0001193125-14-387654.txt : 20141030 0001193125-14-387654.hdr.sgml : 20141030 20141029192600 ACCESSION NUMBER: 0001193125-14-387654 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20141024 ITEM INFORMATION: Changes in Control of Registrant ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20141030 DATE AS OF CHANGE: 20141029 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PowerShares DB Multi-Sector Commodity Trust CENTRAL INDEX KEY: 0001367306 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33229 FILM NUMBER: 141181277 BUSINESS ADDRESS: STREET 1: C/O DB COMMODITY SERVICES LLC STREET 2: 60 WALL STREET CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: (212) 250-5883 MAIL ADDRESS: STREET 1: C/O DB COMMODITY SERVICES LLC STREET 2: 60 WALL STREET CITY: NEW YORK STATE: NY ZIP: 10005 FORMER COMPANY: FORMER CONFORMED NAME: DB Multi-Sector Commodity Trust DATE OF NAME CHANGE: 20060626 FORMER COMPANY: FORMER CONFORMED NAME: DB Multi-Sector Trust DATE OF NAME CHANGE: 20060623 FILER: COMPANY DATA: COMPANY CONFORMED NAME: POWERSHARES DB AGRICULTURE FUND CENTRAL INDEX KEY: 0001383082 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 870778078 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33238 FILM NUMBER: 141181278 BUSINESS ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 212-250-5883 MAIL ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: POWERSHARES DB BASE METALS FUND CENTRAL INDEX KEY: 0001383084 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 870778075 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33236 FILM NUMBER: 141181279 BUSINESS ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 212-250-5883 MAIL ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PowerShares DB Precious Metals Fund CENTRAL INDEX KEY: 0001383057 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 870778065 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33244 FILM NUMBER: 141181281 BUSINESS ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 212-250-5883 MAIL ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PowerShares DB Oil Fund CENTRAL INDEX KEY: 0001383058 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 870778062 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33242 FILM NUMBER: 141181282 BUSINESS ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 212-250-5883 MAIL ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PowerShares DB Gold Fund CENTRAL INDEX KEY: 0001383055 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 870778067 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33231 FILM NUMBER: 141181280 BUSINESS ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 212-250-5883 MAIL ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: POWERSHARES DB SILVER FUND CENTRAL INDEX KEY: 0001383054 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 870778072 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33234 FILM NUMBER: 141181276 BUSINESS ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 212-250-5883 MAIL ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PowerShares DB Energy Fund CENTRAL INDEX KEY: 0001383062 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 870778060 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33240 FILM NUMBER: 141181283 BUSINESS ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 212-250-5883 MAIL ADDRESS: STREET 1: 60 WALL STREET STREET 2: C/O DB COMMODITY SERVICES LLC CITY: NEW YORK STATE: NY ZIP: 10005 8-K 1 d811934d8k.htm FORM 8-K FORM 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 24, 2014

 

 

POWERSHARES DB MULTI-SECTOR COMMODITY TRUST

(Registrant)

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

(Co-Registrants)

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

 

 

 

PowerShares DB Multi-Sector Commodity Trust, Delaware   87-0778053 (Trust)
(State or Other Jurisdiction of Incorporation)   (IRS Employer ID Number)

 

c/o DB Commodity Services LLC

60 Wall Street

New York, New York

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

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

(Commission File Numbers)

(212) 250-5883

(Registrant’s telephone number, including area code)

 

 

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

 

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

 

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

 

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

 

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

 

 

 

Item 5.01. Changes in Control of Registrant.

DB Commodity Services LLC (“DBCS”) is the managing owner of PowerShares DB Multi-Sector Commodity Trust (the “Trust”), organized in seven separate series. Each 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 (each a “Fund”) is a separate series of the Trust.

On October 24, 2014, DBCS, DB U.S. Financial Markets Holding Corporation (“DBUSH”) and Invesco PowerShares Capital Management LLC (“Invesco”) entered into an Asset Purchase Agreement (the “Agreement”). DBCS is a wholly-owned subsidiary of DBUSH. DBCS has agreed to transfer and sell to Invesco all of DBCS’ interest in the Trust and each Fund, including the sole and exclusive power to direct the business and affairs of the Trust and each Fund, as well as certain other assets pertaining to the management of the Trust and each Fund, pursuant to the terms and conditions of the Agreement (the “Transaction”).

Upon consummation of the Transaction, Invesco will become the managing owner, commodity pool operator and commodity trading advisor of the Trust and each Fund, in replacement of DBCS. Consequently, consummation of the Transaction will constitute a change of control in respect of the Trust and each Fund.

The consummation of the Transaction is subject to the satisfaction of customary closing conditions, certain approvals, including shareholder consent, and regulatory filings.

Upon consummation of the Transaction, Deutsche Bank Securities Inc. (“DBSI”) and Invesco will enter into agreements pursuant to which DBSI will provide, or will arrange for third parties to provide, certain services for Invesco relating to certain commodities indices sponsored by DBSI or its affiliates.

A press release regarding the Transaction is filed as an Exhibit hereto.

 

2

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit
No.

   

Description

99.1    Press Release.

 

3

SIGNATURES

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

 

PowerShares DB Multi-Sector Commodity Trust
By:  

DB Commodity Services LLC,

its Managing Owner

  By:   /s/ Martin Kremenstein
  Name:   Martin Kremenstein
  Title:   Chief Executive Officer
  By:   /s/ Michael Gilligan
  Name:   Michael Gilligan
  Title:   Chief Financial Officer

 

PowerShares DB Energy Fund, a series of PowerShares DB Multi-Sector Commodity Trust
By:  

DB Commodity Services LLC,

its Managing Owner

  By:   /s/ Martin Kremenstein
  Name:   Martin Kremenstein
  Title:   Chief Executive Officer
  By:   /s/ Michael Gilligan
  Name:   Michael Gilligan
  Title:   Chief Financial Officer

 

PowerShares DB Oil Fund, a series of PowerShares DB Multi-Sector Commodity Trust
By:  

DB Commodity Services LLC,

its Managing Owner

  By:   /s/ Martin Kremenstein
  Name:   Martin Kremenstein
  Title:   Chief Executive Officer
  By:   /s/ Michael Gilligan
  Name:   Michael Gilligan
  Title:   Chief Financial Officer

 

4

PowerShares DB Precious Metals Fund, a series of PowerShares DB Multi-Sector Commodity Trust
By:  

DB Commodity Services LLC,

its Managing Owner

  By:   /s/ Martin Kremenstein
  Name:   Martin Kremenstein
  Title:   Chief Executive Officer
  By:   /s/ Michael Gilligan
  Name:   Michael Gilligan
  Title:   Chief Financial Officer

 

PowerShares DB Gold Fund, a series of PowerShares DB Multi-Sector Commodity Trust
By:  

DB Commodity Services LLC,

its Managing Owner

  By:   /s/ Martin Kremenstein
  Name:   Martin Kremenstein
  Title:   Chief Executive Officer
  By:   /s/ Michael Gilligan
  Name:   Michael Gilligan
  Title:   Chief Financial Officer

 

PowerShares DB Silver Fund, a series of PowerShares DB Multi-Sector Commodity Trust
By:  

DB Commodity Services LLC,

its Managing Owner

  By:   /s/ Martin Kremenstein
  Name:   Martin Kremenstein
  Title:   Chief Executive Officer
  By:   /s/ Michael Gilligan
  Name:   Michael Gilligan
  Title:   Chief Financial Officer

 

5

PowerShares DB Base Metals Fund, a series of PowerShares DB Multi-Sector Commodity Trust
By:  

DB Commodity Services LLC,

its Managing Owner

  By:   /s/ Martin Kremenstein
  Name:   Martin Kremenstein
  Title:   Chief Executive Officer
  By:   /s/ Michael Gilligan
  Name:   Michael Gilligan
  Title:   Chief 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/ Martin Kremenstein
  Name:   Martin Kremenstein
  Title:   Chief Executive Officer
  By:   /s/ Michael Gilligan
  Name:   Michael Gilligan
  Title:   Chief Financial Officer

Date: October 29, 2014

 

6

POWERSHARES DB MULTI-SECTOR COMMODITY TRUST

FORM 8-K

INDEX TO EXHIBITS

Exhibits

Exhibit 99.1    Press Release.

 

7

EX-99.1 2 d811934dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO    LOGO

FOR IMMEDIATE RELEASE

Invesco PowerShares and Deutsche Asset & Wealth Management enter into agreement to transfer PowerShares DB fund suite to Invesco PowerShares

New York, NY, October 30, 2014 - Invesco PowerShares Capital Management LLC (“Invesco PowerShares”) and Deutsche Asset & Wealth Management (“Deutsche AWM”) – both leading, global providers of exchange-traded funds (“ETFs”) – announced today that DB Commodity Services LLC, the adviser to the PowerShares DB fund suite, has entered into an agreement with Invesco PowerShares to transfer management of the existing PowerShares DB fund suite to Invesco PowerShares (the “Transaction”).

The PowerShares DB fund suite comprises 11 exchange-traded commodity pools, with an aggregate net asset value of $8.2 billion (as of September 30, 2014). The PowerShares DB fund suite was created in 2006, and combined the commodity product structuring and portfolio management expertise of Deutsche Bank with the ETF product marketing capabilities of Invesco PowerShares.

Subject to shareholder consent and certain other conditions to closing, Invesco PowerShares, which currently provides marketing and distribution services to the PowerShares DB fund suite, will assume the role of commodity pool operator and commodity trading advisor for the funds. This includes complete responsibility for the product range, including portfolio management, distribution and operations. Deutsche AWM will continue to provide access to the underlying Deutsche AWM indices and related ongoing support.

The Transaction lays the foundation for expanding the PowerShares commodity product line-up through the launch of new commodity ETFs registered under the Investment Company Act of 1940, which are expected to track DB indices. These additional ETFs will complement the existing product offering and further expand the range of commodity-related ETFs available to investors. *

“This Transaction allows us to focus on our strategic priorities, including growing our market share in the U.S. by expanding our innovative and award-winning Deutsche X-trackers platform,” said Jerry Miller, Head of Deutsche Asset & Wealth Management in the Americas. “In just a short time, our U.S. platform has successfully expanded its product offering and distribution team, delivering unique and alternative solutions to investors.”

“Our relationship with Deutsche AWM has successfully allowed our firms to reach clients with innovative commodity- and currency-related ETF solutions,” said Andrew Schlossberg, Managing Director and Head of U.S. Distribution and Global Head of ETFs at Invesco. “This agreement contributes to Invesco PowerShares’ focus on growing the well-diversified family of Smart Beta ETFs we offer investors across the globe and further strengthens our leadership position as an innovative provider of alternative investment solutions.”

Invesco PowerShares and Deutsche AWM are committed to ensuring a smooth transition with no impact on investors, and will be communicating with them about this Transaction soon. The two firms will obtain all necessary approvals and consents prior to the closing of the Transaction, which is expected in the first quarter of 2015.

 

LOGO    LOGO

 

Invesco

Jeaneen Terrio

Phone: +1 (212) 278-9205

E-Mail: jeaneen.terrio@invesco.com

Deutsche Bank AG Press & Media Relations

Renee Calabro

Phone: +1 (212) 250-5525

E-Mail: renee.calabro@db.com

Deutsche Asset & Wealth Management

With $1.27 trillion of assets under management (as of September 30, 2014), Deutsche Asset & Wealth Management¹ is one of the world’s leading investment organizations. Deutsche Asset & Wealth Management offers individuals and institutions traditional and alternative investments across all major asset classes. It also provides tailored wealth management solutions and private banking services to high-net-worth individuals and family offices.

 

1  Deutsche Asset & Wealth Management is the brand name of the Asset Management and Wealth Management division of the Deutsche Bank Group. The legal entities offering products or services under the Deutsche Asset & Wealth Management brand are listed in contracts, sales materials and other product information documents.

Invesco PowerShares Capital Management LLC

Invesco PowerShares Capital Management LLC is leading the Intelligent ETF Revolution® through its family of more than 140 domestic and international exchange-traded funds, which seek to outperform traditional benchmark indexes while providing advisors and investors access to an innovative array of focused investment opportunities. With franchise assets of nearly $100 billion¹ as of September 30, 2014, PowerShares ETFs trade on both U.S. stock exchanges. For more information, please visit us at invescopowershares.com or follow us on Twitter @PowerShares.

 

1  US franchise assets include QQQs, BLDRS and DB Funds. ALPS Distributors, Inc. is the distributor of PowerShares QQQ, BLDRS and DB Funds. PowerShares QQQ and BLDRS Funds are unit investment trusts. Invesco PowerShares and Invesco Distributors, Inc. are not affiliated with ALPS Distributors, Inc.

 

* The information regarding the new commodity ETFs in this press release is not complete and may be changed. A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. Securities issued by the new commodity ETFs will not be sold until the registration statement becomes effective. This press release 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. Before investing, investors should carefully read the prospectus/summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the new commodity ETFs, call 800 983 0903 or visit invescopowerhsares.com for the prospectus/summary prospectus.
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