Invesco DB Precious Metals Fund Earnings 2021-03-31

Balance Sheet	Income Statement	Cash Flow

dbp-10q_20210331.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021


☐	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 March 31, 2021: 2,400,000

INVESCO DB PRECIOUS METALS FUND

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

QUARTER ENDED MARCH 31, 2021

TABLE OF CONTENTS


		Page
PART I.	FINANCIAL INFORMATION	1

ITEM 1.	Financial Statements	1
	Notes to Unaudited Financial Statements	8
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	24
ITEM 4.	Controls and Procedures	26

PART II.	OTHER INFORMATION	27

Item 1.	Legal Proceedings	27
Item 1A.	Risk Factors	27
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 3.	Defaults Upon Senior Securities	27
Item 4.	Mine Safety Disclosures	27
Item 5.	Other Information	27
Item 6.	Exhibits	27

SIGNATURES		29

PART I. FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS.

Invesco DB Precious Metals Fund

Statements of Financial Condition

March 31, 2021 and December 31, 2020

(Unaudited)

	March 31,		December 31,
	2021		2020
Assets
United States Treasury Obligations, at value (cost $40,992,357 and $54,986,091, respectively)	$	40,996,861	$	54,989,124
Affiliated investments, at value (cost $71,206,864 and $86,092,194, respectively)		71,158,414		86,041,269
Other investments:
Variation margin receivable- Commodity Futures Contracts		1,931,245		—
Cash held by custodian		—		1,027,215
Receivable for:
Dividends from affiliates		1,379		1,146
Total assets	$	114,087,899	$	142,058,754
Liabilities
Other investments:
Variation margin payable- Commodity Futures Contracts	$	—	$	83,070
Payable for:
Management fees		69,629		83,060
Brokerage commissions and fees		4,997		5,003
Total liabilities		74,626		171,133
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares		1,900		2,102
Shareholders' equity—Shares		114,011,373		141,885,519
Total shareholders' equity		114,013,273		141,887,621
Total liabilities and equity	$	114,087,899	$	142,058,754
General Shares outstanding		40		40
Shares outstanding		2,400,000		2,700,000

Net asset value per share	$	47.50	$	52.55
Market value per share	$	47.33	$	52.76

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

Invesco DB Precious Metals Fund

Schedule of Investments

March 31, 2021

(Unaudited)

Description	Percentage of Shareholders' Equity			Value		Principal Value
United States Treasury Obligations ^(a)
U.S. Treasury Bills, 0.045% due June 10, 2021 ^(b)		7.02	%	$	7,999,821	$	8,000,000
U.S. Treasury Bills, 0.070% due August 5, 2021 ^(b)		14.03			15,999,160		16,000,000
U.S. Treasury Bills, 0.035% due October 7, 2021 ^(b)		14.91			16,997,880		17,000,000
Total United States Treasury Obligations (cost $40,992,357)		35.96	%	$	40,996,861
Affiliated Investments						Shares
Exchange-Traded Fund
Invesco Treasury Collateral ETF (cost $17,486,475) ^(c)		15.29	%	$	17,438,025		165,000
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 0.03% (cost $53,720,389) ^(c)(d)		47.12	%	$	53,720,389		53,720,389
Total Affiliated Investments (cost $71,206,864)		62.41	%	$	71,158,414
Total Investments in Securities (cost $112,199,221)		98.37	%	$	112,155,275

^(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 $34,994,800 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 March 31, 2021.

Open Commodity Futures Contracts	Number of Contracts		Expiration Date	Notional Value		Value^(e)			Unrealized Appreciation (Depreciation)^(e)
Long Futures Contracts
COMEX Gold		517	February-2022	$	89,048,080	$	(9,379,988	)	$	(9,379,988	)
COMEX Silver		203	May-2021		24,899,980		8,576,012			8,576,012
Total Commodity Futures Contracts						$	(803,976	)	$	(803,976	)

⁽^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.

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.

Invesco DB Precious Metals Fund

Statements of Income and Expenses

For the Three Months Ended March 31, 2021 and 2020

(Unaudited)

	Three Months Ended
	March 31,
	2021			2020
Income
Interest Income	$	9,716		$	304,450
Dividends from Affiliates		6,905			206,401
Total Income		16,621			510,851
Expenses
Management Fees		233,888			263,336
Brokerage Commissions and Fees		3,685			6,026
Interest Expense		864			1,898
Total Expenses		238,437			271,260
Less: Waivers		(15,343	)		(29,310	)
Net Expenses		223,094			241,950
Net Investment Income (Loss)		(206,473	)		268,901
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		16,471,753			13,631,863
Net Realized Gain (Loss)		16,472,045			13,631,863
Net Change in Unrealized Gain (Loss) on
United States Treasury Obligations		1,471			181
Affiliated Investments		2,475			—
Commodity Futures Contracts		(29,145,326	)		(17,421,150	)
Net Change in Unrealized Gain (Loss)		(29,141,380	)		(17,420,969	)
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(12,669,335	)		(3,789,106	)
Net Income (Loss)	$	(12,875,808	)	$	(3,520,205	)

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

Invesco DB Precious Metals Fund

Statement of Changes in Shareholders’ Equity

For the Three Months Ended March 31, 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
Purchases of Shares							—			—			—
Redemption of Shares							(300,000	)		(14,998,540	)		(14,998,540	)
Net Increase (Decrease) due to Share Transactions							(300,000	)		(14,998,540	)		(14,998,540	)
Net Income (Loss)
Net Investment Income (Loss)				(3	)					(206,470	)		(206,473	)
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				258						16,471,787			16,472,045
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				(457	)					(29,140,923	)		(29,141,380	)
Net Income (Loss)				(202	)					(12,875,606	)		(12,875,808	)
Net Change in Shareholders' Equity		—		(202	)		(300,000	)		(27,874,146	)		(27,874,348	)
Balance at March 31, 2021		40	$	1,900			2,400,000		$	114,011,373		$	114,013,273

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

Invesco DB Precious Metals Fund

Statement of Changes in Shareholders’ Equity

For the Three Months Ended March 31, 2020

(Unaudited)

	General Shares					Shares						Total
	Shares		Total Equity			Shares			Total Equity			Shareholders' Equity
Balance at December 31, 2019		40	$	1,668			3,400,000		$	141,734,724		$	141,736,392
Purchases of Shares							1,000,000			41,508,133			41,508,133
Redemption of Shares							(1,000,000	)		(40,645,721	)		(40,645,721	)
Net Increase (Decrease) due to Share Transactions							—			862,412			862,412
Net Income (Loss)
Net Investment Income (Loss)				2						268,899			268,901
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				124						13,631,739			13,631,863
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				(158	)					(17,420,811	)		(17,420,969	)
Net Income (Loss)				(32	)					(3,520,173	)		(3,520,205	)
Net Change in Shareholders' Equity		—		(32	)		—			(2,657,761	)		(2,657,793	)
Balance at March 31, 2020		40	$	1,636			3,400,000		$	139,076,963		$	139,078,599

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

Invesco DB Precious Metals Fund

Statements of Cash Flows

For the Three Months Ended March 31, 2021 and 2020

(Unaudited)

	Three Months Ended
	March 31,
	2021			2020
Cash flows from operating activities:
Net Income (Loss)	$	(12,875,808	)	$	(3,520,205	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased		(25,996,213	)		(46,947,478	)
Proceeds from securities sold and matured		39,999,955			27,000,000
Cost of affiliated investments purchased		(44,122,366	)		(104,084,145	)
Proceeds from affiliated investments sold		59,007,696			123,333,701
Net accretion of discount on United States Treasury Obligations		(9,716	)		(302,720	)
Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments		(292	)		—
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments		(3,946	)		(181	)
Change in operating assets and liabilities:
Variation margin- Commodity Futures Contracts		(2,014,315	)		3,559,930
Dividends from affiliates		(233	)		(21,178	)
Management fees		(13,431	)		(9,966	)
Brokerage commissions and fees		(6	)		270
Net cash provided by (used in) operating activities		13,971,325			(991,972	)
Cash flows from financing activities:
Proceeds from purchases of Shares		—			41,508,133
Redemption of Shares		(14,998,540	)		(40,645,721	)
Net cash provided by (used in) financing activities		(14,998,540	)		862,412
Net change in cash		(1,027,215	)		(129,560	)
Cash at beginning of period		1,027,215			129,560
Cash at end of period	$	—		$	—
Supplemental disclosure of cash flow information
Cash paid for interest	$	864		$	1,898

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

Invesco DB Precious Metals Fund

Notes to Unaudited Financial Statements

March 31, 2021

Note 1 - Organization

Invesco DB Precious Metals Fund (the “Fund”), a separate series of Invesco DB Multi-Sector Commodity Trust (the “Trust”), a Delaware statutory trust organized in seven separate series, was formed on August 3, 2006. The term of the Fund is perpetual (unless terminated earlier in certain circumstances) as provided for in the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Trust, as amended (the “Trust Agreement”). The Fund has an unlimited number of shares authorized for issuance.

Invesco Capital Management LLC (“Invesco”) has served as the managing owner (the “Managing Owner”), commodity pool operator and commodity trading advisor of the Trust and the Fund since February 23, 2015. The Managing Owner holds 40 general shares (the “General Shares”) of the Fund. The fiscal year end of the Fund is December 31st.

The Fund seeks to track changes, whether positive or negative, in the level of the DBIQ Optimum Yield Precious Metals Index Excess Return™ (the “Index”) over time, plus the excess, if any, of the sum of the Fund’s interest income from its holdings of United States Treasury Obligations (“Treasury Income”), dividends from its holdings in money market mutual funds (affiliated or otherwise) (“Money Market Income”) and dividends or distributions of capital gains from its holdings of T-Bill ETFs (as defined below) (“T-Bill ETF Income”) over the expenses of the Fund. The Fund invests in futures contracts in an attempt to track its Index. The Index is intended to reflect the change in market value of the precious metals sector. The commodities comprising the Index are gold and silver (each an “Index Commodity”, and collectively, the “Index Commodities”).

The Fund may invest directly in United States Treasury Obligations. The Fund may also gain exposure to United States Treasury Obligations through investments in exchange-traded funds (“ETFs”) (affiliated or otherwise) that track indexes that measure the performance of United States Treasury Obligations with a maximum remaining maturity of up to 12 months (“T-Bill ETFs”). The Fund holds as collateral United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, for margin and/or cash management purposes. While the Fund's performance reflects the appreciation and depreciation of those holdings, the Fund's performance, whether positive or negative, is driven primarily by its strategy of trading futures contracts with the aim of seeking to track the Index.

The Commodity Futures Trading Commission (the “CFTC”) and certain futures exchanges impose position limits on futures contracts that reference Index Commodities (the “Index Contracts”). As the Fund approaches or reaches position limits with respect to an Index Commodity, the Fund may commence investing in Index Contracts that reference other Index Commodities. In those circumstances, the Fund may also trade in futures contracts based on commodities other than Index Commodities that the Managing Owner reasonably believes tend to exhibit trading prices that correlate with an Index Contract.

The Managing Owner may determine to invest in other futures contracts if at any time it is impractical or inefficient to gain full or partial exposure to an Index Commodity through the use of Index Contracts. These other futures contracts may or may not be based on an Index Commodity. When they are not, the Managing Owner may seek to select futures contracts that it reasonably believes tend to exhibit trading prices that correlate with an Index Contract.

The Fund offers common units of beneficial interest (the “Shares”) only to certain eligible financial institutions (the “Authorized Participants”) in one or more blocks of 100,000 Shares (“Creation Units”). The Fund commenced investment operations on January 3, 2007. The Fund commenced trading on the American Stock Exchange (which became the NYSE Alternext US LLC) on January 5, 2007 and, since November 25, 2008, has been listed on the NYSE Arca, Inc. (the “NYSE Arca”).

This Quarterly Report (the “Report”) covers the three months ended March 31, 2021 and 2020. The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Fund’s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on February 26, 2021.

Note 2 - Summary of Significant Accounting Policies

A.	Basis of Presentation

The financial statements of the Fund have been prepared using U.S. GAAP.

The Fund has determined that it meets the definition of an investment company and has prepared the financial statements in conformity with U.S. GAAP for investment companies in conformity with accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies.

B.	Accounting Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are issued.

C.	Investment Valuations

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value (“NAV”) per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

United States Treasury Obligations are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as developments related to specific securities, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. All debt obligations involve some risk of default with respect to interest and/or principal payments.

Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Managing Owner. Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other data may be reviewed in the course of making a good faith determination of a security’s fair value.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

D.	Investment Transactions and Investment Income

Investment transactions are accounted for on a trade date basis. Realized gains or losses from the sale or disposition of securities or derivatives are determined on a specific identification basis and recognized in the Statements of Income and Expenses in the period in which the contract is closed or the sale or disposition occurs, respectively. Interest income on United States Treasury Obligations is recognized on an accrual basis when earned. Premiums and discounts are amortized or accreted over the life of the United States Treasury Obligations. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

E.	Profit and Loss Allocations and Distributions

Pursuant to the Trust Agreement, income and expenses are allocated pro rata to the Managing Owner as holder of the General Shares and to the Shareholders monthly based on their respective percentage interests as of the close of the last trading day of the preceding month. Distributions (other than redemption of units) may be made at the sole discretion of the Managing Owner on a pro rata basis in accordance with the respective capital balances of the shareholders.

No distributions were paid for the three months ended March 31, 2021 and 2020.

F.	Routine Operational, Administrative and Other Ordinary Expenses

The Managing Owner is responsible for all routine operational, administrative and other ordinary expenses of the Fund, including, but not limited to, computer services, the fees and expenses of the Trustee, legal and accounting fees and expenses, tax preparation expenses, filing fees and printing, mailing and duplication costs. The Fund does not reimburse the Managing Owner for the routine operational, administrative and other ordinary expenses of the Fund. Accordingly, such expenses are not reflected in the Statements of Income and Expenses of the Fund.

G.	Non-Recurring Fees and Expenses

The Fund pays all non-recurring and unusual fees and expenses, if any, of itself, as determined by the Managing Owner. Non-recurring and unusual fees and expenses include fees and expenses such as legal claims and liabilities, litigation costs, indemnification expenses or other non-routine expenses. Non-recurring and unusual fees and expenses, by their nature, are unpredictable in terms of timing and amount. For the three months ended March 31, 2021 and 2020, the Fund did not incur such expenses.

H.	Brokerage Commissions and Fees

The Fund incurs all brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities by the Commodity Broker (as defined below). These costs are recorded as Brokerage Commissions and Fees in the Statements of Income and Expenses. The Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis. On average, total charges paid to the Commodity Broker, as applicable were less than $6.00 and $6.00 per round-turn trade during the three months ended March 31, 2021 and 2020, respectively.

10-Q	2021-03-31	Filed 2021-05-07
10-K	2020-12-31	Filed 2021-02-26
10-Q	2020-09-30	Filed 2020-11-06
10-Q	2020-06-30	Filed 2020-08-07
10-Q	2020-03-31	Filed 2020-05-08
10-K	2019-12-31	Filed 2020-02-28
10-Q	2019-09-30	Filed 2019-11-08
10-Q	2019-06-30	Filed 2019-08-08
10-Q	2019-03-31	Filed 2019-05-09
10-K	2018-12-31	Filed 2019-02-28
S-1	2018-11-15	Public Filing
10-Q	2018-09-30	Filed 2018-11-07
10-Q	2018-06-30	Filed 2018-08-08
10-Q	2018-03-31	Filed 2018-05-08
10-K	2017-12-31	Filed 2018-02-28
10-Q	2017-09-30	Filed 2017-11-09
10-Q	2017-06-30	Filed 2017-08-08
10-Q	2017-03-31	Filed 2017-05-08
10-K	2016-12-31	Filed 2017-03-01
10-Q	2016-09-30	Filed 2016-11-08
10-Q	2016-06-30	Filed 2016-08-09
10-Q	2016-03-31	Filed 2016-05-10
10-K	2015-12-31	Filed 2016-02-29
10-Q	2015-09-30	Filed 2015-11-06
10-Q	2015-06-30	Filed 2015-08-10
10-Q	2015-03-31	Filed 2015-05-11
10-K	2014-12-31	Filed 2015-03-06
10-Q	2014-09-30	Filed 2014-11-05
10-Q	2014-06-30	Filed 2014-08-06
10-Q	2014-03-31	Filed 2014-05-09
10-K	2013-12-31	Filed 2014-03-04
10-Q	2013-09-30	Filed 2013-11-05
10-Q	2013-06-30	Filed 2013-08-08
10-Q	2013-03-31	Filed 2013-05-03
10-K	2012-12-31	Filed 2013-03-01
10-Q	2012-09-30	Filed 2012-11-02
10-Q	2012-06-30	Filed 2012-08-03
10-Q	2012-03-31	Filed 2012-05-14
10-K	2011-12-31	Filed 2012-03-14
10-Q	2011-09-30	Filed 2011-11-07
10-Q	2011-06-30	Filed 2011-08-05
10-Q	2011-03-31	Filed 2011-05-06
10-K	2010-12-31	Filed 2011-03-14
10-Q	2010-09-30	Filed 2010-11-05
10-Q	2010-06-30	Filed 2010-08-06
10-Q	2010-03-31	Filed 2010-05-10
10-K	2009-12-31	Filed 2010-03-08

8-K	2020-04-02
8-K	2019-10-01
8-K	2019-05-07
8-K	2018-08-27
8-K	2018-06-04
8-K	2018-05-24
8-K	2018-03-08

EX-31.1	dbp-ex311_10.htm
EX-31.2	dbp-ex312_7.htm
EX-32.1	dbp-ex321_11.htm
EX-32.2	dbp-ex322_9.htm

DBP 10Q Quarterly Report

Invesco DB Precious Metals Fund Earnings 2021-03-31