Invesco DB Energy 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

DBE$34.99-0.7%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 $19,832,291, respectively)	$—	$19,853,708
Affiliated investments, at value and cost	38,291,504	26,514,962
Other investments:
Variation margin receivable - Commodity Futures Contracts	—	136,953
Cash held by Custodian	—	648,140
Deposit with Commodity Broker	9,970,327	—
Receivable for:
Dividends from affiliates	132,440	103,938
Total assets	$48,394,271	$47,257,701
Liabilities
Payable for:
Management fees	$27,199	$28,760
Brokerage commissions and fees	5,001	5,001
Total liabilities	32,200	33,761
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	759	741
Shareholders' equity—Shares	48,361,312	47,223,199
Total shareholders' equity	48,362,071	47,223,940
Total liabilities and equity	$48,394,271	$47,257,701
General Shares outstanding	40	40
Shares outstanding	2,550,000	2,550,000
Net asset value per share	$18.97	$18.52
Market value per share	$19.01	$18.56

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 $38,291,504)(a)(b)	79.18%	38,291,504	38,291,504
Total Investments in Securities (cost $38,291,504)	79.18%	$38,291,504

(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) · Unrealized Appreciation (Depreciation)(c)
Long Futures Contracts
ICE-UK Brent Crude	157	October-2025	$10,366,710		$(10,310)		$(10,310)
NYMEX Natural Gas	176	April-2026	6,191,680		(474,188)		(474,188)
NYMEX NY Harbor ULSD	123	April-2026	11,326,455		107,520		107,520
NYMEX RBOB Gasoline	132	November-2025	10,393,337		73,434		73,434
NYMEX WTI Crude	160	October-2025	9,979,200		(163,248)		(163,248)
Total Commodity Futures Contracts				$(466,792)		$(466,792)

(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 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	$109,769	$454,680	$357,862	$1,323,427
Dividends from Affiliates	431,963	297,180	1,250,742	1,677,651
Total Income	541,732	751,860	1,608,604	3,001,078
Expenses
Management Fees	97,166	110,965	287,797	431,787
Brokerage Commissions and Fees	3,883	623	13,126	4,470
Interest Expense	—	7,559	3,714	21,979
Total Expenses	101,049	119,147	304,637	458,236
Less: Waivers	(10,289)	(5,410)	(28,678)	(29,973)
Net Expenses	90,760	113,737	275,959	428,263
Net Investment Income (Loss)	450,972	638,123	1,332,645	2,572,815
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	—	—	(4)	11,835
Affiliated Investments	—	34,620	—	34,620
Commodity Futures Contracts	1,519,437	900,840	611,643	(2,678,224)
Net Realized Gain (Loss)	1,519,437	935,460	611,639	(2,631,769)
Net Change in Unrealized Gain (Loss) from
United States Treasury Obligations	—	43,796	(21,417)	12,313
Affiliated Investments	—	(9,101)	—	(21,953)
Commodity Futures Contracts	(1,046,113)	(8,402,230)	(989,873)	(437,313)
Net Change in Unrealized Gain (Loss)	(1,046,113)	(8,367,535)	(1,011,290)	(446,953)
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	473,324	(7,432,075)	(399,651)	(3,078,722)
Net Income (Loss)	$924,296	$(6,793,952)	$932,994	$(505,907)

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		$746		2,800,000		$52,194,517		$52,195,263
Purchases of Shares				—		—		—
Redemption of Shares				(250,000)		(4,757,488)		(4,757,488)
Net Increase (Decrease) due to Share Transactions				(250,000)		(4,757,488)		(4,757,488)
Net Income (Loss)
Net Investment Income (Loss)		(481)				451,453		450,972
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		534				1,518,903		1,519,437
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(40)				(1,046,073)		(1,046,113)
Net Income (Loss)		13				924,283		924,296
Net Change in Shareholders' Equity	—		13		(250,000)		(3,833,205)		(3,833,192)
Balance at September 30, 2025	40		$759		2,550,000		$48,361,312		$48,362,071

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at June 30, 2024	40		$835		3,550,000		$74,090,047		$74,090,882
Purchases of Shares				50,000		1,043,829		1,043,829
Redemption of Shares				(900,000)		(18,230,519)		(18,230,519)
Net Increase (Decrease) due to Share Transactions				(850,000)		(17,186,690)		(17,186,690)
Net Income (Loss)
Net Investment Income (Loss)		111				638,012		638,123
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(97)				935,557		935,460
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(107)				(8,367,428)		(8,367,535)
Net Income (Loss)		(93)				(6,793,859)		(6,793,952)
Net Change in Shareholders' Equity	—		(93)		(850,000)		(23,980,549)		(23,980,642)
Balance at September 30, 2024	40		$742		2,700,000		$50,109,498		$50,110,240

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		$741			2,550,000		$47,223,199		$47,223,940
Purchases of Shares						950,000			18,024,299		18,024,299
Redemption of Shares						(950,000)			(17,819,162)		(17,819,162)
Net Increase (Decrease) due to Share Transactions						—			205,137		205,137
Net Income (Loss)
Net Investment Income (Loss)				26					1,332,619		1,332,645
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				12					611,627		611,639
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				(20)					(1,011,270)		(1,011,290)
Net Income (Loss)				18					932,976		932,994
Net Change in Shareholders' Equity		—			18		—			1,138,113		1,138,131
Balance at September 30, 2025	40		$759			2,550,000		$48,361,312		$48,362,071

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						850,000			16,660,010		16,660,010
Redemption of Shares						(2,000,000)			(39,932,730)		(39,932,730)
Net Increase (Decrease) due to Share Transactions						(1,150,000)			(23,272,720)		(23,272,720)
Net Income (Loss)
Net Investment Income (Loss)				132					2,572,683		2,572,815
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				(135)					(2,631,634)		(2,631,769)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				(23)					(446,930)		(446,953)
Net Income (Loss)				(26)					(505,881)		(505,907)
Net Change in Shareholders' Equity		—			(26)		(1,150,000)			(23,778,601)		(23,778,627)
Balance at September 30, 2024	40		$742			2,700,000		$50,109,498		$50,110,240

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)	$932,994	$(505,907)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased	—	(54,598,196)
Proceeds from securities sold and matured	19,999,996	68,608,039
Cost of affiliated investments purchased	(44,258,150)	(107,366,766)
Proceeds from affiliated investments sold	32,481,608	119,475,456
Net accretion of discount on United States Treasury Obligations	(167,709)	(1,310,255)
Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments	4	(46,455)
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments	21,417	9,640
Change in operating assets and liabilities:
Variation margin - Commodity Futures Contracts	136,953	(448,579)
Dividends from affiliates	(28,502)	110,668
Management fees	(1,561)	(24,433)
Brokerage commissions and fees	—	4
Deposit with Commodity Broker	(9,970,327)	—
Net cash provided by (used in) operating activities	(853,277)	23,903,216
Cash flows from financing activities:
Distributions paid to shareholders	—	(630,496)
Proceeds from purchases of Shares	18,024,299	16,660,010
Redemption of Shares	(17,819,162)	(39,932,730)
Net cash provided by (used in) financing activities	205,137	(23,903,216)
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	$21,979

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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.