Invesco DB Oil Fund

For the period ended Mar 31, 2024. Filed May 8, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 8, 2024

DBO$23.12-3.7%Stored close · as of Nov 9, 2026

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Contents

Item 1. Financial Statements

Statements of Financial Condition

March 31, 2024 and December 31, 2023

	March 31,	December 31,
	2024	2023
Assets
United States Treasury Obligations, at value (cost $82,526,584 and $81,766,552, respectively)	$82,530,204	$81,824,337
Affiliated investments, at value (cost $165,267,049 and $162,787,879, respectively)	165,260,784	162,850,666
Other investments:
Variation margin receivable - Commodity Futures Contracts	3,222,450	—
Receivable for:
Dividends from affiliates	702,575	818,343
Total assets	$251,716,013	$245,493,346
Liabilities
Other investments:
Variation margin payable- Commodity Futures Contracts	$—	$838,080
Payable for:
Distributions	—	159,628
Management fees	143,786	149,188
Brokerage commissions and fees	5,004	4,958
Total liabilities	$148,790	$1,151,854
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	623	558
Shareholders' equity—Shares	251,566,600	244,340,934
Total shareholders' equity	251,567,223	244,341,492
Total liabilities and equity	$251,716,013	$245,493,346
General Shares outstanding	40	40
Shares outstanding	16,150,000	17,500,000
Net asset value per share	$15.58	$13.96
Market value per share	$15.54	$13.92

Schedule of Investments

March 31, 2024

Description · Percentage ofShareholders'Equity · Value · Principal Value
United States Treasury Obligations (a)
U.S. Treasury Bills, 5.105% due September 5, 2024	5.44%	$13,687,762		$14,000,000
U.S. Treasury Bills, 5.240% due June 6, 2024	5.51%	13,866,213		14,000,000
U.S. Treasury Bills, 5.280% due April 4, 2024	21.85%	54,976,229		55,000,000
Total United States Treasury Obligations (cost $82,526,584)	32.80%	$82,530,204
Affiliated Investments			Shares
Exchange-Traded Fund
Invesco Short Term Treasury ETF (cost $53,954,170)(b)(c)	21.44%	$53,947,905		511,500
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 5.25% (cost $111,312,879)(c)(d)	44.25%	111,312,879		111,312,879
Total Affiliated Investments (cost $165,267,049)	65.69%	$165,260,784
Total Investments in Securities (cost $247,793,633)	98.49%	$247,790,988

(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)

All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 2J.

(c)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. See Note 8.

(d)

The rate shown is the 7-day SEC standardized yield as of March 31, 2024.

Open Commodity Futures Contracts	Number of Contracts	Expiration Date	NotionalValue	Value(e)	UnrealizedAppreciation(Depreciation)(e)
Long Futures Contracts
NYMEX WTI Crude	3,255	January - 2025	$251,253,450	$23,386,819	$23,386,819

(e)

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

Schedule of Investments

December 31, 2023

Description · Percentage ofShareholders'Equity · Value · Principal Value
United States Treasury Obligations(a)
U.S. Treasury Bills, 5.250% due March 7, 2024	5.68%	$13,868,524		$14,000,000
U.S. Treasury Bills, 5.245% due April 4, 2024	22.21	54,261,877		55,000,000
U.S. Treasury Bills, 5.190% due June 6, 2024	5.60	13,693,936		14,000,000
Total United States Treasury Obligations (cost $81,766,552)	33.49%	$81,824,337
Affiliated Investments			Shares
Exchange-Traded Fund
Invesco Short Term ETF (cost $53,954,170)(b)(c)(d)	22.11%	54,016,957		511,500
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 5.29% (cost $108,833,709)(b)(e)	44.54	108,833,709		108,833,709
Total Affiliated Investments (cost $162,787,879)	66.65%	$162,850,666
Total Investments in Securities (cost $244,554,431)	100.14%	$244,675,003

(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)

Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. See Note 8.

(c)

All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 2J.

(d)

Effective after the close of markets on August 25, 2023, the fund’s name changed from Invesco Treasury Collateral ETF to

Invesco Short Term Treasury ETF.

(e)

The rate shown is the 7-day SEC standardized yield as of December 31, 2023.

Open Commodity Futures Contracts	Number of Contracts	Expiration Date	NotionalValue	Value(f)	UnrealizedAppreciation(Depreciation)(f)
Long Futures Contracts
NYMEX WTI Crude	3,492	December - 2024	$244,230,480	$(827,832)	$(827,832)

(f)

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

Statements of Income and Expenses

For the Three Months Ended March 31, 2024 and 2023

	Three Months Ended
	March 31,
	2024	2023
Income
Interest Income	$1,140,234	$1,197,208
Dividends from Affiliates	2,163,257	1,874,044
Total Income	3,303,491	3,071,252
Expenses
Management Fees	465,554	527,681
Brokerage Commissions and Fees	2,356	1,536
Interest Expense	25,841	27,751
Total Expenses	493,751	556,968
Less: Waivers	(38,620)	(37,470)
Net Expenses	455,131	519,498
Net Investment Income (Loss)	2,848,360	2,551,754
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts
Net Realized Gain (Loss) from
Commodity Futures Contracts	(116,368)	(998,204)
Net Realized Gain (Loss)	(116,368)	(998,204)
Net Change in Unrealized Gain (Loss) from
United States Treasury Obligations	(54,165)	12,764
Affiliated Investments	(69,052)	97,185
Commodity Futures Contracts	24,214,651	(12,812,158)
Net Change in Unrealized Gain (Loss)	24,091,434	(12,702,209)
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	23,975,066	(13,700,413)
Net Income (Loss)	$26,823,426	$(11,148,659)

Statement of Changes in Shareholders’ Equity

For the Three Months Ended March 31, 2024

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2023	40		$558			17,500,000		$244,340,934		$244,341,492
Purchases of Shares						1,400,000			19,986,652		19,986,652
Redemption of Shares						(2,750,000)			(39,584,347)		(39,584,347)
Net Increase (Decrease) due to Share Transactions						(1,350,000)			(19,597,695)		(19,597,695)
Net Income (Loss)
Net Investment Income (Loss)				7					2,848,353		2,848,360
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				—					(116,368)		(116,368)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				58					24,091,376		24,091,434
Net Income (Loss)				65					26,823,361		26,823,426
Net Change in Shareholders' Equity		—			65		(1,350,000)			7,225,666		7,225,731
Balance at March 31, 2024	40		$623			16,150,000		$251,566,600		$251,567,223

Statement of Changes in Shareholders’ Equity

For the Three Months Ended March 31, 2023

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2022	40		$607			20,000,000		$303,569,686		$303,570,293
Purchases of Shares						1,000,000			14,074,604			14,074,604
Redemption of Shares						(1,800,000)		(26,408,966)		(26,408,966)
Net Increase (Decrease) due to Share Transactions						(800,000)		(12,334,362)		(12,334,362)
Net Income (Loss)
Net Investment Income (Loss)				5					2,551,749			2,551,754
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				(2)				(998,202)		(998,204)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				(26)				(12,702,183)		(12,702,209)
Net Income (Loss)				(23)				(11,148,636)		(11,148,659)
Net Change in Shareholders' Equity		—			(23)		(800,000)		(23,482,998)		(23,483,021)
Balance at March 31, 2023		40		$584			19,200,000		$280,086,688		$280,087,272

Statements of Cash Flows

For the Three Months Ended March 31, 2024 and 2023

	Three Months Ended
	March 31,
	2024	2023
Cash flows from operating activities:
Net Income (Loss)	$26,823,426	$(11,148,659)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased	(13,638,680)	(101,809,493)
Proceeds from securities sold and matured	14,000,000	138,000,000
Cost of affiliated investments purchased	(85,300,116)	(143,156,968)
Proceeds from affiliated investments sold	82,820,946	129,593,151
Net accretion of discount on United States Treasury Obligations	(1,121,352)	(1,176,218)
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments	123,217	(109,949)
Change in operating assets and liabilities:
Variation margin- Commodity Futures Contracts	(4,060,530)	2,347,320
Dividends from affiliates	115,768	(181,310)
Management fees	(5,402)	(23,745)
Brokerage commissions and fees	46	233
Net cash provided by (used in) operating activities	19,757,323	12,334,362
Cash flows from financing activities:
Distributions paid to shareholders	(159,628)	—
Proceeds from purchases of Shares	19,986,652	14,074,604
Redemption of Shares	(39,584,347)	(26,408,966)
Net cash provided by (used in) financing activities	(19,757,323)	(12,334,362)
Net change in cash	—	—
Cash at beginning of period	—	—
Cash at end of period	$—	$—
Supplemental disclosure of cash flow information
Cash paid for interest	$25,841	$27,751

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.