Invesco DB Oil Fund

For the period ended Sep 30, 2026. Filed Nov 6, 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.

Sep 30, 2026 · Filed Nov 6, 2026

DBO$22.83-1.3%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

September 30, 2026 and December 31, 2025

	September 30,	December 31,
	2026	2025
Assets
Affiliated investments, at value (cost $255,999,024 and $195,192,479, respectively)	$256,038,794	$195,278,284
Other investments:
Variation margin receivable- Commodity Futures Contracts	2,302,688	—
Deposit with Commodity Broker	2,035,972	9,215,975
Receivable for:
Dividends from affiliates	654,227	451,901
Total assets	$261,031,681	$204,946,160
Liabilities
Payable for:
Fund shares reacquired	$—	$609,613
Management fees	144,985	115,695
Total liabilities	$144,985	$725,308
Commitments and Contingencies (Note 10)
Equity
Shareholders' equity—General Shares	949	488
Shareholders' equity—Shares	260,885,747	204,220,364
Total shareholders' equity	260,886,696	204,220,852
Total liabilities and equity	$261,031,681	$204,946,160
General Shares outstanding	40	40
Shares outstanding	11,000,000	16,750,000
Net asset value per share	$23.72	$12.19
Market value per share	$23.74	$12.20

Schedule of Investments

September 30, 2026

Description	Percentage ofShareholders'Equity	Value	Shares
Affiliated Investments
Exchange-Traded Fund
Invesco Short Term Treasury ETF (cost $53,954,170) (a)(b)	20.69%	$53,993,940	511,500
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 3.81% (cost $202,044,854) (a)(c)	77.45%	$202,044,854	202,044,854
Total Affiliated Investments (cost $255,999,024)	98.14%	$256,038,794

(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)

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

(c)

The rate shown is the 7-day SEC standardized yield as of September 30, 2026.

Open Commodity Futures Contracts	Number of Contracts	Expiration Date	NotionalValue	Value(d)	UnrealizedAppreciation(Depreciation)(d)
Long Futures Contracts
NYMEX WTI Crude	2,884	October - 2026	$260,771,280	$41,477,747	$41,477,747

(d)

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 $ 53,954,170)(a)(b)	26.46%	$54,039,975	511,500
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 3.68% (cost $ 141,238,309)(a)(c)	69.16%	141,238,309	141,238,309
Total Affiliated Investments (cost $195,192,479)	95.62%	$195,278,284

(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)

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

(c)

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(d)	UnrealizedAppreciation(Depreciation)(d)
Long Futures Contracts
NYMEX WTI Crude	3,556	January - 2026	$204,185,520	$(5,298,394)	$(5,298,394)

(d)

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, 2026 and 2025

Three Months Ended · Nine Months Ended
	September 30,		September 30,
	2026	2025	2026	2025
Income
Interest Income	$33,496	$277,056	$613,869	$957,368
Dividends from Affiliates	2,290,192	2,114,360	6,675,695	5,436,019
Total Income	2,323,688	2,391,416	7,289,564	6,393,387
Expenses
Management Fees	477,396	430,777	1,524,452	1,149,193
Brokerage Commissions and Fees	15,156	2,993	79,374	37,805
Interest Expense	34,151	5,476	88,498	27,626
Total Expenses	526,703	439,246	1,692,324	1,214,624
Less: Waivers	(59,797)	(48,044)	(176,485)	(119,011)
Net Expenses	466,906	391,202	1,515,839	1,095,613
Net Investment Income (Loss)	1,856,782	2,000,214	5,773,725	5,297,774
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	15,803,300	(124,450)	135,973,621	308,671
Net Realized Gain (Loss)	15,803,300	(124,450)	135,973,621	308,671
Net Change in Unrealized Gain (Loss) on
United States Treasury Obligations	—	—	—	(23,791)
Affiliated Investments	(5,115)	51,150	(46,035)	20,460
Commodity Futures Contracts	56,380,504	2,076,248	46,776,141	(12,697,975)
Net Change in Unrealized Gain (Loss)	56,375,389	2,127,398	46,730,106	(12,701,306)
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	72,178,689	2,002,948	182,703,727	(12,392,635)
Net Income (Loss)	$74,035,471	$4,003,162	$188,477,452	$(7,094,861)

Statements of Changes in Shareholders’ Equity

For the Three Months Ended September 30, 2026 and 2025

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at June 30, 2026	40		$700		12,050,000		$210,798,720		$210,799,420
Purchases of Shares				2,350,000		48,424,996		48,424,996
Redemption of Shares				(3,400,000)		(72,373,191)		(72,373,191)
Net Increase (Decrease) due to Share Transactions				(1,050,000)		(23,948,195)		(23,948,195)
Net Income (Loss)
Net Investment Income (Loss)		7				1,856,775		1,856,782
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		110				15,803,190		15,803,300
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		132				56,375,257		56,375,389
Net Income (Loss)		249				74,035,222		74,035,471
Net Change in Shareholders' Equity	—		249		(1,050,000)		50,087,027		50,087,276
Balance at September 30, 2026	40		$949		11,000,000		$260,885,747		$260,886,696

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

Statements of Changes in Shareholders’ Equity

For the Nine Months Ended September 30, 2026 and 2025

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2025	40		$488			16,750,000			$204,220,364			$204,220,852
Purchases of Shares					8,750,000			157,276,327			157,276,327
Redemption of Shares					(14,500,000)			(289,087,935)			(289,087,935)
Net Increase (Decrease) due to Share Transactions					(5,750,000)			(131,811,608)			(131,811,608)
Net Income (Loss)
Net Investment Income (Loss)			14					5,773,711			5,773,725
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts			333					135,973,288			135,973,621
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts			114					46,729,992			46,730,106
Net Income (Loss)			461					188,476,991			188,477,452
Net Change in Shareholders' Equity		—		461			(5,750,000)			56,665,383			56,665,844
Balance at September 30, 2026		40		$949			11,000,000			$260,885,747			$260,886,696

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

Statements of Cash Flows

For the Nine Months Ended September 30, 2026 and 2025

	2026	2025
Cash flows from operating activities:
Net Income (Loss)	$188,477,452	$(7,094,861)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Proceeds from securities sold and matured	—	54,000,000
Cost of affiliated investments purchased	(571,571,928)	(193,075,446)
Proceeds from affiliated investments sold	510,765,383	151,819,963
Net accretion of discount on United States Treasury Obligations	—	(552,852)
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments	46,035	3,331
Change in operating assets and liabilities:
Variation margin - Commodity Futures Contracts	(2,302,688)	2,142,000
Dividends from affiliates	(202,326)	85,603
Management fees	29,290	367
Brokerage commissions and fees	—	(130)
Deposit with Commodity Broker	7,180,003	(22,709,238)
Net cash provided by (used in) operating activities	132,421,221	(15,381,263)
Cash flows from financing activities:
Proceeds from purchases of Shares	157,276,327	108,769,478
Redemption of Shares	(289,697,548)	(94,429,465)
Net cash provided by (used in) financing activities	(132,421,221)	14,340,013
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	$88,498	$27,626

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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.