false Q3 0001383062 --12-31 Accelerated Filer 2019-11-30 2020-04-30 2020-05-31 2019-12-31 2020-02-29 2019-11-30 2019-04-30 2019-05-31 2019-12-31 2019-02-28 0001383062 2019-01-01 2019-09-30 xbrli:shares 0001383062 2019-09-30 iso4217:USD 0001383062 2018-12-31 iso4217:USD xbrli:shares 0001383062 us-gaap:USTreasuryBillSecuritiesMember 2019-09-30 0001383062 us-gaap:USTreasuryBillSecuritiesMember 2018-12-31 0001383062 srt:AffiliatedEntityMember 2019-09-30 0001383062 srt:AffiliatedEntityMember 2018-12-31 xbrli:pure 0001383062 dbe:USTreasuryBillsTwoPointTwoOneZeroPercentageDueOctoberTenTwoThousandNineteenMember 2019-09-30 0001383062 dbe:USTreasuryBillsOnePointNineFourFivePercentageDueDecemberNineteenTwoThousandNineteenMember 2019-09-30 0001383062 dbe:USTreasuryBillsOnePointEightTwoFivePercentageDueMarchFiveTwoThousandTwentyMember 2019-09-30 0001383062 us-gaap:USTreasuryAndGovernmentMember 2019-09-30 0001383062 us-gaap:ExchangeTradedFundsMember srt:AffiliatedEntityMember 2019-09-30 0001383062 us-gaap:MoneyMarketFundsMember srt:AffiliatedEntityMember 2019-09-30 dbe:Contract 0001383062 us-gaap:LongMember us-gaap:FutureMember dbe:BrentCrudeOilIFEUMember 2019-09-30 0001383062 us-gaap:LongMember us-gaap:FutureMember dbe:NaturalGasNYMSMember 2019-09-30 0001383062 us-gaap:LongMember us-gaap:FutureMember dbe:NYHarborULSDNYMSMember 2019-09-30 0001383062 us-gaap:LongMember us-gaap:FutureMember dbe:RBOBGasolineNYMSMember 2019-09-30 0001383062 us-gaap:LongMember us-gaap:FutureMember dbe:WTICrudeOilNYMSMember 2019-09-30 0001383062 us-gaap:LongMember us-gaap:FutureMember dbe:BrentCrudeOilIFEUMember 2019-01-01 2019-09-30 0001383062 us-gaap:LongMember us-gaap:FutureMember dbe:NaturalGasNYMSMember 2019-01-01 2019-09-30 0001383062 us-gaap:LongMember us-gaap:FutureMember dbe:NYHarborULSDNYMSMember 2019-01-01 2019-09-30 0001383062 us-gaap:LongMember us-gaap:FutureMember dbe:RBOBGasolineNYMSMember 2019-01-01 2019-09-30 0001383062 us-gaap:LongMember us-gaap:FutureMember dbe:WTICrudeOilNYMSMember 2019-01-01 2019-09-30 0001383062 us-gaap:LongMember us-gaap:FutureMember 2019-09-30 0001383062 dbe:USTreasuryBillsTwoPointOneSevenFivePercentageDueJanuaryThreeTwoThousandNineteenMember 2018-12-31 0001383062 dbe:USTreasuryBillsTwoPointThreeSevenZeroPercentageDueFebruaryTwentyEightTwoThousandNineteenMember 2018-12-31 0001383062 dbe:USTreasuryBillsTwoPointFourOneFivePercentageDueMarchTwentyEightTwoThousandNineteenMember 2018-12-31 0001383062 dbe:USTreasuryBillsTwoPointFourSixFivePercentageDueAprilFourTwoThousandNineteenMember 2018-12-31 0001383062 dbe:USTreasuryBillsTwoPointFourThreeZeroPercentageDueMayTwoTwoThousandNineteenMember 2018-12-31 0001383062 us-gaap:USTreasuryAndGovernmentMember 2018-12-31 0001383062 us-gaap:ExchangeTradedFundsMember srt:AffiliatedEntityMember 2018-12-31 0001383062 us-gaap:MoneyMarketFundsMember srt:AffiliatedEntityMember 2018-12-31 0001383062 us-gaap:FutureMember us-gaap:LongMember dbe:BrentCrudeOilIFEUMember 2018-12-31 0001383062 us-gaap:FutureMember us-gaap:LongMember dbe:NaturalGasNYMSMember 2018-12-31 0001383062 us-gaap:FutureMember us-gaap:LongMember dbe:NYHarborULSDNYMSMember 2018-12-31 0001383062 us-gaap:FutureMember us-gaap:LongMember dbe:RBOBGasolineNYMSMember 2018-12-31 0001383062 us-gaap:FutureMember us-gaap:LongMember dbe:WTICrudeOilNYMSMember 2018-12-31 0001383062 us-gaap:FutureMember us-gaap:LongMember dbe:BrentCrudeOilIFEUMember 2018-01-01 2018-12-31 0001383062 us-gaap:FutureMember us-gaap:LongMember dbe:NaturalGasNYMSMember 2018-01-01 2018-12-31 0001383062 us-gaap:FutureMember us-gaap:LongMember dbe:NYHarborULSDNYMSMember 2018-01-01 2018-12-31 0001383062 us-gaap:FutureMember us-gaap:LongMember dbe:RBOBGasolineNYMSMember 2018-01-01 2018-12-31 0001383062 us-gaap:FutureMember us-gaap:LongMember dbe:WTICrudeOilNYMSMember 2018-01-01 2018-12-31 0001383062 us-gaap:FutureMember us-gaap:LongMember 2018-12-31 0001383062 2019-07-01 2019-09-30 0001383062 2018-07-01 2018-09-30 0001383062 2018-01-01 2018-09-30 0001383062 us-gaap:GeneralPartnerMember 2019-06-30 0001383062 us-gaap:LimitedPartnerMember 2019-06-30 0001383062 2019-06-30 0001383062 us-gaap:LimitedPartnerMember 2019-07-01 2019-09-30 0001383062 us-gaap:GeneralPartnerMember 2019-07-01 2019-09-30 0001383062 us-gaap:GeneralPartnerMember 2019-09-30 0001383062 us-gaap:LimitedPartnerMember 2019-09-30 0001383062 us-gaap:GeneralPartnerMember 2018-06-30 0001383062 us-gaap:LimitedPartnerMember 2018-06-30 0001383062 2018-06-30 0001383062 us-gaap:LimitedPartnerMember 2018-07-01 2018-09-30 0001383062 us-gaap:GeneralPartnerMember 2018-07-01 2018-09-30 0001383062 us-gaap:GeneralPartnerMember 2018-09-30 0001383062 us-gaap:LimitedPartnerMember 2018-09-30 0001383062 2018-09-30 0001383062 us-gaap:GeneralPartnerMember 2018-12-31 0001383062 us-gaap:LimitedPartnerMember 2018-12-31 0001383062 us-gaap:LimitedPartnerMember 2019-01-01 2019-09-30 0001383062 us-gaap:GeneralPartnerMember 2019-01-01 2019-09-30 0001383062 us-gaap:GeneralPartnerMember 2017-12-31 0001383062 us-gaap:LimitedPartnerMember 2017-12-31 0001383062 2017-12-31 0001383062 us-gaap:LimitedPartnerMember 2018-01-01 2018-09-30 0001383062 us-gaap:GeneralPartnerMember 2018-01-01 2018-09-30 dbe:Trust 0001383062 2006-08-03 dbe:CreationUnit 0001383062 dbe:TheManagingOwnerMember 2019-01-01 2019-09-30 0001383062 us-gaap:FairValueInputsLevel2Member 2019-09-30 0001383062 us-gaap:FairValueInputsLevel1Member 2019-09-30 0001383062 us-gaap:FairValueInputsLevel2Member 2018-12-31 0001383062 us-gaap:FairValueInputsLevel1Member 2018-12-31 0001383062 us-gaap:NondesignatedMember us-gaap:CommodityContractMember 2019-09-30 0001383062 us-gaap:NondesignatedMember us-gaap:CommodityContractMember 2018-12-31 0001383062 us-gaap:CommodityContractMember dbe:MorganStanleyAndCoLLCMember 2019-09-30 0001383062 dbe:MorganStanleyAndCoLLCMember us-gaap:CommodityContractMember 2018-12-31 0001383062 us-gaap:NondesignatedMember us-gaap:CommodityContractMember 2019-07-01 2019-09-30 0001383062 us-gaap:NondesignatedMember us-gaap:CommodityContractMember 2018-07-01 2018-09-30 0001383062 us-gaap:NondesignatedMember us-gaap:CommodityContractMember 2019-01-01 2019-09-30 0001383062 us-gaap:NondesignatedMember us-gaap:CommodityContractMember 2018-01-01 2018-09-30 0001383062 srt:WeightedAverageMember us-gaap:CommodityContractMember 2019-07-01 2019-09-30 0001383062 srt:WeightedAverageMember us-gaap:CommodityContractMember 2018-07-01 2018-09-30 0001383062 srt:WeightedAverageMember us-gaap:CommodityContractMember 2019-01-01 2019-09-30 0001383062 srt:WeightedAverageMember us-gaap:CommodityContractMember 2018-01-01 2018-09-30 0001383062 us-gaap:USTreasuryAndGovernmentMember srt:AffiliatedEntityMember 2019-01-01 2019-09-30 0001383062 srt:MinimumMember us-gaap:USTreasuryAndGovernmentMember srt:AffiliatedEntityMember 2019-09-30 0001383062 us-gaap:ExchangeTradedFundsMember srt:AffiliatedEntityMember 2019-06-30 0001383062 us-gaap:ExchangeTradedFundsMember srt:AffiliatedEntityMember 2019-07-01 2019-09-30 0001383062 us-gaap:ExchangeTradedFundsMember srt:AffiliatedEntityMember 2019-01-01 2019-09-30 0001383062 us-gaap:ExchangeTradedFundsMember srt:AffiliatedEntityMember 2018-06-30 0001383062 us-gaap:ExchangeTradedFundsMember srt:AffiliatedEntityMember 2017-12-31 0001383062 us-gaap:ExchangeTradedFundsMember srt:AffiliatedEntityMember 2018-07-01 2018-09-30 0001383062 us-gaap:ExchangeTradedFundsMember srt:AffiliatedEntityMember 2018-01-01 2018-09-30 0001383062 us-gaap:ExchangeTradedFundsMember srt:AffiliatedEntityMember 2018-09-30

 

 

 

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 September 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: (800983-0903

 

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 every 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 September 30, 2019: 4,200,000 Shares.

 

 

 


 

 

INVESCO DB ENERGY FUND

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

QUARTER ENDED SEPTEMBER 30, 2019

TABLE OF CONTENTS

 

 

 

Page 

PART I.

FINANCIAL INFORMATION

1

 

 

 

ITEM 1.

Financial Statements

1

 

Notes to Unaudited Financial Statements

10

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

20

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

29

ITEM 4.

Controls and Procedures

31

 

 

 

PART II.

OTHER INFORMATION

32

 

 

 

Item 1.

Legal Proceedings

32

Item 1A.

Risk Factors

32

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

32

Item 3.

Defaults Upon Senior Securities

32

Item 4.

Mine Safety Disclosures

32

Item 5.

Other Information

32

Item 6.

Exhibits

33

 

 

SIGNATURES

34

 

 

 

 


 

PART I. FINANCIAL INFORMATION

ITEM  1.

FINANCIAL STATEMENTS.

Invesco DB Energy Fund

Statements of Financial Condition

September 30, 2019 and December 31, 2018

(Unaudited)

 

 

 

September 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Assets

 

 

 

 

 

 

 

 

United States Treasury Obligations, at value (cost $33,855,114 and

   $67,736,084, respectively)

 

$

33,865,350

 

 

$

67,734,740

 

Affiliated investments, at value (cost $21,537,200 and $24,903,778, respectively)

 

 

21,575,274

 

 

 

24,916,229

 

Other investments:

 

 

 

 

 

 

 

 

Variation margin receivable- Commodity Futures Contracts

 

 

 

 

 

91,024

 

Receivable for:

 

 

 

 

 

 

 

 

Dividends from affiliates

 

 

5,995

 

 

 

9,623

 

Investments sold

 

 

1,999,120

 

 

 

 

Total assets

 

$

57,445,739

 

 

$

92,751,616

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Other investments:

 

 

 

 

 

 

 

 

Variation margin payable- Commodity Futures Contracts

 

$

1,358,530

 

 

$

 

Payable for:

 

 

 

 

 

 

 

 

Due to custodian

 

 

 

 

 

1,367,641

 

Management fees

 

 

34,384

 

 

 

80,530

 

Brokerage commissions and fees

 

 

5,009

 

 

 

4,560

 

Distributions

 

 

 

 

 

83,140

 

Total liabilities

 

 

1,397,923

 

 

 

1,535,871

 

Commitments and Contingencies (Note 10)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Shareholder's equity—General Shares

 

 

534

 

 

 

493

 

Shareholders' equity—Shares

 

 

56,047,282

 

 

 

91,215,252

 

Total shareholders' equity

 

 

56,047,816

 

 

 

91,215,745

 

Total liabilities and equity

 

$

57,445,739

 

 

$

92,751,616

 

 

 

 

 

 

 

 

 

 

General Shares outstanding

 

 

40

 

 

 

40

 

Shares outstanding

 

 

4,200,000

 

 

 

7,400,000

 

Net asset value per share

 

$

13.34

 

 

$

12.33

 

Market value per share

 

$

13.38

 

 

$

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

September 30, 2019

(Unaudited)

 

Description

 

Percentage of

Shareholders'

Equity

 

 

Value

 

 

Principal Value

 

United States Treasury Obligations (a)

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

7.13

%

 

$

3,998,237

 

 

$

4,000,000

 

U.S. Treasury Bills, 1.945% due December 19, 2019 (b)

 

 

44.44

 

 

 

24,905,625

 

 

 

25,000,000

 

U.S. Treasury Bills, 1.825% due March 5, 2020

 

 

8.85

 

 

 

4,961,488

 

 

 

5,000,000

 

Total United States Treasury Obligations (cost $33,855,114)

 

 

60.42

%

 

$

33,865,350

 

 

 

 

 

Affiliated Investments

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange-Traded Fund

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

35.75

%

 

$

20,038,135

 

 

 

189,800

 

Money Market Mutual Fund

 

 

 

 

 

 

 

 

 

 

 

 

Invesco Premier U.S. Government Money Portfolio - Institutional Class, 1.81% (cost $1,537,139)(d)

 

 

2.75

 

 

 

1,537,139

 

 

 

1,537,139

 

Total Affiliated Investments (cost $21,537,200)

 

 

38.50

%

 

$

21,575,274

 

 

 

 

 

Total Investments in Securities (cost $55,392,314)

 

 

98.92

%

 

$

55,440,624

 

 

 

 

 

 

(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 $9,463,900 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 September 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

 

209

 

November - 2019

 

$

12,222,320

 

 

$

(2,090,365

)

 

$

(2,090,365

)

NYMEX Natural Gas

 

251

 

April - 2020

 

 

5,680,130

 

 

 

(746,190

)

 

 

(746,190

)

NYMEX NY Harbor ULSD

 

168

 

May - 2020

 

 

12,714,912

 

 

 

(1,524,783

)

 

 

(1,524,783

)

NYMEX RBOB Gasoline

 

208

 

December - 2019

 

 

13,189,613

 

 

 

(99,644

)

 

 

(99,644

)

NYMEX WTI Crude

 

232

 

February - 2020

 

 

12,272,800

 

 

 

(737,028

)

 

 

(737,028

)

Total Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

$

(5,198,010

)

 

$

(5,198,010

)

 

(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 Nine Months Ended September 30, 2019 and 2018

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income

 

$

216,091

 

 

$

996,404

 

 

$

1,003,290

 

 

$

2,274,436

 

Dividends from Affiliates

 

 

132,619

 

 

 

286,872

 

 

 

430,837

 

 

 

363,229

 

Total Income

 

 

348,710

 

 

 

1,283,276

 

 

 

1,434,127

 

 

 

2,637,665

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management Fees

 

 

120,556

 

 

 

430,890

 

 

 

463,295

 

 

 

1,148,713

 

Brokerage Commissions and Fees

 

 

1,514

 

 

 

2,557

 

 

 

10,333

 

 

 

16,628

 

Interest Expense

 

 

1,807

 

 

 

10,825

 

 

 

9,635

 

 

 

11,975

 

Total Expenses

 

 

123,877

 

 

 

444,272

 

 

 

483,263

 

 

 

1,177,316

 

Less: Waivers

 

 

(6,178

)

 

 

(11,205

)

 

 

(19,398

)

 

 

(27,540

)

Net Expenses

 

 

117,699

 

 

 

433,067

 

 

 

463,865

 

 

 

1,149,776

 

Net Investment Income (Loss)

 

 

231,011

 

 

 

850,209

 

 

 

970,262

 

 

 

1,487,889

 

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

 

 

5,253

 

 

 

(1,287

)

 

 

7,610

 

 

 

(1,162

)

Commodity Futures Contracts

 

 

(1,361,189

)

 

 

3,515,396

 

 

 

(8,497,033

)

 

 

21,622,239

 

Net Realized Gain (Loss)

 

 

(1,355,936

)

 

 

3,514,109

 

 

 

(8,489,423

)

 

 

21,621,077

 

Net Change in Unrealized Gain (Loss) on

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States Treasury Obligations

 

 

(8,098

)

 

 

(49,853

)

 

 

11,580

 

 

 

(34,539

)

Affiliated Investments

 

 

(3,796

)

 

 

(125,268

)

 

 

25,623

 

 

 

34,164

 

Commodity Futures Contracts

 

 

(3,145,463

)

 

 

7,995,709

 

 

 

17,470,729

 

 

 

19,850,900

 

Net Change in Unrealized Gain (Loss)

 

 

(3,157,357

)

 

 

7,820,588

 

 

 

17,507,932

 

 

 

19,850,525

 

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

 

 

(4,513,293

)

 

 

11,334,697

 

 

 

9,018,509

 

 

 

41,471,602

 

Net Income (Loss)

 

$

(4,282,282

)

 

$

12,184,906

 

 

$

9,988,771

 

 

$

42,959,491

 

 

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 September 30, 2019
(Unaudited)

 

 

 

General Shares

 

 

Shares

 

 

Total

 

 

 

Shares

 

 

Total

Equity

 

 

Shares

 

 

Total

Equity

 

 

Shareholders'

Equity

 

Balance at June 30, 2019

 

 

40

 

 

$

571

 

 

 

5,200,000

 

 

$

74,218,315

 

 

$

74,218,886

 

Purchases of Shares

 

 

 

 

 

 

 

 

 

 

800,000

 

 

 

11,298,179

 

 

 

11,298,179

 

Redemption of Shares

 

 

 

 

 

 

 

 

 

 

(1,800,000

)

 

 

(25,186,967

)

 

 

(25,186,967

)

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

 

 

(1,000,000

)

 

 

(13,888,788

)

 

 

(13,888,788

)

Net Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

231,011

 

 

 

231,011

 

Net Realized Gain (Loss) on United States Treasury

   Obligations, Affiliated Investments and Commodity

   Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,355,936

)

 

 

(1,355,936

)

Net Change in Unrealized Gain (Loss) on United States

   Treasury Obligations, Affiliated Investments and

   Commodity Futures Contracts

 

 

 

 

 

 

(37

)

 

 

 

 

 

 

(3,157,320

)

 

 

(3,157,357

)

Net Income (Loss)

 

 

 

 

 

 

(37

)

 

 

 

 

 

 

(4,282,245

)

 

 

(4,282,282

)

Net Change in Shareholders' Equity

 

 

 

 

 

(37

)

 

 

(1,000,000

)

 

 

(18,171,033

)

 

 

(18,171,070

)

Balance at September 30, 2019

 

 

40

 

 

$

534

 

 

 

4,200,000

 

 

$

56,047,282

 

 

$

56,047,816

 

 

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 September 30, 2018
(Unaudited)

 

 

 

General Shares

 

 

Shares

 

 

Total

 

 

 

Shares

 

 

Total

Equity

 

 

Shares

 

 

Total

Equity

 

 

Shareholders'

Equity

 

Balance at June 30, 2018

 

 

40

 

 

$

684

 

 

 

13,200,000

 

 

$

225,701,317

 

 

$

225,702,001

 

Purchases of Shares

 

 

 

 

 

 

 

 

 

 

1,400,000

 

 

 

23,484,533

 

 

 

23,484,533

 

Redemption of Shares

 

 

 

 

 

 

 

 

 

 

(2,000,000

)

 

 

(33,277,982

)

 

 

(33,277,982

)

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

 

 

(600,000

)

 

 

(9,793,449

)

 

 

(9,793,449

)

Net Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)

 

 

 

 

 

 

3

 

 

 

 

 

 

 

850,206

 

 

 

850,209

 

Net Realized Gain (Loss) on United States Treasury

   Obligations, Affiliated Investments and Commodity

   Futures Contracts

 

 

 

 

 

 

11

 

 

 

 

 

 

 

3,514,098

 

 

 

3,514,109

 

Net Change in Unrealized Gain (Loss) on United States

   Treasury Obligations, Affiliated Investments and

   Commodity Futures Contracts

 

 

 

 

 

 

26

 

 

 

 

 

 

 

7,820,562

 

 

 

7,820,588

 

Net Income (Loss)

 

 

 

 

 

 

40

 

 

 

 

 

 

 

12,184,866

 

 

 

12,184,906

 

Net Change in Shareholders' Equity

 

 

 

 

 

40

 

 

 

(600,000

)

 

 

2,391,417

 

 

 

2,391,457

 

Balance at September 30, 2018

 

 

40

 

 

$

724

 

 

 

12,600,000

 

 

$

228,092,734

 

 

$

228,093,458

 

 

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 Nine Months Ended September 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

 

 

 

 

 

 

 

 

 

 

1,800,000

 

 

 

25,604,699

 

 

 

25,604,699

 

Redemption of Shares

 

 

 

 

 

 

 

 

 

 

(5,000,000

)

 

 

(70,761,399

)

 

 

(70,761,399

)

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

 

 

(3,200,000

)