0001564590-17-016093.txt : 20170808 0001564590-17-016093.hdr.sgml : 20170808 20170807174920 ACCESSION NUMBER: 0001564590-17-016093 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 56 CONFORMED PERIOD OF REPORT: 20170630 FILED AS OF DATE: 20170808 DATE AS OF CHANGE: 20170807 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PowerShares DB Energy Fund CENTRAL INDEX KEY: 0001383062 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 870778060 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-33240 FILM NUMBER: 171012781 BUSINESS ADDRESS: STREET 1: 3500 LACEY ROAD STREET 2: SUITE 700 CITY: DOWNERS GROVE STATE: IL ZIP: 60515 BUSINESS PHONE: 800-983-0903 MAIL ADDRESS: STREET 1: 3500 LACEY ROAD STREET 2: SUITE 700 CITY: DOWNERS GROVE STATE: IL ZIP: 60515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PowerShares DB Multi-Sector Commodity Trust CENTRAL INDEX KEY: 0001367306 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-33229 FILM NUMBER: 171012782 BUSINESS ADDRESS: STREET 1: 3500 LACEY ROAD STREET 2: SUITE 700 CITY: DOWNERS GROVE STATE: IL ZIP: 60515 BUSINESS PHONE: 800-983-0903 MAIL ADDRESS: STREET 1: 3500 LACEY ROAD STREET 2: SUITE 700 CITY: DOWNERS GROVE STATE: IL ZIP: 60515 FORMER COMPANY: FORMER CONFORMED NAME: DB Multi-Sector Commodity Trust DATE OF NAME CHANGE: 20060626 FORMER COMPANY: FORMER CONFORMED NAME: DB Multi-Sector Trust DATE OF NAME CHANGE: 20060623 10-Q 1 dbe-10q_20170630.htm 10-Q dbe-10q_20170630.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, 2017

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

 

POWERSHARES DB ENERGY FUND

(A Series of PowerShares 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 PowerShares 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, 2017: 8,600,000 Shares.

 

 


POWERSHARES DB ENERGY FUND

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

QUARTER ENDED JUNE 30, 2017

TABLE OF CONTENTS

 

 

 

 

 


PART I. FINANCIAL INFORMATION

ITEM  1.

FINANCIAL STATEMENTS.

PowerShares DB Energy Fund

Statements of Financial Condition

June 30, 2017 and December 31, 2016

(Unaudited)

 

 

 

June 30,

 

 

December 31,

 

 

 

2017

 

 

2016

 

Assets

 

 

 

 

 

 

 

 

United States Treasury Obligations, at value (cost $68,957,141 and

   $183,843,172, respectively)

 

$

68,960,600

 

 

$

183,837,528

 

Affiliated investments, at value (cost $28,683,689 and $9,388,271, respectively)

 

 

28,726,508

 

 

 

9,388,271

 

Total Investments, at value (cost $97,640,830 and $193,231,443, respectively)

 

 

97,687,108

 

 

 

193,225,799

 

Cash held by custodian

 

 

176,731

 

 

 

 

Receivable for:

 

 

 

 

 

 

 

 

Dividends from affiliates

 

 

3,196

 

 

 

2,258

 

Variation margin

 

 

1,899,426

 

 

 

112,741

 

Total assets

 

$

99,766,461

 

 

$

193,340,798

 

Liabilities

 

 

 

 

 

 

 

 

Payable for:

 

 

 

 

 

 

 

 

Due to custodian

 

$

 

 

$

500

 

Management fee

 

 

57,401

 

 

 

122,985

 

Brokerage commissions and fees

 

 

5,011

 

 

 

2,576

 

Total liabilities

 

 

62,412

 

 

 

126,061

 

Commitments and Contingencies (Note 10)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Shareholder's equity—General Shares

 

 

464

 

 

 

552

 

Shareholders' equity—Shares

 

 

99,703,585

 

 

 

193,214,185

 

Total shareholders' equity

 

 

99,704,049

 

 

 

193,214,737

 

Total liabilities and equity

 

$

99,766,461

 

 

$

193,340,798

 

General Shares outstanding

 

 

40

 

 

 

40

 

Shares outstanding

 

 

8,600,000

 

 

 

14,000,000

 

Net asset value per share

 

$

11.59

 

 

$

13.80

 

Market value per share

 

$

11.60

 

 

$

13.79

 

 

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

 

 

1


PowerShares DB Energy Fund

Schedule of Investments

June 30, 2017

(Unaudited)

 

Description

 

Percentage of

Shareholders'

Equity

 

 

Value

 

 

Principal Value

 

United States Treasury Obligations (a)

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bills, 0.840% due July 6, 2017

 

 

22.07

%

 

$

21,998,614

 

 

$

22,000,000

 

U.S. Treasury Bills, 0.890% due July 27, 2017(b)

 

 

34.08

 

 

 

33,981,538

 

 

 

34,000,000

 

U.S. Treasury Bills, 0.960% due August 31, 2017

 

 

13.02

 

 

 

12,980,448

 

 

 

13,000,000

 

Total United States Treasury Obligations (cost $68,957,141)

 

 

69.17

%

 

$

68,960,600

 

 

 

 

 

Affiliated Investments

 

 

 

 

 

 

 

 

 

Shares

 

Exchange-Traded Fund

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

20.10

%

 

$

20,042,880

 

 

 

189,800

 

Money Market Mutual Fund

 

 

 

 

 

 

 

 

 

 

 

 

Premier U.S. Government Money Portfolio - Institutional Class, 0.86%

   (cost $8,683,628)(e)

 

 

8.71

 

 

 

8,683,628

 

 

 

8,683,628

 

Total Affiliated Investments (cost $28,683,689)

 

 

28.81

 

 

 

28,726,508

 

 

 

 

 

Total Investments (cost $97,640,830)

 

 

97.98

%

 

$

97,687,108

 

 

 

 

 

 

(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 $22,986,200 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)     Non-Income producing security.

(e)

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, 2017.

 

Description

 

Unrealized

Appreciation/

(Depreciation)

as a

Percentage of

Shareholders'

Equity

 

 

Unrealized

Appreciation/

(Depreciation)(f)

 

 

Notional

Value

 

Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

NYMEX WTI Crude (465 contracts, settlement date February 20, 2018)

 

 

(3.34

)%

 

$

(3,331,782

)

 

$

22,180,500

 

NYMEX NY Harbor ULSD (344 contracts, settlement date

   May 31, 2018)

 

 

0.14

 

 

 

143,912

 

 

 

22,137,226

 

NYMEX Natural Gas (351 contracts, settlement date August 29, 2017)

 

 

(0.84

)

 

 

(832,700

)

 

 

10,638,810

 

ICE-UK Brent Crude (443 contracts, settlement date October 31, 2017)

 

 

(2.81

)

 

 

(2,806,744

)

 

 

21,968,370

 

NYMEX RBOB Gasoline (394 contracts, settlement date

   November 30, 2017)

 

 

(2.75

)

 

 

(2,745,105

)

 

 

22,751,845

 

Total Commodity Futures Contracts

 

 

(9.60

)%

 

(9,572,419)

 

 

$

99,676,751

 

 

(f)

Unrealized appreciation/(depreciation) is presented above, net by contract.

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

2


PowerShares DB Energy Fund

Schedule of Investments

December 31, 2016

(Unaudited)

 

Description

 

Percentage of

Shareholders'

Equity

 

 

Value

 

 

Principal Value

 

United States Treasury Obligations(a)

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bills, 0.490% due January 19, 2017

 

 

9.83

%

 

$

18,996,561

 

 

$

19,000,000

 

U.S. Treasury Bills, 0.485% due January 26, 2017

 

 

25.35

 

 

 

48,987,113

 

 

 

49,000,000

 

U.S. Treasury Bills, 0.490% due March 2, 2017

 

 

27.41

 

 

 

52,959,455

 

 

 

53,000,000

 

U.S. Treasury Bills, 0.530% due April 6, 2017(b)

 

 

20.68

 

 

 

39,946,080

 

 

 

40,000,000

 

U.S. Treasury Bills, 0.625% due May 18, 2017

 

 

11.88

 

 

 

22,948,319

 

 

 

23,000,000

 

Total United States Treasury Obligations (cost $183,843,172)

 

 

95.15

%

 

$

183,837,528

 

 

 

 

 

Money Market Mutual Fund

 

 

 

 

 

 

 

 

 

Shares

 

Premier U.S. Government Money Portfolio- Institutional Class, 0.41%

   (cost $9,388,271)(c)

 

 

4.86

%

 

$

9,388,271

 

 

 

9,388,271

 

Total Investments (cost $193,231,443)

 

 

100.01

%

 

$

193,225,799

 

 

 

 

 

 

(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 year end.

(b)

United States Treasury Obligations of $22,967,800 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

(c)

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, 2016.

 

Description

 

Unrealized

Appreciation/

(Depreciation)

as a

Percentage of

Shareholders'

Equity

 

 

Unrealized

Appreciation/

(Depreciation)(d)

 

 

Notional

Value

 

Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

ICE-UK Brent Crude (722 contracts, settlement date

   October 31, 2017)

 

 

1.13

%

 

$

2,177,150

 

 

$

42,403,060

 

NYMEX Natural Gas (572 contracts, settlement date

   August 29, 2017)

 

 

1.21

 

 

 

2,332,659

 

 

 

20,317,440

 

NYMEX NY Harbor ULSD (591 contracts, settlement

   date May 31, 2017)

 

 

1.88

 

 

 

3,638,171

 

 

 

43,418,642

 

NYMEX RBOB Gasoline (643 contracts, settlement date

   November 30, 2017)

 

 

0.87

 

 

 

1,689,875

 

 

 

43,676,804

 

NYMEX WTI Crude (795 contracts, settlement date

   February 22, 2017)

 

 

1.66

 

 

 

3,206,601

 

 

 

43,454,700

 

Total Commodity Futures Contracts

 

 

6.75

%

 

$

13,044,456

 

 

$

193,270,646

 

 

(d)

Unrealized appreciation/(depreciation) is presented above, net by contract.

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

 

 

3


PowerShares DB Energy Fund

Statements of Income and Expenses

For the Three and Six Months Ended June 30, 2017 and 2016

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income

 

$

176,153

 

 

$

62,766

 

 

$

349,491

 

 

$

102,902

 

Dividends from Affiliates

 

 

10,419

 

 

 

 

 

 

20,334

 

 

 

 

Total Income

 

 

186,572

 

 

 

62,766

 

 

 

369,825

 

 

 

102,902

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management Fee

 

 

233,729

 

 

 

180,893

 

 

 

547,467

 

 

 

325,876

 

Brokerage Commissions and Fees

 

 

6,872

 

 

 

5,917

 

 

 

16,529

 

 

 

10,298

 

Interest Expense

 

 

1,836

 

 

 

524

 

 

 

3,473

 

 

 

2,259

 

Total Expenses

 

 

242,437

 

 

 

187,334

 

 

 

567,469

 

 

 

338,433

 

Less: Waivers

 

 

(10,246

)

 

 

 

 

 

(16,985

)

 

 

 

Net Expenses

 

 

232,191

 

 

 

187,334

 

 

 

550,484

 

 

 

338,433

 

Net Investment Income (Loss)

 

 

(45,619

)

 

 

(124,568

)

 

 

(180,659

)

 

 

(235,531

)

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

 

 

(2,944

)

 

 

1,694

 

 

 

(4,596

)

 

 

2,734

 

Commodity Futures Contracts

 

 

(7,403,309

)

 

 

(3,280,539

)

 

 

(5,307,271

)

 

 

(25,176,493

)

Net Realized Gain (Loss)

 

 

(7,406,253

)

 

 

(3,278,845

)

 

 

(5,311,867

)

 

 

(25,173,759

)

Net Change in Unrealized Gain (Loss) on

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States Treasury Obligations

 

 

14,382

 

 

 

(6,322

)

 

 

9,103

 

 

 

4,684

 

Affiliated Investments

 

 

36,062

 

 

 

 

 

 

42,819

 

 

 

 

Commodity Futures Contracts

 

 

(4,470,811

)

 

 

18,760,148

 

 

 

(22,616,875

)

 

 

34,542,368

 

Net Change in Unrealized Gain (Loss)

 

 

(4,420,367

)

 

 

18,753,826

 

 

 

(22,564,953

)

 

 

34,547,052

 

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

 

 

(11,826,620

)

 

 

15,474,981

 

 

 

(27,876,820

)

 

 

9,373,293

 

Net Income (Loss)

 

$

(11,872,239

)

 

$

15,350,413

 

 

$

(28,057,479

)

 

$

9,137,762

 

 

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

 

 

4


PowerShares 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.

 

 

5


PowerShares DB Energy Fund

Statement of Changes in Shareholders’ Equity

For the Three Months Ended June 30, 2016

(Unaudited)

 

 

 

General Shares

 

 

Shares

 

 

Total

 

 

 

Shares

 

 

Total

Equity

 

 

Shares

 

 

Total

Equity

 

 

Shareholders'

Equity

 

Balance at April 1, 2016

 

 

40

 

 

$

419

 

 

 

7,200,000

 

 

$

75,431,260

 

 

$

75,431,679

 

Purchases of Shares

 

 

 

 

 

 

 

 

 

 

7,200,000

 

 

 

88,828,628

 

 

 

88,828,628

 

Redemption of Shares

 

 

 

 

 

 

 

 

 

 

(1,600,000

)

 

 

(18,977,306

)

 

 

(18,977,306

)

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

 

 

5,600,000

 

 

 

69,851,322

 

 

 

69,851,322

 

Net Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

(124,567

)

 

 

(124,568

)

Net Realized Gain (Loss) on United States Treasury

   Obligations and Commodity Futures Contracts

 

 

 

 

 

 

(59

)

 

 

 

 

 

 

(3,278,786

)

 

 

(3,278,845

)

Net Change in Unrealized Gain (Loss) on United States

   Treasury Obligations and Commodity Futures

   Contracts

 

 

 

 

 

 

143

 

 

 

 

 

 

 

18,753,683

 

 

 

18,753,826

 

Net Income (Loss)

 

 

 

 

 

 

83

 

 

 

 

 

 

 

15,350,330

 

 

 

15,350,413

 

Net Change in Shareholders' Equity

 

 

 

 

 

83

 

 

 

5,600,000

 

 

 

85,201,652

 

 

 

85,201,735

 

Balance at June 30, 2016

 

 

40

 

 

$

502

 

 

 

12,800,000

 

 

$

160,632,912

 

 

$

160,633,414

 

 

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


6


PowerShares 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 and Commodity Futures Contracts

 

 

 

 

 

 

(16

)

 

 

 

 

 

 

(5,311,851

)

 

 

(5,311,867

)

Net Change in Unrealized Gain (Loss) on United States

   Treasury Obligations 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.


7


PowerShares DB Energy Fund

Statement of Changes in Shareholders’ Equity

For the Six Months Ended June 30, 2016

(Unaudited)

 

 

 

General Shares

 

 

Shares

 

 

Total

 

 

 

Shares

 

 

Total

Equity

 

 

Shares

 

 

Total

Equity

 

 

Shareholders'

Equity

 

Balance at January 1, 2016

 

 

40

 

 

$

446

 

 

 

8,400,000

 

 

$

93,691,628

 

 

$

93,692,074

 

Purchases of Shares

 

 

 

 

 

 

 

 

 

 

8,200,000

 

 

 

98,199,197

 

 

 

98,199,197

 

Redemption of Shares

 

 

 

 

 

 

 

 

 

 

(3,800,000

)

 

 

(40,395,619

)

 

 

(40,395,619

)

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

 

 

4,400,000

 

 

 

57,803,578

 

 

 

57,803,578

 

Net Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)

 

 

 

 

 

 

(2

)

 

 

 

 

 

 

(235,529

)

 

 

(235,531

)

Net Realized Gain (Loss) on United States Treasury

   Obligations and Commodity Futures Contracts

 

 

 

 

 

 

(154

)

 

 

 

 

 

 

(25,173,605

)

 

 

(25,173,759

)

Net Change in Unrealized Gain (Loss) on United States

   Treasury Obligations and Commodity Futures

   Contracts

 

 

 

 

 

 

212

 

 

 

 

 

 

 

34,546,840

 

 

 

34,547,052

 

Net Income (Loss)

 

 

 

 

 

 

56

 

 

 

 

 

 

 

9,137,706

 

 

 

9,137,762

 

Net Change in Shareholders' Equity

 

 

 

 

 

56

 

 

 

4,400,000

 

 

 

66,941,284

 

 

 

66,941,340

 

Balance at June 30, 2016

 

 

40

 

 

$

502

 

 

 

12,800,000

 

 

$

160,632,912

 

 

$

160,633,414

 

 

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

 

 

8


PowerShares DB Energy Fund

Statements of Cash Flows

For the Six Months Ended June 30, 2017 and 2016

(Unaudited)

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2017

 

 

2016

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net Income (Loss)

 

 

(28,057,479

)

 

 

9,137,762

 

Adjustments to reconcile net income (loss) to net cash provided by (used for) operating

   activities:

 

 

 

 

 

 

 

 

Cost of securities purchased

 

 

(167,733,170

)

 

 

(234,853,090

)

Proceeds from securities sold and matured

 

 

282,964,095

 

 

 

181,692,032

 

Cost of affiliated investments purchased

 

 

(162,334,683

)

 

 

Proceeds from affiliated investments sold

 

 

143,039,266

 

 

 

Net accretion of discount on United States Treasury Obligations

 

 

(349,491

)

 

 

(102,902

)

Net realized (gain) loss on United States Treasury Obligations and Affiliated

   Investments

 

 

4,596

 

 

 

(2,734

)

Net change in unrealized (gain) loss on United States Treasury Obligations, Affiliated

   Investments and Commodity Futures Contracts

 

 

(51,922

)

 

 

(4,684

)

Change in operating receivables and liabilities:

 

 

 

 

 

 

 

 

Dividends from affiliates

 

 

(938

)

 

 

Variation margin

 

 

(1,786,685

)

 

 

5,094,288

 

Management fee

 

 

(65,584

)

 

 

7,814

 

Brokerage commissions and fees

 

 

2,435

 

 

 

(4,451

)

Net cash provided by (used for) operating activities

 

 

65,630,440