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Item 7. Management’s Discussion and Analysis

2026-03-02 compared with 2025-02-26 · 142 added, 131 removed, 843 unchanged (24% of the section changed)

9 unchanged sentences

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 is registered with the Commodity Futures Trading Commission (the “CFTC”) as a commodity pool operator and a commodity trading advisor, and it is a member firm of the National Futures Association (“NFA”).

The Fund seeks to track changes, whether positive or negative, in the level of the DBIQ Optimum Yield Industrial Metals 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 futures contracts on the base metals 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 base metals sector.

The commodities comprising the Index are aluminum, zinc and copper—Grade A (each an “Index Commodity”, and collectively, the “Index Commodities”).

Effective November 10, 2025, the commodities comprising the Index are Aluminum, Zinc, Lead, Nickel, Comex Copper and Copper—Grade A (each, an “Index Commodity,” and collectively, the “Index Commodities”).

The Fund may invest directly in United States Treasury Obligations.

2 unchanged sentences

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.

The Fund pursues its investment objective by investing in a portfolio of exchange-traded commodity futures contracts that expire in a specific month and trade on a specific exchange (the “Index Contracts”) in the Index Commodities.

The notional amounts of each Index Commodity included in the Index are broadly in proportion to historic levels of the world’s production and stocks of the Index Commodities.

The Fund pursues its investment objective by investing in a portfolio of exchange-traded futures on commodities in the base metals sector.

The Index Sponsor selects and weights commodities in the Index on an annual basis based on (i) the value and liquidity of the market for associated commodity futures contracts and (ii) their production volume (in order to factor in the relative importance of the commodity in the global economy).

Commodity futures quoted in U.S.

Dollars and listed on major U.S.

and European exchanges are eligible for inclusion in the Index.

Eligible commodities are selected based on their Three-Year Total Dollar Volume Average (i.e., commodities are initially screened for inclusion based on their relative three-year “Total Dollar Volume” traded, which is calculated by multiplying the total volume of futures traded during the last one-year period by the average close price of the front month contract on each month end during that one-year period).

Each commodity’s three-year Total Dollar Volume traded is calculated in proportion to the three-year Total Dollar Volume traded of all commodities within its sector to determine its initial sector liquidity rate.

A commodity with a proportionate weight of less than 2% (or 1.5% for a commodity included at the last rebalance) within its sector is excluded from the Index.

Each remaining commodity’s three-year Total Dollar Volume traded is calculated in proportion to the three-year Total Dollar Volume traded of all eligible commodities (“Filtered Commodity Weight”).

Commodity weights in the Index are determined by the Parent Index.

The Parent Index determines production weights for each eligible commodity based on the total dollar amount of the commodity produced within the year in proportion to the sum of the production dollar amounts within the industrial metals sector (“Production Weights”).

The weight of each commodity in the Index is generally based on the average of the Filtered Commodity Weight and the Production Weight, subject to the subject to the requirement that each commodity must have an allocation within the Index of no less than 5%.

The Index is rebalanced annually on the sixth business day in November.

However, during periods of heightened volatility or when commodity prices experience significant movements, the commodities weights within the Index may be reset or reduced based on the weight implemented at the previous annual rebalance.

The Fund also holds United States Treasury Obligations and T-Bill ETFs, if any, for deposit with Morgan Stanley & Co.

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The CFTC and certain futures exchanges impose position limits on futures contracts, including on Index Contracts.

As the Fund approaches or reaches position limits with respect to an Index Commodity, the Fund may commence investing in Index Contracts that reference other Index Commodities.

In those circumstances, the Fund may also trade in futures contracts based on commodities other than Index Commodities that the Managing Owner reasonably believes tend to exhibit trading prices that correlate with an Index Contract.

approaches or reaches position limits with respect to an Index Commodity, the Fund may commence investing in Index Contracts that

reference other Index Commodities.

In those circumstances, the Fund may also trade in futures contracts based on commodities other

than Index Commodities that the Managing Owner reasonably believes tend to exhibit trading prices that correlate with an Index

The Managing Owner may determine to invest in other futures contracts if at any time it is impractical, including in scenarios wherein the futures market for an Index Contract is thinly traded, or inefficient to gain full or partial exposure to an Index Commodity through the use of Index Contracts.

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The counterparty for futures contracts traded on United States and on most foreign futures exchanges is the clearing house associated with the particular exchange.

In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from the nonperformance by one of their members and, as such, is designed to disperse and mitigate the credit risk posed by any one member.

In cases where the clearing house is not backed by the clearing

members ( i.e ., some foreign exchanges), it may be backed by a consortium of banks or other financial institutions.

In cases where the clearing house is not backed by the clearing members ( i.e ., some foreign exchanges), it may be backed by a consortium of banks or other financial institutions.

There can be no assurance that any counterparty, clearing member or clearinghouse will meet its obligations to the Fund.

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The Fund in turn allocates its net assets to commodity futures trading.

A significant portion of the NAV is held in United States Treasury Obligations, which may be used as margin for the Fund’s trading in commodity futures contracts and United States Treasury Obligations, money market mutual funds, cash and T-Bill ETFs, if any, which may be used for cash management purposes.

A significant portion of the NAV may be held in United States Treasury Obligations or cash, which may be used as margin for the Fund’s trading in commodity futures contracts and United States Treasury Obligations, money market mutual funds, cash and T-Bill ETFs, if any, which may be used for cash management purposes.

The amount of cash and/or United States Treasury Obligations on deposit with the Commodity Broker may exceed the amount of margin required to be on deposit, depending on market conditions and comparative yields available from United States Treasury Obligations, money market funds, T-Bill ETFs and cash held on deposit with Commodity Broker.

The percentage that United States Treasury Obligations bear to the total net assets will vary from period to period as the market values of the Fund’s commodity interests change.

A portion of the Fund’s United States Treasury Obligations is held for deposit with the Commodity Broker to meet margin requirements.

All remaining cash, money market mutual funds, T-Bill ETFs, if any, and United States Treasury Obligations are on deposit with the Custodian.

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Redemption orders are irrevocable.

The redemption procedures allow Authorized Participants to redeem Creation Units.

The redemption procedures allow Authorized Participants to redeem

Creation Units.

Individual Shareholders may not redeem directly from the Fund.

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As of the date of this Report, each of ABN AMRO Clearing Chicago LLC, Bank of America Securities, BMO Capital Markets Corp., BNP Paribas Securities Corp., BofA Securities, Inc., Cantor Fitzgerald & Co., Citadel Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., Goldman Sachs Execution & Clearing LP, Interactive Brokers LLC, Jane Street Capital LLC, Jefferies LLC, JP Morgan Securities Inc., Morgan Stanley & Co.

LLC, Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities LLC, Virtu Americas LLC and Virtu Financial Capital Markets LLC has executed a Participant Agreement and are the only Authorized Participants.

LLC, Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities LLC, and Virtu Americas LLC has executed a Participant Agreement and are the only Authorized Participants.

Operating Activities

Net cash flow provided by (used in) operating activities was $(55.7) million and $16.7 million for the years ended December 31, 2025 and 2024, respectively.

These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury Obligations and affiliated investments.

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

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

These amounts primarily include net income (loss), net purchases and sales of money market mutual funds and net purchases and sales of United States Treasury Obligations, affiliated investments and net deposits to/from Commodity Broker.

The Fund invests in United States Treasury Obligations, money market mutual funds, T-Bill ETFs (affiliated or otherwise) and cash, if any, or maintains excess deposits with brokers for margin and/or cash management purposes only.

During the year ended December 31, 2024, $122.9 million was paid to purchase United States Treasury Obligations and $133.0 million was received from sales and maturing United States Treasury Obligations.

During the year ended December 31, 2025, there were no purchases of United States Treasury Obligations and $50.0 million was received from sales and maturing United States Treasury Obligations.

1 unchanged sentence

$230.2 million was received from sales of affiliated investments and $228.3 million was paid to purchase affiliated investments during the year ended December 31, 2024.

During the year ended December 31, 2025, net deposits to/from the Commodity Broker was $19.8 million.

There were no net deposits to/from the Commodity Broker during the year ended December 31, 2024.

Financing Activities

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Similarly, no representation is being made that the Fund will generate profits or losses similar to the Fund’s past performance or changes in the Index closing levels.

Effective November 10, 2025, the Index methodology underwent a change.

Performance information included herein prior to November 10, 2025 may have differed had the new methodology been in place.

COMPARISON OF MARKET, NAV AND DBIQ-OY INDUSTRIAL METALS INDEX ER

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Past performance of the Fund is not necessarily indicative of future performance.

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

In turn, the Index is intended to reflect the base metals sector.

The Index is intended to reflect the changes in market value, positive or negative, of the Index Commodities.

The Index is intended to reflect the economic performance of investing in futures contracts on a basket of commodities.

The DBIQ Optimum Yield Industrial Metals Index Total Return (the “DBIQ-OY Industrial Metals TR ”) consists of the Index plus 3-month United States Treasury Obligations returns.

9 unchanged sentences

DB Copper—Grade A Indices

DB Primary Nickel

DB Standard Lead

DB Zinc Indices

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The Share price low and high for the year ended December 31, 2025 and related change from the Share price on December 31, 2024 was as follows:

Shares traded at a low of $16.80 per Share (-8.25%) on February 9, 2024, and a high of $21.65 per Share (+18.24%) on May 21, 2024.

Shares traded at a low of $17.28 per Share (-8.28%) on April 08, 2025, and a high of $23.01 per Share (+22.13%) on December 30, 2025.

On December 26, 2025, the Fund paid a distribution of $0.59972 for each General Share and Share to holders of record as December 22, 2025.

Therefore, the total return for the Fund on a market value basis was +25.06%.

The Fund ended 2025 with strong returns of 25%.

Copper was the strongest performer, supported by tariff‑driven frontloading into the U.S.

that tightened ex‑U.S.

inventories, a weaker U.S.

dollar, and mine disruptions in Chile and Indonesia during the third quarter.

Copper’s demand outlook also improved, helped by higher global spending plans across defense, energy, and technology.

These factors lifted overall base metals sentiment, while gradually recovering industrial activity and a resilient global economy added further support.

Aluminum also posted significant gains on mounting supply‑shortage concerns, particularly due to China’s production cap.

Zinc underperformed, pressured by near‑term oversupply in China as production capacity expanded despite weak domestic demand, but rebounded to end the year, ending as a contributor.

The metal, primarily used to galvanize steel for construction and manufacturing, continued to face headwinds as these sectors lagged in China.

For the year ended December 31, 2024, the NYSE Arca market value of each Share increased from $18.31 per Share to $18.84 per Share.

The Share price low and high for the year ended December 31, 2024 and related change from the Share price on December 31, 2023 was as follows Shares traded at a low of $16.80 per Share (-8.25%) on February 9, 2024, and a high of $21.65 per Share (+18.24%) on May 21, 2024.

On December 27, 2024, the Fund paid a distribution of $0.89614 for each General Share and Share to holders of record as of December 23, 2024.

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Aluminum was the weakest of the three industrial metals but still exhibited slight gains on tightening physical fundamentals.

Other drivers of positive performance included fresh US and UK sanctions on Russian copper,

aluminum, and nickel in April, an improving macroeconomic backdrop leading into the Federal Reserve interest rate easing in September, and optimism around China’s stimulus measures.

However, US dollar strength and tariff concerns added some pressure on the metals to end the year.

For the year ended December 31, 2023, the NYSE Arca market value of each Share decreased from $19.57 per Share to$18.31 per Share.

The Share price low and high for the year ended December 31, 2023 and related change from the Share price on December 31, 2022 was as follows Shares traded at a low of $17.50 per Share (-10.58%) on May 25, 2023, and a high of $22.28 per Share (+13.85%) on January 26, 2023.

On December 23, 2023.

the Fund paid a distribution of $1.31965 for each General Share and Share to holders of record as of December 20, 2023.

Therefore, the total return for the Fund on a market value basis was +0.56%.

Industrial metals ended 2023 with negative performance.

For the first quarter, while all of the Fund’s components rallied in January, continuing its China and “Fed-pivot” driven rally from year-end 2022, prices eased through February and the first half of March, pressured by hotter-than-expected labor data, resilient US inflation and a lack of bullish data out of China to support the reopening story.

A broader risk-off move triggered by the turmoil in the banking sector also pressured the commodities in general to end the quarter.

However, in the second quarter, continued disappointing Chinese data, coupled with expectations for smelter restarts amid weak energy prices and easing supply concerns, dealt a heavy blow to base metals, especially Zinc.

While the sector recovered a bit in the latter half of the year on improving macro sentiment, renewed supply concerns, and Chinese stimulus hopes, triggering a short covering rally, it still fell short of reversing second quarter’s losses.

Other drivers of positive performance included fresh U.S.

and UK sanctions on Russian copper, aluminum, and nickel in April, an improving macroeconomic backdrop leading into the Federal Reserve interest rate easing in September, and optimism around China’s stimulus measures.

However, U.S.

dollar strength and tariff concerns added some pressure on the metals to end the year.

Fund Share Net Asset Performance

For the year ended December 31, 2025, the NAV of each Share increased from $18.79 per Share to 22.88 per Share.

Rising commodity futures contract prices for Copper, Zinc and Aluminum during the year ended December 31, 2024 contributed to an overall 3.11% increase in the level of the Index and to a 8.51% increase in the level of the DBIQ-OY Industrial Metals TR.

Rising commodity futures contract prices for Copper, Copper - Grade A, Primary Nickel, Standard Lead, Zinc and Aluminum during the year ended December 31, 2025 contributed to an overall 21.04% increase in the level of the Index and to a 26.15% increase in the level of the DBIQ-OY Industrial Metals TR.

On December 26, 2025, the Fund paid a distribution of $0.59972 for each General Share and Share to holders of record as of December 22, 2025.

1 unchanged sentence

Net income (loss) for the year ended December 31, 2025 was $30.6 million, resulting from $5.0 million of income, net realized gain (loss) of $5.1 million, net change in unrealized gain (loss) of $21.4 million and net operating expenses of $0.9 million.

For the year ended December 31, 2023, the NAV of each Share decreased from $19.50 per Share to $18.28 per Share.

Rising commodity futures contract prices for Copper were offset by falling commodity futures contracts prices for Zinc and Aluminum during the year ended December 31, 2023, contributing to an overall 4.29% decrease in the level of the Index and to a 0.76% increase in the level of the DBIQ-OY Industrial Metals TR.

For the year ended December 31, 2024, the NAV of each Share increased from $18.28 per Share to $18.79 per Share.

Rising commodity futures contract prices for Copper, Zinc and Aluminum during the year ended December 31, 2024, contributed to an overall 3.11% increase in the level of the Index and to a 8.51% increase in the level of the DBIQ-OY Industrial Metals TR.

On December 27, 2024, the Fund paid a distribution of $0.89614 for each General Share and Share to holders of record as of December 23, 2024.

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The following quantitative disclosures regarding the Fund’s market risk exposures contain “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933 (the “Securities Act”) and Section 21E of the Exchange Act).

All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact (such as the dollar amount of maintenance margin required for market risk sensitive instruments held at the end of the reporting period).

All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact (such as the U.S.

dollar amount of maintenance margin required for market risk sensitive instruments held at the end of the reporting period).

Value at Risk (“VaR”) is a statistical measure of the value of losses that would not be expected to be exceeded over a given time horizon and at a given probability level arising from movement of underlying risk factors.

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In previous years, copper supply has been affected by strikes, financial problems, political turmoil and terrorist activity.

The price of lead is volatile.

The price movement of lead may be influenced by a variety of factors, including demand and global industrial production trends, demand for automotive batteries and other lead-based products, technological developments affecting battery chemistry or recycling rates, changes in fuel and power costs, environmental and health regulations related to lead mining, smelting, and use, labor costs, shortages or strikes, civil unrest and restrictions or regulations imposed by government agencies or other changes in the regulatory environment.

Because lead is often produced as a byproduct of mining other metals (such as zinc or silver), changes in those industries can indirectly affect the price of lead.

The price of nickel is volatile.

The price movement of nickel may be influenced by a variety of factors, including demand, mine commissioning, the accuracy of mineral resources, mine planning and scheduling, the accuracy of ore grades, ground conditions and mine stability, ore characteristics, the accuracy of the estimated rates and costs of mining, ore haulage, barging and shipping, floods, rockslides and earthquakes;

changes in fuel and power costs and potential fuel and power shortages;

shortages of and cost of supplies, labor costs, shortages or strikes, civil unrest and restrictions or regulations imposed by government agencies or other changes in the regulatory environment.

QUALITATIVE DISCLOSURES REGARDING NON-TRADING MARKET RISK EXPOSURE

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February 27, 2026

Report of Independent Regist ered Public Accounting Firm

Report of Independent Registered Public Accounting Firm

To the Board of Managers of Invesco Capital Management LLC (as Managing Owner of Invesco DB Multi-Sector Commodity Trust) and Shareholders of Invesco DB Base Metals Fund

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Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

in accordance with generally accepted accounting principles.

A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

13 unchanged sentences

December 31, 2025 and 2024

United States Treasury Obligations, at value (cost $ 49,104,326 and $ 55,864,584 , respectively)

Affiliated investments, at value (cost $ 51,500,959 and $ 53,361,244 , respectively)

United States Treasury Obligations, at value (cost $ — and $ 49,104,326 ,

respectively)

Affiliated investments, at value and cost

Other investments:

1 unchanged sentence

Unrealized appreciation on LME Commodity Futures Contracts

Deposits with brokers:

Cash collateral - Commodity Futures Contracts

Cash held by Custodian

Deposit with Commodity Broker

Receivable for:

1 unchanged sentence

Other investments:

LME Commodity Futures Contracts payable

Unrealized depreciation on LME Commodity Futures Contracts

Distributions

Management fees

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Shareholders'

Principal Value

United States Treasury Obligations (a)

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

Total United States Treasury Obligations (cost $ 49,104,326 )

Affiliated Investments

1 unchanged sentence

Invesco Government & Agency Portfolio,

Institutional Class, 4.43 % (cost $ 51,500,959 ) (c)(d)

Institutional Class, 3.68 % (cost $ 146,980,895 ) (a)(b)

Total Investments in Securities (cost $ 146,980,895 )

(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 $ 19,660,000 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 .

Open Commodity Futures Contracts (e)

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

Open Commodity Futures Contracts

Number of Contracts

Expiration Date

Unrealized Appreciation (Depreciation) (f)

(Depreciation) (c)

Long Futures Contracts

December - 2026

February - 2026

September - 2026

February - 2026

Total Commodity Futures Contracts

(e) Futures contracts collateralized by $ 15,000,000 cash held with Morgan Stanley & Co.

LLC, the futures commission merchant.

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

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

6 unchanged sentences

United States Treasury Obligations (a)

Treasury Bills, 5.250 % due March 7, 2024 (b)

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

Treasury Bills, 5.240 % due May 30, 2024 (b)

Treasury Bills, 5.190 % due June 6, 2024

Total United States Treasury Obligations (cost $ 49,104,326 )

Affiliated Investments

Exchange-Traded Fund

Invesco Short Term Treasury ETF (Cost $ 20,059,238 ) (c)(d)

Money Market Mutual Fund

Invesco Government & Agency Portfolio, Institutional

Class, 5.29 % (cost $ 33,302,006 ) (c)(e)

Total Affiliated Investments (cost $ 53,361,244 )

Invesco Government & Agency Portfolio,

Institutional Class, 4.43 % (cost $ 51,500,959 ) (c)(d)

Total Investments in Securities (cost $ 100,605,285 )

4 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) Effective after the close of markets on August 25, 2023, the fund’s name changed from Invesco Treasury Collateral ETF to Invesco Short Term Treasury ETF.

(e) The rate shown is the 7-day SEC standardized yield as of December 31, 2023 .

Open Commodity Futures Contracts (f)

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

Open Commodity Futures Contracts (e)

Number of Contracts

Expiration Date

Unrealized Appreciation (Depreciation) (g)

(Depreciation) (f)

Long Futures Contracts

October - 2025

Total Commodity Futures Contracts

(f) Futures contracts collateralized by $ 15,000,000 cash held with Morgan Stanley & Co.

(e) Futures contracts collateralized by $ 15,000,000 cash held with Morgan Stanley & Co.

LLC, the futures commission merchant.

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

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

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

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Net Investment Income (Loss)

Net Realized Gain (Loss) from

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

United States Treasury Obligations, Affiliated Investments

and Commodity Futures Contracts

Net Realized Gain (Loss) on

United States Treasury Obligations

2 unchanged sentences

Net Realized Gain (Loss)

Net Change in Unrealized Gain (Loss) from

Net Change in Unrealized Gain (Loss) on

United States Treasury Obligations

3 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 Income (Loss)

8 unchanged sentences

Redemption of Shares

( 153,956,727

Net Increase (Decrease) due to Share Transactions

6 unchanged sentences

Net Change in Unrealized Gain (Loss) on United

States Treasury Obligations, Affiliated Investments

and Commodity Futures Contracts

States Treasury Obligations, Affiliated

Investments and Commodity Futures Contracts

Net Income (Loss)

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Commodity Futures Contracts

Net Change in Unrealized 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

( 102,693,374

( 102,693,423

Balance at December 31, 2024

11 unchanged sentences

Net Increase (Decrease) due to Share Transactions

( 194,687,542

Return of Capital Distributions

5 unchanged sentences

Net Change in Unrealized Gain (Loss) on United

States Treasury Obligations, Affiliated Investments

and Commodity Futures Contracts

States Treasury Obligations, Affiliated

Investments and Commodity Futures Contracts

Net Income (Loss)

7 unchanged sentences

For the Years Ended December 31, 2025, 2024 and 2023

Cash flows from operating activities:

Net Income (Loss)

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

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

Cost of securities purchased

1 unchanged sentence

( 252,450,783

( 453,853,834

Proceeds from securities sold and matured

6 unchanged sentences

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

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

Investments and LME Commodity Futures Contracts

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

Affiliated Investments and LME Commodity Futures Contracts

Change in operating assets and liabilities:

Deposit with Commodity Broker

Dividends from affiliates

2 unchanged sentences

Brokerage commissions and fees

Increase in cash collateral - Commodity Futures Contracts

Net cash provided by (used in) operating activities

5 unchanged sentences

( 196,118,350

( 445,686,226

Net cash provided by (used in) financing activities

( 194,945,807

Net change in cash

9 unchanged sentences

Invesco DB Base Metals Fund (the “Fund”), a separate series of Invesco DB Multi-Sector Commodity Trust (the “Trust”), a Delaware statutory trust organized in seven 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 Index is intended to reflect the economic performance of investing in futures contracts on the base metals 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 base metals sector.

The commodities comprising the Index are aluminum, zinc and copper—Grade A (each an “Index Commodity”, and collectively, the “Index Commodities”).

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

Aluminum, Zinc, Lead, Nickel, Comex Copper and Copper—Grade A (each, an “Index Commodity,” and collectively, the “Index Commodities”).

The Fund may invest directly in United States Treasury Obligations.

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.

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Basis of Presentation

The financial statements of the Fund have been prepared using accounting principles generally accepted in the United States of America (“U.S.

The financial statements of the Fund have been prepared using U.S.

The Fund has determined that it meets the definition of an investment company and has prepared the financial statements in conformity with U.S.

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Segment Reporting

In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures (“ ASU 2023-07 ”), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole thereby enabling better understanding of how an entity's segments impact overall performance.

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.

The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements.

Adoption of the new standard impacted the Fund's financial statement note disclosures only and did no t affect the Fund's financial position or the results of its operations.

Investment Valuations

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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

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,

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.

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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:

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Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral with the Commodity Broker.

During the period that the commodity futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis.

Subsequent or variation margin payments are received or made on non-LME commodity futures contracts depending upon whether unrealized gains or losses are incurred.

These amounts are reflected as a receivable or payable on the Statements of Financial Condition.

period that the commodity futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis.

Subsequent or variation margin payments can be received or made on non-LME commodity futures contracts depending upon whether unrealized gains or losses are incurred.

These amounts, if any, reflected as a receivable or payable on the Statements of Financial Condition.

Otherwise, the variation margin excess or deficit can be netted with cash held at the Commodity Broker.

These amounts, if any, are reflected as Deposit with Commodity Broker on the Statements of Financial Condition.

For LME contracts, subsequent or variation margin payments are not made and the value of the contracts is presented as net unrealized appreciation (depreciation) on the Statements of Financial Condition.

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As of December 31, 2025, the Fund had a receivable from the Commodity Broker of $ 2,743,572 , related to net realized gains on LME contracts, which have been closed out but for which the contract was not yet expired.

As of December 31, 2023, the Fund had a payable to the Commodity Broker of $ 4,329,738 , related to net realized losses on LME contracts, which have been closed out but for which the contract was not yet expired.

As of December 31, 2024, the Fund had a receivable to the Commodity Broker of $ 462,018 , related to net realized losses on LME contracts, which have been closed out but for which the contract was not yet expired.

Note 3 - Financial Instrument Risk

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Note 4 – Service Providers and Related Party Agreements

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

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

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The Fund defines cash as cash held by the Custodian.

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 December 31, 2025 and 2024.

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The combination of the Fund’s deposits with its Commodity Broker of cash and United States Treasury Obligations and the unrealized profit or loss on open futures contracts represents the Fund’s overall equity in its broker trading account.

To meet the Fund’s maintenance margin requirements, the Fund holds United States Treasury Obligations with the Commodity Broker.

The Fund transfers cash to the Commodity Broker to satisfy variation margin requirements.

To meet the Fund’s maintenance margin requirements, the Fund holds United States Treasury Obligations and/or cash with the Commodity Broker.

The Fund may utilize excess cash or otherwise transfer cash to the Commodity Broker to satisfy variation margin requirements.

The Fund earns interest on any excess cash deposited with the Commodity Broker and incurs interest expense on any deficit balance with the Commodity Broker.

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Investments in Securities

United States Treasury Obligations

Money Market Mutual Fund

Total Investments in Securities

Other Investments - Assets (a)

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United States Treasury Obligations

Exchange-Traded Fund

Money Market Mutual Fund

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(a) Includes cumulative appreciation (depreciation) of commodity futures contracts.

Only the current day’s variation margin receivable (payable) is reported in the Statements of Financial Condition for non-LME Commodity Futures Contracts, if any.

The Effect of Derivative Instruments on the Statements of Income and Expenses is as follows:

For the Year Ended

Location of Gain (Loss) on Derivatives

For the Year Ended December 31,

Risk Exposure/Derivative Type

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Dividend Income

Invesco Short Term Treasury ETF

Investments in Affiliated Money

Market Funds:

Invesco Government & Agency

Portfolio, Institutional Class

( 210,131,865

( 230,200,948

The following is a summary of the transactions in, and earnings from, investments in affiliates for the year ended December 31, 2024.

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Investments in Affiliated Money

Market Funds:

Invesco Government & Agency

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Investments in Affiliated Money

Market Funds:

Invesco Government & Agency

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NAV per Share is the NAV of the Fund divided by the number of outstanding Shares at the date of each respective period presented.

For the Years Ended December 31,

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)

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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-K

Item 7. Management’s Discussion and Analysis