Invesco DB Commodity Index Tracking Fund

For the period ended Mar 31, 2025. Filed May 8, 2025.

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, 2025 · Filed May 8, 2025

DBC$30.98-1.8%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

March 31, 2025 and December 31, 2024

	March 31,	December 31,
	2025	2024
Assets
United States Treasury Obligations, at value (cost $397,161,014 and $392,834,605, respectively)	$397,272,516	$393,253,144
Affiliated investments, at value (cost $799,401,984 and $876,300,343, respectively)	799,613,441	876,644,367
Other investments:
Variation margin receivable- Commodity Futures Contracts	—	5,450,444
LME Commodity Futures Contracts receivable	283,106	235,303
Unrealized appreciation on LME Commodity Futures Contracts	2,356,613	4,193,218
Cash held by Custodian	—	9,308,099
Deposit with Commodity Broker	143,255,407	—
Receivable for:
Fund shares sold	18,002,523	—
Dividends from affiliates	2,156,412	2,723,552
Total assets	$1,362,940,018	$1,291,808,127
Liabilities
Other investments:
Unrealized depreciation on LME Commodity Futures Contracts	$2,851,433	$6,716,016
Payable for:
Management fees	894,522	901,585
Brokerage commissions and fees	4,672	4,626
Total liabilities	3,750,627	7,622,227
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	900	854
Shareholders' equity—Shares	1,359,188,491	1,284,185,046
Total shareholders' equity	1,359,189,391	1,284,185,900
Total liabilities and equity	$1,362,940,018	$1,291,808,127
General Shares outstanding	40	40
Shares outstanding	60,400,000	60,150,000
Net asset value per share	$22.50	$21.35
Market value per share	$22.52	$21.38

Schedule of Investments

March 31, 2025

Description · Percentage ofShareholders'Equity · Value · Principal Value
United States Treasury Obligations(a)
U.S. Treasury Bills, 4.195% due May 29, 2025(b)	29.23%	$397,272,516		$400,000,000
Total United States Treasury Obligations (cost $397,161,014)	29.23%	$397,272,516
Affiliated Investments			Shares
Exchange-Traded Fund
Invesco Short Term Treasury ETF (cost $215,027,176) (c)	15.84%	$215,238,633		2,039,500
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 4.29% (cost $584,374,808) (c)(d)	42.99	584,374,808		584,374,808
Total Affiliated Investments (cost $799,401,984)	58.83%	$799,613,441
Total Investments in Securities (cost $1,196,562,998)	88.06%	$1,196,885,957

(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 $99,310,000 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)

The rate shown is the 7-day SEC standardized yield as of March 31, 2025.

Open Commodity Futures Contracts · Number ofContracts · Expiration Date · Notional Value · Value(e) · UnrealizedAppreciation(Depreciation)(e)
Long Futures Contracts
CBOT Corn	3,299	September - 2025	$71,712,013		$(1,259,863)		$(1,259,863)
CBOT Soybean	1,398	November - 2025	71,245,575		(3,573,052)		(3,573,052)
CBOT Wheat	2,433	July - 2025	66,968,325		(16,576,201)		(16,576,201)
COMEX Gold	371	December - 2025	119,577,010		14,009,824		14,009,824
COMEX Silver	158	December - 2025	28,125,580		1,548,562		1,548,562
ICE-UK Brent Crude	2,258	April - 2025	168,830,660		11,930,300		11,930,300
LME Aluminum	824	June - 2025	52,124,386		(2,851,433)		(2,851,433)
LME Copper	228	May - 2025	55,269,879		701,357		701,357
LME Zinc	729	October - 2025	52,138,991		1,655,256		1,655,256
NYB-ICE Sugar	3,349	June - 2025	69,953,912		461,613		461,613
NYMEX Natural Gas	2,671	April - 2025	110,018,490		32,616,945		32,616,945
NYMEX NY Harbor ULSD	1,729	May - 2025	164,051,324		(11,704,517)		(11,704,517)
NYMEX RBOB Gasoline	2,013	November - 2025	164,053,058		6,335,407		6,335,407
NYMEX WTI Crude	2,433	October - 2025	165,152,040		9,007,395		9,007,395
Total Commodity Futures Contracts				$42,301,593		$42,301,593

(e)

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

Schedule of Investments

December 31, 2024

Description · Percentage ofShareholders'Equity · Value · Principal Value
United States Treasury Obligations(a)
U.S. Treasury Bills, 4.340% due May 29, 2025(b)	30.62%	$393,253,144		$400,000,000
Total United States Treasury Obligations (cost $392,834,605)	30.62%	$393,253,144
Affiliated Investments			Shares
Exchange-Traded Fund
Invesco Short Term Treasury ETF (cost $215,027,176)(c)	16.78%	$215,371,200		2,039,500
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 4.43% (cost $661,273,167)(c)(d)	51.49	661,273,167		661,273,167
Total Affiliated Investments (cost $876,300,343)	68.27%	$876,644,367
Total Investments in Securities (cost $1,269,134,948)	98.89%	$1,269,897,511

(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 $393,200,000 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)

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

Open Commodity Futures Contracts · Number ofContracts · Expiration Date · Notional Value · Value(e) · UnrealizedAppreciation(Depreciation)(e)
Long Futures Contracts
CBOT Corn	3,257	September - 2025	$72,061,125		$122,322		$122,322
CBOT Soybean	1,381	November - 2025	70,793,513		(3,348,283)		(3,348,283)
CBOT Wheat	2,402	July - 2025	68,396,950		(15,174,764)		(15,174,764)
COMEX Gold	366	December - 2025	101,268,540		(2,679,883)		(2,679,883)
COMEX Silver	156	December - 2025	23,848,500		(2,431,993)		(2,431,993)
ICE-UK Brent Crude	2,181	January - 2025	162,789,840		6,255,850		6,255,850
LME Aluminum	813	June - 2025	51,993,992		(2,348,178)		(2,348,178)
LME Copper	225	May - 2025	49,578,750		(4,367,838)		(4,367,838)
LME Zinc	721	October - 2025	53,990,463		4,193,218		4,193,218
NYB-ICE Sugar	3,309	July - 2025	64,856,400		(3,960,337)		(3,960,337)
NYMEX Natural Gas	2,636	April - 2025	83,218,520		7,814,045		7,814,045
NYMEX NY Harbor ULSD	1,708	May - 2025	159,956,933		(14,159,582)		(14,159,582)
NYMEX RBOB Gasoline	1,988	November - 2025	157,030,927		1,596,588		1,596,588
NYMEX WTI Crude	2,297	February - 2025	163,661,250		7,907,790		7,907,790
Total Commodity Futures Contracts				$(20,581,045)		$(20,581,045)

(e)

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

Statements of Income and Expenses

	Three Months Ended
	March 31,
	2025	2024
Income
Interest Income	$4,411,437	$10,261,502
Dividends from Affiliates	9,610,738	11,887,569
Total Income	14,022,175	22,149,071
Expenses
Management Fees	2,817,211	3,521,986
Brokerage Commissions and Fees	62,219	11,007
Interest Expense	60,949	109,962
Total Expenses	2,940,379	3,642,955
Less: Waivers	(197,273)	(215,496)
Net Expenses	2,743,106	3,427,459
Net Investment Income (Loss)	11,279,069	18,721,612
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	—	—
Commodity Futures Contracts	(4,551,411)	(2,570,178)
Net Realized Gain (Loss)	(4,551,411)	(2,570,178)
Net Change in Unrealized Gain (Loss) from
United States Treasury Obligations	(307,037)	(683,324)
Affiliated Investments	(132,567)	(275,333)
Commodity Futures Contracts	62,882,638	53,790,691
Net Change in Unrealized Gain (Loss)	62,443,034	52,832,034
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	57,891,623	50,261,856
Net Income (Loss)	$69,170,692	$68,983,468

Statements of Changes in Shareholders’ Equity

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2024	40		$854		60,150,000		$1,284,185,046		$1,284,185,900
Purchases of Shares				3,450,000		76,680,188		76,680,188
Redemption of Shares				(3,200,000)		(70,847,389)		(70,847,389)
Net Increase (Decrease) due to Share Transactions				250,000		5,832,799		5,832,799
Net Income (Loss)
Net Investment Income (Loss)		8				11,279,061		11,279,069
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(3)				(4,551,408)		(4,551,411)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		41				62,442,993		62,443,034
Net Income (Loss)		46				69,170,646		69,170,692
Net Change in Shareholders' Equity	—		46		250,000		75,003,445		75,003,491
Balance at March 31, 2025	40		$900		60,400,000		$1,359,188,491		$1,359,189,391

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2023	40		$882		76,350,000		$1,683,431,474		$1,683,432,356
Purchases of Shares				3,500,000		78,128,725		78,128,725
Redemption of Shares				(5,150,000)		(113,716,598)		(113,716,598)
Net Increase (Decrease) due to Share Transactions				(1,650,000)		(35,587,873)		(35,587,873)
Net Income (Loss)
Net Investment Income (Loss)		10				18,721,602		18,721,612
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(1)				(2,570,177)		(2,570,178)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		28				52,832,006		52,832,034
Net Income (Loss)		37				68,983,431		68,983,468
Net Change in Shareholders' Equity	—		37		(1,650,000)		33,395,558		33,395,595
Balance at March 31, 2024	40		$919		74,700,000		$1,716,827,032		$1,716,827,951

Statements of Cash Flows

	Three Months Ended
	March 31,
	2025	2024
Cash flows from operating activities:
Net Income (Loss)	$69,170,692	$68,983,468
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased	—	—
Proceeds from securities sold and matured	—	100,000,000
Cost of affiliated investments purchased	(205,099,074)	(425,170,155)
Proceeds from affiliated investments sold	281,997,433	324,561,159
Net accretion of discount on United States Treasury Obligations	(4,326,409)	(10,207,175)
Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments	—	—
Net change in unrealized (gain) loss on United States Treasury Obligations, Affiliated Investments and LME Commodity Futures Contracts	(1,588,374)	7,212,891
Change in operating assets and liabilities:
Deposit with Commodity Broker	(143,255,407)	—
Dividends from affiliates	567,140	337,158
Variation margin - Commodity Futures Contracts	5,450,444	(29,941,501)
LME Commodity Futures Contracts	(47,803)	493,219
Management fees	(7,063)	(82,317)
Brokerage commissions and fees	46	219
Net cash provided by (used in) operating activities	2,861,625	36,186,966
Cash flows from financing activities:
Distributions paid to shareholders	—	(599,093)
Proceeds from purchases of Shares	58,677,665	78,128,725
Redemption of Shares	(70,847,389)	(113,716,598)
Net cash provided by (used in) financing activities	(12,169,724)	(36,186,966)
Net change in cash	(9,308,099)	—
Cash at beginning of period	9,308,099	—
Cash at end of period	$—	$—
Supplemental disclosure of cash flow information
Cash paid for interest	$60,949	$109,962

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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.