10-Q 1 dbe-10q_20180630.htm FORM 10-Q dbe-10q_20180630.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

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

For the quarterly period ended June 30, 2018

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:                    001-33240

 

INVESCO DB ENERGY FUND

(A Series of Invesco DB Multi-Sector Commodity Trust)

(Exact name of Registrant as specified in its charter)

 

Delaware

87-0778060

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

 

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700

Downers Grove, Illinois

60515

(Address of Principal Executive Offices)

(Zip Code)

 

Registrant’s telephone number, including area code: (800) 983-0903

 

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      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, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large Accelerated Filer

Accelerated Filer

 

 

 

 

Non-Accelerated Filer

  (Do not check if a smaller reporting company)

Smaller reporting company

 

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

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

Indicate the number of outstanding Shares as of June 30, 2018: 13,200,000 Shares.

 

 


INVESCO DB ENERGY FUND

(A SERIES OF INVESCO DB MULTI-SECTOR COMMODITY TRUST)

QUARTER ENDED JUNE 30, 2018

TABLE OF CONTENTS

 

 

 

 

 


PART I. FINANCIAL INFORMATION

ITEM  1.

FINANCIAL STATEMENTS.

Invesco DB Energy Fund

Statements of Financial Condition

June 30, 2018 and December 31, 2017

(Unaudited)

 

 

 

June 30,

 

 

December 31,

 

 

 

2018

 

 

2017

 

Assets

 

 

 

 

 

 

 

 

United States Treasury Obligations, at value (cost $183,413,632 and

   $142,800,664, respectively)

 

$

183,426,003

 

 

$

142,797,721

 

Affiliated investments, at value (cost $39,326,316 and $33,304,228, respectively)

 

 

39,465,933

 

 

 

33,284,413

 

Other investments:

 

 

 

 

 

 

 

 

Variation margin receivable- Commodity Futures Contracts

 

 

2,931,520

 

 

 

1,212,368

 

Cash held by custodian

 

 

 

 

 

856,046

 

Receivable for:

 

 

 

 

 

 

 

 

Dividends from affiliates

 

 

16,610

 

 

 

9,572

 

Total assets

 

$

225,840,066

 

 

$

178,160,120

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Payable for:

 

 

 

 

 

 

 

 

Management fees

 

$

133,017

 

 

$

106,161

 

Brokerage commissions and fees

 

 

5,048

 

 

 

5,020

 

Total liabilities

 

 

138,065

 

 

 

111,181

 

Commitments and Contingencies (Note 10)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Shareholder's equity—General Shares

 

 

684

 

 

 

584

 

Shareholders' equity—Shares

 

 

225,701,317

 

 

 

178,048,355

 

Total shareholders' equity

 

 

225,702,001

 

 

 

178,048,939

 

Total liabilities and equity

 

$

225,840,066

 

 

$

178,160,120

 

 

 

 

 

 

 

 

 

 

General Shares outstanding

 

 

40

 

 

 

40

 

Shares outstanding

 

 

13,200,000

 

 

 

12,200,000

 

Net asset value per share

 

$

17.10

 

 

$

14.59

 

Market value per share

 

$

17.07

 

 

$

14.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

 

 

1


Invesco DB Energy Fund

Schedule of Investments

June 30, 2018

(Unaudited)

 

Description

 

Percentage of

Shareholders'

Equity

 

 

Value

 

 

Principal Value

 

United States Treasury Obligations (a)

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bills, 1.780% due July 5, 2018

 

 

23.48

%

 

$

52,992,690

 

 

$

53,000,000

 

U.S. Treasury Bills, 1.860% due August 2, 2018

 

 

21.23

 

 

 

47,925,410

 

 

 

48,000,000

 

U.S. Treasury Bills, 1.895% due August 30, 2018

 

 

10.60

 

 

 

23,927,037

 

 

 

24,000,000

 

U.S. Treasury Bills, 2.000% due November 8, 2018 (b)

 

 

25.96

 

 

 

58,580,866

 

 

 

59,000,000

 

Total United States Treasury Obligations (cost $183,413,632)

 

 

81.27

%

 

$

183,426,003

 

 

 

 

 

Affiliated Investments

 

 

 

 

 

 

 

 

 

Shares

 

Exchange-Traded Fund

 

 

 

 

 

 

 

 

 

 

 

 

Invesco Treasury Collateral ETF (cost $20,000,061)(c)

 

 

8.92

%

 

$

20,139,678

 

 

 

189,800

 

Money Market Mutual Fund

 

 

 

 

 

 

 

 

 

 

 

 

Invesco Premier U.S. Government Money Portfolio -

    Institutional Class,1.78%

    (cost $19,326,255)(d)

 

 

8.56

 

 

 

19,326,255

 

 

 

19,326,255

 

Total Affiliated Investments (cost $39,326,316)

 

 

17.48

%

 

$

39,465,933

 

 

 

 

 

Total Investments in Securities (cost $222,739,948)

 

 

98.75

%

 

$

222,891,936

 

 

 

 

 

 

(a)

Security may be traded on a discount basis. The interest rate shown represents the discount rate at the most recent auction date of the security prior to period end.

(b)

United States Treasury Obligations of $13,900,600 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

(c)

Affiliated company. The security and the Fund are affiliated by having the same investment adviser. See Note 8.

(d)

The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of June 30, 2018.

 

Open Commodity Futures Contracts

 

Number of Contracts

 

Expiration Date

 

Notional

Value

 

 

Value(e)

 

 

Unrealized Appreciation (Depreciation)(e)

 

Long Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ICE-UK Brent Crude

 

700

 

November - 2018

 

$

54,390,000

 

 

$

11,062,094

 

 

$

11,062,094

 

NYMEX Natural Gas

 

655

 

April - 2019

 

 

17,265,800

 

 

 

18,635

 

 

 

18,635

 

NYMEX NY Harbor ULSD

 

551

 

May - 2019

 

 

50,748,092

 

 

 

2,175,133

 

 

 

2,175,133

 

NYMEX RBOB Gasoline

 

584

 

December - 2018

 

 

48,288,273

 

 

 

7,096,367

 

 

 

7,096,367

 

NYMEX WTI Crude

 

812

 

February - 2019

 

 

54,858,720

 

 

 

7,201,712

 

 

 

7,201,712

 

Total Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

$

27,553,941

 

 

$

27,553,941

 

 

(e)

Unrealized Appreciation (Depreciation) and Value are presented above, net by contract.

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

2


Invesco DB Energy Fund

Schedule of Investments

December 31, 2017

(Unaudited)

 

Description

 

Percentage of

Shareholders'

Equity

 

 

Value

 

 

Principal Value

 

United States Treasury Obligations (a)

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bills, 1.180% due January 4, 2018

 

 

27.52

%

 

$

48,996,927

 

 

$

49,000,000

 

U.S. Treasury Bills, 1.245% due January 18, 2018

 

 

10.10

 

 

 

17,990,130

 

 

 

18,000,000

 

U.S. Treasury Bills, 1.285% due February 22, 2018

 

 

28.59

 

 

 

50,908,965

 

 

 

51,000,000

 

U.S. Treasury Bills, 1.285% due March 1, 2018 (b)

 

 

7.85

 

 

 

13,971,411

 

 

 

14,000,000

 

U.S. Treasury Bills, 1.450% due June 7, 2018

 

 

6.14

 

 

 

10,930,288

 

 

 

11,000,000

 

Total United States Treasury Obligations (cost $142,800,664)

 

 

80.20

%

 

$

142,797,721

 

 

 

 

 

Affiliated Investments

 

 

 

 

 

 

 

 

 

Shares

 

Exchange-Traded Fund

 

 

 

 

 

 

 

 

 

 

 

 

PowerShares Treasury Collateral Portfolio (cost $20,000,061)(c)

 

 

11.22

%

 

 

19,980,246

 

 

 

189,800

 

Money Market Mutual Fund

 

 

 

 

 

 

 

 

 

 

 

 

Invesco Premier U.S. Government Money Portfolio -

    Institutional Class, 1.15%

    (cost $13,304,167)(d)

 

 

7.48

%

 

 

13,304,167

 

 

 

13,304,167

 

Total Affiliated Investments (cost $33,304,228)

 

 

18.70

%

 

$

33,284,413

 

 

 

 

 

Total Investments in Securities (cost $176,104,892)

 

 

98.90

%

 

$

176,082,134

 

 

 

 

 

 

(a)

Security may be traded on a discount basis. The interest rate shown represents the discount rate at the most recent auction date of the security prior to period end.

(b)

United States Treasury Obligations of $13,970,600 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

(c)

Affiliated company. The security and the Fund are affiliated by having the same investment adviser. See Note 8.

(d)

The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of December 31, 2017.

 

Open Commodity Futures Contracts

 

Number of Contracts

 

Expiration Date

 

Notional

Value

 

 

Value(e)

 

 

Unrealized Appreciation (Depreciation)(e)

 

Long Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ICE-UK Brent Crude

 

644

 

November - 2018

 

$

40,778,080

 

 

$

2,099,682

 

 

$

2,099,682

 

NYMEX Natural Gas

 

592

 

April - 2018

 

 

16,226,720

 

 

 

(701,709

)

 

 

(701,709

)

NYMEX NY Harbor ULSD

 

494

 

May - 2018

 

 

41,043,693

 

 

 

7,807,550

 

 

 

7,807,550

 

NYMEX RBOB Gasoline

 

538

 

December - 2018

 

 

38,551,036

 

 

 

1,417,154

 

 

 

1,417,154

 

NYMEX WTI Crude

 

685

 

February - 2018

 

 

41,401,400

 

 

 

5,076,073

 

 

 

5,076,073

 

Total Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

$

15,698,750

 

 

$

15,698,750

 

 

(e)

Unrealized Appreciation (Depreciation) and Value are presented above, net by contract.

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

 

 

3


Invesco DB Energy Fund

Statements of Income and Expenses

For the Three and Six Months Ended June 30, 2018 and 2017

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income

 

$

748,710

 

 

$

176,153

 

 

$

1,278,032

 

 

$

349,491

 

Dividends from Affiliates

 

 

46,682

 

 

 

10,419

 

 

 

76,357

 

 

 

20,334

 

Total Income

 

 

795,392

 

 

 

186,572

 

 

 

1,354,389

 

 

 

369,825

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management Fees

 

 

389,998

 

 

 

233,729

 

 

 

717,823

 

 

 

547,467

 

Brokerage Commissions and Fees

 

 

5,359

 

 

 

6,872

 

 

 

14,071

 

 

 

16,529

 

Interest Expense

 

 

293

 

 

 

1,836

 

 

 

1,150

 

 

 

3,473

 

Total Expenses

 

 

395,650

 

 

 

242,437

 

 

 

733,044

 

 

 

567,469

 

Less: Waivers

 

 

(7,827

)

 

 

(10,246

)

 

 

(16,335

)

 

 

(16,985

)

Net Expenses

 

 

387,823

 

 

 

232,191

 

 

 

716,709

 

 

 

550,484

 

Net Investment Income (Loss)

 

 

407,569

 

 

 

(45,619

)

 

 

637,680

 

 

 

(180,659

)

Net Realized and Net Change in Unrealized Gain (Loss) on

   United States Treasury Obligations, Affiliated Investments

   and Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Realized Gain (Loss) on

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States Treasury Obligations

 

 

(301

)

 

 

(2,944

)

 

 

125

 

 

 

(4,596

)

Commodity Futures Contracts

 

 

10,271,075

 

 

 

(7,403,309

)

 

 

18,106,843

 

 

 

(5,307,271

)

Net Realized Gain (Loss)

 

 

10,270,774

 

 

 

(7,406,253

)

 

 

18,106,968

 

 

 

(5,311,867

)

Net Change in Unrealized Gain (Loss) on

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States Treasury Obligations

 

 

47,711

 

 

 

14,382

 

 

 

15,314

 

 

 

9,103

 

Affiliated Investments

 

 

81,614

 

 

 

36,062

 

 

 

159,432

 

 

 

42,819

 

Commodity Futures Contracts

 

 

12,009,885

 

 

 

(4,470,811

)

 

 

11,855,191

 

 

 

(22,616,875

)

Net Change in Unrealized Gain (Loss)

 

 

12,139,210

 

 

 

(4,420,367

)

 

 

12,029,937

 

 

 

(22,564,953

)

Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts

 

 

22,409,984

 

 

 

(11,826,620

)

 

 

30,136,905

 

 

 

(27,876,820

)

Net Income (Loss)

 

$

22,817,553

 

 

$

(11,872,239

)

 

$

30,774,585

 

 

$

(28,057,479

)

 

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

 

 


4


Invesco DB Energy Fund
Statement of Changes in Shareholders' Equity
For the Three Months Ended June 30, 2018
(Unaudited)

 

 

 

General Shares

 

 

Shares

 

 

Total

 

 

 

Shares

 

 

Total

Equity

 

 

Shares

 

 

Total

Equity

 

 

Shareholders'

Equity

 

Balance at March 31, 2018

 

 

40

 

 

$

611

 

 

 

11,600,000

 

 

$

177,150,761

 

 

$

177,151,372

 

Purchases of Shares

 

 

 

 

 

 

 

 

 

 

2,000,000

 

 

 

32,289,762

 

 

 

32,289,762

 

Redemption of Shares

 

 

 

 

 

 

 

 

 

 

(400,000

)

 

 

(6,556,686

)

 

 

(6,556,686

)

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

 

 

1,600,000

 

 

 

25,733,076

 

 

 

25,733,076

 

Net Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)

 

 

 

 

 

 

1

 

 

 

 

 

 

 

407,568

 

 

 

407,569

 

Net Realized Gain (Loss) on United States Treasury

   Obligations, Affiliated Investments and Commodity

   Futures Contracts

 

 

 

 

 

 

32

 

 

 

 

 

 

 

10,270,742

 

 

 

10,270,774

 

Net Change in Unrealized Gain (Loss) on United States

   Treasury Obligations, Affiliated Investments and

   Commodity Futures Contracts

 

 

 

 

 

 

40

 

 

 

 

 

 

 

12,139,170

 

 

 

12,139,210

 

Net Income (Loss)

 

 

 

 

 

 

73

 

 

 

 

 

 

 

22,817,480

 

 

 

22,817,553

 

Net Change in Shareholders' Equity

 

 

 

 

 

73

 

 

 

1,600,000

 

 

 

48,550,556

 

 

 

48,550,629

 

Balance at June 30, 2018

 

 

40

 

 

$

684

 

 

 

13,200,000

 

 

$

225,701,317

 

 

$

225,702,001

 

 

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

 


5


Invesco DB Energy Fund
Statement of Changes in Shareholders' Equity
For the Three Months Ended June 30, 2017
(Unaudited)

 

 

 

General Shares

 

 

Shares

 

 

Total

 

 

 

Shares

 

 

Total

Equity

 

 

Shares

 

 

Total

Equity

 

 

Shareholders'

Equity

 

Balance at April 1, 2017

 

 

40

 

 

$

504

 

 

 

11,600,000

 

 

$

146,006,256

 

 

$

146,006,760

 

Purchases of Shares

 

 

 

 

 

 

 

 

 

 

1,800,000

 

 

 

23,600,261

 

 

 

23,600,261

 

Redemption of Shares

 

 

 

 

 

 

 

 

 

 

(4,800,000

)

 

 

(58,030,733

)

 

 

(58,030,733

)

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

 

 

(3,000,000

)

 

 

(34,430,472

)

 

 

(34,430,472

)

Net Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

(45,619

)

 

 

(45,619

)

Net Realized Gain (Loss) on United States Treasury

   Obligations, Affiliated Investments and Commodity

   Futures Contracts

 

 

 

 

 

 

(22

)

 

 

 

 

 

 

(7,406,231

)

 

 

(7,406,253

)

Net Change in Unrealized Gain (Loss) on United States

   Treasury Obligations, Affiliated Investments and

   Commodity Futures Contracts

 

 

 

 

 

 

(18

)

 

 

 

 

 

 

(4,420,349

)

 

 

(4,420,367

)

Net Income (Loss)

 

 

 

 

 

 

(40

)

 

 

 

 

 

 

(11,872,199

)

 

 

(11,872,239

)

Net Change in Shareholders' Equity

 

 

 

 

 

(40

)

 

 

(3,000,000

)

 

 

(46,302,671

)

 

 

(46,302,711

)

Balance at June 30, 2017

 

 

40

 

 

$

464

 

 

 

8,600,000

 

 

$

99,703,585

 

 

$

99,704,049

 

 

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

 


6


 

Invesco DB Energy Fund
Statement of Changes in Shareholders' Equity

For the Six Months Ended June 30, 2018

(Unaudited)

 

 

 

General Shares

 

 

Shares

 

 

Total

 

 

 

Shares

 

 

Total

Equity

 

 

Shares

 

 

Total

Equity

 

 

Shareholders'

Equity

 

Balance at December 31, 2017

 

 

40

 

 

$

584

 

 

 

12,200,000

 

 

$

178,048,355

 

 

$

178,048,939

 

Purchases of Shares

 

 

 

 

 

 

 

 

 

 

2,400,000

 

 

 

38,114,516

 

 

 

38,114,516

 

Redemption of Shares

 

 

 

 

 

 

 

 

 

 

(1,400,000

)

 

 

(21,236,039

)

 

 

(21,236,039

)

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

 

 

1,000,000

 

 

 

16,878,477

 

 

 

16,878,477

 

Net Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)

 

 

 

 

 

 

2

 

 

 

 

 

 

 

637,678

 

 

 

637,680

 

Net Realized Gain (Loss) on United States Treasury

   Obligations, Affiliated Investments and Commodity

   Futures Contracts

 

 

 

 

 

 

59

 

 

 

 

 

 

 

18,106,909

 

 

 

18,106,968

 

Net Change in Unrealized Gain (Loss) on United States

   Treasury Obligations, Affiliated Investments and

   Commodity Futures Contracts

 

 

 

 

 

 

39

 

 

 

 

 

 

 

12,029,898

 

 

 

12,029,937

 

Net Income (Loss)

 

 

 

 

 

 

100

 

 

 

 

 

 

 

30,774,485

 

 

 

30,774,585

 

Net Change in Shareholders' Equity

 

 

 

 

 

100

 

 

 

1,000,000

 

 

 

47,652,962

 

 

 

47,653,062

 

Balance at June 30, 2018

 

 

40

 

 

$

684

 

 

 

13,200,000

 

 

$

225,701,317

 

 

$

225,702,001

 

 

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

 


7


Invesco DB Energy Fund
Statement of Changes in Shareholders' Equity

For the Six Months Ended June 30, 2017

(Unaudited)

 

 

 

General Shares

 

 

Shares

 

 

Total

 

 

 

Shares

 

 

Total

Equity

 

 

Shares

 

 

Total

Equity

 

 

Shareholders'

Equity

 

Balance at January 1, 2017

 

 

40

 

 

$

552

 

 

 

14,000,000

 

 

$

193,214,185

 

 

$

193,214,737

 

Purchases of Shares

 

 

 

 

 

 

 

 

 

 

3,200,000

 

 

 

42,456,525

 

 

 

42,456,525

 

Redemption of Shares

 

 

 

 

 

 

 

 

 

 

(8,600,000

)

 

 

(107,909,734

)

 

 

(107,909,734

)

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

 

 

(5,400,000

)

 

 

(65,453,209

)

 

 

(65,453,209

)

Net Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

(180,658

)

 

 

(180,659

)

Net Realized Gain (Loss) on United States Treasury

   Obligations, Affiliated Investments and Commodity

   Futures Contracts

 

 

 

 

 

 

(16

)

 

 

 

 

 

 

(5,311,851

)

 

 

(5,311,867

)

Net Change in Unrealized Gain (Loss) on United States

   Treasury Obligations, Affiliated Investments and

   Commodity Futures Contracts

 

 

 

 

 

 

(71

)

 

 

 

 

 

 

(22,564,882

)

 

 

(22,564,953

)

Net Income (Loss)

 

 

 

 

 

 

(88

)

 

 

 

 

 

 

(28,057,391

)

 

 

(28,057,479

)

Net Change in Shareholders' Equity

 

 

 

 

 

(88

)

 

 

(5,400,000

)

 

 

(93,510,600

)

 

 

(93,510,688

)

Balance at June 30, 2017

 

 

40

 

 

$

464

 

 

 

8,600,000

 

 

$

99,703,585

 

 

$

99,704,049

 

 

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

 

 

8


Invesco DB Energy Fund

Statements of Cash Flows

For the Six Months Ended June 30, 2018 and 2017

(Unaudited)

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2018