What changed in this filing

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Item 1. Financial Statements

2023-11-08 compared with 2023-08-04 · 132 added, 126 removed, 908 unchanged (22% of the section changed)

2 unchanged sentences

Statements of Financial Condition

June 30, 2023 and December 31, 2022

September 30, 2023 and December 31, 2022

September 30,

United States Treasury Obligations, at value (cost $ 346,474,953 and

2 unchanged sentences

respectively)

Other investments:

Variation margin receivable- Commodity Futures Contracts

Receivable for:

22 unchanged sentences

Schedule of Investments

June 30, 2023

September 30, 2023

Percentage of

2 unchanged sentences

United States Treasury Obligations (a)

Treasury Bill, 5.220 % due September 7, 2023

Treasury Bill, 5.340 % due November 30, 2023 (b)

Treasury Bill, 5.315 % due December 7, 2023

Treasury Bill, 5.300 % due March 7, 2024

Total United States Treasury Obligations (cost $ 346,474,953 )

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 June 30, 2023 .

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

Open Commodity Futures Contracts

7 unchanged sentences

CME Feeder Cattle

August - 2023

November - 2023

CME Lean Hogs

August - 2023

December - 2023

CME Live Cattle

August - 2023

December - 2023

NYB-ICE Cocoa

September - 2023

December - 2023

NYB-ICE Coffee

September - 2023

December - 2023

NYB-ICE Cotton

52 unchanged sentences

Statements of Income and Expenses

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

For the Three and Nine Months Ended September 30, 2023 and 2022

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Interest Income

17 unchanged sentences

( 102,237,000

( 127,670,737

Net Change in Unrealized Gain (Loss)

( 103,509,933

( 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 June 30, 2023

For the Three Months Ended September 30, 2023

General Shares

Shareholders'

Balance at March 31, 2023

Balance at June 30, 2023

Purchases of Shares

Redemption of Shares

( 163,030,699

Net Increase (Decrease) due to Share Transactions

( 101,035,449

Net Income (Loss)

8 unchanged sentences

Net Change in Shareholders' Equity

Balance at June 30, 2023

Balance at September 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 June 30, 2022

For the Three Months Ended September 30, 2022

General Shares

Shareholders'

Balance at March 31, 2022

Balance at June 30, 2022

1,826,389,518

5 unchanged sentences

Net Increase (Decrease) due to Share Transactions

( 317,343,782

Net Income (Loss)

6 unchanged sentences

Investments and Commodity Futures Contracts

( 205,793,694

( 205,793,669

Net Income (Loss)

Net Change in Shareholders' Equity

( 351,854,371

( 351,854,384

Net Change in Shareholders' Equity

Balance at June 30, 2022

Balance at September 30, 2022

1,474,535,147

3 unchanged sentences

Statement of Changes in Shareholders’

For the Six Months Ended June 30, 2023

For the Nine Months Ended September 30, 2023

General Shares

22 unchanged sentences

( 257,634,884

Balance at June 30, 2023

Balance at September 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 Six Months Ended June 30, 2022

For the Nine Months Ended September 30, 2022

General Shares

22 unchanged sentences

Net Change in Shareholders' Equity

Balance at June 30, 2022

Balance at September 30, 2022

1,474,535,147

3 unchanged sentences

Statements of Cash Flows

For the Six Months Ended June 30, 2023 and 2022

Six Months Ended

For the Nine Months Ended September 30, 2023 and 2022

Nine Months Ended

September 30,

Cash flows from operating activities:

5 unchanged sentences

Proceeds from securities sold and matured

1,000,000,074

Cost of affiliated investments purchased

31 unchanged sentences

Notes to Unaudited F inancial Statements

June 30, 2023

September 30, 2023

Note 1 –

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(the “NYSE Arca”).

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

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

No distributions were paid for the three and nine months ended September 30, 2023 and 2022 .

Routine Operational, Administrative and Other Ordinary Expenses

4 unchanged sentences

The Fund pays all non-recurring and unusual fees and expenses, if any, of itself, as determined by the Managing Owner.

Non-recurring and unusual fees and expenses include fees and expenses, such as legal claims and liabilities, litigation costs,

indemnification expenses or other non-routine expenses.

Non-recurring and unusual fees and expenses include fees and expenses, such as legal claims and liabilities, litigation costs, indemnification expenses or other non-routine expenses.

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

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

For the three and nine months ended September 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 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.

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 nine months ended September 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 nine months ended September 30, 2022 , respectively.

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

28 unchanged sentences

Credit risk with respect to exchange-traded instruments is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transactions.

The Commodity Broker, when acting as the Fund’s futures commission merchant (“FCM”) in accepting orders for the purchase or sale of domestic futures contracts, is required by CFTC regulations to separately account for and segregate as belonging to the Fund all assets of the Fund relating to domestic futures trading.

The Commodity Broker, when acting as the Fund’s futures commission merchant (“FCM”) in accepting orders for the purchase or sale of domestic futures contracts, is required by CFTC

regulations to separately account for and segregate as belonging to the Fund all assets of the Fund relating to domestic futures trading.

The Commodity Broker is not allowed to commingle such assets with other assets of the Commodity Broker.

15 unchanged sentences

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

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 Managing Owner waived fees of $ 118,617 and $ 352,996 for the three and nine months ended September 30, 2023, respectively.

The Managing Owner waived fees of $ 173,488 and $ 556,974 for the three and nine months ended September 30, 2022, respectively.

The Distributor

15 unchanged sentences

The Fund and the Administrator have entered into separate administrative and accounting, custodian, transfer agency and service agreements (collectively referred to as the “Administration Agreement”).

Pursuant to the Administration Agreement, the Administrator performs or supervises the performance of services necessary for the operation and administration of the Fund (other than making investment decisions), including receiving and processing orders from Authorized Participants to create and redeem Creation Units, NAV calculations, accounting and other fund administrative services.

from Authorized Participants to create and redeem Creation Units, NAV calculations, accounting and other fund administrative services.

The Administrator maintains certain financial books and records, including:

14 unchanged sentences

The Fund defines cash as cash held by the Custodian.

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

There were no cash equivalents held by the Fund as of September 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 June 30, 2023:

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

Investments in Securities

28 unchanged sentences

The Fair Value of Derivative Instruments is as follows:

June 30, 2023

September 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 June 30, 2023 and December 31, 2022 Statements of Financial Condition.

Only the current day’s variation margin receivable (payable) is reported in the September 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:

1 unchanged sentence

Location of Gain (Loss) on Derivatives

September 30,

Risk Exposure/Derivative Type

4 unchanged sentences

Net Change in Unrealized Gain (Loss)

( 204,214,439

( 159,421,273

For the Six Months Ended

For the Nine Months Ended

Location of Gain (Loss) on Derivatives

September 30,

Risk Exposure/Derivative Type

7 unchanged sentences

For the Three Months Ended

For the Six Months Ended

For the Nine Months Ended

September 30,

Average Notional Value

11 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 six months ended June 30, 2023.

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

Value 06/30/2023

34 unchanged sentences

( 1,336,838,339

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.

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

Value 06/30/2022

15 unchanged sentences

( 766,732,148

1,587,418,783

( 1,463,206,379

Value 12/31/2021

42 unchanged sentences

Instead, individual Shareholders may only redeem Shares in integral multiples of 50,000 and only through an Authorized Participant.

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.

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.

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 and six months ended June 30, 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 nine months ended September 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

Nine Months Ended

September 30,

Net Asset Value

49 unchanged sentences

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.

Risks related to geopolitical conflict, including the on-going hostilities in Ukraine, the conflict in Israel and surrounding areas, the possible expansion of such conflicts and potential geopolitical consequences, acts of terrorism, mass casualty events, social unrest, civil disturbance or disobedience.

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

12 unchanged sentences

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”).

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 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.

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.

31 unchanged sentences

NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY INVESCO CAPITAL MANAGEMENT LLC FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN.

NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN.

CONSEQUENTIAL OR ANY OTHER DAMAGES OR LOSSES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.

NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, MAKES ANY EXPRESS OR

IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN.

WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DEUTSCHE BANK OR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX HAVE ANY LIABILITY FOR DIRECT, INDIRECT, PUNITIVE, SPECIAL, CONSEQUENTIAL OR ANY OTHER DAMAGES OR LOSSES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.

EXCEPT AS EXPRESSLY PROVIDED TO THE CONTRARY, THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DEUTSCHE BANK AND INVESCO CAPITAL MANAGEMENT LLC.

7 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 June 30, 2023:

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

Index Commodity

2 unchanged sentences

Kansas City Wheat

Closing Level as of June 30, 2023:

Closing Level as of September 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.

10 unchanged sentences

The Commodity Broker is not allowed to commingle such assets with other assets of the Commodity Broker.

In addition, CFTC regulations also require the Commodity Broker to hold in a secure account assets

of the Fund related to foreign futures trading.

In addition, CFTC regulations also require the Commodity Broker to hold in a secure account assets of the Fund related to foreign futures trading.

While these legal requirements are designed to protect the customers of FCMs, a failure by the Commodity Broker to comply with those requirements would be likely to have a material adverse effect on the Fund in the event that the Commodity Broker became insolvent or suffered other financial distress.

56 unchanged sentences

Operating Activities

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.

Net cash flow provided by (used in) operating activities was $319.4 million and $(541.3) million for the nine months ended September 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

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.

During the nine months ended September 30, 2023, $760.8 million was paid to purchase United States Treasury Obligations and $1,000.0 million was received from sales and maturing United States Treasury Obligations.

During the nine months ended September 30, 2022, $1,074.7 million was paid to purchase United States Treasury Obligations and $479.0 million was received from sales and maturing United States Treasury Obligations.

$1,336.8 million was received from sales of affiliated investments and $1,305.4 million was paid to purchase affiliated investments during the nine months ended September 30, 2023.

$2,660.3 million was received from sales of affiliated investments and $2,519.0 million was paid to purchase affiliated investments during the nine months ended September 30, 2022.

Financing Activities

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.

The Fund’s net cash flow provided by (used in) financing activities was $(319.4) million and $541.3 million during the nine months ended September 30, 2023 and 2022, respectively.

This included $95.5 million and $1,498.1 million from Shares purchased by Authorized Participants and $414.9 million and $956.7 million from Shares redeemed by Authorized Participants during the nine months ended September 30, 2023 and 2022, respectively.

Results of Operations

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

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

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 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.

3 unchanged sentences

Performance Summary

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

This Report covers the three and nine months ended September 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 and Six Months Ended June 30, 2023 and 2022”

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

Commodity Returns for the Three and Nine Months Ended September 30, 2023 and 2022

AGGREGATE RETURNS FOR INDICES IN THE DBIQ AGRICULTURE TR

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

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

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

Fund Share Price Performance

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.

For the three months ended September 30, 2023, the NYSE Arca market value of each Share increased from $21.08 per Share to $21.40 per Share.

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

Shares traded at a low of $21.09 per Share (+0.05%) on August 15, 2023, and a high of $22.37 per Share (+6.12%) on July 25, 2023.

The total return for the Fund on a market value basis was +1.52%.

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.

Agricultural commodities posted slight positive performance in the third quarter of 2023, with most of the gains coming from sugar.

Front month sugar prices rose nearly 15% over the quarter as concerns over a domestic supply shortfall rose with India, the world’s second largest sugar exporter, closing in on an export ban.

Cocoa also rose on deteriorating crops in West Africa but fell sharply to end the quarter.

While grains gained in July after Russia pulled out of the Black Sea Grain Initiative (BSGI) and escalated attacks on Ukraine’s grain export infrastructure, prices retreated starting the last week of July.

Improving weather outlooks across the US Midwest, another bumper Russian wheat harvest, strong corn and soybean harvests in Brazil and the availability of alternative shipping routes all helped ease the blow from escalating tensions in Ukraine.

US grains remained largely uncompetitive on global markets, sending prices even lower in September.

For the three months ended September 30, 2022, the NYSE Arca market value of each Share decreased from $20.39 per Share to $20.03 per Share.

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

Shares traded at a low of $19.30 per Share (-5.35%) on July 22, 2022, and a high of $20.81 per Share (+2.06%) on August 29, 2022.

The total return for the Fund on a market value basis was -1.76%.

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.

Agricultural commodities were mixed for the third quarter of 2022 but finished slightly down.

From July to mid-August, this sector experienced investor outflows buoyed by recession fears and favorable weather, as well as the initial success of the Black Sea Grains Initiative, but shifted to inflows to end August as severe heatwaves and low precipitation threatened grain yields.

In September, supply concerns were escalated due to a lagged harvest in the U.S., delays in Ukraine and China due to wet weather, lack of rain in Argentina (for wheat) and renewed geopolitical turbulence, though prices continued to be weighed down heavily by recession fears and U.S.

dollar strength.

Fund Share Net Asset Performance

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.

For the three months ended September 30, 2023, the NAV of each Share increased from $21.10 per Share to $21.42 per Share.

Rising commodity futures contract prices for Cocoa, Cotton, Feeder Cattle, Lean Hogs, Live Cattle and Sugar were offset by falling commodity futures contract prices of Coffee, Corn, Kansas City Wheat, Soybeans and Wheat during the three months ended September 30, 2023, contributing to an overall 0.42% increase in the level of the Index and to a 1.78% increase in the level of the DBIQ Diversified Agriculture Index TR.

The total return for the Fund on a NAV basis was +1.52%.

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.

Net income (loss) for the three months ended September 30, 2023 was $13.2 million, primarily resulting from $11.2 million of income, net realized gain (loss) of $13.0 million, net change in unrealized gain (loss) of $(9.2) million and net operating expenses of $1.8 million.

For the three months ended September 30, 2022, the NAV of each Share decreased from $20.38 per Share to $20.06 per Share.

Falling commodity futures contract prices for Cocoa, Coffee, Cotton, Feeder Cattle, Lean Hogs, Soybeans and Sugar were offset by rising commodity futures contract prices of Corn, Kansas City Wheat, Live Cattle and Wheat during the three months ended September 30, 2022, contributing to an overall 1.82% decrease in the level of the Index and to a 1.17% decrease in the level of the DBIQ Diversified Agriculture Index TR.

The total return for the Fund on a NAV basis was -1.57%.

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

Net income (loss) for the three months ended September 30, 2022 was $(34.5) million, primarily resulting from $6.8 million of income, net realized gain (loss) of $(63.8) million, net change in unrealized gain (loss) of $26.0 million and net operating expenses of $3.5 million.

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 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.

For the nine months ended September 30, 2023, the NYSE Arca market value of each Share increased from $20.15 per Share to $21.40 per Share.

The Share price low and high for the nine months ended September 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 $22.37 per Share (+11.02%) on July 25, 2023.

The total return for the Fund on a market value basis was +6.20%.

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

Agricultural commodities remained in positive territory for the first three quarters of 2023, supported by gains in sugar, cocoa, 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.

While Russia did pull out of the BSGI in July, the impact was mitigated given strong Russian wheat exports and the availability of alternative shipping routes.

US grains were also largely uncompetitive on global markets, adding further pressure.

For the nine months ended September 30, 2022, the NYSE Arca market value of each Share increased from $19.75 per Share to $20.03 per Share.

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

Shares traded at a low of $19.30 per Share (-2.28%) on July 22, 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 +1.42%.

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.

Despite the negative performance for agricultural commodities in the second and third quarters of 2022, the Fund still managed to lock in a small gain year-to-date.

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.

Additionally, significant risk premium was added back to the grains market to end the third quarter after tensions in Ukraine escalated with Russian President Vladimir Putin threatening to use nuclear weapons and annexing territories in response to his military setbacks.

Increasing energy prices also continued to drive up agricultural processing and transportation costs though underperformance in softs and livestock commodities dented returns.

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.

For the nine months ended September 30, 2023, the NAV of each Share increased from $20.16 per Share to $21.42 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 nine months ended September 30, 2023, contributing to an overall 3.11% increase in the level of the Index and to a 7.10% increase in the level of the DBIQ Diversified Agriculture Index TR.

The total return for the Fund on a NAV basis was +6.25%.

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.

Net income (loss) for the nine months ended September 30, 2023 was $49.9 million, primarily resulting from $32.5 million of income, net realized gain (loss) of $31.3 million, net change in unrealized gain (loss) of $(8.0) million and net operating expenses of $5.9 million.

For the nine months ended September 30, 2022, the NAV of each Share increased from $19.73 per Share to $20.06 per Share.

Rising commodity futures contract prices for Coffee, Corn, Kansas City Wheat, Lean Hogs, Soybeans and Wheat were offset by falling commodity futures contract prices of Cocoa, Cotton, Feeder Cattle, Live Cattle and Sugar during the nine months ended September 30, 2022, contributing to an overall 1.77% increase in the level of the Index and to a 2.80% increase in the level of the DBIQ Diversified Agriculture Index TR.

The total return for the Fund on a NAV basis was +1.67%.

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.

Net income (loss) for the nine months ended September 30, 2022 was $(77.0) million, primarily resulting from $11.0 million of income, net realized gain (loss) of $26.6 million, net change in unrealized gain (loss) of $(103.5) million and net operating expenses of $11.1 million.

Critical Accounting Estimates

7 unchanged sentences

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What changed 10-Q

Item 1. Financial Statements