Invesco DB Oil Fund

For the period ended Sep 30, 2024. Filed Nov 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.

Sep 30, 2024 · Filed Nov 7, 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

September 30, 2024 and December 31, 2023

	September 30,	December 31,
	2024	2023
Assets
United States Treasury Obligations, at value (cost $106,720,673 and $81,766,552, respectively)	$106,760,323	$81,824,337
Affiliated investments, at value (cost $141,869,350 and $162,787,879, respectively)	141,960,270	162,850,666
Other investments:
Variation margin receivable - Commodity Futures Contracts	498,560	—
Receivable for:
Dividends from affiliates	587,398	818,343
Total assets	$249,806,551	$245,493,346
Liabilities
Other investments:
Variation margin payable- Commodity Futures Contracts	$—	$838,080
Payable for:
Distributions	—	159,628
Investements purchased	39,147,633	—
Management fees	118,427	149,188
Brokerage commissions and fees	4,984	4,958
Total liabilities	$39,271,044	$1,151,854
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	558	558
Shareholders' equity—Shares	210,534,949	244,340,934
Total shareholders' equity	210,535,507	244,341,492
Total liabilities and equity	$249,806,551	$245,493,346
General Shares outstanding	40	40
Shares outstanding	15,100,000	17,500,000
Net asset value per share	$13.94	$13.96
Market value per share	$13.97	$13.92

Schedule of Investments

September 30, 2024

Description · Percentage ofShareholders'Equity · Value · Principal Value
United States Treasury Obligations (a)
U.S. Treasury Bills, 5.185% due October 3, 2024	18.99%	$39,989,578		$40,000,000
U.S. Treasury Bills, 4.970% due December 5, 2024	6.60%	13,885,950		14,000,000
U.S. Treasury Bills, 4.645% due March 6, 2025	6.53%	13,737,920		14,000,000
U.S. Treasury Bills, 4.215% due April 3, 2025	18.59%	39,146,875		40,000,000
Total United States Treasury Obligations (cost $106,720,673)	50.71%	$106,760,323
Affiliated Investments			Shares
Exchange-Traded Fund
Invesco Short Term Treasury ETF (cost $53,954,170)(b)(c)	25.68%	$54,045,090		511,500
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 4.85% (cost $87,915,180)(c)(d)	41.76	87,915,180		87,915,180
Total Affiliated Investments (cost $141,869,350)	67.44%	$141,960,270
Total Investments in Securities (cost $248,590,023)	118.15%	$248,720,593

(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 September 30, 2024.

Open Commodity Futures Contracts	Number of Contracts	Expiration Date	NotionalValue	Value(e)	UnrealizedAppreciation(Depreciation)(e)
Long Futures Contracts
NYMEX WTI Crude	3,116	December - 2024	$210,330,000	$(7,537,098)	$(7,537,098)

(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 Treasury 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 and Nine Months Ended September 30, 2024 and 2023

Three Months Ended · Nine Months Ended
	September 30,		September 30,
	2024	2023	2024	2023
Income
Interest Income	$913,584	$943,103	$2,960,581	$3,334,349
Dividends from Affiliates	1,925,468	2,466,397	6,381,124	6,282,550
Total Income	2,839,052	3,409,500	9,341,705	9,616,899
Expenses
Management Fees	405,373	491,856	1,330,010	1,505,758
Brokerage Commissions and Fees	1,528	3,240	5,098	6,686
Interest Expense	34,279	17,034	86,291	72,297
Total Expenses	441,180	512,130	1,421,399	1,584,741
Less: Waivers	(32,209)	(45,256)	(109,418)	(120,986)
Net Expenses	408,971	466,874	1,311,981	1,463,755
Net Investment Income (Loss)	2,430,081	2,942,626	8,029,724	8,153,144
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	—	110	—	110
Commodity Futures Contracts	992,972	3,433,127	2,723,883	4,439
Net Realized Gain (Loss)	992,972	3,433,237	2,723,883	4,549
Net Change in Unrealized Gain (Loss) from
United States Treasury Obligations	35,319	(16,773)	(18,135)	(21,041)
Affiliated Investments	97,185	15,345	28,133	81,840
Commodity Futures Contracts	(30,348,374)	51,839,605	(6,709,266)	31,544,701
Net Change in Unrealized Gain (Loss)	(30,215,870)	51,838,177	(6,699,268)	31,605,500
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	(29,222,898)	55,271,414	(3,975,385)	31,610,049
Net Income (Loss)	$(26,792,817)	$58,214,040	$4,054,339	$39,763,193

Statements of Changes in Shareholders’ Equity

For the Three Months Ended September 30, 2024 and 2023

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at June 30, 2024	40		$634		14,800,000		$234,781,605		$234,782,239
Purchases of Shares				1,350,000		18,887,716		18,887,716
Redemption of Shares				(1,050,000)		(16,341,631)		(16,341,631)
Net Increase (Decrease) due to Share Transactions				300,000		2,546,085		2,546,085
Net Income (Loss)
Net Investment Income (Loss)		(12)				2,430,093		2,430,081
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(4)				992,976		992,972
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(60)				(30,215,810)		(30,215,870)
Net Income (Loss)		(76)				(26,792,741)		(26,792,817)
Net Change in Shareholders' Equity	—		(76)		300,000		(24,246,656)		(24,246,732)
Balance at September 30, 2024	40		$558		15,100,000		$210,534,949		$210,535,507

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at June 30, 2023	40		$566		17,350,000		$245,503,913		$245,504,479
Purchases of Shares				2,550,000		42,784,001		42,784,001
Redemption of Shares				(4,750,000)		(77,908,840)		(77,908,840)
Net Increase (Decrease) due to Share Transactions				(2,200,000)		(35,124,839)		(35,124,839)
Net Income (Loss)
Net Investment Income (Loss)		9				2,942,617		2,942,626
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		8				3,433,229		3,433,237
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		126				51,838,051		51,838,177
Net Income (Loss)		143				58,213,897		58,214,040
Net Change in Shareholders' Equity	—		143		(2,200,000)		23,089,058		23,089,201
Balance at September 30, 2023	40		$709		15,150,000		$268,592,971		$268,593,680

Statements of Changes in Shareholders’ Equity

For the Nine Months Ended September 30, 2024 and 2023

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						3,350,000			48,266,761		48,266,761
Redemption of Shares						(5,750,000)			(86,127,085)		(86,127,085)
Net Increase (Decrease) due to Share Transactions						(2,400,000)			(37,860,324)		(37,860,324)
Net Income (Loss)
Net Investment Income (Loss)				2					8,029,722		8,029,724
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				—					2,723,883		2,723,883
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				(2)					(6,699,266)		(6,699,268)
Net Income (Loss)				—					4,054,339		4,054,339
Net Change in Shareholders' Equity		—			—		(2,400,000)			(33,805,985)		(33,805,985)
Balance at September 30, 2024	40		$558			15,100,000		$210,534,949		$210,535,507

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				5,150,000		79,573,296		79,573,296
Redemption of Shares				(10,000,000)		(154,313,102)		(154,313,102)
Net Increase (Decrease) due to Share Transactions				(4,850,000)		(74,739,806)		(74,739,806)
Net Income (Loss)
Net Investment Income (Loss)		21				8,153,123		8,153,144
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		—				4,549		4,549
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		81				31,605,419		31,605,500
Net Income (Loss)		102				39,763,091		39,763,193
Net Change in Shareholders' Equity	—		102		(4,850,000)		(34,976,715)		(34,976,613)
Balance at September 30, 2023	40		$709		15,150,000		$268,592,971		$268,593,680

Statements of Cash Flows

For the Nine Months Ended September 30, 2024 and 2023

	Nine Months Ended
	September 30,
	2024	2023
Cash flows from operating activities:
Net Income (Loss)	$4,054,339	$39,763,193
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased	(79,908,669)	(250,683,455)
Proceeds from securities sold and matured	97,000,000	324,000,110
Cost of affiliated investments purchased	(255,460,227)	(400,863,093)
Proceeds from affiliated investments sold	276,378,755	350,202,681
Net accretion of discount on United States Treasury Obligations	(2,897,818)	(3,261,369)
Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments	—	(110)
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments	(9,998)	(60,799)
Change in operating assets and liabilities:
Variation margin- Commodity Futures Contracts	(1,336,640)	9,000,157
Dividends from affiliates	230,945	(419,370)
Management fees	(30,761)	(30,383)
Brokerage commissions and fees	26	179
Net cash provided by (used in) operating activities	38,019,952	67,647,741
Cash flows from financing activities:
Distributions paid to shareholders	(159,628)	—
Proceeds from purchases of Shares	48,266,761	79,573,296
Redemption of Shares	(86,127,085)	(147,221,037)
Net cash provided by (used in) financing activities	(38,019,952)	(67,647,741)
Net change in cash	—	—
Cash at beginning of period	—	—
Cash at end of period	$—	$—
Supplemental disclosure of cash flow information
Cash paid for interest	$86,291	$72,297

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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.