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Item 8. Financial Statements and Supplementary Data

2026-03-02 compared with 2025-02-26 · 49 added, 72 removed, 604 unchanged (17% of the section changed)

28 unchanged sentences

February 27, 2026

Report of Independent Registered Public Accounting Firm

R eport 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

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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;

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$ 19,832,291 , respectively)

Affiliated investments, at value (cost $ 26,514,962 and $ 30,452,470 , respectively)

Affiliated investments, at value and cost

Other investments:

1 unchanged sentence

Cash held by custodian

Deposit with Commodity Broker

Receivable for:

Dividends from affiliates

Other investments:

Variation margin payable- Commodity Futures Contracts

Distributions

Fund shares reacquired

Management fees

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Shareholders'

Principal Value

United States Treasury Obligations (a)

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

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

Affiliated Investments

1 unchanged sentence

Invesco Government & Agency Portfolio,

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

Institutional Class, 3.68 % (cost $ 34,215,550 ) (a)(b)

Total Investments in Securities (cost $ 34,215,550 )

(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 $ 11,911,200 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

Unrealized Appreciation (Depreciation) (e)

Unrealized Appreciation (Depreciation) (c)

Long Futures Contracts

ICE-Low Sulphur Gasoil

ICE-UK Brent Crude

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NYMEX WTI Crude

February-2025

Total Commodity Futures Contracts

(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.

7 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.

1 unchanged sentence

Statements of Income and Expenses

For the Year Ended December 31, 2024, 2023 and 2022

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

Interest Income

49 unchanged sentences

Redemption of Shares

( 111,004,576

Net Increase (Decrease) due to Share Transactions

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( 137,612,105

( 238,024,073

Proceeds from securities sold and matured

2 unchanged sentences

( 257,917,727

( 611,793,304

Proceeds from affiliated investments sold

6 unchanged sentences

Variation margin - Commodity Futures Contracts

Deposit with Commodity Broker

Dividends from affiliates

7 unchanged sentences

( 111,004,576

( 187,029,002

Net cash provided by (used in) financing activities

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Invesco DB Energy 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 Fund seeks to track changes, whether positive or negative, in the level of the DBIQ Optimum Yield Energy 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 energy 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 energy sector.

The commodities comprising the Index are Light Sweet Crude Oil, Ultra-Low Sulphur Diesel (also commonly known as Heating Oil), Brent Crude Oil, RBOB Gasoline, (reformulated gasoline blendstock for oxygen blending, or “RBOB”), and Natural Gas (each, an “Index Commodity,” and collectively, the “Index Commodities”).

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

Light, Sweet Crude Oil (WTI);

Ultra-Low Sulphur Diesel (also commonly known as Heating Oil);

Brent Crude Oil;

RBOB Gasoline and Natural Gas (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.

22 unchanged sentences

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

Investment Valuations

7 unchanged sentences

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 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, changes in interest or currency rates, regional or global instability, natural 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.

36 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:

5 unchanged sentences

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 depending upon whether unrealized gains or losses are incurred.

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

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

These amounts, if any, are 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.

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.

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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 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.

2 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.

The indirect portion of the management fee that the Fund incurs through such investments is in addition to the Management Fee paid to the Managing Owner.

The Managing Owner has contractually agreed to waive indefinitely the fees that it receives in an amount equal to the indirect management fees that the Fund incurs through its investments in affiliated money market mutual funds and/or affiliated T-Bill ETFs.

The Managing Owner has contractually agreed to waive indefinitely the fees that it receives in an amount equal to the indirect management fees that the Fund incurs through its

investments in affiliated money market mutual funds and/or affiliated T-Bill ETFs.

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

33 unchanged sentences

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.

2 unchanged sentences

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.

27 unchanged sentences

Total Investments in Securities

Other Investments - Assets (a)

Commodity Futures Contracts

Other Investments - Liabilities (a)

Commodity Futures Contracts

Total Other Investments

Total Investments

3 unchanged sentences

United States Treasury Obligations

Exchange-Traded Fund

Money Market Mutual Fund

13 unchanged sentences

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

Only the current day’s variation margin receivable (payable) is reported in the December 31, 2024 and December 31, 2023 Statements of Financial Condition.

Only the current day’s variation margin receivable (payable) is reported in the Statements of Financial Condition.

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

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(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.

Because it is advised by the Managing Owner, the Invesco Short Term Treasury ETF is an affiliate of the Fund.

The Invesco Government & Agency Portfolio is a Government Money Market Fund, as defined by Rule 2a-7, under the Investment Company Act of 1940, as amended, whose shares are primarily purchased and sold through financial intermediaries.

In seeking its investment objective, the Invesco Government & Agency Portfolio primarily invests in cash, Government Securities, and repurchases agreements collateralized by cash or Government Securities.

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.

7 unchanged sentences

Dividend Income

Invesco Short Term Treasury ETF

Investments in Affiliated

3 unchanged sentences

Institutional Class

( 133,374,828

( 143,441,091

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

6 unchanged sentences

Dividend Income

Invesco Treasury

Collateral ETF

Invesco Short Term

Investments in Affiliated

42 unchanged sentences

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.

The redemption procedures allow Authorized Participants to redeem Creation

Individual Shareholders may not redeem directly from the Fund.

21 unchanged sentences

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

Years Ended December 31,

Net Asset Value

26 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