INVESCO DB BASE METALS FUND

For the period ended Jun 30, 2026. Filed Aug 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.

Jun 30, 2026 · Filed Aug 7, 2026

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

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Contents

Item 1. Unaudited Financial Statements

ITEM 1. FINANCIAL STATEMENTS.

Statements of Financial Condition

June 30, 2026 and December 31, 2025

	June 30,	December 31,
	2026	2025
Assets
Affiliated investments, at value and cost	$314,231,596	$146,980,895
Other investments:
LME Commodity Futures Contracts receivable	4,432,803	2,743,572
Unrealized appreciation on LME Commodity Futures Contracts	3,388,789	14,464,805
Variation margin receivable- Commodity Futures Contracts	2,303,735	—
Cash held by Custodian	5,984,500	3,455,919
Deposit with Commodity Broker	33,659,777	34,764,281
Receivable for:
Dividends from affiliates	1,002,975	409,882
Total assets	$365,004,175	$202,819,354
Liabilities
Other investments:
Unrealized depreciation on LME Commodity Futures Contracts	$7,299,082	$196,992
Payable for:
Fund shares reacquired	9,596,191	—
Management fees	205,936	98,655
Total liabilities	$17,101,209	$295,647
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	963	915
Shareholders' equity—Shares	347,902,003	202,522,792
Total shareholders' equity	347,902,966	202,523,707
Total liabilities and equity	$365,004,175	$202,819,354
General Shares outstanding	40	40
Shares outstanding	14,450,000	8,850,000
Net asset value per share	$24.08	$22.88
Market value per share	$24.11	$22.94

Schedule of Investments

June 30, 2026

Description	Percentage ofShareholders'Equity	Value	Shares
Affiliated Investments
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 3.57% (cost $314,231,596)(a)(b)	90.32%	$314,231,596	314,231,596
Total Affiliated Investments (cost $314,231,596)	90.32%	$314,231,596

(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 June 30, 2026.

Open Commodity Futures Contracts · Number of Contracts · Expiration Date · NotionalValue · Value(c) · UnrealizedAppreciation(Depreciation)(c)
Long Futures Contracts
COMEX Copper	509	May - 2027	$82,343,475		$(3,538,436)		$(3,538,436)
LME Aluminum	1,265	December - 2026	97,325,937		(3,340,002)		(3,340,002)
LME Copper	257	March - 2027	85,906,426		1,492,556		1,492,556
LME Lead	284	March - 2027	13,759,800		(1,172,795)		(1,172,795)
LME Nickel	396	September - 2026	38,624,304		(2,786,285)		(2,786,285)
LME Zinc	343	March - 2027	30,028,964		1,896,233		1,896,233
Total Commodity Futures Contracts				$(7,448,729)		$(7,448,729)

(c)

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

Schedule of Investments

December 31, 2025

Description	Percentage ofShareholders'Equity	Value	Principal Value
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 Affiliated Investments (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.

Statements of Income and Expenses

For the Three and Six Months Ended June 30, 2026 and 2025

Three Months Ended · Six Months Ended
	June 30,		June 30,
	2026	2025	2026	2025
Income
Interest Income	$149,816	$638,918	$445,508	$1,339,224
Dividends from Affiliates	2,865,141	594,297	4,872,820	1,094,253
Total Income	3,014,957	1,233,215	5,318,328	2,433,477
Expenses
Management Fees	666,549	201,963	1,188,318	415,246
Brokerage Commissions and Fees	14,905	19,527	32,089	20,804
Interest Expense	23,558	—	23,645	1,977
Total Expenses	705,012	221,490	1,244,052	438,027
Less: Waivers	(79,657)	(13,904)	(134,637)	(24,534)
Net Expenses	625,355	207,586	1,109,415	413,493
Net Investment Income (Loss)	2,389,602	1,025,629	4,208,913	2,019,984
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	12,783,215	(7,201,193)	26,248,714	(7,303,850)
Net Realized Gain (Loss)	12,783,215	(7,201,193)	26,248,714	(7,303,850)
Net Change in Unrealized Gain (Loss) on
United States Treasury Obligations	—	(13,938)	—	(52,317)
Commodity Futures Contracts	(10,614,048)	6,145,242	(25,399,395)	7,378,410
Net Change in Unrealized Gain (Loss)	(10,614,048)	6,131,304	(25,399,395)	7,326,093
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	2,169,167	(1,069,889)	849,319	22,243
Net Income (Loss)	$4,558,769	$(44,260)	$5,058,232	$2,042,227

Statements of Changes in Shareholders’ Equity

For the Three Months Ended June 30, 2026 and 2025

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at March 31, 2026	40		$938		12,400,000		$290,783,942		$290,784,880
Purchases of Shares				4,500,000		113,533,975		113,533,975
Redemption of Shares				(2,450,000)		(60,974,658)		(60,974,658)
Net Increase (Decrease) due to Share Transactions				2,050,000		52,559,317		52,559,317
Net Income (Loss)
Net Investment Income (Loss)		(44)				2,389,646		2,389,602
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(371)				12,783,586		12,783,215
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		440				(10,614,488)		(10,614,048)
Net Income (Loss)		25				4,558,744		4,558,769
Net Change in Shareholders' Equity	—		25		2,050,000		57,118,061		57,118,086
Balance at June 30, 2026	40		$963		14,450,000		$347,902,003		$347,902,966

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at March 31, 2025	40		$768		6,450,000		$123,759,202		$123,759,970
Purchases of Shares				500,000		9,492,000		9,492,000
Redemption of Shares				(900,000)		(16,197,825)		(16,197,825)
Net Increase (Decrease) due to Share Transactions				(400,000)		(6,705,825)		(6,705,825)
Net Income (Loss)
Net Investment Income (Loss)		14				1,025,615		1,025,629
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(78)				(7,201,115)		(7,201,193)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		70				6,131,234		6,131,304
Net Income (Loss)		6				(44,266)		(44,260)
Net Change in Shareholders' Equity	—		6		(400,000)		(6,750,091)		(6,750,085)
Balance at June 30, 2025	40		$774		6,050,000		$117,009,111		$117,009,885

Statements of Changes in Shareholders’ Equity

For the Six Months Ended June 30, 2026 and 2025

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2025	40		$915		8,850,000		$202,522,792		$202,523,707
Purchases of Shares				10,350,000		254,297,330		254,297,330
Redemption of Shares				(4,750,000)		(113,976,303)		(113,976,303)
Net Increase (Decrease) due to Share Transactions				5,600,000		140,321,027		140,321,027
Net Income (Loss)
Net Investment Income (Loss)		40				4,208,873		4,208,913
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		249				26,248,465		26,248,714
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(241)				(25,399,154)		(25,399,395)
Net Income (Loss)		48				5,058,184		5,058,232
Net Change in Shareholders' Equity	—		48		5,600,000		145,379,211		145,379,259
Balance at June 30, 2026	40		$963		14,450,000		$347,902,003		$347,902,966

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				1,300,000		25,063,627		25,063,627
Redemption of Shares				(1,250,000)		(22,844,283)		(22,844,283)
Net Increase (Decrease) due to Share Transactions				50,000		2,219,344		2,219,344
Net Income (Loss)
Net Investment Income (Loss)		22				2,019,962		2,019,984
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(79)				(7,303,771)		(7,303,850)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		79				7,326,014		7,326,093
Net Income (Loss)		22				2,042,205		2,042,227
Net Change in Shareholders' Equity	—		22		50,000		4,261,549		4,261,571
Balance at June 30, 2025	40		$774		6,050,000		$117,009,111		$117,009,885

Statements of Cash Flows

For the Six Months Ended June 30, 2026 and 2025

	2026	2025
Cash flows from operating activities:
Net Income (Loss)	$5,058,232	$2,042,227
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Proceeds from securities sold and matured	—	50,000,000
Cost of affiliated investments purchased	(318,815,368)	(72,229,949)
Proceeds from affiliated investments sold	151,564,667	31,730,170
Net accretion of discount on United States Treasury Obligations	—	(895,674)
Net change in unrealized (gain) loss on United States Treasury Obligations, Affiliated Investments and LME Commodity Futures Contracts	18,178,106	(7,326,093)
Change in operating assets and liabilities:
Variation margin - Commodity Futures Contracts	(2,303,735)	—
Deposit with Commodity Broker	1,104,504	(4,718,748)
Dividends from affiliates	(593,093)	(78,174)
LME Commodity Futures Contracts	(1,689,231)	(792,251)
Management fees	107,281	49,429
Brokerage commissions and fees	—	(281)
Net cash provided by (used in) operating activities	(147,388,637)	(2,219,344)
Cash flows from financing activities:
Proceeds from purchases of Shares	254,297,330	25,063,627
Redemption of Shares	(104,380,112)	(22,844,283)
Net cash provided by (used in) financing activities	149,917,218	2,219,344
Net change in cash	2,528,581	—
Cash at beginning of period	3,455,919	—
Cash at end of period	$5,984,500	$—
Supplemental disclosure of cash flow information
Cash paid for interest	$23,645	$1,977

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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.