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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:

001-33242






INVESCO DB OIL FUND



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



(Exact name of registrant as specified in its charter)



































Delaware





87-0778062




(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





DBO





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:

40,100,000













INVESCO DB OIL 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





20







ITEM 3.






Quantitative and Qualitative Disclosures About Market Risk





29







ITEM 4.






Controls and Procedures





31













PART II.









OTHER INFORMATION





31
















Item 1.






Legal Proceedings





31







Item 1A.






Risk Factors





31







Item 2.






Unregistered Sales of Equity Securities and Use of Proceeds





31







Item 3.






Defaults Upon Senior Securities





32







Item 4.






Mine Safety Disclosures





32







Item 5.






Other Information





32







Item 6.






Exhibits





32















SIGNATURES







33



















PART I. FINANCIAL INFORMATION













ITEM 1.




FINANCIAL STATEMENTS.







Invesco DB Oil 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 $

208,991,031

and $

164,974,804



respectively)







$





208,988,186










$





164,984,129







Affiliated Investments, at value (cost $

306,898,853

and $

264,815,849

, respectively)











306,796,984














264,713,980







Other investments:




























Variation margin receivable- Commodity Futures Contracts











1,414,550














1,159,730







Cash held by custodian
























3,243,345







Receivable for:




























Dividends from affiliates











5,226














3,582







Total assets







$





517,204,946










$





434,104,766







Liabilities




























Payable for:




























Management fees











315,391














254,252







Brokerage commissions and fees











4,736














4,743







Total liabilities







$





320,127










$





258,995







Commitments and Contingencies (Note 10)
































Equity




























Shareholder's equity—General Shares











516














338







Shareholders' equity—Shares











516,884,303














433,845,433







Total shareholders' equity











516,884,819














433,845,771







Total liabilities and equity







$





517,204,946










$





434,104,766


































General Shares outstanding











40














40







Shares outstanding











40,100,000














51,300,000







Net asset value per share







$





12.89










$





8.46







Market value per share







$





12.88










$





8.44










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







1









Invesco DB Oil 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,

0.040

% due

August 5, 2021


(b)











30.76




%







$





158,993,971










$





159,000,000







U.S. Treasury Bills,

0.050

% due

October 7, 2021


(b)











9.67














49,994,215














50,000,000







Total United States Treasury Obligations (cost $

208,991,031

)











40.43




%







$





208,988,186



















Affiliated Investments































Shares







Exchange-Traded Fund








































Invesco Treasury Collateral ETF (cost $

60,069,594

)

(c)











11.60




%







$





59,967,725














567,500







Money Market Mutual Fund








































Invesco Government & Agency Portfolio,



Institutional Class,

0.03

% (cost $

246,829,259

)

(c)(d)











47.76














246,829,259














246,829,259







Total Affiliated Investments (cost $

306,898,853

)











59.36




%







$





306,796,984



















Total Investments in Securities (cost $

515,889,884

)











99.79




%







$





515,785,170






























(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 $

93,986,600

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













(c)





Affiliated company. 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


























































NYMEX WTI Crude











7,445











December - 2021







$





516,906,350










$





121,705,250










$





121,705,250


















(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 Oil 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,

0.085

%, due

February 25, 2021


(b)











24.20




%







$





104,991,279










$





105,000,000







U.S. Treasury Bills,

0.080

% due

March 11, 2021











13.83














59,992,850














60,000,000







Total United States Treasury Obligations (cost $

164,974,804

)











38.03




%







$





164,984,129



















Affiliated Investments































Shares







Exchange-Traded Fund








































Invesco Treasury Collateral ETF (cost $

60,069,594

)

(c)











13.82




%







$





59,967,725














567,500







Money Market Mutual Fund








































Invesco Government & Agency Portfolio,



Institutional Class,

0.03

% (cost $

204,746,255

)

(c)(d)











47.19














204,746,255














204,746,255







Total Affiliated Investments (cost $

264,815,849

)











61.01




%







$





264,713,980



















Total Investments in Securities (cost $

429,790,653

)











99.04




%







$





429,698,109






























(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 $

104,989,500

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


contracts.













(c)




Affiliated company. 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


























































NYMEX WTI Crude











8,921











February - 2021







$





433,828,230










$





141,451,367










$





141,451,367
















(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 Oil 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







$





17,174










$





21,081










$





47,219










$





591,956










Dividends from Affiliates











17,033














136,814














44,899














466,836










Total Income











34,207














157,895














92,118














1,058,792










Expenses























































Management Fees











944,516














788,125














1,862,015














1,233,100










Brokerage Commissions and Fees











3,680














39,711














59,850














86,162










Interest Expense











3,114














7,638














5,602














15,730










Total Expenses











951,310














835,474














1,927,467














1,334,992










Less: Waivers










(

15,870




)










(

100,643




)










(

80,104




)










(

145,364




)







Net Expenses











935,440














734,831














1,847,363














1,189,628










Net Investment Income (Loss)










(

901,233




)










(

576,936




)










(

1,755,245




)










(

130,836




)







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





































1,505























Commodity Futures Contracts











14,446,411













(

33,409,670




)











231,327,154













(

55,869,381




)







Net Realized Gain (Loss)











14,446,411













(

33,409,670




)











231,328,659













(

55,869,381




)







Net Change in Unrealized Gain (Loss) on























































United States Treasury Obligations










(

14,405




)











14,229













(

12,170




)










(

63,244




)







Affiliated Investments










(

8,512




)










(

77,475




)























(

46,600




)







Commodity Futures Contracts











89,939,225














117,005,155













(

19,746,117




)











12,943,239










Net Change in Unrealized Gain (Loss)











89,916,308














116,941,909













(

19,758,287




)











12,833,395










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



United States Treasury Obligations, Affiliated



Investments and Commodity Futures Contracts











104,362,719














83,532,239














211,570,372













(

43,035,986




)







Net Income (Loss)







$





103,461,486










$





82,955,303










$





209,815,127










$




(

43,166,822




)










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







4









Invesco DB Oil 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










$





420














46,300,000










$





485,860,833










$





485,861,253







Purchases of Shares



































600,000














7,070,193














7,070,193







Redemption of Shares


































(

6,800,000




)










(

79,508,113




)










(

79,508,113




)




Net Increase (Decrease) due to Share Transactions


































(

6,200,000




)










(

72,437,920




)










(

72,437,920




)




Net Income (Loss)
































































Net Investment Income (Loss)















































(

901,233




)










(

901,233




)




Net Realized Gain (Loss) on United States Treasury



Obligations, Affiliated Investments and



Commodity Futures Contracts























29


























14,446,382














14,446,411







Net Change in Unrealized Gain (Loss) on United



States Treasury Obligations, Affiliated



Investments and Commodity Futures Contracts























67


























89,916,241














89,916,308







Net Income (Loss)























96


























103,461,390














103,461,486







Net Change in Shareholders' Equity
























96













(

6,200,000




)











31,023,470














31,023,566







Balance at June 30, 2021











40










$





516














40,100,000










$





516,884,303










$





516,884,819










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







5









Invesco DB Oil 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










$





245














48,000,000










$





294,402,720










$





294,402,965







Purchases of Shares



































37,400,000














205,669,341














205,669,341







Redemption of Shares


































(

16,400,000




)










(

101,918,708




)










(

101,918,708




)




Net Increase (Decrease) due to Share Transactions



































21,000,000














103,750,633














103,750,633







Net Income (Loss)
































































Net Investment Income (Loss)






















(

1




)






















(

576,935




)










(

576,936




)




Net Realized Gain (Loss) on United States Treasury



Obligations, Affiliated Investments and



Commodity Futures Contracts






















(

159




)






















(

33,409,511




)










(

33,409,670




)




Net Change in Unrealized Gain (Loss) on United



States Treasury Obligations, Affiliated



Investments and Commodity Futures Contracts























194


























116,941,715














116,941,909







Net Income (Loss)























34


























82,955,269














82,955,303







Net Change in Shareholders' Equity
























34














21,000,000














186,705,902














186,705,936







Balance at June 30, 2020











40










$





279














69,000,000










$





481,108,622










$





481,108,901










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





















































6









Invesco DB Oil 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










$





338














51,300,000










$





433,845,433










$





433,845,771







Purchases of Shares



































1,700,000














18,443,360














18,443,360







Redemption of Shares


































(

12,900,000




)










(

145,219,439




)










(

145,219,439




)




Net Increase (Decrease) due to Share Transactions


































(

11,200,000




)










(

126,776,079




)










(

126,776,079




)




Net Income (Loss)
































































Net Investment Income (Loss)






















(

1




)






















(

1,755,244




)










(

1,755,245




)




Net Realized Gain (Loss) on United States Treasury



Obligations, Affiliated Investments and



Commodity Futures Contracts























196


























231,328,463














231,328,659







Net Change in Unrealized Gain (Loss) on United



States Treasury Obligations, Affiliated



Investments and Commodity Futures Contracts






















(

17