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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:

001-33244






INVESCO DB PRECIOUS METALS FUND



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



(Exact name of registrant as specified in its charter)




































Delaware








87-0778065




(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





DBP





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:

2,500,000







INVESCO DB PRECIOUS METALS 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





30













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





32












SIGNATURES







34















PART I. FINANCIAL INFORMATION











ITEM  1.




FINANCIAL STATEMENTS.





Invesco DB Precious Metals 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 $

35,996,787

and $

54,986,091

,



respectively)







$





35,996,595










$





54,989,124







Affiliated investments, at value (cost $

86,591,510

and $

86,092,194

, respectively)











86,540,585














86,041,269







Other investments:




























Variation margin receivable- Commodity Futures Contracts











750,275




















Cash held by custodian
























1,027,215







Receivable for:




























Dividends from affiliates











1,510














1,146







Total assets







$





123,288,965










$





142,058,754







Liabilities




























Other investments:




























Variation margin payable- Commodity Futures Contracts
























83,070







Payable for:




























Management fees











76,973














83,060







Brokerage commissions and fees











5,000














5,003







Total liabilities











81,973














171,133







Commitments and Contingencies (Note 10)
































Equity




























Shareholder's equity—General Shares











1,971














2,102







Shareholders' equity—Shares











123,205,021














141,885,519







Total shareholders' equity











123,206,992














141,887,621







Total liabilities and equity







$





123,288,965










$





142,058,754







General Shares outstanding











40














40







Shares outstanding











2,500,000














2,700,000


































Net asset value per share







$





49.28










$





52.55







Market value per share







$





49.35










$





52.76












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







1







Invesco DB Precious Metals 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)











12.99




%







$





15,999,393










$





16,000,000







U.S. Treasury Bills,

0.050

% due

October 7, 2021


(b)











13.80














16,998,033














17,000,000







U.S. Treasury Bills,

0.090

% due

January 27, 2022


(b)











2.43














2,999,169














3,000,000







Total United States Treasury Obligations (cost $

35,996,787

)











29.22




%







$





35,996,595



















Affiliated Investments































Shares







Exchange-Traded Fund








































Invesco Treasury Collateral ETF (cost $

17,486,475

)

(c)











14.15




%







$





17,435,550














165,000







Money Market Mutual Fund








































Invesco Government & Agency Portfolio, Institutional Class,




0.03

% (cost $

69,105,035

)

(c)(d)











56.09














69,105,035














69,105,035







Total Affiliated Investments (cost $

86,591,510

)











70.24




%







$





86,540,585



















Total Investments in Securities (cost $

122,588,297

)











99.46




%







$





122,537,180































(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 $

35,994,100

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 Gold











538










February-2022







$





95,640,260










$




(

6,332,685




)







$




(

6,332,685




)







COMEX Silver











211










January-2022











27,703,245













(

1,018,531




)










(

1,018,531




)







Total Commodity Futures Contracts





































$




(

7,351,216




)







$




(

7,351,216




)



















(




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 Precious Metals 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)











14.10




%







$





19,998,339










$





20,000,000







U.S. Treasury Bills,

0.080

% due

March 11, 2021


(b)











14.09














19,997,616














20,000,000







U.S. Treasury Bills,

0.090

% due

June 10, 2021











5.64














7,997,462














8,000,000







U.S. Treasury Bills,

0.140

% due

October 7, 2021











4.93














6,995,707














7,000,000







Total United States Treasury Obligations (cost $

54,986,091

)











38.76




%







$





54,989,124



















Affiliated Investments































Shares







Exchange-Traded Fund








































Invesco Treasury Collateral ETF (cost $

17,486,475

)

(c)











12.29




%







$





17,435,550














165,000







Money Market Mutual Fund








































Invesco Premier U.S. Government Money Portfolio, Institutional



Class,

0.03

% (cost $

68,605,719

)

(c)(d)











48.35














68,605,719














68,605,719







Total Affiliated Investments (cost $

86,092,194

)











60.64




%











86,041,269



















Total Investments in Securities (cost $

141,078,285

)











99.40




%







$





141,030,393































(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 $

39,994,000

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 Gold











589











February-2021







$





111,621,390










$





16,297,433










$





16,297,433










COMEX Silver











229











May-2021











30,311,585














12,043,917














12,043,917










Total Commodity Futures Contracts





































$





28,341,350










$





28,341,350






















(




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 Precious Metals 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







$





4,856










$





30,717










$





14,572










$





335,167







Dividends from Affiliates











4,598














54,103














11,503














260,504







Total Income











9,454














84,820














26,075














595,671







Expenses




















































Management Fees











227,432














261,992














461,320














525,328







Brokerage Commissions and Fees











2,600














2,221














6,285














8,247







Interest Expense











320














1,761














1,184














3,659







Total Expenses











230,352














265,974














468,789














537,234







Less: Waivers










(

4,484




)










(

35,005




)










(

19,827




)










(

64,315




)




Net Expenses











225,868














230,969














448,962














472,919







Net Investment Income (Loss)










(

216,414




)










(

146,149




)










(

422,887




)











122,752







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





































292




















Commodity Futures Contracts











10,751,584













(

605,640




)











27,223,337














13,026,223







Net Realized Gain (Loss)











10,751,584













(

605,640




)











27,223,629














13,026,223







Net Change in Unrealized Gain (Loss) on




















































United States Treasury Obligations










(

4,696




)










(

17,740




)










(

3,225




)










(

17,559




)




Affiliated Investments










(

2,475




)










(

29,475




)























(

29,475




)




Commodity Futures Contracts










(

6,547,240




)











23,056,627













(

35,692,566




)











5,635,477







Net Change in Unrealized Gain (Loss)










(

6,554,411




)











23,009,412













(

35,695,791




)











5,588,443







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



United States Treasury Obligations, Affiliated



Investments and Commodity Futures Contracts











4,197,173














22,403,772













(

8,472,162




)











18,614,666







Net Income (Loss)







$





3,980,759










$





22,257,623










$




(

8,895,049




)







$





18,737,418








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







4







Invesco DB Precious Metals 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










$





1,900














2,400,000










$





114,011,373










$





114,013,273







Purchases of Shares



































200,000














10,169,577














10,169,577







Redemption of Shares


































(

100,000




)










(

4,956,617




)










(

4,956,617




)




Net Increase (Decrease) due to Share Transactions



































100,000














5,212,960














5,212,960







Net Income (Loss)
































































Net Investment Income (Loss)






















(

3




)






















(

216,411




)










(

216,414




)




Net Realized Gain (Loss) on United States



Treasury Obligations, Affiliated Investments



and Commodity Futures Contracts























143


























10,751,441














10,751,584







Net Change in Unrealized Gain (Loss) on



United States Treasury Obligations,



Affiliated Investments and Commodity



Futures Contracts






















(

69




)






















(

6,554,342




)










(

6,554,411




)




Net Income (Loss)























71


























3,980,688














3,980,759







Net Change in Shareholders' Equity
























71














100,000














9,193,648














9,193,719







Balance at June 30, 2021











40










$





1,971














2,500,000










$





123,205,021










$





123,206,992








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







5







Invesco DB Precious Metals 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










$





1,636














3,400,000










$





139,076,963










$





139,078,599







Purchases of Shares



































































Redemption of Shares


































(

400,000




)










(

17,617,701




)










(

17,617,701




)




Net Increase (Decrease) due to Share Transactions


































(

400,000




)










(

17,617,701




)










(

17,617,701




)




Net Income (Loss)
































































Net Investment Income (Loss)















































(

146,149




)










(

146,149




)




Net Realized Gain (Loss) on United States



Treasury Obligations, Affiliated Investments



and Commodity Futures Contracts























48

























(

605,688




)










(

605,640




)




Net Change in Unrealized Gain (Loss) on



United States Treasury Obligations,



Affiliated Investments and Commodity



Futures Contracts























232


























23,009,180














23,009,412







Net Income (Loss)























280


























22,257,343














22,257,623







Net Change in Shareholders' Equity
























280













(

400,000




)











4,639,642














4,639,922







Balance at June 30, 2020











40










$





1,916














3,000,000










$





143,716,605










$





143,718,521








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







6







Invesco DB Precious Metals 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










$





2,102














2,700,000










$





141,885,519










$





141,887,621