INVESCO DB BASE METALS FUND

For the period ended Dec 31, 2025. Filed Mar 2, 2026.

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FY2025 · Filed Mar 2, 2026

DBB$24.38-1.7%Stored close · as of Nov 10, 2026

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Contents

Schedule of Investments as of December 31,

Schedule of Investments

December 31, 2025

Description	Percentage ofShareholders'Equity	Value	Shares
Affiliated Investments
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 3.68% (cost $146,980,895)(a)(b)	72.57%	$146,980,895	146,980,895
Total Investments in Securities (cost $146,980,895)	72.57%	$146,980,895

(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 December 31, 2025.

Open Commodity Futures Contracts · Number of Contracts · Expiration Date · NotionalValue · Value(c) · UnrealizedAppreciation(Depreciation)(c)
Long Futures Contracts
COMEX Copper	322	July - 2026	$46,617,550		$3,682,853		$3,682,853
LME Aluminum	764	December - 2026	57,653,350		2,431,125		2,431,125
LME Copper	157	April - 2026	48,741,200		9,928,515		9,928,515
LME Lead	182	February - 2026	9,089,535		(196,992)		(196,992)
LME Nickel	239	September - 2026	24,296,018		2,063,703		2,063,703
LME Zinc	207	February - 2026	16,094,457		41,462		41,462
Total Commodity Futures Contracts				$17,950,666		$17,950,666

(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.

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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.