What changed in this filing

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Item 1. Financial Statements

2026-05-07 compared with 2025-11-07 · 78 added, 183 removed, 506 unchanged (34% of the section changed)

2 unchanged sentences

Statements of Financial Condition

September 30, 2025 and December 31, 2024

September 30,

United States Treasury Obligations, at value (cost $ 0 and

$ 245,521,628 , respectively)

March 31, 2026 and December 31, 2025

Affiliated Investments, at value (cost $ 1,126,444,763 and $ 589,419,229 ,

respectively)

1,126,597,298

Other investments:

Variation margin receivable- Commodity Futures Contracts

Cash held by Custodian

Deposit with Commodity Broker

1 unchanged sentence

Dividends from affiliates

1,217,547,269

Fund shares reacquired

Management fees

Brokerage commissions and fees

Total liabilities

2 unchanged sentences

Shareholders' equity—Shares

1,216,956,007

Total shareholders' equity

1,216,957,097

Total liabilities and equity

1,217,547,269

General Shares outstanding

5 unchanged sentences

Schedule of Investments

September 30, 2025

March 31, 2026

Percentage of

Shareholders'

Principal Value

Affiliated Investments

4 unchanged sentences

Institutional Class, 3.58 % (cost $ 1,006,924,708 ) (a)(b)

1,006,924,708

Total Affiliated Investments (cost $ 1,126,444,763 )

1,126,597,298

Total Investments in Securities (cost $ 1,126,444,763 )

1,126,597,298

(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.

(b) The rate shown is the 7-day SEC standardized yield as of September 30, 2025 .

(b) The rate shown is the 7-day SEC standardized yield as of March 31, 2026 .

Open Commodity Futures Contracts

5 unchanged sentences

November - 2026

CBOT Soybean Meal

CBOT Soybean Oil

December - 2026

CBOT Wheat KCB

CME Feeder Cattle

November - 2025

CME Lean Hogs

December - 2025

October - 2026

CME Live Cattle

December - 2025

August - 2026

NYB-ICE Cocoa

1 unchanged sentence

NYB-ICE Coffee

December - 2025

September - 2026

NYB-ICE Cotton

9 unchanged sentences

Shareholders’

Principal Value

United States Treasury Obligations (a)

Treasury Bills, 4.340 % due May 29, 2025 (b)

Total United States Treasury Obligations (cost $ 245,521,628 )

Affiliated Investments

Exchange-Traded Fund

Invesco Short Term Treasury ETF (cost $ 119,520,055 ) (c)

Invesco Short Term Treasury ETF (cost $ 119,520,055 ) (a)

Money Market Mutual Fund

Invesco Government & Agency Portfolio,

Institutional Class, 4.43 % (cost $ 402,174,495 ) (c)(d)

Institutional Class, 3.68 % (cost $ 469,899,174 ) (a)(b)

Total Affiliated Investments (cost $ 589,419,229 )

Total Investments in Securities (cost $ 589,419,229 )

(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 $ 147,450,000 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

(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.

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

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

Open Commodity Futures Contracts

1 unchanged sentence

Expiration Date

(Depreciation) (e)

(Depreciation) (c)

Long Futures Contracts

1 unchanged sentence

November - 2026

CBOT Soybean Meal

CBOT Soybean Oil

December - 2026

CBOT Wheat KCB

1 unchanged sentence

CME Lean Hogs

February - 2025

October - 2026

CME Live Cattle

February - 2025

August - 2026

NYB-ICE Cocoa

December - 2026

NYB-ICE Coffee

September - 2026

NYB-ICE Cotton

December - 2026

NYB-ICE Sugar

Total Commodity Futures Contracts

(e) 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.

1 unchanged sentence

Statements of Income and Expenses

For the Three and Nine Months Ended September 30, 2025 and 2024

For the Three Months Ended March 31, 2026 and 2025

Three Months Ended

Nine Months Ended

September 30,

Interest Income

8 unchanged sentences

and Commodity Futures Contracts

Net Realized Gain (Loss) from

United States Treasury Obligations

Net Realized Gain (Loss) on

Commodity Futures Contracts

Net Realized Gain (Loss)

Net Change in Unrealized Gain (Loss) from

Net Change in Unrealized Gain (Loss) on

United States Treasury Obligations

1 unchanged sentence

Commodity Futures Contracts

( 101,504,012

Net Change in Unrealized Gain (Loss)

( 101,769,607

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

5 unchanged sentences

Statements of Changes in Shareholders’ Equity

For the Three Months Ended September 30, 2025 and 2024

General Shares

Shareholders'

Balance at June 30, 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 September 30, 2025

For the Three Months Ended March 31, 2026 and 2025

General Shares

Shareholders'

Balance at June 30, 2024

Balance at December 31, 2025

Purchases of Shares

11 unchanged sentences

Net Change in Shareholders' Equity

Balance at September 30, 2024

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

Invesco DB Agriculture Fund

Statements of Changes in Shareholders’ Equity

For the Nine Months Ended September 30, 2025 and 2024

General Shares

Shareholders'

Balance at December 31, 2024

Purchases of Shares

Redemption of Shares

Balance at March 31, 2026

1,216,956,007

1,216,957,097

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 September 30, 2025

General Shares

3 unchanged sentences

Redemption of Shares

( 222,284,973

Net Increase (Decrease) due to Share Transactions

( 127,982,836

Net Income (Loss)

6 unchanged sentences

Investments and Commodity Futures Contracts

( 101,769,507

( 101,769,607

Net Income (Loss)

Net Change in Shareholders' Equity

Balance at September 30, 2024

Balance at March 31, 2025

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 Nine Months Ended September 30, 2025 and 2024

Nine Months Ended

September 30,

For the Three Months Ended March 31, 2026 and 2025

Cash flows from operating activities:

1 unchanged sentence

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating

Cost of securities purchased

( 292,121,235

Proceeds from securities sold and matured

Cost of affiliated investments purchased

3 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

8 unchanged sentences

Net cash provided by (used in) operating activities

( 435,946,681

Cash flows from financing activities:

Distributions paid to shareholders

Proceeds from purchases of Shares

Redemption of Shares

( 163,401,309

( 225,442,518

Net cash provided by (used in) financing activities

( 129,402,233

Net change in cash

6 unchanged sentences

Notes to Unaudited F inancial Statements

September 30, 2025

March 31, 2026

Note 1 – Organization

Invesco DB Agriculture Fund (the “Fund”), a separate series of Invesco DB Multi-Sector Commodity Trust (the “Trust”), a Delaware statutory trust organized in five separate series, was formed on August 3, 2006.

The term of the Fund is perpetual (unless terminated earlier in certain circumstances) as provided for in the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Trust, as amended (the “Trust Agreement”).

The Fund has an unlimited number of shares authorized for issuance.

Invesco Capital Management LLC has served as the managing owner (the “Managing Owner”), commodity pool operator and commodity trading advisor of the Trust and the Fund since February 23, 2015.

Invesco Capital Management LLC has served as the managing owner (the “Managing Owner”), commodity pool operator and commodity trading advisor of the Fund since February 23, 2015.

The Managing Owner holds 40 general shares (the “General Shares”) of the Fund.

1 unchanged sentence

The Fund seeks to track changes, whether positive or negative, in the level of the DBIQ Diversified Agriculture Index Excess Return (the “Index”) over time, plus the excess, if any, of the sum of the Fund’s interest income from its holdings of United States Treasury Obligations (“Treasury Income”), dividends from its holdings in money market mutual funds (affiliated or otherwise) (“Money Market Income”) and dividends or distributions of capital gains from its holdings of T-Bill ETFs (as defined below) (“T-Bill ETF Income”) over the expenses of the Fund.

The Index is intended to reflect the economic performance of investing in commodities in the agriculture sector.

The Fund invests in futures contracts in an attempt to track its Index.

The Index is intended to reflect the change in market value of the agricultural sector.

The commodities comprising the Index are Corn, Soybeans, Wheat, Kansas City Wheat, Sugar, Cocoa, Coffee, Cotton, Live Cattle, Feeder Cattle and Lean Hogs (each an “Index Commodity”, and collectively, the “Index Commodities”).

Effective November 10, 2025, the Index comprised the following commodities:

Corn, Soybeans, Soybean Meal, Soybean Oil, Wheat, Kansas City Wheat, Sugar, Cocoa, Coffee, Cotton, Live Cattle, Feeder Cattle, and Lean Hogs (each, an “Index Commodity,” and collectively, the “Index Commodities”).

The Fund may invest directly in United States Treasury Obligations.

12 unchanged sentences

(the “NYSE Arca”).

This Quarterly Report (the “Report”) covers the three and nine months ended September 30, 2025 and 2024.

This Quarterly Report (the “Report”) covers the three months ended March 31, 2026 and 2025.

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

3 unchanged sentences

Interim period results are not necessarily indicative of results for a full-year period.

These financial statements and the notes thereto should be read in conjunction with the Fund’s financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 26, 2025 .

Note 2 – Summary of Significant Accounting Policies

9 unchanged sentences

Segment Reporting

The Fund represents a single operating segment.

Subject to the oversight and, when applicable, approval of the Board of Managers, the Fund's Managing Owner acts as the Fund's chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund.

The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting.

Subject to the oversight and, when applicable, approval of the Board of Managers, portfolio managers and senior executives at the Managing Owner act as the Fund's chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund.

The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy.

21 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 nine months ended September 30, 2025 and 2024 .

No distributions were declared for the three months ended March 31, 2026 and 2025 .

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 nine months ended September 30, 2025 and 2024 , the Fund did no t incur such expenses.

For the three months ended March 31, 2026 and 2025 , the Fund did no t 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 $ 7.00 per round-turn trade during the three and nine months ended September 30, 2025 , respectively.

On average, total charges paid to the Commodity Broker, as applicable, were less than $ 7.00 and $ 7.00 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 $ 7.00 per round-turn trade during the three months ended March 31, 2026 and 2025, respectively.

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

4 unchanged sentences

The Managing Owner has reviewed all of the Fund’s open tax years and major jurisdictions and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain tax positions taken or expected to be taken in future tax returns.

The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The major tax jurisdiction for the Fund and the earliest tax year subject to examination:

14 unchanged sentences

The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss in excess of the amounts shown on the Statements of Financial Condition.

The financial instruments used by

the Fund are commodity futures contracts, the values of which are based upon an underlying asset and generally represent future commitments that have a reasonable possibility of being settled in cash or through physical delivery.

The financial instruments used by the Fund are commodity futures contracts, the values of which are based upon an underlying asset and generally represent future commitments that have a reasonable possibility of being settled in cash or through physical delivery.

The financial instruments are traded on an exchange and are standardized contracts.

10 unchanged sentences

Note 4 – Service Providers and Related Party Agreements

Under the Trust Agreement, Wilmington Trust Company, the trustee of the Trust and the Fund (the “Trustee”), has the power and authority to execute and file certificates as required by the Delaware Statutory Trust Act and to accept service of process on the Fund in the State of Delaware.

The Managing Owner has the exclusive management and control of all aspects of the business of the Trust and the Fund.

Under the Trust Agreement, Wilmington Trust Company, the trustee of the Fund (the “Trustee”), has the power and authority to execute and file certificates as required by the Delaware Statutory Trust Act and to accept service of process on the Fund in the State of Delaware.

The Managing Owner has the exclusive management and control of all aspects of the business of the Fund.

The Trustee will serve in that capacity until such time as the Managing Owner removes the Trustee or the Trustee resigns and a successor is appointed by the Managing Owner.

7 unchanged sentences

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

The Managing Owner waived fees of $ 154,920 and $ 393,697 for the three and nine months ended September 30, 2025, respectively.

The Managing Owner waived fees of $ 87,709 and $ 276,023 for the three and nine months ended September 30, 2024, respectively.

The Managing Owner waived fees of $ 151,946 and $ 118,996 for the three months ended March 31, 2026 and 2025, respectively.

The Distributor

9 unchanged sentences

Such executing brokers give-up all such transactions to the Commodity Broker.

In its capacity as clearing broker, the Commodity Broker may execute or receive transactions

executed by others and clears all of the Fund’s futures transactions and performs certain administrative and custodial services for the Fund.

In its capacity as clearing broker, the Commodity Broker may execute or receive transactions executed by others and clears all of the Fund’s futures transactions and performs certain administrative and custodial services for the Fund.

The Commodity Broker is responsible, among other things, for providing periodic accountings of all dealings and actions taken by the Trust on behalf of the Fund during the reporting period, together with an accounting of all securities, cash or other indebtedness or obligations held by it or its nominees for or on behalf of the Fund.

19 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 cash equivalents held by the Fund as of September 30, 2025 and December 31, 2024.

There were no cash equivalents held by the Fund as of March 31, 2026 and December 31, 2025.

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 September 30, 2025:

The following is a summary of the tiered valuation input levels as of March 31, 2026:

Investments in Securities

1 unchanged sentence

Money Market Mutual Fund

1,006,924,708

Total Investments in Securities

1,126,597,298

Other Investments - Assets (a)

4 unchanged sentences

Total Investments

1,160,773,524

(a) Unrealized appreciation (depreciation).

1 unchanged sentence

Investments in Securities

United States Treasury Obligations

Exchange-Traded Fund

10 unchanged sentences

The Fair Value of Derivative Instruments is as follows:

September 30, 2025

March 31, 2026

December 31, 2025

7 unchanged sentences

Location of Gain (Loss) on Derivatives

September 30,

Risk Exposure/Derivative Type

4 unchanged sentences

Net Change in Unrealized Gain (Loss)

For the Nine Months Ended

Location of Gain (Loss) on Derivatives

September 30,

Risk Exposure/Derivative Type

Recognized in Income

Commodity risk

Commodity Futures Contracts

Net Realized Gain (Loss)

Net Change in Unrealized Gain (Loss)

( 101,504,012

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

For the Three Months Ended

For the Nine Months Ended

September 30,

Average Notional Value

Note 8 – Investments in Affiliates

The Invesco Short Term Treasury ETF, formerly known as the Invesco Treasury Collateral ETF, is an investment company registered under the Investment Company Act of 1940, as amended, whose shares are primarily purchased and sold on a national securities exchange.

The Invesco Short Term Treasury ETF is an investment company registered under the Investment Company Act of 1940, as amended, whose shares are primarily purchased and sold on a national securities exchange.

In seeking its investment objective, the Invesco Short Term Treasury ETF primarily holds U.S.

7 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 nine months ended September 30, 2025.

Value 06/30/2025

Purchases at Cost

Proceeds from Sales

Change in Unrealized Appreciation (Depreciation)

Realized Gain (Loss)

Value 09/30/2025

Dividend Income

Invesco Short Term

Investments in

Affiliated Money

Market Funds:

Invesco Government &

Agency Portfolio,

Institutional Class

Value 12/31/2024

Purchases at Cost

Proceeds from Sales

Change in Unrealized Appreciation (Depreciation)

Realized Gain (Loss)

Value 09/30/2025

Dividend Income

Invesco Short Term

Investments in

Affiliated Money

Market Funds:

Invesco Government &

Agency Portfolio,

Institutional Class

( 395,936,232

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.

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three months ended March 31, 2026.

Value 12/31/2025

14 unchanged sentences

1,126,597,298

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three months ended March 31, 2025.

Value 12/31/2024

55 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 nine months ended September 30, 2025 and 2024.

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, 2026 and 2025.

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

1 unchanged sentence

Three Months Ended

Nine Months Ended

September 30,

Net Asset Value

23 unchanged sentences

Not annualized for periods less than one year, if applicable.

Note 12 – Subsequent Event

Effective November 10, 2025, changes will be made to the Index.

The changes to the Index are being implemented by Deutsche Bank AG, the Index provider.

A summary of the changes are as follows:

Expanded Commodity Universe

• Eligible commodities will be determined annually based on their liquidity and economic importance.

• Under the new methodology, the number of commodities included in the Index universe is expected to expand.

Modified Optimum Yield Methodology

• The current Optimum Yield methodology will be modified to eliminate contracts with limited liquidity.

Annual Review of Base Weights and Commodities

• The current static allocations to commodities will be changed by implementing a rules-based annual review to better reflect current global production and market liquidity.

Weight Limits (Annually at Rebalance)

• Implementation of sector and single commodity caps and floors to reduce concentration risk.

Intra-year Rebalancing Events

• An intra-year rebalance event will be triggered should a large deviation occur on a monthly observation date to help prevent significant deviations from annual rebalance target weights.

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