##### Table of Contents





UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549





FORM 10-Q





(Mark One)

|x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ---------------------------------------------------------------------------------------

For the quarterly period ended March 31, 2010

OR



| ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ----------------------------------------------------------------------------------------

For the transition period from  to

Commission File Number: 001-32726





POWERSHARES DB COMMODITY INDEX TRACKING FUND

(Exact name of Registrant as specified in its charter)





|                                                               |  |                                     
|-------------------------------------------------------------- |  | ------------------------------------
|Delaware                                                       |  | 32-6042243                          
|(State or Other Jurisdiction of
Incorporation or Organization) |  | (I.R.S. Employer
Identification No.)



|                                                                |  |           
|--------------------------------------------------------------- |  | ----------
|c/o DB Commodity Services LLC
60 Wall Street New York, New York |  | 10005     
|(Address of Principal Executive Offices)                        |  | (Zip Code)





DB COMMODITY
INDEX TRACKING MASTER FUND

(Exact name of Rule 140 Co-Registrant as specified in its charter)





|                                                               |  |                                     
|-------------------------------------------------------------- |  | ------------------------------------
|Delaware                                                       |  | 30-0317551                          
|(State or Other Jurisdiction of
Incorporation or Organization) |  | (I.R.S. Employer
Identification No.)



|                                                                |  |           
|--------------------------------------------------------------- |  | ----------
|c/o DB Commodity Services LLC
60 Wall Street
New York, New York |  | 10005     
|(Address of Principal Executive Offices)                        |  | (Zip Code)

Registrants telephone number, including area code: (212) 250-5883





Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
days.    Yes  x    No   ̈

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, an Interactive Data File
required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such
files).    Yes   ̈    No   ̈

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See definition of accelerated filer, large accelerated filer, and smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one):



|                        |  |                                                  |  |                           |  |  
|----------------------- |  | ------------------------------------------------ |  | ------------------------- |  | -
|Large Accelerated Filer |  | x                                                |  | Accelerated Filer         |  |  ̈
|                        |  |                                                  | 
|Non-Accelerated Filer   |  |  ̈  (Do not check if a smaller reporting company) |  | Smaller reporting company |  |  ̈

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act).    Yes   ̈    No  x

Indicate the number of outstanding Shares as of March 31, 2010: 198,600,000 Shares.









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##### Table of Contents

POWERSHARES DB COMMODITY INDEX TRACKING FUND

QUARTER ENDED MARCH 31, 2010

TABLE OF CONTENTS







|                              |  |              |  |                                                                                                                                                      |  |     
|----------------------------- |  | ------------ |  | ---------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----
|                              |  |              |  |                                                                                                                                                      |  | Page
|PART I. FINANCIAL INFORMATION |  | 1           
|                              |  |              | 
|                              |  | ITEM 1.      |  | FINANCIAL STATEMENTS                                                                                                                                 |  | 1   
|                              |  |              | 
|                              |  |              |  | Notes to Unaudited Consolidated Financial Statements                                                                                                 |  | 8   
|                              |  |              | 
|                              |  | ITEM 2.      |  | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS                                                                |  | 17  
|                              |  |              | 
|                              |  | ITEM 3.      |  | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                                                                                           |  | 29  
|                              |  |              | 
|                              |  | ITEM 4.      |  | CONTROLS AND PROCEDURES                                                                                                                              |  | 32  
|                              | 
|PART II. OTHER INFORMATION    |  | 33          
|                              |  |              | 
|                              |  | Item 1.      |  | Legal Proceedings                                                                                                                                    |  | 33  
|                              |  |              | 
|                              |  | Item 1A.     |  | Risk Factors                                                                                                                                         |  | 33  
|                              |  |              | 
|                              |  | Item 2.      |  | Unregistered Sales of Equity Securities and Use of Proceeds                                                                                          |  | 33  
|                              |  |              | 
|                              |  | Item 3.      |  | Defaults Upon Senior Securities                                                                                                                      |  | 34  
|                              |  |              | 
|                              |  | Item 4.      |  | Reserved                                                                                                                                             |  | 34  
|                              |  |              | 
|                              |  | Item 5.      |  | Other Information                                                                                                                                    |  | 34  
|                              |  |              | 
|                              |  | Item 6.      |  | Exhibits                                                                                                                                             |  | 34  
|                              | 
|SIGNATURES                    |  | 35          
|                              | 
|EXHIBIT INDEX                 |  | E-1         
|                              |  |              | 
|                              |  | Exhibit 31.1 |  | Certification required under Exchange Act Rules 13a14 and 15d14                                                                                    |  | E-2 
|                              |  | Exhibit 31.2 |  | Certification required under Exchange Act Rules 13a14 and 15d14                                                                                    |  | E-3 
|                              |  | Exhibit 32.1 |  | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002     |  | E-4 
|                              |  | Exhibit 32.2 |  | Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |  | E-5 



i



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##### Table of Contents

PART I. FINANCIAL INFORMATION



|ITEM 1. | FINANCIAL STATEMENTS.
|------- | ---------------------

PowerShares DB Commodity Index Tracking Fund and Subsidiary

Consolidated Statements of Financial Condition

March 31, 2010 (unaudited) and December 31, 2009



|                                                                                                                                                |  |                |               |   |                   |   |               |  
|----------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------- | ------------- | - | ----------------- | - | ------------- | -
|                                                                                                                                                |  | March 31, 2010 |               |   | December 31, 2009 |  
|Assets                                                                                                                                          |  |                |               |   |                   |   |               |  
|Equity in broker trading accounts:                                                                                                              |  |                |               |   |                   |   |               |  
|United States Treasury Obligations, at fair value (cost $4,579,191,344 and $3,908,543,765, respectively)                                        |  | $              | 4,579,039,099 |   |                   | $ | 3,908,619,651 |  
|Cash held by broker (restricted $17,808,890 and $18,424,838, respectively)                                                                      |  |                | 303,167,220   |   |                   |   | 261,006,845   |  
|Net unrealized appreciation on futures contracts                                                                                                |  |                | 900,090       |   |                   |   | 221,326,744   |  
|                                                                                                                                                |  |                |               |   |                   |   |               |  
|Deposits with broker                                                                                                                            |  |                | 4,883,106,409 |   |                   |   | 4,390,953,240 |  
|Other assets                                                                                                                                    |  |                | 1,000         |   |                   |   | 1,000         |  
|                                                                                                                                                |  |                |               |   |                   |   |               |  
|Total assets                                                                                                                                    |  | $              | 4,883,107,409 |   |                   | $ | 4,390,954,240 |  
|                                                                                                                                                |  |                |               |   |                   |   |               |  
|                                                                                                                                                |  |               
|Liabilities                                                                                                                                     |  |                |               |   |                   |   |               |  
|Payable to broker                                                                                                                               |  | $              | 393,624       |   |                   | $ | 298,202       |  
|Payable for securities purchased                                                                                                                |  |                | 192,931,699   |   |                   |   |              |  
|Management fee payable                                                                                                                          |  |                | 3,322,579     |   |                   |   | 2,685,593     |  
|Brokerage fee payable                                                                                                                           |  |                | 2,851         |   |                   |   | 16,000        |  
|                                                                                                                                                |  |                |               |   |                   |   |               |  
|Total liabilities                                                                                                                               |  |                | 196,650,753   |   |                   |   | 2,999,795     |  
|                                                                                                                                                |  |                |               |   |                   |   |               |  
|Commitments and Contingencies (Note 9)                                                                                                          |  |                |               |   |                   |   |               |  
|                                                                                                                                                |  |               
|Equity                                                                                                                                          |  |                |               |   |                   |   |               |  
|Shareholders equity                                                                                                                            |  |                |               |   |                   |   |               |  
|General shares:                                                                                                                                 |  |                |               |   |                   |   |               |  
|Paid in capital - 40 shares issued and outstanding as of March 31, 2010 and December 31, 2009,
respectively                                     |  |                | 1,000         |   |                   |   | 1,000         |  
|Accumulated deficit                                                                                                                             |  |                | (56           | ) |                   |   | (14           | )
|                                                                                                                                                |  |                |               |   |                   |   |               |  
|Total General shares                                                                                                                            |  |                | 944           |   |                   |   | 986           |  
|                                                                                                                                                |  |                |               |   |                   |   |               |  
|Shares:                                                                                                                                         |  |                |               |   |                   |   |               |  
|Paid in capital - 198,600,000 and 178,000,000 redeemable Shares issued and outstanding as of March 31, 2010 and
December 31, 2009, respectively |  |                | 4,547,907,884 |   |                   |   | 4,067,244,194 |  
|Accumulated earnings                                                                                                                            |  |                | 138,546,884   |   |                   |   | 320,708,279   |  
|                                                                                                                                                |  |                |               |   |                   |   |               |  
|Total Shares                                                                                                                                    |  |                | 4,686,454,768 |   |                   |   | 4,387,952,473 |  
|                                                                                                                                                |  |                |               |   |                   |   |               |  
|Total shareholders equity                                                                                                                      |  |                | 4,686,455,712 |   |                   |   | 4,387,953,459 |  
|                                                                                                                                                |  |                |               |   |                   |   |               |  
|Non-controlling interest in consolidated subsidiary - related party                                                                             |  |                | 944           |   |                   |   | 986           |  
|                                                                                                                                                |  |                |               |   |                   |   |               |  
|Total equity                                                                                                                                    |  |                | 4,686,456,656 |   |                   |   | 4,387,954,445 |  
|                                                                                                                                                |  |                |               |   |                   |   |               |  
|Total liabilities and equity                                                                                                                    |  | $              | 4,883,107,409 |   |                   | $ | 4,390,954,240 |  
|                                                                                                                                                |  |                |               |   |                   |   |               |  
|Net asset value per share                                                                                                                       |  |                |               |   |                   |   |               |  
|General shares                                                                                                                                  |  | $              | 23.60         |   |                   | $ | 24.65         |  
|Shares                                                                                                                                          |  | $              | 23.60         |   |                   | $ | 24.65         |  

See accompanying notes
to unaudited consolidated financial statements.



1



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##### Table of Contents

PowerShares DB Commodity Index Tracking Fund and Subsidiary

Unaudited Consolidated Schedule of Investments

March 31, 2010



|                                                               |  |                         |   |  |            |               |            |   |            
|-------------------------------------------------------------- |  | ----------------------- | - |  | ---------- | ------------- | ---------- | - | -----------
|Description                                                    |  | Percentage ofNet Assets |   |  | Fair
Value |               | Face
Value
|United States Treasury Obligations                             |  |                         |   |  |            |               |            |   |            
|U.S. Treasury Bills, 0.08% due April 1, 2010                   |  | 4.12                    | % |  | $          | 193,000,000   |            | $ | 193,000,000
|U.S. Treasury Bills, 0.11% due April 8, 2010                   |  | 18.88                   |   |  |            | 884,983,185   |            |   | 885,000,000
|U.S. Treasury Bills, 0.135% due April 15, 2010                 |  | 4.83                    |   |  |            | 226,486,183   |            |   | 226,500,000
|U.S. Treasury Bills, 0.105% due April 22, 2010                 |  | 3.63                    |   |  |            | 169,985,040   |            |   | 170,000,000
|U.S. Treasury Bills, 0.15% due April 29, 2010                  |  | 3.76                    |   |  |            | 176,279,373   |            |   | 176,300,000
|U.S. Treasury Bills, 0.145% due May 6, 2010                    |  | 12.76                   |   |  |            | 597,918,672   |            |   | 598,000,000
|U.S. Treasury Bills, 0.145% due May 13, 2010                   |  | 9.37                    |   |  |            | 438,925,809   |            |   | 439,000,000
|U.S. Treasury Bills, 0.13% due May 20, 2010                    |  | 2.26                    |   |  |            | 105,979,118   |            |   | 106,000,000
|U.S. Treasury Bills, 0.16% due May 27, 2010                    |  | 10.39                   |   |  |            | 486,881,172   |            |   | 487,000,000
|U.S. Treasury Bills, 0.125% due June 3, 2010                   |  | 4.12                    |   |  |            | 192,950,399   |            |   | 193,000,000
|U.S. Treasury Bills, 0.15% due June 10, 2010                   |  | 6.31                    |   |  |            | 295,918,304   |            |   | 296,000,000
|U.S. Treasury Bills, 0.165% due June 17, 2010                  |  | 7.91                    |   |  |            | 370,884,990   |            |   | 371,000,000
|U.S. Treasury Bills, 0.155% due June 24, 2010                  |  | 5.25                    |   |  |            | 245,922,510   |            |   | 246,000,000
|U.S. Treasury Bills, 0.145% due July 1, 2010                   |  | 4.12                    |   |  |            | 192,924,344   |            |   | 193,000,000
|                                                               |  |                         |   |  |            |               |            |   |            
|Total United States Treasury Obligations (cost $4,579,191,344) |  | 97.71                   | % |  | $          | 4,579,039,099 |            |   |            
|                                                               |  |                         |   |  |            |               |            |   |            

A portion of the above United States Treasury Obligations are held as initial margin against
open futures contracts, as described in Note 4(e).



|                                                                       |  |                         |   |  |            |             |  
|---------------------------------------------------------------------- |  | ----------------------- | - |  | ---------- | ----------- | -
|Description                                                            |  | Percentage ofNet Assets |   |  | Fair
Value |            
|Unrealized Appreciation/(Depreciation) on Futures Contracts            |  |                         |   |  |            |             |  
|Aluminum (3,961 contracts, settlement date November 15, 2010)          |  | 0.70                    | % |  | $          | 32,739,150  |  
|Brent Crude (7,137 contracts, settlement date September 15, 2010)      |  | 0.23                    |   |  |            | 10,976,440  |  
|Copper (1,225 contracts, settlement date March 14, 2011)               |  | 0.81                    |   |  |            | 37,985,225  |  
|Corn (6,181 contracts, settlement date December 14, 2010)              |  | (0.34                   | ) |  |            | (15,804,363 | )
|Corn (3,891 contracts, settlement date March 14, 2011)                 |  | (0.07                   | ) |  |            | (3,125,950  | )
|RBOB Gasoline (6,243 contracts, settlement date October 29, 2010)      |  | 0.29                    |   |  |            | 13,558,180  |  
|RBOB Gasoline (553 contracts, settlement date November 30, 2010)       |  | 0.06                    |   |  |            | 2,872,863   |  
|Light Sweet Crude Oil (7,198 contracts, settlement date June 22, 2010) |  | 1.20                    |   |  |            | 56,200,770  |  
|Gold (3,501 contracts, settlement date October 27, 2010)               |  | (0.16                   | ) |  |            | (7,418,700  | )
|Heating Oil (6,564 contracts, settlement date May 28, 2010)            |  | 1.50                    |   |  |            | 70,290,133  |  
|Mill Wheat (3,164 contracts, settlement date May 10, 2010)             |  | (0.01                   | ) |  |            | (297,665    | )
|Natural Gas (4,788 contracts, settlement date August 27, 2010)         |  | (1.45                   | ) |  |            | (68,056,690 | )
|Red Wheat (3,140 contracts, settlement date July 14, 2010)             |  | (0.34                   | ) |  |            | (16,048,250 | )
|Red Wheat (942 contracts, settlement date December 14, 2010)           |  | (0.09                   | ) |  |            | (4,399,325  | )
|Silver (1,101 contracts, settlement date December 28, 2010)            |  | 0.03                    |   |  |            | 1,315,795   |  
|Soybeans (2,976 contracts, settlement date November 12, 2010)          |  | (0.18                   | ) |  |            | (8,651,500  | )
|Soybeans (1,602 contracts, settlement date January 14, 2011)           |  | (0.20                   | ) |  |            | (9,493,475  | )
|Soybean Meal (1,756 contracts, settlement date December 14, 2010)      |  | (0.06                   | ) |  |            | (2,841,830  | )
|Soybean Oil (1,874 contracts, settlement date December 14, 2010)       |  | (0.01                   | ) |  |            | (587,562    | )
|Sugar (12,205 contracts, settlement date June 30, 2010)                |  | (1.28                   | ) |  |            | (59,825,718 | )
|Wheat (3,140 contracts, settlement date July 14, 2010)                 |  | (0.71                   | ) |  |            | (33,176,963 | )
|Wheat (942 contracts, settlement date December 14, 2010)               |  | (0.08                   | ) |  |            | (3,857,950  | )
|Zinc (3,707 contracts, settlement date May 17, 2010)                   |  | 0.18                    |   |  |            | 8,547,475   |  
|                                                                       |  |                         |   |  |            |             |  
|Net Unrealized Appreciation on Futures Contracts                       |  | 0.02                    | % |  | $          | 900,090     |  
|                                                                       |  |                         |   |  |            |             |  

Net unrealized appreciation is comprised of unrealized gains of $237,552,300 and unrealized losses of
$236,652,210.

See accompanying notes to unaudited consolidated financial statements.



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PowerShares DB Commodity Index Tracking Fund and Subsidiary

Consolidated Schedule of Investments

December 31, 2009



|                                                               |  |                         |   |  |           |               |           |   |            
|-------------------------------------------------------------- |  | ----------------------- | - |  | --------- | ------------- | --------- | - | -----------
|Description                                                    |  | Percentage ofNet Assets |   |  | FairValue |               | FaceValue
|United States Treasury Obligations                             |  |                         |   |  |           |               |           |   |            
|U.S. Treasury Bills, 0.07% due January 7, 2010                 |  | 19.55                   | % |  | $         | 857,999,142   |           | $ | 858,000,000
|U.S. Treasury Bills, 0.07% due January 14, 2010                |  | 4.30                    |   |  |           | 188,498,869   |           |   | 188,500,000
|U.S. Treasury Bills, 0.005% due January 21, 2010               |  | 4.19                    |   |  |           | 183,997,608   |           |   | 184,000,000
|U.S. Treasury Bills, 0.01% due January 28, 2010                |  | 4.02                    |   |  |           | 176,296,298   |           |   | 176,300,000
|U.S. Treasury Bills, 0.025% due February 4, 2010               |  | 7.20                    |   |  |           | 315,990,520   |           |   | 316,000,000
|U.S. Treasury Bills, 0.065% due February 11, 2010              |  | 10.21                   |   |  |           | 447,983,424   |           |   | 448,000,000
|U.S. Treasury Bills, 0.065% due February 18, 2010              |  | 3.40                    |   |  |           | 148,995,381   |           |   | 149,000,000
|U.S. Treasury Bills, 0.04% due February 25, 2010               |  | 10.37                   |   |  |           | 454,972,245   |           |   | 455,000,000
|U.S. Treasury Bills, 0.06% due March 4, 2010                   |  | 4.03                    |   |  |           | 176,986,902   |           |   | 177,000,000
|U.S. Treasury Bills, 0.05% due March 11, 2010                  |  | 5.58                    |   |  |           | 244,979,910   |           |   | 245,000,000
|U.S. Treasury Bills, 0.04% due March 18, 2010                  |  | 6.86                    |   |  |           | 300,969,599   |           |   | 301,000,000
|U.S. Treasury Bills, 0.07% due March 25, 2010                  |  | 5.20                    |   |  |           | 227,976,288   |           |   | 228,000,000
|U.S. Treasury Bills, 0.11% due April 1, 2010                   |  | 4.17                    |   |  |           | 182,973,465   |           |   | 183,000,000
|                                                               |  |                         |   |  |           |               |           |   |            
|Total United States Treasury Obligations (cost $3,908,543,765) |  | 89.08                   | % |  | $         | 3,908,619,651 |           |   |            
|                                                               |  |                         |   |  |           |               |           |   |            

A portion of the above United States Treasury Obligations are held as initial margin against
open futures contracts, as described in Note 4(e).



|                                                                       |  |                         |   |  |           |             |  
|---------------------------------------------------------------------- |  | ----------------------- | - |  | --------- | ----------- | -
|Description                                                            |  | Percentage ofNet Assets |   |  | FairValue |            
|Unrealized Appreciation/(Depreciation) on Futures Contracts            |  |                         |   |  |           |             |  
|Aluminum (3,551 contracts, settlement date November 15, 2010)          |  | 0.59                    | % |  | $         | 25,927,112  |  
|Brent Crude (6,396 contracts, settlement date September 15, 2010)      |  | (0.14                   | ) |  |           | (6,316,870  | )
|Copper (1,105 contracts, settlement date March 15, 2010)               |  | 0.48                    |   |  |           | 21,158,863  |  
|Corn (3,739 contracts, settlement date March 12, 2010)                 |  | 0.13                    |   |  |           | 5,759,262   |  
|Corn (5,938 contracts, settlement date December 14, 2010)              |  | 0.08                    |   |  |           | 3,574,425   |  
|RBOB Gasoline (6,088 contracts, settlement date October 29, 2010)      |  | (0.07                   | ) |  |           | (3,068,079  | )
|Light Sweet Crude Oil (6,452 contracts, settlement date June 22, 2010) |  | 0.85                    |   |  |           | 37,393,180  |  
|Gold (3,148 contracts, settlement date April 28, 2010)                 |  | 1.06                    |   |  |           | 46,501,740  |  
|Heating Oil (5,883 contracts, settlement date May 28, 2010)            |  | 1.27                    |   |  |           | 55,661,768  |  
|Mill Wheat (1,712 contracts, settlement date March 10, 2010)           |  | 0.00                    |   |  |           | 70,428      |  
|Natural Gas (4,291 contracts, settlement date August 27, 2010)         |  | 0.09                    |   |  |           | 4,100,670   |  
|Red Wheat (3,054 contracts, settlement date July 14, 2010)             |  | (0.10                   | ) |  |           | (4,464,038  | )
|Red Wheat (916 contracts, settlement date December 14, 2010)           |  | (0.02                   | ) |  |           | (841,662    | )
|Silver (988 contracts, settlement date December 28, 2010)              |  | (0.06                   | ) |  |           | (2,629,890  | )
|Soybeans (2,859 contracts, settlement date November 12, 2010)          |  | 0.12                    |   |  |           | 5,052,775   |  
|Soybeans (1,539 contracts, settlement date January 14, 2011)           |  | (0.05                   | ) |  |           | (2,291,375  | )
|Soybean Meal (1,333 contracts, settlement date December 14, 2010)      |  | (0.02                   | ) |  |           | (683,860    | )
|Soybean Oil (1,178 contracts, settlement date December 14, 2010)       |  | 0.02                    |   |  |           | 998,874     |  
|Sugar (10,939 contracts, settlement date June 30, 2010)                |  | 0.65                    |   |  |           | 28,316,926  |  
|Wheat (3,054 contracts, settlement date July 14, 2010)                 |  | (0.41                   | ) |  |           | (17,774,487 | )
|Wheat (916 contracts, settlement date December 14, 2010)               |  | 0.01                    |   |  |           | 482,413     |  
|Zinc (3,322 contracts, settlement date May 17, 2010)                   |  | 0.56                    |   |  |           | 24,398,569  |  
|                                                                       |  |                         |   |  |           |             |  
|Net Unrealized Appreciation on Futures Contracts                       |  | 5.04                    | % |  | $         | 221,326,744 |  
|                                                                       |  |                         |   |  |           |             |  

Net unrealized appreciation is comprised of unrealized gains of $272,825,020 and unrealized losses of
$51,498,276.

See accompanying notes to unaudited consolidated financial statements.



3



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##### Table of Contents

PowerShares DB Commodity Index Tracking Fund and Subsidiary

Consolidated Statements of Income and Expenses

For the Three Months Ended March 31, 2010 and 2009



|                                                                                                                                       |  |                    |              |   |                |   |             |  
|-------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------ | ------------ | - | -------------- | - | ----------- | -
|                                                                                                                                       |  | Three Months Ended |             
|                                                                                                                                       |  | March 31, 2010     |              |   | March 31, 2009 |  
|Income                                                                                                                                 |  |                    |              |   |                |   |             |  
|Interest Income, net                                                                                                                   |  | $                  | 709,492      |   |                | $ | 376,713     |  
|                                                                                                                                       |  |                    |              |   |                |   |             |  
|Expenses                                                                                                                               |  |                    |              |   |                |   |             |  
|Management Fee                                                                                                                         |  |                    | 9,286,862    |   |                |   | 2,486,154   |  
|Brokerage Commissions and Fees                                                                                                         |  |                    | 206,451      |   |                |   | 110,190     |  
|                                                                                                                                       |  |                    |              |   |                |   |             |  
|Total Expenses                                                                                                                         |  |                    | 9,493,313    |   |                |   | 2,596,344   |  
|                                                                                                                                       |  |                    |              |   |                |   |             |  
|Net investment loss                                                                                                                    |  |                    | (8,783,821   | ) |                |   | (2,219,631  | )
|                                                                                                                                       |  |                    |              |   |                |   |             |  
|Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Futures and Foreign Currency
Transactions |  |                    |              |   |                |   |             |  
|Net Realized Gain (Loss) on                                                                                                            |  |                    |              |   |                |   |             |  
|United States Treasury Obligations                                                                                                     |  |                    | 1,332        |   |                |   | (18,153     | )
|Futures                                                                                                                                |  |                    | 47,329,840   |   |                |   | (6,751,720  | )
|Foreign Currency Transactions                                                                                                          |  |                    | (55,928      | ) |                |   |            |  
|                                                                                                                                       |  |                    |              |   |                |   |             |  
|Net realized gain (loss)                                                                                                               |  |                    | 47,275,244   |   |                |   | (6,769,873  | )
|                                                                                                                                       |  |                    |              |   |                |   |             |  
|Net Change in Unrealized Gain (Loss) on                                                                                                |  |                    |              |   |                |   |             |  
|United States Treasury Obligations                                                                                                     |  |                    | (228,131     | ) |                |   | 22,528      |  
|Futures                                                                                                                                |  |                    | (220,426,654 | ) |                |   | (66,409,257 | )
|Foreign Currency Transactions                                                                                                          |  |                    | 1,883        |   |                |   |            |  
|                                                                                                                                       |  |                    |              |   |                |   |             |  
|Net change in unrealized loss                                                                                                          |  |                    | (220,652,902 | ) |                |   | (66,386,729 | )
|                                                                                                                                       |  |                    |              |   |                |   |             |  
|Net realized and net change in unrealized loss on United States Treasury Obligations, Futures and Foreign Currency Transactions        |  |                    | (173,377,658 | ) |                |   | (73,156,602 | )
|                                                                                                                                       |  |                    |              |   |                |   |             |  
|Net Loss                                                                                                                               |  | $                  | (182,161,479 | ) |                | $ | (75,376,233 | )
|                                                                                                                                       |  |                    |              |   |                |   |             |  
|Less: net loss attributed to the non-controlling interest in consolidated subsidiary-related party                                     |  |                    | 42           |   |                |   | 49          |  
|                                                                                                                                       |  |                    |              |   |                |   |             |  
|Net Income (Loss) Attributable to PowerShares DB Commodity Index Tracking Fund and Subsidiary                                          |  | $                  | (182,161,437 | ) |                | $ | (75,376,184 | )
|                                                                                                                                       |  |                    |              |   |                |   |             |  

See accompanying notes to unaudited consolidated financial statements.



4



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##### Table of Contents

PowerShares DB Commodity Index Tracking Fund and Subsidiary

Unaudited Consolidated Statement of Changes in Shareholders Equity

For the Three Months Ended March 31, 2010



|                                                                                                               |  |                |  |                |        |                              |   |     |             |  |   |        |   |  |                |   |  |                     |               |   |             |   |              |                          |  |   |                         |   |  |             |               |   |  |   |     |   |  |   |               |  
|-------------------------------------------------------------------------------------------------------------- |  | -------------- |  | -------------- | ------ | ---------------------------- | - | --- | ----------- |  | - | ------ | - |  | -------------- | - |  | ------------------- | ------------- | - | ----------- | - | ------------ | ------------------------ |  | - | ----------------------- | - |  | ----------- | ------------- | - |  | - | --- | - |  | - | ------------- | -
|                                                                                                               |  | General Shares |  |                | Shares |                              |   |     |             |  |   |        |   |  |               
|                                                                                                               |  | Shares         |  | Paid inCapital |        | AccumulatedEarnings(Deficit) |   |     | TotalEquity |  |   | Shares |   |  | Paid inCapital |   |  | AccumulatedEarnings |               |   | TotalEquity |   |              | TotalShareholdersEquity |  |   | Non-controllingInterest |   |  | TotalEquity |              
|Balance at January 1, 2010                                                                                     |  | 40             |  | $              | 1,000  |                              | $ | (14 | )           |  | $ | 986    |   |  | 178,000,000    |   |  | $                   | 4,067,244,194 |   |             | $ | 320,708,279  |                          |  | $ | 4,387,952,473           |   |  | $           | 4,387,953,459 |   |  | $ | 986 |   |  | $ | 4,387,954,445 |  
|Sale of Shares                                                                                                 |  |                |  |                |        |                              |   |     |             |  |   |        |   |  | 26,800,000     |   |  |                     | 625,712,022   |   |             |   |              |                          |  |   | 625,712,022             |   |  |             | 625,712,022   |   |  |   |     |   |  |   | 625,712,022   |  
|Redemption of Shares                                                                                           |  |                |  |                |        |                              |   |     |             |  |   |        |   |  | (6,200,000     | ) |  |                     | (145,048,332  | ) |             |   |              |                          |  |   | (145,048,332            | ) |  |             | (145,048,332  | ) |  |   |     |   |  |   | (145,048,332  | )
|Net Loss                                                                                                       |  |                |  |                |        |                              |   |     |             |  |   |        |   |  |                |   |  |                     |               |   |             |   |              |                          |  |   |                         |   |  |             |               |   |  |   |     |   |  |   |               |  
|Net investment loss                                                                                            |  |                |  |                |        |                              |   | (2  | )           |  |   | (2     | ) |  |                |   |  |                     |               |   |             |   | (8,783,817   | )                        |  |   | (8,783,817              | ) |  |             | (8,783,819    | ) |  |   | (2  | ) |  |   | (8,783,821    | )
|Net realized gain on United States Treasury Obligations, Futures and Foreign Currency Transactions             |  |                |  |                |        |                              |   | 10  |             |  |   | 10     |   |  |                |   |  |                     |               |   |             |   | 47,275,224   |                          |  |   | 47,275,224              |   |  |             | 47,275,234    |   |  |   | 10  |   |  |   | 47,275,244    |  
|Net change in unrealized loss on United States Treasury Obligations, Futures and Foreign Currency Transactions |  |                |  |                |        |                              |   | (50 | )           |  |   | (50    | ) |  |                |   |  |                     |               |   |             |   | (220,652,802 | )                        |  |   | (220,652,802            | ) |  |             | (220,652,852  | ) |  |   | (50 | ) |  |   | (220,652,902  | )
|                                                                                                               |  |                |  |                |        |                              |   |     |             |  |   |        |   |  |                |   |  |                     |               |   |             |   |              |                          |  |   |                         |   |  |             |               |   |  |   |     |   |  |   |               |  
|Net Loss                                                                                                       |  |                |  |                |        |                              |   | (42 | )           |  |   | (42    | ) |  |                |   |  |                     |               |   |             |   | (182,161,395 | )                        |  |   | (182,161,395            | ) |  |             | (182,161,437  | ) |  |   | (42 | ) |  |   | (182,161,479  | )
|                                                                                                               |  |                |  |                |        |                              |   |     |             |  |   |        |   |  |                |   |  |                     |               |   |             |   |              |                          |  |   |                         |   |  |             |               |   |  |   |     |   |  |   |               |  
|Balance at March 31, 2010                                                                                      |  | 40             |  | $              | 1,000  |                              | $ | (56 | )           |  | $ | 944    |   |  | 198,600,000    |   |  | $                   | 4,547,907,884 |   |             | $ | 138,546,884  |                          |  | $ | 4,686,454,768           |   |  | $           | 4,686,455,712 |   |  | $ | 944 |   |  | $ | 4,686,456,656 |  
|                                                                                                               |  |                |  |                |        |                              |   |     |             |  |   |        |   |  |                |   |  |                     |               |   |             |   |              |                          |  |   |                         |   |  |             |               |   |  |   |     |   |  |   |               |  

See accompanying notes to unaudited consolidated financial statements.



5



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##### Table of Contents

PowerShares DB Commodity Index Tracking Fund and Subsidiary

Unaudited Consolidated Statement of Changes in Shareholders Equity

For the Three Months Ended March 31, 2009



|                                                                                |  |                |  |                |        |                              |   |      |             |  |   |        |   |  |                |   |  |                              |               |   |             |   |              |                          |  |   |                         |   |  |             |               |   |  |   |     |   |  |   |               |  
|------------------------------------------------------------------------------- |  | -------------- |  | -------------- | ------ | ---------------------------- | - | ---- | ----------- |  | - | ------ | - |  | -------------- | - |  | ---------------------------- | ------------- | - | ----------- | - | ------------ | ------------------------ |  | - | ----------------------- | - |  | ----------- | ------------- | - |  | - | --- | - |  | - | ------------- | -
|                                                                                |  | General Shares |  |                | Shares |                              |   |      |             |  |   |        |   |  |               
|                                                                                |  | Shares         |  | Paid inCapital |        | AccumulatedEarnings(Deficit) |   |      | TotalEquity |  |   | Shares |   |  | Paid inCapital |   |  | AccumulatedEarnings(Deficit) |               |   | TotalEquity |   |              | TotalShareholders'Equity |  |   | Non-controllingInterest |   |  | TotalEquity |              
|Balance at January 1, 2009                                                      |  | 40             |  | $              | 1,000  |                              | $ | (143 | )           |  | $ | 857    |   |  | 56,000,000     |   |  | $                            | 1,359,626,738 |   |             | $ | (160,381,515 | )                        |  | $ | 1,199,245,223           |   |  | $           | 1,199,246,080 |   |  | $ | 857 |   |  | $ | 1,199,246,937 |  
|Sale of Shares                                                                  |  |                |  |                |        |                              |   |      |             |  |   |        |   |  | 29,400,000     |   |  |                              | 599,900,796   |   |             |   |              |                          |  |   | 599,900,796             |   |  |             | 599,900,796   |   |  |   |     |   |  |   | 599,900,796   |  
|Redemption of Shares                                                            |  |                |  |                |        |                              |   |      |             |  |   |        |   |  | (600,000       | ) |  |                              | (11,260,724   | ) |             |   |              |                          |  |   | (11,260,724             | ) |  |             | (11,260,724   | ) |  |   |     |   |  |   | (11,260,724   | )
|Net Loss                                                                        |  |                |  |                |        |                              |   |      |             |  |   |        |   |  |                |   |  |                              |               |   |             |   |              |                          |  |   |                         |   |  |             |               |   |  |   |     |   |  |   |               |  
|Net investment loss                                                             |  |                |  |                |        |                              |   | (1   | )           |  |   | (1     | ) |  |                |   |  |                              |               |   |             |   | (2,219,629   | )                        |  |   | (2,219,629              | ) |  |             | (2,219,630    | ) |  |   | (1  | ) |  |   | (2,219,631    | )
|Net realized loss on United States Treasury Obligations and Futures             |  |                |  |                |        |                              |   | (4   | )           |  |   | (4     | ) |  |                |   |  |                              |               |   |             |   | (6,769,865   | )                        |  |   | (6,769,865              | ) |  |             | (6,769,869    | ) |  |   | (4  | ) |  |   | (6,769,873    | )
|Net change in unrealized loss on United States Treasury Obligations and Futures |  |                |  |                |        |                              |   | (44  | )           |  |   | (44    | ) |  |                |   |  |                              |               |   |             |   | (66,386,641  | )                        |  |   | (66,386,641             | ) |  |             | (66,386,685   | ) |  |   | (44 | ) |  |   | (66,386,729   | )
|                                                                                |  |                |  |                |        |                              |   |      |             |  |   |        |   |  |                |   |  |                              |               |   |             |   |              |                          |  |   |                         |   |  |             |               |   |  |   |     |   |  |   |               |  
|Net Loss                                                                        |  |                |  |                |        |                              |   | (49  | )           |  |   | (49    | ) |  |                |   |  |                              |               |   |             |   | (75,376,135  | )                        |  |   | (75,376,135             | ) |  |             | (75,376,184   | ) |  |   | (49 | ) |  |   | (75,376,233   | )
|                                                                                |  |                |  |                |        |                              |   |      |             |  |   |        |   |  |                |   |  |                              |               |   |             |   |              |                          |  |   |                         |   |  |             |               |   |  |   |     |   |  |   |               |  
|Balance at March 31, 2009                                                       |  | 40             |  | $              | 1,000  |                              | $ | (192 | )           |  | $ | 808    |   |  | 84,800,000     |   |  | $                            | 1,948,266,810 |   |             | $ | (235,757,650 | )                        |  | $ | 1,712,509,160           |   |  | $           | 1,712,509,968 |   |  | $ | 808 |   |  | $ | 1,712,510,776 |  
|                                                                                |  |                |  |                |        |                              |   |      |             |  |   |        |   |  |                |   |  |                              |               |   |             |   |              |                          |  |   |                         |   |  |             |               |   |  |   |     |   |  |   |               |  

See accompanying notes to unaudited consolidated financial statements.



6



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##### Table of Contents

PowerShares DB Commodity Index Tracking Fund and Subsidiary

Unaudited Consolidated Statements of Cash Flows

For the Three Months Ended March 31, 2010 and 2009



|                                                                                |  |                    |                |   |                |   |                |  
|------------------------------------------------------------------------------- |  | ------------------ | -------------- | - | -------------- | - | -------------- | -
|                                                                                |  | Three Months Ended |               
|                                                                                |  | March 31, 2010     |                |   | March 31, 2009 |  
|Cash flows from operating activities:                                           |  |                    |                |   |                |   |                |  
|Net Loss                                                                        |  | $                  | (182,161,479   | ) |                | $ | (75,376,233    | )
|Adjustments to reconcile net loss to net used for operating activities:         |  |                    |                |   |                |   |                |  
|Cost of securities purchased                                                    |  |                    | (4,427,721,674 | ) |                |   | (1,767,159,017 | )
|Proceeds from securities sold and matured                                       |  |                    | 3,757,786,217  |   |                |   | 278,763,534    |  
|Net accretion of discount on United States Treasury Obligations                 |  |                    | (710,790       | ) |                |   | (380,413       | )
|Net realized (gain) loss on United States Treasury Obligations                  |  |                    | (1,332         | ) |                |   | 18,153         |  
|Net change in unrealized loss on United States Treasury Obligations and futures |  |                    | 220,654,785    |   |                |   | 66,386,729     |  
|Decrease in restricted cash                                                     |  |                    | 615,948        |   |                |   |               |  
|Change in operating receivables and liabilities:                                |  |                    |                |   |                |   |                |  
|Payable for securities purchased                                                |  |                    | 192,931,699    |   |                |   | 3,998,867      |  
|Payable to broker                                                               |  |                    | 95,422         |   |                |   |               |  
|Management fee payable                                                          |  |                    | 636,986        |   |                |   | 258,310        |  
|Other assets                                                                    |  |                    |               |   |                |   |               |  
|Brokerage fee payable                                                           |  |                    | (13,149        | ) |                |   | (8,531         | )
|                                                                                |  |                    |                |   |                |   |                |  
|Net cash used for operating activities                                          |  |                    | (437,887,367   | ) |                |   | (1,493,498,601 | )
|                                                                                |  |                    |                |   |                |   |                |  
|Cash flows from financing activities:                                           |  |                    |                |   |                |   |                |  
|Proceeds from sale of Shares                                                    |  |                    | 625,712,022    |   |                |   | 595,861,862    |  
|Redemption of Shares                                                            |  |                    | (145,048,332   | ) |                |   | (11,260,724    | )
|                                                                                |  |                    |                |   |                |   |                |  
|Net cash provided by financing activities                                       |  |                    | 480,663,690    |   |                |   | 584,601,138    |  
|                                                                                |  |                    |                |   |                |   |                |  
|Net change in cash held by broker                                               |  |                    | 42,776,323     |   |                |   | (908,897,463   | )
|Unrestricted cash held by broker at beginning of period                         |  |                    | 242,582,007    |   |                |   | 1,713,943,642  |  
|                                                                                |  |                    |                |   |                |   |                |  
|Unrestricted cash held by broker at end of period                               |  | $                  | 285,358,330    |   |                | $ | 805,046,179    |  
|                                                                                |  |                    |                |   |                |   |                |  

See accompanying notes to unaudited consolidated financial statements.



7



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##### Table of Contents

PowerShares DB Commodity Index Tracking Fund and Subsidiary

Notes to Unaudited Consolidated Financial Statements

March 31, 2010

(1) Organization

PowerShares DB Commodity Index Tracking Fund (the Fund; Fund may also refer to the Fund and
the Master Fund, collectively, as the context requires) and its subsidiary, DB Commodity Index Tracking Master Fund (the Master Fund), were formed as Delaware statutory trusts on May 23, 2005. 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 to each fund in exchange for 40 General Shares of each fund. The Fund was originally named
DB Commodity Index Tracking Fund. The Fund changed its name to PowerShares DB Commodity Index Tracking Fund effective August 10, 2006. The fiscal year end of the Fund is
December 31st. 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 Fund and the Master Fund (each a Trust Agreement, and collectively, the Trust
Agreements).

The Fund offers common units of beneficial interest (the Shares) only to certain eligible
financial institutions (the Authorized Participants) in one or more blocks of 200,000 Shares, called a Basket. The proceeds from the offering of Shares are invested in the Master Fund. The Fund and the Master Fund commenced investment
operations on January 31, 2006. The Fund commenced trading on the American Stock Exchange (now known as the NYSE Alternext US LLC (the NYSE Alternext)) on February 3, 2006 and, as of November 25, 2008, is listed on the
NYSE Arca, Inc. (the NYSE Arca).

This report covers the three months ended March 31, 2010 and 2009
(hereinafter referred to as the Three Months Ended March 31, 2010 and the Three Months Ended March 31, 2009, respectively).

(2) Fund Investment Overview

During the period from May 24, 2006 to October 16, 2009, the Master Fund invested with a view to tracking changes, whether
positive or negative, in the level of the Deutsche Bank Liquid Commodity IndexOptimum Yield Excess Return over time, 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 commodities comprising the Deutsche Bank Liquid Commodity IndexOptimum Yield Excess Return are Light Sweet Crude Oil,
Heating Oil, Aluminum, Gold, Corn and Wheat. Commencing October 19, 2009, the Master Fund invested with a view to tracking changes, whether positive or negative, in the level of the Deutsche Bank Liquid Commodity Index-Optimum Yield Diversified
Excess Return (the Index) over time, 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 certain commodities.
The commodities comprising the Index are Light Sweet Crude Oil, Heating Oil, Aluminum, Gold, Corn, Wheat, Brent Crude, Copper Grade A, Natural Gas, RBOB Gasoline, Silver, Soybeans, Sugar and Zinc (the Index Commodities). The Master Fund
holds United States Treasury Obligations and other high credit quality short-term fixed income securities for deposit with the Master Funds commodity broker as margin. The Commodity Futures Trading Commission (the CFTC) 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. Because the
Master Fund is approaching or has reached position limits with respect to certain futures contracts comprising the Index, the Master Fund has commenced investing in other futures contracts based on commodities that comprise the Funds Index and
in futures contracts based on commodities other than commodities that comprise the Funds Index.



8



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##### Table of Contents

PowerShares DB Commodity Index Tracking Fund and Subsidiary

Notes to Unaudited Consolidated Financial Statements(Continued)

March 31, 2010



The Fund does not employ leverage. As of March 31, 2010 and December 31, 2009,
the Fund had $4,883,106,409 (or 100%) and $4,390,953,240 (or 100%), respectively, of its holdings of cash, United States Treasury Obligations and unrealized appreciation/depreciation on futures contracts on deposit with its Commodity Broker. Of
this, $329,449,184 (6.75%) and $288,167,861 (or 6.56%), respectively, of the Funds holdings of cash and United States Treasury Obligations are required to be deposited as margin in support of the Funds long futures positions as of
March 31, 2010 and December 31, 2009. For additional information, please see the unaudited Consolidated Schedule of Investments as of March 31, 2010 and the audited Consolidated Schedule of Investments as of December 31, 2009 for
a breakdown of the Funds portfolio holdings.

DBLCI and Deutsche Bank Liquid Commodity Index are trademarks
of Deutsche Bank AG London (the Index Sponsor). Trademark applications in the United States are pending with respect to both the Fund and the Index. The Fund and the Master Fund have been licensed by the Index Sponsor to use the above
noted trademarks. Deutsche Bank AG London is an affiliate of the Fund, the Master Fund and the Managing Owner.

(3) Service Providers and
Related Party Agreements

The Trustee

Under the Trust Agreements, Wilmington Trust Company, the trustee of the Fund and Master Fund (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 Three Months Ended March 31, 2010 and 2009, the Fund and the Master Fund incurred Management Fees of $9,286,862 and $2,486,154, respectively. As of March 31, 2010 and
December 31, 2009, Management Fees payable to the Managing Owner were $3,322,579 and $2,685,593, respectively.

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 and is an affiliate of the Managing Owner. In its capacity as clearing broker, the Commodity Broker executes and clears each
of the Master Funds futures transactions and performs certain administrative and custodial services for the Master Fund. As custodian of the Master Funds assets, the Commodity Broker is responsible, among other things, for providing
periodic accountings of all dealings and actions taken by the Master Fund during the reporting period, together with an accounting of all securities, cash or other indebtedness or obligations held by it or its nominees for or on behalf of the Master
Fund. During the Three Months Ended March 31, 2010 and 2009, the Fund and the Master Fund incurred brokerage fees of $206,451 and $110,190, respectively. As of March 31, 2010 and December 31, 2009, brokerage fees payable were $2,851
and $16,000, respectively.

The Administrator

The Bank of New York Mellon (the Administrator) has been appointed by the Managing Owner as the administrator, custodian and
transfer agent of the Master Fund and the Fund, and has 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.



9



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##### Table of Contents

PowerShares DB Commodity Index Tracking Fund and Subsidiary

Notes to Unaudited Consolidated Financial Statements(Continued)

March 31, 2010



The Distributor

ALPS Distributors, Inc. (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 distribution and
marketing services to the Fund including reviewing and approving marketing materials.

Invesco Powershares Capital
Management LLC

Under the License Agreement among Invesco Powershares Capital Management LLC (the
Licensor), and 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.

Invesco Aim Distributors, Inc.

Through a marketing agreement between the Managing Owner and Invesco Aim Distributors, Inc. (Invesco Aim Distributors), an
affiliate of Invesco PowerShares Capital Management LLC (Invesco PowerShares), the Managing Owner, on behalf of the Fund and the 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 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. Invesco Aim Distributors will not open or maintain customer accounts or handle orders for the Fund. Invesco Aim Distributors engages
in public seminars, road shows, conferences, media interviews, and distributes 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 Shares on January 31, 2006, the capital raised by the Fund was used to purchase 100% of the common units of beneficial interest of
the Master Fund (the Master Fund Limited Units) (excluding common units of beneficial interest of the Master Fund held by the Managing Owner (the 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 and all
significant inter-company balances and transactions have been eliminated. Certain amounts in the 2009 financial statements have been reclassified to conform to the 2010 presentation.

(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, revenues and expenses 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) Financial Instruments and Fair
Value

United States Treasury Obligations and commodity futures contracts are recorded in the consolidated statements
of financial condition on a trade date basis at fair value with changes in fair value recognized in earnings in each period. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date (the exit price).

Financial
Accounting Standards Board (FASB) fair value measurement and disclosure guidance requires a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest



10



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##### Table of Contents

PowerShares DB Commodity Index Tracking Fund and Subsidiary

Notes to Unaudited Consolidated Financial Statements(Continued)

March 31, 2010



priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three
levels of the fair value hierarchy are described below:

Basis of Fair Value Measurement



|Level 1: | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
|-------- | -----------------------------------------------------------------------------------------------------------------------------------------



|Level 2: | Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly;
|-------- | -----------------------------------------------------------------------------------------------------------------------------------------------------



|Level 3: | Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
|-------- | ------------------------------------------------------------------------------------------------------------------

A financial instruments level within the fair value hierarchy is based on the lowest level of any input that is significant to the
fair value measurement.

In determining fair value of United States Treasury Obligations and commodity futures contracts, the
Fund uses unadjusted quoted market prices in active markets. United States Treasury Obligations and commodity futures contracts are classified within Level 1 of the fair value hierarchy. The Fund does not adjust the quoted prices for United States
Treasury Obligations and commodity futures contracts.

(d) Deposits with Broker

The Fund deposits cash and United States Treasury Obligations with its Commodity Broker subject to Commodity Futures Trading Commission
(the 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.

(e) 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 as of March 31, 2010 and December 31, 2009 were holdings of
$329,449,184 and $288,167,861, respectively, which were restricted and held against initial margin of the open futures contracts. The Fund purchased $193,000,000 notional amount of United States Treasury Obligations which was unpaid as of
March 31, 2010. As a result, a payable for securities purchased is reported for $192,931,699. There was no amount payable for securities purchased as of December 31, 2009.

(f) 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 held by the Commodity Broker to be highly liquid investments, with original
maturities of three months or less, when purchased. As of March 31, 2010 the Fund had cash held by the Commodity Broker of $303,167,220 of which $17,808,890 was restricted. As of December 31, 2009 the Fund had cash held by the Commodity
Broker of $261,006,845 of which $18,424,838 was restricted. Restrictions on cash held by broker pertain to the settlement of closed futures contracts traded on the London Metals Exchange. As of March 31, 2010 and December 31, 2009 there
were no cash equivalents held by the Fund.



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##### Table of Contents

PowerShares DB Commodity Index Tracking Fund and Subsidiary

Notes to Unaudited Consolidated Financial Statements(Continued)

March 31, 2010



(g) 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 major
tax jurisdiction for the Fund and the earliest tax year subject to examination: United States 2007.

(h) 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 March 31, 2010 and December 31, 2009, the futures contracts held by the Fund were in a net unrealized appreciation position of $900,090 and $221,326,744, respectively.

(i) Management Fee

The Master Fund pays the Managing Owner a management fee (the Management Fee), monthly in arrears, in an amount equal to
0.85% 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. Effective
January 4, 2010, the Management Fee payable by the Master Fund was increased from 0.75% to 0.85% per annum of the daily net asset value of the Master Fund.

(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 less than $10.00 per round-turn trade for the Three Months Ended March 31, 2010 and
2009.

(k) 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.

(l) Organizational and Offering Costs

All organizational and offering expenses of the Fund and its Master Fund are incurred and assumed by the Managing
Owner. Neither the Fund nor its Master Fund are, or will be, responsible to the Managing Owner for the reimbursement of organizational and offering costs. Expenses incurred in connection with the continuous offering of Shares also will be paid by
the Managing Owner.



12



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##### Table of Contents

PowerShares DB Commodity Index Tracking Fund and Subsidiary

Notes to Unaudited Consolidated Financial Statements(Continued)

March 31, 2010



(m) 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 Three Months Ended March 31,
2010 and 2009, the Fund and the Master Fund did not incur such expenses.

(5) Fair Value Measurements

The Funds assets and liabilities recorded at fair value have been categorized based upon the fair value hierarchy discussed in Note
4(c).

Assets and Liabilities Measured at Fair Value were as follows:



|                                             |  |                |               |                   |   |              
|-------------------------------------------- |  | -------------- | ------------- | ----------------- | - | -------------
|                                             |  | March 31, 2010 |               | December 31, 2009
|United States Treasury Obligations (Level 1) |  | $              | 4,579,039,099 |                   | $ | 3,908,619,651
|Commodity Futures Contracts (Level 1)        |  | $              | 900,090       |                   | $ | 221,326,744  

There were no
Level 2 or Level 3 holdings as of March 31, 2010 and December 31, 2009.

(6) 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 adverse market 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.

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.

(7) Share Purchases and Redemptions

(a) Purchases

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 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
Shares as of the closing time of the NYSE Arca 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.



13



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##### Table of Contents

PowerShares DB Commodity Index Tracking Fund and Subsidiary

Notes to Unaudited Consolidated Financial Statements(Continued)

March 31, 2010



(b) Redemptions

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 the Fund.

By placing a redemption order, an Authorized
Participant agrees to deliver the Baskets to be redeemed through The Depository Trust Companys (the 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 NYSE Arca 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) Share Transactions

Summary of Share Transactions for the Three Months Ended March 31, 2010 and 2009



|                |  |                    |   |  |                    |   |  |                |              |   |                |   |             |  
|--------------- |  | ------------------ | - |  | ------------------ | - |  | -------------- | ------------ | - | -------------- | - | ----------- | -
|                |  | Shares             |   |  | Paid in Capital    |  
|                |  | Three Months Ended |   |  | Three Months Ended |  
|                |  | March 31, 2010     |   |  | March 31, 2009     |   |  | March 31, 2010 |              |   | March 31, 2009 |  
|Shares Sold     |  | 26,800,000         |   |  | 29,400,000         |   |  | $              | 625,712,022  |   |                | $ | 599,900,796 |  
|Shares Redeemed |  | (6,200,000         | ) |  | (600,000           | ) |  |                | (145,048,332 | ) |                |   | (11,260,724 | )
|                |  |                    |   |  |                    |   |  |                |              |   |                |   |             |  
|Net Increase    |  | 20,600,000         |   |  | 28,800,000         |   |  | $              | 480,663,690  |   |                | $ | 588,640,072 |  
|                |  |                    |   |  |                    |   |  |                |              |   |                |   |             |  

(8) Profit and Loss Allocations and Distributions

Pursuant to the Amended and Restated Declaration of Trust and Trust Agreement of the Master Fund, income and expenses are allocated pro
rata to the Managing Owner as holder of the General Shares and to the 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
(as the owner of the General Shares) which are in excess of the Managing Owners capital



14



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##### Table of Contents

PowerShares DB Commodity Index Tracking Fund and Subsidiary

Notes to Unaudited Consolidated Financial Statements(Continued)

March 31, 2010



balance are allocated to the 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.

(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 Fund and the
Master Fund. As of March 31, 2010, 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 for a Share outstanding
for the Three Months Ended March 31, 2010 and 2009. The net investment income and total expense ratios are calculated using average net asset value. The net asset value presentation is calculated using daily 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 Shares during the period. An individual investors return and ratios may vary based on the timing of capital
transactions.

The Fund invests substantially all of its assets in the Master Fund in a master-feeder structure. The Fund
holds no investment assets other than Master Fund Limited Units. The Fund is the majority Master Fund Limited Unit owner and the Managing Owner holds a non-controlling interest in the Master Fund. Each Share issued by the Fund correlates with the
Master Fund Limited Unit issued by the Master Fund and held by the Fund.

Net asset value per Master Fund Limited Unit and
Master Fund General Unit (collectively, Master Fund Units) is the net asset value of the Master Fund divided by the number of outstanding Master Fund Units. Because there is a one-to-one correlation between Shares and the Master Fund
Limited Units, the net asset value per Share and the net asset value per Master Fund Limited Unit are equal.



|                                                                                                    |  |                    |       |    |                |   |       |   
|--------------------------------------------------------------------------------------------------- |  | ------------------ | ----- | -- | -------------- | - | ----- | --
|                                                                                                    |  | Three Months Ended |      
|                                                                                                    |  | March 31, 2010     |       |    | March 31, 2009 |  
|Net Asset Value                                                                                     |  |                    |       |    |                |   |       |   
|Net asset value per Share, beginning of period                                                      |  | $                  | 24.65 |    |                | $ | 21.42 |   
|Net realized and change in unrealized gain (loss) on United States Treasury Obligations and Futures |  |                    | (1.00 | )  |                |   | (1.20 | ) 
|Net investment income (loss)                                                                        |  |                    | (0.05 | )  |                |   | (0.03 | ) 
|                                                                                                    |  |                    |       |    |                |   |       |   
|Net income (loss)                                                                                   |  |                    | (1.05 | )  |                |   | (1.23 | ) 
|Net asset value per Share, end of period                                                            |  | $                  | 23.60 |    |                | $ | 20.19 |   
|                                                                                                    |  |                    |       |    |                |   |       |   
|Market value per Share, beginning of period                                                         |  | $                  | 24.62 |    |                | $ | 21.19 |   
|                                                                                                    |  |                    |       |    |                |   |       |   
|Market value per Share, end of period                                                               |  | $                  | 23.52 |    |                | $ | 20.00 |   
|                                                                                                    |  |                    |       |    |                |   |       |   
|                                                                                                    |  |                   
|Ratio to average net assets*                                                                        |  |                    |       |    |                |   |       |   
|Net investment income (loss)                                                                        |  |                    | (0.80 | )% |                |   | (0.66 | )%
|                                                                                                    |  |                    |       |    |                |   |       |   
|Total expenses                                                                                      |  |                    | 0.87  | %  |                |   | 0.78  | % 
|                                                                                                    |  |                    |       |    |                |   |       |   
|Total Return, at net asset value **                                                                 |  |                    | (4.26 | )% |                |   | (5.74 | )%
|                                                                                                    |  |                    |       |    |                |   |       |   
|Total Return, at market value **                                                                    |  |                    | (4.47 | )% |                |   | (5.62 | )%
|                                                                                                    |  |                    |       |    |                |   |       |   



|* | Percentages are annualized.
|- | ---------------------------

|** | Percentages are not annualized.
|-- | -------------------------------



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##### Table of Contents

PowerShares DB Commodity Index Tracking Fund and Subsidiary

Notes to Unaudited Consolidated Financial Statements(Continued)

March 31, 2010



(11) Subsequent Events

The Fund evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements
were available to be issued. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.



16



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##### Table of Contents

|ITEM 2. | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
|------- | --------------------------------------------------------------------------------------

This information should be read in conjunction with the consolidated financial statements and notes included in Item 1 of Part I
of this Quarterly Report (the Report). The discussion and analysis which follows may contain trend analysis and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 which reflect
our current views with respect to future events and financial results. Words such as anticipate, expect, intend, plan, believe, seek, outlook and
estimate, as well as similar words and phrases, signify forward-looking statements. PowerShares DB Commodity Index Tracking Funds forward-looking statements are not guarantees of future results and conditions and important factors,
risks and uncertainties may cause our actual results to differ materially from those expressed in our forward-looking statements.

You should not place undue reliance on any forward-looking statements. Except as expressly required by the Federal securities laws, DB
Commodity Services LLC (the Managing Owner), undertakes no obligation to publicly update or revise any forward-looking statements or the risks, uncertainties or other factors described in this Report, as a result of new information,
future events or changed circumstances or for any other reason after the date of this Report.

Overview/Introduction

During the period from January 31, 2006 (commencement of investment operations) to May 23, 2006, the Master Fund
invested with a view to tracking changes, whether positive or negative, in the level of the Deutsche Bank Liquid Commodity IndexExcess Return over time, 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. During the period from May 24, 2006 to October 16, 2009, the Master Fund invested with a
view to tracking changes, whether positive or negative, in the level of the Deutsche Bank Liquid Commodity IndexOptimum Yield Excess Return over time, 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 commodities comprising the Deutsche Bank Liquid Commodity IndexOptimum Yield Excess
Return are Light Sweet Crude Oil (WTI), Heating Oil, Aluminum, Gold, Corn and Wheat. Commencing October 19, 2009, the Master Fund invested with a view to tracking changes, whether positive or negative, in the level of the Deutsche Bank
Liquid Commodity Index-Optimum Yield Diversified Excess Return (the Index) over time, 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 certain commodities. The commodities comprising the Index are Light Sweet Crude Oil (WTI), Heating
Oil, Aluminum, Gold, Corn, Wheat, Brent Crude, Copper Grade A, Natural Gas, RBOB Gasoline, Silver, Soybeans, Sugar and Zinc (the Index Commodities). The Master Fund holds United States Treasury Obligations and other high credit quality
short-term fixed income securities for deposit with the Master Funds commodity broker as margin.

The Fund pursues its
investment objective by investing substantially all of its assets in the Master Fund. The Master Fund pursues its investment objective by investing in a portfolio of exchange-traded futures contracts in the Index Commodities. The notional amounts of
each Index Commodity included in the Index are broadly in proportion to historic levels of the worlds production and stocks of the Index Commodities. The Master Fund holds United States Treasury Obligations and other high credit quality
short-term fixed income securities for deposit with the Master Funds Commodity Broker as margin. The sponsor of the Index is Deutsche Bank AG London (the Index Sponsor). DBLCI and Deutsche Bank Liquid Commodity Index
are trademarks of Deutsche Bank AG London. Trademark applications in the United States are pending with respect to both the Fund and the Index. Deutsche Bank AG London is an affiliate of the Fund, the Master Fund and the Managing Owner.

The closing level of the Index is calculated on each business day by the Index Sponsor based on the closing price of the futures
contracts for each of the Index Commodities and the notional amount of such Index Commodity.



17



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##### Table of Contents

The 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 September 3,
19971(the Base Date). The Index has been
calculated back to the Base Date. On the Base Date, the closing level was 100. The following table reflects the index base weights of each Index Commodity on the Base Date (the Index Base Weights):



|                            |  |                      
|--------------------------- |  | ---------------------
|Index Commodity             |  | Index Base Weight (%)
|Light Sweet Crude Oil (WTI) |  | 12.375               
|Heating Oil                 |  | 12.375               
|RBOB Gasoline               |  | 12.375               
|Natural Gas                 |  | 5.500                
|Brent Crude                 |  | 12.375               
|Gold                        |  | 8.000                
|Silver                      |  | 2.000                
|Aluminum                    |  | 4.167                
|Zinc                        |  | 4.167                
|Copper Grade A              |  | 4.167                
|Corn                        |  | 5.625                
|Wheat                       |  | 5.625                
|Soybeans                    |  | 5.625                
|Sugar                       |  | 5.625                
|                            |  |                      
|Closing Level on Base Date: |  | 100.000              
|                            |  |                      



|1 | From May 24, 2006 to October 16, 2009, the Master Fund invested with a view to tracking the changes, whether positive or negative, in the
level of the Deutsche Bank Liquid Commodity Index - Optimum Yield Excess Return. As of July 31, 1988, the base date of the Deutsche Bank Liquid Commodity Index - Optimum Yield Excess Return, the index base weights of each index
commodity was: Light Sweet Crude Oil (WTI) - 35.00%; Heating Oil - 20.00%; Aluminum; - 12.50%; Gold - 10.00%; Corn -11.25%; and Wheat - 11.25%. Accordingly, the closing level on the base date was 100.00%.
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



18



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##### Table of Contents

The following table reflects the Fund weights of each Index Commodity as of March 31,
2010:



|                                   |  |                
|---------------------------------- |  | ---------------
|Index Commodity                    |  | Fund Weight (%)
|Light Sweet Crude Oil (WTI)        |  | 12.82          
|Heating Oil                        |  | 12.71          
|RBOB Gasoline                      |  | 12.88          
|Natural Gas                        |  | 4.25           
|Brent Crude                        |  | 12.68          
|Gold                               |  | 8.22           
|Silver                             |  | 2.04           
|Aluminum                           |  | 4.93           
|Zinc                               |  | 4.61           
|Copper Grade A                     |  | 5.04           
|Corn                               |  | 4.04           
|Wheat                              |  | 2.03           
|Soybeans                           |  | 4.43           
|Sugar                              |  | 4.75           
|Red Spring Wheat                   |  | 2.16           
|Soybean Oil                        |  | 0.94           
|Soybean Meal                       |  | 0.92           
|Milling Wheat                      |  | 0.56           
|                                   |  |                
|Closing Level as of March 31, 2010 |  | 100.00         

The Index
Commodities are traded on the following futures exchanges: Light Sweet Crude Oil (WTI), Heating Oil, RBOB Gasoline and Natural Gas: New York Mercantile Exchange; Brent Crude: ICE Futures Europe; Gold and Silver: Commodity Exchange Inc., New York;
Aluminum, Zinc and Copper Grade A: The London Metal Exchange Limited; Corn, Wheat and Soybeans: Board of Trade of the City of Chicago Inc.; and Sugar: ICE Futures U.S., Inc.

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

The 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 the 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.

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 futures contract that is a part of the Index, the Master Fund may invest in a futures contract
referencing the particular Index Commodity other than the specific contract that is a part of the 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 is a part of the Index. Please see http://dbfunds.db.com/dbc/weights.aspx with respect to the most recently available
weighted composition of the Fund and http://dbfunds.db.com/dbc/index.aspx with respect to the composition of the Funds index on the Base Date.



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The Deutsche Bank Liquid Commodity Index-Optimum Yield Total Return and the Index are
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 prices for such Index Commodity on each weekday when banks in New York, New York are open (the 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 (the Verification Date) of each month, each Index Commodity futures contract will be
tested in order to determine whether to continue including it in the 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 the Index. For example, if the first New York business day is October 1, 2010, and the Delivery Month of the Index Commodity futures contract currently in the Index is November 2010, a new Index Commodity
futures contract with a later Delivery Month will be selected.

For each underlying Index Commodity in the
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 the Index, and (ii) no later than the
13thmonth after the Verification Date. For example, if
the first New York business day is October 1, 2010 and the Delivery Month of an Index Commodity futures contract currently in the Index is November 2010, the Delivery Month of an eligible new Index Commodity futures contract must be between
December 2010 and October 2011. 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.

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
2ndand
6thIndex 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
the 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.

The Index is re-weighted on an annual basis on
the 6thIndex Business Day of each November.

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

Under the Amended and Restated Declaration of Trust and Trust Agreements of each of the Fund and the Master Fund (the Trust
Agreements), Wilmington Trust Company, the Trustee of the Fund and the Master Fund, 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 Index Sponsor obtains information for inclusion in, or for use in the calculation of, the Index from sources the Index Sponsor
considers reliable. None of the Index Sponsor, the Managing Owner, the Fund, the Master Fund or any of their respective affiliates accepts responsibility for or guarantees the accuracy and/or completeness of the Index or any data included in the
Index.

The Shares are intended to provide investment results that generally correspond to the changes, positive or negative,
in the levels of the Index over time. The value of the Shares is expected to fluctuate in relation to changes in the value of the Master Funds portfolio. The market price of the Shares may not be identical to the net asset value per Share, but
these two valuations are expected to be very close.



20



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##### Table of Contents

Performance Summary

This report covers the three months ended March 31, 2010 and 2009 (hereinafter referred to as the Three Months Ended
March 31, 2010 and the Three Months Ended March 31, 2009, respectively). The Fund commenced trading on the American Stock Exchange (now known as the NYSE Alternext US LLC (the NYSE Alternext)) on
February 3, 2006, and, as of November 25, 2008, is listed on the NYSE Arca, Inc. (the NYSE Arca).

Performance of the Fund and the exchange traded Shares is detailed below in Results of Operations. Past performance of the
Fund is not necessarily indicative of future performance.

The Index is intended to reflect the change in market value of the
Index Commodities. In turn, the notional amounts of each Index Commodity are broadly in proportion to historic levels of the worlds production and stocks of such Index Commodities. The Deutsche Bank Liquid Commodity Index-Optimum Yield Total
Return, or DBCLI-OYTR consists of the Index plus 3-month United States Treasury Obligations returns. (Because the Master Fund invested with a view to tracking the changes, whether positive or negative, in the level of the Deutsche Bank
Liquid Commodity-Index Optimum Yield Excess Return (DBLCI-OY ER). Prior to October 19, 2009, references to the DBLCI-OY TR and the DBLCI Diversified TR have been included). Past Index results are not
necessarily indicative of future changes, positive or negative, in the Index closing levels. Deutsche Bank Liquid Commodity Index-Optimum Yield Diversified Total Return, or DBLCIOY Diversified 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-OYTR and Underlying Index Commodity Returns for the Three Months Ended March 31, 2009 and
Summary of DBLCIOY Diversified TR and Underlying Index Commodity Returns for the Three Months Ended March 31, 2010 below provides an overview of the changes in the closing levels of DBLCIOY Diversified 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 the DBLCI-OYTR or the DBLCIOY Diversified TR), and the Fund does not attempt to outperform or underperform the Index.

Summary of DBLCIOY Diversified TR and Underlying Index Commodity Returns for the Three Months Ended March 31, 2010
and Summary of DBLCI-OYTR and Underlying Index Commodity Returns for the Three Months Ended March 31, 2009



|                           |  |                                                                                                     |   
|-------------------------- |  | --------------------------------------------------------------------------------------------------- | --
|Underlying Index           |  | Aggregate returns for the indexes in the DBLCIOY Diversified 
TRThree Months Ended March 31, 2010 |   
|DB Light Crude Oil Indices |  | 3.03                                                                                                | % 
|DB Heating Oil Indices     |  | 2.49                                                                                                | % 
|DB Aluminum Indices        |  | 2.90                                                                                                | % 
|DB Gold Indices            |  | 1.45                                                                                                | % 
|DB Corn Indices            |  | (14.61                                                                                              | )%
|DB Wheat Indices           |  | (18.00                                                                                              | )%
|DB RBOB Gasoline Indices   |  | 3.02                                                                                                | % 
|DB Natural Gas Indices     |  | (27.28                                                                                              | )%
|DB Silver Indices          |  | 3.96                                                                                                | % 
|DB Zinc Indices            |  | (8.22                                                                                               | )%
|DB Copper Grade A Indices  |  | 5.32                                                                                                | % 
|DB Soybeans Indices        |  | (9.47                                                                                               | )%
|DB Sugar Indices           |  | (28.26                                                                                              | )%
|DB Brent Crude Indices     |  | 2.38                                                                                                | % 
|AGGREGATE RETURNS          |  | (4.19                                                                                               | )%



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##### Table of Contents

|                       |  |                                                                                        |   
|---------------------- |  | -------------------------------------------------------------------------------------- | --
|Underlying Index       |  | Aggregate returns for indexes in the 
DBLCI-OYTRFor Three Months Ended March 31, 2009 |   
|DB Crude Oil Indices   |  | (2.64                                                                                  | )%
|DB Heating Oil Indices |  | (9.26                                                                                  | )%
|DB Aluminum Indices    |  | (11.33                                                                                 | )%
|DB Gold Indices        |  | 4.43                                                                                   | % 
|DB Corn Indices        |  | (3.44                                                                                  | )%
|DB Wheat Indices       |  | (13.96                                                                                 | )%
|AGGREGATE RETURNS      |  | (5.47                                                                                  | )%

If
the Funds interest income from its holdings of fixed income securities were to exceed the Funds fees and expenses, the aggregate return on an investment in the Fund is expected to outperform the DBLCIOY Diversified ER (the
DBLCI OYER prior to October 19, 2009) and underperform the DBLCIOY Diversified TR (the DBLCI OYTR prior to October 19, 2009). The only difference between (i) the Index and the DBLCI OYER (collectively
referred to as the Excess Return Indexes) and (ii) the DBLCIOY Diversified TR and the DBLCI OYTR (collectively referred to as the Total Return Indexes) is that the Excess Return Indexes do not include
interest income from a hypothetical basket of fixed income securities while the Total Return Indexes do include such a component. The difference between the Excess Return Indexes and the Total Return Indexes 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 closely track the Index (or prior to October 19, 2009, the DBLCI OYER). The aggregate 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 aggregate return is expected to outperform the Excess Return Indexes 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 aggregate return on the Fund is expected to underperform the Total Return Indexes. If the Funds fees and expenses were
to exceed the Funds interest income from its holdings of fixed income securities, the aggregate return on an investment in the Fund is expected to underperform the Excess Return Indexes.

Net Asset Value

Net asset value means the total assets of the Master Fund, including, but not limited to, all futures, cash and investments less total
liabilities of the Master Fund, each determined on the basis of U.S. generally accepted accounting principles, consistently applied under the accrual method of 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 the Master Fund but unpaid or not received by the 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 the 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 the Master Funds
brokerage account is accrued monthly. The amount of any distribution is a liability of the Master Fund from the day when the distribution is declared until it is paid.

The Fund invests substantially all of its assets in the Master Fund in a master-feeder structure. The Fund holds no investment assets
other than Master Fund Limited Units. The Fund is the majority Master Fund Limited Unit owner and the Managing Owner holds a non-controlling interest in the Master Fund. Each Share issued by the Fund correlates with the Master Fund Limited Unit
issued by the Master Fund and held by the Fund.

Net asset value per Master Fund Limited Unit and Master Fund General Unit
(collectively, Master Fund Units) is the net asset value of the Master Fund divided by the number of outstanding Master Fund Units. Because there is a one-to-one correlation between Shares of the Fund and Master Fund Limited Units, the
net asset value per Share of the Fund and the net asset value per Master Fund Limited Unit are equal.



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Critical Accounting Policies

The 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 the Funds and the Master Funds application of these policies involve judgments and actual
results may differ from the estimates used.

The 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.

The use of fair value to measure financial instruments, with related unrealized gains or losses recognized in earnings in
each period is fundamental to the Funds financial statements. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date (the exit price).

In determining fair value of United States Treasury Obligations and commodity
futures contracts, the Fund uses unadjusted quoted market prices in active markets. FASB fair value measurement and disclosure guidance requires a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.
The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The hierarchy
gives the highest priority to unadjusted quoted prices for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Assets and liabilities are classified in their entirety based on
the lowest level of input that is significant to the fair value measurement. See Note 4(c) within the financial statements in Item 1 for further information.

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
gain (loss) 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 the Master Fund entering into contractual commitments to purchase a particular commodity at a
specified date and price. The market risk associated with the Master Funds commitments to purchase commodities is limited to the gross or face amount of the contracts held.

The 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 the 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 the 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



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##### Table of Contents

on most 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 the Master Fund.

The Commodity Broker, when acting as the 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 the 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 the Master Fund related to foreign futures trading.

Liquidity

All of the Master Funds source of capital is derived from the Fund through the Funds offering of Shares to Authorized
Participants. Authorized Participants may then subsequently redeem such Shares. The 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 the 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 the Master Funds
commodity interests change. The balance of the net assets are held in the Master Funds commodity trading account. Interest earned on the Master Funds interest-bearing funds is paid to the Master Fund.

The 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 futures contract for a particular commodity 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 the
Master Fund from promptly liquidating its commodity futures positions.

Because the Master Fund trades futures contracts, its
capital is at risk due to changes in the value of futures contracts (market risk) or the inability of counterparties 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 the 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 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.

Cash Flows

The primary cash flow activities of the Fund are to raise capital from Authorized Participants through the issuance of Shares. This cash
is invested into the 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 the Fund is tracking.

Operating Activities

Net cash flow used for operating activities was $437.9 million and $1,493.5 million for the Three Months Ended March 31, 2010 and
2009, respectively. 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.



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##### Table of Contents

During the Three Months Ended March 31, 2010, $4,427.7 million was paid to purchase
United States Treasury Obligations and $3,757.8 million was received from sales and maturing contracts. During the Three Months Ended March 31, 2009, $1,767.2 million was paid to purchase United States Treasury Obligations and $278.8 million
was received from sales and maturing contracts. Unrealized appreciation on United States Treasury Obligations and futures decreased by $220.6 million and by $66.4 million during the Three Months Ended March 31, 2010 and 2009, respectively.

Financing Activities

The Funds net cash flow provided by financing activities was $480.7 million and $584.6 million during the Three Months Ended
March 31, 2010 and 2009, respectively. This included $625.7 million and $595.9 million from the sale of Shares to Authorized Participants during the Three Months Ended March 31, 2010 and 2009, respectively.

Results of Operations

FOR THE THREE MONTHS ENDED MARCH 31, 2010 AND 2009

The Fund was launched on February 3, 2006 at $25.00 per Share. The Shares of the Fund traded on the NYSE Alternext from
February 3, 2006 to November 25, 2008 and have been trading on the NYSE Arca since November 25, 2008.

The Fund
and the Master Fund seek to track changes in the closing levels of the Deutsche Bank Liquid Commodity IndexOptimum Yield Diversified Excess Return (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 Shares (as reflected by the graph DBC), (ii) the Funds NAV (as reflected by the graph DBCNAV), and (iii) the closing levels of the Index (as reflected by the graph DBLCIX). Whenever the
interest income earned by the Fund exceeds Fund expenses, the price of the Shares generally has exceeded the levels of the Index primarily because the 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 Shares will continue to exceed the Index levels.

The Index is a set of rules applied to a body of data and does not represent the results of actual investment or trading. The Index is
frictionless, in that it does not take into account fees or expenses associated with investing in the Fund. Also, because it does not represent actual futures positions, the Index is not subject to, and does not take into account the impact of,
speculative position limits or certain other similar limitations on the ability of the Fund to trade the Index Commodities. The TR version of the Index includes an assumed amount of interest income based on prevailing rates that is
adjusted from time to time. The Fund, by contrast, invests actual money and trades actual futures contracts. As a result, the performance of the Fund involves friction, in that fees and expenses impose a drag on performance. The Fund may be subject
to speculative position limits and certain other limitations on its ability to trade the Index Commodities, which may compel the Fund to trade futures or other instruments that are not Index Commodities as proxies for the Index Commodities. The
interest rate actually earned by the Fund over any period may differ from the assumed amount of interest income factored into the TR version of the Index over the same period. All of these factors can contribute to discrepancies between
changes in net asset value per Share and changes in the level of the Index over any period of time. Fees and expenses always will tend to cause changes in the net asset value per Share to underperform changes in the value of the Index over any given
period, all other things being equal. Actual interest income could be higher or lower than the assumed interest income factored into the TR version of the Index, and therefore could cause changes in the net asset value per Share to
outperform or underperform changes in the value of the Index over any given period, all other things being equal. Similarly, trading futures or other instruments that are not the Index Commodities as proxies for Index Commodities could cause changes
in the net asset value per Share to outperform or underperform changes in the value of the Index over any given period, all other things being equal.

[Remainder of page left blank intentionally.]



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##### Table of Contents

COMPARISON OF DBC, DBCNAV AND DBLCIX FOR THE THREE MONTHS ENDED

MARCH 31, 2010 AND 2009

LOGO

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.

LOGO

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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##### Table of Contents

Additional Legends

Deutsche Bank Liquid Commodity Index-Optimum Yield Diversified Excess Return is an index and does not reflect (i) actual
trading and (ii) any fees or expenses. During the period from May 24, 2006 to October 16, 2009, the Master Fund invested with a view to tracking changes, whether positive or negative, in the level of the Deutsche Bank Liquid Commodity
IndexOptimum Yield Excess Return. The commodities comprising the Deutsche Bank Liquid Commodity IndexOptimum Yield Excess Return are Light Sweet Crude Oil (WTI), Heating Oil, Aluminum, Gold, Corn and Wheat. Commencing
October 19, 2009, the Master Fund invested with a view to tracking changes, whether positive or negative, in the level of the Deutsche Bank Liquid Commodity Index-Optimum Yield Diversified Excess Return (the Index) over time,
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 certain commodities. The commodities comprising the Index are Light Sweet Crude Oil (WTI), Heating Oil, Aluminum, Gold, Corn, Wheat, Brent Crude, Copper Grade A, Natural Gas, RBOB Gasoline, Silver,
Soybeans, Sugar and Zinc. Therefore, with respect to the above graph for the Three Months Ended March 31, 2009, DBLCIX reflects Deutsche Bank Liquid Commodity IndexOptimum Yield Excess Return, and with respect to the above graph for
the Three Months Ended March 31, 2010, DBLCIX reflects Deutsche Bank Liquid Commodity IndexOptimum Yield Diversified Excess Return .

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 JANUARY 2007, 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 SEPTEMBER 1997 THROUGH DECEMBER 2006, 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 ITEM 1A.  RISK FACTORS SET FORTH IN THE FUNDS ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2009, 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, AN INDIRECT WHOLLY OWNED SUBSIDIARY OF DEUTSCHE BANK AG, 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 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.



27



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##### Table of Contents

FOR THE THREE MONTHS ENDED MARCH 31, 2010 COMPARED TO THE THREE MONTHS ENDED MARCH 31,
2009

Fund Share Price Performance

For the Three Months Ended March 31, 2010, the NYSE Arca market value of each Share decreased -4.47% from $24.62 per Share to $23.52
per Share. The Share price high and low for the Three Months Ended March 31, 2010 and related change from the Share price on December 31, 2009 was as follows: Shares traded from a high of $25.72 per Share (+4.47%) on January 6,
2010 to a low of $22.38 per Share (-9.10%) on February 5, 2010.

For the Three Months Ended March 31, 2009, the NYSE
Arca market value of each Share decreased 5.62% from $21.19 per Share to $20.00 per Share. The Share price high and low for the Three Months Ended March 31, 2009 and related change from the Share price on December 31, 2008 was as follows:
Shares traded from a high of $22.74 per Share (+7.31%) on January 6, 2009 to a low of $18.15 per Share (-14.35%) on March 2, 2009.

Fund Share Net Asset Performance

For the Three Months Ended March 31, 2010, the net asset value of each Share decreased 4.26% from $24.65 per Share to $23.60 per
Share. Falling futures contracts prices for corn, wheat, zinc, soybean, sugar and natural gas were partially offset by higher futures contract prices for Brent crude oil, heating oil, gold, Aluminium, copper, RBOB gasoline, light crude oil and
silver during the Three Months Ended March 31, 2010 contributing to an overall 4.19% decrease in the level of the DBLCI-OY Diversified TR.

Net loss for the Three Months Ended March 31, 2010 was $182.2 million, resulting from $0.7 million of interest income, net realized
gain of $47.3 million, net unrealized loss of $220.7 million and operating expenses of $9.5 million.

For the Three Months
Ended March 31, 2009, the net asset value of each Share decreased 5.74% from $21.42 per Share to $20.19 per Share. Falling futures contracts prices for crude oil, heating oil, aluminum, corn and wheat were partially offset by higher futures
contract prices for gold during the Three Months Ended March 31, 2009 contributing to an overall 5.47% decrease in the level of the DBLCI-OYTR.

Net loss for the Three Months Ended March 31, 2009 was $75.4 million, resulting from $0.4 million of interest income, net realized
loss of $6.8 million, net unrealized losses of $66.4 million, and operating expenses of $2.6 million.

Off-Balance Sheet Arrangements and
Contractual Obligations

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 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.

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, which may include indemnification provisions related to certain risks service providers undertake in performing services which are in the best interests of the Fund and the Master Fund. While the Funds and the 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 the Funds or the Master Funds financial position.

The Fund and 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 the 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.



28



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##### Table of Contents

|ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
|------- | -----------------------------------------------------------

INTRODUCTION

The 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 the Funds main line of business.

Market movements can produce frequent changes in the fair market value of the Funds open positions and, consequently, in its
earnings and cash flow. The Funds market risk is primarily influenced by changes in the price of commodities.

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 effects of margin, and any other multiplier features, as applicable, of the Funds market sensitive instruments.

QUANTIFYING THE FUNDS TRADING VALUE AT RISK

Quantitative Forward-Looking Statements

The following quantitative disclosures regarding the 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).

Value at risk (VaR) is a statistical measure of
the value of losses that would not be expected to be exceeded over a given time horizon and at a given probability level arising from movement of underlying risk factors. Loss is measured as a decline in the fair value of the portfolio as a result
of changes in any of the material variables by which fair values are determined. VaR is measured over a specified holding period (1 day) and to a specified level of statistical confidence (99th percentile). However, the inherent uncertainty in the
markets in which the Fund trades and the recurrence in the markets traded by the Fund of market movements far exceeding expectations could result in actual trading or non-trading losses far beyond the indicated VaR or the 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 the Funds losses in any market sector will be limited to VaR or by the Funds attempts to manage its market risk.

THE FUNDS TRADING VALUE AT RISK

Commencing December 31, 2009 the Fund computed VaR using the actual historical market movements of the Funds total assets, as
opposed to the previous methodology of using the historical market movements of the underlying futures contracts in connection with the Index Commodity only. Prior to December 31, 2009, the historical market movements of the underlying futures
contracts were used because the actual historical market movements of the Fund were not sufficient.

The following table
indicates the trading VaR associated with the Funds total assets as of March 31, 2010.



|                                             |  |              |               |                  |      |   |                      |   |                             |  |  
|-------------------------------------------- |  | ------------ | ------------- | ---------------- | ---- | - | -------------------- | - | --------------------------- |  | -
|Description                                  |  | Total Assets |               | Daily Volatility |      |   | VaR*(99 
Percentile) |   | Number of timesVaR
Exceeded
|PowerShares DB Commodity Index Tracking Fund |  | $            | 4,883,107,409 |                  | 1.38 | % |                      | $ | 151,088,220                 |  | 0



|* | The VaR represents the one day downside risk, under normal market conditions, with a 99% confidence level. It is calculated using historical market moves of the
Funds total assets and uses a one year look-back.
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

The following table indicates the trading VaR associated with the Funds total assets
as of December 31, 2009.



|                                             |  |              |               |                  |      |   |                      |   |                             |  |  
|-------------------------------------------- |  | ------------ | ------------- | ---------------- | ---- | - | -------------------- | - | --------------------------- |  | -
|Description                                  |  | Total Assets |               | Daily Volatility |      |   | VaR*(99 
Percentile) |   | Number of timesVaR
Exceeded
|PowerShares DB Commodity Index Tracking Fund |  | $            | 4,390,954,240 |                  | 1.66 | % |                      | $ | 169,685,563                 |  | 0



|* | The VaR represents the one day downside risk, under normal market conditions, with a 99% confidence level. It is calculated using historical market moves of the
Funds total assets and uses a one year look-back.
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

NON-TRADING RISK

The 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 the 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. The 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 the Fund. There can be no assurance that the Funds current
market exposure will not change materially. Investors may lose all or substantially all of their investment in the Fund.

The
following were the primary trading risk exposures of the Fund as of March 31, 2010 by market sector.

ENERGY

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 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 many factors,
including, but not limited to, the amount of output by oil producing nations, worldwide supply/stockpiles, weather, various geopolitical factors that cause supply disruptions (e.g., war, terrorism), global demand (particularly from emerging
nations), currency fluctuations, and activities of market participants such as hedgers and speculators.



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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 in temperature may also heavily influence the demand for natural gas.

METALS

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.

Aluminum

The price of aluminum is volatile and is affected by numerous factors. The price movement of aluminum may be influenced by a variety of
factors, including the level of global industrial activity and demand, 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 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. 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 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



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##### Table of Contents

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.

AGRICULTURAL

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
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 Fund is
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 the 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 the Index or certain natural or
man-made disasters. The Managing Owner does not apply risk management techniques. The Fund initiates positions only on the long side of the market and does not employ stop-loss techniques.



|ITEM 4. | CONTROLS AND PROCEDURES.
|------- | ------------------------

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of the management of the Managing Owner, including Hans Ephraimson, its Chief Executive
Officer, and Michael Gilligan, its Principal Financial Officer, the Fund carried out an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rule 13a-15(e) or 15d-15(e) of the
Securities Exchange Act of 1934, as amended (the Exchange Act)) as of the end of the period covered by this quarterly report, and, based upon that evaluation, Hans Ephraimson, the Chief Executive Officer, and



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Michael Gilligan, the Principal Financial Officer of the Managing Owner, concluded that the Funds disclosure controls and procedures were effective to ensure that information the Fund is
required to disclose in the reports that it files or submits with the Securities and Exchange Commission (the SEC) under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the
SECs rules and forms, and to ensure that information required to be disclosed by the Fund in the reports that it files or submits under the Exchange Act is accumulated and communicated to management of the Managing Owner, including its Chief
Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There has been no change in internal control over financial reporting (as defined in the Rules 13a-15(f) and 15d-15(f) of the Exchange
Act) that occurred during the Funds last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Funds internal control over financial reporting.

PART II. OTHER INFORMATION



|Item 1. | Legal Proceedings.
|------- | ------------------

Not
Applicable.



|Item 1A. | Risk Factors.
|-------- | -------------

There are
no material changes from risk factors as previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2009, filed February 24, 2010.



|Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds.
|------- | ------------------------------------------------------------

(a) There have been no unregistered sales of the Funds securities. No Fund securities are authorized for issuance by the Fund under
equity compensation plans.

(b) The Registrants Registration Statement on Form S-1 (Registration No.: 333-125325) was
declared effective on January 17, 2006 with information with respect to the use of proceeds from the sale of the Shares being disclosed therein. A Post-Effective Amendment No. 1 to the Registrants Registration Statement on Form S-1
was declared effective on August 14, 2006, which also contained this information. The Registrants Registration Statement on Form S-1 (Registration No.: 333-141631) was declared effective on May 1, 2007 with information with respect
to the use of proceeds from the sale of the Shares being disclosed therein. The Registrants Registration Statement on Form S-1 (Registration No.: 333-150217) was declared effective on May 1, 2008 with information with respect to the use
of proceeds from the sale of the Shares being disclosed therein. Post-Effective Amendment No. 1 to a Registration Statement on Form S-1 on Form S-3 was filed on February 5, 2009 (Registration No. 333-150217) with information with
respect to the use of proceeds from the sale of the Limited Shares being disclosed therein. Accordingly, upon effectiveness, the Post-Effective Amendment No. 1 to a Registration Statement on Form S-1 on Form S-3 (Registration
No. 333-150217) will also act as Post-Effective Amendment No. 2 to File No. 333-141631 and as a Post-Effective Amendment No. 1 to File No. 333-150217, which also contained this information. The Registrants Registration
Statement on Form S-3 (Registration No.: 333-158733) was declared effective upon filing on April 23, 2009 with information with respect to the use of proceeds from the sale of the Shares being disclosed therein. A Post-Effective Amendment
No. 1 to the Registrants Registration Statement on Form S-3 was declared effective upon filing on January 4, 2010, which also contained this information. The Shares began trading on the NYSE Alternext on February 3, 2006 and are
now traded on the NYSE Arca as of November 25, 2008.

The proceeds from the sale of the Shares are used to purchase
Master Fund Limited Units. The Master Fund uses the proceeds from the sale of the Master Fund Limited Units for general corporate purposes in accordance with its investment objectives and policies.

For the Three Months Ended March 31, 2010, 26.8 million Shares were created for $625.7 million and 6.2 million Shares were
redeemed for $145.0 million. On March 31, 2010, 198.6 million Shares of the Fund were outstanding for a market capitalization of $4,671.1 million.



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##### Table of Contents

(c) The following table summarizes the redemptions by Authorized Participants during the
Three Months Ended March 31, 2010 and 2009:



|                                  |  |                                 |  |                              |      
|--------------------------------- |  | ------------------------------- |  | ---------------------------- | -----
|Period of Redemption              |  | Total Number of Shares Redeemed |  | Average Price Paid per Share
|Three Months Ended March 31, 2010 |  | 6,200,000                       |  | $                            | 23.39
|Three Months Ended March 31, 2009 |  | 600,000                         |  | $                            | 18.77



|Item 3. | Defaults Upon Senior Securities.
|------- | --------------------------------

None.



|Item 4. | Reserved.
|------- | ---------



|Item 5. | Other Information.
|------- | ------------------

None.



|Item 6. | Exhibits.
|------- | ---------



|     |  |                                                                                                                                                                          
|---- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|31.1 |  | Certification required under Exchange Act Rules 13a-14 and 15d-14 (filed herewith)                                                                                       
|     | 
|31.2 |  | Certification required under Exchange Act Rules 13a-14 and 15d-14 (filed herewith)                                                                                       
|     | 
|32.1 |  | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished
herewith)    
|     | 
|32.2 |  | Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished
herewith)



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##### Table of Contents

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, thereunto duly authorized.



|                    |  |                                              |  |                            
|------------------- |  | -------------------------------------------- |  | ---------------------------
|                    |  | PowerShares DB Commodity Index Tracking Fund
|                    |  |                                             
|                    |  | By:                                          |  | DB Commodity Services LLC, 
|                    |  |                                              |  | its Managing Owner         
|                    |  |                                             
|                    |  | By:                                          |  | /S/    HANS
EPHRAIMSON     
|                    |  | Name:                                        |  | Hans Ephraimson            
|                    |  | Title:                                       |  | Chief Executive Officer    
|                    |  |                                             
|                    |  | By:                                          |  | /S/    MICHAEL
GILLIGAN    
|                    |  | Name:                                        |  | Michael Gilligan           
|                    |  | Title:                                       |  | Principal Financial Officer
|                    | 
|                    |  | DB Commodity Index Tracking Master Fund     
|                    |  |                                             
|                    |  | By:                                          |  | DB Commodity Services LLC, 
|                    |  |                                              |  | its Managing Owner         
|                    |  |                                             
|                    |  | By:                                          |  | /S/    HANS
EPHRAIMSON     
|                    |  | Name:                                        |  | Hans Ephraimson            
|                    |  | Title:                                       |  | Chief Executive Officer    
|                    |  |                                             
|Dated: May 10, 2010 |  | By:                                          |  | /S/    MICHAEL
GILLIGAN    
|                    |  | Name:                                        |  | Michael Gilligan           
|                    |  | Title:                                       |  | Principal Financial Officer



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##### Table of Contents

EXHIBIT INDEX



|              |  |                                                                                                                                                                           |  |            
|------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -----------
|ExhibitNumber |  | Description of Document                                                                                                                                                   |  | Page
Number
|              |  |                                                                                                                                                                          
|31.1          |  | Certification required under Exchange Act Rules 13a-14 and 15d-14 (filed herewith)                                                                                        |  | E-2        
|              |  |                                                                                                                                                                          
|31.2          |  | Certification required under Exchange Act Rules 13a-14 and 15d-14 (filed herewith)                                                                                        |  | E-3        
|              |  |                                                                                                                                                                          
|32.1          |  | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)     |  | E-4        
|              |  |                                                                                                                                                                          
|32.2          |  | Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith) |  | E-5        



E-1