Invesco DB Commodity Index Tracking Fund

For the period ended Mar 31, 2026. Filed May 7, 2026.

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.

Mar 31, 2026 · Filed May 7, 2026

DBC$30.98-1.8%Stored close · as of Nov 9, 2026

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

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Contents

Item 1. Financial Statements

Statements of Financial Condition

March 31, 2026 and December 31, 2025

	March 31,	December 31,
	2026	2025
Assets
Affiliated investments, at value (cost $1,539,746,107 and $951,956,893, respectively)	1,539,988,156	952,402,892
Other investments:
LME Commodity Futures Contracts receivable	16,696,145	3,249,870
Unrealized appreciation on LME Commodity Futures Contracts	8,159,951	15,758,826
Deposit with Commodity Broker	148,872,616	252,671,176
Receivable for:
Dividends from affiliates	2,822,052	2,432,561
Total assets	$1,716,538,920	$1,226,515,325
Liabilities
Other investments:
Variation margin payable- Commodity Futures Contracts	$18,440,206	$—
Unrealized depreciation on LME Commodity Futures Contracts	2,764,802	252,301
Payable for:
Due to Custodian	178	—
Fund shares reacquired	4,336,804	2,240,292
Management fees	1,088,784	822,614
Total liabilities	26,630,774	3,315,207
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	1,156	896
Shareholders' equity—Shares	1,689,906,990	1,223,199,222
Total shareholders' equity	1,689,908,146	1,223,200,118
Total liabilities and equity	$1,716,538,920	$1,226,515,325
General Shares outstanding	40	40
Shares outstanding	58,450,000	54,600,000
Net asset value per share	$28.91	$22.40
Market value per share	$28.96	$22.39

Schedule of Investments

March 31, 2026

Description	Percentage ofShareholders'Equity	Value	Shares
Affiliated Investments
Exchange-Traded Fund
Invesco Short Term Treasury ETF (cost $215,027,176) (a)	12.74%	$215,269,225	2,039,500
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 3.58% (cost $1,324,718,931) (a)(b)	78.39	1,324,718,931	1,324,718,931
Total Affiliated Investments (cost $1,539,746,107)	91.13%	$1,539,988,156
Total Investments in Securities (cost $1,539,746,107)	91.13%	$1,539,988,156

(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 March 31, 2026.

Open Commodity Futures Contracts · Number of Contracts · Expiration Date · Notional Value · Value(c) · UnrealizedAppreciation(Depreciation)(c)
Long Futures Contracts
CBOT Corn	2,584	September - 2026	$60,756,300		$3,794,927		$3,794,927
CBOT Soybean	961	November - 2026	55,617,875		3,954,260		3,954,260
CBOT Soybean Meal	623	May - 2026	19,711,720		(580,402)		(580,402)
CBOT Soybean Oil	705	December - 2026	27,621,900		5,648,975		5,648,975
CBOT Wheat	965	July - 2026	30,228,625		922,240		922,240
CBOT Wheat KCB	724	July - 2026	23,484,750		2,961,844		2,961,844
CME Cattle Feeder	162	May - 2026	29,684,475		659,694		659,694
CME Lean Hogs	1,273	October - 2026	46,515,420		2,961,145		2,961,145
CME Live Cattle	627	August - 2026	60,141,840		5,448,498		5,448,498
COMEX Copper	301	July - 2026	42,632,888		2,334,535		2,334,535
COMEX Gold	383	December - 2026	183,081,660		16,748,795		16,748,795
COMEX Silver	119	December - 2026	45,703,140		13,074,069		13,074,069
ICE Cocoa	339	December - 2026	11,854,830		(7,859,083)		(7,859,083)
ICE Coffee	155	September - 2026	16,164,563		(3,740,846)		(3,740,846)
ICE Cotton	599	December - 2026	22,264,830		1,848,722		1,848,722
ICE Low Sulphur Gasoil	950	May - 2026	117,728,750		29,710,600		29,710,600
ICE-UK Brent Crude	2,777	April - 2026	288,724,689		54,120,960		54,120,960
LME Aluminum	717	December - 2026	58,537,673		6,206,047		6,206,047
LME Copper	146	March - 2027	45,405,088		(2,193,107)		(2,193,107)
LME Lead	160	March - 2027	8,005,000		(571,695)		(571,695)
LME Nickel	224	September - 2026	23,202,816		1,930,099		1,930,099
LME Zinc	193	March - 2027	15,426,731		23,805		23,805
NYB-ICE Sugar	1,382	June - 2026	24,270,131		(1,043,720)		(1,043,720)
NYMEX Natural Gas	1,679	April - 2026	48,422,360		(12,598,582)		(12,598,582)
NYMEX NY Harbor ULSD	476	April - 2026	82,243,090		37,114,196		37,114,196
NYMEX Platinum	140	October - 2026	13,912,500		1,365,838		1,365,838
NYMEX RBOB Gasoline	558	November - 2026	52,163,849		11,141,453		11,141,453
NYMEX WTI Crude	3,026	August - 2026	235,967,479		18,654,458		18,654,458
Total Commodity Futures Contracts				$192,037,725		$192,037,725

(c)

Unrealized Appreciation (Depreciation) and Value are presented above, net by contract.

Schedule of Investments

December 31, 2025

Description	Percentage ofShareholders'Equity	Value	Shares
Affiliated Investments
Exchange-Traded Fund
Invesco Short Term Treasury ETF (cost $215,027,176)(a)	17.61%	$215,473,175	2,039,500
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 3.68% (cost $736,929,717)(a)(b)	60.25	736,929,717	736,929,717
Total Affiliated Investments (cost $951,956,893)	77.86%	$952,402,892
Total Investments in Securities (cost $951,956,893)	77.86%	$952,402,892

(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 · Notional Value · Value(c) · UnrealizedAppreciation(Depreciation)(c)
Long Futures Contracts
CBOT Corn	2,400	September - 2026	$53,820,000		$1,171,232		$1,171,232
CBOT Soybean	895	November - 2026	47,636,375		(191,328)		(191,328)
CBOT Soybean Meal	577	May - 2026	17,540,800		(1,399,743)		(1,399,743)
CBOT Soybean Oil	654	December - 2026	19,251,144		(803,000)		(803,000)
CBOT Wheat	895	July - 2026	23,773,438		(3,631,831)		(3,631,831)
CBOT Wheat KCB	673	July - 2026	18,238,300		(710,205)		(710,205)
CME Cattle Feeder	147	March - 2026	25,381,388		1,215,262		1,215,262
CME Lean Hogs	1,183	October - 2026	41,038,270		1,019,101		1,019,101
CME Live Cattle	583	August - 2026	52,131,860		1,685,317		1,685,317
COMEX Copper	280	July - 2026	40,537,000		3,704,261		3,704,261
COMEX Gold	356	December - 2026	160,107,440		10,035,731		10,035,731
COMEX Silver	111	December - 2026	40,428,975		12,558,740		12,558,740
ICE Cocoa	312	December - 2026	18,988,320		(30,200)		(30,200)
ICE Coffee	144	September - 2026	17,288,100		(1,699,674)		(1,699,674)
ICE Cotton	555	December - 2026	18,967,125		81,233		81,233
ICE Low Sulphur Gasoil	801	April - 2026	48,800,925		(2,461,200)		(2,461,200)
ICE-UK Brent Crude	2,415	January - 2026	146,953,580		(4,131,205)		(4,131,205)
LME Aluminum	666	December - 2026	50,258,025		2,291,325		2,291,325
LME Copper	137	April - 2026	42,532,130		11,638,427		11,638,427
LME Lead	159	February - 2026	7,940,858		(252,301)		(252,301)
LME Nickel	209	September - 2026	21,246,309		1,775,505		1,775,505
LME Zinc	181	February - 2026	14,072,931		53,569		53,569
NYB-ICE Sugar	1,285	June - 2026	21,170,632		(2,844,090)		(2,844,090)
NYMEX Natural Gas	1,560	April - 2026	50,388,000		(7,374,037)		(7,374,037)
NYMEX NY Harbor ULSD	442	April - 2026	38,037,636		(2,366,199)		(2,366,199)
NYMEX Platinum	131	October - 2026	13,630,550		2,373,793		2,373,793
NYMEX RBOB Gasoline	519	November - 2026	36,099,668		(1,363,506)		(1,363,506)
NYMEX WTI Crude	2,391	January - 2026	137,291,220		(3,703,380)		(3,703,380)
Total Commodity Futures Contracts				$16,641,597		$16,641,597

(c)

Unrealized Appreciation (Depreciation) and Value are presented above, net by contract.

Statements of Income and Expenses

	Three Months Ended
	March 31,
	2026	2025
Income
Interest Income	$2,571,052	$4,411,437
Dividends from Affiliates	9,141,940	9,610,738
Total Income	11,712,992	14,022,175
Expenses
Management Fees	2,981,270	2,817,211
Brokerage Commissions and Fees	86,309	62,219
Interest Expense	—	60,949
Total Expenses	3,067,579	2,940,379
Less: Waivers	(239,365)	(197,273)
Net Expenses	2,828,214	2,743,106
Net Investment Income (Loss)	8,884,778	11,279,069
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts
Net Realized Gain (Loss) on
Commodity Futures Contracts	183,721,781	(4,551,411)
Net Realized Gain (Loss)	183,721,781	(4,551,411)
Net Change in Unrealized Gain (Loss) on
United States Treasury Obligations	—	(307,037)
Affiliated Investments	(203,950)	(132,567)
Commodity Futures Contracts	175,396,128	62,882,638
Net Change in Unrealized Gain (Loss)	175,192,178	62,443,034
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	358,913,959	57,891,623
Net Income (Loss)	$367,798,737	$69,170,692

Statements of Changes in Shareholders’ Equity

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2025	40		$896		54,600,000		$1,223,199,222		$1,223,200,118
Purchases of Shares				7,700,000		197,591,932		197,591,932
Redemption of Shares				(3,850,000)		(98,682,641)		(98,682,641)
Net Increase (Decrease) due to Share Transactions				3,850,000		98,909,291		98,909,291
Net Income (Loss)
Net Investment Income (Loss)		6				8,884,772		8,884,778
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		130				183,721,651		183,721,781
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		124				175,192,054		175,192,178
Net Income (Loss)		260				367,798,477		367,798,737
Net Change in Shareholders' Equity	—		260		3,850,000		466,707,768		466,708,028
Balance at March 31, 2026	40		$1,156		58,450,000		$1,689,906,990		$1,689,908,146

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2024	40		$854		60,150,000		$1,284,185,046		$1,284,185,900
Purchases of Shares				3,450,000		76,680,188		76,680,188
Redemption of Shares				(3,200,000)		(70,847,389)		(70,847,389)
Net Increase (Decrease) due to Share Transactions				250,000		5,832,799		5,832,799
Net Income (Loss)
Net Investment Income (Loss)		8				11,279,061		11,279,069
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(3)				(4,551,408)		(4,551,411)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		41				62,442,993		62,443,034
Net Income (Loss)		46				69,170,646		69,170,692
Net Change in Shareholders' Equity	—		46		250,000		75,003,445		75,003,491
Balance at March 31, 2025	40		$900		60,400,000		$1,359,188,491		$1,359,189,391

Statements of Cash Flows

	2026	2025
Cash flows from operating activities:
Net Income (Loss)	$367,798,737	$69,170,692
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of affiliated investments purchased	(669,229,881)	(205,099,074)
Proceeds from affiliated investments sold	81,440,667	281,997,433
Net accretion of discount on United States Treasury Obligations	—	(4,326,409)
Net change in unrealized (gain) loss on United States Treasury Obligations, Affiliated Investments and LME Commodity Futures Contracts	10,315,326	(1,588,374)
Change in operating assets and liabilities:
Variation margin - Commodity Futures Contracts	18,440,206	5,450,444
Deposit with Commodity Broker	103,798,560	(143,255,407)
Dividends from affiliates	(389,491)	567,140
LME Commodity Futures Contracts	(13,446,275)	(47,803)
Management fees	266,170	(7,063)
Brokerage commissions and fees	—	46
Net cash provided by (used in) operating activities	(101,005,981)	2,861,625
Cash flows from financing activities:
Proceeds from purchases of Shares	197,591,932	58,677,665
Redemption of Shares	(96,586,129)	(70,847,389)
Increase (decrease) in payable for amount due to custodian	178	—
Net cash provided by (used in) financing activities	101,005,981	(12,169,724)
Net change in cash	—	(9,308,099)
Cash at beginning of period	—	9,308,099
Cash at end of period	$—	$—
Supplemental disclosure of cash flow information
Cash paid for interest	$—	$60,949

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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.