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Item 8. Financial Statements and Supplementary Data

2025-02-26 compared with 2024-02-23 · 40 added, 44 removed, 636 unchanged (12% of the section changed)

29 unchanged sentences

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 Energy Fund

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 Energy Fund

Opinions on the Financial Statements and Internal Control over Financial Reporting

38 unchanged sentences

Variation margin receivable- Commodity Futures Contracts

Cash held by custodian

Receivable for:

24 unchanged sentences

Treasury Bills, 4.400 % due March 6, 2025 (b)

Treasury Bills, 5.190 % due June 6, 2024

Total United States Treasury Obligations (cost $ 19,832,291 )

Affiliated Investments

Exchange-Traded Fund

Invesco Short Term Treasury ETF (cost $ 10,031,643 ) (c)(d)

Money Market Mutual Fund

Invesco Government & Agency Portfolio,

Institutional Class, 5.29 % (cost $ 20,420,827 ) (c)(e)

Total Affiliated Investments (cost $ 30,452,470 )

Institutional Class, 4.43 % (cost $ 26,514,962 ) (c)(d)

Total Investments in Securities (cost $ 46,347,253 )

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.

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

Open Commodity Futures Contracts

1 unchanged sentence

Expiration Date

Unrealized Appreciation (Depreciation) (f)

Unrealized Appreciation (Depreciation) (e)

Long Futures Contracts

ICE-UK Brent Crude

December-2024

NYMEX Natural Gas

3 unchanged sentences

NYMEX WTI Crude

December-2024

February-2025

Total Commodity Futures Contracts

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

(e) 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, 3.820 % due January 19, 2023 (b)

Treasury Bills, 4.155 % due February 16, 2023

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

Treasury Bills, 4.270 % due March 9, 2023

Treasury Bills, 5.190 % due June 6, 2024

Total United States Treasury Obligations (cost $ 44,170,237 )

1 unchanged sentence

Exchange-Traded Fund

Invesco Treasury Collateral ETF (cost $ 10,031,643 ) (c)

Invesco Short Term Treasury ETF (cost $ 10,031,643 ) (c)(d)

Money Market Mutual Fund

Invesco Government & Agency Portfolio,

Institutional Class, 4.22 % (cost $ 36,444,333 ) (c)(d)

Institutional Class, 5.29 % (cost $ 20,420,827 ) (c)(e)

Total Affiliated Investments (cost $ 30,452,470 )

5 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) The rate shown is the 7-day SEC standardized yield as of December 31, 2022 .

(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

1 unchanged sentence

Expiration Date

Unrealized Appreciation (Depreciation) (e)

Unrealized Appreciation (Depreciation) (f)

Long Futures Contracts

4 unchanged sentences

NYMEX RBOB Gasoline

December-2023

November-2024

NYMEX WTI Crude

1 unchanged sentence

Total Commodity Futures Contracts

(e) 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.

12 unchanged sentences

United States Treasury Obligations

Capital Gain Distributions from Affiliated Investments

Affiliated Investments

Commodity Futures Contracts

16 unchanged sentences

Redemption of Shares

( 111,004,576

Net Increase (Decrease) due to Share Transactions

44 unchanged sentences

Redemption of Shares

( 187,029,002

Net Increase (Decrease) due to Share Transactions

Return of Capital Distributions

Net Income (Loss)

89 unchanged sentences

In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are issued.

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 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 financial statement notes disclosures only and did no t affect the Fund’s financial position or the results of its operations.

Investment Valuations

20 unchanged sentences

A distribution for the year ended December 31, 2024 was paid on December 27, 2024 to holders of record, as of December 23, 2024 , at a rate of $ 1.17198 for each General Share and Share for a total distribution of $ 47 to General Shares and $ 2,988,549 to Shares.

Distributions of $ 630,496 were unpaid at December 31, 2023 and are reported as a liability on the Statements of Financial Condition.

The table below shows distributions per General Share and Share in total for the years presented:

33 unchanged sentences

Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred.

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

Financial Condition.

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

When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract.

22 unchanged sentences

The Managing Owner serves as the Fund’s commodity pool operator, commodity trading advisor and managing owner.

The Fund pays the Managing Owner a management fee, monthly in arrears, in an amount equal to 0.75 % per annum of the daily NAV of the Fund (the “Management Fee”).

The Fund pays the Managing Owner a management fee, monthly in arrears, in an amount equal to 0.75 % per annum of the daily NAV of

the Fund (the “Management Fee”).

The Fund, for cash management purposes, invests in money market mutual funds and/or T-Bill ETFs that are managed by affiliates of the Managing Owner.

6 unchanged sentences

(the “Distributor”) provides certain distribution services to the Fund.

Pursuant to the Distribution Services Agreement among the Managing Owner, the Fund and the Distributor, the Distributor assists the Managing Owner and the

Fund’s administrator, The Bank of New York Mellon, with certain functions and duties relating to distribution and marketing services to the Fund including reviewing and approving marketing materials.

Pursuant to the Distribution Services Agreement among the Managing Owner, the Fund and the Distributor, the Distributor assists the Managing Owner and the Fund’s administrator, The Bank of New York Mellon, with certain functions and duties relating to distribution and marketing services to the Fund including reviewing and approving marketing materials.

The Managing Owner pays the Distributor a distribution fee out of the Management Fee.

22 unchanged sentences

“Index Sponsor”).

On February 1, 2021, the provision of index sponsor services transferred back to Deutsche Bank Securities, Inc.

from DWS Investment Management Americas, Inc., to whom Deutsche Bank Securities, Inc.

had previously assigned such

responsibility.

The Index Sponsor calculates and publishes the daily index levels and the indicative intraday index levels.

8 unchanged sentences

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.

The Fund transfers 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.

4 unchanged sentences

The Fund’s remaining cash, United States Treasury Obligations, T-Bill ETFs and money market mutual fund holdings are on deposit with the Custodian.

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with the

The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with the Custodian.

The Fund incurs interest expense on any overdraft balance with the Custodian.

18 unchanged sentences

United States Treasury Obligations

Exchange-Traded Fund

Money Market Mutual Fund

44 unchanged sentences

(i) are issued in U.S.

(ii) have a minimum remaining maturity of at least one month and a maximum remaining maturity of 12 months at the time of rebalance;

(ii) have a minimum remaining maturity of at least one month and a maximum

remaining maturity of 12 months at the time of rebalance;

and (iii) have a minimum amount outstanding of $ 300 million.

51 unchanged sentences

( 637,095,438

(a) Includes $ 1,705 of capital gains distributions from Invesco Treasury Collateral ETF.

Note 9 - Share Purchases and Redemptions

7 unchanged sentences

Cash settlement occurs at the creation order settlement date.

As provided below, the creation order settlement date may occur up to two business days after the creation order date.

As provided below, the creation order settlement date may occur up to one business day after the creation order date.

By placing a creation order, and prior to delivery of such Creation Units, an Authorized Participant’s Depository Trust Company (“DTC”) account is charged the non-refundable transaction fee due for the creation order.

Unless otherwise agreed to by the Managing Owner and the Authorized Participant as provided in the next sentence, Creation Units are issued on the creation order settlement date as of 2:45 p.m., Eastern Time, on the business day immediately following the creation order date at the applicable NAV per Share as of the closing time of the NYSE Arca or the last to close of the exchanges on which its futures contracts are traded, whichever is later, on the creation order date, but only if the required payment has been timely received.

Upon submission of a creation order, the Authorized Participant may request the Managing Owner to agree to a creation order settlement date up to two business days after the creation order date.

Upon submission of a creation order, the Authorized Participant may request the Managing Owner to agree to a creation order settlement date up to one business day after the creation order date.

(b) Redemptions

4 unchanged sentences

Cash settlement occurs at the redemption order settlement date.

As provided below, the redemption order settlement date may occur up to two business days after the redemption order date.

As provided below, the redemption order settlement date may occur up to one business day after the redemption order date.

The redemption procedures allow Authorized Participants to redeem Creation Units.

2 unchanged sentences

Unless otherwise agreed to by the Managing Owner and the Authorized Participant as provided in the next sentence, by placing a redemption order, an Authorized Participant agrees to deliver the Creation Units to be redeemed through DTC’s book-entry system to the Fund no later than the redemption order settlement date as of 2:45 p.m., Eastern Time, on the business day immediately following the redemption order date.

Upon submission of a redemption order, the Authorized Participant may request the Managing Owner to agree to a redemption order settlement date up to two business days after the redemption order date.

Upon submission of a redemption order, the Authorized Participant may request the Managing Owner to agree to a redemption order settlement date up to one business day after the redemption order date.

By placing a redemption order, and prior to receipt of the redemption proceeds, an Authorized Participant’s DTC account is charged the non-refundable transaction fee due for the redemption order.

46 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data