INVESCO DB BASE METALS FUND

For the period ended Jun 30, 2025. Filed Aug 7, 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.

Jun 30, 2025 · Filed Aug 7, 2025

DBB$24.80+0.9%Stored close · as of Nov 9, 2026

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Contents

Item 1. Financial Statements

Statements of Financial Condition

June 30, 2025 and December 31, 2024

	June 30,	December 31,
	2025	2024
Assets
United States Treasury Obligations, at value (cost $– and $49,104,326, respectively)	$—	$49,156,643
Affiliated investments, at value (cost $92,000,738 and $51,500,959, respectively)	92,000,738	51,500,959
Other investments:
LME Commodity Futures Contracts receivable	1,254,269	462,018
Unrealized appreciation on LME Commodity Futures Contracts	4,765,843	2,345,072
Deposit with Commodity Broker	19,718,748	15,000,000
Receivable for:
Dividends from affiliates	305,423	227,249
Total assets	$118,045,021	$118,691,941
Liabilities
Other investments:
Unrealized depreciation on LME Commodity Futures Contracts	$906,545	$5,864,184
Payable for:
Management fees	123,937	74,508
Brokerage commissions and fees	4,654	4,935
Total liabilities	1,035,136	5,943,627
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	774	752
Shareholders' equity—Shares	117,009,111	112,747,562
Total shareholders' equity	117,009,885	112,748,314
Total liabilities and equity	$118,045,021	$118,691,941
General Shares outstanding	40	40
Shares outstanding	6,050,000	6,000,000
Net asset value per share	$19.34	$18.79
Market value per share	$19.35	$18.84

Schedule of Investments

June 30, 2025

Description	Percentage ofShareholders'Equity	Value	Shares
Affiliated Investments
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 4.26% (cost $92,000,738) (a)(b)	78.63%	$92,000,738	92,000,738

(a)

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.

(b)

The rate shown is the 7-day SEC standardized yield as of June 30, 2025.

Open Commodity Futures Contracts · Number of Contracts · Expiration Date · NotionalValue · Value(c) · UnrealizedAppreciation(Depreciation)(c)
Long Futures Contracts
LME Aluminum	604	August - 2025	$39,241,578		$1,893,495		$1,893,495
LME Copper	166	April - 2026	40,827,700		2,872,348		2,872,348
LME Zinc	536	October - 2025	36,938,172		(906,545)		(906,545)
Total Commodity Futures Contracts				$3,859,298		$3,859,298

(c)

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)	42.01%	$49,156,643		$50,000,000
Total United States Treasury Obligations (cost $49,104,326)	42.01%	$49,156,643
Affiliated Investments			Shares
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 4.43% (cost $51,500,959)(c)(d)	44.01%	51,500,959		51,500,959
Total Investments in Securities (cost $100,605,285)	86.02%	$100,657,602

(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 $19,660,000 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(e) · Number of Contracts · Expiration Date · NotionalValue · Value(f) · UnrealizedAppreciation(Depreciation)(f)
Long Futures Contracts
LME Aluminum	590	June - 2025	$37,732,418		$(1,631,888)		$(1,631,888)
LME Copper	163	May - 2025	35,917,050		(4,232,296)		(4,232,296)
LME Zinc	522	October - 2025	39,088,795		2,345,072		2,345,072
Total Commodity Futures Contracts				$(3,519,112)		$(3,519,112)

(e)

Futures contracts collateralized by$15,000,000 cash held with Morgan Stanley & Co. LLC, the futures commission merchant.

(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, 2025 and 2024

Three Months Ended · Six Months Ended
	June 30,		June 30,
	2025	2024	2025	2024
Income
Interest Income	$638,918	$1,025,349	$1,339,224	$1,932,907
Dividends from Affiliates	594,297	1,019,815	1,094,253	1,733,951
Total Income	1,233,215	2,045,164	2,433,477	3,666,858
Expenses
Management Fees	201,963	311,679	415,246	528,862
Brokerage Commissions and Fees	19,527	29,734	20,804	30,377
Interest Expense	—	2,725	1,977	5,040
Total Expenses	221,490	344,138	438,027	564,279
Less: Waivers	(13,904)	(17,201)	(24,534)	(29,835)
Net Expenses	207,586	326,937	413,493	534,444
Net Investment Income (Loss)	1,025,629	1,718,227	2,019,984	3,132,414
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	(7,201,193)	6,717,164	(7,303,850)	6,588,317
Net Realized Gain (Loss)	(7,201,193)	6,717,164	(7,303,850)	6,588,317
Net Change in Unrealized Gain (Loss) from
United States Treasury Obligations	(13,938)	8,458	(52,317)	(35,004)
Affiliated Investments	—	—	—	(25,623)
Commodity Futures Contracts	6,145,242	6,167,182	7,378,410	2,703,800
Net Change in Unrealized Gain (Loss)	6,131,304	6,175,640	7,326,093	2,643,173
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	(1,069,889)	12,892,804	22,243	9,231,490
Net Income (Loss)	$(44,260)	$14,611,031	$2,042,227	$12,363,904

Statements of Changes in Shareholders’ Equity

For the Three Months Ended June 30, 2025 and 2024

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at March 31, 2025	40		$768		6,450,000		$123,759,202		$123,759,970
Purchases of Shares				500,000		9,492,000		9,492,000
Redemption of Shares				(900,000)		(16,197,825)		(16,197,825)
Net Increase (Decrease) due to Share Transactions				(400,000)		(6,705,825)		(6,705,825)
Net Income (Loss)
Net Investment Income (Loss)		14				1,025,615		1,025,629
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(78)				(7,201,115)		(7,201,193)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		70				6,131,234		6,131,304
Net Income (Loss)		6				(44,266)		(44,260)
Net Change in Shareholders' Equity	—		6		(400,000)		(6,750,091)		(6,750,085)
Balance at June 30, 2025	40		$774		6,050,000		$117,009,111		$117,009,885

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at March 31, 2024	40		$718		6,600,000		$118,435,601		$118,436,319
Purchases of Shares				3,900,000		79,046,699		79,046,699
Redemption of Shares				(2,100,000)		(42,753,712)		(42,753,712)
Net Increase (Decrease) due to Share Transactions				1,800,000		36,292,987		36,292,987
Net Income (Loss)
Net Investment Income (Loss)		11				1,718,216		1,718,227
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		41				6,717,123		6,717,164
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		36				6,175,604		6,175,640
Net Income (Loss)		88				14,610,943		14,611,031
Net Change in Shareholders' Equity	—		88		1,800,000		50,903,930		50,904,018
Balance at June 30, 2024	40		$806		8,400,000		$169,339,531		$169,340,337

Statements of Changes in Shareholders’ Equity

For the Six Months Ended June 30, 2025 and 2024

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2024	40		$752		6,000,000		$112,747,562		$112,748,314
Purchases of Shares				1,300,000		25,063,627		25,063,627
Redemption of Shares				(1,250,000)		(22,844,283)		(22,844,283)
Net Increase (Decrease) due to Share Transactions				50,000		2,219,344		2,219,344
Net Income (Loss)
Net Investment Income (Loss)		22				2,019,962		2,019,984
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(79)				(7,303,771)		(7,303,850)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		79				7,326,014		7,326,093
Net Income (Loss)		22				2,042,205		2,042,227
Net Change in Shareholders' Equity	—		22		50,000		4,261,549		4,261,571
Balance at June 30, 2025	40		$774		6,050,000		$117,009,111		$117,009,885

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2023	40		$731		6,650,000		$121,581,256		$121,581,987
Purchases of Shares				4,100,000		82,552,766		82,552,766
Redemption of Shares				(2,350,000)		(47,158,320)		(47,158,320)
Net Increase (Decrease) due to Share Transactions				1,750,000		35,394,446		35,394,446
Net Income (Loss)
Net Investment Income (Loss)		19				3,132,395		3,132,414
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		40				6,588,277		6,588,317
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		16				2,643,157		2,643,173
Net Income (Loss)		75				12,363,829		12,363,904
Net Change in Shareholders' Equity	—		75		1,750,000		47,758,275		47,758,350
Balance at June 30, 2024	40		$806		8,400,000		$169,339,531		$169,340,337

Statements of Cash Flows

For the Six Months Ended June 30, 2025 and 2024

	Six Months Ended
	June 30,
	2025	2024
Cash flows from operating activities:
Net Income (Loss)	$2,042,227	$12,363,904
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased	—	(74,012,417)
Proceeds from securities sold and matured	50,000,000	57,000,000
Cost of affiliated investments purchased	(72,229,949)	(104,836,684)
Proceeds from affiliated investments sold	31,730,170	86,001,954
Net accretion of discount on United States Treasury Obligations	(895,674)	(1,569,824)
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments	(7,326,093)	(2,643,173)
Change in operating assets and liabilities:
Deposit with Commodity Broker	(4,718,748)	—
Dividends from affiliates	(78,174)	(47,839)
LME Commodity Futures Contracts	(792,251)	(7,281,789)
Management fees	49,429	27,541
Brokerage commissions and fees	(281)	(224)
Net cash provided by (used in) operating activities	(2,219,344)	(34,998,551)
Cash flows from financing activities:
Distributions paid to shareholders	—	(395,895)
Proceeds from purchases of Shares	25,063,627	82,552,766
Redemption of Shares	(22,844,283)	(47,158,320)
Net cash provided by (used in) financing activities	2,219,344	34,998,551
Net change in cash	—	—
Cash at beginning of period	—	—
Cash at end of period	$—	$—
Supplemental disclosure of cash flow information
Cash paid for interest	$1,977	$5,040

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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.