting principles.

As discussed in Note 1 to the consolidated financial statements of PowerShares DB Gold Fund and Subsidiary, the Fund commenced investment operations on January 3, 2007, with the initial offering of common units of beneficial interest to certain eligible financial institutions.

~~/s/ KPMG LLP~~

~~New York, New York~~

~~March 25, 2008~~

~~231~~

~~PowerShares DB Gold Fund and Subsidiary~~

~~Consolidated Statements of Financial Condition~~

~~December 31, 2007 and 2006(i)~~

   2007      2006
Assets

Equity held in broker trading accounts:

United States Treasury Obligations, at fair value (cost $39,361,380)
   $ 39,367,337      $ —
Cash held by broker
   —      1,000
Net unrealized appreciation on futures contracts
   6,271,740      —

Deposits with broker
   45,639,077      1,000

Other assets
   3,556      —

Total assets
   $ 45,642,633      $ 1,000

Liabilities and shareholders’ equity

Payable to broker
   $ 1,448,582      $ —
Management fee payable
   16,780      —
Non controlling interest in consolidated subsidiary – related party
   1,000      —

Total liabilities
   1,466,362      —

Commitments and Contingencies (Note 9)

Shareholders’ equity

General shares:

Paid in capital - 40 shares issued and outstanding as of December 31, 2007 and 2006, respectively
   1,000      1,000
Accumulated earnings
   262      —

Total General shares
   1,262      1,000

Limited shares:

Paid-in-capital - 1,400,000 and 0 redeemable shares issued and outstanding as of December 31, 2007 and 2006, respectively
   37,170,860      —
Accumulated earnings
   7,004,149      —

Total Limited shares
   44,175,009      —

Total shareholders’ equity
   44,176,271      1,000

Total liabilities and shareholders’ equity
   $ 45,642,633      $            1,000

Net asset value per share

General shares
   $ 31.55      $ 25.00
Limited shares
   $ 31.55      Not Applicable

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~Represents financial condition only for PowerShares DB Gold Fund as consolidation of DB Gold Master Fund occurred upon commencement of investment operations, as of January 3, 2007.~~

~~232~~

~~PowerShares DB Gold Fund and Subsidiary~~

~~Consolidated Schedule of Investments~~

~~December 31, 2007 (i)~~

Description
   Percentage
of
Net Assets Fair
Value    Face
Value
United States Treasury Obligations

U.S. Treasury Bills, 3.10% due January 3, 2008
   15.84 % $ 6,999,552    $ 7,000,000
U.S. Treasury Bills, 2.89% due January 10, 2008
   3.39 1,499,186    1,500,000
U.S. Treasury Bills, 3.04% due January 24, 2008
   22.60 9,983,940    10,000,000
U.S. Treasury Bills, 3.55% due February 7, 2008
   11.29 4,985,500    5,000,000
U.S. Treasury Bills, 3.00% due March 13, 2008
   24.75 10,933,284    11,000,000
U.S. Treasury Bills, 3.00% due March 20, 2008
   11.24 4,965,875    5,000,000

Total United States Treasury Obligations (cost $39,361,380)
   89.11 % $ 39,367,337

A portion of the above United States Treasury Obligations are held as initial margin against open futures contracts, as noted in Note 4 (d)
Description
   Percentage
of
Net Assets Fair
Value
Unrealized Appreciation (Depreciation) on Futures Contracts

Gold (511 contracts, settlement date August 27, 2008)
   14.20 % $ 6,271,740

Net Unrealized Appreciation on Futures Contracts
   14.20 % $ 6,271,740

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~PowerShares DB Gold Fund and Subsidiary commenced investment operations on January 3, 2007, therefore no investments were held prior to that date.~~

~~233~~

~~PowerShares DB Gold Fund and Subsidiary~~

~~Consolidated Statement of Income and Expenses~~

~~For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007(i)~~

Income

Interest Income
   $ 1,174,702

Expenses

Management fee
   130,429
Brokerage commissions and fees
   11,435

Total expenses
   141,864

Net investment income
   1,032,838

Net Realized and Net Change in Unrealized Gain on United States Treasury Obligations and Futures

Net Realized Gain on

United States Treasury Obligations
   568
Futures
   665,340

Net realized gain
   665,908

Net Change in Unrealized Gain on

United States Treasury Obligations
   5,957
Futures
   6,271,740

Net change in unrealized gain
   6,277,697

Net realized and net change in unrealized gain on United States Treasury Obligations and Futures
   6,943,605

Net Income
   $ 7,976,443

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~PowerShares DB Gold Fund and Subsidiary commenced operations on January 3, 2007, therefore no operating results occurred prior to that date.~~

~~234~~

~~PowerShares DB Gold Fund and Subsidiary~~

~~Consolidated Statement of Changes in Shareholders’ Equity~~

~~For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007(i)~~

   General Shares Limited Shares Total
   General Shares    Accumulated
Earnings
(Deficit) Total
General
Shareholders’
Equity
(Deficit) Limited Shares Accumulated
Earnings
(Deficit) Total
Limited
Shareholders’
Equity
(Deficit) Total
Shareholders’
Equity
(Deficit)
   Shares    Amount    Shares Amount
Balance at January 3, 2007
   40    $ 1,000    $ — $ 1,000 — $ — $ — $ — $ 1,000
Sale of Limited Shares
   —    —    — — 2,000,000 53,218,902 — 53,218,902 53,218,902
Redemption of Limited Shares
   —    —    — — (600,000 ) (16,048,042 ) — (16,048,042 ) (16,048,042 )
Net Income

Net investment income
   —    —    45 45 — — 1,032,793 1,032,793 1,032,838
Net realized gain on United States Treasury Obligations and Futures
   —    —    54 54 — — 665,854 665,854 665,908
Net change in unrealized gain on United States Treasury Obligations and Futures
   —    —    195 195 — — 6,277,502 6,277,502 6,277,697

Net Income
   —    —    294 294 — — 7,976,149 7,976,149 7,976,443
Distributions of net investment income ($0.81 per share)
   —    —    (32 ) (32 ) — — (972,000 ) (972,000 ) (972,032 )

Balance at December 31, 2007
   40    $ 1,000    $ 262 $ 1,262 1,400,000 $ 37,170,860 $ 7,004,149 $ 44,175,009 $ 44,176,271

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~PowerShares DB Gold Fund and Subsidiary commenced operations on January 3, 2007, therefore no operating results occurred prior to that date.~~

~~235~~

~~PowerShares DB Gold Fund and Subsidiary~~

~~Consolidated Statement of Cash Flows~~

~~For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007(i)~~

   2007
Cash flow provided by operating activities:

Net Income
   $ 7,976,443
Adjustments to reconcile net (loss) to net cash used for operating activities:

Cost of securities purchased
   (126,122,942 )
Proceeds from securities sold
   87,827,067
Net accretion of discount and amortization of premium on United States Treasury Obligations
   (1,064,937 )
Net realized gain on United States Treasury Obligations
   (568 )
Net change in unrealized gain on United States Treasury Obligations and Futures
   (6,277,697 )
Increase in operating receivables and liabilities:

Other assets
   (3,556 )
Payable to broker
   1,448,582
Management fee payable
   16,780
Other Liabilities
   1,000

Net cash used for operating activities
   (36,199,828 )

Cash flows from financing activities:

Proceeds from sale of Limited Shares
   53,218,902
Redemption of Limited Shares
   (16,048,042 )
Cash distributions paid on Limited and General Shares
   (972,032 )

Net cash provided by financing activities
   36,198,828

Net change in cash held by broker
   (1,000 )
Cash held by broker at beginning of period
   1,000

Cash held by broker at end of period
   $ —

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~PowerShares DB Gold Fund and Subsidiary commenced operations on January 3, 2007, therefore no operating results occurred prior to that date.~~

~~236~~

~~PowerShares DB Gold Fund and Subsidiary~~

~~Notes to Consolidated Financial Statements~~

~~(1)~~

~~Organization~~

PowerShares DB Gold Fund (the “Fund”; “Fund” may also refer to the Fund and the Master Fund, collectively, as the context requires), a separate series of PowerShares DB Multi-Sector Commodity Trust (the “Trust”), a Delaware statutory trust organized in seven separate series and formed on August 3, 2006, and its subsidiary, DB Gold Master Fund (the “Master Fund”), a separate series of DB Multi-Sector Commodity Master Trust (the “Master Trust”), a Delaware statutory trust organized in seven separate series and formed on August 3, 2006. DB Commodity Services LLC, a Delaware limited liability company, (“DBCS” or the “Managing Owner”) funded both the Fund and the Master Fund with a capital contribution of $1,000 in exchange for 40 General Shares of the Fund and the Master Fund. The fiscal year end of the Fund is December 31^st. The term of the Fund is perpetual (unless terminated earlier in certain circumstances) as provided in the Amended and Restated Declaration of Trust and Trust Agreement of the Trust and the Master Trust (the “Trust Agreement”).

This report covers the period from January 3, 2007 (commencement of investment operations) to December 31, 2007 (herein referred to as the “Period Ended December 31, 2007”). No investment operations occurred prior to January 3, 2007, therefore the 2007 and 2006 operating results are not comparable.

~~(2)~~

~~Fund Investment Overview~~

The Master Fund invests with a view to tracking the changes, whether positive or negative, in level of the Deutsche Bank Liquid Commodity Index–Optimum Yield Gold Excess Return™ (DBLCI-OY GC ER™, or the “Index”) plus the excess, if any, of the Master Fund’s income from its holdings of United States Treasury Obligations and other high credit quality short-term fixed income securities over the expenses of the Fund and the Master Fund.

The Index is intended to reflect the change in market value of the gold sector. The single commodity comprising the Index, or the Index Commodity, is gold. The Commodity Futures Trading Commission and commodity exchanges impose position limits on market participants trading in the Index Commodity. The Index is comprised of futures contracts on the Index Commodity that expire in a specific month and trade on a specific exchange (the “Index Contracts”). As disclosed in the Fund’s Prospectus, if the Managing Owner determines in its commercially reasonable judgment that it has become impracticable or inefficient for any reason for the Master Fund to gain full or partial exposure to any Index Commodity by investing in a specific Index Contract, the Master Fund may invest in a futures contract referencing the particular Index Commodity other than the Index Contract or, in the alternative, invest in other futures contracts not based on the particular Index Commodity if, in the commercially reasonable judgment of the Managing Owner, such futures contracts tend to exhibit trading prices that correlate with such Index Commodity.

~~237~~

~~(3)~~

~~Service Providers and Related Party Agreements~~

~~The Trustee~~

Under the Trust Agreement of the Fund and the Master Fund, Wilmington Trust Company (the “Trustee”), has delegated to the Managing Owner the exclusive management and control of all aspects of the business of the Fund and the Master Fund. The Trustee will have no duty or liability to supervise or monitor the performance of the Managing Owner, nor will the Trustee have any liability for the acts or omissions of the Managing Owner.

~~The Managing Owner~~

The Managing Owner serves the Fund and Master Fund as commodity pool operator, commodity trading advisor and managing owner, and is an indirect wholly-owned subsidiary of Deutsche Bank AG. During the Period Ended December 31, 2007 the Fund and Master Fund incurred Management Fees of $130,429 of which $16,780 was still payable at December 31, 2007.

~~The Commodity Broker~~

Deutsche Bank Securities Inc., a Delaware corporation, serves as the Master Fund’s clearing broker (the “Commodity Broker”). The Commodity Broker is an indirect wholly-owned subsidiary of Deutsche Bank AG. In its capacity as clearing broker, the Commodity Broker executes and clears each of the Master Fund’s futures transactions and performs certain administrative services for the Master Fund. The Commodity Broker is an affiliate of the Managing Owner. For the Period Ended December 31, 2007 the Fund and Master Fund incurred brokerage fees of $11,435.

~~The Administrator~~

The Administration Agreement will continue in effect from the commencement of trading operations unless terminated on at least 90 days’ prior written notice by either party to the other party. Notwithstanding the foregoing, the Administrator may terminate the administrative portion of the Administration Agreement upon 30 days’ prior written notice if the Fund and/or Master Fund has materially failed to perform its obligations under the Administration Agreement.

~~The Distributor~~

~~238~~

~~PowerShares Capital Management LLC~~

~~A I M Distributors, Inc.~~

~~(4)~~

~~Summary of Significant Accounting Policies~~

~~(a)~~

~~Basis of Presentation and Consolidation~~

~~(b)~~

~~Use of Estimates~~

~~(c)~~

~~Deposits with Broker~~

~~239~~

~~(d)~~

~~United States Treasury Obligations~~

The Fund records purchases and sales of United States Treasury Obligations on a trade date basis. These holdings are marked to market based on quoted market closing prices. The Fund holds United States Treasury Obligations for deposit with the Master Fund’s Commodity Broker to meet margin requirements and for trading purposes. Included in the United States Treasury Obligations is $2,069,550 which is restricted and held against initial margin of the open futures contracts. Interest income is recognized on an accrual basis when earned. Premiums and discounts are amortized or accreted over the life of the United States Treasury Obligations.

~~(e)~~

~~Cash Held by Broker~~

The Fund’s arrangement with the Commodity Broker requires the Fund to meet its variation margin requirement related to the price movements, both positive and negative, on futures contracts held by the Fund by keeping cash on deposit with the Commodity Broker. The Fund defines cash and cash equivalents to be highly liquid investments, with original maturities of three months or less when purchased. There were no cash or cash equivalents held by the Fund as of December 31, 2007.

~~(f)~~

~~Payable to Broker~~

Balances in the Fund’s variation margin account that are in excess of minimums required by the CFTC regulations and various exchanges and the Commodity Broker requirements, are available to the Fund. As of December 31, 2007, the futures contracts held by the Fund were in an unrealized appreciation position of $6,271,740, of which the Fund utilized $1,448,582 to purchase United States Treasury Obligations. No interest expense was incurred by the Fund as unrealized appreciation on open positions of future contracts exceeded the payable to broker by $4,823,158.

~~(g)~~

~~Income Taxes~~

~~The following are the major tax jurisdictions for the Fund and the earliest tax year subject to examination:~~


~~Jurisdiction~~		~~Tax Year~~
~~US Federal~~		~~2007~~
~~State of New York~~		~~2007~~
~~New York City~~		~~2007~~
~~State of Florida~~		~~2007~~
~~State of Georgia~~		~~2007~~
~~State of Maine~~		~~2007~~
~~State of Missouri~~		~~2007~~
~~State of New Jersey~~		~~2007~~
~~State of Oregon~~		~~2007~~
~~State of Pennsylvania~~		~~2007~~
~~State of Utah~~		~~2007~~
~~State of West Virginia~~		~~2007~~

~~(h)~~

~~Futures Contracts~~

~~240~~

standards. Realized gains (losses) and changes in unrealized appreciation (depreciation) on open positions are determined on a specific identification basis and recognized in the consolidated statement of income and expenses in the period in which the contract is closed or the changes occur, respectively. As of December 31, 2007, the futures contracts held by the Fund were in a net unrealized appreciation position of $6,271,740.

~~(i)~~

~~Management Fee~~

The Master Fund currently pays the Managing Owner a management fee (“Management Fee”), monthly in arrears, in an amount equal to 0.50% per annum of the daily net asset value of the Master Fund. No separate Management Fee is paid by the Fund. The Management Fee is paid in consideration of the Managing Owner’s commodity futures trading advisory services. For the Period Ended December 31, 2007, the Management Fee amounted to $130,429 of which $16,780 was payable to the Managing Owner as of December 31, 2007.

~~(j)~~

~~Brokerage Commissions and Fees~~

~~(k)~~

~~Routine Operational, Administrative and Other Ordinary Expenses~~

~~(l)~~

~~Non-Recurring and Unusual Fees and Expenses~~

~~(5)~~

~~Financial Instrument Risk~~

~~241~~

~~consolidated statement of financial condition and not represented by the futures contract or notional amounts of the instruments.~~

~~(6)~~

~~Share Purchases and Redemptions~~

~~(a)~~

~~Purchases~~

~~(b)~~

~~Redemptions~~

~~242~~

~~(c)~~

~~Limited Share Transactions~~

~~Summary of Limited Share Transactions for the Period Ended December 31, 2007~~

   Limited Shares
Period Ended
December 31,
2007 Amount
Period Ended
December 31,
2007
Limited Shares Sold
   2,000,000 $ 53,218,902
Limited Shares Redeemed
   (600,000 ) (16,048,042 )

Net Increase
   1,400,000 $ 37,170,860

~~(7)~~

~~Profit and Loss Allocations and Distributions~~

A distribution of $0.81 per share from net investment income was declared on December 14, 2007 to Limited shareholders, on record as of the close of business on December 19, 2007, payable on December 28, 2007. On December 28, 2007, the total distribution of $972,000 was paid to Limited shareholders. On December 28, 2007 the Fund paid $0.81 per General Share, a total distribution of $32.40.

~~(8)~~

~~Organizational and Offering Costs~~

~~(9)~~

~~Commitments and Contingencies~~

~~(10)~~

~~Net Asset Value and Financial Highlights~~

~~243~~

   Period Ended
December 31, 2007
Net Asset Value

Initial offering price per Limited Share
   $ 25.00
Net realized and change in unrealized gain (loss) on United States
Treasury Obligations and Futures
   6.28
Net investment income
   1.08

Net increase in net assets from operations
   7.36
Distributions of net investment income on Limited Shares
   (0.81 )

Net increase
   6.55
Net asset value per Limited Share, end of period
   $ 31.55

Market value per Limited Share, beginning of period
   $ 25.00

Market value per Limited Share, end of period
   $ 31.58

Ratio to average Limited Shares*

Net investment income
   3.92 %
Total expenses
   0.54 %
Total Return, at net asset value **
   29.44 %

Total Return, at market value **
   29.56 %

*	~~Percentages are annualized.~~

**	~~Percentages are not annualized and are calculated based on initial offering price upon commencement of investment operations of $25.00.~~

~~(11)~~

~~Recently Issued Accounting Standards~~

~~(12)~~

~~Recently Adopted Accounting Standards~~

~~244~~

~~Report of Independent Registered Public Accounting Firm~~

~~The Board of Managers~~

~~DB Commodity Services LLC:~~

We have audited the accompanying consolidated statement of financial condition of PowerShares DB Silver Fund and Subsidiary (the Fund), including the consolidated schedule of investments, as of December 31, 2007, and the related consolidated statements of income and expenses, changes in shareholders’ equity, and cash flows for the period from January 3, 2007 (commencement of investment operations) to December 31, 2007. We have also audited the accompanying statement of financial condition of PowerShares DB Silver Fund as of December 31, 2006. The above referenced consolidated financial statements of PowerShares DB Silver Fund and Subsidiary and the statement of financial condition of PowerShares DB Silver Fund are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the consolidated financial statements of PowerShares DB Silver Fund and Subsidiary as of December 31, 2007 and for the period from January 3, 2007 (commencement of investment operations) to December 31, 2007 and the statement of financial condition of PowerShares DB Silver Fund as of December 31, 2006 based on our audits.

In our opinion, the consolidated financial statements of PowerShares DB Silver Fund and Subsidiary present fairly, in all material respects, the financial position of PowerShares DB Silver Fund and Subsidiary as of December 31, 2007 and the results of their operations, changes in their shareholders’ equity and their cash flows for the period from January 3, 2007 (commencement of investment operations) to December 31, 2007, and the statement of financial condition of PowerShares DB Silver Fund presents fairly, in all material respects, the financial position of PowerShares DB Silver Fund as of December 31, 2006, in conformity with U.S. generally accepted accounting principles.

As discussed in Note 1 to the consolidated financial statements of PowerShares DB Silver Fund and Subsidiary, the Fund commenced investment operations on January 3, 2007, with the initial offering of common units of beneficial interest to certain eligible financial institutions.

~~/s/ KPMG LLP~~

~~New York, New York~~

~~March 25, 2008~~

~~245~~

~~PowerShares DB Silver Fund and Subsidiary~~

~~Consolidated Statements of Financial Condition~~

~~December 31, 2007 and 2006(i)~~

   2007      2006
Assets

Equity in broker trading accounts:

United States Treasury Obligations, at fair value (amortized cost $23,449,452)
   $ 23,457,741      $ —
Cash held by broker
   3,788,960      1,000
Net unrealized appreciation on futures contracts
   596,455

Deposits with broker
   27,843,156      1,000

Other assets
   4,921

Total assets
   $ 27,848,077      $ 1,000

Liabilities and shareholders’ equity

Management fee payable
   $ 11,678      $ —
Other liabilities
   1,000      —

Total liabilities
   12,678      —

Commitments and Contingencies (Note 9)

Shareholders’ equity

General shares:

Paid in capital - 40 shares issued and outstanding as of December 31, 2007 and 2006, respectively
   1,000      1,000
Accumulated earnings
   113      —

Total General shares
   1,113      1,000

Limited shares:

Paid-in-capital - 1,000,000 and 0 redeemable shares issued and outstanding as of December 31, 2007 and 2006, respectively
   25,160,026
Accumulated earnings
   2,674,260      —

Total Limited shares
   27,834,286      —

Total shareholders’ equity
   27,835,399      1,000

Total liabilities and shareholders’ equity
   $ 27,848,077      $          1,000

Net asset value per share

General shares
   $ 27.83      $ 25.00
Limited shares
   $ 27.83      Not Applicable

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~Represents financial condition only for PowerShares DB Silver Fund as consolidation of DB Silver Master Fund occurred upon commencement of investment operations, as of January 3, 2007.~~

~~246~~

~~PowerShares DB Silver Fund and Subsidiary~~

~~Consolidated Schedule of Investments~~

~~December 31, 2007 (i)~~

Description
   Percentage
of
Net Assets Fair
Value    Face
Value
United States Treasury Obligations

U.S. Treasury Bills, 3.10% due January 3, 2008
   35.92 % $ 9,999,360    $ 10,000,000
U.S. Treasury Bills, 2.89% due January 10, 2008
   5.39 1,499,186    1,500,000
U.S. Treasury Bills, 3.55% due February 7, 2008
   25.07 6,979,700    7,000,000
U.S. Treasury Bills, 3.39% due February 21, 2008
   17.89 4,979,495    5,000,000

Total United States Treasury Obligations (cost $23,449,452)
   84.27 % $ 23,457,741

A portion of the above United States Treasury Obligations are held as initial margin against open futures contracts, as noted in Note 4 (d)
Description
   Percentage
of
Net Assets Fair
Value
Unrealized Appreciation on Futures Contracts Silver

(362 contracts, settlement date January 28, 2009)
   2.14 % $ 596,455

Net Unrealized Appreciation on Futures Contracts
   2.14 % $ 596,455

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~PowerShares DB Silver Fund and Subsidiary commenced investment operations on January 3, 2007, therefore no investments were held prior to that date.~~

~~247~~

~~PowerShares DB Silver Fund and Subsidiary~~

~~Consolidated Statement of Income and Expenses~~

~~For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007(i)~~

Income

Interest Income
   $ 1,023,571

Expenses

Management fee
   111,270
Brokerage commissions and fees
   8,902

Total expenses
   120,172

Net investment income
   903,399

Net Realized and Net Change in Unrealized Gain on United States Treasury
Obligations and Futures

Net Realized Gain on

United States Treasury Obligations
   735
Futures
   2,035,530

Net realized gain
   2,036,265

Net Change in Unrealized Gain on

United States Treasury Obligations
   8,289
Futures
   596,455

Net change in unrealized gain
   604,744

Net realized and net change in unrealized gain on United States Treasury Obligations and Futures
   2,641,009

Net Income
   $ 3,544,408

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~PowerShares DB Silver Fund and Subsidiary commenced operations on January 3, 2007, therefore no operating results occurred prior to that date.~~

~~248~~

~~PowerShares DB Silver Fund and Subsidiary~~

~~Consolidated Statement of Changes in Shareholders’ Equity~~

~~For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007(i)~~

   General Shares Limited Shares Total
   General Shares    Accumulated
Earnings
(Deficit) Total
General
Shareholders’
Equity
(Deficit) Limited Shares Accumulated
Earnings
(Deficit) Total
Limited
Shareholders’
Equity
(Deficit) Total
Shareholders’
Equity
(Deficit)
   Shares    Amount    Shares Amount
Balance at January 3, 2007
   40    $ 1,000    $ — $ 1,000 — $ — $ — $ — $ 1,000
Sale of Limited Shares
   —    —    — — 1,400,000 36,099,486 — 36,099,486 36,099,486
Redemption of Limited Shares
   —    —    — — (400,000 ) (10,939,460 ) — (10,939,460 ) (10,939,460 )
Net Income
      —    — —
Net investment income
   —    —    44 44 — — 903,355 903,355 903,399
Net realized gain on United States Treasury Obligations and Futures
   —    —    121 121 — — 2,036,144 2,036,144 2,036,265
Net change in unrealized gain (loss) on United States Treasury Obligations and Futures
   —    —    (17 ) (17 ) — — 604,761 604,761 604,744

Net Income
   —    —    148 148 — — 3,544,260 3,544,260 3,544,408
Distributions of net investment income ($0.87 per share)
   —    —    (35 ) (35 ) — — (870,000 ) (870,000 ) (870,035 )

Balance at December 31, 2007
   40    $ 1,000    $ 113 $ 1,113 1,000,000 $ 25,160,026 $ 2,674,260 $ 27,834,286 $ 27,835,399

~~See accompanying notes to consolidated financial statements.~~

~~(i) PowerShares DB Silver Fund and Subsidiary commenced operations on January 3, 2007, therefore no operating results occurred prior to that date.~~

~~249~~

~~PowerShares DB Silver Fund and Subsidiary~~

~~Consolidated Statement of Cash Flows~~

~~For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007(i)~~

   2007
Cash flow provided by operating activities:

Net Income
   $ 3,544,408
Adjustments to reconcile net income (loss) to net cash used for operating activities:

Cost of securities purchased
   (93,419,007 )
Proceeds from securities sold
   70,882,494
Net accretion of discount and amortization of premium on United States

Treasury Obligations
   (912,204 )
Net realized gain on United States Treasury Obligations
   (735 )
Net change in unrealized gain on United States Treasury

Obligations and Futures
   (604,744 )
Increase in operating receivables and liabilities:

Other assets
   (4,921 )
Management fee payable
   11,678
Non controlling interest in consolidated subsidiary-related party
   1,000

Net cash used for operating activities
   (20,502,031 )

Cash flows from financing activities:

Proceeds from sale of Limited Shares
   36,099,486
Redemption of Limited Shares
   (10,939,460 )
Cash distributions paid on Limited and General Shares
   (870,035 )

Net cash provided by financing activities
   24,289,991

Net change in cash held by broker
   3,787,960
Cash held by broker at beginning of period
   1,000

Cash held by broker at end of period
   $ 3,788,960

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~PowerShares DB Silver Fund and Subsidiary commenced operations on January 3, 2007, therefore no operating results occurred prior to that date.~~

~~250~~

~~PowerShares DB Silver Fund and Subsidiary~~

~~Notes to Consolidated Financial Statements~~

~~(1)~~

~~Organization~~

PowerShares DB Silver Fund (the “Fund”; “Fund” may also refer to the Fund and the Master Fund, collectively, as the context requires), a separate series of PowerShares DB Multi-Sector Commodity Trust (the “Trust”), a Delaware statutory trust organized in seven separate series and formed on August 3, 2006, and its subsidiary, DB Silver Master Fund (the “Master Fund”), a separate series of DB Multi-Sector Commodity Master Trust (the “Master Trust”), a Delaware statutory trust organized in seven separate series and formed on August 3, 2006. DB Commodity Services LLC, a Delaware limited liability company, (“DBCS” or the “Managing Owner”) funded both the Fund and the Master Fund with a capital contribution of $1,000 in exchange for 40 General Shares of the Fund and the Master Fund. The fiscal year end of the Fund is December 31^st. The term of the Fund is perpetual (unless terminated earlier in certain circumstances) as provided in the Amended and Restated Declaration of Trust and Trust Agreement of the Trust and the Master Trust (the “Trust Agreement”).

This report covers the period from January 3, 2007 (commencement of investment operations) to December 31, 2007 (herein referred to as the “Period Ended December 31, 2007”). No investment operations occurred prior to January 3, 2007 therefore, the 2007 and 2006 operating results are not comparable.

~~(2)~~

~~Fund Investment Overview~~

The Master Fund invests with a view to tracking the changes, whether positive or negative, in level of the Deutsche Bank Liquid Commodity Index–Optimum Yield Silver Excess Return™ (DBLCI-OY SI ER™ or “Index”) plus the excess, if any, of the Master Fund’s income from its holdings of United States Treasury Obligations and other high credit quality short-term fixed income securities over the expenses of the Fund and the Master Fund.

The Index is intended to reflect the change in market value of the silver sector. The single commodity comprising the Index, or the Index Commodity, is silver. The Commodity Futures Trading Commission and commodity exchanges impose position limits on market participants trading in the commodity included in the Index. The Index is comprised of futures contracts on the Index Commodity that expire in a specific month and trade on a specific exchange (the “Index Contracts”). As disclosed in the Fund’s Prospectus, if the Managing Owner determines in its commercially reasonable judgment that it has become impracticable or inefficient for any reason for the Master Fund to gain full or partial exposure to any Index Commodity by investing in a specific Index Contract, the Master Fund may invest in a futures contract referencing the particular Index Commodity other than the Index Contract or, in the alternative, invest in other futures contracts not based on the particular Index Commodity if, in the commercially reasonable judgment of the Managing Owner, such futures contracts tend to exhibit trading prices that correlate with such Index Commodity.

~~251~~

~~(3)~~

~~Service Providers and Related Party Agreements~~

~~The Trustee~~

~~The Managing Owner~~

The Managing Owner serves the Fund and Master Fund as commodity pool operator, commodity trading advisor and managing owner, and is an indirect wholly-owned subsidiary of Deutsche Bank AG. During the Period Ended December 31, 2007 the Fund and Master Fund incurred Management Fees of $111,270 of which $11,678 was payable at December 31, 2007.

~~The Commodity Broker~~

Deutsche Bank Securities Inc., a Delaware corporation, serves as the Master Fund’s clearing broker (the “Commodity Broker”). The Commodity Broker is an indirect wholly-owned subsidiary of Deutsche Bank AG. In its capacity as clearing broker, the Commodity Broker executes and clears each of the Master Fund’s futures transactions and performs certain administrative services for the Master Fund. The Commodity Broker is an affiliate of the Managing Owner. For the Period Ended December 31, 2007 the Fund and Master Fund incurred brokerage fees of $8,902.

~~The Administrator~~

The Administration Agreement will continue in effect from the commencement of trading operations unless terminated on at least 90 days’ prior written notice by either party to the other party. Notwithstanding the foregoing, the Administrator may terminate the administrative portion of the Administration Agreement upon 30 days’ prior written notice if the Fund and/or Master Fund has materially failed to perform its obligations under the Administration Agreement.

~~The Distributor~~

~~252~~

~~PowerShares Capital Management LLC~~

~~A I M Distributors, Inc.~~

~~(4)~~

~~Summary of Significant Accounting Policies~~

~~(a)~~

~~Basis of Presentation and Consolidation~~

~~(b)~~

~~Use of Estimates~~

~~(c)~~

~~Deposits with Broker~~

~~253~~

~~(d)~~

~~United States Treasury Obligations~~

The Fund records purchases and sales of United States Treasury Obligations on a trade date basis. These holdings are marked to market based on quoted market closing prices. The Fund holds United States Treasury Obligations for deposit with the Master Fund’s Commodity Broker to meet margin requirements and for trading purposes. Included in the United States Treasury Obligations is $2,199,150 which is restricted and held against initial margin of the open futures contracts. Interest income is recognized on an accrual basis when earned. Premiums and discounts are amortized or accreted over the life of the United States Treasury Obligations.

~~(e)~~

~~Cash Held by Broker~~

The Fund defines cash and cash equivalents to be highly liquid investments, with original maturities of three months or less when purchased. As of December 31, 2007 the Fund held cash of $3,788,960. There were no cash equivalents held by the Fund as of December 31, 2007.

~~(f)~~

~~Income Taxes~~

~~The following are the major tax jurisdictions for the Fund and the earliest tax year subject to examination:~~


~~Jurisdiction~~		~~Tax Year~~
~~US Federal~~		~~2007~~
~~State of New York~~		~~2007~~
~~New York City~~		~~2007~~
~~State of Florida~~		~~2007~~
~~State of Georgia~~		~~2007~~
~~State of Maine~~		~~2007~~
~~State of Missouri~~		~~2007~~
~~State of New Jersey~~		~~2007~~
~~State of Oregon~~		~~2007~~
~~State of Pennsylvania~~		~~2007~~
~~State of Utah~~		~~2007~~
~~State of West Virginia~~		~~2007~~

~~(g)~~

~~Futures Contracts~~

~~(h)~~

~~Management Fee~~

~~254~~

~~futures trading advisory services. For the Period Ended December 31, 2007 the Fund and Master Fund incurred management fees of $111,270 of which $11,678 was still payable at December 31, 2007.~~

~~(i)~~

~~Brokerage Commissions and Fees~~

~~(j)~~

~~Routine Operational, Administrative and Other Ordinary Expenses~~

~~(k)~~

~~Non-Recurring and Unusual Fees and Expenses~~

~~(5)~~

~~Financial Instrument Risk~~

~~255~~

~~(6)~~

~~Share Purchases and Redemptions~~

~~(a)~~

~~Purchases~~

~~(b)~~

~~Redemptions~~

~~(c)~~

~~Limited Share Transactions~~

~~256~~

~~Summary of Limited Share Transactions for the Period Ended December 31, 2007~~

   Limited Shares
Period Ended
December 31,
2007 Amount
Period Ended
December 31,
2007
Limited Shares Sold
   1,400,000 $ 36,099,486
Limited Shares Redeemed
   (400,000 ) (10,939,460 )

Net Increase
   1,000,000 25,160,026

~~(7)~~

~~Profit and Loss Allocations and Distributions~~

A distribution of $0.87 per share from net investment income was declared on December 14, 2007 to Limited shareholders, on record as of the close of business on December 19, 2007, payable on December 28, 2007. On December 28, 2007, the total distribution $870,000 was paid to Limited shareholders. On December 28, 2007 the Fund paid $0.87 per General Share, a total distribution of $34.80.

~~(8)~~

~~Organizational and Offering Costs~~

~~(9)~~

~~Commitments and Contingencies~~

~~(10)~~

~~Net Asset Value and Financial Highlights~~

~~257~~

   Period Ended
December 31, 2007
Net increase in net assets from operations
   3.70
Distributions of net investment income on Limited Shares
   (0.87 )

Net increase
   2.83
Net asset value per Limited Share, end of period
   $ 27.83

Market value per Limited Share, beginning of period
   $ 25.00

Market value per Limited Share, end of period
   $ 27.79

Ratio to average Limited Shares*

Net investment income
   4.03 %
Total expenses
   0.54 %
Total Return, at net asset value **
   14.80 %

Total Return, at market value **
   14.64 %

*	~~Percentages are annualized.~~

**	~~Percentages are not annualized and are calculated based on initial offering price upon commencement of investment operations of $25.00.~~

~~(11)~~

~~Recently Issued Accounting Standards~~

In December 2007, the FASB issued FASB Statement No 160, Noncontrolling Interests in Consolidated Financial Statements – an amendment to ARB No 51 (Statement 160). Statement 160 requires noncontrolling interests (previously referred to as minority interests) to be reported as a component of equity, which changes the accounting for transactions with noncontrolling interest holders. Statement 160 is effective for periods beginning on or after December 15, 2008 and earlier adoption is prohibited. Statement 160 will be applied prospectively to all noncontrolling interests including any that arose before the effective date and presentation and disclosure requirements shall be applied retrospectively for all periods presented. The Fund is currently evaluating the impact of adopting Statement 160 on its results of operations and financial position.

~~(12)~~

~~Recently Adopted Accounting Standards~~

~~258~~

~~Report of Independent Registered Public Accounting Firm~~

~~The Board of Managers~~

~~DB Commodity Services LLC:~~

~~We have audited the accompanying consolidated statement of financial condition of PowerShares~~Invesco DB Base Metals Fund and Subsidiary (the Fund), including the consolidated schedule of investments, as of December 31, 2007, and the related consolidated statements of income and expenses, changes in shareholders’ equity, and cash flows for the period from January 3, 2007 (commencement of investment operations) to December 31, 2007. We have also audited the accompanying statement of financial condition of PowerShares DB Base Metals Fund as of December 31, 2006. The above referenced consolidated financial statements of PowerShares DB Base Metals Fund and Subsidiary and the statement of financial condition of PowerShares DB Base Metals Fund are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the consolidated financial statements of PowerShares DB Base Metals Fund and Subsidiary as of December 31, 2007 and for the period from January 3, 2007 (commencement of investment operations) to December 31, 2007 and the statement of financial condition of PowerShares DB Base Metals Fund as of December 31, 2006 based on our audits.

In our opinion, the consolidated financial statements of PowerShares DB Base Metals Fund and Subsidiary present fairly, in all material respects, the financial position of PowerShares DB Base Metals Fund and Subsidiary as of December 31, 2007 and the results of their operations, changes in their shareholders’ equity and their cash flows for the period from January 3, 2007 (commencement of investment operations) to December 31, 2007, and the statement of financial condition of PowerShares DB Base Metals Fund presents fairly, in all material respects, the financial position of PowerShares DB Base Metals Fund as of December 31, 2006, in conformity with U.S. generally accepted accounting principles.

As discussed in Note 1 to the consolidated financial statements of PowerShares DB Base Metals Fund and Subsidiary, the Fund commenced investment operations on January 3, 2007, with the initial offering of common units of beneficial interest to certain eligible financial institutions.

~~/s/ KPMG LLP~~

~~New York, New York~~

~~March 25, 2008~~

~~259~~

~~PowerShares DB Base Metals Fund and Subsidiary~~

~~Consolidated Statements of Financial Condition~~

~~December 31, 2007 and 2006(i)~~

   2007 2006
Assets

Equity held in broker trading accounts:

United States Treasury Obligations, at fair value (cost $44,839,134)
   $ 44,861,139 $ —
Cash held by broker
   11,051,488 1,000
Net unrealized depreciation on futures contracts
   (7,470,862 ) —

Deposits with broker
   48,441,765 1,000

Total assets
   $ 48,441,765 $ 1,000

Liabilities and shareholders’ equity

Management fee payable
   $ 30,794 —
Broker fee payable
   8,251 —
Non controlling interest in consolidated subsidiary- related party
   1,000 —

Total liabilities
   40,045 —

Commitments and Contingencies (Note 9)

Shareholders’ equity

General shares:

Paid in capital - 40 shares issued and outstanding as of December 31, 2007 and 2006, respectively
   1,000 1,000
Accumulated deficit
   (120 ) —

Total General shares
   880 1,000

Limited shares:

Paid-in-capital - 2,200,000 and 0 redeemable shares issued and outstanding as of December 31, 2007 and 2006, respectively
   67,214,352 —
Accumulated deficit
   (18,813,512 ) —

Total Limited shares
   48,400,840 —

Total shareholders’ equity
   48,401,720 1,000

Total liabilities and shareholders’ equity
   $ 48,441,765 $ 1,000

Net asset value per share

General shares
   $ 22.00 $ 25.00
Limited shares
   $ 22.00 Not Applicable

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~Represents financial condition only for PowerShares DB Base Metals Fund as consolidation of DB Base Metals Master Fund occurred upon commencement of investment operations, as of January 3, 2007.~~

~~260~~

~~PowerShares DB Base Metals Fund and Subsidiary~~

~~Consolidated Schedule of Investments (i)~~

~~December 31, 2007~~

Description
   Percentage of
Net Assets Fair Value Face Value
United States Treasury Obligations

U.S. Treasury Bills, 3.10% due January 3, 2008
   3.10 % $ 1,499,904 $ 1,500,000
U.S. Treasury Bills, 2.89% due January 10, 2008
   1.03 499,729 500,000
U.S. Treasury Bills, 3.04% due January 24, 2008
   10.31 4,991,970 5,000,000
U.S. Treasury Bills, 3.92% due January 31, 2008
   11.34 5,487,108 5,500,000
U.S. Treasury Bills, 3.55% due February 7, 2008
   41.20 19,942,000 20,000,000
U.S. Treasury Bills, 3.39% due February 21, 2008
   8.23 3,983,596 4,000,000
U.S. Treasury Bills, 3.18% due February 28, 2008
   8.22 3,981,096 4,000,000
U.S. Treasury Bills, 3.03% due March 6, 2008
   9.25 4,475,736 4,500,000

Total United States Treasury Obligations (cost $44,839,134)
   92.68 % $ 44,861,139

A portion of the above United States Treasury Obligations are held as initial margin against open futures contracts, as noted in Note 4 (d)
Description
   Percentage of
Net Assets Fair Value
Unrealized Appreciation (Depreciation) on Futures Contracts

Aluminum (263 contracts, settlement date November 17, 2008)
   (0.41 )% $ (198,325 )
Copper (100 contracts, settlement date March 17, 2008)
   (5.13 ) (2,483,912 )
Zinc (259 contracts, settlement date May 19, 2008)
   (9.89 ) (4,788,625 )

Net Unrealized Depreciation on Futures Contracts
   (15.43 )% $ (7,470,862 )

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~PowerShares DB Base Metals Fund and Subsidiary commenced investment operations on January 3, 2007, therefore no investments were held prior to that date.~~

~~261~~

~~PowerShares DB Base Metals Fund and Subsidiary~~

~~Consolidated Statement of Income and Expenses~~

~~For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007(i)~~

Income

Interest Income
   $ 2,624,049

Expenses

Management fee
   430,403
Brokerage commissions and fees
   17,216

Total expenses
   447,619

Net investment income
   2,176,430

Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury
Obligations and Futures

Net Realized Gain (Loss) on

United States Treasury Obligations
   117,940
Futures
   (11,547,107 )

Net realized loss
   (11,429,167 )

Net Change in Unrealized Gain (Loss) on

United States Treasury Obligations
   22,005
Futures
   (7,470,862 )

Net change in unrealized loss
   (7,448,857 )

Net realized and net change in unrealized loss on United States Treasury Obligations and Futures
   (18,878,024 )
   ��
Net Loss
   $ (16,701,594 )

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~PowerShares DB Base Metals Fund and Subsidiary commenced operations on January 3, 2007, therefore no operating results occurred prior to that date.~~

~~262~~

~~PowerShares DB Base Metals Fund and Subsidiary~~

~~Consolidated Statement of Changes in Shareholders’ Equity~~

~~For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007(i)~~

   General Shares Limited Shares Total
   General Shares    Accumulated
Earnings
(Deficit) Total General
Shareholders’
Equity
(Deficit) Limited Shares Accumulated
Earnings
(Deficit) Total Limited
Shareholders’
Equity
(Deficit) Total
Shareholders’
Equity
(Deficit)
   Shares    Amount    Shares Amount
Balance at January 3, 2007
   40    $ 1,000    $ — $ 1,000 — $ — $ — $ — $ 1,000
Sale of Limited Shares
         4,200,000 114,426,652 114,426,652 114,426,652
Redemption of Limited Shares
   —    —    — — (2,000,000 ) (47,212,300 ) — (47,212,300 ) (47,212,300 )
Net loss
         — —
Net investment income
         40 40 2,176,390 2,176,390 2,176,430
Net realized loss on United States Treasury Obligations and Futures
   —    —    (181 ) (181 ) — — (11,428,986 ) (11,428,986 ) (11,429,167 )
Net change in unrealized loss on United States Treasury Obligations and Futures
   —    —    59 59 — — (7,448,916 ) (7,448,916 ) (7,448,857 )

Net loss
         (82 ) (82 ) (16,701,512 ) (16,701,512 ) (16,701,594 )
Distributions of net investment income ($0.96 per share)
   —    —    (38 ) (38 ) — — (2,112,000 ) (2,112,000 ) (2,112,038 )

Balance at December 31, 2007
   40    $ 1,000    $ (120 ) $ 880 2,200,000 $ 67,214,352 $ (18,813,512 ) $ 48,400,840 $ 48,401,720

~~See accompanying notes to consolidated financial statements.~~

~~(i) PowerShares DB Base Metals Fund and Subsidiary commenced operations on January 3, 2007, therefore no operating results occurred prior to that date.~~

~~263~~

~~PowerShares DB Base Metals Fund and Subsidiary~~

~~Consolidated Statement of Cash Flows~~

~~For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007(i)~~

   2007
Cash flow provided by operating activities:

Net Loss
   $ (16,701,594 )
Adjustments to reconcile net income (loss) to net cash used for operating activities:

Cost of securities purchased
   (282,838,237 )
Proceeds from securities sold
   240,605,305
Net accretion of discount and amortization of premium on United States

Treasury Obligations
   (2,488,262 )
Net realized gain on United States Treasury Obligations
   (117,940 )
Net change in unrealized gain (loss) on United States Treasury

Obligations and Futures
   7,448,857
Increase in operating receivables and liabilities:

Management fee payable
   30,794
Broker fee payable
   8,251
Non controlling interest in consolidated subsidiary – related party
   1,000

Net cash used for operating activities
   (54,051,826 )

Cash flows from financing activities:

Proceeds from sale of Limited Shares
   114,426,652
Redemption of Limited Shares
   (47,212,300 )
Cash distributions paid on Limited and General Shares
   (2,112,038 )

Net cash provided by financing activities
   65,102,314

Net change in cash held by broker
   11,050,488
Cash held by broker at beginning of period
   1,000

Cash held by broker at end of period
   $ 11,051,488

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~PowerShares DB Base Metals Fund and Subsidiary commenced operations on January 3, 2007, therefore no operating results occurred prior to that date.~~

~~264~~

~~PowerShares DB Base Metals Fund and Subsidiary~~

~~Notes to Consolidated Financial Statements~~

~~(1)~~

~~Organization~~

PowerShares DB Base Metals Fund (the “Fund”; “Fund” may also refer to the Fund and the Master Fund, collectively, as the context requires), a separate series of PowerShares DB Multi-Sector Commodity Trust (the “Trust”), a Delaware statutory trust organized in seven separate series and formed on August 3, 2006, and its subsidiary, DB Base Metals Master Fund (the “Master Fund”), a separate series of DB Multi-Sector Commodity Master Trust (the “Master Trust”), a Delaware statutory trust organized in seven separate series and formed on August 3, 2006. DB Commodity Services LLC, a Delaware limited liability company, (“DBCS” or the “Managing Owner”) funded both the Fund and the Master Fund with a capital contribution of $1,000 in exchange for 40 General Shares of each Fund and Master Fund. The fiscal year end of the Fund is December 31^st. The term of the Fund is perpetual (unless terminated earlier in certain circumstances) as provided in the Amended and Restated Declaration of Trust and Trust Agreement of the Trust and the Master Trust (the “Trust Agreement”).

This report covers the period from January 3, 2007 (commencement of investment operations) to December 31, 2007 (herein referred to as the “Period Ended December 31, 2007”). No investment operations occurred prior to January 3, 2007 therefore, the 2007 and 2006 operating results are not comparable.

~~(2)~~

~~Fund Investment Overview~~

~~The Master Fund invests with a view to tracking the changes, whether positive or negative, in the level of the Deutsche Bank Liquid Commodity Index–Optimum Yield Industrial Metals Excess Return~~^™ ~~(DBLCI-OY Industrial Metals ER~~^™, or “Index”) plus the excess, if any, of the Master Fund’s income from its holdings of United States Treasury Obligations and other high credit quality short-term fixed income securities over the expenses of the Fund and the Master Fund.

The Index is intended to reflect the change in market value of the base metals sector. The commodities comprising the Index, or the Index Commodities, are aluminum, zinc and copper—Grade A. The Index Commodities are currently trading on the London Metals Exchange (“LME”). Although the LME does not currently impose position limits on the Index Commodities, the LME may in the future impose position limits on market participants trading in certain commodities included in the Index. The Index is comprised of futures contracts on the Index Commodities that expire in a specific month and trade on a specific exchange (the “Index Contracts”). As disclosed in the Fund’s Prospectus, if the Managing Owner determines in its commercially reasonable judgment that it has become impracticable or inefficient for any reason for the Master Fund to gain full or partial exposure to any Index Commodity by investing in a specific Index Contract, the Master Fund may invest in a futures contract referencing the particular Index Commodity other than the Index Contract or, in the alternative, invest in other futures contracts not based on the particular Index Commodity if, in the commercially reasonable judgment of the Managing Owner, such futures contracts tend to exhibit trading prices that correlate with such Index Commodity.

~~DBLCI~~^™ ~~and Deutsche Bank Liquid Commodity Index~~^™ ~~are trademarks of Deutsche Bank AG London (the “Index Sponsor”). The Index Sponsor is an affiliate of the Fund, the Master Fund and the Managing Owner.~~

~~265~~

~~(3)~~

~~Service Providers and Related Party Agreements~~

~~The Trustee~~

~~The Managing Owner~~

The Managing Owner serves the Fund and Master Fund as commodity pool operator, commodity trading advisor and managing owner, and is an indirect wholly-owned subsidiary of Deutsche Bank AG. During the Period Ended December 31, 2007 the Fund and Master Fund incurred management fees of $430,403 of which $30,794 was still payable at December 31, 2007.

~~The Commodity Broker~~

Deutsche Bank Securities Inc., a Delaware corporation, serves as the Master Fund’s clearing broker (the “Commodity Broker”). The Commodity Broker is an indirect wholly-owned subsidiary of Deutsche Bank AG. In its capacity as clearing broker, the Commodity Broker executes and clears each of the Master Fund’s futures transactions and performs certain administrative services for the Master Fund. The Commodity Broker is an affiliate of the Managing Owner. For the Period Ended December 31, 2007 the Fund and Master Fund incurred brokerage fees of $17,216 of which $8,251 was still payable at December 31, 2007.

~~The Administrator~~

The Administration Agreement will continue in effect from the commencement of trading operations unless terminated on at least 90 days’ prior written notice by either party to the other party. Notwithstanding the foregoing, the Administrator may terminate the administrative portion of the Administration Agreement upon 30 days’ prior written notice if the Fund and/or Master Fund has materially failed to perform its obligations under the Administration Agreement.

~~The Distributor~~

~~266~~

~~PowerShares Capital Management LLC~~

~~A I M Distributors, Inc.~~

~~(4)~~

~~Summary of Significant Accounting Policies~~

~~(a)~~

~~Basis of Presentation and Consolidation~~

~~(b)~~

~~Use of Estimates~~

~~(c)~~

~~Deposits with Broker~~

~~267~~

~~(d)~~

~~United States Treasury Obligations~~

The Fund records purchases and sales of United States Treasury Obligations on a trade date basis. These holdings are marked to market based on quoted market closing prices. The Fund holds United States Treasury Obligations for deposit with the Master Fund’s Commodity Broker to meet margin requirements and for trading purposes. Included in the United States Treasury Obligations as of December 31, 2007 is $3,724,600 which is restricted and held against initial margin of the open futures contracts. Interest income is recognized on an accrual basis when earned. Premiums and discounts are amortized or accreted over the life of the United States Treasury Obligations.

~~(e)~~

~~Cash Held by Broker~~

The Fund’s arrangement with the Commodity Broker requires the Fund to meet its variation margin requirement related to the price movements, both positive and negative, on futures contracts held by the Fund by keeping cash on deposit with the Commodity Broker. The Fund defines cash and cash equivalents to be highly liquid investments, with original maturities of three months or less when purchased. As of December 31, 2007 the Fund held cash of $11,051,488 of which $7,470,862 was on deposit to satisfy the Fund’s negative variation margin against open futures contracts. There were no cash equivalents held by the Fund as of December 31, 2007.

~~(f)~~

~~Income Taxes~~

~~The following are the major tax jurisdictions for the Fund and the earliest tax year subject to examination:~~


~~Jurisdiction~~		~~Tax Year~~
~~US Federal~~		~~2007~~
~~State of New York~~		~~2007~~
~~New York City~~		~~2007~~
~~State of Florida~~		~~2007~~
~~State of Georgia~~		~~2007~~
~~State of Maine~~		~~2007~~
~~State of Missouri~~		~~2007~~
~~State of New Jersey~~		~~2007~~
~~State of Oregon~~		~~2007~~
~~State of Pennsylvania~~		~~2007~~
~~State of Utah~~		~~2007~~
~~State of West Virginia~~		~~2007~~

~~(g)~~

~~Futures Contracts~~

~~268~~

~~(h)~~

~~Management Fee~~

The Master Fund pays the Managing Owner a management fee (“Management Fee”), monthly in arrears, in an amount equal to 0.75% per annum of the daily net asset value of the Master Fund. No separate Management Fee is paid by the Fund. The Management Fee is paid in consideration of the Managing Owner’s commodity futures trading advisory services. For the Period Ended December 31, 2007 the Management Fee amounted to $430,403 of which $30,794 was payable to the Managing Owner as of December 31, 2007.

~~(i)~~

~~Brokerage Commissions and Fees~~

The Master Fund incurs all brokerage commissions, including applicable exchange fees, NFA fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities by the Commodity Broker. These costs are recorded as brokerage commissions and fees in the consolidated statement of income and expenses as incurred. The Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis. On average, total charges paid to the Commodity Broker were approximately $7.00 per round-turn trade for the Period Ended December 31, 2007. For the Period Ended December 31, 2007 brokerage fees amounted to $17,216, of which $8,251 was payable to the Commodity Broker as of December 31, 2007.

~~(j)~~

~~Routine Operational, Administrative and Other Ordinary Expenses~~

~~(k)~~

~~Non-Recurring and Unusual Fees and Expenses~~

~~(5)~~

~~Financial Instrument Risk~~

~~269~~

~~(6)~~

~~Share Purchases and Redemptions~~

~~(a)~~

~~Purchases~~

~~(b)~~

~~Redemptions~~

~~(c)~~

~~Limited Share Transactions~~

~~270~~

~~Summary of Limited Share Transactions for the Period Ended December 31, 2007~~

   Limited Shares
Period Ended December 31, 2007 Amount
Period Ended December 31, 2007
Limited Shares Sold
   4,200,000 $ 114,426,652
Limited Shares Redeemed
   (2,000,000 ) (47,212,300 )

Net Increase
   2,200,000 67,214,352

~~(7)~~

~~Profit and Loss Allocations and Distributions~~

A distribution of $0.96 per share from net investment income was declared on December 14, 2007 to Limited shareholders, on record as of the close of business on December 19, 2007, payable on December 28, 2007. On December 28, 2007, the total distribution of $2.1 million was paid to Limited shareholders. On December 28, 2007 the Fund paid $0.96 per General Share, a total distribution of $38.40.

~~(8)~~

~~Organizational and Offering Costs~~

~~(9)~~

~~Commitments and Contingencies~~

~~(10)~~

~~Net Asset Value and Financial Highlights~~

~~271~~

   Period Ended
December 31, 2007
Net increase in net assets from operations
   (2.04 )
Distributions of net investment income on Limited Shares
   (0.96 )

Net decrease
   (3.00 )
Net asset value per Limited Share, end of period
   $ 22.00

Market value per Limited Share, beginning of period
   $ 25.00

Market value per Limited Share, end of period
   $ 21.90

Ratio to average Limited Shares*

Net investment income
   3.77 %
Total expenses
   0.78 %
Total Return, at net asset value **
   (8.56 )%

Total Return, at market value **
   (8.16 )%

*	~~Percentages are annualized.~~

**	~~Percentages are not annualized and are calculated based on initial offering price upon commencement of investment operations of $25.00.~~

~~(11)~~

~~Recently Issued Accounting Standards~~

~~(12)~~

~~Recently Adopted Accounting Standards~~

~~272~~

~~Report of Independent Registered Public Accounting Firm~~

~~The Board of Managers~~

~~DB Commodity Services LLC:~~

We have audited the accompanying consolidated statement of financial condition of PowerShares DB Agriculture Fund and Subsidiary (the Fund), including the consolidated schedule of investments, as of December 31, 2007, and the related consolidated statements of income and expenses, changes in shareholders’ equity, and cash flows for the period from January 3, 2007 (commencement of investment operations) to December 31, 2007. We have also audited the accompanying statement of financial condition of PowerShares DB Agriculture Fund as of December 31, 2006. The above referenced consolidated financial statements of PowerShares DB Agriculture Fund and Subsidiary and the statement of financial condition of PowerShares DB Agriculture Fund are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the consolidated financial statements of PowerShares DB Agriculture Fund and Subsidiary as of December 31, 2007 and for the period from January 3, 2007 (commencement of investment operations) to December 31, 2007 and the statement of financial condition of PowerShares DB Agriculture Fund as of December 31, 2006 based on our audits.

In our opinion, the consolidated financial statements of PowerShares DB Agriculture Fund and Subsidiary present fairly, in all material respects, the financial position of PowerShares DB Agriculture Fund and Subsidiary as of December 31, 2007 and the results of their operations, changes in their shareholders’ equity and their cash flows for the period from January 3, 2007 (commencement of investment operations) to December 31, 2007, and the statement of financial condition of PowerShares DB Agriculture Fund presents fairly, in all material respects, the financial position of PowerShares DB Agriculture Fund as of December 31, 2006, in conformity with U.S. generally accepted accounting principles.

As discussed in Note 1 to the consolidated financial statements of PowerShares DB Agriculture Fund and Subsidiary, the Fund commenced investment operations on January 3, 2007, with the initial offering of common units of beneficial interest to certain eligible financial institutions.

~~/s/ KPMG LLP~~

~~New York, New York~~

~~March 25, 2008~~

~~273~~

~~PowerShares DB Agriculture Fund and Subsidiary~~

~~Consolidated Statements of Financial Condition~~

~~December 31, 2007 and 2006(i)~~

   2007      2006
Assets

Equity held in broker trading accounts:

United States Treasury Obligations, at fair value
(cost $1,034,673,552)
   $ 1,034,833,498      $ —
Cash held by broker
   —      1,000
Receivable for Shares issued
   6,562,700      —
Net unrealized appreciation on futures contracts
   139,389,550      —

Deposits with broker
   1,180,785,748      1,000

Total assets
   $ 1,180,785,748      $ 1,000

Liabilities and shareholders’ equity

Payable to broker
   $ 58,523,025      $ —
Payable for securities purchased
   5,956,083      —
Management fee payable
   610,088      —
Broker fee payable
   32,991      —
Non controlling interest in consolidated subsidiary – related party
   1,000      —

Total liabilities
   65,123,187      —

Commitments and Contingencies (Note 9)

Shareholders’ equity

General shares:

Paid in capital - 40 shares issued and outstanding as of December 31, 2007 and 2006, respectively
   1,000      1,000
Accumulated earnings
   313      —

Total General shares
   1,313      1,000

Limited shares:
   ��
Paid-in-capital - 34,000,000 and 0 redeemable shares issued and outstanding as of December 31, 2007 and 2006, respectively
   953,481,076      —
Accumulated earnings
   162,180,172      —

Total Limited shares
   1,115,661,248      —

Total shareholders’ equity
   1,115,662,561      1,000

Total liabilities and shareholders’ equity
   $ 1,180,785,748      $             1,000

Net asset value per share

General shares
   $ 32.83      $ 25.00
Limited shares
   $ 32.81      Not Applicable

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~Represents financial condition only for PowerShares DB Agriculture Fund as consolidation of DB Agriculture Master Fund occurred upon commencement of investment operations as of January 3, 2007.~~

~~274~~

~~PowerShares DB Agriculture Fund and Subsidiary~~

~~Consolidated Schedule of Investments~~

~~December 31, 2007(i)~~

Description
   Percentage
of
Net Assets Fair
Value    Face
Value
United States Treasury Obligations

U.S. Treasury Bills, 3.10% due January 3, 2008
   1.97 % $ 21,998,592    $ 22,000,000
U.S. Treasury Bills, 2.89% due January 10, 2008
   10.75 119,934,840    120,000,000
U.S. Treasury Bills, 2.75% due January 17, 2008
   8.68 96,893,397    97,000,000
U.S. Treasury Bills, 3.04% due January 24, 2008
   4.48 49,919,700    50,000,000
U.S. Treasury Bills, 3.92% due January 31, 2008
   7.33 81,807,792    82,000,000
U.S. Treasury Bills, 3.55% due February 7, 2008
   9.56 106,689,700    107,000,000
U.S. Treasury Bills, 3.43% due February 14, 2008
   0.89 9,965,300    10,000,000
U.S. Treasury Bills, 3.39% due February 21, 2008
   3.66 40,831,859    41,000,000
U.S. Treasury Bills, 3.18% due February 28, 2008
   4.46 49,763,700    50,000,000
U.S. Treasury Bills, 3.03% due March 6, 2008
   8.20 91,503,936    92,000,000
U.S. Treasury Bills, 3.00% due March 13, 2008
   12.74 142,132,705    143,000,000
U.S. Treasury Bills, 3.00% due March 20, 2008
   10.59 118,187,825    119,000,000
U.S. Treasury Bills, 3.28% due March 27, 2008
   9.43 105,204,152    106,000,000

Total United States Treasury Obligations (cost $1,034,673,522)
   92.76 % $ 1,034,833,498

A portion of the above United States Treasury Obligations are held as initial margin against open futures contracts, as noted in Note 4 (d)
Description
   Percentage
of
Net Assets Fair
Value
Unrealized Appreciation (Depreciation) on Futures Contracts

Corn (11,281 contracts, settlement date December 12, 2008)
   1.94 % $ 21,612,538
Soybean (5,049 contracts, settlement date November 14, 2008)
   3.34 37,223,125
Sugar (21,096 contracts, settlement date June 30, 2008)
   2.03 22,615,274
Wheat (681 contracts, settlement date July 14, 2008)
   0.01 93,313
Wheat (4,999 contracts, settlement date July 14, 2008)
   4.92 54,933,625
Wheat (1,499 contracts, settlement date December 12, 2008)
   0.26 2,911,675

Net Unrealized Appreciation on Futures Contracts
   12.50 % $ 139,389,550

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~PowerShares DB Agriculture Fund and Subsidiary commenced investment operations on January 3, 2007, therefore no investments were held prior to that date.~~

~~275~~

~~PowerShares DB Agriculture Fund and Subsidiary~~

~~Consolidated Statement of Income and Expenses~~

~~For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007(i)~~

Income

Interest Income
   $ 18,653,020

Expenses

Management fee
   3,200,976
Brokerage commissions and fees
   412,875

Total expenses
   3,613,851

Net investment income
   15,039,169

Net Realized and Net Change in Unrealized Gain on United States Treasury
Obligations and Futures

Net Realized Gain on

United States Treasury Obligations
   4,935
Futures
   21,266,903

Net realized gain
   21,271,838

Net Change in Unrealized Gain on

United States Treasury Obligations
   159,946
Futures
   139,389,550

Net change in unrealized gain
   139,549,496

Net realized and Net change in unrealized gain on United States
Treasury Obligations and Futures
   160,821,334

Net Income
   $ 175,860,503

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~PowerShares DB Agriculture Fund and Subsidiary commenced operations on January 3, 2007, therefore no operating results occurred prior to that date.~~

~~276~~

~~PowerShares DB Agriculture Fund and Subsidiary~~

~~Consolidated Statement of Changes in Shareholders’ Equity~~

~~For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007(i)~~

   General Shares Limited Shares Total
   General Shares    Accumulated
Earnings Total
General
Shareholders’
Equity Limited Shares Accumulated
Earnings
(Deficit) Total
Limited
Shareholders’
Equity
(Deficit) Total
Shareholders’
Equity
(Deficit)
   Shares    Amount    Shares Amount
Balance at January 3, 2007
   40    $ 1,000    $ — $ 1,000 — $ — $ — $ — $ 1,000
Sale of Limited Shares
   —    —    35,200,000 986,237,996 — 986,237,996 986,237,996
Redemption of Limited Shares
         (1,200,000 ) (32,756,920 ) — (32,756,920 ) (32,756,920 )
Net income

Net investment income
   —    —    41 41 — — 15,039,128 15,039,128 15,039,169
Net realized gain on United States Treasury Obligations and Futures
   —    —    35 35 — — 21,271,803 21,271,803 21,271,838
Net change in unrealized gain on United States Treasury Obligations and Futures
   —    —    255 255 — — 139,549,241 139,549,241 139,549,496

Net income
   —    —    331 331 175,860,172 175,860,172 175,860,503
Distributions of net investment income
($0.45 per share)
   —    —    (18 ) (18 ) — — (13,680,000 ) (13,680,000 ) (13,680,018 )

Balance at December 31, 2007
   40    $ 1,000    $ 313 $ 1,313 34,000,000 $ 953,481,076 $ 162,180,172 $ 1,115,661,248 $ 1,115,662,561

~~See accompanying notes to consolidated financial statements.~~

~~(i) PowerShares DB Agriculture Fund and Subsidiary commenced operations on January 3, 2007, therefore no operating results occurred prior to that date.~~

~~277~~

~~PowerShares DB Agriculture Fund and Subsidiary~~

~~Consolidated Statement of Cash Flows~~

~~For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007(i)~~

   2007
Cash flow provided by operating activities:

Net Income (Loss)
   $ 175,860,503
Adjustments to reconcile net income (loss) to net cash used for operating activities:

Cost of securities purchased
   (2,241,596,305 )
Proceeds from securities sold
   1,224,931,482
Net accretion of discount and amortization of premium on United States
Treasury Obligations
   (18,003,794 )
Net realized gain on United States Treasury Obligations
   (4,935 )
Net change in unrealized gain on United States Treasury Obligations and Futures
   (139,549,496 )
Increase in operating receivables and liabilities:

Receivable for Shares issued
   (6,562,700 )
Payable for securities purchased
   5,956,083
Payable to broker
   58,523,025
Management fee payable
   610,088
Broker fee payable
   32,991
Non controlling interest in consolidated subsidiary – related party
   1,000

Net cash used for operating activities
   (939,802,058 )

Cash flows from financing activities:

Proceeds from sale of Limited Shares
   986,237,996
Redemption of Limited Shares
   (32,756,920 )
Cash distributions paid on Limited and General Shares
   (13,680,018 )

Net cash provided by financing activities
   939,801,058

Net change in cash held by broker
   (1,000 )
Cash held by broker at beginning of period
   1,000

Cash held by broker at end of period
   $ —

~~See accompanying notes to consolidated financial statements.~~

~~(i)~~

~~PowerShares DB Agriculture Fund and Subsidiary commenced operations on January 3, 2007, therefore no operating results occurred prior to that date.~~

~~278~~

~~PowerShares DB Agriculture Fund and Subsidiary~~

~~Notes to Consolidated Financial Statements~~

~~(1)~~

~~Organization~~

PowerShares DB Agriculture Fund (the “Fund”; “Fund” may also refer to the Fund and the Master Fund, collectively, as the context requires), a separate series of PowerShares DB Multi-Sector Commodity Trust (the “Trust”), a Delaware statutory trust organized in seven separate series and formed on August 3, 2006, and its subsidiary, DB Agriculture Master Fund (the “Master Fund”), a separate series of DB Multi-Sector Commodity Master Trust (the “Master Trust”), a Delaware statutory trust organized in seven separate series and formed on August 3, 2006. DB Commodity Services LLC, a Delaware limited liability company, (“DBCS” or the “Managing Owner”) funded both the Fund and the Master Fund with a capital contribution of $1,000 in exchange for 40 General Shares of the Fund and the Master Fund. The fiscal year end of the Fund is December 31^st. The term of the Fund is perpetual (unless terminated earlier in certain circumstances) as provided in the Amended and Restated Declaration of Trust and Trust Agreement of the Trust and the Master Trust (the “Trust Agreement”).

This report covers the period from January 3, 2007 (commencement of investment operations) to December 31, 2007 (herein referred to as the “Period Ended December 31, 2007”). No investment operations occurred prior to January 3, 2007, therefore, the 2007 and 2006 operating results are not comparable.

~~(2)~~

~~Fund Investment Overview~~

The Master Fund invests with a view to tracking the changes, whether positive or negative, in the level of the Deutsche Bank Liquid Commodity Index–Optimum Yield Agriculture Excess Return™ (DBLCI-OY Agriculture ER™, or “Index”) plus the excess, if any, of the Master Fund’s income from its holdings of United States Treasury Obligations and other high credit quality short-term fixed income securities over the expenses of the Fund and the Master Fund.

The Index is intended to reflect the change in market value of the agricultural sector. The commodities comprising the Index, or the Index Commodities, are corn, wheat, soybeans and sugar. The Commodity Futures Trading Commission and commodity exchanges impose position limits on market participants trading in certain commodities included in the Index. The Index is comprised of futures contracts on the Index Commodities that expire in a specific month and trade on a specific exchange (the “Index Contracts”). As disclosed in the Fund’s Prospectus, if the Managing Owner determines in its commercially reasonable judgment that it has become impracticable or inefficient for any reason for the Master Fund to gain full or partial exposure to any Index Commodity by investing in a specific Index Contract, the Master Fund may invest in a futures contract referencing the particular Index Commodity other than the Index Contract or, in the alternative, invest in other futures contracts not based on the particular Index Commodity if, in the commercially reasonable judgment of the Managing Owner, such futures contracts tend to exhibit trading prices that correlate with such Index Commodity. In October 2007, the Master Fund reached position limits with respect to the CBOT July wheat futures contract, which was an Index Contract. Since that time, when required to buy wheat to track the Index, the Master Fund has been purchasing CBOT wheat futures contracts expiring in different months as well as wheat futures trading on other United States futures exchanges.

~~279~~

~~(3)~~

~~Service Providers and Related Party Agreements~~

~~The Trustee~~

~~The Managing Owner~~

The Managing Owner serves the Fund and Master Fund as commodity pool operator, commodity trading advisor and managing owner, and is an indirect wholly-owned subsidiary of Deutsche Bank AG. During the Period Ended December 31, 2007 the Fund and Master Fund incurred management fees of $3,200,976 of which $610,088 was still payable at December 31, 2007.

~~The Commodity Broker~~

Deutsche Bank Securities Inc., a Delaware corporation, serves as the Master Fund’s clearing broker (the “Commodity Broker”). The Commodity Broker is an indirect wholly-owned subsidiary of Deutsche Bank AG. In its capacity as clearing broker, the Commodity Broker executes and clears each of the Master Fund’s futures transactions and performs certain administrative services for the Master Fund. The Commodity Broker is an affiliate of the Managing Owner. For the Period Ended December 31, 2007 the Fund and Master Fund incurred brokerage fees of $412,875 of which $32,991 was still payable at December 31, 2007.

~~The Administrator~~

The Administration Agreement will continue in effect from the commencement of trading operations unless terminated on at least 90 days’ prior written notice by either party to the other party. Notwithstanding the foregoing, the Administrator may terminate the administrative portion of the Administration Agreement upon 30 days’ prior written notice if the Fund and/or Master Fund has materially failed to perform its obligations under the Administration Agreement.

~~The Distributor~~

~~280~~

Owner or otherwise as provided under the Distribution Services Agreement. The Distribution Services Agreement is terminable without penalty on sixty days’ written notice by the Managing Owner or by the Distributor. The Distribution Services Agreement will automatically terminate in the event of its assignment.

~~PowerShares Capital Management LLC~~

~~A I M Distributors, Inc.~~

Through a marketing agreement between the Managing Owner and A I M Distributors, Inc., or AIM Distributors, an affiliate of PowerShares Capital Management LLC, or PowerShares, the Managing Owner, on behalf of the Fund and the Master Fund, has appointed AIM Distributors as a marketing agent. AIM Distributors assists the Managing Owner and the Administrator with certain functions and duties such as providing various educational and marketing activities regarding the Fund, primarily in the secondary trading market, which activities include, but are not limited to, communicating the Fund’s name, characteristics, uses, benefits, and risks, consistent with the prospectus. AIM Distributors will not open or maintain customer accounts or handle orders for the Fund. AIM Distributors engages in public seminars, road shows, conferences, media interviews, field incoming telephone “800” number calls and distribute sales literature and other communications (including electronic media) regarding the Fund.

~~(4)~~

~~Summary of Significant Accounting Policies~~

~~(a)~~

~~Basis of Presentation and Consolidation~~

~~(b)~~

~~Use of Estimates~~

~~(c)~~

~~Deposits with Broker~~

~~281~~

~~(d)~~

~~United States Treasury Obligations~~

The Fund records purchases and sales of United States Treasury Obligations on a trade date basis. These holdings are marked to market based on quoted market closing prices. The Fund holds United States Treasury Obligations for deposit with the Master Fund’s Commodity Broker to meet margin requirements and for trading purposes. Included in the United States Treasury Obligations as of December 31, 2007 is $59,367,840 which is restricted and held against initial margin of the open futures contracts. Interest income is recognized on an accrual basis when earned. Premiums and discounts are amortized or accreted over the life of the United States Treasury Obligations. The Fund purchased $6,000,000 notional of United States Treasury Obligations for $5,956,083, which was unpaid as of December 31, 2007. As a result, a payable for securities purchased is recorded for $5,956,083.

~~(e)~~

~~Cash Held by Broker~~

The Fund’s arrangement with the Commodity Broker requires the Fund to meet its variation margin requirement related to the price movements, both positive and negative, on futures contracts held by the Fund by keeping cash on deposit with the Commodity Broker. The Fund defines cash and cash equivalents to be highly liquid investments, with original maturities of three months or less when purchased. There were no cash or cash equivalents held by the Fund as of December 31, 2007.

~~(f)~~

~~Payable to Broker~~

Balances in the Fund’s variation margin account that are in excess of minimums required by the CFTC regulations and various exchanges and the Commodity Broker requirements, are available to the Fund. As of December 31, 2007, the futures contracts held by the Fund were in an unrealized appreciation position of $139,389,550, of which the Fund utilized $58,523,025 to purchase United States Treasury Obligations. No interest expense was incurred by the Fund as unrealized appreciation on open positions of future contracts exceeded the payable to broker by $80,866,525.

~~(g)~~

~~Income Taxes~~

~~The following are the major tax jurisdictions for the Fund and the earliest tax year subject to examination:~~


~~Jurisdiction~~		~~Tax Year~~
~~US Federal~~		~~2007~~
~~State of New York~~		~~2007~~
~~New York City~~		~~2007~~
~~State of Florida~~		~~2007~~
~~State of Georgia~~		~~2007~~
~~State of Maine~~		~~2007~~
~~State of Missouri~~		~~2007~~
~~State of New Jersey~~		~~2007~~
~~State of Oregon~~		~~2007~~
~~State of Pennsylvania~~		~~2007~~
~~State of Utah~~		~~2007~~
~~State of West Virginia~~		~~2007~~

~~(h)~~

~~Futures Contracts~~

~~282~~

an asset of the Master Fund pursuant to policies the Managing Owner has adopted, which are consistent with normal industry standards. Realized gains (losses) and changes in unrealized appreciation (depreciation) on open positions are determined on a specific identification basis and recognized in the consolidated statement of income and expenses in the period in which the contract is closed or the changes occur, respectively. As of December 31, 2007, the futures contracts held by the Fund were in a net unrealized appreciation position of $139,389,550.

~~(i)~~

~~Management Fee~~

The Master Fund pays the Managing Owner a management fee (“Management Fee”), monthly in arrears, in an amount equal to 0.75% per annum of the daily net asset value of the Master Fund. No separate Management Fee is paid by the Fund. The Management Fee is paid in consideration of the Managing Owner’s commodity futures trading advisory services. For the Period Ended December 31, 2007, the Management Fee amounted to $3,200,976 of which $610,088 was payable to the Managing Owner as of December 31, 2007.

~~(j)~~

~~Brokerage Commissions and Fees~~

The Master Fund incurs all brokerage commissions, including applicable exchange fees, NFA fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities by the Commodity Broker. These costs are recorded as brokerage commissions and fees in the consolidated statement of income and expenses as incurred. The Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis. On average, total charges paid to the Commodity Broker were approximately $7.00 per round-turn trade for the Period Ended December 31, 2007. For the Period Ended December 31, 2007 brokerage fees amounted to $412,875, of which $32,991 was payable to the Commodity Broker as of December 31, 2007.

~~(k)~~

~~Routine Operational, Administrative and Other Ordinary Expenses~~

~~(l)~~

~~Non-Recurring and Unusual Fees and Expenses~~

~~(5)~~

~~Financial Instrument Risk~~

~~283~~

loss in the event of counterparty default is typically limited to the amounts recognized in the consolidated statement of financial condition and not represented by the futures contract or notional amounts of the instruments.

~~(6)~~

~~Share Purchases and Redemptions~~

~~(a)~~

~~Purchases~~

~~(b)~~

~~Redemptions~~

~~284~~

~~(c)~~

~~Limited Share Transactions~~

~~Summary of Limited Share Transactions for the Period Ended December 31, 2007~~

   Limited Shares
Period Ended
December 31,
2007 Amount
Period Ended
December 31,
2007
Limited Shares Sold
   35,200,000 $ 986,237,996
Limited Shares Redeemed
   (1,200,000 ) (32,756,920 )

Net Increase
   34,000,000 953,481,076

~~(7)~~

~~Profit and Loss Allocations and Distributions~~

A distribution of $0.45 per share from net investment income was declared on December 14, 2007 to Limited shareholders, on record as of the close of business on December 19, 2007, payable on December 28, 2007. On December 28, 2007, the total distribution of $13,680,000 was paid to Limited shareholders. On December 28, 2007 the Fund paid $0.45 per General Share, a total distribution of $18.00.

~~(8)~~

~~Organizational and Offering Costs~~

~~(9)~~

~~Commitments and Contingencies~~

~~(10)~~

~~Net Asset Value and Financial Highlights~~

~~285~~

   Period Ended
December 31, 2007
Net Asset Value

Initial offering price per Limited Share
   $ 25.00
Net realized and change in unrealized gain (loss) on United States Treasury Obligations and Futures
   7.28
Net investment income
   0.98

Net increase in net assets from operations
   8.26
Distributions of net investment income on Limited Shares
   (0.45 )

Net increase
   7.81
Net asset value per Limited Share, end of period
   $ 32.81

Market value per Limited Share, beginning of period
   $ 25.00

Market value per Limited Share, end of period
   $ 32.99

Ratio to average Limited Shares*

Net investment income
   3.49 %
Total expenses
   0.84 %
Total Return, at net asset value **
   33.04 %

Total Return, at market value **
   33.76 %

*	~~Percentages are annualized.~~

**	~~Percentages are not annualized and are calculated based on initial offering price upon commencement of investment operations of $25.00.~~

~~(11)~~

~~Recently Issued Accounting Standards~~

~~(12)~~

~~Recently Adopted Accounting Standards~~

~~286~~

of uncertain tax positions taken or expected to be taken in a tax return. FIN 48 also provides related guidance on measurement, derecognition, classification, interest and penalties, and disclosure. The Fund adopted FIN 48 on January 1, 2007, and has determined that the application of this Statement did not have any impact on its results of operation and financial position.

~~(13)~~

~~Subsequent Events~~

In February 2008, the Master Fund reached positions limits with respect to the CBOT corn and CBOT soybean contracts in the Index and, since that time, has been purchasing futures contracts in the CBOT soybean complex in lieu of those contracts.

~~287~~

~~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, 2007 and 2006, and the related statements of income and expenses, changes in member’s deficit, and cash flows for each of the years in the two-year period ended December 31, 2007. 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.

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, 2007 and 2006, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2007 in conformity with U.S. generally accepted accounting principles.

~~/s/ KPMG LLP~~

~~April 8, 2008~~

~~288~~

~~DB COMMODITY SERVICES LLC~~

~~(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)~~

~~Statements of Financial Condition~~

~~December 31, 2007 and 2006~~

   2007 2006
Assets

Due from DB Exchange Traded Funds
   $ 2,084,602 512,115
Investment in DB Exchange Traded Funds
   22,000 22,000
Due from affiliate
   2,867,336 —

Total assets
   $ 4,973,938 534,115

Liabilities and Member’s Capital

Liabilities:

Accrued expenses
   $ 7,226,836 1,621,064
Due to affiliate
   — 2,674,315

Total liabilities
   7,226,836 4,295,379
Member’s deficit
   (2,252,898 ) (3,761,264 )

Total liabilities and member’s deficit
   $ 4,973,938 534,115

~~See accompanying notes to financial statements.~~

~~289~~

~~DB COMMODITY SERVICES LLC~~

~~(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)~~

~~Statements of Income and Expenses~~

~~Years ended December 31, 2007 and 2006~~

   2007    2006
Income:

Management fees
   $ 15,533,475    3,924,547

Total income
   15,533,475    3,924,547

Expense:

Legal fees
   1,770,546    1,825,738
Audit fees and tax services
   6,486,023    1,528,279
Printing services
   1,184,335    223,552
Administrator and trustees fees
   1,943,817    289,729
Marketing costs
   2,423,774    529,418
Organizational and offering costs
   —    2,642,543
Registration fees
   —    636,000
Other
   216,614    60,552

Total expenses
   14,025,109    7,735,811

Net income (loss)
   $ 1,508,366    (3,811,264 )

~~See accompanying notes to financial statements.~~

~~290~~

~~DB COMMODITY SERVICES LLC~~

~~(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)~~

~~Statements of Changes in Member’s Deficit~~

~~Years ended December 31, 2007 and 2006~~

   2007 2006
Member’s capital (deficit), January 1
   $ (3,761,264 ) 50,000
Net income (loss)
   1,508,366 (3,811,264 )

Member’s deficit, December 31
   $ (2,252,898 ) (3,761,264 )

~~See accompanying notes to financial statements.~~

~~291~~

~~DB COMMODITY SERVICES LLC~~

~~(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)~~

~~Statements of Cash Flows~~

~~Years ended December 31, 2007 and 2006~~

   2007 2006
Cash flows from operating activities:

Net income (loss)
   $ 1,508,366 (3,811,264 )
Adjustments to reconcile net income (loss) to net cash used in operating activities:

(Increase) decrease in operating assets:

Due from DB Exchange Traded Fund
   (1,572,487 ) (512,115 )
Due from affiliate
   (2,867,336 )
Increase (decrease) in operating liabilities:

Due to affiliate
   (2,674,315 ) 2,674,315
Accrued expenses
   5,605,772 1,621,064
Due to DB US Financial Market Holdings Corporation
   — (2,000 )

Net cash used in operating activities
   — (30,000 )

Cash flows from investing activities:

Investments in DB Exchange Traded Funds
   — (20,000 )

Net cash used in investing activities
   — (20,000 )

Decrease in cash held by affiliate
   — (50,000 )
Cash and cash equivalents at beginning of year
   — 50,000

Cash and cash equivalents at end of year
   $ — —

~~See accompanying notes to financial statements.~~

~~292~~

~~DB COMMODITY SERVICES LLC~~

~~(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)~~

~~Notes to Financial Statements~~

~~December 31, 2007 and 2006~~

~~(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; a Delaware statutory trust organized on May 23, 2005; commenced investment operations on January 31, 2006 (the DBC Feeder Fund). DBC Feeder Fund was originally named “DB Commodity Index Tracking Fund” and changed its name to “PowerShares DB Commodity Index Tracking Fund” effective August 10, 2006,

~~DB Commodity Index Tracking Master Fund; a Delaware statutory trust organized on May 23, 2005; commenced investment operations on January 31, 2006 (the DBC Master Fund),~~

PowerShares DB G10 Currency Harvest Fund; a Delaware statutory trust organized on April 12, 2006; commenced investment operations on September 15, 2006 (the DBV Feeder Fund). DBV Feeder Fund was originally named “DB Currency Index Value Fund” and changed its name to “PowerShares DB G10 Currency Harvest Fund” effective July 20, 2006,

DB G10 Currency Harvest Master Fund; a Delaware statutory trust organized on April 12, 2006; commenced investment operations on September 15, 2006 (the DBV Master Fund). DBV Master Fund was originally named “DB Currency Index Value Master Fund” and changed its name to “DB G10 Currency Harvest Master Fund” effective July 20, 2006,

PowerShares DB Multi-Sector Commodity Trust; a Delaware statutory trust, in seven separate series (the Sectors Funds), organized on August 3, 2006; commenced investment operations on January 3, 2007:

–

~~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; a Delaware statutory trust, in seven separate series (the Sectors Master Funds), organized on August 3, 2006; commenced investment operations on January 3, 2007:

–

~~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),~~

~~(Continued)~~

~~293~~

~~DB COMMODITY SERVICES LLC~~

~~(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)~~

~~Notes to Financial Statements~~

~~December 31, 2007 and 2006~~

–

~~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; a Delaware statutory trust, in two separate series (the DXY Funds), organized on August 3, 2006; commenced investment operations on February 15, 2007:~~

–

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

–

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

~~DB US Dollar Index Master Trust; a Delaware statutory trust, in two separate series (the DXY Master Funds), organized on August 3, 2006; commenced investment operations on February 15, 2007:~~

–

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

–

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

~~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 disclosure of contingent assets and liabilities during the reporting period of the financial statements. Actual results could differ from those estimates.

~~(c)~~

~~Due from DB Exchange Traded Funds~~

Due from DB Exchange Traded Funds is recorded at the invoiced amounts and do not bear interest. Amounts collected on Due from DB Exchange Traded Funds are included in net cash provided by operating activities in the statement of cash flow. Management has determined that there was no risk of unrecoverable amounts, and no allowance for doubtful accounts was provided for as of December 31, 2007.

~~(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.~~

~~(Continued)~~

~~294~~

~~DB COMMODITY SERVICES LLC~~

~~(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)~~

~~Notes to Financial Statements~~

~~December 31, 2007 and 2006~~

Upon the establishment of the Funds, the Company’s investment represents 100% ownership and is stated at cost. Upon commencement of the Funds’ investment operations and issuance of the Funds’ limited shares, the Company’s general share ownership of the Feeder Funds is recorded as capital in the consolidated financial statements of the Funds, and the Company’s general share ownership of the Master Funds is recorded as a minority shareholder.

~~(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 individually liable for income taxes, if any, on its share of the Company’s income, loss, and other items. The following is the major tax jurisdiction for the Company and the earliest tax year subject to examination: United States – 2005.

~~(f)~~

~~Revenue Recognition~~

Fees earned for management services are recorded on the accrual method of accounting. Fees for management services are received from each of the Master Funds upon commencement of operations. No separate fee is received from each of the Feeder Funds.

~~(g)~~

~~Reclassifications~~

~~Certain amounts in the 2006 financial statements have been reclassified to conform to the 2007 presentation.~~

~~(3)~~

~~Related Party Transactions~~

~~(a)~~

~~Management Fees and Due from DB Exchange Traded Funds~~

The DBC Master Fund pays the Company a management fee, monthly in arrears, in an amount equal to 0.75% per annum of its net asset value. Prior to July 12, 2006, the management fee was 0.95% per annum.

~~The DBA, DBB, 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.~~

~~(Continued)~~

~~295~~

~~DB COMMODITY SERVICES LLC~~

~~(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)~~

~~Notes to Financial Statements~~

~~December 31, 2007 and 2006~~

~~Management fees and Due from DB Exchange Traded Funds as of December 31, 2007 and 2006 amounted to:~~

   2007
Management
fees    2006
Management
fees    2007 Due
from DB
Exchange-
Traded Funds    2006 Due
from DB
Exchange-
Traded Funds
DBA Master Fund
   $ 3,200,975    —    610,088    —
DBB Master Fund
   430,403    —    30,794    —
DBC Master Fund
   7,698,406    3,802,033    943,961    454,280
DBE Master Fund
   270,256    —    31,370    —
DBO Master Fund
   131,443    —    11,577    —
DBP Master Fund
   185,982    —    30,081    —
DBS Master Fund
   111,270    —    11,679    —
DBV Master Fund
   3,088,003    122,514    330,845    57,835
DGL Master Fund
   130,429    —    16,780    —
UDN Master Fund
   174,173    —    34,492    —
UUP Master Fund
   112,135    —    32,935    —

   $ 15,533,475    3,924,547    2,084,602    512,115

~~(b)~~

~~Organization and Offering Costs~~

Prior to July 12, 2006, cost incurred in connection with organization of the DBC and DBV Feeder Funds and Master Funds, including the initial offering of the limited shares of the Funds, were paid by Deutsche Bank AG on behalf of DBC and DBV Master Fund. Cost incurred in connection with the continuous offering of limited shares of the Funds after the commencement of the DBC and DBV Master Funds’ investment trading operations were also paid by Deutsche Bank AG on behalf of DBC and DBV Master Fund. These costs were subject to reimbursement by the DBC and DBV Master Funds, without interest, in 36 monthly payments during each of the first 36 months after the commencement of the DBC and DBV Master Fund’s trading operations. Also, prior to July 12, 2006, DBC and DBV Master Fund’s liability to Deutsche Bank AG was transferred to the Company, of which, the Company received $185,575.

Effective July 12, 2006 the Company assumed DBC and DBV Master Fund’s organization and offering costs incurred prior to July 12, 2006, which amounted to $2,642,543. Such costs have been recorded in the Company’s statement of income and expense as organizational and offering costs.

~~The Company assumes all organization and offering costs subsequent to July 12, 2006.~~

~~(Continued)~~

~~296~~

~~DB COMMODITY SERVICES LLC~~

~~(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)~~

~~Notes to Financial Statements~~

~~December 31, 2007 and 2006~~

~~(c)~~

~~Administration Expenses~~

Effective July 12, 2006, the Managing Owner has agreed to assume all future routine operational, administrative and other ordinary expenses of the Funds and Master Funds, including, but not limited to, computer services, trustee fees and expenses, legal and accounting fees and expenses, 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 6 for further details on service agreements.

~~Prior to July 12, 2006, all routine operational, administrative and other ordinary expenses of the DBC and DBV Funds were paid by the DBC and DBV Master Funds.~~

~~(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/to Affiliate~~

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 non interest bearing and there is no expiration date. As of December 31, 2007, the Company had a net balance due to the Company of $2,867,336 on this facility.

~~(f)~~

~~Letter of Support~~

The Company has received from Deutsche Bank AG a letter of support that provides to the Company the funds and support to allow the Company to meet all of its current and currently foreseeable obligations for a year and a day from December 31, 2007.

~~(Continued)~~

~~297~~

~~DB COMMODITY SERVICES LLC~~

~~(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)~~

~~Notes to Financial Statements~~

~~December 31, 2007 and 2006~~

~~(4)~~

~~Investments in DB Exchange Traded Funds~~

~~Investments in DB Exchange Traded Funds as of December 31, 2007 consist of the following:~~

   Amount
PowerShares DB Commodity Index Tracking Fund
   $ 1,000
DB Commodity Index Tracking Master Fund
   1,000
PowerShares DB G10 Currency Harvest Fund
   1,000
DB G10 Currency Harvest Master Fund
   1,000
PowerShares DB Energy Fund
   1,000
DB Energy Master Fund
   1,000
PowerShares DB Oil Fund
   1,000
DB Oil Master Fund
   1,000
PowerShares DB Precious Metals Fund
   1,000
DB Precious Metals Master Fund
   1,000
PowerShares DB Gold Fund
   1,000
DB Gold Master Fund
   1,000
PowerShares DB Silver Fund
   1,000
DB Silver Master Fund
   1,000
PowerShares DB Base Metals Fund
   1,000
DB Base Metals Master Fund
   1,000
PowerShares DB Agriculture Fund
   1,000
DB Agriculture Master Fund
   1,000
PowerShares DB US Dollar Index Bullish Fund
   1,000
DB US Dollar Index Bullish Master Fund
   1,000
PowerShares DB US Dollar Index Bearish Fund
   1,000
DB US Dollar Index Bearish Master Fund
   1,000

   $ 22,000

~~The Company’s ownership in each of the above DB Exchange Traded Funds represents less than 1.0%.~~

~~(Continued)~~

~~298~~

~~DB COMMODITY SERVICES LLC~~

~~(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)~~

~~Notes to Financial Statements~~

~~December 31, 2007 and 2006~~

~~(5)~~

~~Accrued Expenses~~

~~Accrued expenses as of December 31, 2007 and 2006 consist of the following:~~

   2007    2006
Audit fees and tax services
   $ 5,346,247    1,243,979
Marketing costs
   817,335    237,513
Administrator and trustees fees
   484,118    118,955
Legal fees
   318,520    11,575
Printing services
   166,950    9,042
Other
   93,666    —

   $ 7,226,836    1,621,064

~~(6)~~

~~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 as the administrator (the Administrator), custodian and transfer agent of the Funds and have 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 services to the funds.

~~(Continued)~~

~~299~~

~~DB COMMODITY SERVICES LLC~~

~~(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)~~

~~Notes to Financial Statements~~

~~December 31, 2007 and 2006~~

The Distribution Services Agreement is effective for two years and thereafter will continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by the Company or otherwise as provided under the Distribution Services Agreement. The Distribution Services Agreement is terminable without penalty on sixty days’ written notice by the Company or by the Distributor. The Distribution Services Agreement will automatically terminate in the event of its assignment.

~~(d)~~

~~License Agreement~~

Under the License Agreement among Invesco PowerShares Capital Management LLC (formerly known as PowerShares Capital Management LLC) (the Licensor), 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 anywhere in the world, solely in connection with the marketing and promotion of the Funds, and 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.

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

~~(7)~~

~~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.

~~(8)~~

~~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. 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.

~~(Continued)~~

~~300~~

~~DB COMMODITY SERVICES LLC~~

~~(An Indirect Wholly Owned Subsidiary of Deutsche Bank AG)~~

~~Notes to Financial Statements~~

~~December 31, 2007 and 2006~~

~~(9)~~

~~Recently Issued Accounting Standards~~

~~In September 2006, the Financial Accounting Standard Board (FASB) issued Statement of Financial Accounting Standard (SFAS) No. 157,~~~~Fair Value Measurement~~ (Statement 157). Statement 157 defines fair value, establishes framework for the measurement of fair value, and enhances disclosures about fair value measurements. The Statement does not require any new fair value measures. The Statement is effective for fair value measures already required or permitted by other standards for fiscal years beginning after November 15, 2007. The Company is required to adopt Statement 157 beginning on January 1, 2008. Statement 157 is required to be applied prospectively, except for certain financial instruments. Any transition adjustment will be recognized as an adjustment to opening retained earnings in the year of adoption. The Company is currently evaluating the impact of adopting Statement 157 on its financial statements disclosures.

~~In December 2007, the FASB issued SFAS No. 160,~~~~Noncontrolling Interests in Consolidated Financial Statements – an amendment to ARB No. 51~~ (Statement 160). Statement 160 requires noncontrolling interests (previously referred to as minority interests) to be reported as a component of equity, which changes the accounting for transactions with noncontrolling interest holders. Statement 160 is effective for periods beginning on or after December 15, 2008 and earlier adoption is prohibited. Statement 160 will be applied prospectively to all noncontrolling interests including any that arose before the effective date and presentation and disclosure requirements shall be applied retrospectively for all periods presented. The Company is currently evaluating the impact of adopting Statement 160 on its results of operations and financial position.

~~(10)~~

~~Recently Adopted Accounting Standards~~

~~In July 2006, the FASB issued FASB Interpretation No. 48 (FIN 48),~~~~Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement 109~~. FIN 48 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a threshold of more-likely-than-not for recognition of tax benefits of uncertain tax positions taken or expected to be taken in a tax return. FIN 48 also provides related guidance on measurement, derecognition, classification, interest and penalties, and disclosure. The Company adopted FIN 48 on January 1, 2007, and has determined that the application of this Interpretation did not have any impact on its results of operation and financial position.

~~301~~

~~PART TWO~~

~~STATEMENT OF ADDITIONAL INFORMATION~~

~~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~~

Shares of Beneficial Interest

The Shares are speculative securities which involve the risk of loss.

Past performance is not necessarily indicative of future results.

See ~~“The Risks You Face”~~“Risk Factors” beginning at page 2115 in Part One.

THIS PROSPECTUS IS IN TWO PARTS:

A DISCLOSURE

DOCUMENT AND A STATEMENT OF ADDITIONAL INFORMATION.

~~INFORMATION.~~ THESE PARTS ARE BOUND

TOGETHER, AND BOTH CONTAIN

IMPORTANT ~~INFORMATION~~INFORMATION. YOU MUST READ THE

STATEMENT OF ADDITIONAL INFORMATION

[]~~, 2008~~IN CONJUNCTION WITH THE

DISCLOSURE DOCUMENT.

November 15, 2018

Invesco Capital Management LLC

~~DB Commodity Services LLC~~

Managing Owner

~~302~~-134-

PART TWO

STATEMENT OF ADDITIONAL ~~INFORMATION~~

~~TABLE OF CONTENTS~~INFORMATION


~~General Information Relating to Deutsche Bank AG~~GENERAL INFORMATION RELATING TO INVESCO CAPITAL MANAGEMENT LLC		~~304~~	136

~~The Futures Markets~~THE FUTURES MARKETS		~~304~~	136

Futures Contracts		~~304~~	136
Hedgers and Speculators		~~305~~	136
Futures Exchanges		~~305~~	136
~~Daily Limits~~Regulations		~~305~~	137
~~Regulations~~Margin		~~305~~
~~Margin~~	138	~~306~~

~~Overview of the Index Commodities and Related Futures Contracts~~		~~307~~

~~Exhibit A—Privacy Notice~~		~~P–1~~

~~303~~-135-

GENERAL INFORMATION RELATING TO ~~DEUTSCHE BANK AG~~INVESCO CAPITAL MANAGEMENT LLC

Invesco is an independent firm dedicated to delivering an investment experience that helps people get more out of life. We are privileged to manage more than $937 billion in assets on behalf of clients in more than 120 countries. Our capabilities span global regions, asset classes and investment vehicles, and our investment teams have the intellectual freedom to capitalize on their expertise. To learn more, visit invesco.com/us.

Deutsche Bank AG is a banking company with limited liability incorporated under the laws of the Federal Republic of Germany under registration number HRB 30 000. Deutsche Bank AG has its registered office at Taunusanlage 12, D-60325 Frankfurt am Main. Deutsche Bank AG originated from the reunification of Norddeutsche Bank Aktiengesellschaft, Hamburg, Deutsche Bank Aktiengesellschaft West, Düsseldorf, and Süddeutsche Bank Aktiengesellschaft, Munich; pursuant to the Law on the Regional Scope of Credit Institutions, these had been disincorporated in 1952 from Deutsche Bank, founded in 1870. The merger and the name were entered in the Commercial Register of the District Court in Frankfurt am Main on May 2, 1957.

Deutsche Bank AG is the parent company of the Deutsche Bank Group, consisting of banks, capital market companies, fund management companies and a property finance company, installment financing companies, research and consultancy companies and other domestic and foreign companies. The Deutsche Bank Group has over 1,500 branches and offices engaged in banking business and other financial businesses worldwide.

The objectives of Deutsche Bank AG, as set forth in its Articles of Association, include the transaction of all kinds of banking businesses, the provision of financial and other services and the promotion of international economic relations. Deutsche Bank AG may realize these objectives itself or through subsidiaries and affiliated companies. To the extent permitted by law, Deutsche Bank AG is entitled to transact all business and to take all steps which appear likely to promote the objectives of Deutsche Bank AG, in particular, to acquire and dispose of real estate, to establish branches at home and abroad, to acquire, administer and dispose of participations in other enterprises, and to conclude enterprise agreements.

The activities of the Deutsche Bank Group include traditional deposit-taking and lending business for private clients, corporate and public sector entities, including mortgage lending, payment transactions, securities brokerage for customers, asset management, investment banking, project finance, structured finance, foreign trade finance, money and foreign exchange dealing, building savings business (Bauspargeschäft), as well as cash management, payment and securities settlement, and payment cards and point-of-sale services.

As of December 31, 2007, the issued share capital of Deutsche Bank AG amounted to euro 1.36 billion, consisting of 530.4 million ordinary registered shares without par value. These shares are fully paid up and in registered form. The shares are listed for trading and official quotation on all the German stock exchanges. They are also listed on the stock exchanges in Amsterdam, Brussels, London, Luxembourg, New York, Paris, Tokyo and Vienna and on the Swiss Exchange.

As of December 31, 2007, the Deutsche Bank Group had total assets of euro 2,020 billion, total liabilities of euro 1,982 billion and shareholders’ equity of euro 37.0 billion. Please refer to Deutsche Bank AG’s Annual Report on Form 20-F, which is incorporated by reference herein, for additional financial information and financial statements.

Deutsche Bank AG London is the London branch of Deutsche Bank AG. Deutsche Bank AG, New York branch, is the New York branch of Deutsche Bank AG and operates pursuant to license issued by the Superintendent of Banks of the State of New York on July 14, 1978.

THE FUTURES MARKETS

Futures Contracts

Futures contracts are standardized contracts made on United States or foreign exchanges that call for the future delivery of specified quantities of various agricultural and tropical commodities, industrial commodities, currencies, financial instruments or metals at a specified time and place. The contractual obligations, depending upon whether one is a buyer or a seller, may be satisfied either by taking or making, as the case may be, physical delivery of an approved grade of commodity or by making an offsetting sale or purchase of an equivalent but opposite futures contract on the same, or mutuallyoff-setting, exchange prior to the designated date of delivery. As an example of an offsetting transaction where the physical commodity is not delivered, the contractual obligation arising from the sale of one contract of December ~~2008~~ wheat on a ~~commodity~~futures exchange may be fulfilled at any time before delivery of the commodity is required by the purchase of one contract of December ~~2008~~ wheat on the same exchange. The difference between the price at which the futures contract is sold or purchased and the price paid for the offsetting purchase or sale, after allowance for brokerage commissions, constitutes the profit or loss to the trader. Certain futures contracts, such as those for stock, ~~or other~~ financial or economic indices approved by the CFTC, or Eurodollar contracts, settle in cash

~~304~~

~~(irrespective~~ (irrespective of whether any attempt is made to offset such contracts) rather than delivery of any physical commodity.

Hedgers and Speculators

The two broad classes of persons who trade futures ~~interest~~ contracts are “hedgers” and “speculators.”

Commercial interests, including farmers, that market or process commodities, and financial institutions that market or deal in commodities, including interest rate sensitive instruments, foreign currencies and stocks, and which are exposed to currency, interest rate and stock market risks, may use the futures markets for hedging. Hedging is a protective procedure designed to minimize losses that may occur because of price fluctuations occurring, for example, between the time a processor makes a contract to buy or sell a raw or processed commodity at a certain price and the time he must perform the contract. The futures markets enable the hedger to shift the risk of price fluctuations to the speculator. The speculator risks his capital with the hope of making profits from price fluctuations in futures ~~interests~~ contracts. Speculators rarely take delivery of commodities, but rather close out their positions by entering into offsetting purchases or sales of futures ~~interests~~ contracts. Since the speculator may take either a long or short position in the futures markets, it is possible for him to make profits or incur losses regardless of whether prices go up or down. ~~Trading by the Master Funds will be for speculative rather than for hedging purposes.~~

Futures Exchanges

Futures exchanges provide centralized market facilities for trading futures contracts and options thereon (but not forward contracts). Members of, and trades executed on, a particular exchange are subject to the rules of that exchange. Among the principal exchanges in the United States are the Chicago Board of Trade, the Chicago Mercantile Exchange, the New York Mercantile Exchange, and ~~the New York Board of Trade.~~

ICE Futures U.S.

Each futures exchange in the United States has an associated “clearing house.” Once trades between members of an exchange have been confirmed, the clearing house becomes substituted for each buyer and each seller of contracts traded on the exchange and, in effect, becomes the other party to each trader’s open position in the market. Thereafter, each party to a trade looks only to the clearing house for performance. The clearing house generally establishes ~~some sort of security or~~a guarantee fund to which all clearing members of the exchange ~~mustcontribute;~~must contribute; this fund acts as an emergency buffer that enables the clearing house, at least to a large degree, to meet its obligations with regard to the “other side” of an insolvent clearing member’s contracts. Furthermore, clearing houses require margin deposits and continuously mark positions to market to provide

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some assurance that their members will be able to fulfill their contractual obligations. Thus, a central function of the clearing houses is to ensure the integrity of ~~trades, and members~~trades. Members effecting futures transactions on an organized exchange typically need not worry about the solvency of the party on the opposite side of the ~~trade;~~trade but, rather their ~~only remaining~~ concerns are the respective solvencies of their commodity broker and the clearing house. The clearing house “guarantee” of performance on open positions does not run to customers. If a member firm goes bankrupt, customers could lose money.

Foreign futures exchanges differ in certain respects from their U.S. counterparts. In contrast to U.S. exchanges, certain foreign exchanges are “principals’ markets,” where trades remain the liability of the traders involved, and the exchange clearing house does not become substituted for any party.

~~Daily Limits~~

~~Most~~ See “Risk Factors — Trading on Futures Exchanges Outside the United States is Not Subject to U.S. futures exchanges (but generally not foreign exchanges or banks or dealers in the case of forward contracts) limit the amount of fluctuation in futures interests contract prices during a single trading day by regulation. These regulations specify what are referred to as “daily price fluctuation limits” or more commonly “daily limits.” The daily limits establish the maximum amount that the price of a futures interests contract may vary either up or down from the previous day’s settlement price. Once the daily limit has been reached in a particular futures interest, no trades may be made at a price beyond the limit. See “The Risks You Face – The Net Asset Value Calculation of the Master Funds May Be Overstated or Understated Due to the Valuation Method Employed When a Settlement Price is not Available on the Date of Net Asset Value Calculation.Regulation.”

Regulations

Futures exchanges in the United States are subject to regulation under the Commodity Exchange Act ~~or CEAct,~~ by the CFTC, the governmental agency having responsibility for regulation of futures exchanges and trading on those exchanges. ~~(Investors should be aware that no governmental U.S. agency regulates the OTC foreign exchange markets.)~~

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The ~~CEAct~~Commodity Exchange Act and the CFTC also regulate the activities of “commodity trading advisors” and “commodity pool operators” and the CFTC has adopted regulations with respect to certain of such persons’ activities. Pursuant to its authority, the CFTC requires a commodity pool operator (such as the Managing Owner) to keep accurate, current and orderly records with respect to each pool it operates. The CFTC may suspend the registration of a commodity pool operator if the CFTC finds that the operator has violated the ~~CEAct~~Commodity Exchange Act or regulations thereunder and in certain other circumstances. Suspension, restriction or termination of the Managing Owner’s registration as a commodity pool operator would prevent it, until such time (if any) as such registration were to be reinstated, from managing, and might result in the termination of, the ~~Trust and the Master~~ Trust. The ~~CEAct~~Commodity Exchange Act gives the CFTC similar authority with respect to the activities of commodity trading advisors, such as the Managing Owner. If the registration of a the

Managing Owner as a commodity trading advisor were to be terminated, restricted or suspended, the Managing Owner would be unable, until such time (if any) as such registration were to be reinstated, to render trading advice to the ~~Fund and the Master~~ Fund. The Funds ~~and the Master Funds themselves~~ are not registered with the CFTC in any capacity.

The ~~CEAct~~Commodity Exchange Act requires all “futures commission merchants,” such as the Commodity Broker, to meet and maintain specified fitness and financial requirements, segregate customer funds from proprietary funds and account separately for all customers’ funds and positions, and to maintain specified book and records open to inspection by the staff of the CFTC.

The ~~CEAct~~Commodity Exchange Act also gives the states certain powers to enforce its provisions and the regulations of the CFTC.

Shareholders are afforded certain rights for reparations under the ~~CEAct.~~Commodity Exchange Act. Shareholders may also be able to maintain a private right of action for certain violations of the ~~CEAct.~~Commodity Exchange Act. The CFTC has adopted rules implementing the reparation provisions of the ~~CEAct~~Commodity Exchange Act which provide that any person may file a complaint for a reparations award with the CFTC for violation of the ~~CEAct~~Commodity Exchange Act against a floor broker, futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, and their respective associated persons.

Pursuant to authority in the ~~CEAct,~~Commodity Exchange Act, the NFA has been formed and registered with the CFTC as a “registered futures association.” At the present time, the NFA is the onlynon-exchange ~~self-regulatoryorganization~~ self-regulatory organization for ~~commodities~~derivatives professionals. NFA members are subject to NFA standards relating to fair trade practices, ~~financial condition,~~market integrity, and consumer protection. As the self-regulatory body of the ~~commodities~~derivatives industry, the NFA promulgates rules governing the conduct of ~~commodity~~derivatives professionals and disciplines those professionals who do not comply with such standards. The CFTC has delegated to the NFA responsibility for the registration of commodity trading advisors, commodity pool operators, futures commission merchants, introducing brokers, and swap dealers, among others, and their respective associated persons, as applicable, and floor brokers.

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The Commodity Broker and the Managing Owner are members of the NFA (the Funds ~~and the Master Funds themselves~~ are not required to become members of the NFA).

The CFTC has no authority to regulate trading on foreign ~~commodity~~futures exchanges and ~~markets.~~markets but permits direct access to such markets from the United States with respect to foreign boards of trade that are registered as such with the CFTC.

Margin

“Initial” or “original” margin is the minimum amount of funds that must be deposited by a futures trader with his commodity broker in order to initiate futures trading or to maintain an open position in futures contracts. “Maintenance” margin is the amount (generally less than initial margin) to which a trader’s account may decline before he must deliver additional margin. A margin deposit is like a cash performance bond. It helps assure the futures trader’s performance of the futures ~~interests which contracts he~~contract that the trader purchases or sells. Futures ~~interests~~contracts are customarily bought and sold on ~~margins~~margin that ~~represent~~represents a very small percentage (ranging upward from less than 2%) of the purchase price of the underlying commodity being traded. Because of such low margins, price fluctuations occurring in the futures markets may create profits and losses that are greater, in relation to the amount invested, than are customary in other forms of ~~investment or speculation.~~investments. The minimum amount of margin required in connection with a particular futures ~~interests~~ contract is set from ~~time-to-time~~time to time by the exchange on which such contract is traded, and may be modified from ~~time-to-time~~time to time by the exchange during the term of the contract.

Brokerage firms carrying accounts for traders in futures ~~interests~~ contracts may not accept lower, and generally require higher, amounts of margin as a matter of policy in order to afford further protection for themselves.

Margin requirements are computed each day by a commodity broker. When the market value of a particular open futures ~~interests~~ contract position

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changes to a point where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the commodity broker. If the margin call is not met within a reasonable time, the broker may

close out a ~~Master Funds’~~Fund’s position. With respect to the Managing Owner’s trading, only the Managing Owner, and not a Fund or its Shareholders personally, will be subject to margin calls.

P-DBMSC-PRO-1

~~OVERVIEW OF THE INDEX COMMODITIES AND RELATED FUTURES CONTRACTS~~[Remainder of page left blank intentionally.]

Unless otherwise stated, all information contained herein regarding the Index Commodities, related futures contracts and the exchanges on which they trade is derived from publicly available sources and is provided for informational purposes only. For the most updated and complete information with respect to each Index Commodity futures contract, please refer to the web address that has been provided at the end of the description of each Index Commodity.-138-

~~General~~

Due to its highly competitive nature, the futures market has become an important economic tool to determine prices based on today’s and tomorrow’s estimated amount of supply and demand. Commodity futures contracts establish a price today either to buy or sell at a future date a defined quantity and quality of a certain commodity along with delivery terms and specifications. The prices of commodity futures contracts depend on a continuous flow of information from around the world and thus require a high amount of transparency. Factors such as weather, war, debt default, refugee displacement, land reclamation and deforestation can all have a major effect on supply and demand and, as a result, the present and future price of a commodity and its related futures contract. These types of information and the way people absorb it constantly changes the price of a commodity.

~~The commodity futures markets may be characterized as being in “backwardation” or in “contango.”~~

Backwardation is a market condition in which futures prices are progressively lower in the distant delivery months. For instance, if the expected future supplies of wheat greatly exceed current supplies because last year’s wheat harvest was poor and this year’s wheat harvest is expected to be excellent, the futures prices of wheat may be lower than spot prices. Backwardation may also result from a greater amount of short-term demand than long term demand. While sweet light crude oil and heating oil have historically exhibited consistent periods ofbackwardation, backwardation will likely not exist in these markets at all times. The absence of backwardation in sweet light crude oil and heating oil may adversely affect the value of your Shares.

In contrast to backwardation, contango is a market condition in which prices in succeeding delivery months are progressively higher than in the nearest delivery month. In other words, futures prices for physical commodities are typically higher than spot prices in a contangoed market. Higher futures prices (relative to spot prices) are due to, in part, carrying costs, such as increasing storage costs, financing costs and insurance costs covering the underlying commodities. Aluminum, gold, corn and wheat historically exhibit “contango” markets rather than backwardation. Although aluminum, gold, corn and wheat have historically exhibited consistent periods of contango, contango will likely not exist in these markets at all times. Contango in aluminum, gold, corn and wheat will adversely affect the value of your Shares.

~~In the oil and energy markets, generally, the prevailing market condition (~~~~i.e.~~, either contango or backwardated) may reflect the immediate supply and demand condition. If the crude oil or energy market is in contango, it may indicate immediately available supply. Backwardation may indicate an immediate shortage. Any factor that threatens the steady flow of oil or energy around the world, such as imminent war, tends to drive the oil and energy markets into backwardation.

~~Index Commodities~~

~~Sweet Light Crude Oil~~

Sweet light crude oil is a type of petroleum which contains small amounts of wax, hydrogen sulfide, carbon dioxide and generally contains less than 0.5% sulfur. Sweet light crude oil is preferred by refiners because of the relatively low sulfur content and high yields of high-value products such as gasoline, diesel fuel, heating oil and jet fuel.

The price of sweet light crude oil is volatile with fluctuations expected to affect the value of the Energy Fund Shares and the Oil Fund Shares. The level of global industrial activity influences the demand for sweet light crude oil. In addition, various other factors can affect the demand for sweet light crude oil, such as weather, political events and labor activity. The supply of sweet light crude oil can be affected by many events, in particular, the meetings of the Organization of Petroleum Exporting Countries. Market expectations about events that will influence either demand or supply can cause

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prices for sweet light crude oil to fluctuate greatly. A significant amount of the world oil production capacity is controlled by a relatively small number of producers. Any large change in production by one of these producers could have a substantial effect on the price of sweet light crude oil.

Sweet light crude oil is the world’s most actively traded commodity. The sweet light crude oil futures contract traded on the New York Mercantile Exchange (“NYMEX”) is the world’s most liquid forum for crude oil trading as well as the world’s most liquid futures contract on a physical commodity. Due to the excellent liquidity and price transparency of the futures contract, it is used as a principal international pricing benchmark.

The sweet light crude oil futures contract trades in units of 1,000 barrels based on delivery in Cushing, Oklahoma. The contract provides for delivery of several grades of domestic and internationally traded foreign crudes, and serves the diverse needs of the physical market.

~~Additional information regarding sweet light crude oil futures contracts (symbol: CL) traded on the NYMEX is available athttp://www.nymex.com~~

~~Heating Oil~~

Heating oil, also known in the United States as No. 2 fuel oil and elsewhere as “red diesel,” is a low viscosity, flammable liquid petroleum product used to fuel furnaces or boilers in residential, commercial and municipal buildings. Heating oil is less commonly used as an industrial fuel or for power generation. Heating oil accounts for about 25% of the yield of a barrel of crude oil, the second largest “cut” from oil after gasoline.

The price of heating oil is volatile with fluctuations expected to affect the value of the Oil Fund Shares. The level of global industrial activity influences the demand for heating oil. In addition, the seasonal temperatures in countries throughout the world can also heavily influence the demand for heating oil. Heating oil is derived from crude oil and as such, any factors that influence the supply of crude oil may also influence the supply of heating oil.

The heating oil futures contract, listed and traded at the NYMEX, trades in units of 42,000 gallons (1,000 barrels) and is based on delivery in New York harbor, the principal cash market center. The heating oil futures contract is also used to hedge diesel fuel and jet fuel, both of which trade in the cash market at an often stable premium to the heating oil futures contract.

~~Additional information regarding heating oil futures contracts (symbol: HO) traded on the NYMEX is available athttp://www.nymex.com~~.

~~Brent Crude Oil~~

Brent crude oil is one of the major classifications of oil and is sourced primarily by the United Kingdom, Norway, Denmark, the Netherlands and Germany. Brent crude oil is not as light or as sweet as its counterpart, sweet light crude oil (West Texas Intermediate oil).

The price of Brent crude oil is volatile with fluctuations expected to affect the value of the Oil Fund Shares. The price of Brent crude oil is influenced by may factors, including, but not limited to, amount of output by oil producing nations, worldwide supply/stockpiles, weather, various geopolitical factors that causes supply disruptions (e.g., war, terrorism), global demand (particularly from emerging nations), currency fluctuations, and activities of market participants such as hedgers and speculators.

The Brent crude oil futures contract is listed and traded at the IntercontinentalExchange, Inc. (the “ICE”), an electronic marketplace for energy trading and price discovery. In Europe, Brent crude oil is the standard for futures contracts traded on the ICE. Brent crude oil is the price reference for two-thirds of the world’s traded oil.

The futures contract trades in units of 1,000 barrels. The futures contract is a deliverable contract based on EFP delivery with an option to cash settle (i.e. the IPE Brent Index price for the day following the last trading day of the futures contract).

~~Additional information regarding Brent crude oil futures contracts (symbol: LCO) traded on the ICE is available athttps://www.theice.com~~.

~~RBOB Gasoline~~

Gasoline is the largest single volume refined product sold in the United States and accounts for almost half of national oil consumption. It is a highly diverse market, with hundreds of wholesale distributors and thousands of retail outlets, making it subject to intense competition and price volatility.

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The price of RBOB Gasoline is volatile with fluctuations expected to affect the value of the Oil Fund Shares. The level of global industrial activity influences the demand for RBOB Gasoline. In addition, the demand has seasonal variations, which occur during “driving seasons” usually considered the summer months in North America and Europe. RBOB Gasoline is derived from crude oil and as such, any factors that influence the supply of crude oil may also influence the supply of RBOB Gasoline.

The RBOB Gasoline futures contract is listed and traded at the NYMEX. The NYMEX Division New York harbor reformulated gasoline blendstock for oxygen blending (RBOB) futures contract trades in units of 42,000 gallons (1,000 barrels). It is based on delivery at petroleum products terminals in New York harbor, the major East Coast trading center for imports and domestic shipments from refineries in the New York harbor area or from the Gulf Coast refining centers. RBOB conforms to industry standards for reformulated regular gasoline blendstock for blending with 10% denatured fuel ethanol (92% purity) as listed by the Colonial Pipeline for fungible F grade for sales in New York and New Jersey. RBOB is a wholesale non-oxygenated blendstock traded in the New York Harbor barge market that is ready for the addition of 10% ethanol at the truck rack.

~~Additional information regarding RBOB Gasoline futures contracts (symbol: XB) traded on the NYMEX is available athttp://www.nymex.com~~.

~~Natural Gas~~

Natural gas is used primarily for residential and commercial heating and in the production of electricity. The greatest natural gas reserves are in the former Soviet Union countries and the Middle East. The greatest producers of natural gas are the United States, Canada and the former Soviet Union countries. Natural gas accounts for almost a quarter of U.S. energy consumption.

The price of natural gas is volatile with fluctuations expected to affect the value of the Oil Fund Shares. The level of global industrial activity influences the demand for natural gas. In addition to the seasonal temperatures in countries throughout the world, any fluctuations may also heavily influence the demand for natural gas.

The natural gas futures contract is listed and traded at the NYMEX. The NYMEX natural gas futures contracts trade in units of 10,000 million British Thermal Units and are based on delivery at the Henry Hub (which is a point on the natural gaspipeline system in Erath, Louisiana). Henry Hub is the nexus of 16 intra- and inter-state natural gas pipeline systems that draw supplies from the region’s prolific gas deposits. These pipelines serve markets throughout the U.S. East Coast, the Gulf Coast, the Midwest and up to the Canadian border. Henry Hub is the pricing point for natural gas futures contracts traded on the NYMEX. Future prices set at Henry Hub generally serve as the benchmark price of natural gas in the North American market.

~~Additional information regarding Natural Gas futures contracts (symbol: NG) traded on the NYMEX is available athttp://www.nymex.com.~~

~~Gold~~

Gold is a vital industrial commodity. It is an excellent conductor of electricity, is resistant to corrosion, and is one of the most chemically stable of the elements, making it important in electronics and other high-tech applications. The principal gold producing countries include South Africa, the United States, Australia, Canada, China, Indonesia, and Russia.

The price of gold is volatile with fluctuations expected to affect the value of the Gold Fund Shares and the Precious Metals Fund Shares. Gold prices float freely in accordance with supply and demand. The price movement of gold may be influenced by a variety of factors, including announcements from central banks regarding reserve gold holdings, agreements among central banks, purchases and sales of gold by central banks other governmental agencies that hold large supplies of gold, political uncertainties, economic concerns such as an increase or decrease in confidence in the global monetary system, the relative strength of the U.S. dollar, interest rates and numerous other factors. Gold prices may also be affected by industry factors such as industrial and jewelry demand.

The COMEX Division of the NYMEX commenced the trading of gold futures contracts on December 31, 1974. The trading unit of COMEX gold futures contracts is 100 troy ounces. Gold bars tendered for delivery can be cast in the form of either one bar or three one-kilogram bars. In either form, the gross weight of the bar or bars tendered for each contract must be within a five percent tolerance of the 100 oz. contract and the bars must assay at not less than 995 fineness,~~i.e.~~ ~~99.5% pure gold.~~

~~Additional information regarding Gold futures contracts (symbol: GC) traded on the NYMEX is available athttp://www.nymex.com~~.

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~~Silver~~

The largest industrial users of silver are the photographic, jewelry, and electronic industries. Newly mined metal (which contains silver) provides most of the needed supply of silver. Mexico, the United States and Peru are the primary producers of silver. Secondary silver sources include coin melt, scrap recovery, and countries where export is restricted.

The price of silver is volatile with fluctuations expected to affect the value of the Silver Fund Shares and the Precious Metals Fund Shares. The largest industrial users of silver (e.g., photographic, jewelry, and electronic industries) may influence its price. A change in economic conditions, such as a recession, can adversely affect industries which are dependent upon the use of silver. In turn, such a negative economic impact may decrease demand for silver, and, consequently, its price. Worldwide speculation and hedging activity by silver producers may also impact its price.

The trading unit of COMEX silver futures contracts is 5,000 troy ounces. Silver bars tendered for delivery can be cast in the form of either 1,000 or 1,100 troy ounce cast bars. In either form, the gross weight of the bar or bars tendered for each contract must be within a six percent tolerance of the 5,000 troy ounce contract and the bars must assay at not less than .999 fineness,~~i.e.~~ ~~99.9% pure silver.~~

~~Additional information regarding Silver futures contracts (symbol: SI) traded on the NYMEX is available athttp://www.nymex.com~~.

~~Aluminum~~

Aluminum is the most heavily produced and consumed non-ferrous metal in the world. Its low density and malleability are characteristics that provide the flexibility necessary for many uses in the industrial world. Aluminum is extremely light, pliable, has high conductivity and is resistant to rust. Aluminum has many diverse applications ranging from beverage cans to cars. In 2001, world primary refined production of aluminum totaled over 24 million tons. Despite being the most prolific metal on earth, aluminum only began to be used extensively once an inexpensive method for distilling it by means of electrolytic reduction was discovered in the mid 19^th century. World production of aluminum is as follows: (1) Europe – 33%; (2) United States – 29%; (3) Asia – 24%; (4) Oceania – 9% and (5) Africa – 5%. Industry consumption of aluminum is as follows: (1) Transportation – 26%; (2) packaging – 22%; (3) construction – 22%; (4) machinery – 8%;(5) electrical – 8%; (6) consumer durables – 7% and (7) others – 7%.

Changes in the price of aluminum are expected to affect the value of the Base Metals Fund Shares. The price movement of aluminum may be influenced by a variety of factors, including the level of global industrial activity and demands, especially relating to the transportation, packaging and building sectors, each of which significantly influences the demand, and in turn, the price of aluminum. Prices for aluminum are influenced by a number of factors including the level of economic activity in large aluminum consuming markets, political uncertainties, economic concerns and the rate of supply of new metal from producers. The production of aluminum is a power intensive process that requires large amounts of inexpensive power. Disruptions in the amount of energy available to aluminum producers could affect the supply of aluminum.

LME introduced the aluminum futures contract in 1978. The aluminum futures contract is the largest futures contract traded on the LME. Additionally, the LME has the most liquid aluminum contracts in the world. The total turnover for LME primary aluminum futures and options in 2001 was over 25 million lots or 625 million tons.

Because trading is to be conducted on a commodity exchange outside the United States, such trading is not regulated by any United States governmental agency and may involve certain risks not applicable to trading on United States exchanges, including different or diminished investor protections. In trading contracts denominated in currencies other than U.S. dollars, Shares are subject to the risk of adverse exchange-rate movements between the dollar and the functional currencies of such contracts. Investors could incur substantial losses from trading on foreign exchanges which such Investors would not have otherwise been subject had the trading been limited to U.S. markets.

~~The futures contract trades in units of 25 tons. The futures contract provides for delivery of aluminum that is at least 99.7% pure.~~

~~Additional information regarding aluminum futures contracts (symbol: MAL) traded on the LME is available athttp://www.lme.com~~.

~~Zinc~~

~~Zinc is commonly mined as a co-product with standard lead and both metals have growing core markets for their consumption. The main market for zinc is galvanizing, which accounts for almost half its~~

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modern-day demand. Zinc’s electropositive nature enables metals to be readily galvanized, which gives added protection against corrosion to building structures, vehicles, machinery and household equipment. The worldwide supply of zinc concentrate (raw material) comes mainly from North America, Russia and Australia.

Changes in the price of zinc are expected to affect the value of the Base Metals Fund Shares. The closing price of zinc is determined by reference to the official U.S. dollar cash settlement price per ton of the zinc futures contract traded on the LME. The price of zinc is primarily affected by the global demand for and supply of zinc. Demand for zinc is significantly influenced by the level of global industrial economic activity. The galvanized steel industrial sector is particularly important given that the use of zinc in the manufacture of galvanized steel accounts for approximately 50% of world-wide zinc demand. The galvanized steel sector is in turn heavily dependent on the automobile and construction sectors. A relatively widespread increase in the demand for zinc by the galvanized steel sector, particularly in China and the United States, has been the primary cause of the recent rise in zinc prices. An additional, but highly volatile component of demand, is adjustments to inventory in response to changes in economic activity and/or pricing levels. The supply of zinc concentrate (the raw material) is dominated by China, Australia, North America and Latin America. The supply of zinc is also affected by current and previous price levels, which will influence investment decisions in new mines and smelters. It is not possible to predict the aggregate effect of all or any combination of these factors.

~~The futures contract trades in units of 25 tons. The futures contract provides for delivery of zinc that is at least 99.995% pure.~~

~~Additional information regarding zinc futures contracts (symbol: MZN) traded on the LME is available athttp://www.lme.com~~.

~~Copper~~

Copper was the first mineral that man extracted from the earth and along with tin gave rise to the Bronze Age. As the ages and technology progressed the uses for copper increased. With the increased demand, exploration for the metal was extended throughout the world laying down the foundations for the industry as we know it today. Copper is an excellent conductor of electricity, as such one of its main industrial usage is for the production of cable, wire and electrical products for both the electrical and building industries. The construction industry also accounts for copper’s second largest usage in such areas as pipes for plumbing, heating and ventilating as well as building wire and sheet metal facings.

The price of copper is volatile with fluctuations expected to affect the value of the Base Metals Fund Shares. The price of copper is primarily affected by the global demand for and supply of copper. Demand for copper is significantly influenced by the level of global industrial economic activity. Industrial sectors which are particularly important include the electrical and construction sectors. In recent years demand has been supported by strong consumption from newly industrializing countries, which continue to be in a copper-intensive period of economic growth as they develop their infrastructure (such as China). An additional, but highly volatile, component of demand is adjustments to inventory in response to changes in economic activity and/or pricing levels. Apart from the United States, Canada and Australia, the majority of copper concentrate supply (the raw material) comes from outside the Organization for Economic Cooperation and Development countries. Chile is the largest producer of copper concentrate. In previous years, copper supply has been affected by strikes, financial problems and terrorist activity. Output has fallen particularly sharply in the “African Copperbelt” and in Bougainville, Papua New Guinea. Any political turmoil in these countries may cause copper supply to fall.

~~The closing price of copper is determined by reference to the official U.S. dollar cash settlement price per ton of the copper futures contract traded on the LME.~~

~~Because trading is to be conducted on a commodity exchange outside the United States, such trading is not regulated by any United States~~

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governmental agency and may involve certain risks not applicable to trading on United States exchanges, including different or diminished investor protections. In trading contracts denominated in currencies other than U.S. dollars, Shares are subject to the risk of adverse exchange-rate movements between the dollar and the functional currencies of such contracts. Investors could incur substantial losses from trading on foreign exchanges which such Investors would not have otherwise been subject had the trading been limited to U.S. markets.

~~The futures contract trades in units of 25 tons. The futures contract provides for delivery of Grade A Copper.~~

~~Additional information regarding the Copper Grade A futures contracts (symbol: MCU) traded on the LME is available athttp://www.lme.com~~.

~~Corn~~

~~Corn is the largest feed grain domestically and globally. Corn accounts for over 85% of total U.S. feed grain production. The U.S. is the largest corn producer in the world.~~

The price of corn is expected to fluctuate over time affecting the value of the Agriculture Fund Shares. The price movement of corn may be influenced by three primary supply factors: farmer planting decisions, climate, and government agricultural policies and three major market demand factors: livestock feeding, shortages or surpluses of world grain supplies, and domestic and foreign government policies and trade agreements. Additionally, the price movement of corn may be influenced by a variety of other factors, including weather conditions, disease, transportation costs, political uncertainties and economic concerns.

Corn futures are traded on the Chicago Board of Trade (“CBOT”) with a unit of trading of 5,000 bushels. The futures contract provides for delivery of No. 2 Yellow at par, No. 1 yellow at 1 1/2 cents per bushel over contract price, No. 3 yellow at 1 1/2 cents per bushel under contract price.

~~Additional information regarding the corn futures contracts (symbol: C) traded on the CBOT is available athttp://www.cbot.com~~.

~~Wheat~~

~~Wheat is the principal food grain domestically and globally. The U.S. is the third largest wheat producer in the world.~~

The price of wheat is expected to fluctuate over time affecting the value of the Agriculture Fund Shares. The price movement of wheat may be influenced by three primary supply factors: farmer planting decisions, climate, and government agricultural policies and three major market demand factors: food, shortages or surpluses of world grain supplies, and domestic and foreign government policies and trade agreements. Additionally, the price movement of wheat may be influenced by a variety of other factors, including weather conditions, disease, transportation costs, political uncertainties and economic concerns.

Wheat futures are traded on the CBOT with a unit of trading of 5,000 bushels. The futures contract provides for delivery of No. 2 Soft Red Winter, No. 2 Hard Red Winter, No. 2 Dark Northern Spring, and No. 2 Northern Spring at par; No. 1 Soft Red Winter, No. 1 Hard Red Winter, No. 1 Dark Northern Spring and No. 1 Northern Spring at 3 cents per bushel over contract price.

~~Additional information regarding the wheat futures contracts (symbol: W) traded on the CBOT is available athttp://www.cbot.com~~.

~~Soybeans~~

Soybean production is concentrated in the central United States, Brazil, China and Argentina. In the 2005 harvest season, the United States produced approximately 3.09 billion bushels of soybeans or approximately 37% of estimated world production. The industry’s trade associations and the USDA estimate that approximately 55% of United States produced soybeans are processed domestically, 15% are exported as whole soybeans, and 30% are retained for seed and residual use. The soybean industry has worked diligently to introduce soy products as bio-based substitutes for various petroleum-based products. Such products include biodiesel, soy ink, lubricants, candles and plastics. Demand for biodiesel, in particular, is expected to expand, in part due to new federal incentives and supports. Biodiesel is a substitute for standard, petroleum-based diesel fuel that is made from approximately 90% vegetable oil (such as soybean oil) or animal fat and 10% alcohol (methanol). The chemical reaction resulting from the combination of these components produces biodiesel and glycerin. Although the long-term average price differential of biodiesel is currently about $1 per gallon higher than standard diesel fuel, the 2004 Jobs Creation Act, which took effect on January 1, 2005, establishes a blender’s tax credit that equates to about $1 per gallon of biodiesel. This new tax credit, along with some earlier, less significant production incentives,

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~~have essentially closed the price gap between standard diesel fuel and biodiesel, considerably increasing the feasibility of large-scale biodiesel production.~~

The price of soybeans is expected to fluctuate over time affecting the value of the Agriculture Fund Shares. The price movement of soybeans may be influenced by a variety of factors, including demand, weather conditions, disease, crop production, transportation costs, political uncertainties and economic concerns.

Soybean futures are traded on the CBOT with a unit of trading of 5,000 bushels. The futures contract provides for delivery of No. 2 Yellow at par, No. 1 yellow at 6 cents per bushel over contract price and No. 3 yellow at 6 cents per bushel under contract price, provided, however, No. 3 Yellow Soybeans are only deliverable when all factors equal U.S. No. 2 or better except foreign material.

~~Additional information regarding the soybean futures contracts (symbol: S) traded on the CBOT is available athttps://www.theice.com/productguide/productDetails.do?productId=582&productTypeId= 2909&display=~~.

~~Sugar~~

The price of sugar is expected to fluctuate over time affecting the value of the Agriculture Fund Shares. The price movement of sugar may be influenced by a variety of factors, including demand, weather conditions, disease, crop production, transportation costs, political uncertainties and economic concerns.

~~Sugar futures are traded on the ICE Futures U.S. (formerly known as the New York Board of Trade or NYBOT~~^®) (“ICE” with a unit of trading of 112,000 lbs. The futures contract provides for delivery of sugar from Argentina, Australia, Barbados, Belize, Brazil, Colombia, Costa Rica, Dominican Republic, El Salvador, Ecuador, Fiji Islands, French Antilles, Guatemala, Honduras, India, Jamaica, Malawi, Mauritius, Mexico, Mozambique (beginning with the March 2007 contract), Nicaragua, Peru, Republic of the Philippines, South Africa, Swaziland, Taiwan, Thailand, Trinidad, United States, and Zimbabwe.

~~Additional information regarding the sugar futures contracts (symbol: SB) traded on the ICE is available athttps://www.theice.com~~.

~~313~~

~~EXHIBIT A~~

~~PRIVACY NOTICE~~

The importance of protecting the investors’ privacy is recognized by PowerShares DB Multi-Sector Commodity Trust (the “Trust”) and DB Commodity Services LLC (the “Managing Owner”). The Trust and the Managing Owner protect personal information they collect about you by maintaining physical, electronic and procedural safeguards to maintain the confidentiality and security of such information.

~~Categories Of Information Collected.~~ ~~In the normal course of business, the Trust and the Managing Owner may collect the following types of information concerning investors in the Funds who are natural persons:~~

~~Information provided in the Participant Agreements and other forms (including name, address, social security number, income and other financial-related information); and~~

~~Data about investor transactions (such as the types of investments the investors have made and their account status).~~

~~How the Collected Information is Used.~~ Any and all nonpublic personal information received by the Funds or the Managing Owner with respect to the investors who are natural persons, including the information provided to the Funds by such an investor in a Participant Agreement, will not be shared with nonaffiliated third parties which are not service providers to the Trust or the Managing Owner without prior notice to such investors. Such service providers include but are not limited to the Selling Agents, the Commodity Broker, administrators, auditors and the legal advisers of the Trust. Additionally, the Trust and/or the Managing Owner may disclose such nonpublic personal information as required by applicable laws, statutes, rules and regulations of any government, governmental agency or self-regulatory organization or a court order. The same privacy policy will also apply to the Shareholders who have fully redeemed.

~~For questions about the privacy policy, please contact the Trust.~~

~~P-1~~

PART II

Information Not Required in Prospectus

Item 13. Other Expenses of Issuance and Distribution.

The following expenses reflect the estimated amounts required to prepare and file this Registration Statement ~~and complete the offering of the Shares~~ (other than selling commissions).


	Approximate Amount		Approximate Amount
Securities and Exchange Commission Registration Fee		184,218.15
The Financial Industry Regulatory Authority Filing Fee		75,500.00
Securities and Exchange Commission Registration Fee*			$	230,526
Printing Expenses		250,000.00	$	125,000
Fees of Certified Public Accountants		18,500.00
Fees of Independent Registered Public Accounting Firm			$	27,500
Fees of Counsel		50,000.00	$	93,000

Total	$	578,218.15	$	476,026

*	Previously paid.

Item 14. Indemnification of Directors and Officers.

Section 4.7 of the Fifth Amended and Restated Declaration of Trust and Trust Agreement of ~~each of~~ the ~~Trust and the Master~~ Trust filed as ~~exhibits~~an exhibit to this Registration Statement, ~~and,~~ as amended fromtime-to-time (the “Trust Agreement”), provides for the indemnification of Invesco Capital Management (the “Managing Owner”) and its Affiliates (as such term is defined in the ~~Managing Owner. The~~Trust Agreement) (the Managing Owner ~~(including~~and its Affiliates collectively, “Covered Persons”). Under the Trust Agreement, each Covered ~~Persons as provided under each Amended and Restated Declaration of Trust and Trust Agreement)~~Person shall be indemnified by the ~~Master~~ Trust ~~(or any Master Fund separately~~ to the fullest extent ~~the matter in question relates to a single Master Fund or is otherwise disproportionate),~~permitted by law against any losses, judgments, liabilities, expenses, and amounts paid in settlement of any claims sustained by it in connection with its activities for the ~~Master~~ Trust, ~~provided that (i) the Managing Owner was acting on behalf of~~except with respect to any matter as to which such Covered Person shall have been finally adjudicated in any action, suit, or ~~performing services for the Master Trust and has determined,~~other proceeding not to have acted in good faith in the reasonable belief that such ~~course of conduct~~Covered Person’s action was in the best ~~interests~~interest of the ~~Master~~ Trust and except that no Covered Person shall be indemnified against any liability to the Trust or to the Limited Owners (as such ~~liability or loss was not~~term is defined in the ~~result~~Trust Agreement) by reason of ~~negligence,~~willful misconduct or ~~a breach~~gross negligence of ~~the Amended and Restated Declaration of Trust and Trust Agreement on the part of the Managing Owner and (ii) any~~such Covered Person. Any such indemnification will only be recoverable from the ~~applicable~~ Trust Estate ~~or Trust Estates~~ (as such term is defined in the ~~Amended and Restated Declaration of Trust and~~ Trust Agreement). All rights to indemnification permitted therein and payment of associated expenses shall not be affected by the dissolution or other cessation to exist of the Managing Owner, or the withdrawal, adjudication of bankruptcy or insolvency of the Managing Owner, or the filing of a voluntary or involuntary petition in bankruptcy under Title 11 of the ~~U.S.~~ Code by or against the Managing Owner. The source of payments made in respect of indemnification under the Trust Agreement shall be the assets of the Trust.

Item 15. Recent Sales of Unregistered Securities.

None.

Item 16. Exhibits and Financial Statement Schedules.

(a) Exhibits. The following documents (unless otherwise indicated) are filed herewith and made a part of this Registration Statement:

~~(a) Exhibits. The following exhibits are filed herewith:~~


Exhibit Number		Description of Document

1.1		Form of Initial Purchaser Agreement*Agreement¹

4.1		~~Form of~~Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Registrant*Registrant²

II-1


Exhibit Number		Description of Document

~~4.2~~ 4.1.1		~~Form of~~Amendment No. 1 to the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Co-Registrant* Registrant³

~~4.2.1~~ 4.1.2		~~Form of~~ Amendment No. 1 2 to the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Co-Registrant**Registrant⁴

~~4.3~~ 4.2		Form of Participant Agreement* Agreement¹

~~4.4~~		~~Form of Privacy Notice (annexed to the Prospectus as Exhibit A)~~

5.1		Opinion of Richards, Layton & Finger as to legality

8.1		Opinion of ~~Sidley Austin~~Morgan, Lewis & Bockius LLP as to income tax matters

10.1		Form of Customer Agreement* Agreement⁵

10.2		Form of Administration Agreement* Agreement¹

10.3		Form of Global Custody Agreement* Agreement¹

10.4		Form of Transfer Agency and Service Agreement* Agreement¹

10.5		~~Form of~~ Distribution Services Agreement* Agreement⁶

10.6		Form of Marketing Agreement* Agreement¹

23.1		~~Consent of Sidley AustinLLP~~ ~~is included as part of Registration Statement~~

~~23.2~~		Consent of Richards, Layton & Finger is included as part of Exhibit 5.1

23.2		Consent of Morgan, Lewis & Bockius LLP as tax counsel is included as part of Exhibit 8.1

23.3		Consent of ~~Sidley AustinLLP~~ ~~as tax counsel is included as part of Registration Statement~~

~~23.4~~		~~Consent of KPMG~~PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm ~~is included as part~~

24.1		Power of ~~Registration Statement~~Attorney (included on the signature page to this registration statement)

*1	Previously filed as an exhibit toPre-Effective Amendment No. 2 to FormS-1 on December 14, 2006 and incorporated herein by reference.

**2	Previously filed as an exhibit ~~to Registration Statement~~ on Form ~~S-1~~8-K on ~~January 11, 2008~~February 24, 2015, and incorporated herein by reference.

3	Previously filed as an exhibit on Form8-K on June 20, 2016, and incorporated herein by reference.

~~II-2~~

4	Previously filed as an exhibit on Form8-K on June 4, 2018 and incorporated herein by reference.

5	Previously filed as an exhibit on Form8-K on February 23, 2015 and incorporated herein by reference.

6	Previously filed as an exhibit on Form8-K on June 20, 2016 and incorporated herein by reference.

(b) The following financial statements are included in the Prospectus:

The financial statements of the Fund are incorporated by reference as described under “Incorporation by Reference of Certain Documents”.

Item 17. Undertakings.

~~(1)~~(a)

The undersigned registrant and~~PowerShares DB Energy Fund and Subsidiary~~co-registrants hereby undertake:

(1)

To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement;

(i)

~~Report~~

To include any prospectus required by section 10(a)(3) of ~~Independent Registered Public Accounting Firm~~

~~(ii)~~

~~Consolidated Statements~~the Securities Act of ~~Financial Condition~~1933, as ~~of December 31, 2007 and December 31, 2006~~

~~(iii)~~

~~Consolidated Schedule of Investments as of December 31, 2007~~

~~(iv)~~

~~Consolidated Statement of Income and Expenses For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~

~~(v)~~

~~Consolidated Statement of Changes in Shareholders’ Equity For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~

~~(vi)~~

~~Consolidated Statement of Cash Flows For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~

~~(vii)~~

~~Notes to Consolidated Financial Statements~~amended;

~~(2)~~(ii)

~~PowerShares DB Oil Fund~~

To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which,

II-2

individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and ~~Subsidiary~~any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement;

~~(i)~~

~~Report of Independent Registered Public Accounting Firm~~

~~(ii)~~

~~Consolidated Statements of Financial Condition as of December 31, 2007 and December 31, 2006~~

(iii)

~~Consolidated Schedule~~

To include any material information with respect to the plan of ~~Investments as of December 31, 2007~~

~~(iv)~~

~~Consolidated Statement of Income and Expenses For~~distribution not previously disclosed in the ~~Period from January 3, 2007 (commencement of investment operations)~~registration statement or any material change to ~~December 31, 2007~~

~~(v)~~

~~Consolidated Statement of Changes~~such information in ~~Shareholders’ Equity For~~ the ~~Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~

~~(vi)~~

~~Consolidated Statement of Cash Flows For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~

~~(vii)~~

~~Notes to Consolidated Financial Statements~~registration statement;

~~(3)~~Provided,

~~PowerShares DB Precious Metals Fund and Subsidiary~~

however, That:

~~(i)~~

~~Report of Independent Registered Public Accounting Firm~~

~~(ii)~~

~~Consolidated Statements of Financial Condition as of December 31, 2007 and December 31, 2006~~

~~(iii)~~

~~Consolidated Schedule of Investments as of December 31, 2007~~

~~(iv)~~

~~Consolidated Statement of Income and Expenses For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~

~~(v)~~

~~Consolidated Statement of Changes in Shareholders’ Equity For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~

~~(vi)~~

~~Consolidated Statement of Cash Flows For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~

~~(vii)~~

~~Notes to Consolidated Financial Statements~~

~~II-3~~

~~(4)~~

~~PowerShares DB Gold Fund and Subsidiary~~

~~(i)~~

~~Report of Independent Registered Public Accounting Firm~~

~~(ii)~~

~~Consolidated Statements of Financial Condition as of December 31, 2007 and December 31, 2006~~

~~(iii)~~

~~Consolidated Schedule of Investments as of December 31, 2007~~

~~(iv)~~

~~Consolidated Statement of Income and Expenses For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~

~~(v)~~

~~Consolidated Statement of Changes in Shareholders’ Equity For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~

~~(vi)~~

~~Consolidated Statement of Cash Flows For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~

~~(vii)~~

~~Notes to Consolidated Financial Statements~~

~~(5)~~

~~PowerShares DB Silver Fund and Subsidiary~~

~~(i)~~

~~Report of Independent Registered Public Accounting Firm~~

~~(ii)~~

~~Consolidated Statements of Financial Condition as of December 31, 2007 and December 31, 2006~~

~~(iii)~~

~~Consolidated Schedule of Investments as of December 31, 2007~~

~~(iv)~~

~~Consolidated Statement of Income and Expenses For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~

~~(v)~~

~~Consolidated Statement of Changes in Shareholders’ Equity For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~

~~(vi)~~

~~Consolidated Statement of Cash Flows For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~

~~(vii)~~

~~Notes to Consolidated Financial Statements~~

~~(6)~~

~~PowerShares DB Base Metals Fund and Subsidiary~~

~~(i)~~

~~Report of Independent Registered Public Accounting Firm~~

~~(ii)~~

~~Consolidated Statements of Financial Condition as of December 31, 2007 and December 31, 2006~~

~~(iii)~~

~~Consolidated Schedule of Investments as of December 31, 2007~~

~~(iv)~~

~~Consolidated Statement of Income and Expenses For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~

~~(v)~~

~~Consolidated Statement of Changes in Shareholders’ Equity For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~

~~(vi)~~

~~Consolidated Statement of Cash Flows For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~

~~(vii)~~

~~Notes to Consolidated Financial Statements~~

~~(7)~~

~~PowerShares DB Agriculture Fund and Subsidiary~~

~~(i)~~

~~Report of Independent Registered Public Accounting Firm~~

~~(ii)~~

~~Consolidated Statements of Financial Condition as of December 31, 2007 and December 31, 2006~~

~~(iii)~~

~~Consolidated Schedule of Investments as of December 31, 2007~~

~~(iv)~~

~~Consolidated Statement of Income and Expenses For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~

~~(v)~~

~~Consolidated Statement of Changes in Shareholders’ Equity For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~

~~(vi)~~

~~Consolidated Statement of Cash Flows For the Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~

~~(vii)~~

~~Notes to Consolidated Financial Statements~~

~~II-4~~

~~(8)~~

~~DB Commodity Services LLC~~

~~(i)~~

~~Report of Independent Registered Public Accounting Firm~~

~~(ii)~~

~~Statements of Financial Condition for the Year Ended December 31, 2007 and 2006~~

~~(iii)~~

~~Statements of Income and Expenses for the Year Ended December 31, 2007 and 2006~~

~~(iv)~~

~~Statements of Changes in Member’s Deficit for the Years Ended December 31, 2007 and 2006~~

~~(v)~~

~~Statements of Cash Flows for the Years Ended December 31, 2007 and 2006~~

~~(vi)~~

~~Notes to Financial Statements~~

~~Item 17.~~

~~Undertakings.~~

~~(a) The undersigned registrant hereby undertakes:~~

~~(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement;~~

~~(i) To include any prospectus required by section 10(a)(3) of the Securities Act of 1933, as amended;~~

(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement;

(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement, provided however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration statement is on Form S-3, Form S-8 or Form F-3, and the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement.

~~Provided, however, that:~~

(A) Paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the registration statement is on Form ~~S–8,~~S-8, and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant andco-registrantspursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement; and

(B) Paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the registration statement is on Form ~~S–3~~S-3 or Form ~~F–3~~F-3 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant andco-registrants pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

(2)

~~II-5~~

~~(2)~~ That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be thebona fide offering thereof.

(3)

~~(3)~~ To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(4)

~~(4)~~ That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

~~(i) If the registrant is~~
(i)
If the registrant andco-registrants are relying on Rule 430B:

(A) Each prospectus filed by the registrant andco-registrants pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an

II-3

underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

~~(ii) If the registrant is~~
(ii)
If the registrant andco-registrants are subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

(5)

~~II-6~~

~~(5)~~ That, for the purpose of determining liability of the registrant andco-registrants under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:

The undersigned registrant ~~undertakes~~andco-registrants undertake that in a primary offering of securities of the undersigned registrant andco-registrants pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant andco-registrantswill be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

(i)

~~(i)~~ Any preliminary prospectus or prospectus of the undersigned registrant andco-registrants relating to the offering required to be filed pursuant to Rule 424;

(ii)

Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant andco-registrants or used or referred to by the undersigned registrant andco-registrants;

(iii)

The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant andco-registrants or their securities provided by or on behalf of the undersigned registrant andco-registrants; and

(iv)

Any other communication that is an offer in the offering made by the undersigned registrant andco-registrants to the purchaser.

(b) The undersigned registrant andco-registrants hereby undertake that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant andco-registrants’ annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering ~~required~~of such securities at that time shall be deemed to be ~~filed pursuant to Rule 424;~~the initial bona fide offering thereof.

~~(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;~~II-4

(c)

The undersigned registrant andco-registrants hereby undertake that:

(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant;
(1)
For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant andco-registrants pursuant to Rule 424(b)(1) or (4), or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

(2)

For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

~~(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.~~

~~(b)~~(d) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to officers, directors or controlling persons of the registrant andco-registrantspursuant to the foregoing provisions ~~described in Item 14 above,~~ or otherwise, the registrant ~~has~~andco-registrants have been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant andco-registrantsof expenses incurred or paid by an officer, director, or controlling person of the registrant andco-registrants in the successful defense of any such action, suit or proceeding) is asserted by such officer, director or controlling person in connection with the securities being registered, the registrant andco-registrants will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

~~II-7~~II-5

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the Managing Owner of the Registrant and ~~each Co-Registrant has~~theCo-Registrants have duly caused this Registration Statement ~~on Form S-1~~ to be signed on their behalf by the undersigned, thereunto duly authorized, in the ~~city~~City of ~~New York,~~Downers Grove, State of ~~New York,~~Illinois, on the ~~29th~~15th day of ~~April, 2008.~~November, 2018.

~~II-8~~

~~By:~~

By:

/~~s/ Kevin Rich~~S/ DANIEL DRAPER

~~Name: Kevin Rich~~

~~Title: Director and Chief Executive Officer~~

~~By:~~

~~/s/ Michael Gilligan~~Name:

Daniel Draper

~~Name: Michael Gilligan~~

Title: ~~Principal Financial~~

Chief Executive Officer


~~PowerShares~~ Invesco DB Energy Fund, a series of ~~PowerShares~~Invesco DBMulti-Sector Commodity Trust

By:		~~DB Commodity Services~~Invesco Capital Management LLC, its Managing Owner

By:

/~~s/ Kevin Rich~~S/ DANIEL DRAPER

~~Name: Kevin Rich~~

~~Title: Director and Chief Executive Officer~~

~~By:~~

~~/s/ Michael Gilligan~~Name:

Daniel Draper

~~Name: Michael Gilligan~~

Title: ~~Principal Financial~~

Chief Executive Officer


~~PowerShares~~ Invesco DB Oil Fund, a series of ~~PowerShares~~Invesco DB Multi-Sector Commodity Trust

~~By:~~		~~DB Commodity Services LLC,~~ ~~its Managing Owner~~

~~By:~~

~~/s/ Kevin Rich~~

~~Name: Kevin Rich~~

~~Title: Director and 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/ Kevin Rich~~

~~Name: Kevin Rich~~

~~Title: Director and Chief Executive Officer~~

~~By:~~

~~/s/ Michael Gilligan~~

~~Name: Michael Gilligan~~

~~Title: Principal Financial Officer~~

~~II-9~~


~~PowerShares DB Gold Fund, a series of PowerShares DB Multi-Sector Commodity Trust~~

~~By:~~	~~DB Commodity Services LLC,~~ ~~its Managing Owner~~

By:	Invesco Capital Management LLC, its Managing Owner

	By:	/~~s/ Kevin Rich~~S/ DANIEL DRAPER
		Name: ~~Kevin Rich~~	Daniel Draper
		Title: ~~Director and~~	Chief Executive Officer

Invesco DB Precious Metals Fund, a series of Invesco DB Multi-Sector Commodity Trust

By:	Invesco Capital Management LLC, its Managing Owner

	By:	/~~s/ Michael Gilligan~~S/ DANIEL DRAPER
		Name: ~~Michael Gilligan~~ ~~Title: Principal Financial Officer~~	Daniel Draper
		Title:	Chief Executive Officer

II-6


~~PowerShares~~ Invesco DB ~~Silver~~Gold Fund, a series of ~~PowerShares~~Invesco DB Multi-Sector Commodity Trust

~~By:~~	~~DB Commodity Services LLC,~~ ~~its Managing Owner~~

By:	Invesco Capital Management LLC, its Managing Owner

	By:	/~~s/ Kevin Rich~~S/DANIEL DRAPER
		Name: ~~Kevin Rich~~	Daniel Draper
		Title: ~~Director and~~	Chief Executive Officer

Invesco DB Base Metals Fund, a series of Invesco DB Multi-Sector Commodity Trust

By:	Invesco Capital Management LLC, its Managing Owner

	By:	/~~s/ Michael Gilligan~~S/DANIEL DRAPER
	~~Name: Michael Gilligan~~ ~~Title: Principal Financial Officer~~

~~II-10~~


~~PowerShares DB Base Metals Fund, a series of PowerShares DB Multi-Sector Commodity Trust~~

~~By:~~	~~DB Commodity Services LLC,~~ ~~its Managing Owner~~

~~By:~~Name:	~~/s/ Kevin Rich~~ Daniel Draper
	~~Name: Kevin Rich~~	Title: ~~Director and~~	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/ Kevin Rich~~
	~~Name: Kevin Rich~~ ~~Title: Director and 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/ Kevin Rich~~
	~~Name: Kevin Rich~~ ~~Title: Director and Chief Executive Officer~~

~~By:~~	~~/s/ Michael Gilligan~~
	~~Name: Michael Gilligan~~ ~~Title: Principal Financial Officer~~

POWER OF ATTORNEY

~~II-11~~Each person whose signature appears below hereby appoints each of Anna Paglia, Melissa Nguyen and Adam Henkel as his true and lawfulattorneys-in-fact with full power to sign on behalf of such person, in the capacities indicated below, a registration statement on FormS-1 (or other appropriate form) for filing with the Securities and Exchange Commission under the Securities Act of 1933, as amended, and any other documents in support thereof or supplemental or amendatory thereto, and any and all other amendments (including post-effective amendments) to such registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and all further amendments, including post-effective amendments, thereto)), and each hereby ratifies and confirms the signature of such person as it may be signed by saidattorneys-in-fact, and each of them individually, on any and all amendments to this registration statement or any such subsequent related registration statement.


~~DB Energy Master Fund, a series of~~ ~~DB Multi-Sector Commodity Master Trust~~

~~By:~~		~~DB Commodity Services LLC,~~ ~~its Managing Owner~~

~~By:~~		~~/s/ Kevin Rich~~
		~~Name: Kevin Rich~~ ~~Title: Director and 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/ Kevin Rich~~
		~~Name: Kevin Rich~~ ~~Title: Director and 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/ Kevin Rich~~
		~~Name: Kevin Rich~~ ~~Title: Director and Chief Executive Officer~~

~~By:~~		~~/s/ Michael Gilligan~~
		~~Name: Michael Gilligan~~ ~~Title: Principal Financial Officer~~

~~II-12~~


~~DB Gold Master Fund, a series of~~ ~~DB Multi-Sector Commodity Master Trust~~

~~By:~~		~~DB Commodity Services LLC,~~ ~~its Managing Owner~~

~~By:~~		~~/s/ Kevin Rich~~
		~~Name: Kevin Rich~~ ~~Title: Director and 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/ Kevin Rich~~
		~~Name: Kevin Rich~~ ~~Title: Director and 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/ Kevin Rich~~
		~~Name: Kevin Rich~~ ~~Title: Director and Chief Executive Officer~~

~~By:~~		~~/s/ Michael Gilligan~~
		~~Name: Michael Gilligan~~ ~~Title: Principal Financial Officer~~

~~II-13~~


~~DB Agriculture Master Fund, a series of~~ ~~DB Multi-Sector Commodity Master Trust~~

~~By:~~		~~DB Commodity Services LLC,~~ ~~its Managing Owner~~

~~By:~~		~~/s/ Kevin Rich~~
		~~Name: Kevin Rich~~ ~~Title: Director and Chief Executive Officer~~

~~By:~~		~~/s/ Michael Gilligan~~
		~~Name: Michael Gilligan~~ ~~Title: Principal Financial Officer~~

~~II-14~~

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement on FormS-1 has been signed by the following persons on behalf of the Managing Owner of the Registrant and ~~Co-Registrant~~each of theCo-Registrants in the capacities and on the date indicated.



~~DB Commodity Services LLC,~~/S/ DANIEL DRAPER ~~Managing Owner Of Registrant~~ ~~and Co-Registrant~~Name: Daniel Draper	Chief Executive Officer and Manager (principal executive officer)	November 15, 2018

/~~s/ Kevin Rich~~S/ KELLI GALLEGOS Name: ~~Kevin Rich~~Kelli Gallegos	~~Director~~ Principal Financial and ~~Chief Executive~~Accounting Officer, ~~(Principal Executive Officer)~~ Investment Pools (principal financial officer and principal accounting officer)	~~April 29, 2008~~November 15, 2018

/~~s/ Gregory Collett~~S/ DAVID WARREN Name: ~~Gregory Collett~~David Warren	~~Chief Operating Officer~~Manager	~~April 29, 2008~~November 15, 2018

/~~s/ Michael Gilligan~~S/ JOHN ZERR Name: ~~Michael Gilligan~~John Zerr	~~Principal Financial Officer~~Manager	~~April 29, 2008~~

~~/s/ Martin Kremenstein~~ ~~Name: Martin Kremenstein~~	~~Vice President~~	~~April 29, 2008~~November 15, 2018

~~(Being principal executive officer, the principal financial and accounting officer and all of the managers of the Board of Managers of DB Commodity Services LLC)~~II-7


Title of Securities to be Registered	Amount to be Registered	Proposed Maximum Aggregate Offering Price Per Share		Proposed Maximum Aggregate Offering Price		Amount of Registration Fee
PowerShares DB Agriculture Fund Common Units of Beneficial Interest	125,000,000	$	37.50¹	$	4,687,500,000¹	$	184,218.15


SUMMARY		1

	~~The Trust and the Funds; The Master Trust and the Master Funds~~		1
	~~Shares Listed on the Amex~~		1
	~~Purchases and Sales in the Secondary Market on the Amex~~		1
	~~Pricing Information Available on the Amex and Other Sources~~		2
	~~CUSIP Numbers~~		3
	~~The Master-Feeder Structure~~		3
	~~Risk Factors~~		3
	~~The Trustee~~		5
	~~Investment Objective~~		5
	~~General~~		6
	~~Shares of Each Fund Should Track Closely the Value of its Index~~		8
	~~The Managing Owner~~		8
	~~The Commodity Broker~~		9
	~~The Administrator~~		10
	~~ALPS DISTRIBUTORS, INC.~~		10
	~~“800” Number for Investors~~		11
	~~INVESCO AIM DISTRIBUTORS, INC.~~		11
	~~Limitation of Liabilities~~		11
	~~Creation and Redemption of Shares~~		12
	~~The Offering~~		12
	~~Authorized Participants~~		12
	~~Net Asset Value~~		12
	~~Clearance and Settlement~~		13
	~~Segregated Accounts/Interest Income~~		13
	~~Fees and Expenses~~		14
	~~Breakeven Amounts~~		15
	~~Distributions~~		15
	~~Fiscal Year~~		15
	~~Financial Information~~		15
	~~U.S. Federal Income Tax Considerations~~		15
	~~“Breakeven Table”~~		16
	~~Reports to Shareholders~~		19
	~~Cautionary Note Regarding Forward-Looking Statements~~		19
	~~Patent Applications Pending~~		19

~~ORGANIZATION CHART~~RISK FACTORS	20	15

~~THE RISKS YOU FACE~~FORWARD-LOOKING STATEMENTS	21	29

INVESTMENT OBJECTIVES OF THE FUNDS		30

~~(1) The Value of the Shares of each Fund Relates Directly to the Value of the Futures Contracts and Other Assets Held by its Corresponding Master Fund and Fluctuations in~~BREAKEVEN ANALYSIS		31

BREAKEVEN TABLE		33

PERFORMANCE OF INVESCO DB ENERGY FUND (TICKER: DBE), A SERIES OF INVESCO DB MULTI-SECTOR COMMODITY TRUST		35

PERFORMANCE OF INVESCO DB OIL FUND (TICKER: DBO), A SERIES OF INVESCO DB MULTI-SECTOR COMMODITY TRUST		36

PERFORMANCE OF INVESCO DB PRECIOUS METALS FUND (TICKER: DBP), A SERIES OF INVESCO DB MULTI-SECTOR COMMODITY TRUST		37

PERFORMANCE OF INVESCO DB GOLD FUND (TICKER: DGL), A SERIES OF INVESCO DB MULTI-SECTOR COMMODITY TRUST		38

PERFORMANCE OF INVESCO DB BASE METALS FUND (TICKER: DBB), A SERIES OF INVESCO DB MULTI-SECTOR COMMODITY TRUST		39

DESCRIPTION OF THE DBIQ OPTIMUM YIELD INDEX EXCESS RETURN™ SECTOR INDEXES		41

USE OF PROCEEDS		80

CHARGES		81

WHO MAY SUBSCRIBE		83

CREATION AND REDEMPTION OF SHARES		83

THE COMMODITY BROKER		86

CONFLICTS OF INTEREST		93

DESCRIPTION OF THE SHARES; THE FUNDS; CERTAIN MATERIAL TERMS OF THE TRUST AGREEMENT		95



~~the Price of These Assets Could Materially Adversely Affect an Investment in the Funds’ Shares.~~DISTRIBUTIONS	21
104	~~(2) Net Asset Value May Not Always Correspond to Market Price and, as a Result, Baskets may be Created or Redeemed at a Value that Differs from the Market Price of the Shares.~~	21
	~~(3) Regulatory and Exchange Position Limits and Other Rules May Restrict the Creation of Baskets of One or More of the Funds and the Operation of its Corresponding Master Fund.~~	22
	~~(4) A Fund’s Performance May Not Always Replicate Exactly the Changes in the Level of its Corresponding Index.~~	22
	~~(5) None of the Master Funds Is Actively Managed and each Tracks its Index During Periods in which the Index Is Flat or Declining as well as when the Index Is Rising.~~	23
	~~(6) Amex May Halt Trading in the Shares of a Fund Which Would Adversely Impact Your Ability to Sell Shares.~~	23
	~~(7) The Lack of Active Trading Markets for the Shares of a Fund May Result in Losses on Your Investment in such Fund at the Time of Disposition of Your Shares.~~	23
	~~(8) The Shares of each Fund Are New Securities Products and Their Value Could Decrease if Unanticipated Operational or Trading Problems Arise.~~	23
	(9) As the Managing Owner and its Principals have Only a Limited History of Operating Investment Vehicles like the Funds or the Master Funds, their Experience may be Inadequate or Unsuitable to Manage the Funds or the Master Funds.	23
	~~(10) You May Not Rely on Past Performance or Index Results in Deciding Whether to Buy Shares.~~	23
	~~(11) Fewer Representative Commodities May Result In Greater Index Volatility.~~	24


		~~(12) Price Volatility May Possibly Cause the Total Loss of Your Investment.~~		24
		(13) Unusually Long Peak-to-Valley Drawdown Periods With Respect To the Index of Each Fund May Be Reflected in Equally Long Peak-to-Valley Drawdown Periods with Respect to the Performance of the Shares of Each Fund.		24
		~~(14) Fees and Commissions are Charged Regardless of Profitability and May Result in Depletion of Assets.~~		24
		~~(15) You Cannot Be Assured of the Managing Owner’s Continued Services, Which Discontinuance May Be Detrimental to the Funds.~~		24
		~~(16) Possible Illiquid Markets May Exacerbate Losses.~~		24
		~~(17) You May Be Adversely Affected by Redemption Orders that Are Subject To Postponement, Suspension or Rejection Under Certain Circumstances.~~		25
		~~(18) Because the Futures Contracts Have No Intrinsic Value, the Positive Performance of Your Investment Is Wholly Dependent Upon an Equal and Offsetting Loss.~~		25
		(19) Failure of Commodity Futures Markets to Exhibit Low to Negative Correlation to General Financial Markets Will Reduce Benefits of Diversification and May Exacerbate Losses to Your Portfolio.		25
		~~(20) Shareholders Will Not Have the Protections Associated With Ownership of Shares in an Investment Company Registered Under the Investment Company Act of 1940.~~		25
		~~(21) Various Actual and Potential Conflicts of Interest May Be Detrimental to Shareholders.~~		25
		(22) Shareholders of each Fund Will Be Subject to Taxation on Their Share of the Fund’s Taxable Income (Including the Fund’s Share of the corresponding Master Fund’s Taxable Income), Whether or Not They Receive Cash Distributions.		26
		~~(23) Items of Income, Gain, Deduction, Loss and Credit with respect to Shares of a Fund could be~~


		~~Reallocated if the IRS does not Accept the Assumptions or Conventions Used by a Fund or its corresponding Master Fund in Allocating Tax Items.~~		26
		~~(24) The Current Treatment of Long-Term Capital Gains Under Current U.S. Federal Income Tax Law May Be Adversely Affected, Changed or Repealed in the Future.~~		26
		(25) Failure of Futures Commission Merchants or Commodity Brokers to Segregate Assets May Increase Losses; Despite Segregation of Assets, the Master Fund Remains at Risk of Significant Losses Because the Master Fund May Only Receive a Pro-Rata Share of the Assets, or No Assets at All.		26
		~~(26) Regulatory Changes or Actions May Alter the Nature of an Investment in the Funds.~~		27
		~~(27) Lack of Independent Advisers Representing Investors.~~		27
		~~(28) Possibility of Termination of the Funds or Master Funds May Adversely Affect Your Portfolio.~~		27
		~~(29) Shareholders Do Not Have the Rights Enjoyed by Investors in Certain Other Vehicles.~~		27
		~~(30) Competing Claims Over Ownership of Intellectual Property Rights Related to the Funds Could Adversely Affect the Funds and an Investment in Shares.~~		27
		~~(31) The Value of the Shares Will be Adversely Affected if the Funds or the Master Funds are Required to Indemnify the Trustee or the Managing Owner.~~		28
		(32) The Net Asset Value Calculation of the Master Funds May Be Overstated or Understated Due to the Valuation Method Employed When a Settlement Price is not Available on the Date of Net Asset Value Calculation.		28
		(33) Although the Shares of Each Fund are Limited Liability Investments, Certain Circumstances such as Bankruptcy of a Fund or Indemnification of Such Fund by the Shareholder will Increase a Shareholder’s Liability.		28


~~INVESTMENT OBJECTIVES OF THE FUNDS~~		28
~~Role of Managing Owner~~		31
~~Market Diversification~~		32
~~THE MASTER-FEEDER STRUCTURE~~		32

~~PERFORMANCE OF POWERSHARES DB ENERGY FUND (~~~~TICKER: DBE~~~~), A SERIES OF POWERSHARES DB MULTI-SECTOR COMMODITY TRUST~~		33

~~PERFORMANCE OF POWERSHARES DB OIL FUND (~~~~TICKER: DBO~~~~), A SERIES OF POWERSHARES DB MULTI-SECTOR COMMODITY TRUST~~		33

~~PERFORMANCE OF POWERSHARES DB PRECIOUS METALS FUND (~~~~TICKER: DBP~~~~), A SERIES OF POWERSHARES DB MULTI-SECTOR COMMODITY TRUST~~		34

~~PERFORMANCE OF POWERSHARES DB GOLD FUND (~~~~TICKER: DGL~~~~), A SERIES OF POWERSHARES DB MULTI-SECTOR COMMODITY TRUST~~		34

~~PERFORMANCE OF POWERSHARES DB SILVER FUND (~~~~TICKER: DBS~~~~), A SERIES OF POWERSHARES DB MULTI-SECTOR COMMODITY TRUST~~		35

~~PERFORMANCE OF POWERSHARES DB BASE METALS FUND (~~~~TICKER: DBB~~~~), A SERIES OF POWERSHARES DB MULTI-SECTOR COMMODITY TRUST~~		35

~~PERFORMANCE OF POWERSHARES DB AGRICULTURE FUND (~~~~TICKER: DBA~~~~), A SERIES OF POWERSHARES DB MULTI-SECTOR COMMODITY TRUST~~		36

~~DESCRIPTION OF THE DEUTSCHE BANK LIQUID COMMODITY INDEX–OPTIMUM YIELD EXCESS RETURN™ SECTOR INDEXES~~		37

~~General~~THE ADMINISTRATOR, CUSTODIAN AND TRANSFER AGENT		37
~~Indexes and Covered Sectors~~		37
~~Composition of Indexes~~		39
~~Change in the Methodology of an Index~~		40
~~Publication of Closing Levels and Adjustments~~		40
~~Interruption of Index Calculation~~		42
~~Historical Closing Levels~~		42


~~Cautionary Statement–Statistical Information~~	43
~~Volatility of the Various Indexes~~	45

~~PERFORMANCE OF COMMODITY POOLS OPERATED BY THE MANAGING OWNER AND ITS AFFILIATES~~	~~103~~

~~PERFORMANCE OF POWERSHARES DB COMMODITY INDEX TRACKING FUND~~~~(TICKER: DBC)~~	~~103~~

~~PERFORMANCE OF POWERSHARES DB G10 CURRENCY HARVEST FUND (~~~~TICKER: DBV~~)	104

~~PERFORMANCE OF POWERSHARES DB US DOLLAR INDEX BULLISH FUND (~~~~TICKER: UUP~~~~), A SERIES OF POWERSHARES DB US DOLLAR INDEX TRUST~~	~~104~~

~~PERFORMANCE OF POWERSHARES DB US DOLLAR INDEX BEARISH FUND (~~~~TICKER: UDN~~~~), A SERIES OF POWERSHARES DB US DOLLAR INDEX TRUST~~	~~105~~

~~INFORMATION BARRIERS BETWEEN THE INDEX SPONSOR AND THE MANAGING OWNER~~	~~106~~

~~MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS~~	~~107~~

~~Critical Accounting Policies~~INVESCO DISTRIBUTORS, INC	~~114~~
~~Market Risk~~ 105	~~114~~
~~Credit Risk~~	~~115~~
~~Liquidity~~	~~115~~
~~Cash Flows~~	~~116~~
~~Operating Activities~~	~~116~~
~~Financing Activities~~	~~117~~
~~Results of Operations~~	~~117~~

~~QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK~~	~~140~~

~~General~~INDEX SPONSOR	~~145~~	105

~~USE OF PROCEEDS~~MARKETING AGENT	~~146~~	107

~~CHARGES~~	~~146~~

~~Management Fee~~	~~146~~
~~Organization and Offering Expenses~~	~~146~~
~~Brokerage Commissions and Fees~~	~~147~~
~~Routine Operational, Administrative and Other Ordinary Expenses~~	~~147~~


~~Non-recurring and Unusual Fees and Expenses~~		~~147~~
~~Management Fee and Expenses to be Paid First out of Interest Income~~		~~147~~
~~Selling Commission~~		~~148~~

~~WHO MAY SUBSCRIBE~~		~~148~~

~~CREATION AND REDEMPTION OF SHARES~~		~~148~~

~~THE COMMODITY BROKER~~		~~151~~

~~CONFLICTS OF INTEREST~~		~~151~~

~~General~~		~~151~~
~~The Managing Owner~~		~~151~~
~~Relationship of the Managing Owner to the Commodity Broker~~		~~152~~
~~The Commodity Broker~~		~~152~~
~~Proprietary Trading/Other Clients~~		~~152~~

~~DESCRIPTION OF THE SHARES AND THE MASTER FUND UNITS; THE FUNDS; CERTAIN MATERIAL TERMS OF THE TRUST DECLARATIONS~~		~~153~~

~~Description of the Shares and the Master Fund Units~~		~~153~~
~~Principal Office; Location of Records~~		~~153~~
~~The Funds~~		~~154~~
~~The Trustee~~		~~155~~
~~The Managing Owner~~		~~155~~
~~Fiduciary and Regulatory Duties of the Managing Owner~~		~~157~~
~~Ownership or Beneficial Interest in the Funds and Master Funds~~		~~158~~
~~Management; Voting by Shareholders~~		~~158~~
~~Recognition of the Trust, the Master Trust, the Funds and each Master Fund in Certain States~~		~~158~~
~~Possible Repayment of Distributions Received by Shareholders; Indemnification by Shareholders~~		~~159~~
~~Shares Freely Transferable~~		~~159~~
~~Book-Entry Form~~		~~159~~
~~Reports to Shareholders~~		~~159~~
~~Net Asset Value~~		~~160~~
~~Termination Events~~		~~160~~

~~DISTRIBUTIONS~~		~~161~~

~~THE ADMINISTRATOR~~		~~161~~

~~ALPS DISTRIBUTORS, INC.~~		~~162~~

~~“800” Number for Investors~~		~~163~~

~~INVESCO AIM DISTRIBUTORS, INC.~~		~~163~~


THE SECURITIES DEPOSITORY; BOOK-ENTRY-ONLY SYSTEM; GLOBAL SECURITY	~~163~~

~~SHARE SPLITS~~107	~~164~~

~~MATERIAL CONTRACTS~~SHARE SPLITS	~~164~~	108

~~Brokerage Agreement~~MATERIAL CONTRACTS	~~164~~
~~Administration Agreement~~ 108	~~165~~
~~Global Custody Agreement~~	~~166~~
~~Transfer Agency and Service Agreement~~	~~167~~
~~Distribution Services Agreement~~	~~168~~
~~Marketing Agreement~~	~~169~~

MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS	~~170~~	114

~~Status of the Funds and the Master Funds~~	~~171~~
~~Special Rules for Publicly Traded Partnerships~~	~~171~~
~~U.S. Shareholders~~	~~172~~
~~Special Notice for Investors in PowerShares DB Base Metals Fund~~	~~173~~

PURCHASES BY EMPLOYEE BENEFIT PLANS	~~181~~	126

~~General~~	~~181~~
~~“Plan Assets”~~	~~182~~
~~Ineligible Purchasers~~	~~182~~

PLAN OF DISTRIBUTION	~~182~~	128

~~Authorized Participants~~LEGAL MATTERS	~~182~~
~~Likelihood of Becoming a Statutory Underwriter~~ 132	~~183~~
~~General~~	~~183~~

~~LEGAL MATTERS~~EXPERTS	~~185~~	132

~~EXPERTS~~ADDITIONAL INFORMATION	~~185~~	132

~~ADDITIONAL INFORMATION~~	~~185~~

RECENT FINANCIAL INFORMATION AND ANNUAL REPORTS	~~186~~

~~PRIVACY POLICY OF THE MANAGING OWNER~~132	~~186~~

~~INDEX TO FINANCIAL STATEMENTS~~	~~187~~

~~Report of Independent Registered Public Accounting Firm~~INCORPORATION BY REFERENCE OF CERTAIN DOCUMENTS	~~189~~
~~PowerShares DB Energy Fund And Subsidiary Consolidated Statements of Financial Condition as of December 31, 2007 And December 31, 2006~~ 132	~~190~~


~~Report of Independent Registered Public Accounting Firm~~		~~217~~
~~PowerShares DB Precious Metals Fund Consolidated Statements of Financial Condition As of December 31, 2007 And December 31, 2006~~		~~218~~
~~PowerShares DB Precious Metals Fund Consolidated Schedule of Investments as of December 31, 2007~~		~~219~~
~~PowerShares DB Precious Metals Fund Consolidated Statement of Income And Expenses for The Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~220~~
~~PowerShares DB Precious Metals Fund Consolidated Statement of Changes In Shareholders’ Equity for The Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~221~~
~~PowerShares DB Precious Metals Fund Consolidated Statement of Cash Flows for The Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~222~~
~~Notes to Consolidated Financial Statements~~		~~223~~
~~Report of Independent Registered Public Accounting Firm~~		~~231~~
~~PowerShares DB Gold Fund and Subsidiary Consolidated Statements Of Financial Condition as of December 31, 2007 and December 31, 2006~~		~~232~~
~~PowerShares DB Gold Fund and Subsidiary Consolidated Schedule of Investments as of December 31, 2007~~		~~233~~
~~PowerShares DB Gold Fund and Subsidiary Consolidated Statement of Income and Expenses for The Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~234~~
~~PowerShares DB Gold Fund and Subsidiary Consolidated Statement of Changes In Shareholders’ Equity for The Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~235~~


PowerShares DB Base Metals Fund and Subsidiary Consolidated Statement of Changes In Shareholders’ Equity for The Period from January 3, 2007 (commencement of investment operations) to December 31, 2007		~~263~~
~~PowerShares DB Base Metals Fund and Subsidiary Consolidated Statement of Cash Flows for The Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~264~~
~~Notes to Consolidated Financial Statements~~		~~265~~
~~Report of Independent Registered Public Accounting Firm~~		~~273~~
~~PowerShares DB Agriculture Fund and Subsidiary Consolidated Statements of Financial Condition as of December 31, 2007 and December 31, 2006~~		~~274~~
~~PowerShares DB Agriculture Fund and Subsidiary Consolidated Schedule of Investments as of December 31, 2007~~		~~275~~
~~PowerShares DB Agriculture Fund and Subsidiary Consolidated Statement of Income and Expenses for The Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~276~~
PowerShares DB Agriculture Fund and Subsidiary Consolidated Statement of Changes In Shareholders’ Equity for The Period from January 3, 2007 (commencement of investment operations) To December 31, 2007		~~277~~
~~PowerShares DB Agriculture Fund And Subsidiary Consolidated Statement of Cash Flows for The Period from January 3, 2007 (commencement of investment operations) to December 31, 2007~~		~~278~~
~~Notes to Consolidated Financial Statements~~		~~279~~

~~Report of Independent Registered Public Accounting Firm~~GENERAL INFORMATION RELATING TO INVESCO CAPITAL MANAGEMENT LLC		~~288~~


~~DB Commodity Services LLC Statements Of Financial Condition For The Year Ended December 31, 2007 And 2006~~ 136		~~289~~
~~DB Commodity Services LLC Statements Of Income And Expenses For The Year Ended December 31, 2007 And 2006~~		~~290~~
~~DB Commodity Services LLC Statements Of Changes In Member’s Deficit For The Years Ended December 31, 2007 And 2006~~		~~291~~
~~DB Commodity Services LLC Statements Of Cash Flows For The Years Ended December 31, 2007 And 2006~~		~~292~~
~~Notes To Financial Statements~~		~~293~~


~~General Information Relating to Deutsche Bank AG~~	~~304~~

~~The Futures Markets~~THE FUTURES MARKETS	~~304~~	136

Futures Contracts	~~304~~	136
Hedgers and Speculators	~~305~~	136
Futures Exchanges	~~305~~	136
~~Daily Limits~~Regulations	~~305~~	137
~~Regulations~~Margin	~~305~~
~~Margin~~ 138	~~306~~

~~Overview of the Index Commodities and Related Futures Contracts~~	~~307~~

~~Exhibit A—Privacy Notice~~	~~P–1~~


Fund	Fees and Expenses		Yield on 3- month U.S. Treasury bills		Expected Annual Net Income
DBE	(0.78	)%	1.25	%	0.47	%
DBO	(0.54	)%	1.25	%	0.71	%
DBP	(0.79	)%	1.25	%	0.46	%
DGL	(0.54	)%	1.25	%	0.71	%
DBS	(0.54	)%	1.25	%	0.71	%
DBB	(0.78	)%	1.25	%	0.47	%
DBA	(0.91	)%	1.25	%	0.34	%


Fund	NAV per Share		$		%
Invesco DB Energy Fund	$	18.10	$	0.25		1.36%
Invesco DB Oil Fund	$	13.46	$	0.19		1.38%
Invesco DB Precious Metals Fund	$	34.49	$	0.49		1.43%
Invesco DB Gold Fund	$	37.45	$	0.53		1.41%
Invesco DB Base Metals Fund	$	16.66	$	0.23		1.35%


Fund	Initial Investment
Invesco DB Energy Fund	$	18.10
Invesco DB Oil Fund	$	13.46
Invesco DB Precious Metals Fund	$	34.49
Invesco DB Gold Fund	$	37.45
Invesco DB Base Metals Fund	$	16.66


	Dollar Amount and Percentage of Expenses Per Fund
	DBE					DBO					DBP					DGL					DBB
Expense¹	$		%			$		%			$		%			$		%			$		%
Management Fee²	$	0.14		0.75	%	$	0.10		0.75	%	$	0.26		0.75	%	$	0.28		0.75	%	$	0.12		0.75	%
Offering Expense Reimbursement	$	0.00		0.00	%	$	0.00		0.00	%	$	0.00		0.00	%	$	0.00		0.00	%	$	0.00		0.00	%
Brokerage Commissions and Fees³	$	0.01		0.03	%	$	0.00		0.03	%	$	0.01		0.03	%	$	0.01		0.03	%	$	0.01		0.05	%
Routine Operational, Administrative and Other Ordinary Expenses^4,5	$	0.00		0.00	%	$	0.00		0.00	%	$	0.00		0.00	%	$	0.00		0.00	%	$	0.00		0.00	%
Treasury Income, Money Market Income andT-Bill ETF Income	$	0.39		2.14	%	$	0.29		2.16	%	$	0.76		2.21	%	$	0.82		2.19	%	$	0.36		2.15	%
12-Month Breakeven^6,7	$	0.00		0.00	%	$	0.00		0.00	%	$	0.00		0.00	%	$	0.00		0.00	%	$	0.00		0.00	%


Monthly Rate of Return	2018(%)	2017(%)	2016(%)	2015(%)	2014(%)	2013(%)
January	4.18	(4.78)	(7.98)	(7.30)	(2.85)	4.68
February	(5.20)	(0.76)	(4.09)	10.39	4.31	(3.75)
March	5.97	(3.45)	6.50	(9.58)	(0.95)	3.30
April	5.76	(3.02)	12.50	13.44	0.82	(4.43)
May	3.65	(2.13)	4.41	(2.28)	0.64	(2.12)
June	2.15	(3.01)	1.95	(1.71)	3.43	(0.11)
July	(2.98)	5.78	(10.36)	(14.82)	(5.34)	5.47
August	3.31	0.41	4.53	1.90	(1.35)	2.33
September	5.60	4.63	5.70	(9.47)	(6.36)	(3.91)
October		6.44	(1.29)	0.59	(9.28)	(0.21)
November		2.48	4.40	(7.99)	(15.25)	1.35
December		3.84	7.73	(11.23)	(17.05)	2.14
Compound Rate of Return⁶	24.06	5.72%	23.77%	(34.91)%	(41.27)%	4.18%


Fund	Fees and Expenses		Yield on 3- month U.S. Treasury bills		Expected Annual Net Income
DBE	(0.78	)%	1.25	%	0.47	%
DBO	(0.54	)%	1.25	%	0.71	%
DBP	(0.79	)%	1.25	%	0.46	%
DGL	(0.54	)%	1.25	%	0.71	%
DBS	(0.54	)%	1.25	%	0.71	%
DBB	(0.78	)%	1.25	%	0.47	%
DBA	(0.91	)%	1.25	%	0.34	%


	Dollar Amount and Percentage of Expenses Per Fund
Expense¹	DBE¹⁰					DBO¹¹					DBP¹²					DGL¹¹					DBS¹¹					DBB¹⁰					DBA¹³
Expense¹	$			%		$			%		$			%		$			%		$			%		$			%		$			%
Management Fee²	$	0.19		0.75	%	$	0.13		0.50	%	$	0.19		0.75	%	$	0.13		0.50	%	$	0.13		0.50	%	$	0.19		0.75	%	$	0.19		0.75	%
Organization and Offering Expense Reimbursement³	$	0.00		0.00	%	$	0.00		0.00	%	$	0.00		0.00	%	$	0.00		0.00	%	$	0.00		0.00	%	$	0.00		0.00	%	$	0.00		0.00	%
Brokerage Commissions and Fees⁴	$	0.01		0.03	%	$	0.01		0.04	%	$	0.01		0.04	%	$	0.01		0.04	%	$	0.01		0.04	%	$	0.01		0.03	%	$	0.04		0.16	%
Routine Operational, Administrative and Other Ordinary Expenses^5,6	$	0.00		0.00	%	$	0.00		0.00	%	$	0.00		0.00	%	$	0.00		0.00	%	$	0.00		0.00	%	$	0.00		0.00	%	$	0.00		0.00	%
Interest Income⁷	$	(0.31	)	(1.25	)%	$	(0.31	)	(1.25	)%	$	(0.31	)	(1.25	)%	$	(0.31	)	(1.25	)%	$	(0.31	)	(1.25	)%	$	(0.31	)	(1.25	)%	$	(0.31	)	(1.25	)%
12-Month Breakeven^8,9	$	(0.11	)	0.00	%	$	(0.17	)	0.00	%	$	(0.11	)	0.00	%	$	(0.17	)	0.00	%	$	(0.17	)	0.00	%	$	(0.11	)	0.00	%	$	(0.08	)	0.00	%


Monthly Rate of Return	2008(%)	2007(%)
January	(1.17)	0.08
February	10.62	5.80
March		5.33
April		0.86
May		(0.92)
June		3.41
July		2.26
August		(4.07)
September		7.78
October		12.90
November		(2.56)
December		4.95*
Compound Rate of Return	9.33% (2 months)	40.68%


~~Index~~	~~Index Commodity~~	Exchange (Contract Symbol)*	~~Base Date~~	~~Index Base Weight~~
~~DBLCI-OY Energy ER™~~	~~Sweet Light Crude Oil (WTI)~~	~~NYMEX (CL)~~	~~June 4, 1990~~	~~22.50~~	%
	~~Heating Oil~~	~~NYMEX (HO)~~		~~22.50~~	%
	~~Brent Crude Oil~~	~~ICE (LCO)~~		~~22.50~~	%
	~~RBOB Gasoline~~	~~NYMEX (XB)~~		~~22.50~~	%
	~~Natural Gas~~	~~NYMEX (NG)~~		~~10.00~~	%

~~DBLCI-OY CL ER™~~	~~Sweet Light Crude Oil (WTI)~~	~~NYMEX (CL)~~	~~December 2, 1988~~	~~100.00~~	%

~~DBLCI-OY Precious Metals ER™~~	~~Gold~~	~~COMEX (GC)~~	~~December 2, 1988~~	~~80.00~~	%
	~~Silver~~	~~COMEX (SI)~~		~~20.00~~	%

~~DBLCI-OY GC ER™~~	~~Gold~~	~~COMEX (GC)~~	~~December 2, 1988~~	~~100.00~~	%

~~DBLCI-OY SI ER™~~	~~Silver~~	~~COMEX (SI)~~	~~December 2, 1988~~	~~100.00~~	%

~~DBLCI-OY Industrial Metals ER™~~	~~Aluminum~~	~~LME (MAL)~~	~~September 3, 1997~~	~~33.33~~	%
	~~Zinc~~	~~LME (MZN)~~		~~33.33~~	%
	~~Copper - Grade A~~	~~LME (MCU)~~		~~33.33~~	%

~~DBLCI-OY Agriculture ER™~~	~~Corn~~	~~CBOT (C)~~	~~December 2, 1988~~	~~25.00~~	%
	~~Wheat~~	~~CBOT (W)~~		~~25.00~~	%
	~~Soybeans~~	~~CBOT (S)~~		~~25.00~~	%
	~~Sugar~~	~~ICE (SB)~~		~~25.00~~	%


	CLOSING LEVEL				INDEX CHANGES
	High¹		Low²		Annual³			Since Inception⁴
2008		1772.65		559.38		-40.45	%		560.50	%
2009		862.18		518.29		25.76	%		730.64	%
2010		884.28		704.89		4.00	%		763.88	%
2011		1075.48		812.44		3.38	%		793.06	%
2012		1013.67		764.32		2.01	%		811.04	%
2013		976.99		872.41		4.77	%		854.50	%
2014		1020.64		580.57		-39.18	%		480.57	%
2015		619.91		368.00		-34.42	%		280.74	%
2016		473.21		301.44		24.27	%		373.17	%
2017		500.18		371.70		5.71	%		400.18	%
2018⁵		616.16		475.49		23.19	%		516.16	%


Volatility Type	DBLCI-OY Energy ER™³		DBLCI-OY CL ER™⁴		DBLCI-OY Precious Metals ER™⁴		DBLCI-OY GC ER™⁴		DBLCI-OY SI ER™⁴		DBLCI-OY Industrial Metals ER™⁵		DBLCI-OY Agriculture ER™⁴
Daily volatility over full history	24.15	%	26.33	%	14.99	%	14.04	%	23.79	%	18.39	%	14.74	%
Average rolling 3 month daily volatility	22.64	%	24.91	%	14.12	%	13.09	%	22.44	%	17.07	%	14.24	%
Monthly return volatility	24.00	%	25.14	%	14.45	%	13.51	%	23.65	%	18.70	%	14.58	%
Average annual volatility	23.92	%	25.83	%	14.40	%	13.50	%	22.26	%	17.40	%	14.62	%


Year	DBLCI-OY Energy ER™³		DBLCI-OY CL ER™⁴		DBLCI-OY Precious Metals ER™⁴		DBLCI-OY GC ER™⁴		DBLCI-OY SI ER™⁴		DBLCI-OY Industrial Metals ER™⁵		DBLCI-OY Agriculture ER™⁴
1988	—		26.56	%	11.17	%	11.41	%	10.73	%	—		9.60	%
1989	—		28.11	%	13.57	%	13.14	%	18.53	%	—		15.30	%
1990	44.82	%	40.56	%	16.71	%	17.67	%	19.41	%	—		12.77	%
1991	31.03	%	29.57	%	13.63	%	12.63	%	23.40	%	—		15.70	%
1992	14.60	%	16.66	%	8.90	%	8.32	%	15.67	%	—		12.02	%
1993	15.25	%	17.70	%	16.81	%	14.44	%	28.37	%	—		12.81	%
1994	18.05	%	20.13	%	12.08	%	9.60	%	23.28	%	—		13.20	%
1995	13.45	%	17.07	%	9.89	%	6.62	%	26.37	%	—		11.56	%
1996	23.86	%	31.02	%	7.74	%	6.17	%	17.62	%	—		14.73	%
1997	18.29	%	21.51	%	13.51	%	12.60	%	24.68	%	11.99	%	12.85	%
1998	23.80	%	27.97	%	14.60	%	12.84	%	29.22	%	14.38	%	14.13	%
1999	24.43	%	27.10	%	16.54	%	17.35	%	21.74	%	14.07	%	17.49	%
2000	28.21	%	32.19	%	14.01	%	15.02	%	14.41	%	11.78	%	15.71	%
2001	27.56	%	29.77	%	13.79	%	14.44	%	17.22	%	12.57	%	14.55	%
2002	24.63	%	25.52	%	13.51	%	13.44	%	17.43	%	13.12	%	15.07	%
2003	26.34	%	26.59	%	16.17	%	16.66	%	20.32	%	13.80	%	12.47	%
2004	28.71	%	30.80	%	19.48	%	16.25	%	35.48	%	20.85	%	19.40	%
2005	27.49	%	26.55	%	13.23	%	12.38	%	21.32	%	18.18	%	16.31	%
2006	22.01	%	22.01	%	25.97	%	22.81	%	41.21	%	32.26	%	16.57	%
2007	19.54	%	21.17	%	14.96	%	14.05	%	21.28	%	20.35	%	14.63	%
2008¹	22.38	%	23.87	%	16.09	%	15.77	%	19.77	%	25.42	%	20.07	%


	CLOSING LEVEL		CHANGES
	High¹	Low²	Annual Index Changes³		Index Changes Since Inception⁴
1990⁵	179.19	96.66	45.52	%	45.52	%
1991	147.42	107.20	-20.99	%	14.98	%
1992	137.39	110.88	9.57	%	25.99	%
1993	138.78	100.51	-20.19	%	0.56	%
1994	122.19	95.20	6.96	%	7.56	%
1995	119.82	102.02	11.00	%	19.39	%
1996	197.83	111.99	63.92	%	95.71	%
1997	204.30	159.71	-18.40	%	59.71	%
1998	160.51	97.65	-36.95	%	0.70	%
1999	178.20	92.77	72.80	%	74.00	%
2000	298.97	167.50	41.06	%	145.44	%
2001	278.42	192.42	-16.74	%	104.36	%
2002	298.19	194.55	41.97	%	190.12	%
2003	391.72	284.31	32.29	%	283.81	%
2004	715.99	383.42	54.72	%	493.84	%
2005	1037.13	582.46	55.14	%	821.29	%
2006	1074.96	812.65	-10.74	%	722.36	%
2007	1112.80	709.23	34.88	%	1009.21	%
2008⁶	1216.05	1031.64	8.92	%	1108.17	%


	CL⁷				HO⁷				LCO⁷				XB⁷				NG⁷
	High¹		Low²		High		Low		High		Low		High		Low		High		Low
1990⁵	21.8	%	21.9	%	21.4	%	22.6	%	27.2	%	22.2	%	23.4	%	22.4	%	6.2	%	10.9	%
1991	21.8	%	22.5	%	22.8	%	22.7	%	23.8	%	20.0	%	21.5	%	21.8	%	10.1	%	13.1	%
1992	21.3	%	22.3	%	23.1	%	23.1	%	21.6	%	21.5	%	21.7	%	22.2	%	12.3	%	10.8	%
1993	21.6	%	22.1	%	21.5	%	22.8	%	21.1	%	22.7	%	21.4	%	22.0	%	14.4	%	10.4	%
1994	20.6	%	21.7	%	22.4	%	22.5	%	24.7	%	21.9	%	23.0	%	21.8	%	9.3	%	12.1	%
1995	22.9	%	24.3	%	21.2	%	22.1	%	23.1	%	23.0	%	23.1	%	21.9	%	9.7	%	8.8	%
1996	22.6	%	22.6	%	21.6	%	21.1	%	22.0	%	22.5	%	21.8	%	22.9	%	12.0	%	10.9	%
1997	23.2	%	22.5	%	21.6	%	22.6	%	22.2	%	21.6	%	21.4	%	23.1	%	11.4	%	10.1	%
1998	22.4	%	22.7	%	22.9	%	23.4	%	21.3	%	21.1	%	23.5	%	22.5	%	9.9	%	10.4	%
1999	22.7	%	23.1	%	21.9	%	22.0	%	23.0	%	22.2	%	23.3	%	22.3	%	9.1	%	10.4	%
2000	21.8	%	22.9	%	22.5	%	22.2	%	21.2	%	22.8	%	23.2	%	23.2	%	11.4	%	8.9	%
2001	23.5	%	22.9	%	22.0	%	22.2	%	21.4	%	21.8	%	22.5	%	22.7	%	10.5	%	10.4	%
2002	21.4	%	23.2	%	22.4	%	22.5	%	24.2	%	22.6	%	21.8	%	23.2	%	10.3	%	8.5	%
2003	22.7	%	21.2	%	22.6	%	21.5	%	22.3	%	23.2	%	22.3	%	21.8	%	10.2	%	12.3	%
2004	23.9	%	22.6	%	23.0	%	22.2	%	23.2	%	21.8	%	21.0	%	22.9	%	8.8	%	10.5	%
2005	20.6	%	22.3	%	23.5	%	22.7	%	21.8	%	22.3	%	24.9	%	23.0	%	9.1	%	9.7	%
2006	23.3	%	22.8	%	22.7	%	22.7	%	23.2	%	22.9	%	25.3	%	22.8	%	5.5	%	8.7	%
2007	22.6	%	22.1	%	22.8	%	23.0	%	22.5	%	22.1	%	23.0	%	22.6	%	9.1	%	10.2	%
2008⁶	22.2	%	22.1	%	22.7	%	22.6	%	22.0	%	22.2	%	22.2	%	22.7	%	10.8	%	10.3	%


VARIOUS STATISTICAL MEASURES	DBLCI-OY Energy ER⁸	DBLCI-OY Energy TR⁹	Goldman Sachs US Energy Total Return¹⁰	DBIQ Optimum Yield Energy ER		DBIQ Optimum Yield Energy TR		S&P GSCI Energy Index TR
Annualized Changes to Index Level¹¹	15.1%	19.9%	11.7%
Average rolling 3 month daily volatility¹²	22.6%	22.6%	28.6%
Sharpe Ratio¹³	0.49	0.70	0.27
% of months with positive change¹⁴	57%	58%	54%
Average monthly positive change¹⁵	6.0%	6.2%	7.8%
Average monthly negative change¹⁶	-4.6%	-4.3%	-6.1%
Annualized Changes to Index Level⁶					6.6%		9.6%		2.4%
Average rolling 3 month daily volatility⁷					23.9%		23.9%		28.9%
Sharpe Ratio⁸					0.28		0.28		-0.01
% of months with positive change⁹					55%		55%		52%
Average monthly positive change¹⁰					5.7%		5.9%		7.0%
Average monthly negative change¹¹					-5.1%		-5.0%		-6.4%

ANNUALIZED INDEX LEVELS¹⁷	DBLCI-OY Energy ER⁸	DBLCI-OY Energy TR⁹	Goldman Sachs US Energy Total Return¹⁰
ANNUALIZED INDEX LEVELS¹²				DBIQ Optimum Yield Energy ER		DBIQ Optimum Yield Energy TR		S&P GSCI Energy Index TR
1 year	45.0%	50.9%	51.1%		39.5%		41.8%		43.3%
3 year	19.5%	24.6%	8.1%		10.0%		11.0%		5.6%
5 year	28.2%	32.1%	11.8%		-7.8%		-7.3%		-12.3%
7 year	24.9%	28.5%	12.6%		-4.3%		-3.9%		-7.0%
10 year	23.5%	27.9%	16.3%		-6.7%		-6.4%		-11.9%
15 year	15.9%	20.5%	10.6%		4.1%		5.4%		-3.4%


VARIOUS STATISTICAL MEASURES	DBLCI-OY CL ER⁸	DBLCI-OY CL TR⁹	Goldman Sachs Crude Oil Total Return Index¹⁰	DBIQ Optimum Yield Crude Oil ER		DBIQ Optimum Yield Crude Oil TR		S&P GSCI Crude Oil Index TR
Annualized Changes to Index Level¹¹	18.7%	24.0%	19.2%
Average rolling 3 month daily volatility¹²	24.9%	24.9%	30.9%
Sharpe Ratio¹³	0.58	0.79%	0.48
% of months with positive change¹⁴	58%	59%	58%
Average monthly positive change¹⁵	6.4%	6.7%	8.2%
Average monthly negative change¹⁶	-4.8%	-4.6%	-6.6%
Annualized Changes to Index Level⁶					8.2%		11.5%		5.9%
Average rolling 3 month daily volatility⁷					26.7%		26.7%		32.1%
Sharpe Ratio⁸					0.31		0.32		0.09
% of months with positive change⁹					54%		56%		54%
Average monthly positive change¹⁰					6.3%		6.4%		7.6%
Average monthly negative change¹¹					-5.6%		-5.4%		-7.0%

ANNUALIZED INDEX LEVELS¹⁷	DBLCI-OY CL ER⁸	DBLCI-OY CL TR⁹	Goldman Sachs Crude Oil Total Return Index¹⁰
ANNUALIZED INDEX LEVELS¹²				DBIQ Optimum Yield Crude Oil ER		DBIQ Optimum Yield Crude Oil TR		S&P GSCI Crude Oil Index TR
1 year	44.5%	50.4%	59.2%		51.6%		54.1%		48.6%
3 year	18.1%	23.1%	10.6%		6.0%		7.0%		2.9%
5 year	31.0%	35.0%	18.8%		-12.5%		-12.0%		-15.4%
7 year	28.3%	31.9%	18.1%		-6.7%		-6.3%		-8.7%
10 year	25.8%	30.3%	21.6%		-9.2%		-8.9%		-15.5%
15 year	18.4%	23.1%	16.6%		2.6%		3.9%		-4.7%


VARIOUS STATISTICAL MEASURES	DBIQ Optimum Yield Precious Metals ER		DBIQ Optimum Yield Precious Metals TR		S&P GSCI Precious Metals Index TR
Annualized Changes to Index Level⁶		0.3%		3.3%		3.5%
Average rolling 3 month daily volatility⁷		16.1%		16.1%		15.4%
Sharpe Ratio⁸		0.02		0.02		0.03
% of months with positive change⁹		46%		50%		51%
Average monthly positive change¹⁰		4.1%		4.1%		3.8%
Average monthly negative change¹¹		-3.3%		-3.3%		-3.1%

ANNUALIZED INDEX LEVELS¹²	DBIQ Optimum Yield Precious Metals ER		DBIQ Optimum Yield Precious Metals TR		S&P GSCI Precious Metals Index TR
1 year		-9.8%		-8.3%		-8.2%
3 year		0.4%		1.3%		1.3%
5 year		-4.2%		-3.7%		-3.4%
7 year		-6.3%		-5.9%		-5.6%
10 year		1.9%		2.3%		2.2%
15 year		5.9%		7.2%		6.9%

~~PowerShares~~Invesco DB Multi-Sector Commodity Trust

~~DB Commodity Services~~Invesco Capital Management LLC,
its Managing Owner