Supplement dated July 31, 2011 to Prospectus dated January 3, 2011

424B3 1 d424b3.htm SUPPLEMENT DATED JULY 31, 2011 TO PROSPECTUS DATED JANUARY 3, 2011 Supplement dated July 31, 2011 to Prospectus dated January 3, 2011

Filed Pursuant to Rule 424(b)(3)
Registration No. 333-158733

POWERSHARES DB COMMODITY INDEX TRACKING FUND

SUPPLEMENT DATED JULY 31, 2011 TO

PROSPECTUS DATED JANUARY 3, 2011

This Supplement updates certain information contained in the Prospectus dated January 3, 2011, as supplemented from time-to-time (the “Prospectus”), of PowerShares DB Commodity Index Tracking Fund (the “Fund”). All capitalized terms used in this Supplement have the same meaning as in the Prospectus.

Prospective investors in the Fund should review carefully the contents of both this Supplement and the Prospectus.

* * * * * * * * * * * * * * * * * * *

All information in the Prospectus is restated pursuant to this Supplement, except as updated hereby.

Neither the Securities and Exchange Commission nor any state securities commission

has approved or disapproved of these securities or determined if this Prospectus is

truthful or complete. Any representation to the contrary is a criminal offense.

THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED UPON THE MERITS

OF PARTICIPATING IN THIS POOL NOR HAS THE COMMISSION PASSED UPON THE

ADEQUACY OR ACCURACY OF THIS DISCLOSURE DOCUMENT.

DB COMMODITY SERVICES LLC

Managing Owner

I.	Risk Factor (3) on page 18-19 of the Prospectus is hereby deleted and replaced, in its entirety, with the following:

“(3)

Regulatory and Exchange Position Limits and Other Rules May Restrict the Creation of Baskets and the Operation of the Fund.

CFTC and commodity exchange rules impose speculative position limits on market participants, including the Fund, trading in certain commodities. These position limits prohibit any person from holding a position of more than a specific number of such futures contracts.

The Index is composed of 14 Index Commodities, of which 9 Index Commodities are currently subject to speculative position limits imposed by either the CFTC or the rules of the futures exchanges on which the futures contracts for the applicable Index Commodities are traded. The purposes of speculative position limits are to diminish, eliminate or prevent sudden or unreasonable fluctuations or unwarranted changes in the prices of futures contracts. Currently, speculative position limits (i) for corn, oats, wheat, soybean, soybean oil and cotton are determined by the CFTC and (ii) for all other commodities are determined by the futures exchanges. Pursuant to the statutory mandate of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the Dodd-Frank Act, which was signed into law on July 21, 2010, the CFTC proposed regulations in January 2011, or the Proposed Regulations, that would, in pertinent part, impose new federal position limits on futures and options on a subset of energy, metal, and agricultural commodities, or the Referenced Contracts, and economically equivalent swaps. The Referenced Contracts subject to the Proposed Regulations represent 75.125% of original base weights of the Index Commodities.

Generally, speculative position limits in the physical delivery markets are set at a stricter level during the spot month, when the futures contract matures and becomes deliverable, versus the limits set for all other months. If the Managing Owner determines that the Fund’s trading may be approaching any of these speculative position limits, the Fund may reduce its trading in that commodity or trade in other commodities or instruments that the Index Sponsor determines comply with the rules and goals of the Index. Below is a chart that sets forth certain relevant information, including current speculative position limits for each Affected Index Commodity that any person may hold, separately or in combination, net long or net short, for the purchase or sale of any commodity futures contract or, on a futures-equivalent basis, options thereon. Speculative position limit levels remain subject to change by the CFTC or the relevant exchanges.

Under current regulations, subject to any relevant exemptions, traders, such as the Fund, may not exceed speculative position limits, either individually, or in the aggregate with other persons with whom they are under common control or ownership. Under the Proposed Regulations, the CFTC would require certain persons to aggregate exchange listed futures and economically equivalent swap positions owned or controlled by such persons.


Affected Index Commodity	Exchange (Symbol)¹	Exchange Position Limits²
Corn	CBOT (C)	600 – Spot Month 13,500 – Single Month 22,000 – All Months Combined
Soybeans	CBOT (S)	600 – Spot Month 6,500 – Single Month 10,000 – All Months Combined
Wheat	CBOT (W)	600 – Spot Month 5,000 – Single Month 6,500 – All Months Combined
Sugar #11	ICE US (SB)	5,000 – Spot Month
Light Sweet Crude Oil	NYMEX (CL)	3, 000 – Spot Month 10,000 – Single Month 20,000 – All Months Combined
Heating Oil	NYMEX (HO)	1,000 – Spot Month 5,000 – Single Month 7,000 – All Months Combined
Natural Gas	NYMEX (NG)	1,000 – Spot Month 6,000 – Single Month 12,000 – All Months Combined
Silver	COMEX (SI)	1,500 – Spot Month 6,000 – Single Month 6,000 – All Months Combined
Gold	COMEX (GC)	3,000 – Spot Month


Affected Index Commodity	Exchange (Symbol)¹	Exchange Position Limits²
		6,000 – Single Month 6,000 – All Months Combined
¹ Legend: “CBOT” means the Board of Trade of the City of Chicago Inc., or its successor. “ICE US” means ICE Futures U.S., Inc. or its successor. “NYMEX” means the New York Mercantile Exchange or its successor. “COMEX” means the Commodity Exchange Inc., New York or its successor. ² Subject to any additional limitations on an exchange-by-exchange basis, as applicable.

The Fund is subject to position limits and, consequently, the Fund’s ability to issue new Baskets, or the Fund’s ability to reinvest income in additional futures contracts corresponding to the Affected Index Commodities, may be limited to the extent these activities would cause the Fund to exceed its applicable position limits. Limiting the size of the Fund may affect the correlation between the price of the Shares, as traded on the NYSE Arca, and the net asset value of the Fund. That is, the inability to create additional Baskets could result in Shares trading at a premium or discount to net asset value of the Fund.

Under the Dodd-Frank Act, the CFTC is required, among other things, to establish speculative position limits on exchange listed futures and options on physical commodities (including certain energy, metals and agricultural products) and economically equivalent over-the-counter derivatives. The Dodd-Frank Act will also require the CFTC to establish aggregate position limits for contracts based on the same underlying commodity, including certain contracts traded on non-U.S. exchanges. Depending on the outcome of the Proposed Regulations and any future CFTC or futures exchange rulemaking, as applicable, the rules concerning position limits may be amended in a manner that is detrimental to the Fund. For example, if the amended rules are detrimental to the Fund, its ability to issue new Baskets, or reinvest income in additional futures contracts corresponding to the Affected Index Commodities, may be limited to the extent these activities would cause the Fund to exceed the applicable position limits. Limiting the size of the Fund may affect the correlation between the price of the Shares, as traded on the NYSE Arca, and the net asset value of the Fund. That is, the inability to create additional Baskets could result in Shares in the Fund trading at a premium or discount to net asset value of the Fund.”

II.

Risk Factor (12) on page 21 of the Prospectus is hereby deleted and replaced, in its entirety, with the following:

“(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 the Fund.

The following table reflects various measures of volatility* of the Index as calculated on an excess return basis:


Volatility Type		Volatility
Daily volatility over full history		16.17%
Average rolling 3-month daily volatility		15.32%
Monthly return volatility		18.96%
Average annual volatility		15.17%

The following table reflects the daily volatility on an annual basis of the Index:


Year				Daily Volatility
1997**				8.07%
1998				11.88%
1999				12.78%
2000				14.74%
2001				13.40%
2002				12.37%
2003				13.74%
2004				15.93%
2005				14.71%
2006				16.30%
2007				13.96%
2008				28.39%
2009				22.08%
2010				15.50%
2011***				13.71%

*Volatility, for these purposes, means the following:

Daily Volatility: 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.

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.

As of September 3, 1997.

***

As of April 30, 2011.

Past Index results are not necessarily indicative of future changes, positive or negative, in the Index levels.”

III.

Risk Factor (26) on page 24 of the Prospectus is hereby deleted and replaced, in its entirety, with the following, and the numbers of the succeeding risk factors are hereby increased by 1:

“(26)

The Effects Of Market Disruptions and Government Intervention Are Unpredictable And May Have An Adverse Effect On The Value Of Your Shares.

The global financial markets have in the past few years gone through pervasive and fundamental disruptions that have led to extensive and unprecedented governmental intervention. Such 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. In addition—as one would expect given the complexities of the financial markets and the limited time frame within which governments have felt compelled to take action—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 Fund 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 positions against which the markets are moving. The financing available to market participants from their banks, dealers and other counterparties is typically reduced in disrupted markets. Such a reduction may result in substantial losses to the affected market participants. Market disruptions may from time to time cause dramatic losses, and such events can result in otherwise historically low-risk strategies performing with unprecedented volatility and risk.

(27)

Regulatory Changes or Actions, Including the Implementation of the Dodd-Frank Act, May Alter the Operations and Profitability of the Fund.

The regulation of commodity interest transactions in the United States is a rapidly changing area of law and is subject to ongoing modification by governmental and judicial action. Considerable regulatory attention has been focused on non-traditional investment pools that are publicly distributed in the United States. The Dodd-Frank Act seeks to regulate markets, market participants and financial instruments that previously have been unregulated and substantially alters the regulation of many other markets, market participants and financial instruments. Because many provisions of the Dodd-Frank Act require rulemaking by the applicable regulators before becoming fully effective and the Dodd-Frank Act mandates multiple agency reports and studies (which could result in additional legislative or regulatory action), it is difficult to predict the impact of the Dodd-Frank Act on the Fund, the Managing Owner, and the markets in which the Fund may invest, the Net Asset Value of the Fund or the market price of the Shares. The Dodd-Frank Act could result in the Fund’s investment strategy becoming non-viable or non-economic to implement. Therefore, the Dodd-Frank Act and regulations adopted pursuant to the Dodd-Frank Act could have a material adverse impact on the profit potential of the Fund and in turn the value of your Shares.”

IV.

Page 29 of the Prospectus is hereby deleted and replaced, in its entirety, with the following:

“PERFORMANCE OF POWERSHARES DB COMMODITY INDEX TRACKING FUND (TICKER: DBC)

Name of Pool: PowerShares DB Commodity Index Tracking Fund

Type of Pool: Public, Exchange-Listed Commodity Pool

Inception of Trading: February 2006

Aggregate Gross Capital Subscriptions as of April 30, 2011¹: $7,430,362,220

Net Asset Value as of April 30, 2011²: $6,823,191,596

Net Asset Value per Share as of April 30, 2011³: $31.97

Worst Monthly Drawdown⁴: (23.77)% October 2008

Worst Peak-to-Valley Drawdown⁵: (57.34)% June 2008 – February 2009⁶


Monthly Rate of Return	2011(%)	2010(%)	2009(%)	2008(%)	2007(%)	2006(%)
January	3.66	(7.64)	(5.18)	3.24	(2.36)	--
February	3.92	3.61	(5.61)	11.21	5.30	(4.66)
March	2.96	0.03	5.32	(0.61)	0.67	3.63
April	4.55	3.61	(1.54)	4.46	0.55	6.51
May		(10.35)	16.50	8.32	(0.51)	(0.42)
June		(1.09)	(3.02)	10.64	1.22	(0.29)
July		5.77	2.58	(10.61)	1.94	1.65
August		(3.00)	(3.39)	(5.97)	(2.21)	(2.71)
September		8.35	(0.31)	(11.01)	8.58	(4.54)
October⁹		4.45	6.17	(23.77)	8.58	1.21
November		(0.48)	4.65	(10.38)	0.26	6.40
December		10.06%	(0.03)	(6.71)⁶	3.76⁷	(4.70)⁸
Compound Rate of Return¹⁰	15.96% (4 months)	11.85%	15.08%	(31.91)%	28.15%	1.23% (11 months)

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

Footnotes to Performance Information

1. “Aggregate Gross Capital Subscriptions” is the aggregate of all amounts ever contributed to the pool, including redeemed investments.

2. “Net Asset Value” is the net asset value of the pool as of April 30, 2011.

3. “Net Asset Value per Share” is the Net Asset Value of the pool divided by the total number of Shares outstanding as of April 30, 2011.

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. The Worst Peak-to-Valley Drawdown from June 2008 – February 2009 includes the effect of the $0.34 per Share distribution made to Shareholders of record as of December 17, 2008. “Worst Peak-to-Valley Drawdown” is the largest percentage decline in the Net Asset Value per Share over the history of the 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.

6. The December 2008 return of (6.71)% includes the $0.34 per Share distribution made to Shareholders of record as of December 17, 2008. Prior to the December 30, 2008 distribution, the pool’s return for December 2008 was (5.23)%.

7. The December 2007 return of 3.76% includes the $0.76 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 6.23%.

8. The December 2006 return of (4.70)% includes the $0.61 per Share distribution made to Shareholders of record as of December 20, 2006. Prior to the December 29, 2006 distribution, the pool’s return for December 2006 was (2.33)%.

9. As of October 19, 2009, the Fund commenced tracking the Deutsche Bank Liquid Commodity Index–Optimum Yield Diversified Excess Return™, or the Interim Index. Prior to October 19, 2009, the Fund tracked the Deutsche Bank Liquid Commodity Index–Optimum Yield Excess Return™.

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

11. After December 31, 2010, the Fund commenced tracking DBIQ Optimum Yield Diversified Commodity Index Excess Return™, or the Renamed Index. The Fund’s Interim Index is identical to the Renamed Index except with respect to the following non-substantive changes: (i) name of Index, and (ii) inception date of Renamed Index for CFTC purposes. Except as provided in the immediately preceding sentence, all prior underlying formulae, data (e.g., closing levels, measure of volatility, all other numerical statistics and measures) and all other characteristics (e.g., Base Date, Index Sponsor, rolling, etc.) with respect to the Interim Index are identical to the Renamed Index.”

V.	Pages 35-46 of the Prospectus are hereby deleted and replaced, in their entirety, with the following:

“CLOSING LEVELS TABLE

DBIQ OPTIMUM YIELD DIVERSIFIED COMMODITY INDEX EXCESS RETURN™


	CLOSING LEVEL		CHANGES
	High¹	Low²	Annual Index Changes³	Index Changes Since Inception⁴
1997⁵	103.35	92.60	-7.40%	-7.40%
1998	93.07	63.74	-30.22%	-35.38%
1999	88.04	60.62	34.94%	-12.80%
2000	123.09	85.21	24.43%	8.50%
2001	114.11	88.26	-16.62%	-9.54%
2002	115.96	88.19	25.81%	13.81%
2003	145.82	112.87	27.03%	44.58%
2004	217.09	144.58	36.68%	97.60%
2005	279.17	194.39	39.69%	176.03%
2006	343.18	273.89	9.73%	202.88%
2007	380.11	276.40	24.79%	277.95%
2008	538.39	228.67	-32.86%	153.77%
2009	326.84	222.81	27.68%	224.02%
2010	362.20	278.59	11.78%	262.20%
2011⁶	419.60	356.23	15.85%	319.60%

THE FUND WILL TRADE WITH A VIEW TO TRACKING THE

DBIQ OPTIMUM YIELD DIVERSIFIED COMMODITY INDEX EXCESS RETURN™ OVER TIME.

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.

DBIQ OPTIMUM YIELD DIVERSIFIED COMMODITY INDEX TOTAL RETURN™


	CLOSING LEVEL		CHANGES
	High¹	Low²	Annual Index Changes³	Index Changes Since Inception⁴
1997⁵	103.91	94.17	-5.83%	-5.83%
1998	95.03	67.96	-26.74%	-31.01%
1999	98.49	65.09	41.46%	-2.41%
2000	144.25	95.46	32.04%	28.86%
2001	136.34	108.28	-13.67%	11.24%
2002	144.95	108.59	27.90%	42.27%
2003	184.10	141.63	28.34%	82.58%
2004	276.91	182.59	38.58%	153.03%
2005	365.39	248.99	44.21%	264.89%
2006	461.10	364.06	15.10%	320.00%
2007	550.99	384.35	30.49%	448.05%
2008	788.19	336.20	-31.92%	273.11%
2009	481.22	327.67	27.87%	377.08%
2010	534.01	410.40	11.93%	434.01%
2011⁶	618.86	525.23	15.89%	518.86%

THE FUND WILL NOT TRADE WITH A VIEW TO TRACKING THE

DBIQ OPTIMUM YIELD DIVERSIFIED COMMODITY INDEX TOTAL RETURN™ OVER TIME.

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 accompanying Notes and Legends.

INDEX COMMODITY WEIGHTS TABLE

DBIQ OPTIMUM YIELD DIVERSIFIED COMMODITY INDEX EXCESS RETURN™


	CL⁷				HO⁷				XB⁷				NG⁷				CO⁷				GC⁷				SI⁷
	High		Low		High		Low		High		Low		High		Low		High		Low		High		Low		High		Low
1997⁵		12.5%		12.2%		12.5%		12.2%		13.0%		12.5%		5.8%		5.5%		12.7%		11.7%		7.8%		8.0%		2.2%		2.6%
1998		12.1%		11.7%		12.4%		12.1%		12.7%		11.6%		5.3%		5.3%		11.5%		10.9%		8.3%		8.9%		2.6%		2.2%
1999		13.3%		11.9%		12.9%		11.4%		13.5%		11.5%		5.0%		5.3%		13.2%		11.5%		7.5%		9.2%		2.0%		2.5%
2000		15.1%		12.9%		15.6%		12.5%		16.1%		13.0%		7.9%		5.0%		14.7%		12.8%		5.0%		7.6%		1.3%		2.0%
2001		12.5%		11.8%		12.3%		11.5%		12.3%		11.7%		6.7%		5.4%		12.3%		11.2%		7.7%		8.4%		1.9%		2.1%
2002		12.5%		12.3%		13.1%		11.8%		12.8%		12.2%		6.0%		4.2%		14.2%		12.0%		7.9%		8.6%		1.9%		2.2%
2003		12.8%		12.2%		12.7%		12.3%		12.5%		12.5%		5.7%		7.1%		12.5%		13.3%		7.9%		7.7%		2.1%		1.9%
2004		16.5%		12.6%		15.9%		12.4%		14.5%		12.4%		6.0%		5.7%		16.0%		12.4%		5.4%		8.0%		1.8%		2.2%
2005		12.6%		11.8%		14.6%		12.0%		16.1%		12.1%		6.7%		5.0%		13.4%		11.4%		6.2%		8.3%		1.4%		1.8%
2006		11.1%		11.4%		10.9%		11.1%		12.0%		11.5%		3.0%		3.9%		11.0%		11.4%		9.1%		8.7%		2.9%		2.3%
2007		12.4%		11.3%		12.5%		11.7%		12.6%		11.6%		5.0%		5.2%		12.3%		11.3%		7.6%		9.0%		1.8%		2.2%
2008		13.7%		11.3%		14.9%		11.4%		13.1%		11.3%		6.2%		5.5%		13.8%		11.5%		5.9%		10.0%		1.6%		2.3%
2009		12.1%		9.8%		11.9%		8.9%		12.1%		10.5%		5.1%		4.1%		12.2%		9.8%		8.4%		13.3%		2.1%		3.6%
2010		12.4%		11.6%		12.5%		12.1%		12.4%		12.1%		5.5%		4.8%		12.7%		12.0%		7.8%		9.9%		2.2%		2.3%
2011⁶		13.0%		12.4%		13.9%		12.4%		13.9%		12.5%		4.9%		5.6%		13.9%		12.7%		7.3%		7.6%		2.9%		2.0%

THE FUND WILL TRADE WITH A VIEW TO TRACKING THE

DBIQ OPTIMUM YIELD DIVERSIFIED COMMODITY INDEX EXCESS RETURN™ OVER TIME.

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.

LEGEND:


Symbol	Index Commodity	Symbol	Index Commodity
CL	Light Sweet Crude Oil (WTI)	AL	Aluminum
HO	Heating Oil	LX	Zinc
XB	RBOB Gasoline	LP	Copper Grade A
NG	Natural Gas	C	Corn
CO	Brent Crude	W	Wheat
GC	Gold	S	Soybeans
SI	Silver	SB	Sugar

See accompanying Notes and Legends.

INDEX COMMODITY WEIGHTS TABLE

DBIQ OPTIMUM YIELD DIVERSIFIED COMMODITY INDEX EXCESS RETURN™


	AL⁷				LX⁷				LP⁷				C⁷				W⁷				S⁷				SB⁷
	High		Low		High		Low		High		Low		High		Low		High		Low		High		Low		High		Low
1997⁵		3.9%		4.3%		3.6%		4.2%		3.7%		3.9%		5.8%		5.9%		5.4%		5.4%		5.7%		5.8%		5.4%		5.9%
1998		4.2%		4.4%		4.2%		4.7%		3.9%		4.1%		5.9%		6.2%		5.6%		5.7%		5.8%		6.0%		5.5%		6.1%
1999		4.2%		4.4%		4.2%		5.1%		4.2%		4.1%		5.2%		6.3%		4.9%		5.5%		5.2%		5.7%		4.9%		5.5%
2000		2.8%		4.5%		2.8%		4.4%		3.0%		4.3%		3.3%		5.4%		3.3%		5.2%		3.6%		5.5%		5.5%		5.0%
2001		4.5%		4.7%		3.8%		4.7%		4.1%		4.7%		5.3%		6.0%		5.5%		5.9%		5.0%		6.0%		6.1%		5.9%
2002		3.8%		4.7%		3.9%		4.6%		3.8%		4.9%		5.1%		5.7%		4.8%		5.8%		5.2%		5.8%		5.0%		5.2%
2003		4.1%		3.8%		4.2%		3.9%		4.2%		3.9%		5.3%		5.1%		5.4%		4.6%		5.5%		5.7%		5.2%		6.0%
2004		3.1%		4.2%		3.0%		4.3%		3.7%		4.4%		3.0%		5.4%		3.1%		5.4%		3.2%		5.8%		4.8%		4.9%
2005		3.3%		4.5%		3.9%		4.9%		4.7%		4.6%		3.5%		5.7%		4.0%		5.6%		4.3%		6.0%		5.3%		6.4%
2006		5.1%		4.7%		7.4%		5.2%		7.0%		4.9%		4.7%		5.6%		4.8%		5.7%		4.3%		5.3%		6.8%		8.4%
2007		3.7%		4.7%		3.6%		3.9%		3.9%		3.6%		5.9%		6.8%		6.3%		6.4%		6.3%		6.8%		6.0%		5.6%
2008		3.4%		3.9%		1.9%		5.0%		3.4%		4.1%		6.9%		5.5%		4.8%		6.2%		6.4%		5.8%		4.0%		6.4%
2009		4.3%		3.5%		4.4%		5.3%		4.4%		4.4%		5.5%		6.2%		5.8%		6.7%		5.8%		6.2%		5.7%		7.6%
2010		4.1%		4.8%		3.9%		4.0%		4.4%		4.9%		5.5%		5.6%		5.5%		5.2%		5.8%		5.9%		5.4%		4.9%
2011⁶		3.9%		4.2%		3.1%		4.0%		3.8%		4.4%		5.6%		5.4%		4.6%		5.6%		5.3%		5.8%		3.9%		5.5%

THE FUND WILL TRADE WITH A VIEW TO TRACKING THE

DBIQ OPTIMUM YIELD DIVERSIFIED COMMODITY INDEX EXCESS RETURN™ OVER TIME.

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.

LEGEND:


Symbol	Index Commodity	Symbol	Index Commodity
CL	Light Sweet Crude Oil (WTI)	AL	Aluminum
HO	Heating Oil	LX	Zinc
XB	RBOB Gasoline	LP	Copper Grade A
NG	Natural Gas	C	Corn
CO	Brent Crude	W	Wheat
GC	Gold	S	Soybeans
SI	Silver	SB	Sugar

See accompanying Notes and Legends.

INDEX COMMODITY WEIGHTS TABLE

DBIQ OPTIMUM YIELD DIVERSIFIED COMMODITY INDEX TOTAL RETURN™


	CL⁷				HO⁷				XB⁷				NG⁷				CO⁷				GC⁷				SI⁷
	High		Low		High		Low		High		Low		High		Low		High		Low		High		Low		High		Low
1997⁵		12.5%		12.2%		12.5%		12.2%		13.0%		12.5%		5.8%		5.5%		12.7%		11.7%		7.8%		8.0%		2.2%		2.6%
1998		12.1%		11.7%		12.4%		12.1%		12.7%		11.6%		5.3%		5.3%		11.5%		10.9%		8.3%		8.9%		2.6%		2.2%
1999		13.1%		11.9%		12.8%		11.4%		13.3%		11.5%		5.0%		5.3%		13.3%		11.5%		7.6%		9.2%		2.0%		2.5%
2000		15.1%		12.9%		15.6%		12.5%		16.1%		13.0%		7.9%		5.0%		14.7%		12.8%		5.0%		7.6%		1.3%		2.0%
2001		13.4%		11.8%		12.5%		11.5%		12.8%		11.7%		6.0%		5.4%		12.2%		11.2%		8.4%		8.4%		1.9%		2.1%
2002		12.5%		12.3%		13.1%		11.8%		12.8%		12.2%		6.0%		4.2%		14.2%		12.0%		7.9%		8.6%		1.9%		2.2%
2003		12.8%		12.2%		12.7%		12.3%		12.5%		12.5%		5.7%		7.1%		12.5%		13.3%		7.9%		7.7%		2.1%		1.9%
2004		16.5%		12.6%		15.9%		12.4%		14.5%		12.4%		6.0%		5.7%		16.0%		12.4%		5.4%		8.0%		1.8%		2.2%
2005		12.6%		11.8%		14.6%		12.0%		16.1%		12.1%		6.7%		5.0%		13.4%		11.4%		6.2%		8.3%		1.4%		1.8%
2006		11.1%		11.4%		10.9%		11.1%		12.0%		11.5%		3.0%		3.9%		11.0%		11.4%		9.1%		8.7%		2.9%		2.3%
2007		12.4%		11.3%		12.5%		11.7%		12.6%		11.6%		5.0%		5.2%		12.3%		11.3%		7.6%		9.0%		1.8%		2.2%
2008		13.7%		11.3%		14.9%		11.4%		13.1%		11.3%		6.2%		5.5%		13.8%		11.5%		5.9%		10.0%		1.6%		2.3%
2009		12.1%		9.8%		11.9%		8.9%		12.1%		10.5%		5.1%		4.1%		12.2%		9.8%		8.4%		13.3%		2.1%		3.6%
2010		12.4%		11.6%		12.5%		12.1%		12.4%		12.1%		5.5%		4.8%		12.7%		12.0%		7.8%		9.9%		2.2%		2.3%
2011⁶		13.0%		12.4%		13.9%		12.4%		13.9%		12.5%		4.9%		5.6%		13.9%		12.7%		7.3%		7.6%		2.9%		2.0%

THE FUND WILL NOT TRADE WITH A VIEW TO TRACKING THE

DBIQ OPTIMUM YIELD DIVERSIFIED COMMODITY INDEX TOTAL RETURN™ OVER TIME.

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.

LEGEND:


Symbol	Index Commodity	Symbol	Index Commodity
CL	Light Sweet Crude Oil (WTI)	AL	Aluminum
HO	Heating Oil	LX	Zinc
XB	RBOB Gasoline	LP	Copper Grade A
NG	Natural Gas	C	Corn
CO	Brent Crude	W	Wheat
GC	Gold	S	Soybeans
SI	Silver	SB	Sugar

See accompanying Notes and Legends.

INDEX COMMODITY WEIGHTS TABLE

DBIQ OPTIMUM YIELD DIVERSIFIED COMMODITY INDEX TOTAL RETURN™


	AL⁷				LX⁷				LP⁷				C⁷				W⁷				S⁷				SB⁷
	High		Low		High		Low		High		Low		High		Low		High		Low		High		Low		High		Low
1997⁵		3.9%		4.3%		3.6%		4.2%		3.7%		3.9%		5.8%		5.9%		5.4%		5.4%		5.7%		5.8%		5.4%		5.9%
1998		4.2%		4.4%		4.2%		4.7%		3.9%		4.1%		5.9%		6.2%		5.6%		5.7%		5.8%		6.0%		5.5%		6.1%
1999		4.3%		4.4%		4.2%		5.1%		4.2%		4.1%		5.2%		6.3%		4.9%		5.5%		5.1%		5.7%		5.0%		5.5%
2000		2.8%		4.5%		2.8%		4.4%		3.0%		4.3%		3.3%		5.4%		3.3%		5.2%		3.6%		5.5%		5.5%		5.0%
2001		4.3%		4.7%		3.6%		4.7%		4.0%		4.7%		4.8%		6.0%		5.2%		5.9%		4.8%		6.0%		6.1%		5.9%
2002		3.8%		4.7%		3.9%		4.6%		3.8%		4.9%		5.1%		5.7%		4.8%		5.8%		5.2%		5.8%		5.0%		5.2%
2003		4.1%		3.8%		4.2%		3.9%		4.2%		3.9%		5.3%		5.1%		5.4%		4.6%		5.5%		5.7%		5.2%		6.0%
2004		3.1%		4.2%		3.0%		4.3%		3.7%		4.4%		3.0%		5.4%		3.1%		5.4%		3.2%		5.8%		4.8%		4.9%
2005		3.3%		4.5%		3.9%		4.9%		4.7%		4.6%		3.5%		5.7%		4.0%		5.6%		4.3%		6.0%		5.3%		6.4%
2006		5.1%		4.7%		7.4%		5.2%		7.0%		4.9%		4.7%		5.6%		4.8%		5.7%		4.3%		5.3%		6.8%		8.4%
2007		3.7%		4.7%		3.6%		3.9%		3.9%		3.6%		5.9%		6.8%		6.3%		6.4%		6.3%		6.8%		6.0%		5.6%
2008		3.4%		3.9%		1.9%		5.0%		3.4%		4.1%		6.9%		5.5%		4.8%		6.2%		6.4%		5.8%		4.0%		6.4%
2009		4.3%		3.5%		4.4%		5.3%		4.4%		4.4%		5.5%		6.2%		5.8%		6.7%		5.8%		6.2%		5.7%		7.6%
2010		4.1%		4.8%		3.9%		4.0%		4.4%		4.9%		5.5%		5.6%		5.5%		5.2%		5.8%		5.9%		5.4%		4.9%
2011⁶		3.9%		4.2%		3.1%		4.0%		3.8%		4.4%		5.6%		5.4%		4.6%		5.6%		5.3%		5.8%		3.9%		5.5%

THE FUND WILL NOT TRADE WITH A VIEW TO TRACKING THE

DBIQ OPTIMUM YIELD DIVERSIFIED COMMODITY INDEX TOTAL RETURN™ OVER TIME.

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.

LEGEND:


Symbol	Index Commodity	Symbol	Index Commodity
CL	Light Sweet Crude Oil (WTI)	AL	Aluminum
HO	Heating Oil	LX	Zinc
XB	RBOB Gasoline	LP	Copper Grade A
NG	Natural Gas	C	Corn
CO	Brent Crude	W	Wheat
GC	Gold	S	Soybeans
SI	Silver	SB	Sugar

See accompanying Notes and Legends.


*All Statistics from July 31, 1998 to April 30, 2011.**
VARIOUS STATISTICAL MEASURES
	DBIQ Diversified ER™^8,9	DBIQ Diversified TR™^8,9	GSCI-TR¹⁰	RICI-TR¹¹	DJ UBS-TR¹²
Annualized Changes to Index Level¹³	14.3%	17.4%	7.4%	12.3%	8.2%
Average rolling 3-month daily volatility¹⁴	18.9%	18.9%	23.7%	18.8%	16.7%
Sharpe Ratio¹⁵	0.57	0.76	0.15	0.44	0.26
% of months with positive change¹⁶	59%	63%	59%	63%	60%
Average monthly positive change¹⁷	4.9%	4.8%	5.5%	4.5%	3.9%
Average monthly negative change¹⁸	-3.9%	-4.0%	-5.9%	-4.5%	-4.0%


ANNUALIZED INDEX LEVELS¹⁹
	DBIQ Diversified ER™	DBIQ Diversified TR™	GSCI-TR	RICI-TR	DJ UBS-TR
1 year	30.5%	30.7%	24.7%	34.0%	30.4%
3 year	-1.6%	-1.3%	-13.4%	-4.5%	-5.2%
5 year	5.5%	7.5%	-3.7%	3.8%	1.9%
7 year	14.0%	16.5%	1.8%	7.8%	4.7%

* July 31, 1998 represents the first date on which statistical data was available for each of DBIQ Diversified ER, DBIQ Diversified TR, GSCI-TR, RICI-TR and DJUBS-TR.

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.

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 OCTOBER 2010 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.

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 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 SEPTEMBER 1997 THROUGH SEPTEMBER 2010, THE INDEX CLOSING LEVELS REFLECT THE APPLICATION OF THE INDEX 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 RISKS YOU FACE” 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 COMMENCED OPERATIONS IN JANUARY 2006. AS MANAGING OWNER, THE MANAGING OWNER AND ITS TRADING PRINCIPALS HAVE BEEN MANAGING THE DAY-TO-DAY OPERATIONS FOR THE FUND AND RELATED PRODUCTS AND MANAGING FUTURES TRADING ACCOUNTS. 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.

See accompanying Notes and Legends.

COMPARISON OF THE VARIOUS COMMODITIES INDICES

(July 31, 1998* – April 30, 2011)

LOGO

* July 31, 1998 represents the first date on which statistical data was available for each of DBIQ Diversified TR, DBIQ Diversified ER, DBIQ-OY TR, DBIQ TR, GSCI TR, RICI-TR, DJUBS-TR and DBIQ-OY ER.

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 of DBIQ Diversified TR, DBIQ Diversified ER, DBIQ–OY TR, DBIQ TR, GSCI–TR, RICI–TR, DJUBS–TR and DBIQ–OY ER are indices and do not reflect actual trading.

Each of the indices are calculated on an excess return basis and does 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 OCTOBER 2010, 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.

See accompanying Notes and Legends.

COMPARISON OF ANNUAL RETURNS OF THE VARIOUS COMMODITIES INDICES

(July 31, 1998* – April 30, 2011)

LOGO

* July 31, 1998 represents the first date on which statistical data was available for each of DBIQ Diversified TR, DBIQ Diversified ER, DBIQ-OY TR, DBIQ TR, RICI-TR, DJUBS-TR and DBIQ-OY ER.

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 of DBIQ Diversified TR, DBIQ Diversified ER, DBIQ–OY TR, DBIQ TR, GSCI–TR, RICI–TR, DJUBS–TR and DBIQ–OY ER are indices and do not reflect actual trading.

Each of the indices are calculated on an excess return basis and does not reflect any fees or expenses.

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 SEPTEMBER 1997 THROUGH SEPTEMBER 2010. THE INDEX CLOSING LEVELS REFLECT THE APPLICATION OF THE INDEX METHODOLOGY, AND SELECTION OF INDEX COMMODITIES, IN HINDSIGHT.

See accompanying Notes and Legends.

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” reflect the change of the Index closing levels since inception on a compounded annual basis as of December 31 of each applicable year.

5.	Closing levels as of inception on September 3, 1997.

6.	Closing levels as of April 30, 2011.

The DBIQ Optimum Yield Diversified Commodity Index Excess Return™ and DBIQ Optimum Yield Diversified Commodity Index Total Return™ reflect the change in market value of the following underlying index commodities: (1) CL (Light Sweet Crude Oil (WTI)), (2) HO (Heating Oil), (3) XB (RBOB Gasoline), (4) NG (Natural Gas), (5) CO (Brent Crude), (6) GC (Gold), (7) SI (Silver), (8) AL (Aluminum), (9) LX (Zinc), (10) LP (Copper Grade A), (11) C (Corn), (12) W (Wheat), (13) S (Soybeans) and (14) SB (Sugar), on an optimum yield basis.

“DBIQ Diversified ER™” is the DBIQ Optimum Yield Diversified Commodity Index Excess Return™ and “DBIQ Diversified TR™” is the DBIQ Optimum Yield Diversified Commodity Index Total Return™. The DBIQ Diversified ER™ is calculated on an excess return basis, which is unfunded and reflects the change in market value of the underlying index commodities. The DBIQ Diversified TR™ is calculated on a total return basis, which is funded and reflects the change in market value of the underlying index commodities and interest income from a hypothetical basket of fixed income securities. DBIQ Diversified ER™ and DBIQ Diversified TR™ are calculated to reflect rolling on an optimum yield basis. Optimum yield enables each of DBIQ Diversified ER™ and DBIQ Diversified TR™ to rollover to the futures contract which generates the highest ‘roll yield,’ rather than select a new future based on a fixed schedule (e.g. monthly). The result will tend to maximize the benefits of rolling in backwardated markets and minimize the loss from rolling in contangoed markets.

If the Fund’s interest income from its holdings of fixed income securities were to exceed the Fund’s fees and expenses, the total return on an investment in the Fund is expected to outperform the DBIQ Diversified ER™ and underperform the DBIQ Diversified TR™. The only difference between the DBIQ Diversified ER™ and the DBIQ Diversified TR™ is that the DBIQ Diversified ER™ does not include interest income from a hypothetical basket of fixed income securities while the DBIQ Diversified TR™ does include such a component. The difference between the DBIQ Diversified ER™ and the DBIQ Diversified TR™ is attributable entirely to the hypothetical interest income from this hypothetical basket of fixed income securities. If the Fund’s interest income from its holdings of fixed-income securities exceeds the Fund’s fees and expenses, then the amount of such excess is expected to be distributed periodically. The market price of the Shares is expected to track closely the DBIQ Diversified ER™. The total return on an investment in the Fund over any period is the sum of the capital appreciation or depreciation of the Shares over the period, plus the amount of any distributions during the period. Consequently, the Fund’s total return is expected to outperform the DBIQ Diversified ER™ by the amount of the excess, if any, 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 DBIQ Diversified TR™. If the Fund’s fees and expenses were to exceed the Fund’s interest income from its holdings of fixed income securities, the total return on an investment in the Fund is expected to underperform the DBIQ Diversified ER™.

10.

“GSCI – TR” is the S&P GSCI Commodity Index® calculated on a total return basis. The GSCI is designed to provide investors with a reliable and publicly available benchmark for investment in the commodity market. The GSCI is a composite index of commodity sector returns, representing an unleveraged, long-only investment in commodity futures that is broadly diversified across the spectrum of commodities. In turn, the GSCI provides investors with a representative and realistic picture of realizable returns attainable in the commodities markets.

11.

“RICI – TR” is the Rogers International Commodity Index calculated on a total return basis. RICI represents the value of a basket of commodities employed in the global economy, ranging from agricultural products (such as wheat, corn and cotton) and energy products (including crude oil, gasoline and natural gas) to metals and minerals (including gold, silver, aluminum and lead). As of its launch in 1998 there were thirty-five different contracts represented in the Index. As of 2009, the Index represents thirty-six different contracts. The value of each component is based on monthly closing prices of the corresponding futures and/or forward contracts, each of which is valued as part of a fixed-weight portfolio. The RICI-TR Index was developed to be an effective measure of the price action of raw materials on a worldwide basis. The broad based representation of commodities contracts is intended to provide two important characteristics: The large number of contracts and underlying raw materials represents “diversification” and the global coverage of those contracts reflects the current state of international trade and commerce.

12.

“DJ UBS – TR” is the Dow Jones - UBS Commodity Index^SMcalculated on a total return basis. The DJ UBS is designed to be a highly liquid and diversified benchmark for the commodity futures market. The DJ-UBS is composed of futures contracts on 19 physical commodities. The DJ-UBS is composed of commodities traded on U.S. exchanges, with the

exception of aluminum, nickel and zinc, which trade on the London Metal Exchange (LME). An Oversight Committee meets annually to determine the composition of the index in accordance with the rules established in the DJ-UBSCI Handbook. Committee members are drawn from the academic, financial and legal communities. The most recent Oversight Committee meeting took place in August 2008, with changes in index composition effective January 2009.

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

14.

“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.

15.

“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 all the Sharpe Ratio calculations was assumed to be 2.63%.

16.	“% of months with positive change” during the period from inception to April 30, 2011.

17.	“Average monthly positive change” during the period from inception to April 30, 2011.

18.	“Average monthly negative change” during the period from inception to April 30, 2011.

19.	“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 years).

20.

The DBIQ Optimum Yield Commodity Index Excess Return™ and DBIQ Optimum Yield Commodity Index Total Return™ reflect the change in market value of the following underlying index commodities: CL (Light Sweet Crude Oil), HO (Heating Oil), GC (Gold), AL (Aluminum), C (Corn) and W (Wheat) on an optimum yield basis. “DBIQ–TR™” is the DBIQ–Total Return™. DBIQ–TR™ is composed of the same index commodities as both DBIQ-OYER™ and DBIQ-OYTR™ and is calculated on a total return basis. Unlike the DBIQ-OYER™ and DBIQ-OYTR™, each of which are rolled on an optimum yield basis, DBIQ–TR™ rolls both CL and HO on a monthly basis and GC, AL, C and W on an annual basis.

As of October 19, 2009, the Fund commenced tracking the Deutsche Bank Liquid Commodity Index–Optimum Yield Diversified Excess Return,™ or the Interim Index. Prior to October 19, 2009, the Fund tracked the Deutsche Bank Liquid Commodity Index–Optimum Yield Excess Return™. After December 31, 2010, the Fund commenced tracking DBIQ Optimum Yield Diversified Commodity Index Excess Return™, or the Renamed Index. The Fund’s Interim Index is identical to the Renamed Index except with respect to the following non-substantive changes: (i) name of Index, and (ii) inception date of Renamed Index for CFTC purposes. Except as provided in the immediately preceding sentence, all prior underlying formulae, data (e.g., closing levels, measure of volatility, all other numerical statistics and measures) and all other characteristics (e.g., Base Date, Index Sponsor, rolling, etc.) with respect to each Interim Index are identical to its Renamed Index. 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. The Fund and the Managing Owner have been licensed to use DBLCI™, Deutsche Bank Liquid Commodity Index™ and DBIQ™.

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 WILL 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.”