Invesco DB Multi-Sector Commodity Trust

For the period ended Sep 30, 2025. Filed Nov 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.

Sep 30, 2025 · Filed Nov 7, 2025

DBP$90.27-2.6%Stored close · as of Nov 10, 2026

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Contents

Item 1. Financial Statements

Statements of Financial Condition

September 30, 2025 and December 31, 2024

	September 30,	December 31,
	2025	2024
Assets
United States Treasury Obligations, at value (cost $– and $54,014,758, respectively)	$—	$54,072,308
Affiliated investments, at value (cost $150,591,711 and $100,206,985, respectively)	150,627,633	100,234,751
Other investments:
Variation margin receivable- Commodity Futures Contracts	—	1,161,365
Deposit with Commodity Broker	70,538,220	—
Receivable for:
Dividends from affiliates	439,806	422,759
Total assets	$221,605,659	$155,891,183
Liabilities
Payable for:
Due to Custodian	$—	$957,105
Management fees	117,355	97,961
Brokerage commissions and fees	5,013	4,929
Total liabilities	122,368	1,059,995
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	3,543	2,429
Shareholders' equity—Shares	221,479,748	154,828,759
Total shareholders' equity	221,483,291	154,831,188
Total liabilities and equity	$221,605,659	$155,891,183
General Shares outstanding	40	40
Shares outstanding	2,500,000	2,550,000
Net asset value per share	$88.59	$60.72
Market value per share	$88.98	$60.62

Schedule of Investments

September 30, 2025

Description	Percentage ofShareholders'Equity	Value	Principal Value
Affiliated Investments · Shares
Exchange-Traded Fund
Invesco Short Term Treasury ETF (cost $21,504,074)(a)(b)	9.73%	$21,539,996	203,900
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 4.05% (cost $129,087,637)(a)(c)	58.28	129,087,637	129,087,637
Total Affiliated Investments (cost $150,591,711)	68.01%	$150,627,633
Total Investments in Securities (cost $150,591,711)	68.01%	$150,627,633

(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, 2025.

Open Commodity Futures Contracts · Number of Contracts · Expiration Date · NotionalValue · Value(d) · Unrealized Appreciation (Depreciation)(d)
Long Futures Contracts
COMEX Gold	453	December-2025	$175,455,960		$44,030,074		$44,030,074
COMEX Silver	192	December-2025	44,774,400		12,484,624		12,484,624
Total Commodity Futures Contracts				$56,514,698		$56,514,698

(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 Bill, 4.340% due May 29, 2025(b)	34.92%	$54,072,308		$55,000,000
Total United States Treasury Obligations (cost $54,014,758)	34.92%	$54,072,308
Affiliated Investments			Shares
Exchange-Traded Fund
Invesco Short Term Treasury ETF (cost $21,504,074)(c)(d)	13.91%	$21,531,840		203,900
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 4.43% (cost $78,702,911)(c)(e)	50.83	78,702,911		78,702,911
Total Affiliated Investments (cost $100,206,985)	64.74%	100,234,751
Total Investments in Securities (cost $154,221,743)	99.66%	$154,307,059

(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)

United States Treasury Obligations of $24,575,000 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

(c)

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.

(d)

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

(e)

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(f) · Unrealized Appreciation (Depreciation)(f)
Long Futures Contracts
COMEX Gold	453	December-2025	$125,340,570		$(2,999,685)		$(2,999,685)
COMEX Silver	193	December-2025	29,504,875		(2,859,208)		(2,859,208)
Total Commodity Futures Contracts				$(5,858,893)		$(5,858,893)

(f)

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, 2025 and 2024

Three Months Ended · Nine Months Ended
	September 30,		September 30,
	2025	2024	2025	2024
Income
Interest Income	$429,404	$738,418	$1,910,914	$2,216,374
Dividends from Affiliates	1,584,879	1,455,836	3,752,657	3,794,450
Total Income	2,014,283	2,194,254	5,663,571	6,010,824
Expenses
Management Fees	373,770	313,992	1,036,337	854,777
Brokerage Commissions and Fees	40	237	844	680
Interest Expense	2,675	18,039	10,686	39,092
Total Expenses	376,485	332,268	1,047,867	894,549
Less: Waivers	(36,801)	(24,783)	(84,215)	(65,652)
Net Expenses	339,684	307,485	963,652	828,897
Net Investment Income (Loss)	1,674,599	1,886,769	4,699,919	5,181,927
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	—	838,655	3,548,434	2,053,871
Net Realized Gain (Loss)	—	838,655	3,548,434	2,053,871
Net Change in Unrealized Gain (Loss) from
United States Treasury Obligations	—	34,309	(57,550)	(5,909)
Affiliated Investments	20,390	38,741	8,156	11,214
Commodity Futures Contracts	32,744,090	15,247,440	62,373,591	30,750,314
Net Change in Unrealized Gain (Loss)	32,764,480	15,320,490	62,324,197	30,755,619
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	32,764,480	16,159,145	65,872,631	32,809,490
Net Income (Loss)	$34,439,079	$18,045,914	$70,572,550	$37,991,417

Statements of Changes in Shareholders’ Equity

For the Three Months Ended September 30, 2025 and 2024

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at June 30, 2025	40		$2,993		2,500,000		$187,041,219		$187,044,212
Purchases of Shares				—		—		—
Redemption of Shares				—		—		—
Net Increase (Decrease) due to Share Transactions				—		—		—
Net Income (Loss)
Net Investment Income (Loss)		27				1,674,572		1,674,599
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		523				32,763,957		32,764,480
Net Income (Loss)		550				34,438,529		34,439,079
Net Change in Shareholders' Equity	—		550		—		34,438,529		34,439,079
Balance at September 30, 2025	40		$3,543		2,500,000		$221,479,748		$221,483,291

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at June 30, 2024	40		$2,296		2,700,000		$155,008,354		$155,010,650
Purchases of Shares				200,000		12,063,432		12,063,432
Redemption of Shares				(100,000)		(6,109,164)		(6,109,164)
Net Increase (Decrease) due to Share Transactions				100,000		5,954,268		5,954,268
Net Income (Loss)
Net Investment Income (Loss)		27				1,886,742		1,886,769
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		12				838,643		838,655
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		222				15,320,268		15,320,490
Net Income (Loss)		261				18,045,653		18,045,914
Net Change in Shareholders' Equity	—		261		100,000		23,999,921		24,000,182
Balance at September 30, 2024	40		$2,557		2,800,000		$179,008,275		$179,010,832

Statements of Changes in Shareholders’ Equity

For the Nine Months Ended September 30, 2025 and 2024

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2024	40		$2,429			2,550,000		$154,828,759		$154,831,188
Purchases of Shares						500,000			35,290,518		35,290,518
Redemption of Shares						(550,000)			(39,210,965)		(39,210,965)
Net Increase (Decrease) due to Share Transactions						(50,000)			(3,920,447)		(3,920,447)
Net Income (Loss)
Net Investment Income (Loss)				74					4,699,845		4,699,919
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				55					3,548,379		3,548,434
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				985					62,323,212		62,324,197
Net Income (Loss)				1,114					70,571,436		70,572,550
Net Change in Shareholders' Equity		—			1,114		(50,000)			66,650,989		66,652,103
Balance at September 30, 2025	40		$3,543			2,500,000		$221,479,748		$221,483,291

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2023	40		$2,000			2,950,000		$147,488,895		$147,490,895
Purchases of Shares						350,000			20,780,047		20,780,047
Redemption of Shares						(500,000)			(27,251,527)		(27,251,527)
Net Increase (Decrease) due to Share Transactions						(150,000)			(6,471,480)		(6,471,480)
Net Income (Loss)
Net Investment Income (Loss)				76					5,181,851		5,181,927
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				30					2,053,841		2,053,871
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts				451					30,755,168		30,755,619
Net Income (Loss)				557					37,990,860		37,991,417
Net Change in Shareholders' Equity		—			557		(150,000)			31,519,380		31,519,937
Balance at September 30, 2024	40		$2,557			2,800,000		$179,008,275		$179,010,832

Statements of Cash Flows

For the Nine Months Ended September 30, 2025 and 2024

	Nine Months Ended
	September 30,
	2025	2024
Cash flows from operating activities:
Net Income (Loss)	$70,572,550	$37,991,417
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased	—	(53,554,555)
Proceeds from securities sold and matured	55,000,000	55,000,000
Cost of affiliated investments purchased	(114,849,118)	(148,349,665)
Proceeds from affiliated investments sold	64,464,392	117,716,065
Net accretion of discount on United States Treasury Obligations	(985,242)	(2,177,431)
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments	49,394	(5,305)
Change in operating assets and liabilities:
Variation margin- Commodity Futures Contracts	1,161,365	(107,985)
Dividends from affiliates	(17,047)	(52,457)
Management fees	19,394	11,400
Brokerage commissions and fees	84	(4)
Deposit with Commodity Broker	(70,538,220)	—
Net cash provided by (used in) operating activities	4,877,552	6,471,480
Cash flows from financing activities:
Proceeds from purchases of Shares	35,290,518	20,780,047
Redemption of Shares	(39,210,965)	(27,251,527)
Increase (decrease) in payable for amount due to custodian	(957,105)	—
Net cash provided by (used in) financing activities	(4,877,552)	(6,471,480)
Net change in cash	—	—
Cash at beginning of period	—	—
Cash at end of period	$—	$—
Supplemental disclosure of cash flow information
Cash paid for interest	$10,686	$39,092

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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.