What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-05-07 compared with 2025-11-07 · 53 added, 165 removed, 459 unchanged (32% 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 $– and $ 53,447,148 , respectively)

March 31, 2026 and December 31, 2025

Affiliated investments, at value (cost $ 364,637,913 and $ 195,192,479 , respectively)

Other investments:

Variation margin receivable- Commodity Futures Contracts

Cash held by Custodian

Deposit with Commodity Broker

1 unchanged sentence

Dividends from affiliates

Other investments:

Variation margin payable- Commodity Futures Contracts

Fund shares reacquired

Management fees

Brokerage commissions and fees

Total liabilities

11 unchanged sentences

Schedule of Investments

September 30, 2025

March 31, 2026

Percentage of

4 unchanged sentences

Money Market Mutual Fund

Invesco Government & Agency Portfolio, Institutional Class, 4.05 % (cost $ 142,248,939 ) (b)(c)

Invesco Government & Agency Portfolio, Institutional Class, 3.58 % (cost $ 310,683,743 ) (a)(c)

Total Affiliated Investments (cost $ 364,637,913 )

(a) All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts.

(b) Affiliated issuer.

(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) All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts.

Open Commodity Futures Contracts

4 unchanged sentences

NYMEX WTI Crude

October - 2025

August - 2026

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

5 unchanged sentences

Shareholders'

Principal Value

United States Treasury Obligations (a)

Treasury Bills, 4.400 % due March 06, 2025

Treasury Bills, 4.230 % due April 03, 2025

Total United States Treasury Obligations (cost $ 53,447,148 )

Affiliated Investments

Exchange-Traded Fund

Invesco Short Term Treasury ETF (cost $ 53,954,170 ) (b)(c)

Invesco Short Term Treasury ETF (cost $ 53,954,170 ) (a)(b)

Money Market Mutual Fund

Invesco Government & Agency Portfolio, Institutional Class, 4.43 % (cost $ 100,993,456 ) (b)(d)

Invesco Government & Agency Portfolio, Institutional Class, 3.68 % (cost $ 141,238,309 ) (a)(c)

Total Affiliated Investments (cost $ 195,192,479 )

Total Investments in Securities (cost $ 208,394,774 )

(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) Affiliated issuer.

(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) All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts.

Open Commodity Futures Contracts

1 unchanged sentence

Expiration Date

(Depreciation) (e)

(Depreciation) (d)

Long Futures Contracts

NYMEX WTI Crude

February - 2025

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

January - 2026

(d) 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

Net Realized Gain (Loss) on

United States Treasury Obligations

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

9 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

General Shares

Shareholders'

Balance at June 30, 2024

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, 2024

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

Invesco DB Oil Fund

Statements of Changes in Shareholders’ Equity

For the Nine Months Ended September 30, 2025 and 2024

For the Three Months Ended March 31, 2026 and 2025

General Shares

14 unchanged sentences

Net Change in Shareholders' Equity

Balance at September 30, 2025

Balance at March 31, 2026

General Shares

14 unchanged sentences

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

Proceeds from securities sold and matured

1 unchanged sentence

( 218,178,298

( 255,460,227

Proceeds from affiliated investments sold

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

2 unchanged sentences

Variation margin - Commodity Futures Contracts

Deposit with Commodity Broker

Dividends from affiliates

1 unchanged sentence

Brokerage commissions and fees

Deposit with Commodity Broker

Net cash provided by (used in) operating activities

Cash flows from financing activities:

Distributions paid to shareholders

Proceeds from purchases of Shares

9 unchanged sentences

Notes to Unaudited F inancial Statements

September 30, 2025

March 31, 2026

Note 1 - Organization

Invesco DB Oil 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 Optimum Yield Crude Oil 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 crude oil 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 crude oil sector.

The single commodity comprising the Index is Light Sweet Crude Oil (WTI) (the “Index Commodity”).

Effective November 10, 2025, the single Index Commodity comprising the Index is Light, Sweet Crude Oil (WTI) (the “Index Commodity”).

The Fund may invest directly in United States Treasury Obligations.

10 unchanged sentences

(the “NYSE Arca”).

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

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.

18 unchanged sentences

Profit and Loss Allocations and Distributions

Pursuant to the Trust Agreement, income and expenses are allocated pro rata to the Managing Owner as holder of the General Shares and to the Fund's shareholders ("Shareholders") monthly based on their respective percentage interests as of the close of the

last trading day of the preceding month.

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 not incur such expenses.

For the three months ended March 31, 2026 and 2025 , the Fund did not 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 $5 .00 and $ 6.00 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 $ 6.00 and $ 6.00 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 $ 5.00 and $ 6.00 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:

27 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 $ 48,044 and $ 119,011 for the three and nine months ended September 30, 2025, respectively.

The Managing Owner waived fees of $ 32,209 and $ 109,418 for the three and nine months ended September 30, 2024, respectively.

The Managing Owner waived fees of $ 49,402 and $ 30,675 for the three months ended March 31, 2026 and 2025, respectively.

The Distributor

31 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 other 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

2 unchanged sentences

Total Investments in Securities

Other Investments - Liabilities (a)

Other Investments - Assets (a)

Commodity Futures Contracts

3 unchanged sentences

Investments in Securities

United States Treasury Obligations

Exchange-Traded Fund

1 unchanged sentence

Total Investments in Securities

Other Investments - Assets (a)

Other Investments - Liabilities (a)

Commodity Futures Contracts

3 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)

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

( 151,819,963

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 and 2025, respectively.

Value 12/31/2025

12 unchanged sentences

Institutional Class

( 118,840,234

Value 12/31/2024

12 unchanged sentences

Institutional Class

( 276,378,756

Note 9 - Share Purchases and Redemptions

39 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, and will result in the current Optimum Yield methodology being modified to eliminate contracts with limited liquidity.

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