10-Q 1 dbe-10q_20190630.htm 10-Q dbe-10q_20190630.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, 2019

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

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Units of Beneficial Interest

DBE

NYSE Arca, Inc.

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 an Interactive Data File required to be submitted 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 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.

 

Large Accelerated Filer

Accelerated Filer

 

 

 

 

Non-Accelerated Filer

  

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, 2019: 5,200,000 Shares.


 

INVESCO DB ENERGY FUND

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

QUARTER ENDED JUNE 30, 2019

TABLE OF CONTENTS

 

 

 

 

 


PART I. FINANCIAL INFORMATION

ITEM  1.

FINANCIAL STATEMENTS.

Invesco DB Energy Fund

Statements of Financial Condition

June 30, 2019 and December 31, 2018

(Unaudited)

 

 

 

June 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Assets

 

 

 

 

 

 

 

 

United States Treasury Obligations, at value (cost $48,858,103 and

   $67,736,084, respectively)

 

$

48,876,437

 

 

$

67,734,740

 

Affiliated investments, at value (cost $26,232,569 and $24,903,778, respectively)

 

 

26,274,439

 

 

 

24,916,229

 

Other investments:

 

 

 

 

 

 

 

 

Variation margin receivable- Commodity Futures Contracts

 

 

 

 

 

91,024

 

Receivable for:

 

 

 

 

 

 

 

 

Dividends from affiliates

 

 

7,028

 

 

 

9,623

 

Total assets

 

$

75,157,904

 

 

$

92,751,616

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Other investments:

 

 

 

 

 

 

 

 

Variation margin payable- Commodity Futures Contracts

 

$

890,314

 

 

$

 

Payable for:

 

 

 

 

 

 

 

 

Due to custodian

 

 

 

 

 

1,367,641

 

Management fees

 

 

43,699

 

 

 

80,530

 

Brokerage commissions and fees

 

 

5,005

 

 

 

4,560

 

Distributions

 

 

 

 

 

83,140

 

Total liabilities

 

 

939,018

 

 

 

1,535,871

 

Commitments and Contingencies (Note 10)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Shareholder's equity—General Shares

 

 

571

 

 

 

493

 

Shareholders' equity—Shares

 

 

74,218,315

 

 

 

91,215,252

 

Total shareholders' equity

 

 

74,218,886

 

 

 

91,215,745

 

Total liabilities and equity

 

$

75,157,904

 

 

$

92,751,616

 

 

 

 

 

 

 

 

 

 

General Shares outstanding

 

 

40

 

 

 

40

 

Shares outstanding

 

 

5,200,000

 

 

 

7,400,000

 

Net asset value per share

 

$

14.27

 

 

$

12.33

 

Market value per share

 

$

14.19

 

 

$

12.43

 

 

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, 2019

(Unaudited)

 

Description

 

Percentage of

Shareholders'

Equity

 

 

Value

 

 

Principal Value

 

United States Treasury Obligations (a)

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bills, 2.385% due August 1, 2019

 

 

27.04

%

 

$

20,065,297

 

 

$

20,100,000

 

U.S. Treasury Bills, 2.360% due August 15, 2019 (b)

 

 

30.91

 

 

 

22,939,984

 

 

 

23,000,000

 

U.S. Treasury Bills, 2.240% due September 12, 2019

 

 

4.56

 

 

 

3,385,815

 

 

 

3,400,000

 

U.S. Treasury Bills, 2.210% due October 10, 2019

 

 

3.35

 

 

 

2,485,341

 

 

 

2,500,000

 

Total United States Treasury Obligations (cost $48,858,103)

 

 

65.86

%

 

$

48,876,437

 

 

 

 

 

Affiliated Investments

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange-Traded Fund

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

27.00

%

 

$

20,041,931

 

 

 

189,800

 

Money Market Mutual Fund

 

 

 

 

 

 

 

 

 

 

 

 

Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.26% (cost $6,232,508)(d)

 

 

8.40

 

 

 

6,232,508

 

 

 

6,232,508

 

Total Affiliated Investments (cost $26,232,569)

 

 

35.40

%

 

$

26,274,439

 

 

 

 

 

Total Investments in Securities (cost $75,090,672)

 

 

101.26

%

 

$

75,150,876

 

 

 

 

 

 

(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 $18,950,600 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, 2019.

 

Open Commodity Futures Contracts

 

Number of Contracts

 

Expiration Date

 

Notional

Value

 

 

Value(e)

 

 

Unrealized Appreciation (Depreciation)(e)

 

Long Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ICE-UK Brent Crude

 

257

 

January - 2020

 

$

16,334,920

 

 

$

(1,724,883

)

 

$

(1,724,883

)

NYMEX Natural Gas

 

310

 

May - 2020

 

 

7,405,900

 

 

 

(623,971

)

 

 

(623,971

)

NYMEX NY Harbor ULSD

 

207

 

June - 2020

 

 

16,675,092

 

 

 

(1,095,957

)

 

 

(1,095,957

)

NYMEX RBOB Gasoline

 

256

 

January - 2019

 

 

17,374,157

 

 

 

1,099,704

 

 

 

1,099,704

 

NYMEX WTI Crude

 

286

 

March - 2020

 

 

16,336,320

 

 

 

292,560

 

 

 

292,560

 

Total Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

$

(2,052,547

)

 

$

(2,052,547

)

 

(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, 2018

(Unaudited)

 

Description

 

Percentage of

Shareholders'

Equity

 

 

Value

 

 

Principal Value

 

United States Treasury Obligations (a)

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bills, 2.175% due January 3, 2019

 

 

18.64

%

 

$

16,998,940

 

 

$

17,000,000

 

U.S. Treasury Bills, 2.370% due February, 28, 2019

 

 

19.66

 

 

 

17,932,277

 

 

 

18,000,000

 

U.S. Treasury Bills, 2.415% due March 28, 2019 (b)

 

 

23.98

 

 

 

21,877,086

 

 

 

22,000,000

 

U.S. Treasury Bills, 2.465% due April 4, 2019

 

 

8.72

 

 

 

7,950,499

 

 

 

8,000,000

 

U.S. Treasury Bills, 2.430% due May 2, 2019

 

 

3.26

 

 

 

2,975,938

 

 

 

3,000,000

 

Total United States Treasury Obligations (cost $67,736,084)

 

 

74.26

%

 

$

67,734,740

 

 

 

 

 

Affiliated Investments

 

 

 

 

 

 

 

 

 

Shares

 

   Exchange-Traded Fund

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

21.94

%

 

$

20,012,512

 

 

 

189,800

 

   Money Market Mutual Fund

 

 

 

 

 

 

 

 

 

 

 

 

Invesco Premier U.S. Government Money Portfolio -

    Institutional Class, 2.30% (cost $4,903,717)(d)

 

 

5.37

 

 

 

4,903,717

 

 

 

4,903,717

 

Total Affiliated Investments (cost $24,903,778)

 

 

27.31

%

 

$

24,916,229

 

 

 

 

 

Total Investments in Securities (cost $92,639,862)

 

 

101.57

%

 

$

92,650,969

 

 

 

 

 

 

(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 $19,213,740 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, 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

 

363

 

November - 2019

 

$

20,055,750

 

 

$

(5,928,121

)

 

$

(5,928,121

)

NYMEX Natural Gas

 

424

 

April - 2019

 

 

11,329,280

 

 

 

108,092

 

 

 

108,092

 

NYMEX NY Harbor ULSD

 

290

 

May - 2019

 

 

20,252,904

 

 

 

(6,373,378

)

 

 

(6,373,378

)

NYMEX RBOB Gasoline

 

362

 

December - 2019

 

 

20,295,820

 

 

 

(2,526,927

)

 

 

(2,526,927

)

NYMEX WTI Crude

 

422

 

February - 2019

 

 

19,293,840

 

 

 

(7,948,405

)

 

 

(7,948,405

)

Total Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

$

(22,668,739

)

 

$

(22,668,739

)

 

(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, 2019 and 2018

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income

 

$

363,020

 

 

$

748,710

 

 

$

787,199

 

 

$

1,278,032

 

Dividends from Affiliates

 

 

145,626

 

 

 

46,682

 

 

 

298,218

 

 

 

76,357

 

Total Income

 

 

508,646

 

 

 

795,392

 

 

 

1,085,417

 

 

 

1,354,389

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management Fees

 

 

159,091

 

 

 

389,998

 

 

 

342,739

 

 

 

717,823

 

Brokerage Commissions and Fees

 

 

4,956

 

 

 

5,359

 

 

 

8,819

 

 

 

14,071

 

Interest Expense

 

 

4,253

 

 

 

293

 

 

 

7,828

 

 

 

1,150

 

Total Expenses

 

 

168,300

 

 

 

395,650

 

 

 

359,386

 

 

 

733,044

 

Less: Waivers

 

 

(6,019

)

 

 

(7,827

)

 

 

(13,220

)

 

 

(16,335

)

Net Expenses

 

 

162,281

 

 

 

387,823

 

 

 

346,166

 

 

 

716,709

 

Net Investment Income (Loss)

 

 

346,365

 

 

 

407,569

 

 

 

739,251

 

 

 

637,680

 

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

 

 

2,818

 

 

 

(301

)

 

 

2,357

 

 

 

125

 

Commodity Futures Contracts

 

 

(1,418,296

)

 

 

10,271,075

 

 

 

(7,135,844

)

 

 

18,106,843

 

Net Realized Gain (Loss)

 

 

(1,415,478

)

 

 

10,270,774

 

 

 

(7,133,487

)

 

 

18,106,968

 

Net Change in Unrealized Gain (Loss) on

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States Treasury Obligations

 

 

17,548

 

 

 

47,711

 

 

 

19,678

 

 

 

15,314

 

Affiliated Investments

 

 

19,929

 

 

 

81,614

 

 

 

29,419

 

 

 

159,432

 

Commodity Futures Contracts

 

 

(1,665,849

)

 

 

12,009,885

 

 

 

20,616,192

 

 

 

11,855,191

 

Net Change in Unrealized Gain (Loss)

 

 

(1,628,372

)

 

 

12,139,210

 

 

 

20,665,289

 

 

 

12,029,937

 

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

 

 

(3,043,850

)

 

 

22,409,984

 

 

 

13,531,802

 

 

 

30,136,905

 

Net Income (Loss)

 

$

(2,697,485

)

 

$

22,817,553

 

 

$

14,271,053

 

 

$

30,774,585

 

 

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, 2019
(Unaudited)

 

 

 

General Shares

 

 

Shares

 

 

Total

 

 

 

Shares

 

 

Total

Equity

 

 

Shares

 

 

Total

Equity

 

 

Shareholders'

Equity

 

Balance at March 31, 2019

 

 

40

 

 

$

588

 

 

 

6,600,000

 

 

$

96,949,979

 

 

$

96,950,567

 

Purchases of Shares

 

 

 

 

 

 

 

 

 

 

400,000

 

 

 

6,042,181

 

 

 

6,042,181

 

Redemption of Shares

 

 

 

 

 

 

 

 

 

 

(1,800,000

)

 

 

(26,076,377

)

 

 

(26,076,377

)

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

 

 

(1,400,000

)

 

 

(20,034,196

)

 

 

(20,034,196

)

Net Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)

 

 

 

 

 

 

2

 

 

 

 

 

 

 

346,363

 

 

 

346,365

 

Net Realized Gain (Loss) on United States Treasury

   Obligations, Affiliated Investments and Commodity

   Futures Contracts

 

 

 

 

 

 

(7

)

 

 

 

 

 

 

(1,415,471

)

 

 

(1,415,478

)

Net Change in Unrealized Gain (Loss) on United States

   Treasury Obligations, Affiliated Investments and

   Commodity Futures Contracts

 

 

 

 

 

 

(12

)

 

 

 

 

 

 

(1,628,360

)

 

 

(1,628,372

)

Net Income (Loss)

 

 

 

 

 

 

(17

)

 

 

 

 

 

 

(2,697,468

)

 

 

(2,697,485

)

Net Change in Shareholders' Equity

 

 

 

 

 

(17

)

 

 

(1,400,000

)

 

 

(22,731,664

)

 

 

(22,731,681

)

Balance at June 30, 2019

 

 

40

 

 

$

571

 

 

 

5,200,000

 

 

$

74,218,315

 

 

$

74,218,886

 

 

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, 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.


6


Invesco DB Energy Fund
Statement of Changes in Shareholders' Equity

For the Six Months Ended June 30, 2019

(Unaudited)

 

 

 

General Shares

 

 

Shares

 

 

Total

 

 

 

Shares

 

 

Total

Equity

 

 

Shares

 

 

Total

Equity

 

 

Shareholders'

Equity

 

Balance at December 31, 2018

 

 

40

 

 

$

493

 

 

 

7,400,000

 

 

$

91,215,252

 

 

$

91,215,745

 

Purchases of Shares

 

 

 

 

 

 

 

 

 

 

1,000,000

 

 

 

14,306,520

 

 

 

14,306,520

 

Redemption of Shares

 

 

 

 

 

 

 

 

 

 

(3,200,000

)

 

 

(45,574,432

)

 

 

(45,574,432

)

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

 

 

(2,200,000

)

 

 

(31,267,912

)

 

 

(31,267,912

)

Net Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)

 

 

 

 

 

 

4

 

 

 

 

 

 

 

739,247

 

 

 

739,251

 

Net Realized Gain (Loss) on United States Treasury

   Obligations, Affiliated Investments and Commodity

   Futures Contracts

 

 

 

 

 

 

(39

)

 

 

 

 

 

 

(7,133,448

)

 

 

(7,133,487

)

Net Change in Unrealized Gain (Loss) on United States

   Treasury Obligations, Affiliated Investments and

   Commodity Futures Contracts

 

 

 

 

 

 

113

 

 

 

 

 

 

 

20,665,176

 

 

 

20,665,289

 

Net Income (Loss)

 

 

 

 

 

 

78

 

 

 

 

 

 

 

14,270,975

 

 

 

14,271,053

 

Net Change in Shareholders' Equity

 

 

 

 

 

78

 

 

 

(2,200,000

)

 

 

(16,996,937

)

 

 

(16,996,859

)

Balance at June 30, 2019

 

 

40

 

 

$

571

 

 

 

5,200,000

 

 

$

74,218,315

 

 

$

74,218,886

 

 

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, 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