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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, 2021



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:

001-33234






INVESCO DB SILVER FUND



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



(Exact name of registrant as specified in its charter)































Delaware





87-0778072




(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





DBS





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 June 30, 2021:

700,000











INVESCO DB SILVER FUND



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



QUARTER ENDED JUNE 30, 2021



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










19




ITEM 3.









Quantitative and Qualitative Disclosures About Market Risk










27




ITEM 4.









Controls and Procedures










29



















PART II.









OTHER INFORMATION










30



















Item 1.









Legal Proceedings










30




Item 1A.









Risk Factors










30




Item 2.









Unregistered Sales of Equity Securities and Use of Proceeds










30




Item 3.









Defaults Upon Senior Securities










30




Item 4.









Mine Safety Disclosures










30




Item 5.









Other Information










30




Item 6.









Exhibits










30





















SIGNATURES










32











PART I. FINANCIAL INFORMATION











ITEM 1.




FINANCIAL STATEMENTS.





Invesco DB Silver Fund



Statements of Financial Condition



June 30, 2021 and December 31, 2020



(Unaudited)



















































































































































































































































































































June 30,










December 31,













2021










2020







Assets




























United States Treasury Obligations, at value (cost $

12,999,028

and $

11,997,570



respectively)







$





12,998,469










$





11,998,090







Affiliated Investments, at value and cost











12,311,857














13,839,876







Other investments:




























Variation margin receivable- Commodity Futures Contracts











285,675




















Cash held by custodian
























351,645







Receivable for:




























Dividends from affiliates











285














224







Total assets







$





25,596,286










$





26,189,835







Liabilities




























Other investments:




























Variation margin payable- Commodity Futures Contracts







$














$





157,600







Payable for:




























Management fees











16,319














14,645







Total liabilities











16,319














172,245







Commitments and Contingencies (Note 10)
































Equity




























Shareholder's equity—General Shares











1,462














1,487







Shareholders' equity—Shares











25,578,505














26,016,103







Total shareholders' equity











25,579,967














26,017,590







Total liabilities and equity







$





25,596,286










$





26,189,835







General Shares outstanding











40














40







Shares outstanding











700,000














700,000







Net asset value per share







$





36.54










$





37.17







Market value per share







$





36.62










$





37.38










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







1







Invesco DB Silver Fund



Schedule of Investments



June 30, 2021



(Unaudited)


























































































































































Description







Percentage  of



Shareholders'



Equity










Value










Principal Value







United States Treasury Obligations

(a)








































U.S. Treasury Bills,

0.025

% due

September 9, 2021


(b)











19.55




%







$





4,999,597










$





5,000,000







U.S. Treasury Bills,

0.050

% due

October 7, 2021


(b)











15.64














3,999,537














4,000,000







U.S. Treasury Bills,

0.035

% due

November 4, 2021


(b)











15.63














3,999,335














4,000,000







Total United States Treasury Obligations (cost $

12,999,028

)











50.82




%







$





12,998,469



















Affiliated Investments








































Money Market Mutual Fund































Shares







Invesco Government & Agency Portfolio,



Institutional Class

0.03

% (cost $

12,311,857

)

(c)(d)











48.13




%











12,311,857














12,311,857







Total Investments in Securities (cost $

25,310,885

)











98.95




%







$





25,310,326































(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 $

12,997,900

are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.














(c)






Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. See Note 8.
















(d)








The rate shown is the 7-day SEC standardized yield as of June 30, 2021.





































































Open Commodity Futures Contracts







Number of Contracts










Expiration Date







Notional



Value










Value

(e)










Unrealized Appreciation (Depreciation)

(e)







Long Futures Contracts


























































COMEX Silver











195











January-2022







$





25,602,525










$




(

875,064




)







$




(

875,064




)
















(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 Silver Fund



Schedule of Investments



December 31, 2020



(Unaudited)











































































































































Description







Percentage  of



Shareholders'



Equity










Value










Principal Value







United States Treasury Obligations

(a)








































U.S. Treasury Bills,

0.090

% due

March 25, 2021


(b)











19.22




%







$





4,999,278










$





5,000,000







U.S. Treasury Bills,

0.090

% due

April 8, 2021


(b)











26.90














6,998,812














7,000,000







Total United States Treasury Obligations (cost $

11,997,570

)











46.12




%







$





11,998,090



















Affiliated Investments








































Money Market Mutual Fund































Shares







Invesco Premier U.S. Government Money Portfolio,



Institutional Class,

0.03

% (cost $

13,839,876

)

(c)(d)











53.19




%











13,839,876














13,839,876







Total Investments in Securities (cost $

25,837,446

)











99.31




%







$





25,837,966































(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 $


8,997,800


are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.














(c)





Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. See Note 8.














(d)








The rate shown is the 7-day SEC standardized yield as of December 31, 2020.





































































Open Commodity Futures Contracts







Number of Contracts










Expiration Date







Notional



Value










Value

(e)










Unrealized Appreciation (Depreciation)

(e)







Long Futures Contracts


























































COMEX Silver











197











May-2021







$





26,075,905










$





7,522,894










$





7,522,894



















(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 Silver Fund



Statements of Income and Expenses



For the Three and Six Months Ended June 30, 2021 and 2020



(Unaudited)




































































































































































































































































































































































































































































































Three Months Ended










Six Months Ended













June 30,










June 30,













2021










2020










2021










2020







Income




















































Interest Income







$





1,070










$





19,908










$





3,666










$





56,085







Dividends from Affiliates











996














2,301














2,089














19,888







Total Income











2,066














22,209














5,755














75,973







Expenses




















































Management Fees











51,808














26,610














103,936














53,797







Brokerage Commissions and Fees











2,553














992














2,635














998







Interest Expense











157














260














470














637







Total Expenses











54,518














27,862














107,041














55,432







Less: Waivers










(

251




)










(

2,795




)










(

3,230




)










(

5,120




)




Net Expenses











54,267














25,067














103,811














50,312







Net Investment Income (Loss)










(

52,201




)










(

2,858




)










(

98,056




)











25,661







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
























246



























246







Commodity Futures Contracts











8,190,337













(

573,066




)











8,190,337













(

573,066




)




Net Realized Gain (Loss)











8,190,337













(

572,820




)











8,190,337













(

572,820




)




Net Change in Unrealized Gain (Loss) on




















































United States Treasury Obligations










(

995




)










(

18,334




)










(

1,079




)










(

1,731




)




Commodity Futures Contracts










(

6,220,213




)











4,529,661













(

8,397,958




)











1,235,346







Net Change in Unrealized Gain (Loss)










(

6,221,208




)











4,511,327













(

8,399,037




)











1,233,615







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











1,969,129














3,938,507













(

208,700




)











660,795







Net Income (Loss)







$





1,916,928










$





3,935,649










$




(

306,756




)







$





686,456








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





























4







Invesco DB Silver Fund



Statement of Changes in Shareholders’ Equity



For the Three Months Ended June 30, 2021



(Unaudited)









































































































































































































































































































General Shares










Shares










Total













Shares










Total



Equity










Shares










Total



Equity










Shareholders'



Equity







Balance at March 31, 2021











40










$





1,375














800,000










$





27,501,059










$





27,502,434







Purchases of Shares



































































Redemption of Shares


































(

100,000




)










(

3,839,395




)










(

3,839,395




)




Net Increase (Decrease) due to Share Transactions


































(

100,000




)










(

3,839,395




)










(

3,839,395




)




Net Income (Loss)
































































Net Investment Income (Loss)






















(

6




)






















(

52,195




)










(

52,201




)




Net Realized Gain (Loss) on United States Treasury



Obligations, Affiliated Investments and



Commodity Futures Contracts























667


























8,189,670














8,190,337







Net Change in Unrealized Gain (Loss) on United States



Treasury Obligations, Affiliated Investments and



Commodity Futures Contracts






















(

574




)






















(

6,220,634




)










(

6,221,208




)




Net Income (Loss)























87


























1,916,841














1,916,928







Net Change in Shareholders' Equity
























87













(

100,000




)










(

1,922,554




)










(

1,922,467




)




Balance at June 30, 2021











40










$





1,462














700,000










$





25,578,505










$





25,579,967










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



5






Invesco DB Silver Fund



Statement of Changes in Shareholders’ Equity



For the Three Months Ended June 30, 2020



(Unaudited)









































































































































































































































































































General Shares










Shares










Total













Shares










Total



Equity










Shares










Total



Equity










Shareholders'



Equity







Balance at March 31, 2020











40










$





810














600,000










$





12,144,291










$





12,145,101







Purchases of Shares



































































Redemption of Shares



































































Net Increase (Decrease) due to Share Transactions



































































Net Income (Loss)
































































Net Investment Income (Loss)















































(

2,858




)










(

2,858




)




Net Realized Gain (Loss) on United States Treasury



Obligations, Affiliated Investments and



Commodity Futures Contracts






















(

38




)






















(

572,782




)










(

572,820




)




Net Change in Unrealized Gain (Loss) on United States



Treasury Obligations, Affiliated Investments and



Commodity Futures Contracts























300


























4,511,027














4,511,327







Net Income (Loss)























262


























3,935,387














3,935,649







Net Change in Shareholders' Equity
























262



























3,935,387














3,935,649







Balance at June 30, 2020











40










$





1,072














600,000










$





16,079,678










$





16,080,750










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





























6







Invesco DB Silver Fund



Statement of Changes in Shareholders’ Equity



For the Six Months Ended June 30, 2021



(Unaudited)









































































































































































































































































































General Shares










Shares










Total













Shares










Total



Equity










Shares










Total



Equity










Shareholders'



Equity







Balance at December 31, 2020











40










$





1,487














700,000










$





26,016,103










$





26,017,590







Purchases of Shares



































100,000














3,708,528














3,708,528







Redemption of Shares


































(

100,000




)










(

3,839,395




)










(

3,839,395




)




Net Increase (Decrease) due to Share Transactions















































(

130,867




)










(

130,867




)




Net Income (Loss)
































































Net Investment Income (Loss)






















(

8




)






















(

98,048




)










(

98,056




)




Net Realized Gain (Loss) on United States Treasury



Obligations, Affiliated Investments and



Commodity Futures Contracts























667


























8,189,670














8,190,337







Net Change in Unrealized Gain (Loss) on United States



Treasury Obligations, Affiliated Investments and



Commodity Futures Contracts






















(

684




)






















(

8,398,353




)










(

8,399,037




)




Net Income (Loss)






















(

25




)






















(

306,731




)










(

306,756




)




Net Change in Shareholders' Equity























(

25




)























(

437,598




)










(

437,623




)




Balance at June 30, 2021











40










$





1,462














700,000










$





25,578,505










$





25,579,967










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















7







Invesco DB Silver Fund



Statement of Changes in Shareholders’ Equity



For the Six Months Ended June 30, 2020



(Unaudited)



























































General Shares










Shares










Total













Shares










Total



Equity










Shares










Total



Equity










Shareholders'



Equity







Balance at December 31, 2019











40










$





1,026














600,000