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Item 1. Financial Statements

2025-08-07 compared with 2025-05-08 · 149 added, 65 removed, 469 unchanged (31% of the section changed)

2 unchanged sentences

Statements of Financial Condition

March 31, 2025 and December 31, 2024

June 30, 2025 and December 31, 2024

United States Treasury Obligations , at value (cost $– and $ 53,447,148 , respectively)

5 unchanged sentences

Receivable for:

Fund shares sold

Dividends from affiliates

Investments sold

Due to custodian

Investments purchased

Management fees

13 unchanged sentences

Schedule of Investments

March 31, 2025

June 30, 2025

Percentage of

Shareholders'

Principal Value

United States Treasury Obligations (a)

Treasury Bills, 4.270 % due April 3, 2025

Total United States Treasury Obligations (cost $ 39,990,432 )

Affiliated Investments

Exchange-Traded Fund

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

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

Money Market Mutual Fund

Invesco Government & Agency Portfolio,

Institutional Class, 4.29 % (cost $ 87,433,379 ) (b)(d)

Invesco Government & Agency Portfolio, Institutional Class, 4.26 % (cost $ 152,609,908 ) (c)

Total Affiliated Investments (cost $ 206,564,078 )

Total Investments in Securities (cost $ 181,377,981 )

(a) Security may be traded on a discount basis.

The interest rate shown represents the discount rate at the most recent auction date of the security prior to period end.

(b) All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts.

(a) All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts.

(b) 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.

(d) The rate shown is the 7-day SEC standardized yield as of March 31, 2025 .

Open Commodity Futures Contracts

1 unchanged sentence

Expiration Date

(Depreciation) (e)

(Depreciation) (d)

Long Futures Contracts

1 unchanged sentence

October - 2025

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

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

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

34 unchanged sentences

Statements of Income and Expenses

For the Three Months Ended March 31, 2025 and 2024

For the Three and Six Months Ended June 30, 2025 and 2024

Three Months Ended

Six Months Ended

Interest Income

6 unchanged sentences

Net Realized and Net Change in Unrealized Gain (Loss) on

United States Treasury Obligations, Affiliated

Investments and Commodity Futures Contracts

United States Treasury Obligations, Affiliated Investments

and Commodity Futures Contracts

Net Realized Gain (Loss) from

United States Treasury Obligations

Commodity Futures Contracts

5 unchanged sentences

Net Change in Unrealized Gain (Loss)

Net Realized and Net Change in Unrealized Gain (Loss)

on United States Treasury Obligations, Affiliated

Net Realized and Net Change in Unrealized Gain (Loss) on

United States Treasury Obligations, Affiliated Investments

and Commodity Futures Contracts

Net Income (Loss)

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

Invesco DB Oil Fund

Statements of Changes in Shareholders’ Equity

For the Three Months Ended June 30, 2025 and 2024

General Shares

Shareholders'

Balance at March 31, 2025

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, 2025

General Shares

Shareholders'

Balance at March 31, 2024

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, 2024

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

1 unchanged sentence

Statements of Changes in Shareholders’ Equity

For the Three Months Ended March 31, 2025 and 2024

For the Six Months Ended June 30, 2025 and 2024

General Shares

14 unchanged sentences

Net Change in Shareholders' Equity

Balance at March 31, 2025

Balance at June 30, 2025

General Shares

14 unchanged sentences

Net Change in Shareholders' Equity

Balance at March 31, 2024

Balance at June 30, 2024

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 Three Months Ended March 31, 2025 and 2024

Three Months Ended

For the Six Months Ended June 30, 2025 and 2024

Six Months Ended

Cash flows from operating activities:

4 unchanged sentences

Cost of affiliated investments purchased

( 167,369,394

( 162,773,691

Proceeds from affiliated investments sold

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

2 unchanged sentences

Variation margin - Commodity Futures Contracts

Deposit with Commodity Broker

Dividends from affiliates

Securities sold

Investments purchased

Management fees

Brokerage commissions and fees

Deposit with Commodity Broker

Net cash provided by (used in) operating activities

3 unchanged sentences

Redemption of Shares

Increase (Decrease) in payable for amount due to custodian

Net cash provided by (used in) financing activities

7 unchanged sentences

Notes to Unaudited F inancial Statements

March 31, 2025

June 30, 2025

Note 1 - Organization

11 unchanged sentences

The Fund may also gain exposure to United States Treasury Obligations through investments in exchange-traded funds (“ETFs”) (affiliated or otherwise) that track indexes that measure the performance of United States Treasury Obligations with a maximum remaining maturity of up to 12 months (“T-Bill ETFs”).

The Fund holds as collateral United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, for margin and/or cash management purposes.

The Fund may hold as collateral United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, for margin and/or cash management purposes.

While the Fund's performance reflects the appreciation and depreciation of those holdings, the Fund's performance, whether positive or negative, is driven primarily by its strategy of trading futures contracts with the aim of seeking to track the Index.

7 unchanged sentences

(the “NYSE Arca”).

This Quarterly Report (the “Report”) covers the three months ended March 31, 2025 and 2024.

This Quarterly Report (the “Report”) covers the three and six months ended June 30, 2025.

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

28 unchanged sentences

Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other data may be reviewed in the course of making a good faith determination of a security’s fair value.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises, economic sanctions and tariffs, significant governmental actions or adverse investor sentiment generally and market liquidity.

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.

9 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, 2025 and 2024 .

No distributions were declared for the three and six months ended June 30, 2025 and 2024 .

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, 2025 and 2024 , the Fund did not incur such expenses.

For the three and six months ended June 30, 2025 and 2024 , 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, 2025, and 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, 2025 , 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.

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

45 unchanged sentences

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

The Managing Owner waived fees of $ 30,675 and $ 38,620 for the three months ended March 31, 2025 and 2024, respectively.

The Managing Owner waived fees of $ 40,292 and $ 70,967 for the three and six months ended June 30, 2025, respectively.

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

The Distributor

23 unchanged sentences

Index Sponsor

The Managing Owner, on behalf of the Trust and the Fund, has appointed Deutsche Bank Securities, Inc.

The Managing Owner, on behalf of the Fund, has appointed Deutsche Bank Securities, Inc.

to serve as the index sponsor (the “Index Sponsor”).

5 unchanged sentences

Cash deposits held by the Commodity Broker are reflected as Deposit with Commodity Broker on the Statements of Financial Condition.

There were no other cash equivalents held by the Fund as of March 31, 2025 and December 31, 2024.

There were no other cash equivalents held by the Fund as of June 30, 2025 and December 31, 2024.

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, 2025:

The following is a summary of the tiered valuation input levels as of June 30, 2025:

Investments in Securities

United States Treasury Obligations

Exchange-Traded Fund

1 unchanged sentence

Total Investments in Securities

Other Investments - Assets (a)

Other Investments - Liabilities (a)

Commodity Futures Contracts

Total Other Investments

Total Investments

12 unchanged sentences

The Fair Value of Derivative Instruments is as follows:

March 31, 2025

June 30, 2025

December 31, 2024

13 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, 2025 and 2024, respectively.

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three and six months ended June 30, 2025.

Value 03/31/2025

1 unchanged sentence

Proceeds from Sales

Change in Unrealized Appreciation

(Depreciation)

Realized Gain

Change in Unrealized Appreciation (Depreciation)

Realized Gain (Loss)

Value 06/30/2025

Dividend Income

Invesco Short Term Treasury ETF

Investments in Affiliated Money

Invesco Short Term

Investments in

Affiliated Money

Market Funds:

Invesco Government & Agency

Portfolio, Institutional Class

Invesco Government &

Agency Portfolio,

Institutional Class

Value 12/31/2024

1 unchanged sentence

Proceeds from Sales

Change in Unrealized Appreciation

(Depreciation)

Realized Gain

Change in Unrealized Appreciation (Depreciation)

Realized Gain (Loss)

Value 06/30/2025

Dividend Income

Invesco Short Term Treasury ETF

Investments in Affiliated Money

Invesco Short Term

Investments in

Affiliated Money

Market Funds:

Invesco Government & Agency

Portfolio, Institutional Class

Invesco Government &

Agency Portfolio,

Institutional Class

( 115,752,942

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

Purchases at Cost

Proceeds from Sales

Change in Unrealized Appreciation (Depreciation)

Realized Gain (Loss)

Value 06/30/2024

Dividend Income

Invesco Short Term

Investments in

Affiliated Money

Market Funds:

Invesco Government &

Agency Portfolio,

Institutional Class

Value 12/31/23

Purchases at Cost

Proceeds from Sales

Change in Unrealized Appreciation (Depreciation)

Realized Gain (Loss)

Value 06/30/2024

Dividend Income

Invesco Short Term

Investments in

Affiliated Money

Market Funds:

Invesco Government &

Agency Portfolio,

Institutional Class

( 157,538,522

Note 9 - Share Purchases and Redemptions

18 unchanged sentences

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.

The redemption procedures allow Authorized Participants to redeem Creation

Individual Shareholders may not redeem directly from the Fund.

18 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, 2025 and 2024.

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, 2025 and 2024.

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

1 unchanged sentence

Net realized and change in unrealized gain (loss) on

United States Treasury Obligations,

Affiliated Investments and

Commodity Futures Contracts (a)

United States Treasury Obligations, Affiliated

Investments and Commodity Futures Contracts (a)

Net investment income (loss) (b)

19 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