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Item 1. Financial Statements

2023-08-04 compared with 2023-05-09 · 222 added, 65 removed, 812 unchanged (26% of the section changed)

2 unchanged sentences

Statements of Financial Condition

March 31, 2023 and December 31, 2022

June 30, 2023 and December 31, 2022

United States Treasury Obligations, at value (cost $ 342,775,014 and

28 unchanged sentences

Schedule of Investments

March 31, 2023

June 30, 2023

Percentage of

2 unchanged sentences

United States Treasury Obligations (a)

Treasury Bill, 4.750 % due June 1, 2023 (b)

Treasury Bill, 4.765 % due June 8, 2023

Treasury Bill, 5.220 % due September 7, 2023

Treasury Bill, 5.290 % due November 30, 2023 (b)

Total United States Treasury Obligations (cost $ 342,775,014 )

12 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 March 31, 2023 .

(d) The rate shown is the 7-day SEC standardized yield as of June 30, 2023 .

Open Commodity Futures Contracts

7 unchanged sentences

CME Feeder Cattle

August - 2023

CME Lean Hogs

August - 2023

CME Live Cattle

August - 2023

NYB-ICE Cocoa

September - 2023

NYB-ICE Coffee

September - 2023

NYB-ICE Cotton

December - 2023

NYB-ICE Sugar

50 unchanged sentences

Statements of Income and Expenses

For the Three Months Ended March 31, 2023 and 2022

For the Three and Six Months Ended June 30, 2023 and 2022

Three Months Ended

Six Months Ended

Interest Income

16 unchanged sentences

Commodity Futures Contracts

( 204,214,439

( 127,670,737

Net Change in Unrealized Gain (Loss)

( 205,793,669

( 129,466,504

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

1 unchanged sentence

and Commodity Futures Contracts

( 161,000,502

Net Income (Loss)

( 161,893,581

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

1 unchanged sentence

Statement of Changes in Shareholders’

For the Three Months Ended March 31, 2023

For the Three Months Ended June 30, 2023

General Shares

Shareholders'

Balance at March 31, 2023

Purchases of Shares

Redemption of Shares

( 163,030,699

Net Increase (Decrease) due to Share Transactions

( 101,035,449

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 June 30, 2023

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

Invesco DB Agriculture Fund

Statement of Changes in Shareholders’

For the Three Months Ended June 30, 2022

General Shares

Shareholders'

Balance at March 31, 2022

1,877,905,312

1,877,906,186

Purchases of Shares

Redemption of Shares

( 453,323,444

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

( 205,793,694

( 205,793,669

Net Income (Loss)

( 161,893,522

( 161,893,581

Net Change in Shareholders' Equity

Balance at June 30, 2022

1,826,389,518

1,826,390,333

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

Invesco DB Agriculture Fund

Statement of Changes in Shareholders’

For the Six Months Ended June 30, 2023

General Shares

Shareholders'

Balance at December 31, 2022

20 unchanged sentences

( 236,171,188

Balance at March 31, 2023

Balance at June 30, 2023

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

1 unchanged sentence

Statement of Changes in Shareholders’

For the Three Months Ended March 31, 2022

For the Six Months Ended June 30, 2022

General Shares

4 unchanged sentences

Purchases of Shares

1,424,866,990

Redemption of Shares

10 unchanged sentences

Investments and Commodity Futures Contracts

( 129,466,583

( 129,466,504

Net Income (Loss)

Net Change in Shareholders' Equity

Balance at March 31, 2022

Balance at June 30, 2022

1,826,389,518

3 unchanged sentences

Statements of Cash Flows

For the Three Months Ended March 31, 2023 and 2022

Three Months Ended

For the Six Months Ended June 30, 2023 and 2022

Six Months Ended

Cash flows from operating activities:

9 unchanged sentences

Proceeds from affiliated investments sold

1,175,184,960

1,893,536,954

Net accretion of discount on United States Treasury Obligations

11 unchanged sentences

Proceeds from purchases of Shares

1,424,866,990

Redemption of Shares

11 unchanged sentences

Notes to Unaudited F inancial Statements

March 31, 2023

June 30, 2023

Note 1 –

23 unchanged sentences

(the “NYSE Arca”).

This Quarterly Report (the “Report”) covers the three months ended March 31, 2023 and 2022.

This Quarterly Report (the “Report”) covers the three and six months ended June 30, 2023 and 2022.

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

36 unchanged sentences

Distributions (other than redemption of units) may be made at the sole discretion of the Managing Owner on a pro rata basis in accordance with the respective capital balances of the shareholders.

No distributions were paid for the three months ended March 31, 2023 and 2022 .

No distributions were paid for the three and six months ended June 30, 2023 and 2022 .

Routine Operational, Administrative and Other Ordinary Expenses

7 unchanged sentences

Non-recurring and unusual fees and expenses, by their nature, are unpredictable in terms of timing and amount.

For the three months ended March 31, 2023 and 2022 , the Fund did no t incur such expenses.

For the three and six months ended June 30, 2023 and 2022 , the Fund did no t incur such expenses.

Brokerage Commissions and Fees

2 unchanged sentences

The Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis.

On average, total charges paid to the Commodity Broker, as applicable, were less than $ 7.00 and $ 7.00 per round-turn trade during the three months ended March 31, 2023 and 2022, respectively.

On average, total charges paid to the Commodity Broker, as applicable, were less than $ 7.00 and $ 7.00 per round-turn trade during the three and six months ended June 30, 2023 , respectively.

On average, total charges paid to the Commodity Broker, as applicable, were less than $ 7.00 and $ 7.00 per round-turn trade during the three and six months ended June 30, 2022 , respectively.

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

46 unchanged sentences

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

The Managing Owner waived fees of $ 113,147 and $ 33,705 for the three months ended March 31, 2023 and 2022, respectively.

The Managing Owner waived fees of $ 121,232 and $ 234,379 for the three and six months ended June 30, 2023, respectively.

The Managing Owner waived fees of $ 349,781 and $ 383,486 for the three and six months ended June 30, 2022, respectively.

The Distributor

32 unchanged sentences

The Fund defines cash as cash held by the Custodian.

There were no cash equivalents held by the Fund as of March 31, 2023 and December 31, 2022.

There were no cash equivalents held by the Fund as of June 30, 2023 and December 31, 2022.

The Fund considers investments in money market funds to be investments in securities and, accordingly, includes them in its Schedule of Investments.

28 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 March 31, 2023:

The following is a summary of the tiered valuation input levels as of June 30, 2023:

Investments in Securities

28 unchanged sentences

The Fair Value of Derivative Instruments is as follows:

March 31, 2023

June 30, 2023

December 31, 2022

3 unchanged sentences

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

Only the current day’s variation margin receivable (payable) is reported in the March 31, 2023 and December 31, 2022 Statements of Financial Condition.

Only the current day’s variation margin receivable (payable) is reported in the June 30, 2023 and December 31, 2022 Statements of Financial Condition.

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

7 unchanged sentences

Net Change in Unrealized Gain (Loss)

( 204,214,439

( 159,421,273

For the Six Months Ended

Location of Gain (Loss) on Derivatives

Risk Exposure/Derivative Type

Recognized in Income

Commodity risk

Commodity Futures Contracts

Net Realized Gain (Loss)

Net Change in Unrealized Gain (Loss)

( 127,670,737

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

For the Three Months Ended

For the Six Months Ended

Average Notional Value

2,067,783,793

1,661,432,775

Note 8 –

8 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 months ended March 31, 2023.

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three and six months ended June 30, 2023.

Value 03/31/2023

15 unchanged sentences

( 540,737,802

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three months ended March 31, 2022.

Value 12/31/2022

17 unchanged sentences

( 1,175,184,960

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three and six months ended June 30, 2022.

Value 03/31/2022

Purchases at Cost

Proceeds from Sales

Change in Unrealized Appreciation (Depreciation)

Realized Gain (Loss)

Value 06/30/2022

Dividend Income

Invesco Treasury

Collateral ETF

Investments in

Affiliated Money

Market Funds:

Invesco Government &

Agency Portfolio,

Institutional Class

1,498,260,698

( 1,463,206,379

1,587,418,783

( 1,463,206,379

Value 12/31/2021

Purchases at Cost

Proceeds from Sales

Change in Unrealized Appreciation (Depreciation)

Realized Gain (Loss)

Value 06/30/2022

Dividend Income

Invesco Treasury

Collateral ETF

Investments in

Affiliated Money

Market Funds:

Invesco Government &

Agency Portfolio,

Institutional Class

2,064,002,549

( 1,893,536,954

2,064,002,549

( 1,893,536,954

Note 9 –

24 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 two business days 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.

16 unchanged sentences

Financial Highlights

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, 2023 and 2022.

The Fund is presenting the following NAV and financial highlights related to investment performance for a Share outstanding for the three and six months ended June 30, 2023 and 2022.

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

1 unchanged sentence

Three Months Ended

Six Months Ended

Net Asset Value

43 unchanged sentences

section of the Fund’s Prospectus and elsewhere in the Prospectus and in other SEC filings by the Fund, such as its Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as well as the following:

Risks related to geopolitical conflict, including the on-going hostilities in Ukraine, acts of terrorism, mass casualty events, social unrest, civil disturbance or disobedience;

Risks related to market volatility and fluctuations in the price of assets held by the Fund, including the imposition of trading limitations or trading halts, and the potential loss of investment;

3 unchanged sentences

Risks related to the impact of regulatory actions, such as position limits, accountability levels and daily limits;

Risks and uncertainty related to the ongoing COVID-19 pandemic and any other adverse public health developments.

Risks and uncertainty related to public health emergencies and other adverse public health developments;

Risks related to geopolitical conflict, including the on-going hostilities in Ukraine, acts of terrorism, mass casualty events, social unrest, civil disturbance or disobedience.

You should not place undue reliance on any forward-looking statements.

58 unchanged sentences

The composition of the Index may be adjusted in the event that the Index Sponsor is not able to calculate the closing prices of the Index Commodities.

The following table reflects the Fund weights of each Index Commodity or related futures contracts, as applicable, as of March 31, 2023:

The following table reflects the Fund weights of each Index Commodity or related futures contracts, as applicable, as of June 30, 2023:

Index Commodity

2 unchanged sentences

Kansas City Wheat

Closing Level as of March 31, 2023:

Closing Level as of June 30, 2023:

Please see http://www.invesco.com/ETFs with respect to the most recently available weighted composition of the Fund and the composition of the Index.

67 unchanged sentences

This cash is used to invest in United States Treasury Obligations, money market mutual funds and T-Bill ETFs, if any, and to meet margin requirements as a result of the positions taken in futures contracts to match the fluctuations of the Index.

As of the date of this Report, each of ABN AMRO Clearing Chicago LLC, BofA Securities, Inc., BMO Capital Markets Corp., BNP Paribas Securities Corp., 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, Jefferies LLC, JP Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co.

As of the date of this Report, each of ABN AMRO Clearing Chicago LLC, 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, Jefferies LLC, JP Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., 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.

Operating Activities

Net cash flow provided by (used in) operating activities was $184.0 million and $(714.0) million for the three months ended March 31, 2023 and 2022, respectively.

Net cash flow provided by (used in) operating activities was $285.9 million and $(860.8) million for the six months ended June 30, 2023 and 2022, 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.

1 unchanged sentence

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.

During the three months ended March 31, 2023, $370.5 million was paid to purchase United States Treasury Obligations and $575.0 million was received from sales and maturing United States Treasury Obligations.

During the three months ended March 31, 2022, $275.6 million was paid to purchase United States Treasury Obligations and $203.0 million was received from sales and maturing United States Treasury Obligations.

$634.4 million was received from sales of affiliated investments and $650.8 million was paid to purchase affiliated investments during the three months ended March 31, 2023.

$430.3 million was received from sales of affiliated investments and $1,190.2 million was paid to purchase affiliated investments during the three months ended March 31, 2022.

During the six months ended June 30, 2023, $711.8 million was paid to purchase United States Treasury Obligations and $950.0 million was received from sales and maturing United States Treasury Obligations.

During the six months ended June 30, 2022, $995.2 million was paid to purchase United States Treasury Obligations and $331.0 million was received from sales and maturing United States Treasury Obligations.

$1,175.2 million was received from sales of affiliated investments and $1,146.4 million was paid to purchase affiliated investments during the six months ended June 30, 2023.

$1,893.5 million was received from sales of affiliated investments and $2,064.0 million was paid to purchase affiliated investments during the six months ended June 30, 2022.

Financing Activities

The Fund’s net cash flow provided by (used in) financing activities was $(184.0) million and $714.0 million during the three months ended March 31, 2023 and 2022, respectively.

This included $16.2 million and $834.9 million from Shares purchased by Authorized Participants and $200.2 million and $120.9 million from Shares redeemed by Authorized Participants during the three months ended March 31, 2023 and 2022, respectively.

The Fund’s net cash flow provided by (used in) financing activities was $(285.9) million and $860.8 million during the six months ended June 30, 2023 and 2022, respectively.

This included $78.2 million and $1,424.9 million from Shares purchased by Authorized Participants and $364.1 million and $564.0 million from Shares redeemed by Authorized Participants during the six months ended June 30, 2023 and 2022, respectively.

Results of Operations

FOR THE THREE MONTHS ENDED MARCH 31, 2023 AND 2022

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022

The following graphs illustrate the percentage changes in (i) the market price of the Shares (as reflected by the line “Market”), (ii) the Fund’s NAV (as reflected by the line “NAV”), and (iii) the closing levels of the Index (as reflected by the line “DBIQ Diversified Agriculture Index ER”).

4 unchanged sentences

COMPARISON OF MARKET, NAV AND DBIQ DIVERSIFIED AGRICULTURE INDEX ER TM

FOR THE THREE MONTHS ENDED MARCH 31, 2023 AND 2022

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

Performance Summary

This Report covers the three months ended March 31, 2023 and 2022.

This Report covers the three and six months ended June 30, 2023 and 2022.

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

3 unchanged sentences

Past results of the Index and the DBIQ Diversified Agriculture TR are not necessarily indicative of future changes, positive or negative.

The section “Summary of the DBIQ Diversified Agriculture TR and Underlying Index Commodity Returns for the Three Months Ended March 31, 2023 and 2022”

The section “Summary of the DBIQ Diversified Agriculture TR and Underlying Index Commodity Returns for the Three and Six Months Ended June 30, 2023 and 2022”

below provides an overview of the changes in the closing levels of the DBIQ Diversified Agriculture TR by disclosing the change in market value of each underlying component Index Commodity through a “surrogate”

3 unchanged sentences

Summary of the DBIQ Diversified Agriculture TR and Underlying Index

Commodity Returns for the Three Months Ended March 31, 2023 and 2022

Commodity Returns for the Three and Six Months Ended June 30, 2023 and 2022

AGGREGATE RETURNS FOR INDICES IN THE DBIQ AGRICULTURE TR

Three Months Ended

Six Months Ended

Underlying Index

21 unchanged sentences

If the Fund’s fees and expenses were to exceed the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income, if any, the aggregate return on an investment in the Fund is expected to underperform the Excess Return Index.

FOR THE THREE MONTHS ENDED MARCH 31, 2023 COMPARED TO THE THREE MONTHS ENDED MARCH 31, 2022

FOR THE THREE MONTHS ENDED JUNE 30, 2023 COMPARED TO THE THREE MONTHS ENDED JUNE 30, 2022

Fund Share Price Performance

For the three months ended March 31, 2023, the NYSE Arca market value of each Share increased from $20.15 per Share to $20.43 per Share.

The Share price low and high for the three months ended March 31, 2023 and related change from the Share price on December 31, 2022 was as follows:

Shares traded at a low of $19.36 per Share (-3.92%) on January 19, 2023, and a high of $20.68 per Share (+2.63%) on February 21, 2023.

For the three months ended June 30, 2023, the NYSE Arca market value of each Share increased from $20.43 per Share to $21.08 per Share.

The Share price low and high for the three months ended June 30, 2023 and related change from the Share price on March 31, 2023 was as follows:

Shares traded at a low of $20.36 per Share (-0.34%) on April 4, 2023, and a high of $22.12 per Share (+8.27%) on June 21, 2023.

The total return for the Fund on a market value basis was +3.18%.

Agricultural commodities ended the first quarter up slightly with soft commodities, specifically sugar and cocoa, being the largest contributors –

sugar prices rallied on Indian export uncertainty and cocoa prices were supported by supply shortfalls in the Ivory Coast in March.

Live cattle and feeder cattle also added some positive performance while grains (wheat, corn, soybeans) were all detractors.

Robust wheat harvests from Russia and Australia, projections for bumper Brazilian corn and soybeans harvests, as well as the successful extension of the Black Sea Grain Initiative, which established a shipping corridor for grains out of Ukraine, in March, continued to ease supply concerns.

On the demand side, strong Chinese soybeans and corn imports provided some support.

For the three months ended March 31, 2022, the NYSE Arca market value of each Share increased from $19.75 per Share to $21.87 per Share.

The Share price low and high for the three months ended March 31, 2022 and related change from the Share price on December 31, 2021 was as follows:

Shares traded at a low of $19.64 per Share (-0.56%) on January 10, 2022, and a high of $22.25 per Share (+12.66%) on March 8, 2022.

Agricultural commodities posted a slight gain in the second quarter of 2023 with soft commodities cocoa and sugar, as well as live cattle, being the top contributors, offset by losses seen in corn and wheat.

Cocoa prices continued to rally on weather-driven supply concerns affecting the Ivory Coast, the world’s largest exporter (prompt month futures hit the highest levels since 2015), while sugar prices receded from the spike in the first quarter of 2023, albeit still holding at elevated levels.

As in the first quarter, live cattle futures continued to be supported by tight herd supplies following US droughts during the preceding year and resilient beef demand.

On the other hand, despite several spikes from US weather and geopolitical concerns, corn and wheat were both pressured in the second quarter as supplies remained abundant, the Black Sea Grain Initiative kept the Ukrainian corridor open and US grains were uncompetitive.

For the three months ended June 30, 2022, the NYSE Arca market value of each Share decreased from $21.87 per Share to $20.39 per Share.

The Share price low and high for the three months ended June 30, 2022 and related change from the Share price on March 31, 2022 was as follows:

Shares traded at a low of $20.39 per Share (-6.79%) on June 30, 2022, and a high of $22.98 per Share (+5.05%) on May 17, 2022.

The total return for the Fund on a market value basis was -6.77%.

Agricultural commodities had a strong start to 2022 as increasing tensions, and ultimately the war, between Russia and Ukraine exacerbated already fundamentally tight markets.

As both countries are vital players in the global grains trade and Russia is one of the world’s largest exporters of fertilizers, disrupted supplies threatened to leave the world in a global food crisis.

Resulting delays in

plantings also clouded harvest outlooks, causing both wheat and corn prices to hit multi-year highs in response to the growing uncertainty.

Agricultural commodities performed negatively for the second quarter of 2022, pressured by macro headwinds, dollar strength (a strong dollar hurts sales of raw materials) and easing supply concerns.

Despite rallying earlier in the quarter on heightened weather risks and growing global food protectionism, grain prices reversed with weather outlooks normalizing, optimism around the return of Ukrainian supplies growing and recession fears overwhelming the market.

Futures roll costs for several livestock and soft commodities further added to the negative performance.

Fund Share Net Asset Performance

For the three months ended March 31, 2023, the NAV of each Share increased from $20.16 per Share to $20.42 per Share.

Rising commodity futures contract prices for Cocoa, Coffee, Feeder Cattle, Live Cattle and Sugar were offset by falling commodity futures contract prices of Corn, Cotton, Kansas City Wheat, Lean Hogs, Soybeans and Wheat during the three months ended March 31, 2023, contributing to an overall 0.38% increase in the level of the Index and to a 1.56% increase in the level of the DBIQ Diversified Agriculture Index TR.

For the three months ended June 30, 2023, the NAV of each Share increased from $20.42 per Share to $21.10 per Share.

Rising commodity futures contract prices for Cocoa, Cotton, Feeder Cattle, Lean Hogs, Live Cattle, Soybeans and Sugar were offset by falling commodity futures contract prices of Coffee, Corn, Kansas City Wheat and Wheat during the three months ended June 30, 2023, contributing to an overall 2.29% increase in the level of the Index and to a 3.61% increase in the level of the DBIQ Diversified Agriculture Index TR.

The total return for the Fund on a NAV basis was +3.33%.

Net income (loss) for the three months ended March 31, 2023 was $8.0 million, primarily resulting from $10.6 million of income, net realized gain (loss) of $0.1 million, net change in unrealized gain (loss) of $(0.6) million and net operating expenses of $2.1 million.

For the three months ended March 31, 2022, the NAV of each Share increased from $19.73 per Share to $21.86 per Share.

Rising commodity futures contract prices for Cocoa, Corn, Cotton, Kansas City Wheat, Lean Hogs, Soybeans, Sugar and Wheat were offset by falling commodity futures contract prices of Coffee, Feeder Cattle and Live Cattle during the three months ended March 31, 2022, contributing to an overall 11.04% increase in the level of the Index and to a 11.12% increase in the level of the DBIQ Diversified Agriculture Index TR.

Net income (loss) for the three months ended June 30, 2023 was $28.7 million, primarily resulting from $10.7 million of income, net realized gain (loss) of $18.3 million, net change in unrealized gain (loss) of $1.7 million and net operating expenses of $2.0 million.

For the three months ended June 30, 2022, the NAV of each Share decreased from $21.86 per Share to $20.38 per Share.

Falling commodity futures contract prices for Cocoa, Corn, Cotton, Feeder Cattle, Kansas City Wheat, Lean Hogs, Live Cattle, Sugar and Wheat were offset by rising commodity futures contract prices of Coffee and Soybeans during the three months ended June 30, 2022, contributing to an overall 6.65% decrease in the level of the Index and to a 6.40% decrease in the level of the DBIQ Diversified Agriculture Index TR.

The total return for the Fund on a NAV basis was -6.77%.

Net income (loss) for the three months ended March 31, 2022 was $119.4 million, primarily resulting from $0.3 million of income, net realized gain (loss) of $45.6 million, net change in unrealized gain (loss) of $76.3 million and net operating expenses of $2.9 million.

Net income (loss) for the three months ended June 30, 2022 was $(161.9) million, primarily resulting from $3.8 million of income, net realized gain (loss) of $44.8 million, net change in unrealized gain (loss) of $(205.8) million and net operating expenses of $4.7 million.

FOR THE SIX MONTHS ENDED JUNE 30, 2023 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2022

Fund Share Price Performance

For the six months ended June 30, 2023, the NYSE Arca market value of each Share increased from $20.15 per Share to $21.08 per Share.

The Share price low and high for the six months ended June 30, 2023 and related change from the Share price on December 31, 2022 was as follows:

Shares traded at a low of $19.36 per Share (-3.92%) on January 19, 2023, and a high of $22.12 per Share (+9.78%) on June 21, 2023.

The total return for the Fund on a market value basis was +4.62%.

Agricultural commodities remained in positive territory year-to-date 2023, supported by gains in cocoa, sugar, live cattle, and feeder cattle.

The cocoa rally was driven by supply shortfalls in the Ivory Coast, the largest global exporter, while sugar prices rallied on Indian export uncertainty.

Live cattle and feeder cattle also added positive performance on dwindled herd counts, while grains (wheat, corn, soybeans) were all detractors.

Robust wheat harvests from Russia and Australia, projections for bumper Brazilian corn and soybeans harvests, as well as the continued extension of the Black Sea Grain Initiative, continued to ease supply concerns.

For the six months ended June 30, 2022, the NYSE Arca market value of each Share increased from $19.75 per Share to $20.39 per Share.

The Share price low and high for the six months ended June 30, 2022 and related change from the Share price on December 31, 2021 was as follows:

Shares traded at a low of $19.64 per Share (-0.56%) on January 10, 2022, and a high of $22.98 per Share (+16.36%) on May 17, 2022.

The total return for the Fund on a market value basis was +3.24%.

Despite the negative performance for agricultural commodities in the second quarter of 2022, the Fund still managed to lock in a small gain for the first half of the year.

The largest contributors were grains which rallied to multi year highs in the first quarter following Russia’s invasion of Ukraine.

Given both countries are vital players in the global grains trade and Russia is one of the world’s largest exporters of fertilizers, disrupted supplies threatened to leave the world in a global food crisis.

Fund Share Net Asset Performance

For the six months ended June 30, 2023, the NAV of each Share increased from $20.16 per Share to $21.10 per Share.

Rising commodity futures contract prices for Cocoa, Cotton, Feeder Cattle, Live Cattle and Sugar, were offset by falling commodity futures contract prices of Coffee, Corn, Kansas City Wheat, Lean Hogs, Soybeans and Wheat during the six months ended June 30, 2023, contributing to an overall 2.68% increase in the level of the Index and to a 5.22% increase in the level of the DBIQ Diversified Agriculture Index TR.

The total return for the Fund on a NAV basis was +4.66%.

Net income (loss) for the six months ended June 30, 2023 was $36.8 million, primarily resulting from $21.4 million of income, net realized gain (loss) of $18.3 million, net change in unrealized gain (loss) of $1.1 million and net operating expenses of $4.1 million.

For the six months ended June 30, 2022, the NAV of each Share increased from $19.73 per Share to $20.38 per Share.

Rising commodity futures contract prices for Cocoa, Cotton, Feeder Cattle, Live Cattle and Sugar were offset by falling commodity futures

contract prices of Coffee, Corn, Kansas City Wheat, Lean Hogs, Soybeans and Wheat during the six months ended June 30, 2022, contributing to an overall 3.66% increase in the level of the Index and to a 4.01% increase in the level of the DBIQ Diversified Agriculture Index TR.

The total return for the Fund on a NAV basis was +3.29%.

Net income (loss) for the six months ended June 30, 2022 was $(42.5) million, primarily resulting from $4.2 million of income, net realized gain (loss) of $90.4 million, net change in unrealized gain (loss) of $(129.5) million and net operating expenses of $7.6 million.

Critical Accounting Estimates

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What changed 10-Q

Item 1. Financial Statements