What changed in this filing

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Item 1. Financial Statements

2024-08-07 compared with 2024-05-08 · 117 added, 32 removed, 509 unchanged (23% of the section changed)

2 unchanged sentences

Statements of Financial Condition

March 31, 2024 and December 31, 2023

June 30, 2024 and December 31, 2023

United States Treasury Obligations, at value (cost $ 67,008,839 and $ 81,766,552 , respectively)

Affiliated investments, at value (cost $ 168,023,048 and $ 162,787,879 , respectively)

Other investments:

Variation margin receivable - Commodity Futures Contracts

Receivable for:

18 unchanged sentences

Schedule of Investments

March 31, 2024

June 30, 2024

Percentage of

3 unchanged sentences

Treasury Bills, 5.250 % due September 5, 2024

Treasury Bills, 5.240 % due June 6, 2024

Treasury Bills, 5.280 % due April 4, 2024

Treasury Bills, 5.240 % due October 3, 2024

Treasury Bills, 5.155 % due December 5, 2024

Total United States Treasury Obligations (cost $ 67,008,839 )

12 unchanged sentences

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.

(d) The rate shown is the 7-day SEC standardized yield as of March 31, 2024 .

(d) The rate shown is the 7-day SEC standardized yield as of June 30, 2024 .

Open Commodity Futures Contracts

4 unchanged sentences

NYMEX WTI Crude

January - 2025

December - 2024

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

13 unchanged sentences

Exchange-Traded Fund

Invesco Short Term ETF (cost $ 53,954,170 ) (b)(c)(d)

Invesco Short Term Treasury ETF (cost $ 53,954,170 ) (b)(c)(d)

Money Market Mutual Fund

22 unchanged sentences

Statements of Income and Expenses

For the Three Months Ended March 31, 2024 and 2023

For the Three and Six Months Ended June 30, 2024 and 2023

Three Months Ended

Six Months Ended

Interest Income

23 unchanged sentences

Statement of Changes in Shareholders’ Equity

For the Three Months Ended March 31, 2024

For the Three Months Ended June 30, 2024

General Shares

Shareholders'

Balance at December 31, 2023

Balance at March 31, 2024

Purchases of Shares

11 unchanged sentences

Net Change in Shareholders' Equity

Balance at June 30, 2024

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

Invesco DB Oil Fund

Statement of Changes in Shareholders’ Equity

For the Three Months Ended June 30, 2023

General Shares

Shareholders'

Balance at March 31, 2023

Purchases of Shares

Redemption of Shares

Net Increase (Decrease) due to Share Transactions

Net Income (Loss)

Net Investment Income (Loss)

Net Realized Gain (Loss) on United States Treasury

Obligations, Affiliated Investments and

Commodity Futures Contracts

Net Change in Unrealized Gain (Loss) on United

States Treasury Obligations, Affiliated

Investments and Commodity Futures Contracts

Net Income (Loss)

Net Change in Shareholders' Equity

Balance at June 30, 2023

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

1 unchanged sentence

Statement of Changes in Shareholders’ Equity

For the Three Months Ended March 31, 2023

For the Six Months Ended June 30, 2024

General Shares

14 unchanged sentences

Net Change in Shareholders' Equity

Balance at March 31, 2023

Balance at June 30, 2024

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

Invesco DB Oil Fund

Statement of Changes in Shareholders’ Equity

For the Six Months Ended June 30, 2023

General Shares

Shareholders'

Balance at December 31, 2022

Purchases of Shares

Redemption of Shares

Net Increase (Decrease) due to Share Transactions

Net Income (Loss)

Net Investment Income (Loss)

Net Realized Gain (Loss) on United States Treasury

Obligations, Affiliated Investments and

Commodity Futures Contracts

Net Change in Unrealized Gain (Loss) on United

States Treasury Obligations, Affiliated

Investments and Commodity Futures Contracts

Net Income (Loss)

Net Change in Shareholders' Equity

Balance at June 30, 2023

See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.

Invesco DB Oil Fund

Statements of Cash Flows

For the Three Months Ended March 31, 2024 and 2023

Three Months Ended

For the Six Months Ended June 30, 2024 and 2023

Six Months Ended

Cash flows from operating activities:

6 unchanged sentences

( 162,773,691

( 275,773,881

Proceeds from affiliated investments sold

21 unchanged sentences

Notes to Unaudited F inancial Statements

March 31, 2024

June 30, 2024

Note 1 - Organization

21 unchanged sentences

(the “NYSE Arca”).

This Quarterly Report (the “Report”) covers the three months ended March 31, 2024 and 2023.

This Quarterly Report (the “Report”) covers the three and six months ended June 30, 2024 and 2023.

The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.

38 unchanged sentences

Distributions (other than redemption of units) may be made at the sole discretion of the Managing Owner on a pro rata basis in accordance with the respective capital balances of the Shareholders.

No distributions were declared for the three months ended March 31, 2024 and 2023 .

No distributions were declared for the three and six months ended June 30, 2024 and 2023 .

Routine Operational, Administrative and Other Ordinary Expenses

6 unchanged sentences

Non-recurring and unusual fees and expenses, by their nature, are unpredictable in terms of timing and amount.

For the three months ended March 31, 2024 and 2023 , the Fund did not incur such expenses.

For the three and six months ended June 30, 2024 and 2023 , the Fund did not incur such expenses.

Brokerage Commissions and Fees

2 unchanged sentences

The Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis.

On average, total charges paid to the Commodity Broker, as applicable were less than $ 6.00 and $ 6.00 per round-turn trade during the three months ended March 31, 2024 and 2023 , respectively.

On average, total charges paid to the Commodity Broker, as applicable were less than $ 6.00 and $ 6.00 per round-turn trade during the three and six months ended June 30, 2024 , respectively.

On average, total charges paid to the Commodity Broker, as applicable, were less than $ 6.00 and $ 6.00 per round-turn trade during the three and six months ended June 30, 2023, respectively.

The Fund is classified as a partnership for U.S.

43 unchanged sentences

The Managing Owner may terminate this fee waiver on 60 days’ notice.

The Managing Owner waived fees of $ 38,620 and $ 37,470 for the three months ended March 31, 2024 and 2023, respectively.

The Managing Owner waived fees of $ 38,589 and $ 77,209 for the three and six months ended June 30, 2024, respectively.

The Managing Owner waived fees of $ 38,260 and $ 75,730 for the three and six months ended June 30, 2023 respectively.

The Distributor

30 unchanged sentences

The Fund defines cash as cash held by the Custodian.

There were no other cash equivalents held by the Fund as of March 31, 2024 and December 31, 2023.

There were no other cash equivalents held by the Fund as of June 30, 2024 and December 31, 2023.

The Fund considers investments in money market funds to be investments in securities and, accordingly, includes them in its Schedule of Investments.

27 unchanged sentences

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The following is a summary of the tiered valuation input levels as of March 31, 2024:

The following is a summary of the tiered valuation input levels as of June 30, 2024:

Investments in Securities

19 unchanged sentences

The Fair Value of Derivative Instruments is as follows:

March 31, 2024

June 30, 2024

December 31, 2023

3 unchanged sentences

(a) Includes cumulative appreciation (depreciation) of commodity futures contracts.

Only the current day’s variation margin receivable (payable) is reported in the March 31, 2024 and December 31, 2023 Statements of Financial Condition.

Only the current day’s variation margin receivable (payable) is reported in the June 30, 2024 and December 31, 2023 Statements of Financial Condition.

The Effect of Derivative Instruments on the Statements of Income and Expenses is as follows:

7 unchanged sentences

Net Change in Unrealized Gain (Loss)

For the Six Months Ended

Location of Gain (Loss) on Derivatives

Risk Exposure/Derivative Type

Recognized in Income

Commodity risk

Commodity Futures Contracts

Net Realized Gain (Loss)

Net Change in Unrealized Gain (Loss)

The table below summarizes the average monthly notional value of futures contracts held during the period:

For the Three Months Ended

For the Six Months Ended

Average Notional Value

10 unchanged sentences

The Invesco Government & Agency Portfolio and the Fund are advised by investment advisers under common control of Invesco Ltd., and therefore the Invesco Government & Agency Portfolio is considered to be affiliated with the Fund.

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three months ended March 31, 2024.

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three and six months ended June 30, 2024.

Value 03/31/2024

6 unchanged sentences

Dividend Income

Invesco Short Term

Invesco Short Term Treasury ETF

Investments in Affiliated Money

2 unchanged sentences

Portfolio, Institutional Class

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three months ended March 31, 2023.

Value 12/31/2023

13 unchanged sentences

( 157,538,522

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three and six months ended June 30, 2023.

Value 03/31/2023

Purchases at Cost

Proceeds from Sales

Change in Unrealized Appreciation

(Depreciation)

Realized Gain

Value 06/30/2023

Dividend Income

Invesco Short Term Treasury ETF

Investments in Affiliated Money

Market Funds:

Invesco Government & Agency

Portfolio, Institutional Class

( 140,523,508

Value 12/31/2022

Purchases at Cost

Proceeds from Sales

Change in Unrealized Appreciation

(Depreciation)

Realized Gain

Value 06/30/2023

Dividend Income

Invesco Short Term Treasury ETF

Investments in Affiliated Money

Market Funds:

Invesco Government & Agency

Portfolio, Institutional Class

( 270,116,659

Note 9 - Share Purchases and Redemptions

30 unchanged sentences

Any remainder of the redemption distribution is delivered on the next business day to the extent of remaining whole Creation Units received if the Transfer Agent receives the fee applicable to the extension of the redemption distribution date which the Managing Owner may, from time to time, determine and the remaining Creation Units to be redeemed are credited to the Fund’s DTC account by 2:45 p.m., Eastern Time, on such next business day.

further outstanding amount of the redemption order will be cancelled.

Any further outstanding amount of the redemption order will be cancelled.

The Managing Owner is also authorized to deliver the redemption distribution notwithstanding that the Creation Units to be redeemed are not credited to the Fund’s DTC account by 2:45 p.m., Eastern Time, on the redemption order settlement date if the Authorized Participant has collateralized its obligation to deliver the Creation Units through DTC’s book-entry system on such terms as the Managing Owner may determine from time to time.

1 unchanged sentence

The Managing Owner, either in its own capacity or in its capacity as the Managing Owner and on behalf of the Fund, has entered into various service agreements that contain a variety of representations, or provide indemnification provisions related to certain risks service providers undertake in performing services for the Fund.

The Trust Agreement provides for the Fund to indemnify the Managing Owner and any affiliate of the Managing Owner that provides services to the Fund to the maximum extent permitted by applicable law, subject to certain exceptions for disqualifying conduct by the Managing Owner or such an affiliate.

The Trust Agreement provides for the Fund to indemnify

the Managing Owner and any affiliate of the Managing Owner that provides services to the Fund to the maximum extent permitted by applicable law, subject to certain exceptions for disqualifying conduct by the Managing Owner or such an affiliate.

The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

2 unchanged sentences

Note 11 - Financial Highlights

The Fund is presenting the following NAV and financial highlights related to investment performance for a Share outstanding for the three months ended March 31, 2024 and 2023.

The Fund is presenting the following NAV and financial highlights related to investment performance for a Share outstanding for the three and six months ended June 30, 2024 and 2023.

An individual investor’s return and ratios may vary based on the timing of capital transactions.

1 unchanged sentence

Three Months Ended

Six Months Ended

Net Asset Value

25 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements