Invesco DB Oil 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

DBO$22.83-1.3%Stored close · as of Nov 10, 2026

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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 $53,447,148, respectively)	$—	$53,470,939
Affiliated investments, at value (cost $196,203,109 and $154,947,626, respectively)	196,283,799	155,007,856
Other investments:
Variation margin receivable- Commodity Futures Contracts	—	2,142,000
Cash held by Custodian	—	1,041,250
Deposit with Commodity Broker	22,709,238	—
Receivable for:
Dividends from affiliates	508,208	593,811
Total assets	$219,501,245	$212,255,856
Liabilities
Payable for:
Management fees	$125,556	$125,189
Brokerage commissions and fees	4,785	4,915
Total liabilities	$130,341	$130,104
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	537	571
Shareholders' equity—Shares	219,370,367	212,125,181
Total shareholders' equity	219,370,904	212,125,752
Total liabilities and equity	$219,501,245	$212,255,856
General Shares outstanding	40	40
Shares outstanding	16,350,000	14,850,000
Net asset value per share	$13.42	$14.28
Market value per share	$13.45	$14.31

Schedule of Investments

September 30, 2025

Description	Percentage ofShareholders'Equity	Value	Shares
Affiliated Investments
Exchange-Traded Fund
Invesco Short Term Treasury ETF (cost $53,954,170) (a)(b)	24.63%	$54,034,860	$511,500
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 4.05% (cost $142,248,939) (b)(c)	64.85%	$142,248,939	$142,248,939
Total Affiliated Investments (cost $196,203,109)	89.48%	$196,283,799

(a)

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

(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)

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(d)	UnrealizedAppreciation(Depreciation)(d)
Long Futures Contracts
NYMEX WTI Crude	3,516	October - 2025	$219,292,920	$(2,672,624)	$(2,672,624)

(d)

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 06, 2025	6.55%	$13,897,595		$14,000,000
U.S. Treasury Bills, 4.230% due April 03, 2025	18.66%	$39,573,344		$40,000,000
Total United States Treasury Obligations (cost $53,447,148)	25.21%	$53,470,939
Affiliated Investments			Shares
Exchange-Traded Fund
Invesco Short Term Treasury ETF (cost $ 53,954,170)(b)(c)	25.46%	$54,014,400		$511,500
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 4.43% (cost $ 100,993,456)(b)(d)	47.61%	100,993,456		100,993,456
Total Affiliated Investments (cost $154,947,626)	73.07%	$155,007,856
Total Investments in Securities (cost $208,394,774)	98.28%	$208,478,795

(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 December 31, 2024.

Open Commodity Futures Contracts	Number of Contracts	Expiration Date	NotionalValue	Value(e)	UnrealizedAppreciation(Depreciation)(e)
Long Futures Contracts
NYMEX WTI Crude	2,975	February - 2025	$211,968,750	$10,025,351	$10,025,351

(e)

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	$277,056	$913,584	$957,368	$2,960,581
Dividends from Affiliates	2,114,360	1,925,468	5,436,019	6,381,124
Total Income	2,391,416	2,839,052	6,393,387	9,341,705
Expenses
Management Fees	430,777	405,373	1,149,193	1,330,010
Brokerage Commissions and Fees	2,993	1,528	37,805	5,098
Interest Expense	5,476	34,279	27,626	86,291
Total Expenses	439,246	441,180	1,214,624	1,421,399
Less: Waivers	(48,044)	(32,209)	(119,011)	(109,418)
Net Expenses	391,202	408,971	1,095,613	1,311,981
Net Investment Income (Loss)	2,000,214	2,430,081	5,297,774	8,029,724
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	(124,450)	992,972	308,671	2,723,883
Net Realized Gain (Loss)	(124,450)	992,972	308,671	2,723,883
Net Change in Unrealized Gain (Loss) from
United States Treasury Obligations	—	35,319	(23,791)	(18,135)
Affiliated Investments	51,150	97,185	20,460	28,133
Commodity Futures Contracts	2,076,248	(30,348,374)	(12,697,975)	(6,709,266)
Net Change in Unrealized Gain (Loss)	2,127,398	(30,215,870)	(12,701,306)	(6,699,268)
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	2,002,948	(29,222,898)	(12,392,635)	(3,975,385)
Net Income (Loss)	$4,003,162	$(26,792,817)	$(7,094,861)	$4,054,339

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		$529		17,250,000		$228,227,695		$228,228,224
Purchases of Shares				1,900,000		25,610,083		25,610,083
Redemption of Shares				(2,800,000)		(38,470,565)		(38,470,565)
Net Increase (Decrease) due to Share Transactions				(900,000)		(12,860,482)		(12,860,482)
Net Income (Loss)
Net Investment Income (Loss)		13				2,000,201		2,000,214
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		—				(124,450)		(124,450)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(5)				2,127,403		2,127,398
Net Income (Loss)		8				4,003,154		4,003,162
Net Change in Shareholders' Equity	—		8		(900,000)		(8,857,328)		(8,857,320)
Balance at September 30, 2025	40		$537		16,350,000		$219,370,367		$219,370,904

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at June 30, 2024	40		$634		14,800,000		$234,781,605		$234,782,239
Purchases of Shares				1,350,000		18,887,716		18,887,716
Redemption of Shares				(1,050,000)		(16,341,631)		(16,341,631)
Net Increase (Decrease) due to Share Transactions				300,000		2,546,085		2,546,085
Net Income (Loss)
Net Investment Income (Loss)		(12)				2,430,093		2,430,081
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(4)				992,976		992,972
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(60)				(30,215,810)		(30,215,870)
Net Income (Loss)		(76)				(26,792,741)		(26,792,817)
Net Change in Shareholders' Equity	—		(76)		300,000		(24,246,656)		(24,246,732)
Balance at September 30, 2024	40		$558		15,100,000		$210,534,949		$210,535,507

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		$571		14,850,000		$212,125,181		$212,125,752
Purchases of Shares				8,150,000		108,769,478		108,769,478
Redemption of Shares				(6,650,000)		(94,429,465)		(94,429,465)
Net Increase (Decrease) due to Share Transactions				1,500,000		14,340,013		14,340,013
Net Income (Loss)
Net Investment Income (Loss)		25				5,297,749		5,297,774
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		2				308,669		308,671
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(61)				(12,701,245)		(12,701,306)
Net Income (Loss)		(34)				(7,094,827)		(7,094,861)
Net Change in Shareholders' Equity	—		(34)		1,500,000		7,245,186		7,245,152
Balance at September 30, 2025	40		$537		16,350,000		$219,370,367		$219,370,904

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2023	40		$558		17,500,000		$244,340,934		$244,341,492
Purchases of Shares				3,350,000		48,266,761		48,266,761
Redemption of Shares				(5,750,000)		(86,127,085)		(86,127,085)
Net Increase (Decrease) due to Share Transactions				(2,400,000)		(37,860,324)		(37,860,324)
Net Income (Loss)
Net Investment Income (Loss)		2				8,029,722		8,029,724
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		—				2,723,883		2,723,883
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(2)				(6,699,266)		(6,699,268)
Net Income (Loss)		—				4,054,339		4,054,339
Net Change in Shareholders' Equity	—		—		(2,400,000)		(33,805,985)		(33,805,985)
Balance at September 30, 2024	40		$558		15,100,000		$210,534,949		$210,535,507

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements

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)	$(7,094,861)	$4,054,339
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased	—	(79,908,669)
Proceeds from securities sold and matured	54,000,000	97,000,000
Cost of affiliated investments purchased	(193,075,446)	(255,460,227)
Proceeds from affiliated investments sold	151,819,963	276,378,755
Net accretion of discount on United States Treasury Obligations	(552,852)	(2,897,818)
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments	3,331	(9,998)
Change in operating assets and liabilities:
Variation margin - Commodity Futures Contracts	2,142,000	(1,336,640)
Deposit with Commodity Broker	(22,709,238)	—
Dividends from affiliates	85,603	230,945
Management fees	367	(30,761)
Brokerage commissions and fees	(130)	26
Net cash provided by (used in) operating activities	(15,381,263)	38,019,952
Cash flows from financing activities:
Distributions paid to shareholders	—	(159,628)
Proceeds from purchases of Shares	108,769,478	48,266,761
Redemption of Shares	(94,429,465)	(86,127,085)
Net cash provided by (used in) financing activities	14,340,013	(38,019,952)
Net change in cash	(1,041,250)	—
Cash at beginning of period	1,041,250	—
Cash at end of period	$—	$—
Supplemental disclosure of cash flow information
Cash paid for interest	$27,626	$86,291

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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.