Invesco DB Multi-Sector Commodity Trust

For the period ended Jun 30, 2025. Filed Aug 7, 2025.

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, 2025 · Filed Aug 7, 2025

DBO$23.12-3.7%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Item 1. Financial Statements

Statements of Financial Condition

June 30, 2025 and December 31, 2024

	June 30,	December 31,
	2025	2024
Assets
United States Treasury Obligations, at value (cost $– and $53,447,148, respectively)	$—	$53,470,939
Affiliated investments, at value (cost $206,564,078 and $154,947,626, respectively)	206,593,618	155,007,856
Other investments:
Variation margin receivable- Commodity Futures Contracts	—	2,142,000
Cash held by Custodian	—	1,041,250
Deposit with Commodity Broker	20,054,394	—
Receivable for:
Fund shares sold	1,323,061	—
Dividends from affiliates	624,202	593,811
Investments sold	58	—
Total assets	$228,595,333	$212,255,856
Liabilities
Payable for:
Due to custodian	$49	$—
Investments purchased	148,636	—
Management fees	214,131	125,189
Brokerage commissions and fees	4,293	4,915
Total liabilities	367,109	130,104
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	529	571
Shareholders' equity—Shares	228,227,695	212,125,181
Total shareholders' equity	228,228,224	212,125,752
Total liabilities and equity	$228,595,333	$212,255,856
General Shares outstanding	40	40
Shares outstanding	17,250,000	14,850,000
Net asset value per share	$13.23	$14.28
Market value per share	$13.22	$14.31

Schedule of Investments

June 30, 2025

Description	Percentage ofShareholders'Equity	Value	Shares
Affiliated Investments
Exchange-Traded Fund
Invesco Short Term Treasury ETF (cost $53,954,170) (a)(b)	23.65%	$53,983,710	$511,500
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 4.26% (cost $152,609,908) (c)	66.87%	152,609,908	152,609,908
Total Affiliated Investments (cost $206,564,078)	90.52%	$206,593,618

(a)

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

(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. See Note 8.

(c)

The rate shown is the 7-day SEC standardized yield as of June 30, 2025.

Open Commodity Futures Contracts	Number of Contracts	Expiration Date	NotionalValue	Value(d)	UnrealizedAppreciation(Depreciation)(d)
Long Futures Contracts
NYMEX WTI Crude	3,677	October - 2025	228,194,620	$(4,748,872)	$(4,748,872)

(d)

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

Schedule of Investments

December 31, 2024

Description · Percentage ofShareholders'Equity · Value · Principal Value
United States Treasury Obligations (a)
U.S. Treasury Bills, 4.400% due March 6, 2025	6.55%	$13,897,595		$14,000,000
U.S. Treasury Bills, 4.230% due April 3, 2025	18.66%	39,573,344		40,000,000
Total United States Treasury Obligations (cost $53,447,148)	25.21%	$53,470,939
Affiliated Investments			Shares
Exchange-Traded Fund
Invesco Short Term Treasury ETF (cost $53,954,170)(b)(c)	25.46%	$54,014,400		511,500
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 4.43% (cost $100,993,456)(b)(d)	47.61	100,993,456		100,993,456
Total Affiliated Investments (cost $154,947,626)	73.07%	$155,007,856
Total Investments in Securities (cost $208,394,774)	98.28%	$208,478,795

(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)

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.

(c)

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

(d)

The rate shown is the 7-day SEC standardized yield as of December 31, 2024.

Open Commodity Futures Contracts	Number of Contracts	Expiration Date	NotionalValue	Value(e)	UnrealizedAppreciation(Depreciation)(e)
Long Futures Contracts
NYMEX WTI Crude	2,975	February - 2025	$211,968,750	$10,025,351	$10,025,351

(e)

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, 2025 and 2024

Three Months Ended · Six Months Ended
	June 30,		June 30,
	2025	2024	2025	2024
Income
Interest Income	$118,198	$906,763	$680,312	$2,046,997
Dividends from Affiliates	1,799,755	2,292,399	3,321,659	4,455,656
Total Income	1,917,953	3,199,162	4,001,971	6,502,653
Expenses
Management Fees	352,532	459,083	718,416	924,637
Brokerage Commissions and Fees	3,339	1,214	34,812	3,570
Interest Expense	5,648	26,171	22,150	52,012
Total Expenses	361,519	486,468	775,378	980,219
Less: Waivers	(40,292)	(38,589)	(70,967)	(77,209)
Net Expenses	321,227	447,879	704,411	903,010
Net Investment Income (Loss)	1,596,726	2,751,283	3,297,560	5,599,643
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts
Net Realized Gain (Loss) from
Commodity Futures Contracts	400,416	1,847,279	433,121	1,730,911
Net Realized Gain (Loss)	400,416	1,847,279	433,121	1,730,911
Net Change in Unrealized Gain (Loss) from
United States Treasury Obligations	(148)	711	(23,791)	(53,454)
Affiliated Investments	2,557	—	(30,690)	(69,052)
Commodity Futures Contracts	(15,790,205)	(575,543)	(14,774,223)	23,639,108
Net Change in Unrealized Gain (Loss)	(15,787,796)	(574,832)	(14,828,704)	23,516,602
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	(15,387,380)	1,272,447	(14,395,583)	25,247,513
Net Income (Loss)	$(13,790,654)	$4,023,730	$(11,098,023)	$30,847,156

Statements of Changes in Shareholders’ Equity

For the Three Months Ended June 30, 2025 and 2024

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at March 31, 2025	40		$574		14,100,000		$202,307,455		$202,308,029
Purchases of Shares				5,000,000		65,738,078		65,738,078
Redemption of Shares				(1,850,000)		(26,027,229)		(26,027,229)
Net Increase (Decrease) due to Share Transactions				3,150,000		39,710,849		39,710,849
Net Income (Loss)
Net Investment Income (Loss)		10				1,596,716		1,596,726
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		2				400,414		400,416
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(57)				(15,787,739)		(15,787,796)
Net Income (Loss)		(45)				(13,790,609)		(13,790,654)
Net Change in Shareholders' Equity	—		(45)		3,150,000		25,920,240		25,920,195
Balance at June 30, 2025	40		$529		17,250,000		$228,227,695		$228,228,224

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at March 31, 2024	40		$623		16,150,000		$251,566,600		$251,567,223
Purchases of Shares				600,000		9,392,393		9,392,393
Redemption of Shares				(1,950,000)		(30,201,107)		(30,201,107)
Net Increase (Decrease) due to Share Transactions				(1,350,000)		(20,808,714)		(20,808,714)
Net Income (Loss)
Net Investment Income (Loss)		7				2,751,276		2,751,283
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		4				1,847,275		1,847,279
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		—				(574,832)		(574,832)
Net Income (Loss)		11				4,023,719		4,023,730
Net Change in Shareholders' Equity	—		11		(1,350,000)		(16,784,995)		(16,784,984)
Balance at June 30, 2024	40		$634		14,800,000		$234,781,605		$234,782,239

Statements of Changes in Shareholders’ Equity

For the Six Months Ended June 30, 2025 and 2024

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				6,250,000		83,159,395		83,159,395
Redemption of Shares				(3,850,000)		(55,958,900)		(55,958,900)
Net Increase (Decrease) due to Share Transactions				2,400,000		27,200,495		27,200,495
Net Income (Loss)
Net Investment Income (Loss)		12				3,297,548		3,297,560
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		2				433,119		433,121
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(56)				(14,828,648)		(14,828,704)
Net Income (Loss)		(42)				(11,097,981)		(11,098,023)
Net Change in Shareholders' Equity	—		(42)		2,400,000		16,102,514		16,102,472
Balance at June 30, 2025	40		$529		17,250,000		$228,227,695		$228,228,224

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2023	40		$558		17,500,000		$244,340,934		$244,341,492
Purchases of Shares				2,000,000		29,379,045		29,379,045
Redemption of Shares				(4,700,000)		(69,785,454)		(69,785,454)
Net Increase (Decrease) due to Share Transactions				(2,700,000)		(40,406,409)		(40,406,409)
Net Income (Loss)
Net Investment Income (Loss)		14				5,599,629		5,599,643
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		4				1,730,907		1,730,911
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		58				23,516,544		23,516,602
Net Income (Loss)		76				30,847,080		30,847,156
Net Change in Shareholders' Equity	—		76		(2,700,000)		(9,559,329)		(9,559,253)
Balance at June 30, 2024	40		$634		14,800,000		$234,781,605		$234,782,239

Statements of Cash Flows

For the Six Months Ended June 30, 2025 and 2024

	Six Months Ended
	June 30,
	2025	2024
Cash flows from operating activities:
Net Income (Loss)	$(11,098,023)	$30,847,156
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased	—	(66,237,431)
Proceeds from securities sold and matured	53,999,999	83,000,000
Cost of affiliated investments purchased	(167,369,394)	(162,773,691)
Proceeds from affiliated investments sold	115,752,942	157,538,522
Net accretion of discount on United States Treasury Obligations	(552,851)	(2,004,856)
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments	54,481	122,506
Change in operating assets and liabilities:
Variation margin - Commodity Futures Contracts	2,142,000	(22,950)
Deposit with Commodity Broker	(20,054,394)	—
Dividends from affiliates	(30,391)	114,025
Securities sold	(58)
Investments purchased	148,636	—
Management fees	88,942	(17,142)
Brokerage commissions and fees	(622)	(102)
Net cash provided by (used in) operating activities	(26,918,733)	40,566,037
Cash flows from financing activities:
Distributions paid to shareholders	—	(159,628)
Proceeds from purchases of Shares	81,836,334	29,379,045
Redemption of Shares	(55,958,900)	(69,785,454)
Increase (Decrease) in payable for amount due to custodian	49	—
Net cash provided by (used in) financing activities	25,877,483	(40,566,037)
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	$22,150	$52,012

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.