Invesco DB Precious Metals 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

DBP$92.70+2.1%Stored close · as of Nov 9, 2026

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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 $54,609,639 and $54,014,758, respectively)	$54,624,971	$54,072,308
Affiliated investments, at value (cost $118,917,121 and $100,206,985, respectively)	118,931,634	100,234,751
Other investments:
Variation margin receivable- Commodity Futures Contracts	—	1,161,365
Deposit with Commodity Broker	29,425,217	—
Receivable for:
Dividends from affiliates	306,443	422,759
Total assets	$203,288,265	$155,891,183
Liabilities
Payable for:
Due to Custodian	$—	$957,105
Management fees	107,193	97,961
Brokerage commissions and fees	4,979	4,929
Total liabilities	112,172	1,059,995
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	2,852	2,429
Shareholders' equity—Shares	203,173,241	154,828,759
Total shareholders' equity	203,176,093	154,831,188
Total liabilities and equity	$203,288,265	$155,891,183
General Shares outstanding	40	40
Shares outstanding	2,850,000	2,550,000
Net asset value per share	$71.29	$60.72
Market value per share	$71.51	$60.62

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	26.88%	$54,624,971		$55,000,000
Total United States Treasury Obligations (cost $54,609,639)	26.88%	$54,624,971
Affiliated Investments			Shares
Exchange-Traded Fund
Invesco Short Term Treasury ETF (cost $21,504,074)(b)(c)	10.59%	$21,518,587		203,900
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 4.29% (cost $97,413,047)(b)(d)	47.95	97,413,047		97,413,047
Total Affiliated Investments (cost $118,917,121)	58.54%	$118,931,634
Total Investments in Securities (cost $173,526,760)	85.42%	$173,556,605

(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 2K.

(d)

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

Open Commodity Futures Contracts · Number of Contracts · Expiration Date · NotionalValue · Value(e) · Unrealized Appreciation (Depreciation)(e)
Long Futures Contracts
COMEX Gold	510	December-2025	$164,378,100		$17,770,279		$17,770,279
COMEX Silver	217	December-2025	38,628,170		2,041,566		2,041,566
Total Commodity Futures Contracts				$19,811,845		$19,811,845

(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 Bill, 4.340% due May 29, 2025(b)	34.92%	$54,072,308		$55,000,000
Total United States Treasury Obligations (cost $54,014,758)	34.92%	$54,072,308
Affiliated Investments			Shares
Exchange-Traded Fund
Invesco Short Term Treasury ETF (cost $21,504,074)(c)(d)	13.91%	$21,531,840		203,900
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 4.43% (cost $78,702,911)(c)(e)	50.83	78,702,911		78,702,911
Total Affiliated Investments (cost $100,206,985)	64.74%	100,234,751
Total Investments in Securities (cost $154,221,743)	99.66%	$154,307,059

(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 $24,575,000 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)

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

(e)

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

Open Commodity Futures Contracts · Number of Contracts · Expiration Date · NotionalValue · Value(f) · Unrealized Appreciation (Depreciation)(f)
Long Futures Contracts
COMEX Gold	453	December-2025	$125,340,570		$(2,999,685)		$(2,999,685)
COMEX Silver	193	December-2025	29,504,875		(2,859,208)		(2,859,208)
Total Commodity Futures Contracts				$(5,858,893)		$(5,858,893)

(f)

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	$789,285	$732,322
Dividends from Affiliates	948,988	1,107,497
Total Income	1,738,273	1,839,819
Expenses
Management Fees	313,356	260,985
Brokerage Commissions and Fees	411	150
Interest Expense	5,419	7,487
Total Expenses	319,186	268,622
Less: Waivers	(19,536)	(20,053)
Net Expenses	299,650	248,569
Net Investment Income (Loss)	1,438,623	1,591,250
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	291,882	(153,941)
Net Realized Gain (Loss)	291,882	(153,941)
Net Change in Unrealized Gain (Loss) from
United States Treasury Obligations	(42,218)	(51,380)
Affiliated Investments	(13,253)	(27,527)
Commodity Futures Contracts	25,670,738	7,725,986
Net Change in Unrealized Gain (Loss)	25,615,267	7,647,079
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	25,907,149	7,493,138
Net Income (Loss)	$27,345,772	$9,084,388

Statements of Changes in Shareholders’ Equity

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2024	40		$2,429			2,550,000		$154,828,759		$154,831,188
Purchases of Shares						400,000			27,711,116		27,711,116
Redemption of Shares						(100,000)			(6,711,983)		(6,711,983)
Net Increase (Decrease) due to Share Transactions						300,000			20,999,133		20,999,133
Net Income (Loss)
Net Investment Income (Loss)				22					1,438,601		1,438,623
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				5					291,877		291,882
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				396					25,614,871		25,615,267
Net Income (Loss)				423					27,345,349		27,345,772
Net Change in Shareholders' Equity		—			423		300,000			48,344,482		48,344,905
Balance at March 31, 2025	40		$2,852			2,850,000		$203,173,241		$203,176,093

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2023	40		$2,000			2,950,000		$147,488,895		$147,490,895
Purchases of Shares						—			—		—
Redemption of Shares						(200,000)			(9,740,653)		(9,740,653)
Net Increase (Decrease) due to Share Transactions						(200,000)			(9,740,653)		(9,740,653)
Net Income (Loss)
Net Investment Income (Loss)				24					1,591,226		1,591,250
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				(2)					(153,939)		(153,941)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				114					7,646,965		7,647,079
Net Income (Loss)				136					9,084,252		9,084,388
Net Change in Shareholders' Equity		—			136		(200,000)			(656,401)		(656,265)
Balance at March 31, 2024	40		$2,136			2,750,000		$146,832,494		$146,834,630

Statements of Cash Flows

	Three Months Ended
	March 31,
	2025	2024
Cash flows from operating activities:
Net Income (Loss)	$27,345,772	$9,084,388
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	—	—
Cost of affiliated investments purchased	(50,338,054)	(26,802,036)
Proceeds from affiliated investments sold	31,627,918	30,604,501
Net accretion of discount on United States Treasury Obligations	(594,881)	(725,515)
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments	55,471	78,907
Change in operating assets and liabilities:
Variation margin- Commodity Futures Contracts	1,161,365	(2,562,235)
Dividends from affiliates	116,316	66,833
Management fees	9,232	(4,176)
Brokerage commissions and fees	50	(14)
Deposit with Commodity Broker	(29,425,217)	—
Net cash provided by (used in) operating activities	(20,042,028)	9,740,653
Cash flows from financing activities:
Proceeds from purchases of Shares	27,711,116	—
Redemption of Shares	(6,711,983)	(9,740,653)
Increase (decrease) in payable for amount due to custodian	(957,105)	—
Net cash provided by (used in) financing activities	20,042,028	(9,740,653)
Net change in cash	—	—
Cash at beginning of period	—	—
Cash at end of period	$—	$—
Supplemental disclosure of cash flow information
Cash paid for interest	$5,419	$7,487

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