What changed in this filing

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Item 1. Financial Statements

2024-11-07 compared with 2024-08-07 · 64 added, 52 removed, 574 unchanged (17% of the section changed)

2 unchanged sentences

Statements of Financial Condition

June 30, 2024 and December 31, 2023

September 30, 2024 and December 31, 2023

September 30,

United States Treasury Obligations, at value (cost $ 106,720,673 and $ 81,766,552 , respectively)

Affiliated investments, at value (cost $ 141,869,350 and $ 162,787,879 , respectively)

Other investments:

Variation margin receivable - Commodity Futures Contracts

Receivable for:

3 unchanged sentences

Distributions

Investements purchased

Management fees

13 unchanged sentences

Schedule of Investments

June 30, 2024

September 30, 2024

Percentage of

2 unchanged sentences

United States Treasury Obligations (a)

Treasury Bills, 5.250 % due September 5, 2024

Treasury Bills, 5.185 % due October 3, 2024

Treasury Bills, 4.970 % due December 5, 2024

Treasury Bills, 4.645 % due March 6, 2025

Treasury Bills, 4.215 % due April 3, 2025

Total United States Treasury Obligations (cost $ 106,720,673 )

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 June 30, 2024 .

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

Open Commodity Futures Contracts

45 unchanged sentences

Statements of Income and Expenses

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

For the Three and Nine Months Ended September 30, 2024 and 2023

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Interest Income

9 unchanged sentences

Net Realized Gain (Loss) from

United States Treasury Obligations

Commodity Futures Contracts

11 unchanged sentences

Invesco DB Oil Fund

Statement of Changes in Shareholders’ Equity

For the Three Months Ended June 30, 2024

Statements of Changes in Shareholders’ Equity

For the Three Months Ended September 30, 2024 and 2023

General Shares

Shareholders'

Balance at March 31, 2024

Balance at June 30, 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

Balance at September 30, 2024

General Shares

Shareholders'

Balance at March 31, 2023

Balance at June 30, 2023

Purchases of Shares

11 unchanged sentences

Net Change in Shareholders' Equity

Balance at June 30, 2023

Balance at September 30, 2023

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, 2024

Statements of Changes in Shareholders’ Equity

For the Nine Months Ended September 30, 2024 and 2023

General Shares

14 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 Six Months Ended June 30, 2023

Balance at September 30, 2024

General Shares

3 unchanged sentences

Redemption of Shares

( 154,313,102

Net Increase (Decrease) due to Share Transactions

9 unchanged sentences

Net Change in Shareholders' Equity

Balance at June 30, 2023

Balance at September 30, 2023

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

1 unchanged sentence

Statements of Cash Flows

For the Six Months Ended June 30, 2024 and 2023

Six Months Ended

For the Nine Months Ended September 30, 2024 and 2023

Nine Months Ended

September 30,

Cash flows from operating activities:

9 unchanged sentences

Net accretion of discount on United States Treasury Obligations

Net realized (gain) loss on United States Treasury Obligations and

Affiliated Investments

Net change in unrealized (gain) loss on United States Treasury Obligations

10 unchanged sentences

Redemption of Shares

( 147,221,037

Net cash provided by (used in) financing activities

7 unchanged sentences

Notes to Unaudited F inancial Statements

June 30, 2024

September 30, 2024

Note 1 - Organization

21 unchanged sentences

(the “NYSE Arca”).

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

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

No distributions were declared for the three and nine months ended September 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 and six months ended June 30, 2024 and 2023 , the Fund did not incur such expenses.

For the three and nine months ended September 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 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.

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 nine months ended September 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 nine months ended September 30, 2023 , respectively.

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

7 unchanged sentences

United States, 2021.

Commodity Futures Contracts

Commodity Futures

The Fund utilizes derivative instruments to achieve its investment objective.

33 unchanged sentences

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

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 Managing Owner waived fees of $ 32,209 and $ 109,418 for the three and nine months ended September 30, 2024, respectively.

The Managing Owner waived fees of $ 45,256 and $ 120,986 for the three and nine months ended September 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 June 30, 2024 and December 31, 2023.

There were no other cash equivalents held by the Fund as of September 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 June 30, 2024:

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

Investments in Securities

3 unchanged sentences

Total Investments in Securities

Other Investments - Assets (a)

Other Investments - Liabilities (a)

Commodity Futures Contracts

13 unchanged sentences

The Fair Value of Derivative Instruments is as follows:

June 30, 2024

September 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 June 30, 2024 and December 31, 2023 Statements of Financial Condition.

Only the current day’s variation margin receivable (payable) is reported in the September 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:

1 unchanged sentence

Location of Gain (Loss) on Derivatives

September 30,

Risk Exposure/Derivative Type

4 unchanged sentences

Net Change in Unrealized Gain (Loss)

For the Six Months Ended

For the Nine Months Ended

Location of Gain (Loss) on Derivatives

September 30,

Risk Exposure/Derivative Type

6 unchanged sentences

For the Three Months Ended

For the Six Months Ended

For the Nine Months Ended

September 30,

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 and six months ended June 30, 2024.

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

Value 06/30/2024

11 unchanged sentences

Portfolio, Institutional Class

( 118,840,234

Value 12/31/2023

13 unchanged sentences

( 276,378,756

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.

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

Value 06/30/2023

11 unchanged sentences

Portfolio, Institutional Class

( 140,523,508

Value 12/31/2022

22 unchanged sentences

Cash settlement occurs at the creation order settlement date.

As provided below, the creation order settlement date may occur up to two business days after the creation order date.

As provided below, the creation order settlement date may occur up to one business day after the creation order date.

By placing a creation order, and prior to delivery of such Creation Units, an Authorized Participant’s Depository Trust Company (“DTC”) account is charged the non-refundable transaction fee due for the creation order.

Unless otherwise agreed to by the Managing Owner and the Authorized Participant as provided in the next sentence, Creation Units are issued on the creation order settlement date as of 2:45 p.m., Eastern Time, on the business day immediately following the creation order date at the applicable NAV per Share as of the closing time of the NYSE Arca or the last to close of the exchanges on which its futures contracts are traded, whichever is later, on the creation order date, but only if the required payment has been timely received.

Upon submission of a creation order, the Authorized Participant may request the Managing Owner to agree to a creation order settlement date up to two business days after the creation order date.

Upon submission of a creation order, the Authorized Participant may request the Managing Owner to agree to a creation order settlement date up to one business day after the creation order date.

(b) Redemptions

4 unchanged sentences

Cash settlement occurs at the redemption order settlement date.

As provided below, the redemption order settlement date may occur up to two business days after the redemption order date.

As provided below, the redemption order settlement date may occur up to one business day after the redemption order date.

The redemption procedures allow Authorized Participants to redeem Creation Units.

2 unchanged sentences

Unless otherwise agreed to by the Managing Owner and the Authorized Participant as provided in the next sentence, by placing a redemption order, an Authorized Participant agrees to deliver the Creation Units to be redeemed through DTC’s book-entry system to the Fund no later than the redemption order settlement date as of 2:45 p.m., Eastern Time, on the business day immediately following the redemption order date.

Upon submission of a redemption order, the Authorized Participant may request the Managing Owner to agree to a redemption order settlement date up to two business days after the redemption order date.

Upon submission of a redemption order, the Authorized Participant may request the Managing Owner to agree to a redemption order settlement date up to one business day after the redemption order date.

By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the redemption order.

15 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 and six months ended June 30, 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 nine months ended September 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

Nine Months Ended

September 30,

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