424B3

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller reporting company

Emerging growth company

424B3 1 d694983d424b3.htm 424B3 424B3

Filed Pursuant to Rule 424(b)(3)

Registration Nos. 333-228404

333-228404-01

333-228404-02

333-228404-03

333-228404-04

333-228404-05

PROSPECTUS SUPPLEMENT NO. 2

(to Prospectus dated April 25, 2019)

INVESCO DB MULTI-SECTOR COMMODITY TRUST

INVESCO DB ENERGY FUND

21,000,000 Common Units of Beneficial Interest

INVESCO DB OIL FUND

79,000,000 Common Units of Beneficial Interest

INVESCO DB PRECIOUS METALS FUND

21,600,000 Common Units of Beneficial Interest

INVESCO DB GOLD FUND

14,200,000 Common Units of Beneficial Interest

INVESCO DB BASE METALS FUND

24,400,000 Common Units of Beneficial Interest

This Prospectus Supplement No. 2 (“Supplement No. 2”) supplements and amends our Prospectus dated April 25, 2019 (the “Prospectus”), as previously supplemented. Supplement No. 2 is being filed to include the information contained in our Quarterly Report on Form 10-Q for each of Invesco DB Energy Fund, Invesco DB Oil Fund, Invesco DB Precious Metals Fund, Invesco DB Gold Fund and Invesco DB Base Metals Fund (collectively, the “Funds”), for the quarter ended March 31, 2019, filed with the Securities and Exchange Commission on May 9, 2019 (the “Form 10-Qs”). Accordingly, we have attached the Form 10-Qs to this Supplement No. 2. Supplement No. 2 should be read together with the Prospectus.

Shares of the Invesco DB Energy Fund, Invesco DB Oil Fund, Invesco DB Precious Metals Fund, Invesco DB Gold Fund and Invesco DB Base Metals Fund are listed on NYSE Arca, Inc. under the symbols “DBE,” “DBO,” “DBP,” “DGL” and “DBB,” respectively.

Investing in the Shares involves significant risks. See “RISK FACTORS” starting on page 15 of the Prospectus.

These securities have not been approved or disapproved by the Securities and Exchange Commission or any state securities commission nor has the Securities and Exchange Commission passed upon the adequacy or accuracy of the Prospectus or this Prospectus Supplement No. 2. Any representation to the contrary is a criminal offense.

The Funds are not mutual funds or any other type of investment company within the meaning of the Investment Company Act of 1940, as amended, and is not subject to regulation thereunder.

THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN THESE POOLS NOR HAS THE COMMISSION PASSED ON THE ADEQUACY OR ACCURACY OF THIS DISCLOSURE DOCUMENT.

The date of this Prospectus Supplement No. 2 is May 15, 2019.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

P-DBMSC-PRO-1-SUP-2

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, 2019

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

For the transition period from to

Commission File Number: 001-33240

INVESCO DB ENERGY FUND

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

(Exact name of registrant as specified in its charter)


Delaware		87-0778060
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

c/o Invesco Capital Management LLC 3500 Lacey Road, Suite 700 Downers Grove, Illinois		60515
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (800) 983-0903

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 an 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.

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 ☒

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Units of Beneficial Interest	DBE	NYSE Arca, Inc.

Indicate the number of outstanding Shares as of March 31, 2019: 6,600,000 Shares.

INVESCO DB ENERGY FUND

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

QUARTER ENDED MARCH 31, 2019

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		25
ITEM 4.	Controls and Procedures		27

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		28
Item 3.	Defaults Upon Senior Securities		28
Item 4.	Mine Safety Disclosures		28
Item 5.	Other Information		28
Item 6.	Exhibits		28

SIGNATURES			29

PART I. FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS.

Invesco DB Energy Fund

Statements of Financial Condition

March 31, 2019 and December 31, 2018

(Unaudited)


	March 31, 2019		December 31, 2018
Assets
United States Treasury Obligations, at value (cost $71,821,275 and $67,736,084, respectively)	$	71,822,061	$	67,734,740
Affiliated investments, at value (cost $24,705,119 and $24,903,778, respectively)		24,727,060		24,916,229
Other investments:
Variation margin receivable- Commodity Futures Contracts		455,685		91,024
Receivable for:
Dividends from affiliates		11,556		9,623

Total assets	$	97,016,362	$	92,751,616

Liabilities
Payable for:
Distributions	$	—	$	83,140
Due to custodian		—		1,367,641
Management fees		60,948		80,530
Brokerage commissions and fees		4,847		4,560

Total liabilities		65,795		1,535,871

Commitments and Contingencies (Note 10)
Equity
Shareholder’s equity—General Shares		588		493
Shareholders’ equity—Shares		96,949,979		91,215,252

Total shareholders’ equity		96,950,567		91,215,745

Total liabilities and equity	$	97,016,362	$	92,751,616

General Shares outstanding		40		40
Shares outstanding		6,600,000		7,400,000
Net asset value per share	$	14.69	$	12.33
Market value per share	$	14.70	$	12.43

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

Invesco DB Energy Fund

Schedule of Investments

March 31, 2019

(Unaudited)


Description	Percentage of Shareholders’ Equity			Value		Principal Value
United States Treasury Obligations ^(a)
U.S. Treasury Bills, 2.470% due April 4, 2019		8.25	%	$	7,998,429	$	8,000,000
U.S. Treasury Bills, 2.470% due April 23, 2019		31.93			30,954,830		31,000,000
U.S. Treasury Bills, 2.380% due May 2, 2019 ^(b)		19.56			18,961,654		19,000,000
U.S. Treasury Bills, 2.470% due July 11, 2019		14.34			13,907,148		14,000,000

Total United States Treasury Obligations (cost $71,821,275)		74.08	%	$	71,822,061

						Shares
Affiliated Investments
Exchange-Traded Fund
Invesco Treasury Collateral ETF (cost $20,000,061)^(c)		20.65	%	$	20,022,002		189,800
Money Market Mutual Fund
Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.33% (cost $4,705,058)^(d)		4.86			4,705,058		4,705,058

Total Affiliated Investments (cost $24,705,119)		25.51	%	$	24,727,060

Total Investments in Securities (cost $96,526,394)		99.59	%	$	96,549,121

(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 $18,960,100 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

(c)	Affiliated company. The security and the Fund are affiliated by having the same investment adviser. See Note 8.

(d)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of March 31, 2019.


Open Commodity Futures Contracts	Number of Contracts		Expiration Date		Notional Value		Value^(e)			Unrealized Appreciation (Depreciation)^(e)
Long Futures Contracts
ICE-UK Brent Crude		325		November - 2019	$	21,437,000	$	(1,543,082	)	$	(1,543,082	)
NYMEX Natural Gas		380		April - 2019		10,115,600		45,663			45,663
NYMEX NY Harbor ULSD		260		May - 2019		21,564,816		(2,200,181	)		(2,200,181	)
NYMEX RBOB Gasoline		324		December - 2019		22,289,904		1,956,050			1,956,050
NYMEX WTI Crude		362		February - 2020		21,560,720		1,354,852			1,354,852

Total Commodity Futures Contracts							$	(386,698	)	$	(386,698	)

(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 Energy Fund

Schedule of Investments

December 31, 2018

(Unaudited)


Description	Percentage of Shareholders’ Equity			Value		Principal Value
United States Treasury Obligations ^(a)
U.S. Treasury Bills, 2.175% due January 3, 2019		18.64	%	$	16,998,940	$	17,000,000
U.S. Treasury Bills, 2.370% due February, 28, 2019		19.66			17,932,277		18,000,000
U.S. Treasury Bills, 2.415% due March 28, 2019 ^(b)		23.98			21,877,086		22,000,000
U.S. Treasury Bills, 2.465% due April 4, 2019		8.72			7,950,499		8,000,000
U.S. Treasury Bills, 2.430% due May 2, 2019		3.26			2,975,938		3,000,000

Total United States Treasury Obligations (cost $67,736,084)		74.26	%	$	67,734,740

						Shares
Affiliated Investments
Exchange-Traded Fund
Invesco Treasury Collateral ETF (cost $20,000,061)^(c)		21.94	%	$	20,012,512		189,800
Money Market Mutual Fund
Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.30% (cost $4,903,717)^(d)		5.37			4,903,717		4,903,717

Total Affiliated Investments (cost $24,903,778)		27.31	%	$	24,916,229

Total Investments in Securities (cost $92,639,862)		101.57	%	$	92,650,969

(a)	Security may be traded on a discount basis. The interest rate shown represents the discount rate at the most recent auction date of the security prior to period end.

(b)	United States Treasury Obligations of $19,213,740 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

(c)	Affiliated company. The security and the Fund are affiliated by having the same investment adviser. See Note 8.

(d)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of December 31, 2018.


Open Commodity Futures Contracts	Number of Contracts		Expiration Date		Notional Value		Value^(e)			Unrealized Appreciation (Depreciation)^(e)
Long Futures Contracts
ICE-UK Brent Crude		363		November - 2019	$	20,055,750	$	(5,928,121	)	$	(5,928,121	)
NYMEX Natural Gas		424		April - 2019		11,329,280		108,092			108,092
NYMEX NY Harbor ULSD		290		May - 2019		20,252,904		(6,373,378	)		(6,373,378	)
NYMEX RBOB Gasoline		362		December - 2019		20,295,820		(2,526,927	)		(2,526,927	)
NYMEX WTI Crude		422		February - 2019		19,293,840		(7,948,405	)		(7,948,405	)

Total Commodity Futures Contracts							$	(22,668,739	)	$	(22,668,739	)

(e)	Unrealized Appreciation (Depreciation) and Value are presented above, net by contract.

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

Invesco DB Energy Fund

Statements of Income and Expenses

For the Three Months Ended March 31, 2019 and 2018

(Unaudited)


	Three Months Ended March 31,
	2019			2018
Income
Interest Income	$	424,179		$	529,322
Dividends from Affiliates		152,592			29,675

Total Income		576,771			558,997

Expenses
Management Fees		183,648			327,825
Brokerage Commissions and Fees		3,863			8,712
Interest Expense		3,575			857

Total Expenses		191,086			337,394

Less: Waivers		(7,201	)		(8,508	)

Net Expenses		183,885			328,886

Net Investment Income (Loss)		392,886			230,111

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		(461	)		426
Commodity Futures Contracts		(5,717,548	)		7,835,768

Net Realized Gain (Loss)		(5,718,009	)		7,836,194

Net Change in Unrealized Gain (Loss) on
United States Treasury Obligations		2,130			(32,397	)
Affiliated Investments		9,490			77,818
Commodity Futures Contracts		22,282,041			(154,694	)

Net Change in Unrealized Gain (Loss)		22,293,661			(109,273	)

Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		16,575,652			7,726,921

Net Income (Loss)	$	16,968,538		$	7,957,032

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

Invesco DB Energy Fund

Statement of Changes in Shareholders’ Equity

For the Three Months Ended March 31, 2019

(Unaudited)


	General Shares					Shares						Total Shareholders’ Equity
	Shares		Total Equity			Shares			Total Equity			Total Shareholders’ Equity
Balance at December 31, 2018		40	$	493			7,400,000		$	91,215,252		$	91,215,745

Purchases of Shares							600,000			8,264,339			8,264,339
Redemption of Shares							(1,400,000	)		(19,498,055	)		(19,498,055	)

Net Increase (Decrease) due to Share Transactions							(800,000	)		(11,233,716	)		(11,233,716	)
Net Income (Loss)
Net Investment Income (Loss)				2						392,884			392,886
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				(32	)					(5,717,977	)		(5,718,009	)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				125						22,293,536			22,293,661

Net Income (Loss)				95						16,968,443			16,968,538

Net Change in Shareholders’ Equity		—		95			(800,000	)		5,734,727			5,734,822

Balance at March 31, 2019		40	$	588			6,600,000		$	96,949,979		$	96,950,567

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

Invesco DB Energy Fund

Statement of Changes in Shareholders’ Equity

For the Three Months Ended March 31, 2018

(Unaudited)


	General Shares					Shares						Total
	Shares		Total Equity			Shares			Total Equity			Shareholders’ Equity
Balance at December 31, 2017		40	$	584			12,200,000		$	178,048,355		$	178,048,939

Purchases of Shares							400,000			5,824,754			5,824,754
Redemption of Shares							(1,000,000	)		(14,679,353	)		(14,679,353	)

Net Increase (Decrease) due to Share Transactions							(600,000	)		(8,854,599	)		(8,854,599	)
Net Income (Loss)
Net Investment Income (Loss)				1						230,110			230,111
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				27						7,836,167			7,836,194
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				(1	)					(109,272	)		(109,273	)

Net Income (Loss)				27						7,957,005			7,957,032

Net Change in Shareholders’ Equity		—		27			(600,000	)		(897,594	)		(897,567	)

Balance at March 31, 2018		40	$	611			11,600,000		$	177,150,761		$	177,151,372

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

Invesco DB Energy Fund

Statements of Cash Flows

For the Three Months Ended March 31, 2019 and 2018

(Unaudited)


	Three Months Ended
	March 31,
	2019			2018
Cash flows from operating activities:
Net Income (Loss)	$	16,968,538		$	7,957,032
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Cost of securities purchased		(75,646,600	)		(148,144,384	)
Proceeds from securities sold and matured		71,981,372			140,982,097
Cost of affiliated investments purchased		(81,540,382	)		(87,957,660	)
Proceeds from affiliated investments sold		81,739,042			95,467,175
Net accretion of discount on United States Treasury Obligations		(420,425	)		(529,322	)
Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments		461			(426	)
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments		(11,620	)		(45,421	)
Change in operating assets and liabilities:
Variation margin—Commodity Futures Contracts		(364,661	)		260,898
Dividends from affiliates		(1,933	)		512
Management fees		(19,582	)		4,589
Brokerage commissions and fees		287			3,463

Net cash provided by (used for) operating activities		12,684,497			7,998,553

Cash flows from financing activities:
Proceeds from purchases of Shares		8,264,339			5,824,754
Redemption of Shares		(19,498,055	)		(14,679,353	)
Increase (decrease) in payable for amount due to custodian, net		(1,367,641	)		—
Increase (decrease) in payable for distributions		(83,140	)		—

Net cash provided by (used for) financing activities		(12,684,497	)		(8,854,599	)

Net change in cash		—			(856,046	)
Cash at beginning of period		—			856,046

Cash at end of period	$	—		$	—

Supplemental disclosure of cash flow information
Cash paid for interest	$	3,575		$	857

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

Invesco DB Energy Fund

Notes to Unaudited Financial Statements

March 31, 2019

Note 1—Organization

Invesco DB Energy 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 Energy 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 energy sector. The commodities comprising the Index are Light Sweet Crude Oil, Ultra Low Sulphur Diesel (also commonly known as Heating Oil), Brent Crude Oil, RBOB Gasoline and Natural Gas (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 invests in United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, for margin and/or cash management purposes.

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. In addition, 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 200,000 Shares (“Basket”). 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, 2019 and 2018. 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, 2018 as filed with the SEC on February 28, 2019.

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 released to print.

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.

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, 2019 and 2018.

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, 2019 and 2018, 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, 2019 and 2018, respectively.

I. Income Taxes

The Fund is classified as a partnership for U.S. federal income tax purposes. Accordingly, the Fund will generally not incur U.S. federal income taxes. No provision for federal, state, and local income taxes has been made in the accompanying financial statements, as investors are individually liable for income taxes, if any, on their allocable share of the Fund’s income, gain, loss, deductions and other items.

The Managing Owner has reviewed all of the Fund’s open tax years and major jurisdictions and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain tax positions taken or expected to be taken in future tax returns. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The major tax jurisdiction for the Fund and the earliest tax year subject to examination: United States, 2015.

J. Commodity Futures Contracts

The Fund utilizes derivative instruments to achieve its investment objective. A commodity futures contract is an agreement between counterparties to purchase or sell a specified underlying commodity for a specified price, or to pay or receive a cash amount based on the value of an index or other reference instrument, at a future date. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral with the Commodity Broker. During the period that the commodity futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as a receivable or payable on the Statements of Financial Condition. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. Realized gains (losses) and changes in unrealized appreciation (depreciation) on open positions 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 changes occur, respectively.

Note 3—Financial Instrument Risk

In the normal course of its business, the Fund is a party to financial instruments with off-balance sheet risk. The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss in excess of the amounts shown on the Statements of Financial Condition. The financial instruments used by the Fund are commodity futures contracts, the values of which are based upon an underlying asset and generally represent future commitments that have a reasonable possibility of being settled in cash or through physical delivery. The financial instruments are traded on an exchange and are standardized contracts.

Market risk is the potential for changes in the value of the financial instruments traded by the Fund due to market changes, including fluctuations in commodity prices. In entering into these futures contracts, there exists a market risk that such futures contracts may be significantly influenced by adverse market conditions, resulting in such futures contracts being less valuable. If the markets should move against all of the futures contracts at the same time, the Fund could experience substantial losses.

Credit risk is the possibility that a loss may occur due to the failure of the Commodity Broker and/or clearing house to perform according to the terms of a futures contract. Credit risk with respect to exchange-traded instruments is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transactions. The Commodity Broker, when acting as the Fund’s futures commission merchant in accepting orders for the purchase or sale of domestic futures contracts, is required by CFTC regulations to separately account for and segregate as belonging to the Fund all assets of the Fund relating to domestic futures trading. The Commodity Broker is not allowed to commingle such assets with other assets of the Commodity Broker. In addition, CFTC regulations also require the Commodity Broker to hold in a secure account assets of the Fund related to foreign futures trading. The Fund’s risk of loss in the event of counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and not represented by the futures contract or notional amounts of the instruments.

Note 4—Service Providers and Related Party Agreements

The Trustee

Under the Trust Agreement, Wilmington Trust Company, the trustee of the Trust and the Fund (the “Trustee”), has the power and authority to execute and file certificates as required by the Delaware Statutory Trust Act and to accept service of process on the Fund in the State of Delaware. The Managing Owner has the exclusive management and control of all aspects of the business of the Trust and the Fund. The Trustee will serve in that capacity until such time as the Managing Owner removes the Trustee or the Trustee resigns and a successor is appointed by the Managing Owner. The Trustee will have no duty or liability to supervise or monitor the performance of the Managing Owner, nor will the Trustee have any liability for the acts or omissions of the Managing Owner.

The Managing Owner

The Managing Owner serves as the Fund’s commodity pool operator, commodity trading advisor and managing owner. The Fund pays the Managing Owner a management fee, monthly in arrears, in an amount equal to 0.75% per annum of the daily NAV of the Fund (the “Management Fee”). The Fund, for cash management purposes, invests in money market mutual funds and/or T-Bill ETFs that are managed by affiliates of the Managing Owner. The indirect portion of the management fee that the Fund incurs through such investments is in addition to the Management Fee paid to the Managing Owner. The Managing Owner has contractually agreed to waive indefinitely the fees that it receives in an amount equal to the indirect management fees that the Fund incurs through its investments in affiliated money market mutual funds and/or affiliated T-Bill ETFs. The Managing Owner may terminate this fee waiver on 60 days notice.

The Managing Owner waived fees of $7,201 and $8,508 for the three months ended March 31, 2019 and 2018 respectively.

The Distributor

Invesco Distributors, Inc. (the “Distributor”) provides certain distribution services to the Fund. Pursuant to the Distribution Services Agreement among the Managing Owner, the Fund and the Distributor, the Distributor assists the Managing Owner and the Fund’s administrator, The Bank of New York Mellon, with certain functions and duties relating to distribution and marketing services to the Fund including reviewing and approving marketing materials.

The Managing Owner pays the Distributor a distribution fee out of the Management Fee.

The Commodity Broker

Morgan Stanley & Co. LLC, a Delaware limited liability company, serves as the Fund’s futures clearing broker (the “Commodity Broker”). The Commodity Broker is registered with the CFTC as a futures commission merchant and is a member of the NFA in such capacity.

A variety of executing brokers execute futures transactions on behalf of the Fund. Such executing brokers give-up all such transactions to the Commodity Broker. In its capacity as clearing broker, the Commodity Broker may execute or receive transactions executed by others and clears all of the Fund’s futures transactions and performs certain administrative and custodial services for the Fund. The Commodity Broker is responsible, among other things, for providing periodic accountings of all dealings and actions taken by the Fund during the reporting period, together with an accounting of all securities, cash or other indebtedness or obligations held by it or its nominees for or on behalf of the Fund.

The Administrator, Custodian and Transfer Agent

The Bank of New York Mellon (the “Administrator”, “Custodian” and “Transfer Agent”) is the administrator, custodian and transfer agent of the Fund. The Fund and the Administrator have entered into separate administrative, custodian, transfer agency and service agreements (collectively referred to as the “Administration Agreement”).

Pursuant to the Administration Agreement, the Administrator performs or supervises the performance of services necessary for the operation and administration of the Fund (other than making investment decisions), including receiving and processing orders from Authorized Participants to create and redeem Baskets, NAV calculations, accounting and other fund administrative services. The Administrator maintains certain financial books and records, including: Basket creation and redemption records; fund accounting records; ledgers with respect to assets, liabilities, capital, income and expenses; the registrar, transfer journals and related details; and trading and related documents received from the Commodity Broker. The Managing Owner pays the Administrator for its services out of the Management Fee.

Index Sponsor

The Managing Owner, on behalf of the Fund, has appointed Deutsche Investment Management Americas Inc. to serve as the index sponsor (the “Index Sponsor”). The Index Sponsor calculates and publishes the daily index levels and the indicative intraday index levels. Additionally, the Index Sponsor also calculates the indicative value per Share of the Fund throughout each business day.

The Managing Owner pays the Index Sponsor a licensing fee and an index services fee out of the Management Fee for performing its duties.

Note 5—Deposits with Commodity Broker and Custodian

The Fund defines cash as cash held by the Custodian. There were no cash equivalents held by the Fund as of March 31, 2019 and December 31, 2018.

The Fund may deposit cash, United States Treasury Obligations, T-Bill ETFs and money market mutual funds with the Commodity Broker as margin, to the extent permissible under CFTC rules. The combination of the Fund’s deposits with its Commodity Broker of cash and United States Treasury Obligations and the unrealized profit or loss on open futures contracts represents the Fund’s overall equity in its broker trading account. To meet the Fund’s maintenance margin requirements, the Fund holds United States Treasury Obligations with the Commodity Broker. The Fund transfers cash to the Commodity Broker to satisfy variation margin requirements. The Fund earns interest on any excess cash deposited with the Commodity Broker and incurs interest expense on any deficit balance with the Commodity Broker.

The brokerage agreement with the Commodity Broker provides for the net settlement of all financial instruments covered by the agreement in the event of default or termination of any one contract. The Managing Owner will utilize any excess cash held at the Commodity Broker to offset any realized losses incurred in the commodity futures contracts, if available. To the extent that any excess cash held at the Commodity Broker is not adequate to cover any realized losses, a portion of the United States Treasury Obligations and T-Bill ETFs, if any, on deposit with the Commodity Broker will be sold to make additional cash available. For financial reporting purposes, the Fund offsets financial assets and financial liabilities that are subject to legally enforceable netting arrangements.

The Fund’s remaining cash, United States Treasury Obligations, T-Bill ETFs and money market mutual fund holdings are on deposit with the Custodian. The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with the Custodian. The Fund incurs interest expense on any overdraft balance with the Custodian. Such balances, if any at period-end, are shown on the Statements of Financial Condition under the payable caption Due to custodian.

Note 6—Additional Valuation Information

U.S. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. U.S. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods or market conditions may result in transfers in or out of an investment’s assigned level:

Level 1: Prices are determined using quoted prices in an active market for identical assets.

Level 2: Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3: Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The levels assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. 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.

The following is a summary of the tiered valuation input levels as of March 31, 2019:


	Level 1			Level 2		Level 3		Total
Investments in Securities
United States Treasury Obligations	$	—		$	71,822,061	$	—	$	71,822,061
Exchange-Traded Fund		20,022,002			—		—		20,022,002
Money Market Mutual Fund		4,705,058			—		—		4,705,058

Total Investments in Securities		24,727,060			71,822,061		—		96,549,121

Other Investments—Assets ^(a)
Commodity Futures Contracts		3,356,565			—		—		3,356,565

Other Investments—Liabilities ^(a)
Commodity Futures Contracts		(3,743,263	)		—		—		(3,743,263	)

Total Other Investments		(386,698	)		—		—		(386,698	)

Total Investments	$	24,340,362		$	71,822,061	$	—	$	96,162,423

^(a)	Unrealized appreciation (depreciation).

The following is a summary of the tiered valuation input levels as of December 31, 2018:


	Level 1			Level 2		Level 3		Total
Investments in Securities
United States Treasury Obligations	$	—		$	67,734,740	$	—	$	67,734,740
Exchange-Traded Fund		20,012,512			—		—		20,012,512
Money Market Mutual Fund		4,903,717			—		—		4,903,717

Total Investments in Securities		24,916,229			67,734,740		—		92,650,969

Other Investments—Assets ^(a)
Commodity Futures Contracts		108,092			—		—		108,092

Other Investments—Liabilities ^(a)
Commodity Futures Contracts		(22,776,831	)		—		—		(22,776,831	)

Total Other Investments		(22,668,739	)		—		—		(22,668,739	)

Total Investments	$	2,247,490		$	67,734,740	$	—	$	69,982,230

^(a)	Unrealized appreciation (depreciation).

Note 7—Derivative Instruments

The Fair Value of Derivative Instruments is as follows:


	March 31, 2019					December 31, 2018
Risk Exposure/Derivative Type ^(a)	Assets		Liabilities			Assets		Liabilities
Commodity risk
Commodity Futures Contracts	$	3,356,565	$	(3,743,263	)	$	108,092	$	(22,776,831	)

^(a)	Includes cumulative appreciation (depreciation) of commodity futures contracts. Only the current day’s variation margin receivable (payable) is reported in the March 31, 2019 and December 31, 2018 Statements of Financial Condition.

The following table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of March 31, 2019, net by contract:


	Financial Derivative Assets		Financial Derivative Liabilities					Collateral (Received)/Pledged^(a)
Counterparty	Futures Contracts		Futures Contracts			Net value of derivatives		Non-Cash		Cash		Net amount
Morgan Stanley & Co. LLC	$	4,198,948	$	(3,743,263	)	$	455,685	$	—	$	—	$	455,685

The following table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of December 31, 2018, net by contract:


	Financial Derivative Assets		Financial Derivative Liabilities					Collateral (Received)/Pledged^(a)
Counterparty	Futures Contracts		Futures Contracts			Net value of derivatives		Non-Cash		Cash		Net amount
Morgan Stanley & Co. LLC	$	22,867,855	$	(22,776,831	)	$	91,024	$	—	$	—	$	91,024

^(a)	As of March 31, 2019 and December 31, 2018, a portion of the Fund’s U.S. Treasury Obligations were required to be deposited as maintenance margin in support of the Fund’s futures positions.

The Effect of Derivative Instruments on the Statements of Income and Expenses is as follows:


	Location of Gain (Loss) on Derivatives Recognized in Income	For the Three Months Ended March 31,
Risk Exposure/Derivative Type		2019			2018
Commodity risk
Commodity Futures Contracts	Net Realized Gain (Loss)	$	(5,717,548	)	$	7,835,768
	Net Change in Unrealized Gain (Loss)		22,282,041			(154,694	)

Total		$	16,564,493		$	7,681,074

The table below summarizes the average monthly notional value of futures contracts outstanding during the period:


	For the Three Months Ended March 31,
	2019		2018
Average Notional Value	$	96,601,890	$	177,580,179

Note 8—Investments in Affiliates

The Invesco Treasury Collateral ETF (formerly PowerShares Treasury Collateral Portfolio) is an investment company registered under the Investment Company Act of 1940, as amended, whose shares are primarily purchased and sold on a national securities exchange. In seeking its investment objective, the Invesco Treasury Collateral ETF primarily holds U.S. Treasury Obligations that: (i) are issued in U.S. Dollars; (ii) have a minimum remaining maturity of at least one month and a maximum remaining maturity of 12 months at the time of rebalance; and (iii) have a minimum amount outstanding of $300 million. Because it is advised by the Managing Owner, the Invesco Treasury Collateral ETF is an affiliate of the Fund.

The following is a summary of the transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the three months ended March 31, 2019.


	Value 12/31/2018		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 03/31/2019		Dividend Income
Invesco Treasury Collateral ETF	$	20,012,512	$	—	$	—	$	9,490	$	—	$	20,022,002	$	208,173

The following is a summary of the transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the three months ended March 31, 2018.


	Value 12/31/2017		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 03/31/2018		Dividend Income
PowerShares Treasury Collateral Portfolio	$	19,980,246	$	—	$	—	$	77,818	$	—	$	20,058,064	$	—

Note 9—Share Purchases and Redemptions

(a) Purchases

On any business day, an Authorized Participant may place an order with the Transfer Agent to create one or more Baskets. Each Basket consists of a block of 200,000 Shares. For purposes of processing both creation and redemption orders, a “business day” means any day other than a day when banks in New York City are required or permitted to be closed. Creation orders must be placed by 10:00 a.m., Eastern Time. The day on which the Transfer Agent receives a valid creation order is the creation order date. The day on which a creation order is settled is the creation order settlement date. Cash settlement occurs at the creation order settlement date. As provided below, the creation order settlement date may occur up to two business days after the creation order date. By placing a creation order, and prior to delivery of such Baskets, an Authorized Participant’s Depository Trust Company (“DTC”) account is charged the non-refundable transaction fee due for the creation order.

Unless otherwise agreed to by the Managing Owner and the Authorized Participant as provided in the next sentence, Baskets are issued on the creation order settlement date as of 2:45 p.m., Eastern Time, on the business day immediately following the creation order date at the applicable NAV per Share as of the closing time of the NYSE Arca or the last to close of the exchanges on which its futures contracts are traded, whichever is later, on the creation order date, but only if the required payment has been timely received. Upon submission of a creation order, the Authorized Participant may request the Managing Owner to agree to a creation order settlement date up to two business days after the creation order date.

(b) Redemptions

On any business day, an Authorized Participant may place an order with the Transfer Agent to redeem one or more Baskets. Redemption orders must be placed by 10:00 a.m., Eastern Time. The day on which the Managing Owner receives a valid redemption order is the redemption order date. The day on which a redemption order is settled is the redemption order settlement date. Cash settlement occurs at the redemption order settlement date. As provided below, the redemption order settlement date may occur up to two business days after the redemption order date. The redemption procedures allow Authorized Participants to redeem Baskets. Individual Shareholders may not redeem directly from the Fund. Instead, individual Shareholders may only redeem Shares in integral multiples of 200,000 and only through an Authorized Participant.

Unless otherwise agreed to by the Managing Owner and the Authorized Participant as provided in the next sentence, by placing a redemption order, an Authorized Participant agrees to deliver the Baskets to be redeemed through DTC’s book-entry system to the Fund no later than the redemption order settlement date as of 2:45 p.m., Eastern Time, on the business day immediately following the redemption order date. Upon submission of a redemption order, the Authorized Participant may request the Managing Owner to agree to a redemption order settlement date up to two business days after the redemption order date. By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the redemption order.

The redemption proceeds due from the Fund are delivered to the Authorized Participant at 2:45 p.m., Eastern Time, on the redemption order settlement date if, by such time, the Fund’s DTC account has been credited with the Baskets to be redeemed. If the Fund’s DTC account has not been credited with all of the Baskets to be redeemed by such time, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next business day to the extent of remaining whole Baskets received if the Transfer Agent receives the fee applicable to the extension of the redemption distribution date which the Managing Owner may, from time-to-time, determine and the remaining Baskets to be redeemed are credited to the Fund’s DTC account by 2:45 p.m., Eastern Time, on such next business day. Any further outstanding amount of the redemption order will be cancelled. The Managing Owner is also authorized to deliver the redemption distribution notwithstanding that the Baskets to be redeemed are not credited to the Fund’s DTC account by 2:45 p.m., Eastern Time, on the redemption order settlement date if the Authorized Participant has collateralized its obligation to deliver the Baskets through DTC’s book-entry system on such terms as the Managing Owner may determine from time-to-time.

Note 10—Commitments and Contingencies

The Managing Owner, either in its own capacity or in its capacity as the Managing Owner and on behalf of the Fund, has entered into various service agreements that contain a variety of representations, or provide indemnification provisions related to certain risks service providers undertake in performing services for the Fund. The Trust Agreement provides for the Fund to indemnify the Managing Owner and any affiliate of the Managing Owner that provides services to the Fund to the maximum extent permitted by applicable law, subject to certain exceptions for disqualifying conduct by the Managing Owner or such an affiliate. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Further, the Fund has not had prior claims or losses pursuant to these contracts. Accordingly, the Managing Owner expects the risk of loss to be remote.

Note 11—Financial Highlights

The Fund is presenting the following NAV and financial highlights related to investment performance for a Share outstanding for the three months ended March 31, 2019 and 2018. An individual investor’s return and ratios may vary based on the timing of capital transactions.

NAV per Share is the NAV of the Fund divided by the number of outstanding Shares at the date of each respective period presented.


	Three Months Ended March 31,
	2019			2018
Net Asset Value
Net asset value per Share, beginning of period	$	12.33		$	14.59
Net realized and change in unrealized gain (loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		2.30			0.66
Net investment income (loss) ^(a)		0.06			0.02

Net income (loss)		2.36			0.68

Net asset value per Share, end of period	$	14.69		$	15.27

Market value per Share, beginning of period ^(b)	$	12.43		$	14.54

Market value per Share, end of period ^(b)	$	14.70		$	15.28

Ratio to average Net Assets ^(c)
Net investment income (loss)		1.60	%		0.53	%

Expenses, after waivers		0.75	%		0.75	%

Expenses, prior to waivers		0.78	%		0.77	%

Total Return, at net asset value ^(d)		19.14	%		4.66	%

Total Return, at market value ^(d)		18.26	%		5.09	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)	Annualized.

^(d)

Total Return, at NAV is calculated assuming an initial investment made at the NAV at the beginning of the period, reinvestment of all dividends and distributions at NAV during the period, and redemption of Shares on the last day of the period. Total Return, at NAV includes adjustments in accordance with U.S. GAAP and as such, the NAV for financial reporting purposes and the returns based upon those NAVs may differ from the NAVs and returns for shareholder transactions. Total Return, at market value is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at market value during the period, and redemption of Shares at the market value on the last day of the period. Not annualized for periods less than one year, if applicable.

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

This information should be read in conjunction with the financial statements and notes included in Item 1 of Part I of this Quarterly Report on Form 10-Q (the “Report”). This Report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties. The matters discussed throughout this Report that are not historical facts are forward-looking statements. These forward-looking statements are based on the Fund’s and Invesco Capital Management LLC’s (the “Managing Owner”) current expectations, estimates and projections about the future results, performance, prospects and opportunities of the Fund and the Fund’s business and industry and their beliefs and assumptions about future events and speak only as of the date on which they are made. Words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “outlook” and “estimate,” as well as similar words and phrases, signify forward-looking statements. Forward-looking statements are not guarantees of future results. Conditions and important factors, risks and uncertainties in the markets for financial instruments that the Fund trades, in the markets for related physical commodities, in the legal and regulatory regimes applicable to the Managing Owner, the Fund, and the Fund’s service providers, and in the broader economy may cause actual results to differ materially from those expressed by such forward-looking statements.

You should not place undue reliance on any forward-looking statements. Except as expressly required by the Federal securities laws, the Fund and the Managing Owner undertake no obligation to publicly update or revise any forward-looking statements or the risks, uncertainties or other factors described in this Report, as a result of new information, future events or changed circumstances or for any other reason after the date of this Report.

Overview/Introduction

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 is registered with the Commodity Futures Trading Commission (the “CFTC”) as a commodity pool operator and a commodity trading advisor, and it is a member firm of the National Futures Association (“NFA”).

The Fund pursues its investment objective by investing in a portfolio of exchange-traded commodity futures contracts that expire in a specific month and trade on a specific exchange (the “Index Contracts”) in the Index Commodities. The Fund also holds United States Treasury Obligations and T-Bill ETFs, if any, for deposit with Morgan Stanley & Co. LLC, the Fund’s commodity broker (the “Commodity Broker”) as margin, to the extent permissible under CFTC rules and United States Treasury Obligations, cash, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, on deposit with The Bank of New York Mellon (the “Custodian”), for cash management purposes. The aggregate notional value of the commodity futures contracts owned by the Fund is expected to approximate the aggregate net asset value (“NAV”) of the Fund, as opposed to the aggregate Index value.

The CFTC and certain futures exchanges impose position limits on futures contracts, including on 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. In addition, 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 Shares are intended to provide investment results that generally correspond to the changes, positive or negative, in the levels of the Index over time. The value of the Shares is expected to fluctuate in relation to changes in the value of the Fund’s portfolio. The market price of the Shares may not be identical to the NAV per Share, but these two valuations are expected to be very close.

Index Description

The Managing Owner pays Deutsche Investment Management Americas Inc. (the “Index Sponsor”) a licensing fee and an index services fee for performing its duties.

These fees constitute a portion of the routine operational, administrative and other ordinary expenses which are paid out of the Management Fee and are not charged to or reimbursed by the Fund.

Neither the Managing Owner nor any affiliate of the Managing Owner has any rights to influence the selection of the futures contracts underlying the Index. The Managing Owner has entered into a license agreement with the Index Sponsor to use the Index.

The Fund is not sponsored or endorsed by Deutsche Bank AG, Deutsche Investment Management Americas Inc. or any subsidiary or affiliate of Deutsche Bank AG or Deutsche Investment Management Americas Inc. (collectively, “Deutsche Bank”). The DBIQ Optimum Yield Energy Index Excess Return™ (the “Index”) is the exclusive property of Deutsche Investment Management Americas Inc. “DBIQ” and “Optimum Yield” are service marks of Deutsche Bank AG and have been licensed for use for certain purposes by Deutsche Investment Management Americas Inc. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index makes any representation or warranty, express or implied, concerning the Index, the Fund or the advisability of investing in securities generally. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index has any obligation to take the needs of the Managing Owner or its clients into consideration in determining, composing or calculating the Index. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index is responsible for or has participated in the determination of the timing of, prices at, quantities or valuation of the Fund. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index has any obligation or liability in connection with the administration or trading of the Fund.

NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, WARRANTS OR GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY INVESCO CAPITAL MANAGEMENT LLC FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DEUTSCHE BANK OR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX HAVE ANY LIABILITY FOR DIRECT, INDIRECT, PUNITIVE, SPECIAL, CONSEQUENTIAL OR ANY OTHER DAMAGES OR LOSSES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF. EXCEPT AS EXPRESSLY PROVIDED TO THE CONTRARY, THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DEUTSCHE BANK AND INVESCO CAPITAL MANAGEMENT LLC.

No purchaser, seller or holder of the Shares of this Fund, or any other person or entity, should use or refer to any Deutsche Bank trade name, trademark or service mark to sponsor, endorse, market or promote this Fund without first contacting Deutsche Bank to determine whether Deutsche Bank’s permission is required. Under no circumstances may any person or entity claim any affiliation with Deutsche Bank without the written permission of Deutsche Bank.

The Index Sponsor may from time-to-time subcontract the provision of the calculation and other services described below to one or more third parties. The Index is composed of notional amounts of each of the underlying Index Commodities. The notional amount of each Index Commodity included in the Index is intended to reflect the changes in market value of each such Index Commodity within the Index. The closing level of the Index is calculated on each business day by the Index Sponsor based on the closing price of the commodity futures contracts for each of the Index Commodities and the notional amount of such Index Commodity.

The Index is rebalanced annually in November to ensure that each of the Index Commodities is weighted in the same proportion that such Index Commodities were weighted on June 4, 1990 (the “Base Date”). The composition of the Index may be adjusted in the event that the Index Sponsor is not able to calculate the closing prices of the Index Commodities.

The following table reflects the Fund weights of each Index Commodity or related futures contracts, as applicable, as of March 31, 2019:


Index Commodity	Fund Weight (%)
Light Sweet Crude Oil		22.25	%
Ultra Low Sulphur Diesel		22.21
Brent Crude Oil		22.13
RBOB Gasoline		22.98
Natural Gas		10.43

Closing Level as of March 31, 2019:		100.00	%

Please see http://www.invesco.com/ETFs with respect to the most recently available weighted composition of the Fund and the composition of the Index.

The CFTC and certain futures exchanges impose position limits on Index Contracts. 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.

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.

Market Risk

Trading in futures contracts involves the Fund entering into contractual commitments to purchase a particular commodity at a specified date and price. The market risk associated with the Fund’s commitments to purchase commodities is limited to the gross or face amount of the contracts held.

The Fund’s exposure to market risk is also influenced by a number of factors including the volatility of interest rates and foreign currency exchange rates, the liquidity of the markets in which the contracts are traded and the relationships among the contracts held. The inherent uncertainty of the Fund’s trading as well as the development of drastic market occurrences could ultimately lead to a loss of all or substantially all of the investors’ capital.

Credit Risk

When the Fund enters into futures contracts, the Fund is exposed to credit risk that the counterparty to the contract will not meet its obligations. The counterparty for futures contracts traded on United States and on most foreign futures exchanges is the clearing house associated with the particular exchange. In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from the nonperformance by one of their members and, as such, is designed to disperse and mitigate the credit risk posed by any one member. In cases where the clearing house is not backed by the clearing members (i.e., some foreign exchanges), it may be backed by a consortium of banks or other financial institutions. There can be no assurance that any counterparty, clearing member or clearinghouse will meet its obligations to the Fund.

The Commodity Broker, when acting as the Fund’s futures commission merchant in accepting orders for the purchase or sale of domestic futures contracts, is required by CFTC regulations to separately account for and segregate as belonging to the Fund all assets of the Fund relating to domestic futures trading. The Commodity Broker is not allowed to commingle such assets with other assets of the Commodity Broker. In addition, CFTC regulations also require the Commodity Broker to hold in a secure account assets of the Fund related to foreign futures trading. While these legal requirements are designed to protect the customers of futures commission merchants, a failure by the Commodity Broker to comply with those requirements would be likely to have a material adverse effect on the Fund in the event that the Commodity Broker became insolvent or suffered other financial distress.

Liquidity

The Fund’s entire source of capital is derived from the Fund’s offering of Shares to Authorized Participants. The Fund in turn allocates its net assets to commodity futures trading. A significant portion of the NAV is held in United States Treasury Obligations, which may be used as margin for the Fund’s trading in commodity futures contracts and United States Treasury Obligations, money market mutual funds, cash and T-Bill ETFs, if any, which may be used for cash management purposes. The percentage that United States Treasury Obligations bear to the total net assets will vary from period to period as the market values of the Fund’s commodity interests change. A portion of the Fund’s United States Treasury Obligations are held for deposit with the Commodity Broker to meet margin requirements. All remaining cash, money market mutual funds, T-Bill ETFs, if any, and United States Treasury Obligations are on deposit with the Custodian. Interest earned on the Fund’s interest-bearing funds and dividends from the Fund’s holdings of money market mutual funds are paid to the Fund. Any dividends or distributions of capital gains received from the Fund’s holdings of T-Bill ETFs, if any, are paid to the Fund.

The Fund’s commodity futures contracts may be subject to periods of illiquidity because of market conditions, regulatory considerations or for other reasons. For example, U.S. futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices that may occur during a single business day. These limits are generally referred to as “daily price fluctuation limits” or “daily limits,” and the maximum or minimum price of a contract on any given day as a result of these limits is referred to as a “limit price. Once a limit price has been reached in a particular contract, it is usually the case that no trades may be made at a different price than specified in the limit. The duration of limit prices generally varies. Limit prices may have the effect of precluding the Fund from trading in a particular contract or requiring the Fund to liquidate contracts at disadvantageous times or prices. Either of those outcomes could adversely affect the Fund’s ability to pursue its investment objective.

Because the Fund trades futures contracts, its capital is at risk due to changes in the value of futures contracts (market risk) or the inability of counterparties (including the Commodity Broker and/or exchange clearinghouses) to perform under the terms of the contracts (credit risk).

On any business day, an Authorized Participant may place an order with the Transfer Agent to redeem one or more blocks of 200,000 Shares (“Baskets”). Redemption orders must be placed by 10:00 a.m., Eastern Time. The day on which the Managing Owner receives a valid redemption order is the redemption order date. The day on which a redemption order is settled is the redemption order settlement date. As provided below, the redemption order settlement date may occur up to two business days after the redemption order date. Redemption orders are irrevocable. The redemption procedures allow Authorized Participants to redeem Baskets. Individual Shareholders may not redeem directly from the Fund. Instead, individual Shareholders may only redeem Shares in integral multiples of 200,000 and only through an Authorized Participant.

Redemption orders may be placed either (i) through the Continuous Net Settlement (“CNS”) clearing processes of the National Securities Clearing Corporation (the “NSCC”) (the “CNS Clearing Process”) or (ii) if outside the CNS Clearing Process, only through the facilities of The Depository Trust Company (“DTC” or the “Depository”) (the “DTC Process”), or a successor depository, and only in exchange for cash. By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the redemption order and such fee is not borne by the Fund.

Capital Resources

The Fund does not have any material commitments for capital expenditures as of the end of the latest fiscal period.

The Fund is unaware of any (i) anticipated known demands, commitments or capital expenditures; (ii) material trends, favorable or unfavorable, in its capital resources; or (iii) trends or uncertainties that will have a material effect on operations.

Cash Flows

A primary cash flow activity of the Fund is to raise capital from Authorized Participants through the issuance of Shares. This cash is used to invest in United States Treasury Obligations, money market mutual funds and T-Bill ETFs, if any, and to meet margin requirements as a result of the positions taken in futures contracts to match the fluctuations of the Index.

As of the date of this Report, each of Bank of America Merrill Lynch, BMO Capital Markets Corp., BNP Paribas Securities Corp, Cantor Fitzgerald & Co., Citadel Securities LLC, Citigroup Global Markets, Credit Suisse Securities (USA) LLC, Deutsche Investment Management Americas Inc., Goldman Sachs & Co., Goldman Sachs Execution & Clearing LP, Interactive Brokers LLC, Jefferies LLC, JP Morgan Securities Inc., Knight Clearing Services LLC, Merrill Lynch Professional Clearing Corp, Morgan Stanley & Co. LLC, Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities, Virtu Financial BD LLC and Virtu Financial Capital Markets LLC has executed a Participant Agreement and are the only Authorized Participants.

Operating Activities

Net cash flow provided by (used for) operating activities was $12.7 million and $8.0 million for the three months ended March 31, 2019 and 2018, respectively. These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury Obligations and affiliated investments. The Fund invests in futures contracts in an attempt to track its Index. The Fund invests in United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, for margin and/or cash management purposes only.

During the three months ended March 31, 2019, $75.6 million was paid to purchase United States Treasury Obligations and $72.0 million was received from sales and maturing United States Treasury Obligations. During three months ended March 31, 2018, $148.1 million was paid to purchase United States Treasury Obligations and $141.0 million was received from sales and maturing United States Treasury Obligations. $81.7 million was received from sales of affiliated investments and $81.5 million was paid to purchase affiliated investments during the three months ended March 31, 2019. $95.5 million was received from sales of affiliated investments and $88.0 million was paid to purchase affiliated investments during the three months ended March 31, 2018.

Financing Activities

The Fund’s net cash flow provided by (used for) financing activities was $(12.7) million and $(8.9) million during the three months ended March 31, 2019 and 2018, respectively. This included $8.3 million and $5.8 million from Shares purchased by Authorized Participants and $(19.5) million and $(14.7) million from Shares redeemed by Authorized Participants during the three months ended March 31, 2019 and 2018, respectively. Payable for amount due to the Custodian increased (decrease) by $1.5 million and $0.0 million during the three months ended March 31, 2019 and 2018, respectively.

Results of Operations

FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018

The following graphs illustrate the percentage changes in (i) the market price of the Shares (as reflected by the line “Market”), (ii) the Fund’s NAV (as reflected by the line “NAV”), and (iii) the closing levels of the Index (as reflected by the line “DBIQ Opt Yield Energy Index ER”). Whenever the Treasury Income, Money Market Income and T-Bill ETF Income, if any, earned by the Fund exceeds Fund expenses, the price of the Shares generally exceeds the levels of the Index primarily because the Share price reflects Treasury Income, Money Market Income and T-Bill ETF Income, if any, from the Fund’s collateral holdings whereas the Index does not consider such income. There can be no assurances that the price of the Shares or the Fund’s NAV will exceed the Index levels.

No representation is being made that the Index will or is likely to achieve closing levels consistent with or similar to those set forth herein. Similarly, no representation is being made that the Fund will generate profits or losses similar to the Fund’s past performance or changes in the Index closing levels.

COMPARISON OF MARKET, NAV AND DBIQ OPT YIELD ENERGY INDEX ER FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018

LOGO

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES,

POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

LOGO

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

Performance Summary

This Report covers the three months ended March 31, 2019 and 2018. Past performance of the Fund is not necessarily indicative of future performance.

The Index is intended to reflect the change in market value of the Index Commodities. Past Index results are not necessarily indicative of future changes, positive or negative, in the Index closing levels. The DBIQ Optimum Yield Energy Index Total Return™ (the “DBIQ-OY Energy TR™”) consists of the same components as the Index plus 3-month United States Treasury Obligations returns. Past results of the DBIQ-OY Energy TR™ are not necessarily indicative of future changes, positive or negative, in the closing levels of the DBIQ-OY Energy TR™.

The section “Summary of the DBIQ-OY Energy TR™ and Underlying Index Commodity Returns for the three months ended March 31, 2019 and 2018” below provides an overview of the changes in the closing levels of the DBIQ-OY Energy TR™ by disclosing the change in market value of each underlying component Index Commodity through a “surrogate” (and analogous) index that also reflects 3 month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index (not the DBIQ-OY Energy TR™) and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield roll method with the objective of mitigating the negative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.

Summary of the DBIQ-OY Energy TR^™ and Underlying Index Commodity

Returns for the Three Months Ended March 31, 2019 and 2018


	AGGREGATE RETURNS FOR INDICES IN THE DBIQ-OY ENERGY TR^™
	Three Months Ended March 31,
Underlying Index	2019			2018
DB Light Sweet Crude Oil Indices		25.57	%		9.69	%
DB Ultra Low Sulphur Diesel Indices		19.46			2.46
DB Brent Crude Oil Indices		20.08			5.10
DB RBOB Gasoline Indices		23.42			4.16
DB Natural Gas Indices		0.21			0.10

AGGREGATE RETURN		19.38	%		4.90	%

If the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income were to exceed the Fund’s fees and expenses, the aggregate return on an investment in the Fund would be expected to outperform the Index and underperform the DBIQ-OY Energy TR™. The only difference between (i) the Index (the “Excess Return Index”) and (ii) the DBIQ-OY Energy TR™ (the “Total Return Index”) is that the Excess Return Index does not include interest income from fixed income securities while the Total Return Index does include such a component. Thus, the difference between the Excess Return Index and the Total Return Index is attributable entirely to the interest income attributable to the fixed income securities reflected in the Total Return Index. The Total Return Index does not actually hold any fixed income securities. If the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income, if any, exceeds the Fund’s fees and expenses, then the amount of such excess is expected to be distributed periodically. The market price of the Shares is expected to closely track the Excess Return Index. The aggregate return on an investment in the Fund over any period is the sum of the capital appreciation or depreciation of the Shares over the period, plus the amount of any distributions during the period. Consequently, the Fund’s aggregate return is expected to outperform the Excess Return Index by the amount of the excess, if any, of the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income over its fees and expenses. As a result of the Fund’s fees and expenses, however, the aggregate return on the Fund is expected to underperform the Total Return Index. If the Fund’s fees and expenses were to exceed the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income, if any, the aggregate return on an investment in the Fund is expected to underperform the Excess Return Index.

FOR THE THREE MONTHS ENDED MARCH 31, 2019 COMPARED TO THE THREE MONTHS ENDED MARCH 31, 2018

Fund Share Price Performance

For the three months ended March 31, 2019, the NYSE Arca market value of each Share increased 18.26% from $12.43 per Share to $14.70 per Share. The Share price low and high for the three months ended March 31, 2019 and related change from the Share price on December 31, 2018 was as follows: Shares traded at a low of $12.55 per Share (+0.97 %) on January 2, 2019, and a high of $14.94 per Share (+20.19 %) on March 20, 2019.

For the three months ended March 31, 2018, the NYSE Arca market value of each Share increased 5.09% from $14.54 per Share to $15.28 per Share. The Share price low and high for the three months ended March 31, 2018 and related change from the Share price on December 31, 2017 was as follows: Shares traded at a low of $13.90 per Share (-4.40%) on February 12, 2018, and a high of $15.44 per Share (+6.19%) on January 26, 2018.

Fund Share Net Asset Performance

For the three months ended March 31, 2019, the NAV of each Share increased 19.14% from $12.33 per Share to $14.69 per Share. Rising commodity futures contract prices for Light Sweet Crude Oil, Ultra Low Sulphur Diesel, Brent Crude Oil, RBOB Gasoline and Natural Gas during the three months ended March 31, 2019, contributed to an overall 18.68% increase in the level of the Index and to a 19.38% increase in the level of the DBIQ-OY Energy TR^™.

Net income (loss) for the three months ended March 31, 2019 was $17.0 million, primarily resulting from $0.6 million of income, net realized gain (loss) of $(5.7) million, net change in unrealized gain (loss) of $22.3 million and operating expenses of $0.2 million.

For the three months ended March 31, 2018, the NAV of each Share increased 4.66% from $14.59 per Share to $15.27 per Share. Rising commodity futures contracts prices for Light Sweet Crude Oil, Ultra Low Sulphur Diesel, Brent Crude Oil, RBOB Gasoline and Natural Gas during the three months ended March 31, 2018, contributed to an overall 4.49% increase in the level of the Index and to a 4.90% increase in the level of the DBIQ-OY Energy TR^™.

Net income (loss) for the three months ended March 31, 2018 was $8.0 million, primarily resulting from $0.6 million of income,

net realized gain (loss) of $7.8 million, net change in unrealized gain (loss) of $(0.1) million and operating expenses of $0.3 million.

Critical Accounting Policies

The financial statements and accompanying notes are prepared in accordance with U.S. GAAP. The preparation of these financial statements relies on estimates and assumptions that impact the Fund’s financial position and results of operations. These estimates and assumptions affect the Fund’s application of accounting policies. In addition, please refer to Note 2 to the financial statements of the Fund for further discussion of the Fund’s accounting policies and Item 7 – Management’s Discussions and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies on Form 10-K for the year ended December 31, 2018.

Off-Balance Sheet Arrangements and Contractual Obligations

In the normal course of its business, the Fund is a party to financial instruments with off-balance sheet risk. The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss. The financial instruments used by the Fund are commodity futures, the values of which are based upon an underlying asset and generally represent future commitments which have a reasonable possibility to be settled in cash or through physical delivery. The financial instruments are traded on an exchange and are standardized contracts.

The Fund has not utilized, nor does it expect to utilize in the future, special purpose entities to facilitate off-balance sheet financing arrangements and has no loan guarantee arrangements or off-balance sheet arrangements of any kind, other than agreements entered into in the normal course of business noted above, which may include indemnification provisions related to certain risks service providers undertake in providing services to the Fund. While the Fund’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on the Fund’s financial position. The Managing Owner expects the risk of loss relating to indemnification to be remote.

The Fund has financial obligations to the Managing Owner and the Commodity Broker under the Trust Agreement and its agreement with the Commodity Broker (the “Commodity Broker Agreement”), respectively. Management Fee payments made to the Managing Owner, pursuant to the Trust Agreement, are calculated as a fixed percentage of the Fund’s NAV. Commission payments to the Commodity Broker, pursuant to the Commodity Broker Agreement, are on a contract-by-contract, or round-turn, basis. As such, the Managing Owner cannot anticipate the amount of payments that will be required under these arrangements for future periods as NAVs and trading activity will not be known until a future date. The Fund’s agreement with the Commodity Broker may be terminated by either party for various reasons. All Management Fees and commission payments are paid to the Managing Owner and the Commodity Broker, respectively.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

INTRODUCTION

The Fund is designed to track the performance of the Index. The market sensitive instruments held by it are subject to the risk of trading loss. Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Fund’s main line of business.

Market movements can produce frequent changes in the fair market value of the Fund’s open positions and, consequently, in its earnings and cash flow. The Fund’s market risk is primarily influenced by changes in the prices of commodities.

QUANTIFYING THE FUND’S TRADING VALUE AT RISK

Quantitative Forward-Looking Statements

The following quantitative disclosures regarding the Fund’s market risk exposures contain “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933 (the “Securities Act”) and Section 21E of the Exchange Act). All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact (such as the dollar amount of maintenance margin required for market risk sensitive instruments held at the end of the reporting period).

Value at Risk (“VaR”) is a statistical measure of the value of losses that would not be expected to be exceeded over a given time horizon and at a given probability level arising from movement of underlying risk factors. Loss is measured as a decline in the fair value of the portfolio as a result of changes in any of the material variables by which fair values are determined. VaR is measured over a specified holding period (one day) and to a specified level of statistical confidence (99th percentile). However, the inherent uncertainty in the markets in which the Fund trades and the recurrence in the markets traded by the Fund of market movements far exceeding expectations could result in actual trading or non-trading losses far beyond the indicated VaR or the Fund’s experience to date (i.e., “risk of ruin”). In light of these considerations, as well as the risks and uncertainties intrinsic to all future projections, the following VaR presentation does not constitute any assurance or representation that the Fund’s losses in any market sector will be limited to VaR.

THE FUND’S TRADING VALUE AT RISK

The Fund calculates VaR using the actual historical market movements of the Fund’s net assets.

The following table indicates the trading VaR associated with the Fund’s net assets as of March 31, 2019.


Description	Net Assets		Daily Volatility			VaR* (99 Percentile)		For the Three Months Ended, March 31, 2019 Number of times VaR Exceeded
Invesco DB Energy Fund	$	96,950,567		1.27	%	$	2,869,286	2

The following table indicates the trading VaR associated with the Fund’s net assets as of December 31, 2018.


Description	Net Assets		Daily Volatility			VaR* (99 Percentile)		For the Year Ended, December 31, 2018 Number of times VaR Exceeded
Invesco DB Energy Fund	$	91,215,745		1.24	%	$	2,643,411	30

*	The VaR represents the one-day downside risk, under normal market conditions, with a 99% confidence level. It is calculated using historical market moves of the Fund’s net assets and uses a one year look back.

THE FUND’S NON-TRADING MARKET RISK

The Fund has non-trading market risk as a result of investing in short-term United States Treasury Obligations, T-Bill ETFs and money market mutual funds. The market risk represented by these investments is not expected to be material. Although the Fund purchases and sells shares of T-Bill ETFs on an exchange, it does not establish or liquidate those positions for trading purposes.

OUALITATIVE DISCLOSURES REGARDING PRIMARY TRADING RISK EXPOSURES

The following qualitative disclosures regarding the Fund’s market risk exposures—except for those disclosures that are statements of historical fact—constitute forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. The Fund’s primary market risk exposures are subject to numerous uncertainties, contingencies and risks. Government interventions, defaults and expropriations, illiquid markets, the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation and many other factors could result in material losses as well as in material changes to the risk exposures of the Fund. The Fund’s current market exposure may change materially. Investors may lose all or substantially all of their investment in the Fund.

The following were the primary trading risk exposures of the Fund as of March 31, 2019 by Index Commodity.

Light Sweet Crude Oil

The price of light sweet crude oil is volatile and is affected by numerous factors. The level of global industrial activity influences the demand for light sweet crude oil. In addition, various other factors can affect the demand for light sweet crude oil, such as weather, political events and labor activity. The supply of light sweet crude oil can be affected by many events, in particular, the meetings of the Organization of Petroleum Exporting Countries. Market expectations about events that will influence either demand or supply can cause prices for light sweet crude oil to fluctuate greatly. A significant amount of the world oil production capacity is controlled by a relatively small number of producers. Any large change in production by one of these producers could have a substantial effect on the price of light sweet crude oil.

Ultra Low Sulphur Diesel (also commonly known as Heating Oil)

The price of Ultra Low Sulphur Diesel is volatile and is affected by numerous factors. The level of global industrial activity influences the demand for Ultra Low Sulphur Diesel. In addition, the seasonal temperatures in countries throughout the world can also heavily influence the demand for Ultra Low Sulphur Diesel. Ultra Low Sulphur Diesel is derived from crude oil and as such, any factors that influence the supply of crude oil may also influence the supply of Ultra Low Sulphur Diesel.

Brent Crude Oil

The price of Brent Crude Oil is volatile and is affected by numerous factors. The price of Brent Crude Oil is influenced by many factors, including, but not limited to, the amount of output by oil producing nations, worldwide supply/stockpiles, weather, various geopolitical factors that cause supply disruptions (e.g., war, terrorism), global demand (particularly from emerging nations), currency fluctuations, and activities of market participants such as hedgers and speculators.

RBOB Gasoline

The price of RBOB Gasoline is volatile and is affected by numerous factors. The level of global industrial activity influences the demand for RBOB Gasoline. In addition, the demand has seasonal variations, which occur during “driving seasons” usually considered the summer months in North America and Europe. RBOB Gasoline is derived from crude oil and as such, any factors that influence the supply of crude oil may also influence the supply of RBOB Gasoline.

Natural Gas

The price of natural gas is volatile and is affected by numerous factors. The level of global industrial activity influences the demand for natural gas. In addition to the seasonal temperatures in countries throughout the world, any fluctuations in temperature may also heavily influence the demand for natural gas.

QUALITATIVE DISCLOSURES REGARDING NON-TRADING MARKET RISK EXPOSURE

As noted above, the Fund has non-trading market risk as a result of investing in short-term United States Treasury Obligations, T-Bill ETFs and money market mutual funds. The market risk represented by these investments is not expected to be material.

QUALITATIVE DISCLOSURES REGARDING MEANS OF MANAGING RISK EXPOSURE

Under ordinary circumstances, the Managing Owner’s exercise of discretionary power is limited to determining whether the Fund will make a distribution. Under emergency or extraordinary circumstances, the Managing Owner’s use of its discretionary powers may increase. These special circumstances, for example, include the unavailability of the Index or certain natural or manmade disasters. The Managing Owner does not actively manage the Fund to avoid losses. The Fund only takes long positions in investments and does not employ “stop-loss” techniques.

ITEM 4.

CONTROLS AND PROCEDURES.

For purposes of this Item 4, all references to the “Fund” shall be read to specifically include the Fund and the Trust. Please note that the disclosure controls and procedures and internal control over financial reporting of the Trust are the aggregate disclosure controls and procedures and internal control over financial reporting of the Fund and that of Invesco DB Agriculture Fund, Invesco DB Base Metals Fund, Invesco DB Gold Fund, Invesco DB Oil Fund, Invesco DB Precious Metals Fund and Invesco DB Silver Fund, each a series of the Trust.

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of the management of the Managing Owner, including Daniel Draper, its Principal Executive Officer, and Kelli Gallegos, its Principal Financial and Accounting Officer, Investment Pools, the Fund carried out an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rule 13a-15(e) or 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this Quarterly Report, and, based upon that evaluation, Daniel Draper, the Principal Executive Officer of the Managing Owner, and Kelli Gallegos, the Principal Financial and Accounting Officer, Investment Pools, of the Managing Owner, concluded that the Fund’s disclosure controls and procedures were effective to provide reasonable assurance that information the Fund is required to disclose in the reports that it files or submits with the Securities and Exchange Commission (the “SEC”) under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and to provide reasonable assurance that information required to be disclosed by the Fund in the reports that it files or submits under the Exchange Act is accumulated and communicated to management of the Managing Owner, including its Principal Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There has been no change in internal control over financial reporting (as defined in the Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the Fund’s quarter ended March 31, 2019 that has materially affected, or is reasonably likely to materially affect, the Fund’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings.

Not applicable.

Item 1A.

Risk Factors.

Current Discussions between the SEC and PricewaterhouseCoopers LLP regarding PricewaterhouseCoopers LLP’s Independence Could Have Potentially Adverse Consequences for the Fund.

PricewaterhouseCoopers LLP informed the Fund that it has identified an issue related to its independence under Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the Loan Rule). The Loan Rule prohibits accounting firms, such as PricewaterhouseCoopers LLP, from being deemed independent if they have certain financial relationships with their audit clients or certain affiliates of those clients. The Fund is required under various securities laws to have its financial statements audited by an independent accounting firm.

The Loan Rule specifically provides that an accounting firm would not be independent if it or certain affiliates and covered persons receive a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities (referred to as a “more than ten percent owner”). For purposes of the Loan Rule, audit clients include the Fund as well as all registered investment companies advised by the Managing Owner and its affiliates, including other subsidiaries of the Managing Owner’s parent company, Invesco Ltd. (collectively, the “Invesco Fund Complex”). PricewaterhouseCoopers LLP informed the Fund it and certain affiliates and covered persons have relationships with lenders who hold, as record owner, more than ten percent of the shares of certain funds within the Invesco Fund Complex, which may implicate the Loan Rule.

On June 20, 2016, the SEC Staff issued a “no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to the audit independence issue described above. In that letter, the SEC confirmed that it would not recommend enforcement action against a fund that relied on audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. On May 2, 2018, the SEC proposed amendments to the Loan Rule that, if adopted as proposed, would address many of the issues that led to issuance of the no-action letter. In connection with prior independence determinations, PricewaterhouseCoopers LLP communicated, as contemplated by the no-action letter, that it believes that it remains objective and impartial and that a reasonable investor possessing all the facts would conclude that PricewaterhouseCoopers LLP is able to exhibit the requisite objectivity and impartiality to report on the Fund’s financial statements as the independent registered public accounting firm. PricewaterhouseCoopers LLP also represented that it has complied with PCAOB Rule 3526(b)(1) and (2), which are conditions to the Funds relying on the no action letter, and affirmed that it is an independent

accountant within the meaning of PCAOB Rule 3520. Therefore, the Managing Owner, the Fund and PricewaterhouseCoopers LLP concluded that PricewaterhouseCoopers LLP could continue as the Fund’s independent registered public accounting firm. The Invesco Fund Complex relied upon the no-action letter in reaching this conclusion.

If in the future the independence of PricewaterhouseCoopers LLP is called into question under the Loan Rule by circumstances that are not addressed in the SEC’s no-action letter, the Fund will need to take other action in order for the Fund’s filings with the SEC containing financial statements to be deemed compliant with applicable securities laws. Such additional actions could result in additional costs, impair the ability of the Fund to issue new shares or have other material adverse effects on the Fund. The SEC no-action relief was initially set to expire eighteen (18) months from issuance but has been extended by the SEC without an expiration date, except that the no-action letter will be withdrawn upon the effectiveness of any amendments to the Loan Rule designed to address the concerns expressed in the letter.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

(a) There have been no unregistered sales of Shares. No Shares are authorized for issuance by the Fund under equity compensation plans.

(b) Not applicable.

(c) The following table summarizes the redemptions by Authorized Participants during the three months ended March 31, 2019:


Period of Redemption	Total Number of Shares Redeemed		Average Price Paid per Share
January 1, 2019 to January 31, 2019		400,000	$	13.20
February 1, 2019 to February 28, 2019		600,000		13.92
March 1, 2019 to March 31, 2019		400,000		14.67

Total		1,400,000	$	13.93

Item 3.

Defaults Upon Senior Securities.

None.

Item 4.

Mine Safety Disclosures.

Not applicable.

Item 5.

Other Information.

None.

Item 6.

Exhibits.


31.1		Certification required under Exchange Act Rules 13a-14 and 15d-14 (filed herewith)

31.2		Certification required under Exchange Act Rules 13a-14 and 15d-14 (filed herewith)

32.1		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)

32.2		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)

101		Interactive data file pursuant to Rule 405 of Regulation S-T: (i) the Statements of Financial Condition of Invesco DB Energy Fund – March 31, 2019 and December 31, 2018 (Unaudited), (ii) the Schedule of Investments of Invesco DB Energy Fund – March 31, 2019 (Unaudited), (iii) the Schedule of Investments of Invesco DB Energy Fund – December 31, 2018 (Unaudited), (iv) the Statements of Income and Expenses of Invesco DB Energy Fund – For the Three Months Ended March 31, 2019 and 2018 (Unaudited), (v) the Statement of Changes in Shareholders’ Equity of Invesco DB Energy Fund – For the Three Months Ended March 31, 2019 (Unaudited), (vi) the Statement of Changes in Shareholders’ Equity of Invesco DB Energy Fund – For the Three Months Ended March 31, 2018 (Unaudited), (vii) the Statements of Cash Flows of Invesco DB Energy Fund – For the Three Months Ended March 31, 2019 and 2018 (Unaudited), and (viii) Notes to Unaudited Financial Statements of Invesco DB Energy Fund – March 31, 2019.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Invesco DB Multi-Sector Commodity Trust on its own behalf and with respect to Invesco DB Energy Fund

	By:	Invesco Capital Management LLC,
	its Managing Owner



		By:		/s/ DANIEL DRAPER


		Name:		Daniel Draper
		Title:		Principal Executive Officer



		By:		/s/ KELLI GALLEGOS


		Name:		Kelli Gallegos
		Title:		Principal Financial and Accounting Officer, Investment Pools

Dated: May 8, 2019

Exhibit 31.1

CERTIFICATION

I, Daniel Draper, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Invesco DB Energy Fund, a series of Invesco DB Multi-Sector Commodity Trust;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated: May 8, 2019				/s/ Daniel Draper
				Daniel Draper
				Principal Executive Officer

Exhibit 31.2

CERTIFICATION

I, Kelli Gallegos, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Invesco DB Energy Fund, a series of Invesco DB Multi-Sector Commodity Trust;

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated: May 8, 2019				/s/ Kelli Gallegos
				Kelli Gallegos
				Principal Financial and Accounting Officer, Investment Pools

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Daniel Draper, Principal Executive Officer of Invesco Capital Management LLC, the Managing Owner of Invesco DB Energy Fund (the “Fund”), a series of Invesco DB Multi-Sector Commodity Trust, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

The Fund’s Quarterly Report on Form 10-Q for the period ended March 31, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Quarterly Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended;

(2)

The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Fund;

(3)

This certification accompanies the report to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of such report), irrespective of any general incorporation language contained in such filing.


Dated: May 8, 2019				/s/ Daniel Draper
				Daniel Draper
				Principal Executive Officer

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Kelli Gallegos, Principal Financial and Accounting Officer, Investment Pools of Invesco Capital Management LLC, the Managing Owner of Invesco DB Energy Fund (the “Fund”), a series of Invesco DB Multi-Sector Commodity Trust, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

(2)

The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Fund;

(3)


Dated: May 8, 2019				/s/ Kelli Gallegos
				Kelli Gallegos
				Principal Financial and Accounting Officer, Investment Pools

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, 2019

☐	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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

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 the number of outstanding Shares as of March 31, 2019: 28,600,000 Shares.

INVESCO DB OIL FUND

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

QUARTER ENDED MARCH 31, 2019

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		23
ITEM 4.	Controls and Procedures		25

PART II.	OTHER INFORMATION		25

Item 1.	Legal Proceedings		25
Item 1A.	Risk Factors		25
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		26
Item 3.	Defaults Upon Senior Securities		26
Item 4.	Mine Safety Disclosures		26
Item 5.	Other Information		26
Item 6.	Exhibits		27

SIGNATURES			28

PART I. FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS.

Invesco DB Oil Fund

Statements of Financial Condition

March 31, 2019 and December 31, 2018

(Unaudited)


	March 31, 2019		December 31, 2018
Assets
United States Treasury Obligations, at value (cost $285,496,227 and $227,903,022, respectively)	$	285,502,464	$	227,905,176
Affiliated Investments, at value (cost $17,126,633 and $33,299,423, respectively)		17,132,124		33,302,539
Other investments:
Variation margin receivable- Commodity Futures Contracts		2,405,247		686,400
Receivable for:
Dividends from affiliates		29,673		46,054

Total assets	$	305,069,508	$	261,940,169

Liabilities
Payable for:
Shares redeemed	$	4,205,079	$	—
Due to custodian		—		188,160
Management fees		196,219		173,979
Brokerage commissions and fees		4,860		4,627

Total liabilities		4,406,158		366,766

Commitments and Contingencies (Note 10)
Equity
Shareholders’ equity—General Shares		420		335
Shareholders’ equity—Shares		300,662,930		261,573,068

Total shareholders’ equity		300,663,350		261,573,403

Total liabilities and equity	$	305,069,508	$	261,940,169

General Shares outstanding		40		40
Shares outstanding		28,600,000		31,200,000
Net asset value per share	$	10.51	$	8.38
Market value per share	$	10.52	$	8.47

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

Invesco DB Oil Fund

Schedule of Investments

March 31, 2019

(Unaudited)


Description	Percentage of Shareholders’ Equity			Value		Principal Value
United States Treasury Obligations ^(a)
U.S. Treasury Bills, 2.465% due April 4, 2019		33.25	%	$	99,980,365	$	100,000,000
U.S. Treasury Bills, 2.470% due April 23, 2019		21.26			63,906,746		64,000,000
U.S. Treasury Bills, 2.375% due May 2, 2019 ^(b)		30.54			91,814,323		92,000,000
U.S. Treasury Bills, 2.470% due July 11, 2019		9.91			29,801,030		30,000,000

Total United States Treasury Obligations (cost $285,496,227)		94.96	%	$	285,502,464

						Shares
Affiliated Investments
Exchange-Traded Fund
Invesco Treasury Collateral ETF (cost $5,005,284)^(c)		1.67	%	$	5,010,775		47,500
Money Market Mutual Fund
Invesco Premier U.S. Government Money Portfolio - Institutional Class, 2.33% (cost $12,121,349)^(d)		4.03			12,121,349		12,121,349

Total Affiliated Investments (cost $17,126,633)		5.70	%	$	17,132,124

Total Investments in Securities (cost $302,622,860)		100.66	%	$	302,634,588

^(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 $48,597,730 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

^(c)	Affiliated company. The security and the Fund are affiliated by having the same investment adviser. See Note 8.

^(d)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of March 31, 2019.


Open Commodity Futures Contracts	Number of Contracts		Expiration Date		Notional Value		Value ^(e)		Unrealized Appreciation (Depreciation)^(e)
Long Futures Contracts
NYMEX WTI Crude		5,047		February - 2020	$	300,599,320	$	19,126,625	$	19,126,625

^(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 Oil Fund

Schedule of Investments

December 31, 2018

(Unaudited)


Description	Percentage of Shareholders’ Equity			Value		Principal Value
United States Treasury Obligations ^(a)
U.S. Treasury Bills, 2.175% due January 3, 2019		19.88	%	$	51,996,757	$	52,000,000
U.S. Treasury Bills, 2.370% due February 28, 2019		12.95			33,872,079		34,000,000
U.S. Treasury Bills, 2.465% due April 4, 2019 ^(b)		37.99			99,381,236		100,000,000
U.S. Treasury Bills, 2.430% due May 2, 2019 ^(b)		16.31			42,655,104		43,000,000

Total United States Treasury Obligations (cost $227,903,022)		87.13	%	$	227,905,176

						Shares
Affiliated Investments
Exchange-Traded Fund
PowerShares Treasury Collateral Portfolio (cost $5,005,284)^(c)		1.91			5,008,400		47,500
Money Market Mutual Fund
Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.30% (cost $28,294,139)^(d)		10.82			28,294,139		28,294,139

Total Affiliated Investments (cost $33,299,423)		12.73	%	$	33,302,539

Total Investments in Securities (cost $261,202,445)		99.86	%	$	261,207,715

^(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 $44,349,600 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

^(c)	Affiliated company. The security and the Fund are affiliated by having the same investment adviser. See Note 8.

^(d)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of December 31, 2018.


Open Commodity Futures Contracts	Number of Contracts		Expiration Date		Notional Value		Value^(e)			Unrealized Appreciation (Depreciation)^(e)
Long Futures Contracts
NYMEX WTI Crude		5,720		February - 2019	$	261,518,400	$	(107,405,985	)	$	(107,405,985	)

^(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 Oil Fund

Statements of Income and Expenses

For the Three Months Ended March 31, 2019 and 2018

(Unaudited)


	Three Months Ended
	March 31,
	2019			2018
Income
Interest Income	$	1,694,603		$	1,203,475
Dividends from Affiliates		152,942			64,100

Total Income		1,847,545			1,267,575

Expenses
Management Fees		573,607			683,320
Brokerage Commissions and Fees		36,175			61,654
Interest Expense		12,501			511

Total Expenses		622,283			745,485

Less: Waivers		(12,464	)		(10,626	)

Net Expenses		609,819			734,859

Net Investment Income (Loss)		1,237,726			532,716

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		(607	)		(1,891	)
Commodity Futures Contracts		(60,425,980	)		59,660,668

Net Realized Gain (Loss)		(60,426,587	)		59,658,777

Net Change in Unrealized Gain (Loss) on
United States Treasury Obligations		4,083			(24,469	)
Affiliated Investments		2,375			19,475
Commodity Futures Contracts		126,532,610			(25,622,804	)

Net Change in Unrealized Gain (Loss)		126,539,068			(25,627,798	)

Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		66,112,481			34,030,979

Net Income (Loss)	$	67,350,207		$	34,563,695

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

Invesco DB Oil Fund

Statement of Changes in Shareholders’ Equity

For the Three Months Ended March 31, 2019

(Unaudited)


	General Shares					Shares						Total
	Shares		Total Equity			Shares			Total Equity			Shareholders’ Equity
Balance at December 31, 2018		40	$	335			31,200,000		$	261,573,068		$	261,573,403

Purchases of Shares							1,200,000			10,791,018			10,791,018
Redemption of Shares							(3,800,000	)		(39,051,278	)		(39,051,278	)

Net Increase (Decrease) due to Share Transactions							(2,600,000	)		(28,260,260	)		(28,260,260	)
Net Income (Loss)
Net Investment Income (Loss)				1						1,237,725			1,237,726
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				(76	)					(60,426,511	)		(60,426,587	)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				160						126,538,908			126,539,068

Net Income (Loss)				85						67,350,122			67,350,207

Net Change in Shareholders’ Equity		—		85			(2,600,000	)		39,089,862			39,089,947

Balance at March 31, 2019		40	$	420			28,600,000		$	300,662,930		$	300,663,350

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

Invesco DB Oil Fund

Statement of Changes in Shareholders’ Equity

For the Three Months Ended March 31, 2018

(Unaudited)


	General Shares					Shares						Total
	Shares		Total Equity			Shares			Total Equity			Shareholders’ Equity
Balance at December 31, 2017		40	$	408			32,600,000		$	332,832,933		$	332,833,341

Purchases of Shares							17,800,000			187,509,046			187,509,046
Redemption of Shares							(19,600,000	)		(210,970,391	)		(210,970,391	)

Net Increase (Decrease) due to Share Transactions							(1,800,000	)		(23,461,345	)		(23,461,345	)
Net Income (Loss)
Net Investment Income (Loss)				1						532,715			532,716
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				67						59,658,710			59,658,777
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				(29	)					(25,627,769	)		(25,627,798	)

Net Income (Loss)				39						34,563,656			34,563,695

Net Change in Shareholders’ Equity		—		39			(1,800,000	)		11,102,311			11,102,350

Balance at March 31, 2018		40	$	447			30,800,000		$	343,935,244		$	343,935,691

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

Invesco DB Oil Fund

Statements of Cash Flows

For the Three Months Ended March 31, 2019 and 2018

(Unaudited)


	Three Months Ended
	March 31,
	2019			2018
Cash flows from operating activities:
Net Income (Loss)	$	67,350,207		$	34,563,695
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Cost of securities purchased		(216,901,430	)		(456,145,526	)
Proceeds from securities sold and matured		160,988,472			455,667,581
Cost of affiliated investments purchased		(284,463,442	)		(178,449,348	)
Proceeds from affiliated investments sold		300,636,232			177,506,331
Net accretion of discount on United States Treasury Obligations		(1,680,854	)		(1,203,475	)
Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments		607			1,891
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments		(6,458	)		4,994
Change in operating assets and liabilities:
Variation margin- Commodity Futures Contracts		(1,718,847	)		1,656,081
Dividends from affiliates		16,381			(9,523	)
Management fees		22,240			52,280
Brokerage commissions and fees		233			(25,158	)

Net cash provided by (used for) operating activities		24,243,341			33,619,823

Cash flows from financing activities:
Proceeds from purchases of Shares		10,791,018			176,342,419
Redemption of Shares		(34,846,199	)		(210,970,391	)
Increase (decrease) in payable for amount due to custodian, net		(188,160	)		—

Net cash provided by (used for) financing activities		(24,243,341	)		(34,627,972	)

Net change in cash		—			(1,008,149	)
Cash at beginning of period		—			1,008,149

Cash at end of period	$	—		$	—

Supplemental disclosure of cash flow information
Cash paid for interest	$	12,501		$	511

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

Invesco DB Oil Fund

Notes to Unaudited Financial Statements

March 31, 2019

Note 1—Organization

Invesco DB Oil 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.

The Fund seeks to track changes, whether positive or negative, in the level of the DBIQ Optimum Yield Crude Oil 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 crude oil sector. The single commodity comprising the Index is Light Sweet Crude Oil (WTI) (the “Index Commodity”).

The Commodity Futures Trading Commission (the “CFTC”) and certain futures exchanges impose position limits on futures contracts that reference the Index Commodity (the “Index Contracts”). 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 the Index Commodity through the use of Index Contracts. These other futures contracts may or may not be based on the 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.

Note 2—Summary of Significant Accounting Policies

A. Basis of Presentation

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

B. Accounting Estimates

C. Investment Valuations

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

D. Investment Transactions and Investment Income

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, 2019 and 2018.

F. Routine Operational, Administrative and Other Ordinary Expenses

G. Non-Recurring Fees and Expenses

H. Brokerage Commissions and Fees

I. Income Taxes

J. Commodity Futures Contracts

The Fund utilizes derivative instruments to achieve its investment objective. A commodity futures contract is an agreement between counterparties to purchase or sell a specified underlying commodity for a specified price, or to pay or receive a cash amount based on the value of an index or other reference instrument, at a future date. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral with the Commodity Broker. During the period that the commodity futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as a receivable or payable on the Statements of Financial Condition. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. Realized gains (losses) and changes in unrealized appreciation (depreciation) on open positions 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 changes occur, respectively.

Note 3—Financial Instrument Risk

Note 4—Service Providers and Related Party Agreements

The Trustee

The Managing Owner

The Managing Owner waived fees of $12,464 and $10,626 for the three months ended March 31, 2019 and 2018 respectively.

The Distributor

The Managing Owner pays the Distributor a distribution fee out of the Management Fee.

The Commodity Broker

The Administrator, Custodian and Transfer Agent

Index Sponsor

The Managing Owner pays the Index Sponsor a licensing fee and an index services fee out of the Management Fee for performing its duties.

Note 5—Deposits with Commodity Broker and Custodian

The Fund defines cash as cash held by the Custodian. There were no cash equivalents held by the Fund as of March 31, 2019 and December 31, 2018.

Note 6—Additional Valuation Information

Level 1: Prices are determined using quoted prices in an active market for identical assets.

The following is a summary of the tiered valuation input levels as of March 31, 2019:


	Level 1		Level 2		Level 3		Total
Investments in Securities
United States Treasury Obligations	$	—	$	285,502,464	$	—	$	285,502,464
Exchange-Traded Fund		5,010,775		—		—		5,010,775
Money Market Mutual Fund		12,121,349		—		—		12,121,349

Total Investments in Securities		17,132,124		285,502,464		—		302,634,588

Other Investments—Assets^(a)
Commodity Futures Contracts		19,126,625		—		—		19,126,625

Total Investments	$	36,258,749	$	285,502,464	$	—	$	321,761,213

^(a)	Unrealized appreciation (depreciation).

The following is a summary of the tiered valuation input levels as of December 31, 2018:


	Level 1			Level 2		Level 3		Total
Investments in Securities
United States Treasury Obligations	$	—		$	227,905,176	$	—	$	227,905,176
Exchange-Traded Fund		5,008,400			—		—		5,008,400
Money Market Mutual Fund		28,294,139			—		—		28,294,139

Total Investments in Securities		33,302,539			227,905,176		—		261,207,715

Other Investments—Liabilities^(a)
Commodity Futures Contracts		(107,405,985	)		—		—		(107,405,985	)

Total Investments	$	(74,103,446	)	$	227,905,176	$	—	$	153,801,730

^(a)	Unrealized appreciation (depreciation).

Note 7—Derivative Instruments

The Fair Value of Derivative Instruments is as follows:


	March 31, 2019				December 31, 2018
Risk Exposure/Derivative Type ^(a)	Assets		Liabilities		Assets		Liabilities
Commodity risk
Commodity Futures Contracts	$	19,126,625	$	—	$	—	$	(107,405,985	)

^(a)	Includes cumulative appreciation (depreciation) of commodity futures contracts. Only the current day’s variation margin receivable (payable) is reported in the March 31, 2019 and December 31, 2018 Statements of Financial Condition.

The following table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of March 31, 2019, net by contract:


	Financial Derivative Assets		Financial Derivative Liabilities					Collateral (Received)/Pledged^(a)
Counterparty	Futures Contracts		Futures Contracts			Net value of derivatives		Non-Cash		Cash		Net amount
Morgan Stanley & Co. LLC	$	19,126,625	$	(16,721,378	)	$	2,405,247	$	—	$	—	$	2,405,247

The following table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of December 31, 2018, net by contract:


	Financial Derivative Assets		Financial Derivative Liabilities					Collateral (Received)/Pledged^(a)
Counterparty	Futures Contracts		Futures Contracts			Net value of derivatives		Non-Cash		Cash		Net amount
Morgan Stanley & Co. LLC	$	108,092,385	$	(107,405,985	)	$	686,400	$	—	$	—	$	686,400

^(a)	As of March 31, 2019 and December 31, 2018, a portion of the Fund’s U.S. Treasury Obligations were required to be deposited as maintenance margin in support of the Fund’s futures positions.

The Effect of Derivative Instruments on the Statements of Income and Expenses is as follows:


	Location of Gain (Loss) on Derivatives	For the Three Months Ended March 31,
Risk Exposure/Derivative Type	Recognized in Income	2019			2018
Commodity risk
Commodity Futures Contracts	Net Realized Gain (Loss)	$	(60,425,980	)	$	59,660,668
	Net Change in Unrealized Gain (Loss)		126,532,610			(25,622,804	)

Total		$	66,106,630		$	34,037,864

The table below summarizes the average monthly notional value of futures contracts outstanding during the period:


	For the Three Months Ended
	March 31,
	2019		2018
Average Notional Value	$	299,104,925	$	361,711,523

Note 8—Investments in Affiliates

The following is a summary of the transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the three months ended March 31, 2019.


	Value 12/31/2018		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 03/31/2019		Dividend Income
Invesco Treasury Collateral ETF	$	5,008,400	$	—	$	—	$	2,375	$	—	$	5,010,775	$	28,938

The following is a summary of the transactions in, and earnings from, investments in affiliates (excluding affiliated money market funds) for the three months ended March 31, 2018.


	Value 12/31/2017		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 3/31/2018		Dividend Income
PowerShares Treasury Collateral Portfolio	$	5,000,325	$	—	$	—	$	19,475	$	—	$	5,019,800	$	—

Note 9—Share Purchases and Redemptions

(a) Purchases

(b) Redemptions

Note 10—Commitments and Contingencies

Note 11—Financial Highlights

NAV per Share is the NAV of the Fund divided by the number of outstanding Shares at the date of each respective period presented.


	Three Months Ended
	March 31,
	2019			2018
Net Asset Value
Net asset value per Share, beginning of period	$	8.38		$	10.21
Net realized and change in unrealized gain (loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		2.09			0.94
Net investment income (loss) ^(a)		0.04			0.02

Net income (loss)		2.13			0.96

Net asset value per Share, end of period	$	10.51		$	11.17

Market value per Share, beginning of period ^(b)	$	8.47		$	10.16

Market value per Share, end of period ^(b)	$	10.52		$	11.18

Ratio to average Net Assets ^(c)
Net investment income (loss)		1.62	%		0.58	%

Expenses, after waivers		0.80	%		0.81	%

Expenses, prior to waivers		0.81	%		0.82	%

Total Return, at net asset value ^(d)		25.42	%		9.40	%

Total Return, at market value ^(d)		24.20	%		10.04	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)	Annualized.

^(d)

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Overview / Introduction

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 is registered with the Commodity Futures Trading Commission (the “CFTC”) as a commodity pool operator and a commodity trading advisor, and it is a member firm of the National Futures Association (“NFA”).

The Fund pursues its investment objective by investing in a portfolio of exchange-traded commodity futures contracts that expire in a specific month and trade on a specific exchange (the “Index Contracts”). The Fund also holds United States Treasury Obligations and T-Bill ETFs, if any, for deposit with Morgan Stanley & Co. LLC, the Fund’s commodity broker (the “Commodity Broker”) as margin, to the extent permissible under CFTC rules and United States Treasury Obligations, cash, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, on deposit with The Bank of New York Mellon (the “Custodian”), for cash management purposes. The aggregate notional value of the commodity futures contracts owned by the Fund is expected to approximate the aggregate net asset value (“NAV”) of the Fund, as opposed to the aggregate Index value.

The CFTC and certain futures exchanges impose position limits on Index Contracts. 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 the Index Commodity through the use of Index Contracts. These other futures contracts may or may not be based on the 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.

Index Description

The Managing Owner pays Deutsche Investment Management Americas Inc. (the “Index Sponsor”) a licensing fee and an index services fee for performing its duties.

These fees constitute a portion of the routine operational, administrative and other ordinary expenses which are paid out of the management fee paid to the Managing Owner (“Management Fee”) and are not charged to or reimbursed by the Fund.

The Fund is not sponsored or endorsed by Deutsche Bank AG, Deutsche Investment Management Americas Inc. or any subsidiary or affiliate of Deutsche Bank AG or Deutsche Investment Management Americas Inc. (collectively, “Deutsche Bank”). The DBIQ Optimum Yield Crude Oil Index Excess Return™ (the “Index”) is the exclusive property of Deutsche Investment Management Americas Inc. “DBIQ” and “Optimum Yield” are service marks of Deutsche Bank AG and have been licensed for use for certain purposes by Deutsche Investment Management Americas Inc. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index makes any representation or warranty, express or implied, concerning the Index, the Fund or the advisability of investing in securities generally. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index has any obligation to take the needs of the Managing Owner, or its clients into consideration in determining, composing or calculating the Index. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index is responsible for or has participated in the determination of the timing of, prices at, quantities or valuation of the Fund. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index has any obligation or liability in connection with the administration or trading of the Fund.

The Index Sponsor may from time-to-time subcontract the provision of the calculation and other services described below to one or more third parties.

The Index is composed of one underlying Index Commodity. The notional amount of the Index Commodity included in the Index is intended to reflect the changes in market value of the Index Commodity within the Index. The closing level of the Index is calculated on each business day by the Index Sponsor based on the closing price of the commodity futures contracts for the Index Commodity and the notional amount of such Index Commodity.

The composition of the Index may be adjusted in the event that the Index Sponsor is not able to calculate the closing price of the Index Commodity.

Market Risk

The inherent uncertainty of the Fund’s trading as well as the development of drastic market occurrences could ultimately lead to a loss of all or substantially all of the investors’ capital.

Credit Risk

When the Fund enters into futures contracts, the Fund is exposed to credit risk that the counterparty to the contract will not meet its obligations. The counterparty for futures contracts traded on United States and on most foreign futures exchanges is the clearing house associated with the particular exchange. In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from the nonperformance by one of their members and, as such, is designed to disperse and mitigate the credit risk posed by any other one member. In cases where the clearing house is not backed by the clearing members (i.e., some foreign exchanges), it may be backed by a consortium of banks or other financial institutions. There can be no assurance that any counterparty, clearing member or clearinghouse will meet its obligations to the Fund.

Liquidity

Capital Resources

The Fund does not have any material commitments for capital expenditures as of the end of the latest fiscal period.

Cash Flows

Operating Activities

Net cash flow provided by (used for) operating activities was $24.2 million and $33.6 million for the three months ended March 31, 2019 and 2018, respectively. These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury Obligations and affiliated investments. The Fund invests in United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, for margin and/or cash management purposes only.

During the three months ended March 31, 2019, $216.9 million was paid to purchase United States Treasury Obligations and $161.0 million was received from sales and maturing United States Treasury Obligations. During the three months ended March 31, 2018, $456.1 million was paid to purchase United States Treasury Obligations and $455.7 million was received from sales and maturing United States Treasury Obligations. $300.6 million was received from sales of affiliated investments and $284.5 million was paid to purchase affiliated investments during the three months ended March 31, 2019. $177.5 million was received from sales of affiliated investments and $178.4 million was paid to purchase affiliated investments during the three months ended March 31, 2018.

Financing Activities

The Fund’s net cash flow provided by (used for) financing activities was $(24.2) million and $(34.6) million during the three months ended March 31, 2019 and 2018, respectively. This included $10.8 million and $176.3 million from Shares purchased by Authorized Participants and $34.8 million and $211.0 million from Shares redeemed by Authorized Participants during the three months ended March 31, 2019 and 2018, respectively.

Results of Operations

FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018

The following graphs illustrate the percentage changes in (i) the market price of the Shares (as reflected by the line “Market”), (ii) the Fund’s NAV (as reflected by the line “NAV”), and (iii) the closing levels of the Index (as reflected by the line “DBIQ Opt Yield Crude Oil Index ER^TM”). Whenever the Treasury Income, Money Market Income and T-Bill ETF Income, if any, earned by the Fund exceeds Fund expenses, the price of the Shares generally exceeds the level of the Index primarily because the Share price reflects Treasury Income, Money Market Income and T-Bill ETF Income from the Fund’s collateral holdings whereas the Index does not consider such income. There can be no assurances that the price of the Shares or the Fund’s NAV will exceed the Index levels.

COMPARISON OF MARKET, NAV AND DBIQ OPT YIELD CRUDE OIL INDEX ER^TMFOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018

LOGO

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES,

POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

LOGO

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES,

POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

Performance Summary

This Report covers the three months ended March 31, 2019 and 2018. Past performance of the Fund is not necessarily indicative of future performance.

The Index is intended to reflect the change in market value of the Index Commodity. The DBIQ Optimum Yield Crude Oil Index Total Return™ (the “DBIQ-OY CL TR™”) consists of the same components as the Index plus 3-month United States Treasury Obligations returns. Past results of the DBIQ-OY CL TR^™ are not necessarily indicative of future changes, positive or negative, in the closing levels of the DBIQ-OY CL TR^™.

The section “Summary of the DBIQ-OY CL TR™ and Underlying Index Commodity Returns for the Three Months Ended March 31, 2019 and 2018” below provides an overview of the changes in the closing levels of the DBIQ-OY CL TR™ by disclosing the change in market value of the underlying component Index Commodity through a “surrogate” (and analogous) index that also reflects 3-month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index (not the DBIQ-OY CL TR™), and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield roll method with the objective of mitigating the negative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.

Summary of the DBIQ-OY CL TR^™ and Underlying Index Commodity

Returns for the Three Months Ended March 31, 2019 and 2018


	Three Months Ended March 31,
Underlying Index	2019			2018
DB Light Sweet Crude Oil (WTI) Indices		25.57	%		9.69	%

If the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income were to exceed the Fund’s fees and expenses, the aggregate return on an investment in the Fund would be expected to outperform the Index and underperform the DBIQ-OY CL TR™. The only difference between (i) the Index (the “Excess Return Index”) and (ii) the DBIQ-OY CL TR ™ (the “Total Return Index”) is that the Excess Return Index does not include interest income from fixed income securities while the Total Return Index does include such a component. Thus, the difference between the Excess Return Index and the Total Return Index is attributable entirely to the interest income attributable to the fixed income securities reflected in the Total Return Index. The Total Return Index does not actually hold any fixed income securities. If the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income, if any, exceeds the Fund’s fees and expenses, then the amount of such excess is expected to be distributed periodically. The market price of the Shares is expected to closely track the Index. The aggregate return on an investment in the Fund over any period is the sum of the capital appreciation or depreciation of the Shares over the period, plus the amount of any distributions during the period. Consequently, the Fund’s aggregate return is expected to outperform the Excess Return Index by the amount of the excess, if any, of the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income over its fees and expenses. As a result of the Fund’s fees and expenses, however, the aggregate return on the Fund is expected to underperform the Total Return Index. If the Fund’s fees and expenses were to exceed the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income, if any, the aggregate return on an investment in the Fund is expected to underperform the Excess Return Index.

FOR THE THREE MONTHS ENDED MARCH 31, 2019 COMPARED TO THE THREE MONTHS ENDED MARCH 31, 2018

Fund Share Price Performance

For the three months ended March 31, 2019, the NYSE Arca market value of each Share increased 24.20% from $8.47 per Share to $10.52 per Share. The Share price low and high for the three months ended March 31, 2019 and related change from the Share price on December 31, 2018 was as follows: Shares traded at a low of $8.62 per Share (+1.77%) on January 2, 2019, and a high of $10.60 per Share (+25.22%) on March 20, 2019.

For the three months ended March 31, 2018, the NYSE Arca market value of each Share increased 10.04% from $10.16 per Share to $11.18 per Share. The Share price low and high for the three months ended March 31, 2018 and related change from the Share price on December 31, 2017 was as follows: Shares traded at a low of $10.08 per Share (-0.79%) on February 9, 2018, and a high of $11.24 per Share (+10.64%) on March 23, 2018.

Fund Share Net Asset Performance

For the three months ended March 31, 2019, the NAV of each Share increased 25.42% from $8.38 per Share to $10.51 per Share. Rising commodity futures contract prices for Light Sweet Crude Oil during the three months ended March 31, 2019 contributed to an overall 24.84% increase in the level of the Index and to a 25.57% increase in the level of the DBIQ-OY CL TR^™.

Net income (loss) for the three months ended March 31, 2019 was $67.4 million, primarily resulting from $1.8 million of income, net realized gain (loss) of $(60.4) million, net change in unrealized gain (loss) of $126.5 million and operating expenses of $0.6 million.

For the three months ended March 31, 2018, the NAV of each Share increased 9.40% from $10.21 per Share to $11.17 per Share. Rising commodity futures contract prices for Light Sweet Crude Oil during the three months ended March 31, 2018, contributed to an overall 9.26% increase in the level of the Index and to a 9.69% increase in the level of the DBIQ-OY CL TR^™.

Net income (loss) for the three months ended March 31, 2018 was $34.6 million, primarily resulting from $1.3 million of income, net realized gain (loss) of $59.6 million, net change in unrealized gain (loss) of $(25.6) million and operating expenses of $0.7 million.

Critical Accounting Policies

Off-Balance Sheet Arrangements and Contractual Obligations

In the normal course of its business, the Fund is a party to financial instruments with off-balance sheet risk. The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss. The financial instruments used by the Fund are commodity futures, the values of which are based upon an underlying asset and generally represent future commitments which have a reasonable possibility to be settled in cash or through physical delivery. The financial instruments are traded on an exchange and are standardized contracts.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

INTRODUCTION

QUANTIFYING THE FUND’S TRADING VALUE AT RISK

Quantitative Forward-Looking Statements

The following quantitative disclosures regarding the Fund’s market risk exposures contain “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act and Section 21E of the Exchange Act). All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact (such as the dollar amount of maintenance margin required for market risk sensitive instruments held at the end of the reporting period).

THE FUND’S TRADING VALUE AT RISK

The Fund calculates VaR using the actual historical market movements of the Fund’s net assets.

The following table indicates the trading VaR associated with the Fund’s net assets as of March 31, 2019.


Description	Net Assets		Daily Volatility			VaR* (99 Percentile)		For the Three Months Ended March 31, 2019 Number of times VaR Exceeded
Invesco DB Oil Fund	$	300,663,350		1.60	%	$	11,397,971	0

The following table indicates the trading VaR associated with the Fund’s net assets as of December 31, 2018.


Description	Net Assets		Daily Volatility			VaR* (99 Percentile)		For the Year Ended December 31, 2018 Number of times VaR Exceeded
Invesco DB Oil Fund	$	261,573,403		1.55	%	$	9,463,980	32

*	The VaR represents the one day downside risk, under normal market conditions, with a 99% confidence level. It is calculated using historical market moves of the Fund’s net assets and uses a one year look-back.

THE FUND’S NON-TRADING MARKET RISK

QUALITATIVE DISCLOSURES REGARDING PRIMARY TRADING RISK EXPOSURES

The following were the primary trading risk exposures of the Fund as of March 31, 2019:

Light Sweet Crude Oil

The price of Light Sweet Crude Oil is volatile and is affected by numerous factors. The level of global industrial activity influences the demand for Light Sweet Crude Oil. In addition, various other factors can affect the demand for Light Sweet Crude Oil, such as weather, political events and labor activity. The supply of Light Sweet Crude Oil can be affected by many events, in particular, the meetings of the Organization of Petroleum Exporting Countries. Market expectations about events that will influence either demand or supply can cause prices for Light Sweet Crude Oil to fluctuate greatly. A significant amount of the world oil production capacity is controlled by a relatively small number of producers. Any large change in production by one of these producers could have a substantial effect on the price of Light Sweet Crude Oil.

QUALITATIVE DISCLOSURES REGARDING NON-TRADING MARKET RISK EXPOSURE

QUALITATIVE DISCLOSURES REGARDING MEANS OF MANAGING RISK EXPOSURE

ITEM 4.

CONTROLS AND PROCEDURES.

For purposes of this Item 4, all references to the “Fund” shall be read to specifically include the Fund and the Trust. Please note that the disclosure controls and procedures and internal control over financial reporting of the Trust are the aggregate disclosure controls and procedures and internal control over financial reporting of the Fund and that of Invesco DB Agriculture Fund, Invesco DB Base Metals Fund, Invesco DB Energy Fund, Invesco DB Gold Fund, Invesco DB Precious Metals Fund and Invesco DB Silver Fund, each a series of the Trust.

Evaluation of Disclosure Controls and Procedures

Changes in Internal Control Over Financial Reporting

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings.

Not applicable.

Item 1A.

Risk Factors.

Current Discussions between the SEC and PricewaterhouseCoopers LLP regarding PricewaterhouseCoopers LLP’s Independence Could Have Potentially Adverse Consequences for the Fund.

independence determinations, PricewaterhouseCoopers LLP communicated, as contemplated by the no-action letter, that it believes that it remains objective and impartial and that a reasonable investor possessing all the facts would conclude that PricewaterhouseCoopers LLP is able to exhibit the requisite objectivity and impartiality to report on the Fund’s financial statements as the independent registered public accounting firm. PricewaterhouseCoopers LLP also represented that it has complied with PCAOB Rule 3526(b)(1) and (2), which are conditions to the Funds relying on the no action letter, and affirmed that it is an independent accountant within the meaning of PCAOB Rule 3520. Therefore, the Managing Owner, the Fund and PricewaterhouseCoopers LLP concluded that PricewaterhouseCoopers LLP could continue as the Fund’s independent registered public accounting firm. The Invesco Fund Complex relied upon the no-action letter in reaching this conclusion.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

(a) There have been no unregistered sales of Shares. No Shares are authorized for issuance by the Fund under equity compensation plans.

(b) Not applicable.

(c) The following table summarizes the redemptions by Authorized Participants during the three months ended March 31, 2019:


Period of Redemption	Total Number of Shares Redeemed		Average Price Paid per Share
February 1, 2019 to February 28, 2019		1,800,000	$	10.00
March 1, 2019 to March 31, 2019		2,000,000		10.53

Total		3,800,000	$	10.28

Item 3.

Defaults Upon Senior Securities.

None.

Item 4.

Mine Safety Disclosures.

Not applicable.

Item 5.

Other Information.

None.

Item 6.

Exhibits.


31.1		Certification required under Exchange Act Rules 13a-14 and 15d-14 (filed herewith)

31.2		Certification required under Exchange Act Rules 13a-14 and 15d-14 (filed herewith)

32.1		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)

32.2		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)

101		Interactive data file pursuant to Rule 405 of Regulation S-T: (i) the Statements of Financial Condition of Invesco DB Oil Fund – March 31, 2019 and December 31, 2018 (Unaudited), (ii) the Schedule of Investments of Invesco DB Oil Fund – March 31, 2019 (Unaudited), (iii) the Schedule of Investments of Invesco DB Oil Fund – December 31, 2018 (Unaudited), (iv) the Statements of Income and Expenses of Invesco DB Oil Fund – For the Three Months Ended March 31, 2019 and 2018 (Unaudited), (v) the Statement of Changes in Shareholders’ Equity of Invesco DB Oil Fund – For the Three Months Ended March 31, 2019 (Unaudited), (vi) the Statement of Changes in Shareholders’ Equity of Invesco DB Oil Fund – For the Three Months Ended March 31, 2018 (Unaudited), (vii) the Statements of Cash Flows of Invesco DB Oil Fund – For the Three Months Ended March 31, 2019 and 2018 (Unaudited), and (viii) Notes to Unaudited Financial Statements of Invesco DB Oil Fund – March 31, 2019.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Invesco DB Multi-Sector Commodity Trust on its own behalf and with respect to Invesco DB Oil Fund

By:	Invesco Capital Management LLC, its Managing Owner

	By:	/s/ DANIEL DRAPER
	Name:	Daniel Draper
	Title:	Principal Executive Officer

	By:	/s/ KELLI GALLEGOS
	Name:	Kelli Gallegos
	Title:	Principal Financial and Accounting Officer, Investment Pools

Dated: May 8, 2019

Exhibit 31.1

CERTIFICATION

I, Daniel Draper, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Invesco DB Oil Fund, a series of Invesco DB Multi-Sector Commodity Trust;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(a)

(b)

(c)

(d)

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated: May 8, 2019				/s/ Daniel Draper
				Daniel Draper
				Principal Executive Officer

Exhibit 31.2

CERTIFICATION

I, Kelli Gallegos, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Invesco DB Oil Fund, a series of Invesco DB Multi-Sector Commodity Trust;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(a)

(b)

(c)

(d)

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated: May 8, 2019				/s/ Kelli Gallegos
				Kelli Gallegos
				Principal Financial and Accounting Officer, Investment Pools

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Daniel Draper, Principal Executive Officer of Invesco Capital Management LLC, the Managing Owner of Invesco DB Oil Fund (the “Fund”), a series of Invesco DB Multi-Sector Commodity Trust, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

(2)

The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Fund;

(3)


Dated: May 8, 2019				/s/ Daniel Draper
				Daniel Draper
				Principal Executive Officer

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Kelli Gallegos, Principal Financial and Accounting Officer, Investment Pools of Invesco Capital Management LLC, the Managing Owner of Invesco DB Oil Fund (the “Fund”), a series of Invesco DB Multi-Sector Commodity Trust, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

(2)

The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Fund;

(3)


Dated: May 8, 2019				/s/ Kelli Gallegos
				Kelli Gallegos
				Principal Financial and Accounting Officer, Investment Pools

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, 2019

☐	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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

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 the number of outstanding Shares as of March 31, 2019: 3,200,000 Shares.

INVESCO DB PRECIOUS METALS FUND

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

QUARTER ENDED MARCH 31, 2019

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		28
Item 4.	Mine Safety Disclosures		28
Item 5.	Other Information		28
Item 6.	Exhibits		28

SIGNATURES			29

PART I. FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS.

Invesco DB Precious Metals Fund

Statements of Financial Condition

March 31, 2019 and December 31, 2018

(Unaudited)


	March 31, 2019		December 31, 2018
Assets
United States Treasury Obligations, at value (cost $111,787,542 and $101,394,673, respectively)	$	111,794,178	$	101,406,388
Affiliated investments, at value and cost		3,934,393		8,547,404
Other investments:
Variation margin receivable- Commodity Futures Contracts		433,885		34,350
Receivable for:
Dividends from affiliates		13,710		13,398

Total assets	$	116,176,166	$	110,001,540

Liabilities
Payable for:
Due to custodian		—		1,045,728
Management fees		76,440		69,878
Brokerage commissions and fees		4,997		5,004

Total liabilities		81,437		1,120,610

Commitments and Contingencies (Note 9)
Equity
Shareholder’s equity—General Shares		1,451		1,452
Shareholders’ equity—Shares		116,093,278		108,879,478

Total shareholders’ equity		116,094,729		108,880,930

Total liabilities and equity	$	116,176,166	$	110,001,540

General Shares outstanding		40		40
Shares outstanding		3,200,000		3,000,000
Net asset value per share	$	36.28	$	36.29
Market value per share	$	36.25	$	36.37

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, 2019

(Unaudited)


Description	Percentage of Shareholders’ Equity			Value		Principal Value
United States Treasury Obligations ^(a)
U.S. Treasury Bills, 2.465% due April 4, 2019		12.92	%	$	14,997,055	$	15,000,000
U.S. Treasury Bills, 2.470% due April 23, 2019		10.32			11,982,515		12,000,000
U.S. Treasury Bills, 2.375% due May 2, 2019 ^(b)		70.49			81,834,505		82,000,000
U.S. Treasury Bills, 2.470% due July 11, 2019		2.56			2,980,103		3,000,000

Total United States Treasury Obligations (cost $111,787,542)		96.29	%	$	111,794,178

						Shares
Affiliated Investments
Money Market Mutual Fund
Invesco Premier U.S. Government Money Portfolio- Institutional Class, 2.33% (cost $3,934,393) ^(c)		3.39	%	$	3,934,393		3,934,393

Total Investments in Securities (cost $115,721,935)		99.68	%	$	115,728,571

^(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 $14,070,390 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

^(c)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of March 31, 2019.


Open Commodity Futures Contracts	Number of Contracts		Expiration Date		Notional Value		Value^(d)			Unrealized Appreciation (Depreciation)^(d)
Long Futures Contracts
COMEX Gold		703		February-2020	$	92,964,720	$	(255,663	)	$	(255,663	)
COMEX Silver		305		May-2019		23,042,750		166,664			166,664

Total Commodity Futures Contracts							$	(88,999	)	$	(88,999	)

^(d)	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, 2018

(Unaudited)


Description	Percentage of Shareholders’ Equity			Value		Principal Value
United States Treasury Obligations ^(a)
U.S. Treasury Bills, 2.175% due January 3, 2019		22.96	%	$	24,998,441	$	25,000,000
U.S. Treasury Bills, 2.370% due February 28, 2019		5.49			5,977,426		6,000,000
U.S. Treasury Bills, 2.430% due May 2, 2019 ^(b)		64.69			70,430,521		71,000,000

Total United States Treasury Obligations (cost $101,394,673)		93.14	%	$	101,406,388

						Shares
Affiliated Investments
Money Market Mutual Fund
Invesco Premier U.S. Government Money Portfolio- Institutional Class, 2.30% (cost $8,547,404) ^(c)		7.85	%	$	8,547,404		8,547,404

Total Investments in Securities (cost $109,942,077)		100.99	%	$	109,953,792

^(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 $12,003,200 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

^(c)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of December 31, 2018.


Open Commodity Futures Contracts	Number of Contracts		Expiration Date		Notional Value		Value^(d)		Unrealized Appreciation (Depreciation)^(d)
Long Futures Contracts
COMEX Gold		675		February-2019	$	86,487,750	$	2,312,697	$	2,312,697
COMEX Silver		284		May-2019		22,188,920		1,238,077		1,238,077

Total Commodity Futures Contracts							$	3,550,774	$	3,550,774

^(d)	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, 2019 and 2018

(Unaudited)


	Three Months Ended
	March 31,
	2019			2018
Income
Interest Income	$	741,069		$	621,612
Dividends from Affiliates		42,720			27,995

Total Income		783,789			649,607

Expenses
Management Fees		242,540			325,927
Brokerage Commissions and Fees		5,070			5,807
Interest Expense		1,306			352

Total Expenses		248,916			332,086

Less: Waivers		(3,817	)		(4,005	)

Net Expenses		245,099			328,081

Net Investment Income (Loss)		538,690			321,526

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		(707	)		80
Commodity Futures Contracts		2,697,238			991,481

Net Realized Gain (Loss)		2,696,531			991,561

Net Change in Unrealized Gain (Loss) on
United States Treasury Obligations		(5,079	)		(53,289	)
Commodity Futures Contracts		(3,639,773	)		(1,461,058	)

Net Change in Unrealized Gain (Loss)		(3,644,852	)		(1,514,347	)

Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(948,321	)		(522,786	)

Net Income (Loss)	$	(409,631	)	$	(201,260	)

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, 2019

(Unaudited)


	General Shares					Shares						Total Shareholders’ Equity
	Shares		Total Equity			Shares			Total Equity			Total Shareholders’ Equity
Balance at December 31, 2018		40	$	1,452			3,000,000		$	108,879,478		$	108,880,930

Purchases of Shares							800,000			29,269,146			29,269,146
Redemption of Shares							(600,000	)		(21,645,716	)		(21,645,716	)

Net Increase (Decrease) due to Share Transactions							200,000			7,623,430			7,623,430
Net Income (Loss)
Net Investment Income (Loss)				1						538,689			538,690
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				7						2,696,524			2,696,531
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				(9	)					(3,644,843	)		(3,644,852	)

Net Income (Loss)				(1	)					(409,630	)		(409,631	)

Net Change in Shareholders’ Equity		—		(1	)		200,000			7,213,800			7,213,799

Balance at March 31, 2019		40	$	1,451			3,200,000		$	116,093,278		$	116,094,729

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, 2018

(Unaudited)


	General Shares					Shares						Total Shareholders’ Equity
	Shares		Total Equity			Shares			Total Equity			Total Shareholders’ Equity
Balance at December 31, 2017		40	$	1,547			4,000,000			154,729,445		$	154,730,992

Purchases of Shares							1,000,000			38,724,701			38,724,701
Redemption of Shares							(400,000	)		(15,729,161	)		(15,729,161	)

Net Increase (Decrease) due to Share Transactions							600,000			22,995,540			22,995,540
Net Income (Loss)
Net Investment Income (Loss)				5						321,521			321,526
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				15						991,546			991,561
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				(23	)					(1,514,324	)		(1,514,347	)

Net Income (Loss)				(3	)					(201,257	)		(201,260	)

Net Change in Shareholders’ Equity		—		(3	)		600,000			22,794,283			22,794,280

Balance at March 31, 2018		40	$	1,544			4,600,000		$	177,523,728		$	177,525,272

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, 2019 and 2018

(Unaudited)


	Three Months Ended
	March 31,
	2019			2018
Cash flows from operating activities:
Net Income (Loss)	$	(409,631	)	$	(201,260	)
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Cost of securities purchased		(74,616,286	)		(138,961,025	)
Proceeds from securities sold and matured		64,962,489			109,988,612
Cost of affiliated investments purchased		(57,308,844	)		(43,164,763	)
Proceeds from affiliated investments sold		61,921,855			47,390,713
Net accretion of discount on United States Treasury Obligations		(739,779	)		(621,612	)
Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments		707			(80	)
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments		5,079			53,289
Change in operating assets and liabilities:
Dividends from affiliates		(312	)		(2,422	)
Variation margin- Commodity Futures Contracts		(399,535	)		1,827,705
Management fees		6,562			20,222
Brokerage commissions and fees		(7	)		4,518

Net cash provided by (used for) operating activities		(6,577,702	)		(23,666,103	)

Cash flows from financing activities:
Proceeds from purchases of Shares		29,269,146			38,724,701
Redemption of Shares		(21,645,716	)		(15,729,161	)
Increase (decrease) in payable for amount due to custodian, net		(1,045,728	)		—

Net cash provided by (used for) financing activities		6,577,702			22,995,540

Net change in cash		—			(670,563	)
Cash at beginning of period		—			670,563

Cash at end of period	$	—		$	—

Supplemental disclosure of cash flow information
Cash paid for interest	$	1,306		$	352

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, 2019

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.

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”).

Note 2—Summary of Significant Accounting Policies

A. Basis of Presentation

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

B. Accounting Estimates

C. Investment Valuations

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

D. Investment Transactions and Investment Income

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, 2019 and 2018.

F. Routine Operational, Administrative and Other Ordinary Expenses

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, 2019 and 2018, the Fund did not incur such expenses.

H. Brokerage Commissions and Fees

I. Income Taxes

J. Commodity Futures Contracts

The Fund utilizes derivative instruments to achieve its investment objective. A commodity futures contract is an agreement between counterparties to purchase or sell a specified underlying commodity for a specified price, or to pay or receive a cash amount based on the value of an index or other reference instrument, at a future date. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral with the Commodity Broker. During the period that the commodity futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as a receivable or payable on the Statements of Financial Condition. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. Realized gains (losses) and changes in unrealized appreciation (depreciation) on open positions 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 changes occur, respectively.

Note 3—Financial Instrument Risk

Note 4—Service Providers and Related Party Agreements

The Trustee

Trust and the Fund. The Trustee will serve in that capacity until such time as the Managing Owner removes the Trustee or the Trustee resigns and a successor is appointed by the Managing Owner. The Trustee will have no duty or liability to supervise or monitor the performance of the Managing Owner, nor will the Trustee have any liability for the acts or omissions of the Managing Owner.

The Managing Owner

The Managing Owner waived fees of $3,817 and $4,005 for the three months ended March 31, 2019 and 2018, respectively.

The Distributor

The Managing Owner pays the Distributor a distribution fee out of the Management Fee.

The Commodity Broker

The Administrator, Custodian and Transfer Agent

Index Sponsor

The Managing Owner pays the Index Sponsor a licensing fee and an index services fee out of the Management Fee for performing its duties.

Note 5—Deposits with Commodity Broker and Custodian

The Fund defines cash as cash held by the Custodian. There were no cash equivalents held by the Fund as of March 31, 2019 and December 31, 2018.

Note 6—Additional Valuation Information

Level 1: Prices are determined using quoted prices in an active market for identical assets.

The following is a summary of the tiered valuation input levels as of March 31, 2019:


	Level 1			Level 2		Level 3		Total
Investments in Securities
United States Treasury Obligations	$	—		$	111,794,178	$	—	$	111,794,178
Money Market Mutual Fund		3,934,393			—		—		3,934,393

Total Investments in Securities		3,934,393			111,794,178		—		115,728,571

Other Investments—Assets ^(a)
Commodity Futures Contracts		166,664			—		—		166,664

Other Investments—Liabilities ^(a)
Commodity Futures Contracts		(255,663	)		—		—		(255,663	)

Total Other Investments		(88,999	)		—		—		(88,999	)

Total Investments	$	3,845,394		$	111,794,178	$	—	$	115,639,572

^(a)	Unrealized appreciation (depreciation).

The following is a summary of the tiered valuation input levels as of December 31, 2018:


	Level 1		Level 2		Level 3		Total
Investments in Securities
United States Treasury Obligations	$	—	$	101,406,388	$	—	$	101,406,388
Money Market Mutual Fund		8,547,404		—		—		8,547,404

Total Investments in Securities		8,547,404		101,406,388		—		109,953,792

Other Investments—Assets ^(a)
Commodity Futures Contracts		3,550,774		—		—		3,550,774

Total Investments	$	12,098,178	$	101,406,388	$	—	$	113,504,566

^(a)	Unrealized appreciation (depreciation).

Note 7—Derivative Instruments

The Fair Value of Derivative Instruments is as follows:


	March 31, 2019					December 31, 2018
Risk Exposure/Derivative Type ^(a)	Assets		Liabilities			Assets		Liabilities
Commodity risk
Commodity Futures Contracts	$	166,664	$	(255,663	)	$	3,550,774	$	—

^(a)	Includes cumulative appreciation (depreciation) of commodity futures contracts. Only the current day’s variation margin receivable (payable) is reported in the March 31, 2019 and December 31, 2018 Statements of Financial Condition.

The following table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of March 31, 2019, net by contract:


	Financial Derivative Assets		Financial Derivative Liabilities					Collateral (Received)/Pledged^(a)
Counterparty	Futures Contracts		Futures Contracts			Net value of derivatives		Non-Cash		Cash		Net amount
Morgan Stanley & Co. LLC	$	689,548	$	(255,663	)	$	433,885	$	—	$	—	$	433,885

The following table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of December 31, 2018, net by contract:


	Financial Derivative Assets		Financial Derivative Liabilities					Collateral (Received)/Pledged^(a)
Counterparty	Futures Contracts		Futures Contracts			Net value of derivatives		Non-Cash		Cash		Net amount
Morgan Stanley & Co. LLC	$	3,550,774	$	(3,516,424	)	$	34,350	$	—	$	—	$	34,350

^(a)	As of March 31, 2019 and December 31, 2018, a portion of the Fund’s U.S. Treasury Obligations were required to be deposited as maintenance margin in support of the Fund’s futures positions.

The Effect of Derivative Instruments on the Statements of Income and Expenses is as follows:


			For the Three Months Ended
	Location of Gain (Loss) on Derivatives		March 31,
Risk Exposure/Derivative Type	Recognized in Income		2019			2018
Commodity risk
Commodity Futures Contracts		Net Realized Gain (Loss)	$	2,697,238		$	991,481
		Net Change in Unrealized Gain (Loss)		(3,639,773	)		(1,461,058	)

Total			$	(942,535	)	$	(469,577	)

The table below summarizes the average monthly notional value of futures contracts outstanding during the period:


	For the Three Months Ended March 31,
	2019		2018
Average Notional Value	$	126,749,425	$	170,804,884

Note 8—Share Purchases and Redemptions

(a) Purchases

(b) Redemptions

Note 9—Commitments and Contingencies

Note 10—Financial Highlights

NAV per Share is the NAV of the Fund divided by the number of outstanding Shares at the date of each respective period presented.


	Three Months Ended March 31,
	2019			2018
Net Asset Value
Net asset value per Share, beginning of period	$	36.29		$	38.68
Net realized and change in unrealized gain (loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(0.16	)		(0.16	)
Net investment income (loss) ^(a)		0.15			0.07

Net income (loss)		(0.01	)		(0.09	)

Net asset value per Share, end of period	$	36.28		$	38.59

Market value per Share, beginning of period ^(b)	$	36.37		$	38.51

Market value per Share, end of period ^(b)	$	36.25		$	38.65

Ratio to average Net Assets ^(c)
Net investment income (loss)		1.67	%		0.74	%

Expenses, after waivers		0.76	%		0.75	%

Expenses, prior to waivers		0.77	%		0.76	%

Total Return, at net asset value ^(d)		(0.03	)%		(0.23	)%

Total Return, at market value ^(d)		(0.33	)%		0.36	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)	Annualized.

^(d)

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Overview/Introduction

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 is registered with the Commodity Futures Trading Commission (the “CFTC”) as a commodity pool operator and a commodity trading advisor, and it is a member firm of the National Futures Association (“NFA”).

The Fund pursues its investment objective by investing in a portfolio of exchange-traded commodity futures contracts that expire in a specific month and trade on a specific exchange (the “Index Contracts”) in the Index Commodities. The notional amounts of each Index Commodity included in the Index are broadly in proportion to historic levels of the world’s production and stocks of the Index Commodities. The Fund also holds United States Treasury Obligations and T-Bill ETFs, if any, for deposit with Morgan Stanley & Co. LLC, the Fund’s commodity broker (the “Commodity Broker”) as margin, to the extent permissible under CFTC rules and United States Treasury Obligations, cash, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, on deposit with The Bank of New York Mellon (the “Custodian”), for cash management purposes. The aggregate notional value of the commodity futures contracts owned by the Fund is expected to approximate the aggregate net asset value (“NAV”) of the Fund, as opposed to the aggregate Index value.

Index Description

The Managing Owner pays Deutsche Investment Management Americas Inc. (the “Index Sponsor”) a licensing fee and an index services fee for performing its duties.

The Fund is not sponsored or endorsed by Deutsche Bank AG, Deutsche Investment Management Americas Inc. or any subsidiary or affiliate of Deutsche Bank AG or Deutsche Investment Management Americas Inc. (collectively, “Deutsche Bank”). The DBIQ Optimum Yield Precious Metals Index Excess Return™ (the “Index”) is the exclusive property of Deutsche Investment Management Americas Inc. “DBIQ” and “Optimum Yield” are service marks of Deutsche Bank AG and have been licensed for use for certain purposes by Deutsche Investment Management Americas Inc. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index makes any representation or warranty, express or implied, concerning the Index, the Fund or the advisability of investing in securities generally. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index has any obligation to take the needs of the Managing Owner or its clients into consideration in determining, composing or calculating the Index. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index is responsible for or has participated in the determination of the timing of, prices at, quantities or valuation of the Fund. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index has any obligation or liability in connection with the administration or trading of the Fund.

The Index Sponsor may from time-to-time subcontract the provision of the calculation and other services described below to one or more third parties.

The Index is composed of notional amounts of each of the underlying Index Commodities. The notional amount of each Index Commodity included in the Index is intended to reflect the changes in market value of each such Index Commodity within the Index. The closing level of the Index is calculated on each business day by the Index Sponsor based on the closing price of the commodity futures contracts for each of the Index Commodities and the notional amount of such Index Commodity.

The Index is rebalanced annually in November to ensure that each of the Index Commodities is weighted in the same proportion that such Index Commodities were weighted on December 2, 1988. The composition of the Index may be adjusted in the event that the Index Sponsor is not able to calculate the closing prices of the Index Commodities.

The following table reflects the Fund weights of each Index Commodity or related futures contracts, as applicable, as of March 31, 2019:


Index Commodity	Fund Weight (%)
Gold		80.15	%
Silver		19.85

Closing Level as of March 31, 2019:		100.00	%

Please see http://www.invesco.com/ETFs with respect to the most recently available weighted composition of the Fund and the composition of the Index. The CFTC and certain futures exchanges impose position limits on Index Contracts. 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.

Market Risk

Credit Risk

When the Fund enters into futures contracts, the Fund is exposed to credit risk that the counterparty to the contract will not meet its obligations. The counterparty for futures contracts traded on United States and on most foreign futures exchanges is the clearing house associated with the particular exchange. In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from the nonperformance by one of their members and, as such, is designed to disperse and mitigate the credit risk posed by any other one member. In cases where the clearing house is not backed by the clearing members (i.e., some foreign exchanges), it may be backed by a consortium of banks or other financial institutions. There can be no assurance that any counterparty, clearing member or clearinghouse will meet its obligations to the Fund.

Liquidity

Capital Resources

The Fund does not have any material commitments for capital expenditures as of the end of the latest fiscal period.

Cash Flows

Operating Activities

Net cash flow provided by (used for) operating activities was $(6.6) million and $(23.7) million for the three months ended March 31, 2019 and 2018, respectively. These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury Obligations and affiliated investments. The Fund invests in United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, for margin and/or cash management purposes only.

During the three months ended March 31, 2019, $(75.0) million was paid to purchase United States Treasury Obligations and $65.0 million was received from sales and maturing United States Treasury Obligations. During the three months ended March 31, 2018, $(139.0) million was paid to purchase United States Treasury Obligations and $110.0 million was received from sales and maturing United States Treasury Obligations. $62.0 million was received from sales of affiliated investments and $57.3 million was paid to purchase affiliated investments during the three months ended March 31, 2019. $47.4 million was received from sales of affiliated investments and $43.2 million was paid to purchase affiliated investments during the three months ended March 31, 2018.

Financing Activities

The Fund’s net cash flow provided by (used for) financing activities was $6.6 million and $23.0 million during the three months ended March 31, 2019 and 2018, respectively. This included $29.3 million and $38.7 million from Shares purchased by Authorized Participants and $(21.6) million and $(15.7) million from Shares redeemed by Authorized Participants during the three months ended March 31, 2019 and 2018, respectively. Payable for amount due to the Custodian increased (decrease) by $1.0 million and $0.0 million during the three months ended March 31, 2019 and 2018, respectively.

Results of Operations

FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018

The following graphs illustrate the percentage changes in (i) the market price of the Shares (as reflected by the line “Market”), (ii) the Fund’s NAV (as reflected by the line “NAV”), and (iii) the closing levels of the Index (as reflected by the line “DBIQ-Opt Yield Precious Metals Index ER”). Whenever the Treasury Income, Money Market Income and T-Bill ETF Income, if any, earned by the Fund exceeds Fund expenses, the price of the Shares generally exceeds the level of the Index primarily because the Share price reflects Treasury Income, Money Market Income and T-Bill ETF Income from the Fund’s collateral holdings whereas the Index does not consider such income. There can be no assurances that the price of the Shares or the Fund’s NAV will exceed the Index levels.

COMPARISON OF MARKET, NAV AND DBIQ-OPT YIELD PRECIOUS METALS INDEX ER^TM FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018

LOGO

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

LOGO

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

Performance Summary

This Report covers the three months ended March 31, 2019 and 2018. Past performance of the Fund is not necessarily indicative of future performance.

The Index is intended to reflect the change in market value of the Index Commodities. In turn, the notional amounts of each Index Commodity are broadly in proportion to historic levels of the world’s production and stocks of such Index Commodities. Past Index results are not necessarily indicative of future changes, positive or negative, in the Index closing levels. The DBIQ Optimum Yield Precious Metals Index Total Return™ (the “DBIQ-OY Precious Metals TR™”) consists of the same components as the Index plus 3-month United States Treasury Obligations returns. Past results of the DBIQ-OY Precious Metals TR^™ are not necessarily indicative of future changes, positive or negative, in the closing levels of the DBIQ-OY Precious Metals TR^™.

The section “Summary of the DBIQ-OY Precious Metals TR™ and Underlying Index Commodity Returns for the Three Months Ended March 31, 2019 and 2018” below provides an overview of the changes in the closing levels of the DBIQ-OY Precious Metals TR™ by disclosing the change in market value of each underlying component Index Commodity through a “surrogate” (and analogous) index that also reflects 3-month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index (not the DBIQ-OY Precious Metals TR™), and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield roll method with the objective of mitigating the negative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.

Summary of the DBIQ-OY Precious Metals TR^™ and Underlying Index Commodity

Returns for the Three Months Ended March 31, 2019 and 2018


	AGGREGATE RETURNS FOR INDICES IN THE DBIQ-OY Precious Metals TR^™
	Three Months Ended March 31,
Underlying Index	2019			2018
DB Gold Indices		0.87	%		1.14	%
DB Silver Indices		(2.73	)		(4.64	)

AGGREGATE RETURN		0.13	%		0.01	%

If the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income were to exceed the Fund’s fees and expenses, the aggregate return on an investment in the Fund would be expected to outperform the Index and underperform the DBIQ-OY Precious Metals TR™. The only difference between (i) the Index (the “Excess Return Index”) and (ii) the DBIQ-OY Precious Metals TR™ (the “Total Return Index”) is that the Excess Return Index does not include interest income from fixed income securities while the Total Return Index does include such a component. Thus, the difference between the Excess Return Index and the Total Return Index is attributable entirely to the interest income attributable to the fixed income securities reflected in the Total Return Index. The Total Return Index does not actually hold any fixed income securities. If the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income, if any, exceeds the Fund’s fees and expenses, then the amount of such excess is expected to be distributed periodically. The market price of the Shares is expected to closely track the Excess Return Index. The aggregate return on an investment in the Fund over any period is the sum of the capital appreciation or depreciation of the Shares over the period, plus the amount of any distributions during the period. Consequently, the Fund’s aggregate return is expected to outperform the Excess Return Index by the amount of the excess, if any, of the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income over its fees and expenses. As a result of the Fund’s fees and expenses, however, the aggregate return on the Fund is expected to underperform the Total Return Index. If the Fund’s fees and expenses were to exceed the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income, if any, the aggregate return on an investment in the Fund is expected to underperform the Excess Return Index.

FOR THE THREE MONTHS ENDED MARCH 31, 2019 COMPARED TO THE THREE MONTHS ENDED MARCH 31, 2018

Fund Share Price Performance

For the three months ended March 31, 2019, the NYSE Arca market value of each Share decreased 0.33% from $36.37 per Share to $36.25 per Share. The Share price low and high for the three months ended March 31, 2019 and related change from the Share price on December 31, 2018 was as follows: Shares traded at a low of $36.07 per Share (-0.84%) on March 7, 2019, and a high of $37.81 per Share (+3.96%) on February 20, 2019.

For the three months ended March 31, 2018, the NYSE Arca market value of each Share increased 0.36% from $38.51 per Share to $38.65 per Share. The Share price low and high for the three months ended March 31, 2018 and related change from the Share price on December 31, 2017 was as follows: Shares traded at a low of $38.26 per Share (-0.65%) on March 20, 2018, and a high of $40.08 per Share (+4.08%) on January 24, 2018.

Fund Share Net Asset Performance

For the three months ended March 31, 2019, the NAV of each Share decreased 0.03% from $36.29 per Share to $36.28 per Share. Falling commodity futures contracts prices for gold and silver futures contracts during the three months ended March 31, 2019, contributed to an overall 0.45% decrease in the level of the Index and to a 0.13% increase in the level of the DBIQ-OY Precious Metals TR^™.

Net income (loss) for the three months ended March 31, 2019 was $(0.4) million, primarily resulting from income of $0.8 million, net realized gain (loss) of $2.7 million, net change in unrealized gain (loss) of $(3.6) million and operating expenses of $0.2 million.

For the three months ended March 31, 2018, the NAV of each Share decreased 0.23% from $38.68 per Share to $38.59 per Share. Rising commodity futures contract prices of gold were partially offset by falling commodity futures contract prices of silver during the three months ended March 31, 2018, contributing to an overall 0.39% decrease in the level of the Index and to a 0.01% increase in the level of the DBIQ-OY Precious Metals TR^™.

Net income (loss) for the three months ended March 31, 2018 was $(0.2) million, primarily resulting from income of $0.6 million, net realized gain (loss) of $1.0 million, net change in unrealized gain (loss) of $(1.5) million and operating expenses of $0.3 million.

Critical Accounting Policies

Off-Balance Sheet Arrangements and Contractual Obligations

In the normal course of its business, the Fund is a party to financial instruments with off-balance sheet risk. The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss. The financial instruments used by the Fund are commodity futures, the values of which are based upon an underlying asset and generally represent future commitments which have a reasonable possibility to be settled in cash or through physical delivery. The financial instruments are traded on an exchange and are standardized contracts.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

INTRODUCTION

QUANTIFYING THE FUND’S TRADING VALUE AT RISK

Quantitative Forward-Looking Statements

The following quantitative disclosures regarding the Fund’s market risk exposures contain “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act and Section 21E of the Exchange Act). All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact (such as the dollar amount of maintenance margin required for market risk sensitive instruments held at the end of the reporting period).

THE FUND’S TRADING VALUE AT RISK

The Fund calculates VaR using the actual historical market movements of the Fund’s net assets.

The following table indicates the trading VaR associated with the Fund’s net assets as of March 31, 2019.


Description	Net Assets		Daily Volatility			VaR* (99 Percentile)		For the Three Months Ended March 31, 2019 Number of times VaR Exceeded
Invesco DB Precious Metals Fund	$	116,094,729		0.57	%	$	1,552,665	5

The following table indicates the trading VaR associated with the Fund’s net assets as of December 31, 2018.


Description	Net Assets		Daily Volatility			VaR* (99 Percentile)		For the Year Ended December 31, 2018 Number of times VaR Exceeded
Invesco DB Precious Metals Fund	$	108,880,930		0.59	%	$	1,507,556	20

*	The VaR represents the one day downside risk, under normal market conditions, with a 99% confidence level. It is calculated using historical market moves of the Fund’s net assets and uses a one year look back.

THE FUND’S NON-TRADING MARKET RISK

QUALITATIVE DISCLOSURES REGARDING PRIMARY TRADING RISK EXPOSURES

The following were the primary trading risk exposures of the Fund as of March 31, 2019 by Index Commodity:

Gold

The price of gold is volatile and is affected by numerous factors. Gold prices float freely in accordance with supply and demand. The price movement of gold may be influenced by a variety of factors, including announcements from central banks regarding reserve gold holdings, agreements among central banks, purchases and sales of gold by central banks, other governmental agencies that hold large supplies of gold, political uncertainties, economic concerns such as an increase or decrease in confidence in the global monetary system, the relative strength of the U.S. dollar, interest rates and numerous other factors. Gold prices may also be affected by industry factors such as industrial and jewelry demand.

Silver

The price of silver is volatile and is affected by numerous factors. The largest industrial users of silver (e.g., photographic, jewelry, and electronic industries) may influence its price. A change in economic conditions, such as a recession, can adversely affect industries which are significant users of silver. In turn, such a negative economic impact may decrease demand for silver, and, consequently, its price. Worldwide speculation and hedging activity by silver producers may also impact its price.

QUALITATIVE DISCLOSURES REGARDING NON-TRADING MARKET RISK EXPOSURE

QUALITATIVE DISCLOSURES REGARDING MEANS OF MANAGING RISK EXPOSURE

ITEM 4.

CONTROLS AND PROCEDURES.

For purposes of this Item 4, all references to the “Fund” shall be read to specifically include the Fund and the Trust. Please note that the disclosure controls and procedures and internal control over financial reporting of the Trust are the aggregate disclosure controls and procedures and internal control over financial reporting of the Fund and that of Invesco DB Agriculture Fund, Invesco DB Base Metals Fund, Invesco DB Energy Fund, Invesco DB Gold Fund, Invesco DB Oil Fund and Invesco DB Silver Fund, each a series of the Trust.

Evaluation of Disclosure Controls and Procedures

Changes in Internal Control Over Financial Reporting

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings.

Not applicable.

Item 1A.

Risk Factors.

Current Discussions between the SEC and PricewaterhouseCoopers LLP regarding PricewaterhouseCoopers LLP’s Independence Could Have Potentially Adverse Consequences for the Fund.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

(a) There have been no unregistered sales of Shares. No Shares are authorized for issuance by the Fund under equity compensation plans.

(b) Not applicable.

(c) The following table summarizes the redemptions by Authorized Participants during the three months ended March 31, 2019:


Period of Redemption	Total Number of Shares Redeemed		Average Price Paid per Share
January 1, 2019 to January 31, 2019		—		—
February 1, 2019 to February 28, 2019		—		—
March 1, 2019 to March 31, 2019		600,000		36.08

Total		600,000	$	36.08

Item 3.

Defaults Upon Senior Securities.

None.

Item 4.

Mine Safety Disclosures.

Not applicable.

Item 5.

Other Information.

None.

Item 6.

Exhibits.


31.1		Certification required under Exchange Act Rules 13a-14 and 15d-14 (filed herewith)

31.2		Certification required under Exchange Act Rules 13a-14 and 15d-14 (filed herewith)

32.1		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)

32.2		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)

101		Interactive data file pursuant to Rule 405 of Regulation S-T: (i) the Statements of Financial Condition of Invesco DB Precious Metals Fund – March 31, 2019 and December 31, 2018 (Unaudited), (ii) the Schedule of Investments of Invesco DB Precious Metals Fund – March 31, 2019 (Unaudited), (iii) the Schedule of Investments of Invesco DB Precious Metals Fund – December 31, 2018 (Unaudited), (iv) the Statements of Income and Expenses of Invesco DB Precious Metals Fund – For the Three Months Ended March 31, 2019 and 2018 (Unaudited), (v) the Statement of Changes in Shareholders’ Equity of Invesco DB Precious Metals Fund – For the Three Months Ended March 31, 2019 (Unaudited), (vi) the Statement of Changes in Shareholders’ Equity of Invesco DB Precious Metals Fund – For the Three Months Ended March 31, 2018 (Unaudited), (vii) the Statements of Cash Flows of Invesco DB Precious Metals Fund – For the Three Months Ended March 31, 2019 and 2018 (Unaudited), and (viii) Notes to Unaudited Financial Statements of Invesco DB Precious Metals Fund – March 31, 2019.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	Invesco DB Multi-Sector Commodity Trust on its own behalf and with respect to Invesco DB Precious Metals Fund

	By:	Invesco Capital Management LLC, its Managing Owner

		By:	/s/ DANIEL DRAPER
		Name:	Daniel Draper
		Title:	Principal Executive Officer

Dated: May 8, 2019		By:	/s/ KELLI GALLEGOS
		Name:	Kelli Gallegos
		Title:	Principal Financial and Accounting Officer, Investment Pools

Exhibit 31.1

CERTIFICATION

I, Daniel Draper, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Invesco DB Precious Metals Fund, a series of Invesco DB Multi-Sector Commodity Trust;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(a)

(b)

(c)

(d)

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated: May 8, 2019				/s/ Daniel Draper
				Daniel Draper
				Principal Executive Officer

Exhibit 31.2

CERTIFICATION

I, Kelli Gallegos, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Invesco DB Precious Metals Fund, a series of Invesco DB Multi-Sector Commodity Trust;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(a)

(b)

(c)

(d)

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated: May 8, 2019				/s/ Kelli Gallegos
				Kelli Gallegos
				Principal Financial and Accounting Officer, Investment Pools

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Daniel Draper, Principal Executive Officer of Invesco Capital Management LLC, the Managing Owner of Invesco DB Precious Metals Fund (the “Fund”), a series of Invesco DB Multi-Sector Commodity Trust, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

(2)

The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Fund;

(3)


Dated: May 8, 2019				/s/ Daniel Draper
				Daniel Draper
				Principal Executive Officer

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Kelli Gallegos, Principal Financial and Accounting Officer, Investment Pools, of Invesco Capital Management LLC, the Managing Owner of Invesco DB Precious Metals Fund (the “Fund”), a series of Invesco DB Multi-Sector Commodity Trust, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

(2)

The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Fund;

(3)


Dated: May 8, 2019				/s/ Kelli Gallegos
				Kelli Gallegos
				Principal Financial and Accounting Officer, Investment Pools

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, 2019

☐	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: 001-33231

INVESCO DB GOLD FUND

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

(Exact name of registrant as specified in its charter)


Delaware		87-0778067
(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

Indicate by check mark whether the registrant has submitted electronically an 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 shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

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 Intereset

DGL

NYSE Arca, Inc.

Indicate the number of outstanding Shares as of March 31, 2019: 3,600,000 Shares.

INVESCO DB GOLD FUND

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

QUARTER ENDED MARCH 31, 2019

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		23
	ITEM 4.	Controls and Procedures		25

PART II.		OTHER INFORMATION		26

	Item 1.	Legal Proceedings		26
	Item 1A.	Risk Factors		26
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		26
	Item 3.	Defaults Upon Senior Securities		27
	Item 4.	Mine Safety Disclosures		27
	Item 5.	Other Information		27
	Item 6.	Exhibits		27

SIGNATURES				28

PART I. FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS.

Invesco DB Gold Fund

Statements of Financial Condition

March 31, 2019 and December 31, 2018

(Unaudited)


	March 31,		December 31,
	2019		2018
Assets
United States Treasury Obligations, at value (cost $137,492,829 and $88,695,430, respectively)	$	137,496,222	$	88,687,386
Affiliated investments, at value and cost		5,148,801		7,355,184
Other investments:
Variation margin receivable- Commodity Futures Contracts		344,960		—
Receivable for:
Dividends from affiliates		18,278		12,659

Total assets	$	143,008,261	$	96,055,229

Liabilities
Other investments:
Variation margin payable- Commodity Futures Contracts	$	—	$	125,460
Payable for:
Due to custodian		—		1,249,595
Management fees		88,642		61,574
Brokerage commissions and fees		4,998		5,001

Total liabilities		93,640		1,441,630

Commitments and Contingencies (Note 9)
Equity
Shareholder’s equity—General Shares		1,588		1,577
Shareholders’ equity—Shares		142,913,033		94,612,022

Total shareholders’ equity		142,914,621		94,613,599

Total liabilities and equity	$	143,008,261	$	96,055,229

General Shares outstanding		40		40
Shares outstanding		3,600,000		2,400,000
Net asset value per share	$	39.70	$	39.42
Market value per share	$	39.68	$	39.52

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

Invesco DB Gold Fund

Schedule of Investments

March 31, 2019

(Unaudited)


Description	Percentage of Shareholders’ Equity			Value		Principal Value
United States Treasury Obligations ^(a)
U.S. Treasury Bills, 2.465% due April 4, 2019		4.20	%	$	5,998,822	$	6,000,000
U.S. Treasury Bills, 2.470% due April 23, 2019		39.13			55,918,403		56,000,000
U.S. Treasury Bills, 2.375% due May 2, 2019		12.57			17,963,672		18,000,000
U.S. Treasury Bills, 2.470% due July 11, 2019 ^(b)		40.31			57,615,325		58,000,000

Total United States Treasury Obligations (cost $137,492,829)		96.21	%	$	137,496,222

						Shares
Affiliated Investments
Money Market Mutual Fund
Invesco Premier U.S. Government Money Portfolio—Institutional Class, 2.33% (cost $5,148,801)^(c)		3.60	%	$	5,148,801		5,148,801

Total Investments in Securities (cost $142,641,630)		99.81	%	$	142,645,023

^(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 $15,098,160 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

^(c)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of March 31, 2019.


Open Commodity Futures Contracts	Number of Contracts		Expiration Date		Notional Value		Value^(d)			Unrealized Appreciation (Depreciation)^(d)
Long Futures Contracts
COMEX Gold		1,078		February- 2020	$	142,554,720	$	(641,650	)	$	(641,650	)

^(d)	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 Gold Fund

Schedule of Investments

December 31, 2018

(Unaudited)


Description	Percentage of Shareholders’ Equity			Value		Principal Value
United States Treasury Obligations ^(a)
U.S. Treasury Bills, 2.175% due January 3, 2019		19.03	%	$	17,998,877	$	18,000,000
U.S. Treasury Bills, 2.370% due February 28, 2019 ^(b)		61.07			57,781,781		58,000,000
U.S. Treasury Bills, 2.465% due April 4, 2019		6.30			5,962,874		6,000,000
U.S. Treasury Bills, 2.430% due May 2, 2019		7.34			6,943,854		7,000,000

Total United States Treasury Obligations (cost $88,695,430)		93.74	%	$	88,687,386

						Shares
Affiliated Investments
Money Market Mutual Fund
Invesco Premier U.S. Government Money Portfolio- Institutional Class, 2.30% (cost $7,355,184) ^(c)		7.77	%	$	7,355,184		7,355,184

Total Investments in Securities (cost $96,050,614)		101.51	%	$	96,042,570

^(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 $11,157,440 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

^(c)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of December 31, 2018.


Open Commodity Futures Contracts	Number of Contracts		Expiration Date		Notional Value		Value^(d)		Unrealized Appreciation (Depreciation)^(d)
Long Futures Contracts
COMEX Gold		738		February-2019	$	94,559,940	$	2,528,218	$	2,528,218

^(d)	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 Gold Fund

Statements of Income and Expenses

For the Three Months Ended March 31, 2019 and 2018

(Unaudited)


	Three Months Ended
	March 31,
	2019			2018
Income
Interest Income	$	755,266		$	597,334
Dividends from Affiliates		51,158			30,679

Total Income		806,424			628,013

Expenses
Management Fees		255,631			325,090
Brokerage Commissions and Fees		5,778			5,982
Interest Expense		1,085			273

Total Expenses		262,494			331,345

Less: Waivers		(5,342	)		(4,358	)

Net Expenses		257,152			326,987

Net Investment Income (Loss)		549,272			301,026

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		(75	)		91
Commodity Futures Contracts		2,976,346			—

Net Realized Gain (Loss)		2,976,271			91

Net Change in Unrealized Gain (Loss) on
United States Treasury Obligations		11,437			(31,526	)
Commodity Futures Contracts		(3,169,868	)		282,521

Net Change in Unrealized Gain (Loss)		(3,158,431	)		250,995

Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(182,160	)		251,086

Net Income (Loss)	$	367,112		$	552,112

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

Invesco DB Gold Fund

Statement of Changes in Shareholders’ Equity

For the Three Months Ended March 31, 2019

(Unaudited)


	General Shares					Shares					Total Shareholders’ Equity
	Shares		Total Equity			Shares		Total Equity			Total Shareholders’ Equity
Balance at December 31, 2018		40	$	1,577			2,400,000	$	94,612,022		$	94,613,599

Purchases of Shares							1,200,000		47,933,910			47,933,910
Redemption of Shares							—		—			—

Net Increase (Decrease) due to Share Transactions							1,200,000		47,933,910			47,933,910
Net Income (Loss)
Net Investment Income (Loss)				16					549,256			549,272
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				89					2,976,182			2,976,271
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				(94	)				(3,158,337	)		(3,158,431	)

Net Income (Loss)				11					367,101			367,112

Net Change in Shareholders’ Equity		—		11			1,200,000		48,301,011			48,301,022

Balance at March 31, 2019		40	$	1,588			3,600,000	$	142,913,033		$	142,914,621

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

Invesco DB Gold Fund

Statement of Changes in Shareholders’ Equity

For the Three Months Ended March 31, 2018


	General Shares				Shares				Total Shareholders’ Equity
	Shares		Total Equity		Shares		Total Equity		Total Shareholders’ Equity
Balance at December 31, 2017		40	$	1,660		3,400,000	$	141,149,692	$	141,151,352

Purchases of Shares						1,200,000		50,986,086		50,986,086
Redemption of Shares						—		—		—

Net Increase (Decrease) due to Share Transactions						1,200,000		50,986,086		50,986,086
Net Income (Loss)
Net Investment Income (Loss)				9				301,017		301,026
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				—				91		91
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				7				250,988		250,995

Net Income (Loss)				16				552,096		552,112

Net Change in Shareholders’ Equity		—		16		1,200,000		51,538,182		51,538,198

Balance at March 31, 2018		40	$	1,676		4,600,000	$	192,687,874	$	192,689,550

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

Invesco DB Gold Fund

Statements of Cash Flows

For the Three Months Ended March 31, 2019 and 2018

(Unaudited)


	Three Months Ended
	March 31,
	2019			2018
Cash flows from operating activities:
Net Income (Loss)	$	367,112		$	552,112
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Cost of securities purchased		(181,039,013	)		(181,574,317	)
Proceeds from securities sold and matured		132,995,692			126,998,630
Cost of affiliated investments purchased		(147,115,859	)		(36,723,008	)
Proceeds from affiliated investments sold		149,322,242			38,076,205
Net accretion of discount on United States Treasury Obligations		(754,153	)		(597,334	)
Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments		75			(91	)
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments		(11,437	)		31,526
Change in operating assets and liabilities:
Variation margin- Commodity Futures Contracts		(470,420	)		1,716,730
Dividends from affiliates		(5,619	)		(5,172	)
Management fees		27,068			36,403
Brokerage commissions and fees		(3	)		4,900

Net cash provided by (used for) operating activities		(46,684,315	)		(51,483,416	)

Cash flows from financing activities:
Proceeds from purchases of Shares		47,933,910			50,986,086
Increase (decrease) in payable for amount due to custodian, net		(1,249,595	)		—

Net cash provided by (used for) financing activities		46,684,315			50,986,086

Net change in cash		—			(497,330	)
Cash at beginning of period		—			497,330

Cash at end of period	$	—		$	—

Supplemental disclosure of cash flow information
Cash paid for interest	$	1,085		$	273

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

Invesco DB Gold Fund

Notes to Unaudited Financial Statements

March 31, 2019

Note 1—Organization

Invesco DB Gold 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 Gold 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 gold sector. Gold (the “Index Commodity”) is the single commodity comprising the Index.

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 200,000 Shares, called a Basket. 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”).

Note 2—Summary of Significant Accounting Policies

A.	Basis of Presentation

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

B.	Accounting Estimates

C.	Investment Valuations

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

D.	Investment Transactions and Investment Income

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, 2019 and 2018.

F.	Routine Operational, Administrative and Other Ordinary Expenses

G.	Non-Recurring Fees and Expenses

H.	Brokerage Commissions and Fees

I.	Income Taxes

J.	Commodity Futures Contracts

The Fund utilizes derivative instruments to achieve its investment objective. A commodity futures contract is an agreement between counterparties to purchase or sell a specified underlying commodity for a specified price, or to pay or receive a cash amount based on the value of an index or other reference instrument, at a future date. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral with the Commodity Broker. During the period that the commodity futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as a receivable or payable on the Statements of Financial Condition. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. Realized gains (losses) and changes in unrealized appreciation (depreciation) on open positions 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 changes occur, respectively.

Note 3—Financial Instrument Risk

Note 4—Service Providers and Related Party Agreements

The Trustee

The Managing Owner

The Managing Owner waived fees of $5,342 and $4,358 for the three months ended March 31, 2019, and 2018 respectively.

The Distributor

The Managing Owner pays the Distributor a distribution fee out of the Management Fee.

The Commodity Broker

The Administrator, Custodian and Transfer Agent

Index Sponsor

The Managing Owner pays the Index Sponsor a licensing fee and an index services fee out of the Management Fee for performing its duties.

Note 5—Deposits with Commodity Broker and Custodian

The Fund defines cash as cash held by the Custodian. There were no cash equivalents held by the Fund as of March 31, 2019 and December 31, 2018.

Note 6—Additional Valuation Information

Level 1: Prices are determined using quoted prices in an active market for identical assets.

The following is a summary of the tiered valuation input levels as of March 31, 2019:


	Level 1			Level 2		Level 3		Total
Investments in Securities
United States Treasury Obligations	$	—		$	137,496,222	$	—	$	137,496,222
Money Market Mutual Fund		5,148,801			—		—		5,148,801

Total Investments in Securities		5,148,801			137,496,222		—		142,645,023

Other Investments—Liabilities ^(a)
Commodity Futures Contracts		(641,650	)		—		—		(641,650	)

Total Investments	$	4,507,151		$	137,496,222	$	—	$	142,003,373

^(a)	Unrealized appreciation (depreciation).

The following is a summary of the tiered valuation input levels as of December 31, 2018:


	Level 1		Level 2		Level 3		Total
Investments in Securities
United States Treasury Obligations	$	—	$	88,687,386	$	—	$	88,687,386
Money Market Mutual Fund		7,355,184		—		—		7,355,184

Total Investments in Securities		7,355,184		88,687,386		—		96,042,570

Other Investments—Assets ^(a)
Commodity Futures Contracts		2,528,218		—		—		2,528,218

Total Investments	$	9,883,402	$	88,687,386	$	—	$	98,570,788

^(a)	Unrealized appreciation (depreciation).

Note 7—Derivative Instruments

The Fair Value of Derivative Instruments is as follows:


	March 31, 2019					December 31, 2018
Risk Exposure/Derivative Type ^(a)	Assets		Liabilities			Assets		Liabilities
Commodity risk
Commodity Futures Contracts	$	—	$	(641,650	)	$	2,528,218	$	—

^(a)	Includes cumulative appreciation (depreciation) of commodity futures contracts. Only the current day’s variation margin receivable (payable) is reported in the March 31, 2019 and December 31, 2018 Statements of Financial Condition.

The following table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of March 31, 2019, net by contract:


	Financial Derivative Assets		Financial Derivative Liabilities					Collateral (Received)/Pledged^(a)
Counterparty	Futures Contracts		Futures Contracts			Net value of derivatives		Non-Cash		Cash		Net amount
Morgan Stanley & Co. LLC	$	986,610		(641,650	)	$	344,960	$	—	$	—	$	344,960

The following table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of December 31, 2018, net by contract:


	Financial Derivative Assets		Financial Derivative Liabilities						Collateral (Received)/Pledged^(a)
Counterparty	Futures Contracts		Futures Contracts			Net value of derivatives			Non-Cash		Cash		Net amount
Morgan Stanley & Co. LLC	$	2,528,218	$	(2,653,678	)	$	(125,460	)	$	125,460	$	—	$	—

^(a)	As of March 31, 2019 and December 31, 2018, a portion of the Fund’s U.S. Treasury Obligations were required to be deposited as maintenance margin in support of the Fund’s futures positions.

The Effect of Derivative Instruments on the Statements of Income and Expenses is as follows:


	Location of Gain (Loss) on Derivatives Recognized in Income	For the Three Months Ended March 31,
Risk Exposure/Derivative Type	Location of Gain (Loss) on Derivatives Recognized in Income	2019			2018
Commodity risk
Commodity Futures Contracts	Net Realized Gain (Loss)	$	2,976,346		$	—
	Net Change in Unrealized Gain (Loss)		(3,169,868	)		282,521

Total		$	(193,522	)	$	282,521

The table below summarizes the average monthly notional value of futures contracts outstanding during the period:


	For the Three Months Ended
	March 31,
	2019		2018
Average Notional Value	$	130,064,243	$	167,544,058

Note 8—Share Purchases and Redemptions

(a) Purchases

(b) Redemptions

distribution date which the Managing Owner may, from time-to-time, determine and the remaining Baskets to be redeemed are credited to the Fund’s DTC account by 2:45 p.m., Eastern Time, on such next business day. Any further outstanding amount of the redemption order will be cancelled. The Managing Owner is also authorized to deliver the redemption distribution notwithstanding that the Baskets to be redeemed are not credited to the Fund’s DTC account by 2:45 p.m., Eastern Time, on the redemption order settlement date if the Authorized Participant has collateralized its obligation to deliver the Baskets through DTC’s book-entry system on such terms as the Managing Owner may determine from time-to-time.

Note 9—Commitments and Contingencies

Note 10—Financial Highlights

NAV per Share is the NAV of the Fund divided by the number of outstanding Shares at the date of each respective period presented.


	Three Months Ended March 31,
	2019			2018
Net Asset Value
Net asset value per Share, beginning of period	$	39.42		$	41.51
Net realized and change in unrealized gain (loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		0.12			0.31
Net investment income (loss) ^(a)		0.16			0.07

Net income (loss)		0.28			0.38

Net asset value per Share, end of period	$	39.70		$	41.89

Market value per Share, beginning of period ^(b)	$	39.52		$	41.37

Market value per Share, end of period ^(b)	$	39.68		$	41.99

Ratio to average Net Assets ^(c)
Net investment income (loss)		1.61	%		0.69	%

Expenses, after waivers		0.75	%		0.75	%

Expenses, prior to waivers		0.77	%		0.76	%

Total Return, at net asset value ^(d)		0.71	%		0.92	%

Total Return, at market value ^(d)		0.41	%		1.50	%

^(a)	Based on average shares outstanding.

^(b)	The mean between the last bid and ask prices.

^(c)	Annualized.

^(d)

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Overview/Introduction

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 is registered with the Commodity Futures Trading Commission (the “CFTC”) as a commodity pool operator and a commodity trading advisor, and it is a member firm of the National Futures Association (“NFA”).

The Fund pursues its investment objective by investing in a portfolio of exchange-traded commodity futures contracts that expire in a specific month and trade on a specific exchange (the “Index Contracts”). The Fund also holds United States Treasury Obligations and T-Bill ETFs, if any, for deposit with Morgan Stanley & Co. LLC, the Fund’s commodity broker (the “Commodity Broker”) as margin, to the extent permissible under CFTC rules and United States Treasury Obligations, cash, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, on deposit with The Bank of New York Mellon (the “Custodian”), for cash management purposes. The aggregate notional value of the commodity futures contracts owned by the Fund is expected to approximate the aggregate net asset value (“NAV”) of the Fund, as opposed to the aggregate Index value.

The CFTC and certain futures exchanges impose position limits on futures contracts, including on Index Contracts. 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 the Index Commodity through the use of Index Contracts. These other futures contracts may or may not be based on the 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.

Index Description

The Managing Owner pays Deutsche Investment Management Americas Inc. (the “Index Sponsor”) a licensing fee and an index services fee for performing its duties.

These fees constitute a portion of the routine operational, administrative and other ordinary expenses which are paid out of the Management Fee and are not charged to or reimbursed by the Fund.

The Fund is not sponsored or endorsed by Deutsche Bank AG, Deutsche Investment Management Americas Inc. or any subsidiary or affiliate of Deutsche Bank AG or Deutsche Investment Management Americas Inc. (collectively, “Deutsche Bank”). The DBIQ Optimum Yield Gold Index Excess Return™ (the “Index”) is the exclusive property of Deutsche Investment Management Americas Inc. “DBIQ” and “Optimum Yield” are service marks of Deutsche Bank AG and have been licensed for use for certain purposes by Deutsche Investment Management Americas Inc. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index makes any representation or warranty, express or implied, concerning the Index, the Fund or the advisability of investing in securities generally. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index has any obligation to take the needs of the Managing Owner or its clients into consideration in determining, composing or calculating the Index. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index is responsible for or has participated in the determination of the timing of, prices at, quantities or valuation of the Fund. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index has any obligation or liability in connection with the administration or trading of the Fund.

The Index Sponsor may from time-to-time subcontract the provision of the calculation and other services described below to one or more third parties.

The Index is composed of one underlying Index Commodity. The notional amount of the Index Commodity included in the Index is intended to reflect the changes in market value of the Index Commodity within the Index. The closing level of the Index is calculated on each business day by the Index Sponsor based on the closing price of the futures contracts for the underlying Index Commodity and the notional amount of such Index Commodity.

The composition of the Index may be adjusted in the event that the Index Sponsor is not able to calculate the closing price of the Index Commodity.

Market Risk

Credit Risk

Liquidity

The Fund’s entire source of capital is derived from the Fund’s offering of Shares to Authorized Participants. The Fund in turn allocates its net assets to commodity futures trading. A significant portion of the NAV is held in United States Treasury Obligations, which may be used as margin for the Fund’s trading in commodity futures contracts and United States Treasury Obligations, money market mutual funds, cash and T-Bill ETFs, if any, which may be used for cash management purposes. The percentage that United States Treasury Obligations bear to the total net assets will vary from period to period as the market values of the Fund’s commodity interests change. A portion of the Fund’s United States Treasury Obligations is held for deposit with the Commodity Broker to meet margin requirements. All remaining cash, money market mutual funds, T-Bill ETFs, if any, and United States Treasury Obligations are on deposit with the Custodian. Interest earned on the Fund’s interest-bearing funds and dividends from the Fund’s holdings of money market mutual funds are paid to the Fund. Any dividends or distributions of capital gains received from the Fund’s holdings of T-Bill ETFs, if any, are paid to the Fund.

The Fund’s commodity futures contracts may be subject to periods of illiquidity because of market conditions, regulatory considerations or for other reasons. For example, U.S. futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices that may occur during a single business day. These limits are generally referred to as “daily price fluctuation limits” or “daily limits,” and the maximum or minimum price of a contract on any given day as a result of these limits is referred to as a “limit price.” Once a limit price has been reached in a particular contract, it is usually the case that no trades may be made at a different price than specified in the limit. The duration of limit prices generally varies. Limit prices may have the effect of precluding the Fund from trading in a particular contract or requiring the Fund to liquidate contracts at disadvantageous times or prices. Either of those outcomes could adversely affect the Fund’s ability to pursue its investment objective.

Capital Resources

The Fund does not have any material commitments for capital expenditures as of the end of the latest fiscal period.

Cash Flows

Operating Activities

Net cash flow provided by (used for) operating activities was $(46.7) million and $(51.5) million for the three months ended March 31, 2019 and 2018, respectively. These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury Obligations and affiliated investments. The Fund invests in futures contracts in an attempt to track its Index. The Fund invests in United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, for margin and/or cash management purposes only.

During the three months ended March 31, 2019, $181.0 million was paid to purchase United States Treasury Obligations and $133.0 million was received from sales and maturing United States Treasury Obligations. During the three months ended March 31, 2018, $181.6 million was paid to purchase United States Treasury Obligations and $127.0 million was received from sales and maturing United States Treasury Obligations. $149.3 million was received from sales of affiliated investments and $(147.1) million was paid to purchase affiliated investments during the three months ended March 31, 2019. $38.1 million was received from sales of affiliated investments and $36.7 million was paid to purchase affiliated investments during the three months ended March 31, 2018.

Financing Activities

The Fund’s net cash flow provided by (used for) financing activities was $46.7 million and $51.0 million during the three months ended March 31, 2019 and 2018, respectively. This included $47.9 million and $51.0 million from Shares purchased by Authorized Participants and $1.2 million and $0 million from Shares redeemed by Authorized Participants during the three months ended March 31, 2019 and 2018, respectively.

Results of Operations

FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018

The following graphs illustrate the percentage changes in (i) the market price of the Shares (as reflected by the line “Market”), (ii) the Fund’s NAV (as reflected by the line “NAV”), and (iii) the closing levels of the Index (as reflected by the line “DBIQ Opt Yield Gold Index ER”). Whenever the Treasury Income, Money Market Income and T-Bill ETF Income, if any, earned by the Fund exceeds Fund expenses, the price of the Shares generally exceeds the levels of the Index primarily because the Share price reflects Treasury Income, Money Market Income and T-Bill ETF Income, if any, from the Fund’s collateral holdings whereas the Index does not consider such income. There can be no assurances that the price of the Shares or the Fund’s NAV will exceed the Index levels.

COMPARISON OF MARKET, NAV AND DBIQ OPT YIELD GOLD INDEX^TM ER

FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018

LOGO

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

LOGO

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

Performance Summary

This Report covers the three months ended March 31, 2019 and 2018. Past performance of the Fund is not necessarily indicative of future performance.

The Index is intended to reflect the change in market value of the Index Commodity. The DBIQ Optimum Yield Gold Index Total Return™ (the “DBIQ-OY Gold TR™”) consists of the same components as the Index plus 3-month United States Treasury Obligations returns. Past results of the DBIQ-OY Gold TR™ are not necessarily indicative of future changes, positive or negative, in the closing levels of the DBIQ-OY Gold TR™.

The section “Summary of DBIQ-OY Gold TR™ and Underlying Index Commodity Returns for the Three Months Ended March 31, 2019 and 2018” below provides an overview of the changes in the closing levels of the DBIQ-OY Gold TR™ by disclosing the change in market value of the underlying component Index Commodity through a “surrogate” (and analogous) index that also reflects 3-month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index (not the DBIQ-OY Gold TR™) and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield roll method with the objective of mitigating the negative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.

Summary of DBIQ-OY Gold TR^™ and Underlying Index Commodity

Returns for the Three Months Ended March 31, 2019 and 2018


	AGGREGATE RETURNS FOR INDICES IN THE DBIQ-OY GOLD TR^™
	Three Months Ended March 31,
Underlying Index	2019			2018
DB Gold Indices		0.87	%		1.14	%

If the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income were to exceed the Fund’s fees and expenses, the aggregate return on an investment in the Fund would be expected to outperform the Index and underperform the DBIQ-OY Gold TR™. The only difference between (i) the Index (the “Excess Return Index”) and (ii) the DBIQ-OY Gold TR™ (the “Total Return Index”) is that the Excess Return Index does not include interest income from fixed income securities while the Total Return Index does include such a component. Thus, the difference between the Excess Return Index and the Total Return Index is attributable entirely to the interest income attributable to the fixed income securities reflected in the Total Return Index. The Total Return Index does not actually hold any fixed income securities. If the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income, if any, exceeds the Fund’s fees and expenses, then the amount of such excess is expected to be distributed periodically. The market price of the Shares is expected to closely track the Index. The aggregate return on an investment in the Fund over any period is the sum of the capital appreciation or depreciation of the Shares over the period, plus the amount of any distributions during the period. Consequently, the Fund’s aggregate return is expected to outperform the Excess Return Index by the amount of the excess, if any, of the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income over its fees and expenses. As a result of the Fund’s fees and expenses, however, the aggregate return on the Fund is expected to underperform the Total Return Index. If the Fund’s fees and expenses were to exceed the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income, if any, the aggregate return on an investment in the Fund is expected to underperform the Excess Return Index.

FOR THE THREE MONTHS ENDED MARCH 31, 2019 COMPARED TO THE THREE MONTHS ENDED MARCH 31, 2018

Fund Share Price Performance

For the three months ended March 31, 2019, the NYSE Arca market value of each Share increased 0.41% from $39.52 per Share to $39.68 per Share. The Share price low and high for the three months ended March 31, 2019 and related change from the Share price on December 31, 2018 was as follows: Shares traded at a low of $39.41 per Share (-0.28%) on January 24, 2019, and a high of $41.16 per Share (+4.16%) on February 19, 2019.

For the three months ended March 31, 2018, the NYSE Arca market value of each Share increased 1.50% from $41.37 per

Share to $41.99 per Share. The Share price low and high for the three months ended March 31, 2018 and related change from the Share price on December 31, 2017 was as follows: Shares traded at a low of $41.49 per Share (+0.29%) on March 20, 2018, and a high of $43.09 per Share (+4.17%) on January 24, 2018.

Fund Share Net Asset Performance

For the three months ended March 31, 2019, the NAV of each Share increased 0.71% from $39.42 per Share to $39.70 per Share. Rising commodity futures contracts prices for gold futures contracts during the three months ended March 31, 2019 contributed to an overall 0.28% decrease in the level of the Index and to a 0.87% decrease in the level of the DBIQ-OY Gold TR^™.

Net income (loss) for the three months ended March 31, 2019 was $0.4 million, primarily resulting from $0.8 million of income, net realized gain (loss) of $3.0 million, net change in unrealized gain (loss) of $0.2 million and operating expenses of $0.3 million.

For the three months ended March 31, 2018, the NAV of each Share increased 0.92% from $41.51 per Share to $41.89 per Share. Rising commodity futures contracts prices for gold futures contracts during the three months ended March 31, 2018 contributed to an overall 0.74% increase in the level of the Index and to a 1.14% increase in the level of the DBIQ-OY Gold TR^™.

Net income (loss) for the three months ended March 31, 2018 was $0.6 million, primarily resulting from $0.6 million of income, net realized gain (loss) of $0.0 million, net change in unrealized gain (loss) of $0.3 million and operating expenses of $0.3 million.

Critical Accounting Policies

Off-Balance Sheet Arrangements and Contractual Obligations

In the normal course of its business, the Fund is a party to financial instruments with off-balance sheet risk. The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss. The financial instruments used by the Fund are commodity futures, the values of which are based upon an underlying asset and generally represent future commitments which have a reasonable possibility to be settled in cash or through physical delivery. The financial instruments are traded on an exchange and are standardized contracts.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

INTRODUCTION

QUANTIFYING THE FUND’S TRADING VALUE AT RISK

Quantitative Forward-Looking Statements

The following quantitative disclosures regarding the Fund’s market risk exposures contain “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act and Section 21E of the Exchange Act). All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact (such as the dollar amount of maintenance margin required for market risk sensitive instruments held at the end of the reporting period).

uncertainty in the markets in which the Fund trades and the recurrence in the markets traded by the Fund of market movements far exceeding expectations could result in actual trading or non-trading losses far beyond the indicated VaR or the Fund’s experience to date (i.e., “risk of ruin”). In light of these considerations, as well as the risks and uncertainties intrinsic to all future projections, the following VaR presentation does not constitute any assurance or representation that the Fund’s losses in any market sector will be limited to VaR.

THE FUND’S TRADING VALUE AT RISK

The Fund calculates VaR using the actual historical market movements of the Fund’s net assets.

The following table indicates the trading VaR associated with the Fund’s net assets as of March 31, 2019.


Description	Net Assets		Daily Volatility			VaR* (99 Percentile)		For the Three Months Ended March 31, 2019 Number of times VaR Exceeded
Invesco DB Gold Fund	$	142,914,621		0.52	%	$	1,742,249	3

The following table indicates the trading VaR associated with the Fund’s net assets as of December 31, 2018.


Description	Net Assets		Daily Volatility			VaR* (99 Percentile)		For the Year Ended December 31, 2018 Number of times VaR Exceeded
Invesco DB Gold Fund	$	94,613,599		0.54	%	$	1,201,166	21

*	The VaR represents the one day downside risk, under normal market conditions, with a 99% confidence level. It is calculated using historical market moves of the Fund’s net assets and uses a one year look back.

THE FUND’S NON-TRADING MARKET RISK

QUALITATIVE DISCLOSURES REGARDING PRIMARY TRADING MARKET RISK EXPOSURES

The primary trading risk exposure of the Fund as of March 31, 2019 relating to the Index Commodity is as follows:

Gold

QUALITATIVE DISCLOSURES REGARDING NON-TRADING MARKET RISK EXPOSURE

QUALITATIVE DISCLOSURES REGARDING MEANS OF MANAGING RISK EXPOSURE

Under ordinary circumstances, the Managing Owner’s exercise of discretionary power is limited to determining whether the Fund will make a distribution. Under emergency or extraordinary circumstances, the Managing Owner’s use of its discretionary powers may increase. These special circumstances, for example, include the unavailability of the Index or certain natural or man-made disasters. The Managing Owner does not actively manage the Fund to avoid losses. The Fund only takes long positions in investments and does not employ “stop-loss” techniques.

ITEM 4.

CONTROLS AND PROCEDURES.

For purposes of this Item 4, all references to the “Fund” shall be read to specifically include the Fund and the Trust. Please note that the disclosure controls and procedures and internal control over financial reporting of the Trust are the aggregate disclosure controls and procedures and internal control over financial reporting of the Fund and that of Invesco DB Agriculture Fund, Invesco DB Base Metals Fund, Invesco DB Energy Fund, Invesco DB Oil Fund, Invesco DB Precious Metals Fund and Invesco DB Silver Fund, each a series of the Trust.

Evaluation of Disclosure Controls and Procedures

Changes in Internal Control Over Financial Reporting

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings.

Not applicable.

Item 1A.

Risk Factors.

Current Discussions between the SEC and PricewaterhouseCoopers LLP regarding PricewaterhouseCoopers LLP’s Independence Could Have Potentially Adverse Consequences for the Fund.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

(a) There have been no unregistered sales of Shares. No Shares are authorized for issuance by the Fund under equity compensation plans.

(b) Not applicable.

(c) The following table summarizes the redemptions by Authorized Participants during the three months ended March 31, 2019:


Period of Redemption	Total Number of Shares Redeemed		Average Price Paid per Share
January 1, 2019 to January 31, 2019		—	$	—
February 1, 2019 to February 28, 2019		—		—
March 1, 2019 to March 31, 2019		—		—

Total		—	$	—

Item 3.

Defaults Upon Senior Securities.

None.

Item 4.

Mine Safety Disclosures.

Not applicable.

Item 5.

Other Information.

None.

Item 6.

Exhibits.


31.1		Certification required under Exchange Act Rules 13a-14 and 15d-14 (filed herewith)

31.2		Certification required under Exchange Act Rules 13a-14 and 15d-14 (filed herewith)

32.1		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)

32.2		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)

101		Interactive data file pursuant to Rule 405 of Regulation S-T: (i) the Statements of Financial Condition of Invesco DB Gold Fund— March 31, 2019 and December 31, 2018 (Unaudited), (ii) the Schedule of Investments of Invesco DB Gold Fund— March 31, 2019 (Unaudited), (iii) the Schedule of Investments of Invesco DB Gold Fund— December 31, 2018 (Unaudited), (iv) the Statements of Income and Expenses of Invesco DB Gold Fund— For the Three and Three Months Ended March 31, 2019 and 2018 (Unaudited), (v) the Statement of Changes in Shareholders’ Equity of Invesco DB Gold Fund—For the Three Months Ended March 31, 2019 (Unaudited), (vi) the Statement of Changes in Shareholders’ Equity of Invesco DB Gold Fund—For the Three Months Ended March 31, 2018 (Unaudited), (vii) the Statement of Changes in Shareholders’ Equity of Invesco DB Gold Fund— For the Three Months Ended March 31, 2019 (Unaudited), (viii) the Statement of Changes in Invesco Shareholders’ Equity of Invesco DB Gold Fund— For the Three Months Ended March 31, 2018 (Unaudited), (ix) the Statements of Cash Flows of Invesco DB Gold Fund— For the Three Months Ended March 31, 2019 and 2018 (Unaudited), and (x) Notes to Unaudited Financial Statements of Invesco DB Gold Fund— March 31, 2019.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Invesco DB Multi-Sector Commodity Trust on its own behalf and with respect to Invesco DB Gold Fund

By:	Invesco Capital Management LLC,
	its Managing Owner

	By:	/s/ DANIEL DRAPER
	Name:	Daniel Draper
	Title:	Principal Executive Officer

	By:	/s/ KELLI GALLEGOS
	Name:	Kelli Gallegos
	Title:	Principal Financial and Accounting Officer, Investment Pools

Dated: May 8, 2019

Exhibit 31.1

CERTIFICATION

I, Daniel Draper, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Invesco DB Gold Fund, a series of Invesco DB Multi-Sector Commodity Trust;

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated: May 8, 2019				/s/ Daniel Draper
				Daniel Draper
				Principal Executive Officer

Exhibit 31.2

CERTIFICATION

I, Kelli Gallegos, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Invesco DB Gold Fund, a series of Invesco DB Multi-Sector Commodity Trust;

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated: May 8, 2019				/s/ Kelli Gallegos
				Kelli Gallegos
				Principal Financial and Accounting Officer, Investment Pools

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Daniel Draper, Principal Executive Officer of Invesco Capital Management LLC, the Managing Owner of Invesco DB Gold Fund (the “Fund”), a series of Invesco DB Multi-Sector Commodity Trust, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

(2)

The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Fund;

(3)


Dated: May 8, 2019				/s/ Daniel Draper
				Daniel Draper
				Principal Executive Officer

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Kelli Gallegos, Principal Financial and Accounting Officer, Investment Pools, of Invesco Capital Management LLC, the Managing Owner of Invesco DB Gold Fund (the “Fund”), a series of Invesco DB Multi-Sector Commodity Trust, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

(2)

The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Fund;

(3)


Dated: May 8, 2019				/s/ Kelli Gallegos
				Kelli Gallegos
				Principal Financial and Accounting Officer, Investment Pools

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, 2019

☐	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: 001-33236

INVESCO DB BASE METALS FUND

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

(Exact name of registrant as specified in its charter)


Delaware		87-0778075
(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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

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	DBB	NYSE Arca, Inc.

Indicate the number of outstanding Shares as of March 31, 2019: 10,600,000 Shares.

INVESCO DB BASE METALS FUND

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

QUARTER ENDED MARCH 31, 2019

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		18
	ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk		25
	ITEM 4.	Controls and Procedures		28

PART II.		OTHER INFORMATION		29

	Item 1.	Legal Proceedings		29
	Item 1A.	Risk Factors		29
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		29
	Item 3.	Defaults Upon Senior Securities		30
	Item 4.	Mine Safety Disclosures		30
	Item 5.	Other Information		30
	Item 6.	Exhibits		30

SIGNATURES				31

PART I. FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS.

Invesco DB Base Metals Fund

Statements of Financial Condition

March 31, 2019 and December 31, 2018

(Unaudited)


	March 31, 2019		December 31, 2018
Assets
United States Treasury Obligations, at value (cost $151,740,038 and $188,137,875, respectively)	$	151,743,570	$	188,139,552
Affiliated Investments, at value (cost $24,826,462 and $21,111,527, respectively)		24,844,022		21,121,492
Other investments:
Unrealized appreciation on LME Commodity Futures Contracts		9,257,163		—
Receivable for:
Dividends from affiliates		18,762		29,427

Total assets	$	185,863,517	$	209,290,471

Liabilities
Other investments:
LME Commodity Futures Contracts payable	$	911,962	$	29,760,275
Unrealized depreciation on LME Commodity Futures Contracts		4,021,138		16,226,963
Payable for:
Due to custodian		—		2,632,618
Management fees		110,745		106,412
Brokerage commissions and fees		4,998		4,410

Total liabilities		5,048,843		48,730,678

Commitments and Contingencies (Note 10)
Equity
Shareholder’s equity—General Shares		682		618
Shareholders’ equity—Shares		180,813,992		160,559,175

Total shareholders’ equity		180,814,674		160,559,793

Total liabilities and equity	$	185,863,517	$	209,290,471

General Shares outstanding		40		40
Shares outstanding		10,600,000		10,400,000
Net asset value per share	$	17.06	$	15.44
Market value per share	$	17.04	$	15.38

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

Invesco DB Base Metals Fund

Schedule of Investments

March 31, 2019

(Unaudited)


Description	Percentage of Shareholders’ Equity			Value		Principal Value
United States Treasury Obligations ^(a)
U.S. Treasury Bills, 2.465% due April 4, 2019 ^(b)		28.75	%	$	51,989,790	$	52,000,000
U.S. Treasury Bills, 2.470% due April 23, 2019		19.88			35,947,545		36,000,000
U.S. Treasury Bills, 2.375% due May 2, 2019 ^(b)		27.60			49,899,088		50,000,000
U.S. Treasury Bills, 2.470% due July 11, 2019		7.69			13,907,147		14,000,000

Total United States Treasury Obligations (cost $151,740,038)		83.92	%	$	151,743,570

						Shares
Affiliated Investments
Exchange-Traded Fund
Invesco Treasury Collateral ETF (Cost $16,006,371)^(c)		8.86	%	$	16,023,931		151,900
Money Market Mutual Fund
Invesco Premier U.S. Government Money Portfolio-Institutional Class, 2.33% (cost $8,820,091)^(d)		4.88			8,820,091		8,820,091

Total Affiliated Investments (cost $24,826,462)		13.74	%	$	24,844,022

Total Investments in Securities (cost $176,566,500)		97.66	%	$	176,587,592

(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 $72,544,440 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

(c)	Affiliated company. The security and the Fund are affiliated by having the same investment adviser. See Note 8.

(d)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of March 31, 2019.


Open Commodity Futures Contracts	Number of Contracts		Expiration Date		Notional Value		Value^(e)			Unrealized Appreciation (Depreciation)^(e)
Long Futures Contracts
LME Aluminum		1,114		October-2019	$	54,175,213	$	(4,021,138	)	$	(4,021,138	)
LME Copper		368		September-2019		59,680,400		4,708,250			4,708,250
LME Zinc		926		September-2019		66,776,175		4,548,913			4,548,913

Total Commodity Futures Contracts							$	5,236,025		$	5,236,025

(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 Base Metals Fund

Schedule of Investments

December 31, 2018

(Unaudited)


Description	Percentage of Shareholders’ Equity			Value		Principal Value
United States Treasury Obligations ^(a)
U.S. Treasury Bills, 2.175% due January 3, 2019		28.65	%	$	45,997,132	$	46,000,000
U.S. Treasury Bills, 2.370% due February 28, 2019 (b)		20.48	%		32,875,841		33,000,000
U.S. Treasury Bills, 2.415% due March 28, 2019		13.62	%		21,877,086		22,000,000
U.S. Treasury Bills, 2.465% due April 4, 2019 (b)		32.19	%		51,678,243		52,000,000
U.S. Treasury Bills, 2.430% due May 2, 2019		22.24	%		35,711,250		36,000,000

Total United States Treasury Obligations (cost $188,137,875)		117.18	%	$	188,139,552

						Shares
Affiliated Investments
Exchange-Traded Fund
Invesco Treasury Collateral ETF (cost $16,006,371)^(c)		9.97	%	$	16,016,336		151,900
Money Market Mutual Fund
Invesco Premier U.S. Government Money Portfolio-Institutional Class, 2.30% (cost $5,105,156)^(d)		3.18			5,105,156		5,105,156

Total Affiliated Investments (cost $21,111,527)		13.15	%	$	21,121,492

Total Investments in Securities (cost $209,249,402)		130.33	%	$	209,261,044

(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 $68,216,920 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

(c)	Affiliated company. The security and the Fund are affiliated by having the same investment adviser. See Note 8.

(d)	The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of December 31, 2018.


Open Commodity Futures Contracts	Number of Contracts		Expiration Date		Notional Value		Value^(e)			Unrealized Appreciation (Depreciation)^(e)
Long Futures Contracts
LME Aluminum		1,090		October-2019		51,747,750		(5,847,244	)		(5,847,244	)
LME Copper		362		February-2019		54,008,138		(7,786,544	)		(7,786,544	)
LME Zinc		888		March-2019		54,845,100		(2,593,175	)		(2,593,175	)

Total Commodity Futures Contracts							$	(16,226,963	)	$	(16,226,963	)

(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 Base Metals Fund

Statements of Income and Expenses

For the Three Months Ended March 31, 2019 and 2018

(Unaudited)


	Three Months Ended March 31,
	2019			2018
Income
Interest Income	$	972,681		$	1,043,018
Dividends from Affiliates		144,492			60,139

Total Income		1,117,173			1,103,157

Expenses
Management Fees		322,213			635,348
Brokerage Commissions and Fees		20,217			33,345
Interest Expense		172,391			—

Total Expenses		514,821			668,693

Less: Waivers		(7,769	)		(12,268	)

Net Expenses		507,052			656,425

Net Investment Income (Loss)		610,121			446,732

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		154			—
Commodity Futures Contracts		(5,102,144	)		18,607,089

Net Realized Gain (Loss)		(5,101,990	)		18,607,089

Net Change in Unrealized Gain (Loss) on
United States Treasury Obligations		1,855			(54,916	)
Affiliated Investments		7,595			62,279
Commodity Futures Contracts		21,462,988			(42,125,213	)

Net Change in Unrealized Gain (Loss)		21,472,438			(42,117,850	)

Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		16,370,448			(23,510,761	)

Net Income (Loss)	$	16,980,569		$	(23,064,029	)

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

Invesco DB Base Metals Fund

Statement of Changes in Shareholders’ Equity

For the Three Months Ended March 31, 2019

(Unaudited)


	General Shares					Shares						Total Shareholders’ Equity
	Shares		Total Equity			Shares			Total Equity			Total Shareholders’ Equity
Balance at December 31, 2018		40	$	618			10,400,000		$	160,559,175		$	160,559,793

Purchases of Shares							1,600,000			26,281,459			26,281,459
Redemption of Shares							(1,400,000	)		(23,007,147	)		(23,007,147	)

Net Increase (Decrease) due to Share Transactions							200,000			3,274,312			3,274,312
Net Income (Loss)
Net Investment Income (Loss)				2						610,119			610,121
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				(19	)					(5,101,971	)		(5,101,990	)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				81						21,472,357			21,472,438

Net Income (Loss)				64						16,980,505			16,980,569

Net Change in Shareholders’ Equity		—		64			200,000			20,254,817			20,254,881

Balance at March 31, 2019		40	$	682			10,600,000		$	180,813,992		$	180,814,674

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

Invesco DB Base Metals Fund

Statement of Changes in Shareholders’ Equity

For the Three Months Ended March 31, 2018

(Unaudited)


	General Shares					Shares						Total Shareholders’ Equity
	Shares		Total Equity			Shares			Total Equity			Total Shareholders’ Equity
Balance at December 31, 2017		40	$	776			16,200,000			314,090,485		$	314,091,261

Purchases of Shares							3,400,000			65,629,531			65,629,531
Redemption of Shares							(400,000	)		(7,750,111	)		(7,750,111	)

Net Increase (Decrease) due to Share Transactions							3,000,000			57,879,420			57,879,420
Net Income (Loss)
Net Investment Income (Loss)				1						446,731			446,732
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				39						18,607,050			18,607,089
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				(89	)					(42,117,761	)		(42,117,850	)

Net Income (Loss)				(49	)					(23,063,980	)		(23,064,029	)

Net Change in Shareholders’ Equity		—		(49	)		3,000,000			34,815,440			34,815,391

Balance at March 31, 2018		40	$	727			19,200,000		$	348,905,925		$	348,906,652

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

Invesco DB Base Metals Fund

Statements of Cash Flows

For the Three Months Ended March 31, 2019 and 2018

(Unaudited)


	Three Months Ended March 31,
	2019			2018
Cash flows from operating activities:
Net Income (Loss)	$	16,980,569		$	(23,064,029	)
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Cost of securities purchased		(104,524,597	)		(273,471,407	)
Proceeds from securities sold and matured		141,895,247			194,000,000
Cost of affiliated investments purchased		(129,543,885	)		(88,156,176	)
Proceeds from affiliated investments sold		125,828,951			92,640,655
Net accretion of discount on United States Treasury Obligations		(972,660	)		(1,042,767	)
Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments		(154	)		—
Net change in unrealized (gain) loss on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(21,472,438	)		42,117,850
Change in operating assets and liabilities:
Dividends from affiliates		10,665			(4,021	)
LME Commodity Futures Contracts		(28,848,313	)		(964,793	)
Management fees		4,333			44,476
Brokerage commissions and fees		588			20,792

Net cash provided by (used for) operating activities		(641,694	)		(57,879,420	)

Cash flows from financing activities:
Proceeds from purchases of Shares		26,281,459			65,629,531
Redemption of Shares		(23,007,147	)		(7,750,111	)
Decrease in payable for amount due to custodian, net		(2,632,618	)		—

Net cash provided by (used for) financing activities		641,694			57,879,420
Cash at beginning of period		—			—

Cash at end of period	$	—		$	—

Supplemental disclosure of cash flow information
Cash paid for interest	$	172,391		$	—

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

Invesco DB Base Metals Fund

Notes to Unaudited Financial Statements

March 31, 2019

Note 1—Organization

Invesco DB Base 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.

The Fund seeks to track changes, whether positive or negative, in the level of the DBIQ Optimum Yield Industrial 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 base metals sector. The commodities comprising the Index are aluminum, zinc and copper—Grade A (each an “Index Commodity”, and collectively, the “Index Commodities”).

Note 2—Summary of Significant Accounting Policies

A. Basis of Presentation

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

B. Accounting Estimates

C. Investment Valuations

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

D. Investment Transactions and Investment Income

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, 2019 and 2018.

F. Routine Operational, Administrative and Other Ordinary Expenses

G. Non-Recurring Fees and 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 $19.00 and $19.00 per round-turn trade during the three months ended March 31, 2019 and 2018, respectively.

I. Income Taxes

J. Commodity Futures Contracts

The Fund utilizes derivative instruments to achieve its investment objective. A commodity futures contract is an agreement between counterparties to purchase or sell a specified underlying commodity for a specified price, or to pay or receive a cash amount based on the value of an index or other reference instrument, at a future date. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral with the Commodity Broker. During the period that the commodity futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. For LME contracts, subsequent or variation margin payments are not made and the value of the contracts is presented as net unrealized appreciation (depreciation) on the Statements of Financial Condition. When LME or non-LME contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. Realized gains (losses) and changes in unrealized appreciation (depreciation) on open positions 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 changes occur, respectively.

K. Receivable/(Payable) for LME Contracts

The Fund trades aluminum, copper and zinc commodity futures contracts on the LME. For settlement of futures contracts traded on the LME, cash is not transferred until the settled futures contracts expire. As of March 31, 2019, the Fund had a payable to the Commodity Broker of $911,962, related to net realized losses on LME contracts, which have been closed out but for which the contract was not yet expired. As of December 31, 2018, the Fund had a payable to the Commodity Broker of $29,760,275, related to net realized losses on LME contracts which have been closed out but for which the contract was not yet expired.

Note 3—Financial Instrument Risk

Note 4—Service Providers and Related Party Agreements

The Trustee

The Managing Owner

The Managing Owner waived fees of $7,769 and $12,268 for the three months ended March 31, 2019 and 2018, respectively.

The Distributor

The Managing Owner pays the Distributor a distribution fee out of the Management Fee.

The Commodity Broker

The Administrator, Custodian and Transfer Agent

Index Sponsor

The Managing Owner pays the Index Sponsor a licensing fee and an index services fee out of the Management Fee for performing its duties.

Note 5—Deposits with Commodity Broker and Custodian

The Fund defines cash as cash held by the Custodian. There were no cash equivalents held by the Fund as of March 31, 2019 and December 31, 2018.

Note 6—Additional Valuation Information

Level 1: Prices are determined using quoted prices in an active market for identical assets.

The following is a summary of the tiered valuation input levels as of March 31, 2019:


	Level 1			Level 2		Level 3		Total
Investments in Securities
United States Treasury Obligations	$	—		$	151,743,570	$	—	$	151,743,570
Exchange-Traded Fund		16,023,931			—		—		16,023,931
Money Market Mutual Fund		8,820,091			—		—		8,820,091

Total Investments in Securities		24,844,022			151,743,570		—		176,587,592

Other Investments—Assets^(a)
Commodity Futures Contracts		9,257,163			—		—		9,257,163
Other Investments—Liabilities^(a)
Commodity Futures Contracts		(4,021,138	)		—		—		(4,021,138	)

Total Other Investments		5,236,025			—		—		5,236,025

Total Investments	$	30,080,047		$	151,743,570	$	—	$	181,823,617

^(a)	Unrealized appreciation (depreciation).

The following is a summary of the tiered valuation input levels as of December 31, 2018:


	Level 1			Level 2		Level 3		Total
Investments in Securities
United States Treasury Obligations	$	—		$	188,139,552	$	—	$	188,139,552
Exchange-Traded Fund		16,016,336			—		—		16,016,336
Money Market Mutual Fund		5,105,156			—		—		5,105,156

Total Investments in Securities		21,121,492			188,139,552		—		209,261,044

Other Investments—Assets ^(a)
Commodity Futures Contracts		(16,226,963	)		—		—		(16,226,963	)

Total Investments	$	4,894,529		$	188,139,552	$	—	$	193,034,081

^(a)	Unrealized appreciation (depreciation).

Note 7—Derivative Instruments

The Fair Value of Derivative Instruments is as follows:


	March 31, 2019					December 31, 2018
Risk Exposure/Derivative Type ^(a)	Assets		Liabilities			Assets		Liabilities
Commodity risk
Commodity Futures Contracts	$	9,257,163	$	(4,021,138	)	$	—	$	(16,226,963	)

^(a)	Includes cumulative appreciation (depreciation) of commodity futures contracts.

The following table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of March 31, 2019, net by contract:


	Financial Derivative Assets		Financial Derivative Liabilities			Net value of derivatives		Collateral (Received)/Pledged^(a)
Counterparty	Futures Contracts		Futures Contracts			Net value of derivatives		Non-Cash		Cash		Net amount
Morgan Stanley & Co. LLC	$	9,257,163	$	(4,021,138	)	$	5,236,025	$	—	$	—	$	5,236,025

The following table presents derivative instruments that are either subject to an enforceable netting agreement or offset by collateral arrangements as of December 31, 2018, net by contract:


	Financial Derivative Assets		Financial Derivative Liabilities			Net value of derivatives			Collateral (Received)/Pledged^(a)
Counterparty	Futures Contracts		Futures Contracts			Net value of derivatives			Non-Cash		Cash		Net amount
Morgan Stanley & Co. LLC	$	—	$	(16,226,963	)	$	(16,226,963	)	$	16,226,963	$	—	$	—

^(a)	As of March 31, 2019 and December 31, 2018, a portion of the Fund’s U.S. Treasury Obligations were required to be deposited as maintenance margin in support of the Fund’s futures positions.

The Effect of Derivative Instruments on the Statements of Income and Expenses is as follows:


		For the Three Months Ended
	Location of Gain (Loss) on Derivatives	March 31,
Risk Exposure/Derivative Type	Recognized in Income	2019			2018
Commodity risk
Commodity Futures Contracts	Net Realized Gain (Loss)	$	(5,102,144	)	$	18,607,089
	Net Change in Unrealized Gain (Loss)		21,462,988			(42,125,213	)

Total		$	16,360,844		$	(23,518,124	)

The table below summarizes the average monthly notional value of futures contracts outstanding during the period:


	For the Three Months Ended March 31,
	2019		2018
Average Notional Value	$	176,341,745	$	341,271,142

Note 8—Investments in Affiliates

The following is a summary of the transactions in, and earnings from, investments in affiliates (excluding affiliated money market mutual funds) for the three months ended March 31, 2019.


	Value 12/31/2018		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 3/31/2019		Dividend Income
Invesco Treasury Collateral ETF	$	16,016,336	$	—	$	—	$	7,595	$	—	$	16,023,931	$	92,542

The following is a summary of the transactions in, and earnings from, investments in affiliates (excluding affiliated money market mutual funds) for the three months ended March 31, 2018.


	Value 12/31/2017		Purchases at Cost		Proceeds from Sales		Change in Unrealized Appreciation (Depreciation)		Realized Gain (Loss)		Value 3/31/2018		Dividend Income
PowerShares Treasury Collateral Portfolio	$	15,990,513	$	—	$	—	$	62,279	$	—	$	16,052,792	$	—

Note 9—Share Purchases and Redemptions

(a) Purchases

(b) Redemptions

The redemption proceeds from the Fund consist of the cash redemption amount. The cash redemption amount is equal to the NAV of the number of Basket(s) requested in the Authorized Participant’s redemption order as of the closing time of the NYSE Arca or the last to close of the exchanges on which the Fund’s futures contracts are traded, whichever is later, on the redemption order date. The Managing Owner will distribute the cash redemption amount at the redemption order settlement date as of 2:45 p.m., Eastern Time, on the redemption order settlement date through DTC to the account of the Authorized Participant as recorded on DTC’s book-entry system. The redemption proceeds due from the Fund are delivered to the Authorized Participant at 2:45 p.m., Eastern Time, on the redemption order settlement date if, by such time, the Fund’s DTC account has been credited with the Baskets to be redeemed. If the Fund’s DTC account has not been credited with all of the Baskets to be redeemed by such time, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on the next business day to the extent of remaining whole Baskets received if the Transfer Agent receives the fee applicable to the extension of the redemption distribution date which the Managing Owner may, from time-to-time, determine and the remaining Baskets to be redeemed are credited to the Fund’s DTC account by 2:45 p.m., Eastern Time, on such next business day. Any further outstanding amount of the redemption order will be cancelled. The Managing Owner is also authorized to deliver the redemption distribution notwithstanding that the Baskets to be redeemed are not credited to the Fund’s DTC account by 2:45 p.m., Eastern Time, on the redemption order settlement date if the Authorized Participant has collateralized its obligation to deliver the Baskets through DTC’s book-entry system on such terms as the Managing Owner may determine from time-to-time.

Note 10—Commitments and Contingencies

Note 11—Financial Highlights

NAV per Share is the NAV of the Fund divided by the number of outstanding Shares at the date of each respective period presented.


	Three Months Ended March 31,
	2019			2018
Net Asset Value
Net asset value per Share, beginning of period	$	15.44		$	19.39
Net realized and change in unrealized gain (loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		1.56			(1.24	)
Net investment income (loss) ^(a)		0.06			0.02

Net income (loss)		1.62			(1.22	)

Net asset value per Share, end of period	$	17.06		$	18.17

Market value per Share, beginning of period ^(b)	$	15.38		$	19.43

Market value per Share, end of period ^(b)	$	17.04		$	18.20

Ratio to average Net Assets ^(c)
Net investment income (loss)		1.42	%		0.53	%

Expenses, after waivers		1.18	%		0.77	%

Expenses, prior to waivers		1.20	%		0.79	%

Total Return, at net asset value ^(d)		10.49	%		(6.29	)%

Total Return, at market value ^(d)		10.79	%		(6.33	)%

(a)	Based on average shares outstanding.

(b)	The mean between the last bid and ask prices.

(c)	Annualized.

(d)

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Overview/Introduction

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 is registered with the Commodity Futures Trading Commission (the “CFTC”) as a commodity pool operator and a commodity trading advisor, and it is a member firm of the National Futures Association (“NFA”).

The Fund seeks to track changes, whether positive or negative, in the level of the DBIQ Optimum Yield Industrial 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 base metals sector. The commodities comprising the Index are aluminum, zinc, and copper—Grade A (each an “Index Commodity”, and collectively, the “Index Commodities”).

The Fund pursues its investment objective by investing in a portfolio of exchange-traded commodity futures contracts that expire in a specific month and trade on a specific exchange (the “Index Contracts”) in the Index Commodities. The Index is composed of notional amounts of the Index Commodities. The Fund also holds United States Treasury Obligations and T-Bill ETFs, if any, for deposit with Morgan Stanley & Co. LLC, the Fund’s commodity broker (the “Commodity Broker”) as margin, to the extent permissible under CFTC rules, and United States Treasury Obligations, cash, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, on deposit with The Bank of New York Mellon (the “Custodian”), for cash management purposes. The aggregate notional value of the commodity futures contracts owned by the Fund is expected to approximate the aggregate net asset value (“NAV”) of the Fund, as opposed to the aggregate Index value.

Index Description

The Managing Owner pays Deutsche Investment Management Americas Inc. (the “Index Sponsor”) a licensing fee and an index services fee for performing its duties.

The Fund is not sponsored or endorsed by Deutsche Bank AG, Deutsche Investment Management Americas Inc. or any subsidiary or affiliate of Deutsche Bank AG or Deutsche Investment Management Americas Inc. (collectively, “Deutsche Bank”). The DBIQ Optimum Yield Industrial Metals Index Excess Return™ (the “Index”) is the exclusive property of Deutsche Investment Management Americas Inc. “DBIQ” and “Optimum Yield” are service marks of Deutsche Bank AG and have been licensed for use for certain purposes by Deutsche Investment Management Americas Inc. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index makes any representation or warranty, express or implied, concerning the Index, the Fund or the advisability of investing in securities generally. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index has any obligation to take the needs of the Managing Owner or its clients into consideration in determining, composing or calculating the Index. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index is responsible for or has participated in the determination of the timing of, prices at, quantities or valuation of the Fund. Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index has any obligation or liability in connection with the administration or trading of the Fund.

The Index Sponsor may from time-to-time subcontract the provision of the calculation and other services described below to one or more third parties.

The Index is rebalanced annually in November to ensure that each of the Index Commodities is weighted in the same proportion that such Index Commodities were weighted on September 3, 1997. The composition of the Index may be adjusted in the event that the Index Sponsor is not able to calculate the closing prices of the Index Commodities.

The following table reflects the Fund weights of each Index Commodity or related futures contracts, as applicable, as of March 31, 2019:


Index Commodity	Fund Weight (%)
Aluminum		29.98	%
Zinc		36.95
Copper-Grade A		33.07

Closing Level as of March 31, 2019:		100.00	%

Market Risk

Credit Risk

When the Fund enters into futures contracts, the Fund is exposed to credit risk that the counterparty to the contract will not meet its obligations. The counterparty for futures contracts traded on United States and on most foreign futures exchanges is the clearing house associated with the particular exchange. In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from the nonperformance by one of their members and, as such, is designed to disperse and mitigate the credit risk posed by any other one member. In cases where the clearing house is not backed by the clearing members (i.e., some foreign exchanges), it may be backed by a consortium of banks or other financial institutions. There can be no assurance that any counterparty, clearing member or clearinghouse will meet its obligations to the Fund.

Liquidity

The Fund’s commodity futures contracts may be subject to periods of illiquidity because of market conditions, regulatory considerations or for other reasons. For example, U.S. futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices that may occur during a single business day. These limits are generally referred to as “daily price fluctuation limits” or “daily limits,” and the maximum or minimum price of a contract on any given day as a result of these limits is referred to as a “limit price”. Once a limit price has been reached in a particular contract, it is usually the case that no trades may be made at a different price than specified in the limit. The duration of limit prices generally varies. Limit prices may have the effect of precluding the Fund from trading in a particular contract or requiring the Fund to liquidate contracts at disadvantageous times or prices. Either of those outcomes could adversely affect the Fund’s ability to pursue its investment objective.

Capital Resources

The Fund does not have any material commitments for capital expenditures as of the end of the latest fiscal period.

Cash Flows

Operating Activities

Net cash flow provided by (used for) operating activities was $(0.6) million and $(57.9) million for the three months ended March 31, 2019 and 2018, respectively. These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury Obligations and affiliated investments. The Fund invests in futures contracts in an attempt to track its Index. The Fund invests in United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, for margin and/or cash management purposes only.

During the three months ended March 31, 2019, $(105.0) million was paid to purchase United States Treasury Obligations and $142.0 million was received from sales and maturing United States Treasury Obligations. During the three months ended March 31, 2018, $(273.5) million was paid to purchase United States Treasury Obligations and $194.0 million was received from sales and maturing United States Treasury Obligations. $126.0 million was received from sales of affiliated investments and $130.0 million was paid to purchase affiliated investments during the three months ended March 31, 2019. $92.6 million was received from sales of affiliated investments and $88.2 million was paid to purchase affiliated investments during the three months ended March 31, 2018. Unrealized appreciation/depreciation on United States Treasury Obligations, affiliated investments and futures contracts increased (decreased) Net cash provided by (used for) operating activities by $(21.5) million and $42.1 million during the three months ended March 31, 2019 and 2018, respectively.

Financing Activities

The Fund’s net cash flow provided by (used for) financing activities was $0.6 million and $57.9 million during the three months ended March 31, 2019 and 2018, respectively. This included $26.3 million and $65.6 million from Shares purchased by Authorized Participants and $(23.0) million and $(7.8) million from Shares redeemed by Authorized Participants during the three months ended March 31, 2019 and 2018, respectively. Payable for amount due to the Custodian increased (decrease) by $(2.6) million and $0.0 million during the three months ended March 31, 2019 and 2018, respectively.

Results of Operations

FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018

The following graphs illustrate the percentage changes in (i) the market price of the Shares (as reflected by the line “Market”), (ii) the Fund’s NAV (as reflected by the line “NAV”), and (iii) the closing levels of the Index (as reflected by the line “DBIQ-OY Industrial Metals ER™”). Whenever the Treasury Income, Money Market Income and T-Bill ETF Income, if any, earned by the Fund exceeds Fund expenses, the price of the Shares generally exceeds the levels of the Index primarily because the Share price reflects Treasury Income, Money Market Income and T-Bill ETF Income, if any, from the Fund’s collateral holdings whereas the Index does not consider such income. There can be no assurance that the price of the Shares or the Fund’s NAV will exceed the Index levels.

COMPARISON OF MARKET, NAV AND DBIQ-OY INDUSTRIAL METALS ER^™

FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018

LOGO

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES,

POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

LOGO

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES,

POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

Performance Summary

This Report covers the three months ended March 31, 2019 and 2018. Past performance of the Fund is not necessarily indicative of future performance.

The Index is intended to reflect the change in market value of the Index Commodities. In turn, the notional amounts of each Index Commodity are broadly in proportion to historic levels of the world’s production and stocks of such Index Commodities. Past Index results are not necessarily indicative of future changes, positive or negative, in the Index closing levels. The DBIQ Optimum Yield Industrial Metals Index Total Return™ (the “DBIQ-OY Industrial Metals TR™”) consists of the same components as the Index plus 3-month United States Treasury Obligations returns. Past results of the DBIQ-OY Industrial Metals TR^™ are not necessarily indicative of future changes, positive or negative, in the closing levels of the DBIQ-OY Industrial Metals TR^™.

The section “Summary of the DBIQ-OY Industrial Metals TR™ and Underlying Index Commodity Returns for the Three Months Ended March 31, 2019 and 2018” below provides an overview of the changes in the closing levels of the DBIQ-OY Industrial Metals TR™ by disclosing the change in market value of each underlying component Index Commodity through a “surrogate” (and analogous) index that also reflects 3-month United States Treasury Obligations returns. Please note also that the Fund’s objective is to track the Index (not the DBIQ-OY Industrial Metals TR™), and the Fund does not attempt to outperform or underperform the Index. The Index employs the optimum yield roll method with the objective of mitigating the negative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.

Summary of the DBIQ-OY Industrial Metals TR^™ and Underlying Index Commodity

Returns for the Three Months Ended March 31, 2019 and 2018


	AGGREGATE RETURNS FOR INDICES IN THE DBIQ-OY INDUSTRIAL METALS TR^™
	Three Months Ended March 31,
Underlying Index	2019			2018
DB Aluminum Indices		3.03	%		(11.82	)%
DB Zinc Indices		19.76			1.12
DB Copper—Grade A Indices		8.99			(7.06	)

AGGREGATE RETURN		10.75	%		(6.03	)%

If the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income were to exceed the Fund’s fees and expenses, the aggregate return on an investment in the Fund would be expected to outperform the Index and underperform the DBIQ-OY Industrial Metals TR™. The only difference between (i) the Index (the “Excess Return Index”) and (ii) the DBIQ-OY Industrial Metals TR™ (the “Total Return Index”) is that the Excess Return Index does not include interest income from fixed income securities while the Total Return Index does include such a component. Thus, the difference between the Excess Return Index and the Total Return Index is attributable entirely to the interest income attributable to the fixed income securities reflected in the Total Return Index. The Total Return Index does not actually hold any fixed income securities. If the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income, if any, exceeds the Fund’s fees and expenses, then the amount of such excess is expected to be distributed periodically. The market price of the Shares is expected to closely track the Excess Return Index. The aggregate return on an investment in the Fund over any period is the sum of the capital appreciation or depreciation of the Shares over the period, plus the amount of any distributions during the period. Consequently, the Fund’s aggregate return is expected to outperform the Excess Return Index by the amount of the excess, if any, of the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income over its fees and expenses. As a result of the Fund’s fees and expenses, however, the aggregate return on the Fund is expected to underperform the Total Return Index. If the Fund’s fees and expenses were to exceed the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income, if any, the aggregate return on an investment in the Fund is expected to underperform the Excess Return Index.

FOR THE THREE MONTHS ENDED MARCH 31, 2019 COMPARED TO THE THREE MONTHS ENDED MARCH 31, 2018

Fund Share Price Performance

For the three months ended March 31, 2019, the NYSE Arca market value of each Share increased 10.79% from $15.38 per Share to $17.04 per Share. The Share price low and high for the three months ended March 31, 2019 and related change from the Share price on December 31, 2018 was as follows: Shares traded at a low of $15.08 per Share (-1.95%) on January 2, 2019, and a high of $17.04 per Share (+10.80%) on March 29, 2019.

For the three months ended March 31, 2018, the NYSE Arca market value of each Share decreased 6.33% from $19.43 per Share to $18.20 per Share. The Share price low and high for the three months ended March 31, 2018 and related change from the Share price on December 31, 2017 was as follows: Shares traded at a low of $18.08 per Share (-6.92%) on March 23, 2018, and a high of $19.73 per Share (+1.54%) on February 1, 2018.

Fund Share Net Asset Performance

For the three months ended March 31, 2019, the NAV of each Share increased 10.49% from $15.44 per Share to $17.06 per Share. Falling commodity futures contract prices for aluminum and copper were partially offset by rising commodity futures contract prices for zinc during the three months ended March 31, 2019, contributing to an overall 10.11% increase in the level of the Index and to a 10.75% increase in the level of the DBIQ-OY Industrial Metals TR^™.

Net income (loss) for the three months ended March 31, 2019 was $17.0 million, primarily resulting from $1.1 million of income, net realized gain (loss) of $(5.1) million, net change in unrealized gain (loss) of $21.5 million and operating expenses of $0.5 million.

For the three months ended March 31, 2018, the NAV of each Share decreased 6.29% from $19.39 per Share to $18.17 per Share. Falling commodity futures contract prices for aluminum and copper were partially offset by rising commodity futures contract prices for zinc during the three months ended March 31, 2018, contributing to an overall 6.40% decrease in the level of the Index and to a 6.03% decrease in the level of the DBIQ-OY Industrial Metals TR^™.

Net income (loss) for the three months ended March 31, 2018 was $(23.1) million, primarily resulting from $1.1 million of income, net realized gain (loss) of $18.6 million, net change in unrealized gain (loss) of $(42.1) million and operating expenses of $0.7 million.

Critical Accounting Policies

Off-Balance Sheet Arrangements and Contractual Obligations

In the normal course of its business, the Fund is a party to financial instruments with off-balance sheet risk. The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss. The financial instruments used by the Fund are commodity futures, the values of which are based upon an underlying asset and generally represent future commitments which have a reasonable possibility to be settled in cash or through physical delivery. The financial instruments are traded on an exchange and are standardized contracts.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

INTRODUCTION

QUANTIFYING THE FUND’S TRADING VALUE AT RISK

Quantitative Forward-Looking Statements

The following quantitative disclosures regarding the Fund’s market risk exposures contain “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act and Section 21E of the Exchange Act). All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact (such as the dollar amount of maintenance margin required for market risk sensitive instruments held at the end of the reporting period).

THE FUND’S TRADING VALUE AT RISK

The Fund calculates VaR using the actual historical market movements of the Fund’s net assets.

The following table indicates the trading VaR associated with the Fund’s net assets as of March 31, 2019.


								For the Three Months Ended
Description	Net Assets		Daily Volatility			VaR* (99 Percentile)		March 31, 2019 Number of times VaR Exceeded
Invesco DB Base Metals Fund	$	180,814,674		0.84	%	$	3,524,694	2

The following table indicates the trading VaR associated with the Fund’s net assets as of December 31, 2018.


								For the Year Ended
Description	Net Assets		Daily Volatility			VaR* (99 Percentile)		December 31, 2018 Number of times VaR Exceeded
Invesco DB Base Metals Fund	$	160,559,793		0.84	%	$	3,124,948	38

*	The VaR represents the one day downside risk, under normal market conditions, with a 99% confidence level. It is calculated using historical market moves of the Fund’s net assets and uses a one year look-back.

THE FUND’S NON-TRADING MARKET RISK

QUALITATIVE DISCLOSURES REGARDING PRIMARY TRADING RISK EXPOSURES

The following were the primary trading risk exposures of the Fund as of March 31, 2019:

Aluminum

The price of aluminum is volatile. The price movement of aluminum may be influenced by a variety of factors, including the level of global industrial activity and demand, especially relating to the transportation, packaging and building sectors, each of which significantly influences the demand, and in turn, the price of aluminum. Prices for aluminum are influenced by a number of factors including the level of economic activity in large aluminum consuming markets, political uncertainties, economic concerns and the rate of supply of new metal from producers. The production of aluminum is a power intensive process that requires large amounts of inexpensive power. Disruptions in the amount of energy available to aluminum producers could affect the supply of aluminum.

Zinc

The price of zinc is volatile and is affected by numerous factors. The price of zinc is primarily affected by the global demand for and supply of zinc. Demand for zinc is significantly influenced by the level of global industrial economic activity. The galvanized steel industrial sector is particularly important given that the use of zinc in the manufacture of galvanized steel accounts for approximately 50% of world-wide zinc demand. The galvanized steel sector is in turn heavily dependent on the automobile and construction sectors. An additional, but highly volatile component of demand, is adjustments to inventory in response to changes in economic activity and/or pricing levels. The supply of zinc concentrate (the raw material) has generally been dominated by China, Australia, North America and Latin America. The supply of zinc is also affected by current and previous price levels, which will influence investment decisions in new mines and smelters. It is not possible to predict the aggregate effect of all or any combination of these factors.

Copper

The price of copper is volatile. The price of copper is primarily affected by the global demand for and supply of copper. Demand for copper is significantly influenced by the level of global industrial economic activity. Industrial sectors which are particularly important include the electrical and construction sectors. In recent years demand has been supported by strong consumption from newly industrializing countries, which continue to be in a copper-intensive period of economic growth as they develop their infrastructure (such as China). An additional, but highly volatile, component of demand is adjustments to inventory in response to changes in economic activity and/or pricing levels. Apart from the United States, Canada and Australia, the majority of copper concentrate supply (the raw material) comes from outside the Organization for Economic Cooperation and Development countries. Chile is the largest producer of copper concentrate. In previous years, copper supply has been affected by strikes, financial problems, political turmoil and terrorist activity.

QUALITATIVE DISCLOSURES REGARDING NON-TRADING MARKET RISK EXPOSURE

QUALITATIVE DISCLOSURES REGARDING MEANS OF MANAGING RISK EXPOSURE

Under ordinary circumstances, the Managing Owner’s exercise of discretionary power is limited to determining whether the Fund will make a distribution. Under emergency or extraordinary circumstances, the Managing Owner’s use of its discretionary powers may increase. These special circumstances, for example, include the unavailability of the Index or certain natural or man-made disasters. The Managing Owner does not actively manage the Fund to avoid losses. The Fund only takes long positions in investments and does not employ “stop-loss” techniques.

ITEM 4.

CONTROLS AND PROCEDURES.

For purposes of this Item 4, all references to the “Fund” shall be read to specifically include the Fund and the Trust. Please note that the disclosure controls and procedures and internal control over financial reporting of the Trust are the aggregate disclosure controls and procedures and internal control over financial reporting of the Fund and that of Invesco DB Agriculture Fund, Invesco DB Energy Fund, Invesco DB Gold Fund, Invesco DB Oil Fund, Invesco DB Precious Metals Fund and Invesco DB Silver Fund, each a series of the Trust.

Evaluation of Disclosure Controls and Procedures

Changes in Internal Control Over Financial Reporting

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings.

Not applicable.

Item 1A.

Risk Factors.

Current Discussions between the SEC and PricewaterhouseCoopers LLP regarding PricewaterhouseCoopers LLP’s Independence Could Have Potentially Adverse Consequences for the Fund.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

(a) There have been no unregistered sales of Shares. No Shares are authorized for issuance by the Fund under equity compensation plans.

(b) Not applicable.

(c) The following table summarizes the redemptions by Authorized Participants during the three months ended March 31, 2019:


Period of Redemption	Total Number of Shares Redeemed		Average Price Paid per Share
January 1, 2019 to January 31, 2019		—	$	—
February 1, 2019 to February 28, 2019		400,000	$	16.08
March 1, 2019 to March 31, 2019		1,000,000	$	16.58

Total		1,400,000	$	16.43

Item 3.

Defaults Upon Senior Securities.

None.

Item 4.

Mine Safety Disclosures.

Not applicable.

Item 5.

Other Information.

None.

Item 6.

Exhibits


31.1		Certification required under Exchange Act Rules 13a-14 and 15d-14 (filed herewith)

31.2		Certification required under Exchange Act Rules 13a-14 and 15d-14 (filed herewith)

32.1		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)

32.2		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)

101		Interactive data file pursuant to Rule 405 of Regulation S-T: (i) the Statements of Financial Condition of Invesco DB Base Metals Fund – March 31, 2019 and December 31, 2018 (Unaudited), (ii) the Schedule of Investments of Invesco DB Base Metals Fund – March 31, 2019 (Unaudited), (iii) the Schedule of Investments of Invesco DB Base Metals Fund – December 31, 2018 (Unaudited), (iv) the Statements of Income and Expenses of Invesco DB Base Metals Fund – For the Three Months Ended March 31, 2019 and 2018 (Unaudited), (v) the Statement of Changes in Shareholders’ Equity of Invesco DB Base Metals Fund – For the Three Months Ended March 31, 2019 (Unaudited), (vi) the Statement of Changes in Shareholders’ Equity of Invesco DB Base Metals Fund – For the Three Months Ended March 31, 2018 (Unaudited), (vii) the Statements of Cash Flows of Invesco DB Base Metals Fund – For the Three Months Ended March 31, 2019 and 2018 (Unaudited), and (viii) Notes to Unaudited Financial Statements of Invesco DB Base Metals Fund – March 31, 2019.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Invesco DB Multi-Sector Commodity Trust on its own behalf and with respect to Invesco DB Base Metals Fund

By:		Invesco Capital Management LLC,
		its Managing Owner



		By:		/s/ DANIEL DRAPER


		Name:		Daniel Draper
		Title:		Principal Executive Officer



		By:		/s/ KELLI GALLEGOS


		Name:		Kelli Gallegos
		Title:		Principal Financial and Accounting Officer, Investment Pools

Dated: May 8, 2019

Exhibit 31.1

CERTIFICATION

I, Daniel Draper, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Invesco DB Base Metals Fund, a series of Invesco DB Multi-Sector Commodity Trust;

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated: May 8, 2019				/s/ Daniel Draper
				Daniel Draper
				Principal Executive Officer

Exhibit 31.2

CERTIFICATION

I, Kelli Gallegos, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Invesco DB Base Metals Fund, a series of Invesco DB Multi-Sector Commodity Trust;

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Dated: May 8, 2019				/s/ Kelli Gallegos
				Kelli Gallegos
				Principal Financial and Accounting Officer, Investment Pools

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Daniel Draper, Principal Executive Officer of Invesco Capital Management LLC, the Managing Owner of Invesco DB Base Metals Fund (the “Fund”), a series of Invesco DB Multi-Sector Commodity Trust, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

(2)

The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Fund;

(3)


Dated: May 8, 2019				/s/ Daniel Draper
				Daniel Draper
				Principal Executive Officer

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Kelli Gallegos, Principal Financial and Accounting Officer, Investment Pools, of Invesco Capital Management LLC, the Managing Owner of Invesco DB Base Metals Fund (the “Fund”), a series of Invesco DB Multi-Sector Commodity Trust, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

(2)

The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Fund;

(3)


Dated: May 8, 2019				/s/ Kelli Gallegos
				Kelli Gallegos
				Principal Financial and Accounting Officer, Investment Pools