EX-4.1.1



 Exhibit 4.1.1 

AMENDMENT NO. 1 TO THE 

FIFTH AMENDED AND RESTATED 

DECLARATION OF TRUST AND TRUST AGREEMENT 

OF 
 POWERSHARES DB
MULTI-SECTOR COMMODITY TRUST 
 This Amendment No. 1 (“Amendment No. 1”) to the Fifth Amended and Restated
Declaration of Trust and Trust Agreement, dated as of February 23, 2015 (the “Declaration of Trust”) of PowerShares DB DB Multi-Sector Commodity Trust (the “Trust”) by and among the undersigned, on its own
behalf and as Managing Owner (the “Managing Owner”) of the Trust and as Attorney-in-Fact for all of the Limited Owners of the Trust, and Wilmington Trust Company, as Trustee. 

WHEREAS, the Managing Owner wishes to amend the Declaration of Trust pursuant to Section 11.1(b)(iii) thereof to (i) reflect
changes in the applicable tax laws and (ii) give effect to the adoption of a new definition. 
 NOW, THEREFORE, in
consideration of the premises and of other good and valuable consideration, the receipt and sufficiency of all of which are hereby acknowledged, the Declaration of Trust is amended as follows: 

 

	 	1.	Effective as of June 20, 2016, Section 1.1 shall be amended as follows: 

 The
following definition of “Partnership Representative” shall be inserted after the definition of “Partnership Agreement”: 

““Partnership Representative” shall have the meaning assigned thereto in Section 1.6(b).” 








	 	2.	Effective as of June 20, 2016, Section 1.6(b) shall be amended and replaced in its entirety as follows: 


“(b) The Tax Matters Partner ((i) as defined in Section 6231 of the Code, as such section applies to taxable years beginning before
January 1, 2018 and any corresponding state and local tax law, and (ii) as defined as the Partnership Representative within the meaning of Section 6223 of the Code as then applicable for taxable years beginning after December 31,
2017 and any corresponding state and local law) of each Fund shall be the Managing Owner. The Tax Matters Partner, at the expense of each Fund, (i) shall prepare or cause to be prepared and filed each Fund’s tax returns as a partnership
for U.S. federal, state and local tax purposes and (ii) shall be authorized to perform all duties imposed by Section 6221 et seq. of the Code, including, without limitation, (A) the power to conduct all audits and other administrative
proceedings with respect to each Fund’s tax items; (B) the power to extend the statute of limitations for all Unitholders with respect to each Fund’s tax items; (C) the power to file a petition with an appropriate U.S. federal
court for review of a final administrative adjustment of any Fund; (D) the power to enter into a settlement with the IRS on behalf of, and binding upon, those Limited Owners having less than 1% interest in any Fund, unless a Limited Owner shall
have notified the IRS and the Managing Owner that the Managing Owner shall not act on such Limited Owner’s behalf and (E) for taxable years beginning January 1, 2018, the power to make an election under Section 6226 of the Code
(as then applicable) relating to any imputed underpayment of tax . The designation made by each Unitholder of a Fund in this Section 1.6(b) is hereby approved by each Unitholder of such Fund as an express condition to becoming a Unitholder.
Each Unitholder agrees to take any further action as may be required by regulation or otherwise to effectuate such designation. Subject to Section 4.7, each Fund hereby indemnifies, to the full extent permitted by law, the Managing Owner from
and against any damages or losses (including attorneys’ fees) arising out of or incurred in connection with any action taken or omitted to be taken by it in carrying out its responsibilities as Tax Matters Partner, provided such action taken or
omitted to be taken does not constitute fraud, negligence or misconduct.” 
  

	 	3.	Effective as of June 20, 2016, Section 6.3(b) shall be amended and replaced in its entirety as follows: 


“(b) If any Unitholder unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulation
sections 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Fund income and gain shall be specially allocated to such Unitholder in an amount and manner sufficient to eliminate a deficit in its Adjusted Capital Account created by such
adjustments, allocations or distributions as quickly as possible. This Section 6.3(b) is intended to constitute a “qualified income offset” within the meaning of Treasury Regulation section 1.704-1(b)(2)(ii)(d).” 

 

	 	4.	Effective as of June 20, 2016, Section 6.5(b) shall be amended and replaced in its entirety as follows: 


“(b) In an attempt to eliminate Book-Tax Disparities attributable to Adjusted Property, items of income, gain, loss or deduction will be
allocated for U.S. federal income tax purposes among the Unitholders of each Fund as follows: 
 (i) Items attributable to an Adjusted
Property will be allocated among the Unitholders of each Fund in a manner consistent with the principles of section 704(c) of the Code to take into account the Unrealized Gain or Loss attributable to the property and the allocations thereof
pursuant to Sections 6.3(a) and (b). 

  
 2 








 (ii) Any items of income, gain, loss or deduction otherwise allocable under this
Section 6.5 shall be subject to allocation by the Managing Owner in a manner designed to eliminate, to the maximum extent possible, Book-Tax Disparities in an Adjusted Property otherwise resulting from the application of the ceiling limitation
under section 704(c) principles to the allocations provided under this Section. 
 (iii) Subject to this Section 6.5(b), any items
of income, gain, loss or deduction otherwise allocable to the Managing Owner pursuant to Section 6.3(a) that constitutes the tax corollary of an item of “book” income, gain, loss or deduction that has been allocated to the other
Unitholders of a Fund pursuant to Section 6.3(b) shall be allocated to such other Unitholders in the same manner and to the same extent provided in this Section 6.5(b). 

(iv) If any Unitholder unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulation
section 1.704-1(b)(2)(ii)(d), items of income and gain shall be specially allocated to such Unitholder in an amount and manner consistent with the allocations of income and gain pursuant to Section 6.3(b).” 

 

	 	5.	Effective as of June 20, 2016, Section 6.9 shall be amended and replaced in its entirety as follows: 


“SECTION 6.9 Liability for Federal, State and Local and Other Taxes. In the event that the Trust or a Fund shall be separately
subject to taxation by any federal, state or local or by any foreign taxing authority, the Trust or such Fund shall be obligated to pay such taxes to such jurisdiction. In the event that the Trust or any Fund shall be required to make payments to
any U.S. federal, state or local or any foreign taxing authority in respect of any Unitholder’s allocable share of income, the amount of such taxes shall be considered a loan by the Trust or such Fund to such Unitholder, and such Unitholder
shall be liable for, and shall pay to the Trust or such Fund, any taxes so required to be withheld and paid over by the Trust or such Fund within ten (10) days after the Managing Owner’s request therefor. Such Unitholder shall also be
liable for (and the Managing Owner shall be entitled to redeem additional Units of the foreign Unitholder as necessary to satisfy) interest on the amount of taxes paid over by the Trust or the Fund to the IRS or other taxing authority, from the date
of the Managing Owner’s request for payment to the date of payment or the redemption, as the case may be, at the rate of two percent (2%) over the prime rate charged from time to time by Citibank, N.A. The amount, if any, payable by the
Trust or a Fund to the Unitholder in respect of its Units so redeemed, or in respect of any other actual distribution by the Trust or any Fund to such Unitholder, shall be reduced by any obligations 


  
 3 








 
owed to the Trust or any Fund by the Unitholder, including, without limitation, the amount of any taxes required to be paid over by the Trust or any Fund to the IRS or other taxing authority and
interest thereon as aforesaid. Amounts, if any, deducted by the Trust or any Fund from any actual distribution or redemption payment to such Unitholder shall be treated as an actual distribution to such Unitholder for all purposes of this Trust
Agreement.” 
  

	 	6.	This Amendment No. 1 to the Declaration of Trust shall be governed by, and construed in accordance with, the laws of the State of Delaware. 


 

	 	7.	Terms used but not otherwise defined herein shall have the meaning ascribed to such term in the Declaration of Trust, as amended. 


Remainder of page left blank intentionally. 

  
 4 








 IN WITNESS WHEREOF, this Amendment No. 1 has been executed for and on behalf of the
undersigned as of the 20th day of June, 2016. 
  

			
	 Invesco PowerShares Capital Management LLC,

as Managing Owner

		
	By:	 	 /s/ Daniel Draper

	Name:	 	Daniel Draper
	Title:	 	Chief Executive Officer


  

			
	Acknowledged:
	
	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Trustee of the Fund
		
	By:	 	 /s/ Christopher J. Slaybaugh

	Name:	 	Christopher J. Slaybaugh
	Title:	 	Vice President