Invesco DB Energy Fund

For the period ended Jun 30, 2024. Filed Aug 7, 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.

Jun 30, 2024 · Filed Aug 7, 2024

DBE$35.24-3.7%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 1. Financial Statements

Statements of Financial Condition

June 30, 2024 and December 31, 2023

	June 30,	December 31,
	2024	2023
Assets
United States Treasury Obligations, at value (cost $35,500,875 and $44,170,237, respectively)	$35,502,438	$44,203,283
Affiliated investments, at value (cost $38,844,885 and $30,452,470, respectively)	38,853,986	30,474,423
Receivable for:
Dividends from affiliates	125,692	192,966
Total assets	$74,482,116	$74,870,672
Liabilities
Other investments:
Variation margin payable- Commodity Futures Contracts	$342,842	$291,487
Payable for:
Distributions	—	630,496
Management fees	43,393	54,829
Brokerage commissions and fees	4,999	4,993
Total liabilities	391,234	981,805
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	835	768
Shareholders' equity—Shares	74,090,047	73,888,099
Total shareholders' equity	74,090,882	73,888,867
Total liabilities and equity	$74,482,116	$74,870,672
General Shares outstanding	40	40
Shares outstanding	3,550,000	3,850,000
Net asset value per share	$20.87	$19.19
Market value per share	$20.89	$19.19

Schedule of Investments

June 30, 2024

Description · Percentage ofShareholders'Equity · Value · Principal Value
United States Treasury Obligations(a)
U.S. Treasury Bills, 5.250% due September 5, 2024(b)	32.08%	$23,770,908		$24,000,000
U.S. Treasury Bills, 5.155% due December 5, 2024	15.84	11,731,530		12,000,000
Total United States Treasury Obligations (cost $35,500,875)	47.92%	$35,502,438
Affiliated Investments			Shares
Exchange-Traded Fund
Invesco Short Term Treasury ETF (cost $10,031,643)(c)	13.55%	$10,040,744		95,200
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 5.25% (cost $28,813,242)(c)(d)	38.89	28,813,242		28,813,242
Total Affiliated Investments (cost $38,844,885)	52.44%	$38,853,986
Total Investments in Securities (cost $74,345,760)	100.36%	$74,356,424

(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 $11,884,800 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

(c)

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

(d)

The rate shown is the 7-day SEC standardized yield as of June 30, 2024.

Open Commodity Futures Contracts · Number of Contracts · Expiration Date · NotionalValue · Value(e) · Unrealized Appreciation (Depreciation)(e)
Long Futures Contracts
ICE-UK Brent Crude	215	December-2024	$17,593,450		$1,682,074		$1,682,074
NYMEX Natural Gas	144	April-2025	4,387,680		3,135		3,135
NYMEX NY Harbor ULSD	158	May-2025	16,480,506		277,994		277,994
NYMEX RBOB Gasoline	196	November-2024	17,992,682		1,785,813		1,785,813
NYMEX WTI Crude	225	December-2024	17,491,500		1,799,895		1,799,895
Total Commodity Futures Contracts				$5,548,911		$5,548,911

(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(b)	20.11%	$14,859,133		$15,000,000
U.S. Treasury Bills, 5.190% due June 6, 2024	39.72	29,344,150		30,000,000
Total United States Treasury Obligations (cost $44,170,237)	59.83%	$44,203,283
Affiliated Investments			Shares
Exchange-Traded Fund
Invesco Short Term Treasury ETF (cost $10,031,643)(c)(d)	13.60%	$10,053,596		95,200
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 5.29% (cost $20,420,827)(c)(e)	27.64	20,420,827		20,420,827
Total Affiliated Investments (cost $30,452,470)	41.24%	$30,474,423
Total Investments in Securities (cost $74,622,707)	101.07%	$74,677,706

(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 $14,859,000 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

(c)

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

(d)

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) · Unrealized Appreciation (Depreciation)(f)
Long Futures Contracts
ICE-UK Brent Crude	228	December-2024	$16,960,920		$114,911		$114,911
NYMEX Natural Gas	252	April-2024	5,967,360		(1,789,279)		(1,789,279)
NYMEX NY Harbor ULSD	167	May-2024	16,834,301		(844,246)		(844,246)
NYMEX RBOB Gasoline	208	November-2024	17,250,106		47,872		47,872
NYMEX WTI Crude	239	December-2024	16,715,660		54,736		54,736
Total Commodity Futures Contracts				$(2,416,006)		$(2,416,006)

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

Statements of Income and Expenses

For the Three and Six Months Ended June 30, 2024 and 2023

Three Months Ended · Six Months Ended
	June 30,		June 30,
	2024	2023	2024	2023
Income
Interest Income	$470,391	$538,577	$868,747	$1,363,333
Dividends from Affiliates	632,166	452,955	1,380,471	832,335
Total Income	1,102,557	991,532	2,249,218	2,195,668
Expenses
Management Fees	157,872	152,790	320,822	360,510
Brokerage Commissions and Fees	3,040	3,730	3,847	6,709
Interest Expense	5,756	8,557	14,420	23,239
Total Expenses	166,668	165,077	339,089	390,458
Less: Waivers	(10,751)	(8,756)	(24,563)	(16,474)
Net Expenses	155,917	156,321	314,526	373,984
Net Investment Income (Loss)	946,640	835,211	1,934,692	1,821,684
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
United States Treasury Obligations	(6)	—	11,835	—
Commodity Futures Contracts	(3,509,410)	(11,228,268)	(3,579,064)	(16,847,880)
Net Realized Gain (Loss)	(3,509,416)	(11,228,268)	(3,567,229)	(16,847,880)
Net Change in Unrealized Gain (Loss) from
United States Treasury Obligations	(843)	(18,792)	(31,483)	(20,668)
Affiliated Investments	—	(5,712)	(12,852)	12,376
Commodity Futures Contracts	2,118,046	7,249,264	7,964,917	754,234
Net Change in Unrealized Gain (Loss)	2,117,203	7,224,760	7,920,582	745,942
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	(1,392,213)	(4,003,508)	4,353,353	(16,101,938)
Net Income (Loss)	$(445,573)	$(3,168,297)	$6,288,045	$(14,280,254)

For the Three Months Ended June 30, 2024

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at March 31, 2024	40		$831		4,400,000		$91,390,951		$91,391,782
Purchases of Shares				—		—		—
Redemption of Shares				(850,000)		(16,855,327)		(16,855,327)
Net Increase (Decrease) due to Share Transactions				(850,000)		(16,855,327)		(16,855,327)
Net Income (Loss)
Net Investment Income (Loss)		12				946,628		946,640
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(38)				(3,509,378)		(3,509,416)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		30				2,117,173		2,117,203
Net Income (Loss)		4				(445,577)		(445,573)
Net Change in Shareholders' Equity	—		4		(850,000)		(17,300,904)		(17,300,900)
Balance at June 30, 2024	40		$835		3,550,000		$74,090,047		$74,090,882

For the Three Months Ended June 30, 2023

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at March 31, 2023	40		$823		4,600,000		$94,671,775		$94,672,598
Purchases of Shares				—		—		—
Redemption of Shares				(850,000)		(17,195,404)		(17,195,404)
Net Increase (Decrease) due to Share Transactions				(850,000)		(17,195,404)		(17,195,404)
Net Income (Loss)
Net Investment Income (Loss)		7				835,204		835,211
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(91)				(11,228,177)		(11,228,268)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		54				7,224,706		7,224,760
Net Income (Loss)		(30)				(3,168,267)		(3,168,297)
Net Change in Shareholders' Equity	—		(30)		(850,000)		(20,363,671)		(20,363,701)
Balance at June 30, 2023	40		$793		3,750,000		$74,308,104		$74,308,897

For the Six Months Ended June 30, 2024

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2023	40		$768			3,850,000		$73,888,099		$73,888,867
Purchases of Shares						800,000			15,616,181		15,616,181
Redemption of Shares						(1,100,000)			(21,702,211)		(21,702,211)
Net Increase (Decrease) due to Share Transactions						(300,000)			(6,086,030)		(6,086,030)
Net Income (Loss)
Net Investment Income (Loss)				21					1,934,671		1,934,692
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				(38)					(3,567,191)		(3,567,229)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				84					7,920,498		7,920,582
Net Income (Loss)				67					6,287,978		6,288,045
Net Change in Shareholders' Equity		—			67		(300,000)			201,948		202,015
Balance at June 30, 2024	40		$835			3,550,000		$74,090,047		$74,090,882

For the Six Months Ended June 30, 2023

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2022	40		$906			6,800,000		$154,008,030		$154,008,936
Purchases of Shares						200,000			4,183,222		4,183,222
Redemption of Shares						(3,250,000)			(69,603,007)		(69,603,007)
Net Increase (Decrease) due to Share Transactions						(3,050,000)			(65,419,785)		(65,419,785)
Net Income (Loss)
Net Investment Income (Loss)				14					1,821,670		1,821,684
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				(133)					(16,847,747)		(16,847,880)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				6					745,936		745,942
Net Income (Loss)				(113)					(14,280,141)		(14,280,254)
Net Change in Shareholders' Equity		—			(113)		(3,050,000)			(79,699,926)		(79,700,039)
Balance at June 30, 2023	40		$793			3,750,000		$74,308,104		$74,308,897

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

Statements of Cash Flows

For the Six Months Ended June 30, 2024 and 2023

	Six Months Ended
	June 30,
	2024	2023
Cash flows from operating activities:
Net Income (Loss)	$6,288,045	$(14,280,254)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased	(35,067,856)	(79,002,665)
Proceeds from securities sold and matured	44,608,039	155,000,000
Cost of affiliated investments purchased	(76,902,853)	(148,859,143)
Proceeds from affiliated investments sold	68,510,438	149,804,501
Net accretion of discount on United States Treasury Obligations	(858,986)	(1,344,910)
Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments	(11,835)	—
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments	44,335	8,292
Change in operating assets and liabilities:
Variation margin - Commodity Futures Contracts	51,355	2,158,801
Dividends from affiliates	67,274	9,630
Management fees	(11,436)	(56,153)
Brokerage commissions and fees	6	(60)
Net cash provided by (used in) operating activities	6,716,526	63,438,039
Cash flows from financing activities:
Distributions paid to shareholders	(630,496)	—
Proceeds from purchases of Shares	15,616,181	4,183,222
Redemption of Shares	(21,702,211)	(67,621,261)
Net cash provided by (used in) financing activities	(6,716,526)	(63,438,039)
Net change in cash	—	—
Cash at beginning of period	—	—
Cash at end of period	$—	$—
Supplemental disclosure of cash flow information
Cash paid for interest	$14,420	$23,239

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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.