INVESCO DB BASE METALS FUND

For the period ended Sep 30, 2025. Filed Nov 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.

Sep 30, 2025 · Filed Nov 7, 2025

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

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Item 1. Financial Statements

Statements of Financial Condition

September 30, 2025 and December 31, 2024

	September 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 and cost	94,768,001	51,500,959
Other investments:
LME Commodity Futures Contracts receivable	1,204,300	462,018
Unrealized appreciation on LME Commodity Futures Contracts	7,243,302	2,345,072
Deposit with Commodity Broker	22,513,456	15,000,000
Receivable for:
Dividends from affiliates	325,940	227,249
Total assets	$126,054,999	$118,691,941
Liabilities
Other investments:
Unrealized depreciation on LME Commodity Futures Contracts	$—	$5,864,184
Payable for:
Management fees	68,909	74,508
Brokerage commissions and fees	4,997	4,935
Total liabilities	$73,906	$5,943,627
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	819	752
Shareholders' equity—Shares	125,980,274	112,747,562
Total shareholders' equity	125,981,093	112,748,314
Total liabilities and equity	$126,054,999	$118,691,941
General Shares outstanding	40	40
Shares outstanding	6,150,000	6,000,000
Net asset value per share	$20.48	$18.79
Market value per share	$20.55	$18.84

Schedule of Investments

September 30, 2025

Description	Percentage ofShareholders'Equity	Value	Shares
Affiliated Investments
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 4.05% (cost $94,768,001) (a)(b)	75.22%	$94,768,001	94,768,001

(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 September 30, 2025.

Open Commodity Futures Contracts · Number of Contracts · Expiration Date · NotionalValue · Value(c) · UnrealizedAppreciation(Depreciation)(c)
Long Futures Contracts
LME Aluminum	618	December - 2025	$41,419,751		$1,066,345		$1,066,345
LME Copper	170	April - 2026	43,700,625		4,692,005		4,692,005
LME Zinc	550	December - 2025	40,825,675		1,484,952		1,484,952
Total Commodity Futures Contracts				$7,243,302		$7,243,302

(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)	43.60%	$49,156,643		$50,000,000
Total United States Treasury Obligations (cost $49,104,326)	43.60%	$49,156,643
Affiliated Investments			Shares
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 4.43% (cost $51,500,959)(c)(d)	45.68%	51,500,959		51,500,959
Total Investments in Securities (cost $100,605,285)	89.28%	$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 Nine Months Ended September 30, 2025 and 2024

Three Months Ended · Nine Months Ended
	September 30,		September 30,
	2025	2024	2025	2024
Income
Interest Income	$222,674	$1,195,756	$1,561,898	$3,128,663
Dividends from Affiliates	1,002,069	496,263	2,096,322	2,230,214
Total Income	1,224,743	1,692,019	3,658,220	5,358,877
Expenses
Management Fees	229,049	250,245	644,295	779,107
Brokerage Commissions and Fees	24,825	11,332	45,629	41,709
Interest Expense	—	2,729	1,977	7,769
Total Expenses	253,874	264,306	691,901	828,585
Less: Waivers	(23,849)	(9,107)	(48,383)	(38,942)
Net Expenses	230,025	255,199	643,518	789,643
Net Investment Income (Loss)	994,718	1,436,820	3,014,702	4,569,234
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
Affiliated Investments	—	9,845	—	9,845
Commodity Futures Contracts	2,546,547	177,949	(4,757,303)	6,766,266
Net Realized Gain (Loss)	2,546,547	187,794	(4,757,303)	6,776,111
Net Change in Unrealized Gain (Loss) from
United States Treasury Obligations	—	48,980	(52,317)	13,976
Affiliated Investments	—	41,032	—	15,409
Commodity Futures Contracts	3,384,004	279,764	10,762,414	2,983,564
Net Change in Unrealized Gain (Loss)	3,384,004	369,776	10,710,097	3,012,949
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	5,930,551	557,570	5,952,794	9,789,060
Net Income (Loss)	$6,925,269	$1,994,390	$8,967,496	$14,358,294

Statements of Changes in Shareholders’ Equity

For the Three Months Ended September 30, 2025 and 2024

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at June 30, 2025	40		$774		6,050,000		$117,009,111		$117,009,885
Purchases of Shares				700,000		13,750,203		13,750,203
Redemption of Shares				(600,000)		(11,704,264)		(11,704,264)
Net Increase (Decrease) due to Share Transactions				100,000		2,045,939		2,045,939
Net Income (Loss)
Net Investment Income (Loss)		1				994,717		994,718
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		43				2,546,504		2,546,547
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		1				3,384,003		3,384,004
Net Income (Loss)		45				6,925,224		6,925,269
Net Change in Shareholders' Equity	—		45		100,000		8,971,163		8,971,208
Balance at September 30, 2025	40		$819		6,150,000		$125,980,274		$125,981,093

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at June 30, 2024	40		$806		8,400,000		$169,339,531		$169,340,337
Purchases of Shares				450,000		8,603,275		8,603,275
Redemption of Shares				(2,750,000)		(52,998,969)		(52,998,969)
Net Increase (Decrease) due to Share Transactions				(2,300,000)		(44,395,694)		(44,395,694)
Net Income (Loss)
Net Investment Income (Loss)		13				1,436,807		1,436,820
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		8				187,786		187,794
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		5				369,771		369,776
Net Income (Loss)		26				1,994,364		1,994,390
Net Change in Shareholders' Equity	—		26		(2,300,000)		(42,401,330)		(42,401,304)
Balance at September 30, 2024	40		$832		6,100,000		$126,938,201		$126,939,033

Statements of Changes in Shareholders’ Equity

For the Nine Months Ended September 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				2,000,000		38,813,830		38,813,830
Redemption of Shares				(1,850,000)		(34,548,547)		(34,548,547)
Net Increase (Decrease) due to Share Transactions				150,000		4,265,283		4,265,283
Net Income (Loss)
Net Investment Income (Loss)		23				3,014,679		3,014,702
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(36)				(4,757,267)		(4,757,303)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		80				10,710,017		10,710,097
Net Income (Loss)		67				8,967,429		8,967,496
Net Change in Shareholders' Equity	—		67		150,000		13,232,712		13,232,779
Balance at September 30, 2025	40		$819		6,150,000		$125,980,274		$125,981,093

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				4,550,000		91,156,041		91,156,041
Redemption of Shares				(5,100,000)		(100,157,289)		(100,157,289)
Net Increase (Decrease) due to Share Transactions				(550,000)		(9,001,248)		(9,001,248)
Net Income (Loss)
Net Investment Income (Loss)		32				4,569,202		4,569,234
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		48				6,776,063		6,776,111
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		21				3,012,928		3,012,949
Net Income (Loss)		101				14,358,193		14,358,294
Net Change in Shareholders' Equity	—		101		(550,000)		5,356,945		5,357,046
Balance at September 30, 2024	40		$832		6,100,000		$126,938,201		$126,939,033

Statements of Cash Flows

For the Nine Months Ended September 30, 2025 and 2024

	Nine Months Ended
	September 30,
	2025	2024
Cash flows from operating activities:
Net Income (Loss)	$8,967,496	$14,358,294
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased	—	(74,012,419)
Proceeds from securities sold and matured	50,000,000	57,000,000
Cost of affiliated investments purchased	(84,883,963)	(127,588,980)
Proceeds from affiliated investments sold	41,616,921	152,610,033
Net accretion of discount on United States Treasury Obligations	(895,674)	(2,571,653)
Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments	—	(9,845)
Net change in unrealized (gain) loss on United States Treasury Obligations, Affiliated Investments and LME Commodity Futures Contracts	(10,710,097)	(3,012,949)
Change in operating assets and liabilities:
Deposit with Commodity Broker	(7,513,456)	—
Dividends from affiliates	(98,691)	88,819
LME Commodity Futures Contracts	(742,282)	(7,459,738)
Management fees	(5,599)	(4,350)
Brokerage commissions and fees	62	(69)
Net cash provided by (used in) operating activities	(4,265,283)	9,397,143
Cash flows from financing activities:
Distributions paid to shareholders	—	(395,895)
Proceeds from purchases of Shares	38,813,830	91,156,041
Redemption of Shares	(34,548,547)	(100,157,289)
Net cash provided by (used in) financing activities	4,265,283	(9,397,143)
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	$7,769

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.