Attached files
| file | filename |
|---|---|
| EX-32.2 - EX-32.2 - INVESCO DB SILVER FUND | dbs-ex322_8.htm |
| EX-32.1 - EX-32.1 - INVESCO DB SILVER FUND | dbs-ex321_7.htm |
| EX-31.2 - EX-31.2 - INVESCO DB SILVER FUND | dbs-ex312_6.htm |
| EX-31.1 - EX-31.1 - INVESCO DB SILVER FUND | dbs-ex311_9.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
|
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2017
OR
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 001-33234
POWERSHARES DB SILVER FUND
(A Series of PowerShares DB Multi-Sector Commodity Trust)
(Exact name of Registrant as specified in its charter)
|
Delaware |
87-0778072 |
|
(State or Other Jurisdiction of |
(I.R.S. Employer |
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|
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c/o Invesco PowerShares Capital Management LLC |
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 and posted on its corporate Web site, if any, an Interactive Data File required to be submitted and posted 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 and post 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 (Check one):
|
Large Accelerated Filer |
☐ |
Accelerated Filer |
☐ |
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Non-Accelerated Filer |
☐ (Do not check if a smaller reporting company) |
Smaller reporting company |
☒ |
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|
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|
Emerging growth company |
☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
Indicate the number of outstanding Shares as of June 30, 2017: 800,000 Shares.
POWERSHARES DB SILVER FUND
(A SERIES OF POWERSHARES DB MULTI-SECTOR COMMODITY TRUST)
QUARTER ENDED JUNE 30, 2017
TABLE OF CONTENTS
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Page |
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PART I. |
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1 |
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ITEM 1. |
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1 |
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10 |
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ITEM 2. |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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19 |
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ITEM 3. |
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28 |
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ITEM 4. |
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29 |
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PART II. |
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30 |
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Item 1. |
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30 |
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Item 1A. |
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30 |
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Item 2. |
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31 |
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Item 3. |
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31 |
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Item 4. |
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31 |
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Item 5. |
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31 |
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Item 6. |
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31 |
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32 |
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i
PowerShares DB Silver Fund
Statements of Financial Condition
June 30, 2017 and December 31, 2016
(Unaudited)
|
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June 30, |
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December 31, |
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||
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2017 |
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2016 |
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||
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Assets |
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|
|
|
|
|
|
|
|
United States Treasury Obligations, at value (cost $18,984,221 and $23,852,335, respectively) |
|
$ |
18,984,562 |
|
|
$ |
23,853,157 |
|
|
Affiliated Investments, at value and cost |
|
|
1,591,026 |
|
|
|
— |
|
|
Total Investments, at value (cost $20,575,247and $23,852,335, respectively) |
|
$ |
20,575,588 |
|
|
$ |
23,853,157 |
|
|
Receivable for: |
|
|
|
|
|
|
|
|
|
Dividends from affiliates |
|
|
992 |
|
|
|
252 |
|
|
Brokerage commissions and fees |
|
|
— |
|
|
|
174 |
|
|
Investments Sold |
|
|
— |
|
|
|
3,991,493 |
|
|
Total assets |
|
$ |
20,576,580 |
|
|
$ |
27,845,076 |
|
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Liabilities |
|
|
|
|
|
|
|
|
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Payable for: |
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|
|
|
|
|
|
|
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Variation margin |
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$ |
33,075 |
|
|
$ |
357,240 |
|
|
Due to custodian |
|
|
— |
|
|
|
2,522,916 |
|
|
Management fees |
|
|
12,464 |
|
|
|
19,399 |
|
|
Total liabilities |
|
|
45,539 |
|
|
|
2,899,555 |
|
|
Commitments and Contingencies (Note 9) |
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Equity |
|
|
|
|
|
|
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Shareholder's equity—General Shares |
|
|
1,026 |
|
|
|
998 |
|
|
Shareholders' equity—Shares |
|
|
20,530,015 |
|
|
|
24,944,523 |
|
|
Total shareholders' equity |
|
|
20,531,041 |
|
|
|
24,945,521 |
|
|
Total liabilities and equity |
|
$ |
20,576,580 |
|
|
$ |
27,845,076 |
|
|
General Shares outstanding |
|
|
40 |
|
|
|
40 |
|
|
Shares outstanding |
|
|
800,000 |
|
|
|
1,000,000 |
|
|
Net asset value per share |
|
$ |
25.66 |
|
|
$ |
24.94 |
|
|
Market value per share |
|
$ |
25.64 |
|
|
$ |
24.89 |
|
See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.
1
Schedule of Investments
June 30, 2017
(Unaudited)
|
Description |
|
Percentage of Shareholders' Equity |
|
|
Value |
|
|
Principal Value |
|
|||
|
United States Treasury Obligations (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Bills, 0.840% due July 6, 2017 |
|
|
4.87 |
% |
|
$ |
999,937 |
|
|
$ |
1,000,000 |
|
|
U.S. Treasury Bills, 0.890% due July 27, 2017(b) |
|
43.81 |
|
|
|
8,995,113 |
|
|
|
9,000,000 |
|
|
|
U.S. Treasury Bills, 0.905% due August 17, 2017 |
|
38.92 |
|
|
|
7,991,016 |
|
|
|
8,000,000 |
|
|
|
U.S. Treasury Bills, 0.960% due August 31, 2017 |
|
4.87 |
|
|
|
998,496 |
|
|
|
1,000,000 |
|
|
|
Total United States Treasury Obligations (cost $18,984,221) |
|
|
92.47 |
% |
|
$ |
18,984,562 |
|
|
|
|
|
|
Affiliated Investments |
|
|
|
|
|
|
|
|
|
|
|
|
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Money Market Mutual Fund |
|
|
|
|
|
|
|
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Shares |
|
|
|
Premier U.S. Government Money Portfolio - Institutional Class, 0.86% (cost $1,591,026)(c) |
|
7.75 |
|
|
$ |
1,591,026 |
|
|
|
1,591,026 |
|
|
|
Total Investments (cost $20,575,247) |
|
|
100.22 |
% |
|
$ |
20,575,588 |
|
|
|
|
|
|
(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 $7,995,200 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 June 30, 2017. |
|
Description |
|
Unrealized Appreciation/ (Depreciation) as a Percentage of Shareholders' Equity |
|
|
Unrealized Appreciation/ (Depreciation)(d) |
|
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Notional Value |
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|||
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Commodity Futures Contracts |
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COMEX Silver (245 contracts, settlement date December 27, 2017) |
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|
(8.76 |
)% |
|
$ |
(1,798,035 |
) |
|
$ |
20,496,700 |
|
|
Total Commodity Futures Contracts |
|
|
(8.76 |
)% |
|
$ |
(1,798,035 |
) |
|
$ |
20,496,700 |
|
|
(d) |
Unrealized appreciation/(depreciation) is presented above, net by contract. |
See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.
2
Schedule of Investments
December 31, 2016
(Unaudited)
|
Description |
|
Percentage of Shareholders' Equity |
|
|
Value |
|
|
Principal Value |
|
|||
|
United States Treasury Obligations (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Bills, 0.475% due February 2, 2017 |
|
|
12.02 |
% |
|
$ |
2,998,959 |
|
|
$ |
3,000,000 |
|
|
U.S. Treasury Bills, 0.535% due May 11, 2017(b) |
|
|
32.00 |
|
|
|
7,983,184 |
|
|
|
8,000,000 |
|
|
U.S. Treasury Bills, 0.625% due May 18, 2017 |
|
|
51.60 |
|
|
|
12,871,014 |
|
|
|
12,900,000 |
|
|
Total United States Treasury Obligations (cost $23,852,335) |
|
|
95.62 |
% |
|
$ |
23,853,157 |
|
|
|
|
|
|
(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 year end. |
|
(b) |
United States Treasury Obligations of $7,983,184 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts. |
|
Description |
|
Unrealized Appreciation/ (Depreciation) as a Percentage of Shareholders' Equity |
|
|
Unrealized Appreciation/ (Depreciation) (c) |
|
|
Notional Value |
|
|||
|
Commodity Futures Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
COMEX Silver (312 contracts, settlement date March 29, 2017) |
|
|
(6.41 |
)% |
|
$ |
(1,599,451 |
) |
|
$ |
24,942,840 |
|
|
Total Commodity Futures Contracts |
|
|
(6.41 |
)% |
|
$ |
(1,599,451 |
) |
|
$ |
24,942,840 |
|
|
(c) |
Unrealized appreciation/(depreciation) is presented above, net by contract. |
See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.
3
Statements of Income and Expenses
For the Three and Six Months Ended June 30, 2017 and 2016
(Unaudited)
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
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June 30, |
|
|
June 30, |
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||||||||||
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2017 |
|
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2016 |
|
|
2017 |
|
|
2016 |
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||||
|
Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income |
|
$ |
39,461 |
|
|
$ |
13,893 |
|
|
$ |
75,997 |
|
|
$ |
23,297 |
|
|
Dividends from Affiliates |
|
|
2,491 |
|
|
|
— |
|
|
|
4,430 |
|
|
|
— |
|
|
Total Income |
|
|
41,952 |
|
|
|
13,893 |
|
|
|
80,427 |
|
|
|
23,297 |
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management Fee |
|
$ |
43,272 |
|
|
|
39,574 |
|
|
$ |
93,612 |
|
|
$ |
74,745 |
|
|
Brokerage Commissions and Fees |
|
|
532 |
|
|
|
— |
|
|
|
2,477 |
|
|
|
— |
|
|
Interest Expense |
|
|
155 |
|
|
|
141 |
|
|
|
298 |
|
|
|
298 |
|
|
Total Expenses |
|
|
43,959 |
|
|
|
39,715 |
|
|
|
96,387 |
|
|
|
75,043 |
|
|
Less: Waivers |
|
|
(994 |
) |
|
|
— |
|
|
|
(1,728 |
) |
|
|
— |
|
|
Net Expenses |
|
|
42,965 |
|
|
|
39,715 |
|
|
|
94,659 |
|
|
|
75,043 |
|
|
Net Investment Income (Loss) |
|
|
(1,013 |
) |
|
|
(25,822 |
) |
|
|
(14,232 |
) |
|
|
(51,746 |
) |
|
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Realized Gain (Loss) on |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States Treasury Obligations |
|
|
(1,018 |
) |
|
|
38 |
|
|
|
(1,198 |
) |
|
|
38 |
|
|
Commodity Futures Contracts |
|
|
(196,960 |
) |
|
|
3,885 |
|
|
|
741,086 |
|
|
|
773,857 |
|
|
Net Realized Gain (Loss) |
|
|
(197,978 |
) |
|
|
3,923 |
|
|
|
739,888 |
|
|
|
773,895 |
|
|
Net Change in Unrealized Gain (Loss) on |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States Treasury Obligations |
|
|
3,124 |
|
|
|
(1,403 |
) |
|
|
(481 |
) |
|
|
732 |
|
|
Commodity Futures Contracts |
|
|
(2,713,894 |
) |
|
|
3,909,295 |
|
|
|
(198,584 |
) |
|
|
5,249,252 |
|
|
Net Change in Unrealized Gain (Loss) |
|
|
(2,710,770 |
) |
|
|
3,907,892 |
|
|
|
(199,065 |
) |
|
|
5,249,984 |
|
|
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts |
|
|
(2,908,748 |
) |
|
|
3,911,815 |
|
|
|
540,823 |
|
|
|
6,023,879 |
|
|
Net Income (Loss) |
|
$ |
(2,909,761 |
) |
|
$ |
3,885,993 |
|
|
$ |
526,591 |
|
|
$ |
5,972,133 |
|
See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.
4
Statement of Changes in Shareholders’ Equity
For the Three Months Ended June 30, 2017
(Unaudited)
|
|
|
General Shares |
|
|
Shares |
|
|
Total |
|
|||||||||||
|
|
|
Shares |
|
|
Total Equity |
|
|
Shares |
|
|
Total Equity |
|
|
Shareholders' Equity |
|
|||||
|
Balance at April 1, 2017 |
|
|
40 |
|
|
$ |
1,135 |
|
|
|
1,000,000 |
|
|
$ |
28,380,738 |
|
|
$ |
28,381,873 |
|
|
Purchases of Shares |
|
|
|
|
|
|
|
|
|
|
200,000 |
|
|
|
5,755,806 |
|
|
|
5,755,806 |
|
|
Redemption of Shares |
|
|
|
|
|
|
|
|
|
|
(400,000 |
) |
|
|
(10,696,877 |
) |
|
|
(10,696,877 |
) |
|
Net Increase (Decrease) due to Share Transactions |
|
|
|
|
|
|
|
|
|
|
(200,000 |
) |
|
|
(4,941,071 |
) |
|
|
(4,941,071 |
) |
|
Net Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income (Loss) |
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
(1,013 |
) |
|
|
(1,013 |
) |
|
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts |
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
(197,978 |
) |
|
|
(197,978 |
) |
|
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts |
|
|
|
|
|
|
(109 |
) |
|
|
|
|
|
|
(2,710,661 |
) |
|
|
(2,710,770 |
) |
|
Net Income (Loss) |
|
|
|
|
|
|
(109 |
) |
|
|
|
|
|
|
(2,909,652 |
) |
|
|
(2,909,761 |
) |
|
Net Change in Shareholders' Equity |
|
|
— |
|
|
|
(109 |
) |
|
|
(200,000 |
) |
|
|
(7,850,723 |
) |
|
|
(7,850,832 |
) |
|
Balance at June 30, 2017 |
|
|
40 |
|
|
$ |
1,026 |
|
|
|
800,000 |
|
|
$ |
20,530,015 |
|
|
$ |
20,531,041 |
|
See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.
5
Statement of Changes in Shareholders’ Equity
For the Three Months Ended June 30, 2016
(Unaudited)
|
|
|
General Shares |
|
|
Shares |
|
|
Total |
|
|||||||||||
|
|
|
Shares |
|
|
Total Equity |
|
|
Shares |
|
|
Total Equity |
|
|
Shareholders' Equity |
|
|||||
|
Balance at April 1, 2016 |
|
|
40 |
|
|
$ |
980 |
|
|
|
800,000 |
|
|
$ |
19,604,151 |
|
|
$ |
19,605,131 |
|
|
Purchases of Shares |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Redemption of Shares |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net Increase (Decrease) due to Share Transactions |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income (Loss) |
|
|
|
|
|
|
(2 |
) |
|
|
|
|
|
|
(25,820 |
) |
|
|
(25,822 |
) |
|
Net Realized Gain (Loss) on United States Treasury Obligations and Commodity Futures Contracts |
|
|
|
|
|
|
1 |
|
|
|
|
|
|
|
3,922 |
|
|
|
3,923 |
|
|
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations and Commodity Futures Contracts |
|
|
|
|
|
|
195 |
|
|
|
|
|
|
|
3,907,697 |
|
|
|
3,907,892 |
|
|
Net Income (Loss) |
|
|
|
|
|
|
194 |
|
|
|
|
|
|
|
3,885,799 |
|
|
|
3,885,993 |
|
|
Net Change in Shareholders' Equity |
|
|
— |
|
|
|
194 |
|
|
|
— |
|
|
|
3,885,799 |
|
|
|
3,885,993 |
|
|
Balance at June 30, 2016 |
|
|
40 |
|
|
$ |
1,174 |
|
|
|
800,000 |
|
|
$ |
23,489,950 |
|
|
$ |
23,491,124 |
|
See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.
6
Statement of Changes in Shareholders’ Equity
For the Six Months Ended June 30, 2017
(Unaudited)
|
|
|
General Shares |
|
|
Shares |
|
|
Total |
|
|||||||||||
|
|
|
Shares |
|
|
Total Equity |
|
|
Shares |
|
|
Total Equity |
|
|
Shareholders' Equity |
|
|||||
|
Balance at January 1, 2017 |
|
|
40 |
|
|
$ |
998 |
|
|
|
1,000,000 |
|
|
$ |
24,944,523 |
|
|
$ |
24,945,521 |
|
|
Purchases of Shares |
|
|
|
|
|
|
|
|
|
|
200,000 |
|
|
|
5,755,806 |
|
|
|
5,755,806 |
|
|
Redemption of Shares |
|
|
|
|
|
|
|
|
|
|
(400,000 |
) |
|
|
(10,696,877 |
) |
|
|
(10,696,877 |
) |
|
Net Increase (Decrease) due to Share Transactions |
|
|
|
|
|
|
|
|
|
|
(200,000 |
) |
|
|
(4,941,071 |
) |
|
|
(4,941,071 |
) |
|
Net Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income (Loss) |
|
|
|
|
|
|
(1 |
) |
|
|
|
|
|
|
(14,231 |
) |
|
|
(14,232 |
) |
|
Net Realized Gain (Loss) on United States Treasury Obligations and Commodity Futures Contracts |
|
|
|
|
|
|
38 |
|
|
|
|
|
|
|
739,850 |
|
|
|
739,888 |
|
|
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations and Commodity Futures Contracts |
|
|
|
|
|
|
(9 |
) |
|
|
|
|
|
|
(199,056 |
) |
|
|
(199,065 |
) |
|
Net Income (Loss) |
|
|
|
|
|
|
28 |
|
|
|
|
|
|
|
526,563 |
|
|
|
526,591 |
|
|
Net Change in Shareholders' Equity |
|
|
— |
|
|
|
28 |
|
|
|
(200,000 |
) |
|
|
(4,414,508 |
) |
|
|
(4,414,480 |
) |
|
Balance at June 30, 2017 |
|
|
40 |
|
|
$ |
1,026 |
|
|
|
800,000 |
|
|
$ |
20,530,015 |
|
|
$ |
20,531,041 |
|
See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.
7
Statement of Changes in Shareholders’ Equity
For the Six Months Ended June 30, 2016
(Unaudited)
|
|
|
General Shares |
|
|
Shares |
|
|
Total |
|
|||||||||||
|
|
|
Shares |
|
|
Total Equity |
|
|
Shares |
|
|
Total Equity |
|
|
Shareholders' Equity |
|
|||||
|
Balance at January 1, 2016 |
|
|
40 |
|
|
$ |
876 |
|
|
|
800,000 |
|
|
$ |
17,518,115 |
|
|
$ |
17,518,991 |
|
|
Purchases of Shares |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Redemption of Shares |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net Increase (Decrease) due to Share Transactions |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income (Loss) |
|
|
|
|
|
|
(3 |
) |
|
|
|
|
|
|
(51,743 |
) |
|
|
(51,746 |
) |
|
Net Realized Gain (Loss) on United States Treasury Obligations and Commodity Futures Contracts |
|
|
|
|
|
|
39 |
|
|
|
|
|
|
|
773,856 |
|
|
|
773,895 |
|
|
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations and Commodity Futures Contracts |
|
|
|
|
|
|
262 |
|
|
|
|
|
|
|
5,249,722 |
|
|
|
5,249,984 |
|
|
Net Income (Loss) |
|
|
|
|
|
|
298 |
|
|
|
|
|
|
|
5,971,835 |
|
|
|
5,972,133 |
|
|
Net Change in Shareholders' Equity |
|
|
— |
|
|
|
298 |
|
|
|
- |
|
|
|
5,971,835 |
|
|
|
5,972,133 |
|
|
Balance at June 30, 2016 |
|
|
40 |
|
|
$ |
1,174 |
|
|
|
800,000 |
|
|
$ |
23,489,950 |
|
|
$ |
23,491,124 |
|
See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.
8
Statements of Cash Flows
For the Six Months Ended June 30, 2017 and 2016
(Unaudited)
|
|
|
Six Months Ended |
|
|||||
|
|
|
June 30, |
|
|||||
|
|
|
2017 |
|
|
2016 |
|
||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
|
$ |
526,591 |
|
|
$ |
5,972,133 |
|
|
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: |
|
|
|
|
|
|
|
|
|
Cost of securities purchased |
|
|
(25,949,993 |
) |
|
|
(39,471,398 |
) |
|
Proceeds from securities sold and matured |
|
|
34,884,399 |
|
|
|
35,299,922 |
|
|
Cost of affiliated investments purchased |
|
|
(27,809,717 |
) |
|
|
— |
|
|
Proceeds from affiliated investments sold |
|
|
26,218,691 |
|
|
|
— |
|
|
Net accretion of discount on United States Treasury Obligations |
|
|
(75,997 |
) |
|
|
(23,297 |
) |
|
Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments |
|
|
1,198 |
|
|
|
(38 |
) |
|
Net change in unrealized (gain) loss on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts |
|
|
481 |
|
|
|
(732 |
) |
|
Change in operating receivables and liabilities: |
|
|
|
|
|
|
|
|
|
Dividends from affiliates |
|
|
(740 |
) |
|
|
— |
|
|
Variation margin |
|
|
(324,165 |
) |
|
|
(320,571 |
) |
|
Management fee |
|
|
(6,935 |
) |
|
|
1,943 |
|
|
Brokerage commissions and fees |
|
|
174 |
|
|
|
(1,429 |
) |
|
Net cash provided by (used for) operating activities |
|
|
7,463,987 |
|
|
|
1,456,533 |
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from purchases of Shares |
|
|
5,755,806 |
|
|
|
— |
|
|
Redemption of Shares |
|
|
(10,696,877 |
) |
|
|
— |
|
|
Decrease in payable for amount due to custodian, net |
|
|
(2,522,916 |
) |
|
|
|
|
|
Net cash provided by (used for) financing activities |
|
|
(7,463,987 |
) |
|
|
— |
|
|
Net change in cash |
|
|
— |
|
|
|
1,456,533 |
|
|
Cash at beginning of period |
|
— |
|
|
|
285,679 |
|
|
|
Cash at end of period |
|
|
— |
|
|
$ |
1,742,212 |
|
|
Supplemental disclosure of cash flow information |
|
|
|
|
|
|
|
|
|
Cash paid for interest |
|
$ |
298 |
|
|
$ |
298 |
|
See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.
9
Notes to Unaudited Financial Statements
June 30, 2017
Note 1 - Organization
PowerShares DB Silver Fund (the “Fund”), a separate series of PowerShares DB Multi-Sector Commodity Trust (the “Trust”), is 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, as amended, and Trust Agreement of the Trust (the “Trust Agreement”). The Fund has an unlimited number of shares authorized for issuance.
On October 24, 2014, DB Commodity Services LLC, a Delaware limited liability company (“DBCS”), DB U.S. Financial Markets Holding Corporation (“DBUSH”) and Invesco PowerShares Capital Management LLC (“Invesco”) entered into an Asset Purchase Agreement (the “Agreement”). DBCS is a wholly-owned subsidiary of DBUSH. DBCS agreed to transfer and sell to Invesco all of DBCS’ interest in the Fund, including the sole and exclusive power to direct the business and affairs of the Trust and the Fund, as well as certain other assets pertaining to the management of the Trust and the Fund, pursuant to the terms and conditions of the Agreement (the “Transaction”).
The Transaction was consummated on February 23, 2015 (the