Invesco DB Energy 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

DBE$35.24-3.7%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 $19,832,291, respectively)	$—	$19,853,708
Affiliated investments, at value (cost $42,723,627 and $26,514,962, respectively)	42,723,627	26,514,962
Other investments:
Variation margin receivable - Commodity Futures Contracts	—	136,953
Cash held by Custodian	—	648,140
Deposit with Commodity Broker	9,390,932	—
Receivable for:
Dividends from affiliates	140,603	103,938
Total assets	$52,255,162	$47,257,701
Liabilities
Payable for:
Management fees	$55,085	$28,760
Brokerage commissions and fees	4,814	5,001
Total liabilities	59,899	33,761
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	746	741
Shareholders' equity—Shares	52,194,517	47,223,199
Total shareholders' equity	52,195,263	47,223,940
Total liabilities and equity	$52,255,162	$47,257,701
General Shares outstanding	40	40
Shares outstanding	2,800,000	2,550,000
Net asset value per share	$18.64	$18.52
Market value per share	$18.62	$18.56

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 $42,723,627)(a)(b)	81.85%	42,723,627	42,723,627
Total Investments in Securities (cost $42,723,627)	81.85%	$42,723,627

(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) · Unrealized Appreciation (Depreciation)(c)
Long Futures Contracts
ICE-UK Brent Crude	166	July-2025	$11,078,840		$239,700		$239,700
NYMEX Natural Gas	192	April-2026	7,315,200		12,386		12,386
NYMEX NY Harbor ULSD	126	July-2025	12,046,179		872,105		872,105
NYMEX RBOB Gasoline	144	November-2025	10,960,186		(298,855)		(298,855)
NYMEX WTI Crude	174	October-2025	10,798,440		(246,015)		(246,015)
Total Commodity Futures Contracts				$579,321		$579,321

(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, 4.400% due March 6, 2025(b)	42.04%	$19,853,708		$20,000,000
Total United States Treasury Obligations (cost $19,832,291)	42.04%	$19,853,708
Affiliated Investments			Shares
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 4.43% (cost $26,514,962)(c)(d)	56.15%	26,514,962		26,514,962
Total Investments in Securities (cost $46,347,253)	98.19%	$46,368,670

(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 $11,911,200 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 of Contracts · Expiration Date · NotionalValue · Value(e) · Unrealized Appreciation (Depreciation)(e)
Long Futures Contracts
ICE-UK Brent Crude	142	January-2025	$10,598,880		$405,760		$405,760
NYMEX Natural Gas	171	April-2025	5,398,470		490,558		490,558
NYMEX NY Harbor ULSD	111	May-2025	10,395,328		(987,212)		(987,212)
NYMEX RBOB Gasoline	129	November-2025	10,189,633		102,916		102,916
NYMEX WTI Crude	149	February-2025	10,616,250		511,059		511,059
Total Commodity Futures Contracts				$523,081		$523,081

(e)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	$74,889	$470,391	$248,093	$868,747
Dividends from Affiliates	436,492	632,166	818,779	1,380,471
Total Income	511,381	1,102,557	1,066,872	2,249,218
Expenses
Management Fees	91,873	157,872	190,631	320,822
Brokerage Commissions and Fees	5,017	3,040	9,243	3,847
Interest Expense	443	5,756	3,714	14,420
Total Expenses	97,333	166,668	203,588	339,089
Less: Waivers	(10,286)	(10,751)	(18,389)	(24,563)
Net Expenses	87,047	155,917	185,199	314,526
Net Investment Income (Loss)	424,334	946,640	881,673	1,934,692
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)	(4)	11,835
Commodity Futures Contracts	(422,809)	(3,509,410)	(907,794)	(3,579,064)
Net Realized Gain (Loss)	(422,809)	(3,509,416)	(907,798)	(3,567,229)
Net Change in Unrealized Gain (Loss) from
United States Treasury Obligations	—	(843)	(21,417)	(31,483)
Affiliated Investments	—	—	—	(12,852)
Commodity Futures Contracts	(2,681,497)	2,118,046	56,240	7,964,917
Net Change in Unrealized Gain (Loss)	(2,681,497)	2,117,203	34,823	7,920,582
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	(3,104,306)	(1,392,213)	(872,975)	4,353,353
Net Income (Loss)	$(2,679,972)	$(445,573)	$8,698	$6,288,045

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		$783		2,850,000		$55,814,150		$55,814,933
Purchases of Shares				450,000		8,322,448		8,322,448
Redemption of Shares				(500,000)		(9,262,146)		(9,262,146)
Net Increase (Decrease) due to Share Transactions				(50,000)		(939,698)		(939,698)
Net Income (Loss)
Net Investment Income (Loss)		500				423,834		424,334
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(514)				(422,295)		(422,809)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(23)				(2,681,474)		(2,681,497)
Net Income (Loss)		(37)				(2,679,935)		(2,679,972)
Net Change in Shareholders' Equity	—		(37)		(50,000)		(3,619,633)		(3,619,670)
Balance at June 30, 2025	40		$746		2,800,000		$52,194,517		$52,195,263

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

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		$741			2,550,000		$47,223,199		$47,223,940
Purchases of Shares						950,000			18,024,299		18,024,299
Redemption of Shares						(700,000)			(13,061,674)		(13,061,674)
Net Increase (Decrease) due to Share Transactions						250,000			4,962,625		4,962,625
Net Income (Loss)
Net Investment Income (Loss)				507					881,166		881,673
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				(522)					(907,276)		(907,798)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				20					34,803		34,823
Net Income (Loss)				5					8,693		8,698
Net Change in Shareholders' Equity		—			5		250,000			4,971,318		4,971,323
Balance at June 30, 2025	40		$746			2,800,000		$52,194,517		$52,195,263

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

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)	$8,698	$6,288,045
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased	—	(35,067,856)
Proceeds from securities sold and matured	19,999,996	44,608,039
Cost of affiliated investments purchased	(43,818,023)	(76,902,853)
Proceeds from affiliated investments sold	27,609,358	68,510,438
Net accretion of discount on United States Treasury Obligations	(167,709)	(858,986)
Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments	4	(11,835)
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments	21,417	44,335
Change in operating assets and liabilities:
Variation margin - Commodity Futures Contracts	136,953	51,355
Dividends from affiliates	(36,665)	67,274
Management fees	26,325	(11,436)
Brokerage commissions and fees	(187)	6
Deposit with Commodity Broker	(9,390,932)	—
Net cash provided by (used in) operating activities	(5,610,765)	6,716,526
Cash flows from financing activities:
Distributions paid to shareholders	—	(630,496)
Proceeds from purchases of Shares	18,024,299	15,616,181
Redemption of Shares	(13,061,674)	(21,702,211)
Net cash provided by (used in) financing activities	4,962,625	(6,716,526)
Net change in cash	(648,140)	—
Cash at beginning of period	648,140	—
Cash at end of period	$—	$—
Supplemental disclosure of cash flow information
Cash paid for interest	$3,714	$14,420

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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.