What changed in this filing

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Item 1. Financial Statements

2024-05-08 compared with 2023-11-08 · 128 added, 582 removed, 458 unchanged (61% of the section changed)

2 unchanged sentences

Statements of Financial Condition

September 30, 2023 and December 31, 2022

September 30,

March 31, 2024 and December 31, 2023

United States Treasury Obligations, at value (cost $ 322,134,780 and

2 unchanged sentences

respectively)

Other investments:

Variation margin receivable- Commodity Futures Contracts

Cash held by custodian

Receivable for:

Fund shares sold

Dividends from affiliates

1,091,027,240

Other investments:

Variation margin payable- Commodity Futures Contracts

Distributions

Fund shares reacquired

3 unchanged sentences

Commitments and Contingencies (Note 10)

Shareholder's equity—General Shares

Shareholders' equity—Shares

1,072,706,124

Shareholder's equity—General Shares

Shareholders' equity—Shares

Total shareholders' equity

1,072,706,930

Total liabilities and equity

1,091,027,240

General Shares outstanding

5 unchanged sentences

Schedule of Investments

September 30, 2023

March 31, 2024

Percentage of

2 unchanged sentences

United States Treasury Obligations (a)

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

Treasury Bills, 5.255 % due May 30, 2024 (b)

Treasury Bills, 5.240 % due June 6, 2024

Total United States Treasury Obligations (cost $ 322,134,780 )

1 unchanged sentence

Exchange-Traded Fund

Invesco Treasury Collateral ETF (cost $ 119,520,055 ) (c)

Invesco Short Term Treasury ETF (cost $ 119,520,055 ) (c)

Money Market Mutual Fund

8 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 September 30, 2023 .

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

Open Commodity Futures Contracts

7 unchanged sentences

CME Feeder Cattle

November - 2023

CME Lean Hogs

December - 2023

CME Live Cattle

December - 2023

NYB-ICE Cocoa

December - 2023

NYB-ICE Coffee

December - 2023

NYB-ICE Cotton

December - 2023

NYB-ICE Sugar

6 unchanged sentences

Percentage of

Shareholders’

Principal Value

United States Treasury Obligations (a)

Treasury Bill, 3.340 % due January 5, 2023

Treasury Bill, 4.285 % due March 2, 2023 (b)

Treasury Bill, 5.250 % due March 7, 2024

Treasury Bill, 5.240 % due May 30, 2024 (b)

Treasury Bill, 5.190 % due June 6, 2024

Total United States Treasury Obligations (cost $ 342,604,310 )

1 unchanged sentence

Exchange-Traded Fund

Invesco Treasury Collateral ETF (cost $ 89,044,868 ) (c)

Invesco Short Term Treasury ETF (cost $ 119,520,055 ) (c)(d)

Money Market Mutual Fund

Invesco Government & Agency Portfolio,

Institutional Class, 4.22 % (cost $ 428,581,904 ) (c)(d)

Institutional Class, 5.29 % (cost $ 248,080,509 ) (c)(e)

Total Affiliated Investments (cost $ 367,600,564 )

Total Investments in Securities (cost $ 710,204,874 )

1,089,260,788

(a) Security may be traded on a discount basis.

3 unchanged sentences

The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd.

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

(d) Effective after the close of markets on August 25, 2023, the fund’s name changed from Invesco Treasury Collateral ETF to Invesco Short Term Treasury ETF.

(e) The rate shown is the 7-day SEC standardized yield as of December 31, 2023 .

Open Commodity Futures Contracts

1 unchanged sentence

Expiration Date

(Depreciation) (e)

(Depreciation) (f)

Long Futures Contracts

12 unchanged sentences

Total Commodity Futures Contracts

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

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

See accompanying Notes to 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, 2023 and 2022

For the Three Months Ended March 31, 2024 and 2023

Three Months Ended

Nine Months Ended

September 30,

Interest Income

8 unchanged sentences

and Commodity Futures Contracts

Net Realized Gain (Loss) on

Net Realized Gain (Loss) from

United States Treasury Obligations

1 unchanged sentence

Net Realized Gain (Loss)

Net Change in Unrealized Gain (Loss) on

Net Change in Unrealized Gain (Loss) from

United States Treasury Obligations

1 unchanged sentence

Commodity Futures Contracts

( 102,237,000

Net Change in Unrealized Gain (Loss)

( 103,509,933

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

4 unchanged sentences

Invesco DB Agriculture Fund

Statement of Changes in Shareholders’

For the Three Months Ended September 30, 2023

General Shares

Shareholders'

Balance at June 30, 2023

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, 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 September 30, 2022

Statement of Changes in Shareholders’ Equity

For the Three Months Ended March 31, 2024

General Shares

Shareholders'

Balance at June 30, 2022

1,826,389,518

1,826,390,333

Balance at December 31, 2023

Purchases of Shares

Redemption of Shares

( 390,552,461

Net Increase (Decrease) due to Share Transactions

( 317,343,782

Net Income (Loss)

8 unchanged sentences

Net Change in Shareholders' Equity

( 351,854,371

( 351,854,384

Balance at September 30, 2022

1,474,535,147

1,474,535,949

Balance at March 31, 2024

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 Nine Months Ended September 30, 2023

Statement of Changes in Shareholders’ Equity

For the Three Months Ended March 31, 2023

General Shares

22 unchanged sentences

( 163,875,389

Balance at September 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 Nine Months Ended September 30, 2022

General Shares

Shareholders'

Balance at December 31, 2021

1,018,199,258

1,018,200,047

Purchases of Shares

1,498,075,669

Redemption of Shares

( 964,762,263

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

( 103,509,950

( 103,509,933

Net Income (Loss)

Net Change in Shareholders' Equity

Balance at September 30, 2022

1,474,535,147

1,474,535,949

Balance at March 31, 2023

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, 2023 and 2022

Nine Months Ended

September 30,

For the Three Months Ended March 31, 2024 and 2023

Three Months Ended

Cash flows from operating activities:

3 unchanged sentences

( 370,495,500

( 1,074,733,385

Proceeds from securities sold and matured

1,000,000,074

Cost of affiliated investments purchased

2 unchanged sentences

Proceeds from affiliated investments sold

1,336,838,339

2,660,269,102

Net accretion of discount on United States Treasury Obligations

8 unchanged sentences

Net cash provided by (used in) operating activities

( 541,338,227

Cash flows from financing activities:

Distributions paid to shareholders

Proceeds from purchases of Shares

1,498,075,669

Redemption of Shares

( 200,172,164

( 956,737,442

Net cash provided by (used in) financing activities

8 unchanged sentences

Notes to Unaudited F inancial Statements

September 30, 2023

Note 1 –

Invesco DB Agriculture 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”).

March 31, 2024

Note 1 – Organization

The Fund has an unlimited number of shares authorized for issuance.

Invesco Capital Management LLC (“Invesco”) 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.

The Managing Owner holds 40 general shares (the “General Shares”) of the Fund.

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.

The Managing Owner holds 40 general shares (the “General Shares”) of the Fund.

The fiscal year end of the Fund is December 31st.

The Fund seeks to track changes, whether positive or negative, in the level of the DBIQ Diversified Agriculture 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 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 agricultural sector.

The commodities comprising the Index are Corn, Soybeans, Wheat, Kansas City Wheat, Sugar, Cocoa, Coffee, Cotton, Live Cattle, Feeder Cattle and Lean Hogs (each an “Index Commodity”, and collectively, the “Index Commodities”).

The Fund may invest directly in United States Treasury Obligations.

The Fund may also gain exposure to United States Treasury Obligations through investments in exchange-traded funds (“ETFs”) (affiliated or otherwise) that track indexes that measure the performance of United States Treasury Obligations with a maximum remaining maturity of up to 12 months (“T-Bill ETFs”).

The Fund holds as collateral United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, for margin and/or cash management purposes.

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.

The Commodity Futures Trading Commission (the “CFTC”) and certain futures exchanges impose position limits on futures contracts that reference Index Commodities (the “Index Contracts”).

As the Fund approaches or reaches position limits with respect to an Index Commodity, the Fund may commence investing in Index Contracts that reference other Index Commodities.

In those circumstances, the Fund may also trade in futures contracts based on commodities other than Index Commodities that the Managing Owner reasonably believes tend to exhibit trading prices that correlate with an Index Contract.

The Managing Owner may determine to invest in other futures contracts if at any time it is impractical or inefficient to gain full or partial exposure to an Index Commodity through the use of Index Contracts.

The Managing Owner may determine to invest in other futures contracts if at any time it is impractical, including in scenarios wherein the futures market for an Index Contract is thinly traded, or inefficient to gain full or partial exposure to an Index Commodity through the use of Index Contracts.

These other futures contracts may or may not be based on an Index Commodity.

When they are not, the Managing Owner may seek to select futures contracts that it reasonably believes tend to exhibit trading prices that correlate with an Index Contract.

The Fund offers common units of beneficial interest (the “Shares”) only to certain eligible financial institutions (the “Authorized Participants”) in one or more blocks of 50,000 Shares (“Creation Units”).

The Fund commenced investment operations on January 3, 2007.

The Fund commenced trading on the American Stock Exchange (which became the NYSE Alternext US LLC) on January 5, 2007 and, since November 25, 2008, has been listed on the NYSE Arca, Inc.

(the “NYSE Arca”).

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.

GAAP”) for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S.

Securities and Exchange Commission (the “SEC”).

(the “NYSE Arca”).

This Quarterly Report (the “Report”) covers the three months ended March 31, 2024 and 2023.

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

GAAP”) for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S.

Securities and Exchange Commission (the “SEC”).

In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made.

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, 2022, as filed with the SEC on February 24, 2023 .

Note 2 –

Summary of Significant Accounting Policies

Note 2 – Summary of Significant Accounting Policies

Basis of Presentation

1 unchanged sentence

The Fund has determined that it meets the definition of an investment company and has prepared the financial statements in conformity with U.S.

GAAP for investment companies in conformity with accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services —

Investment Companies .

GAAP for investment companies in conformity with accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies .

Accounting Estimates

4 unchanged sentences

Investment Valuations

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value (“NAV”) per share.

Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

4 unchanged sentences

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith following procedures approved by the Managing Owner.

Issuer-specific events, market trends, bid/asked quotes of brokers and information providers and other data may be reviewed in the course of making a good faith determination of a security’s fair value.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally and market liquidity.

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.

6 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 Shareholders monthly based on their respective percentage interests as of the close of the last trading day of the preceding month.

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 paid for the three and nine months ended September 30, 2023 and 2022 .

No distributions were declared for the three months ended March 31, 2024 and 2023 .

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, 2023 and 2022 , the Fund did no t incur such expenses.

For the three months ended March 31, 2024 and 2023 , the Fund did no t incur such expenses.

Brokerage Commissions and Fees

The Fund incurs all brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities by the Commodity Broker (as defined below).

These costs are recorded as Brokerage Commissions and Fees in the Statements of Income and Expenses.

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 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 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, 2024 and 2023, respectively.

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

2 unchanged sentences

federal income taxes.

No provision for federal, state, and local income taxes has been made in the accompanying financial statements, as investors are individually liable for income taxes, if any, on their allocable share of the Fund’s income, gain, loss, deductions and other items.

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.

8 unchanged sentences

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

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

Realized gains (losses) and changes in unrealized appreciation (depreciation) on open positions are determined on a specific identification basis and recognized in the Statements of Income and Expenses in the period in which the contract is closed or the changes occur, respectively.

Note 3 –

Financial Instrument Risk

Note 3 – Financial Instrument Risk

In the normal course of its business, the Fund is a party to financial instruments with off-balance sheet risk.

The term “off-balance sheet risk”

refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss in excess of the amounts shown on the Statements of Financial Condition.

The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss in excess of the amounts shown on the Statements of Financial Condition.

The financial instruments used by the Fund are commodity futures contracts, the values of which are based upon an underlying asset and generally represent future commitments that have a reasonable possibility of being settled in cash or through physical delivery.

5 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.

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

The Fund’s risk of loss in the event of counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and not represented by the futures contract or notional amounts of the instruments.

In addition, CFTC

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

The Fund has not utilized, nor does it expect to utilize in the future, special purpose entities to facilitate off-balance sheet financing arrangements and has no loan guarantee arrangements or off-balance sheet arrangements of any kind, other than agreements entered into in the normal course of business noted above.

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.

Note 4 – Service Providers and Related Party Agreements

The Managing Owner has the exclusive management and control of all aspects of the business of the Trust and the Fund.

2 unchanged sentences

The Managing Owner

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

The Fund pays the Managing Owner a management fee, monthly in arrears, in an amount equal to 0.85 % per annum of the daily NAV of the Fund (the “Management Fee”).

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

The Fund pays the Managing Owner a management fee, monthly in arrears, in an amount equal to 0.85 % per annum of the daily NAV of the Fund (the “Management Fee”).

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

1 unchanged sentence

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

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

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

The Managing Owner waived fees of $ 87,043 and $ 113,147 for the three months ended March 31, 2024 and 2023, respectively.

The Distributor

Invesco Distributors, Inc.

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

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

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

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

1 unchanged sentence

Morgan Stanley & Co.

LLC, a Delaware limited liability company, serves as the Fund’s futures clearing broker (the “Commodity Broker”).

The Commodity Broker is registered with the CFTC as an FCM and is a member of the NFA in such capacity.

1 unchanged sentence

Such executing brokers give-up all such transactions to the Commodity Broker.

In its capacity as clearing broker, the Commodity Broker may execute or receive transactions executed by others and clears all of the Fund’s futures transactions and performs certain administrative and custodial services for the Fund.

The Commodity Broker is responsible, among other things, for providing periodic accountings of all dealings and actions taken by the Trust on behalf of the Fund during the reporting period, together with an accounting of all securities, cash or other indebtedness or obligations held by it or its nominees for or on behalf of the Fund.

The Administrator, Custodian and Transfer Agent

The Bank of New York Mellon (the “Administrator”, “Custodian”

and “Transfer Agent”) is the administrator, custodian and transfer agent of the Fund.

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”).

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

The Bank of New York Mellon (the “Administrator”, “Custodian” and “Transfer Agent”) is the administrator, custodian and transfer agent of the Fund.

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.

The Administrator maintains certain financial books and records, including:

2 unchanged sentences

ledgers with respect to assets, liabilities, capital, income and expenses;

the registrar, transfer journals and related details;

the registrar, transfer journals and

related details;

and trading and related documents received from the Commodity Broker.

2 unchanged sentences

The Managing Owner, on behalf of the Fund, has appointed Deutsche Bank Securities, Inc.

to serve as the index sponsor (the “Index Sponsor”).

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

1 unchanged sentence

The Managing Owner pays the Index Sponsor a licensing fee and an index services fee out of the Management Fee for performing its duties.

Note 5 –

Deposits with Commodity Broker and Custodian

Note 5 – Deposits with Commodity Broker and Custodian

The Fund defines cash as cash held by the Custodian.

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

There were no cash equivalents held by the Fund as of March 31, 2024 and December 31, 2023.

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

The Fund may deposit cash, United States Treasury Obligations, T-Bill ETFs and money market mutual funds with the Commodity Broker as margin, to the extent permissible under CFTC rules.

The combination of the Fund’s deposits with its Commodity Broker of cash and United States Treasury Obligations and the unrealized profit or loss on open futures contracts represents the Fund’s overall equity in its broker trading account.

To meet the Fund’s maintenance margin requirements, the Fund holds United States Treasury Obligations with the Commodity Broker.

The Fund transfers cash to the Commodity Broker to satisfy variation margin requirements.

4 unchanged sentences

For financial reporting purposes, the Fund offsets financial assets and financial liabilities that are subject to legally enforceable netting arrangements.

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

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

1 unchanged sentence

Such balances, if any at period-end, are shown on the Statements of Financial Condition under the payable caption Due to custodian .

Because the Fund’s assets are maintained with the Commodity Broker and Custodian, the distress, impairment or failure of the Commodity Broker or Custodian could result in the loss of or delay in access to Fund assets.

Note 6 –

Additional Valuation Information

Note 6 – Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions.

1 unchanged sentence

Based on the valuation inputs, the securities or other investments are tiered into one of three levels.

Changes in valuation methods or market conditions may result in transfers in or out of an investment’s assigned level:

Prices are determined using quoted prices in an active market for identical assets.

4 unchanged sentences

In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used.

Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The levels assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

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, 2023:

The following is a summary of the tiered valuation input levels as of March 31, 2024:

Investments in Securities

16 unchanged sentences

Total Investments in Securities

1,089,260,788

Other Investments - Assets (a)

4 unchanged sentences

Total Investments

1,080,293,109

(a) Unrealized appreciation (depreciation).

Note 7 –

Derivative Instruments

Note 7 – Derivative Instruments

The Fair Value of Derivative Instruments is as follows:

September 30, 2023

March 31, 2024

December 31, 2023

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

Only the current day’s variation margin receivable (payable) is reported in the March 31, 2024 and December 31, 2023 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)

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)

( 102,237,000

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

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

1,596,033,043

1,657,682,077

Note 8 –

Investments in Affiliates

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.

In seeking its investment objective, the Invesco Treasury Collateral ETF primarily holds U.S.

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.

In seeking its investment objective, the Invesco Short Term Treasury ETF primarily holds U.S.

Treasury Obligations that:

2 unchanged sentences

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

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

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

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

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

The Invesco Government & Agency Portfolio and the Fund are advised by investment advisers under common control of Invesco Ltd., and therefore the Invesco Government & Agency Portfolio is considered to be affiliated with the Fund.

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

Purchases at Cost

Proceeds from Sales

Change in Unrealized Appreciation (Depreciation)

Realized Gain (Loss)

Value 09/30/2023

Dividend Income

Invesco Treasury

Collateral ETF

Investments in

Affiliated Money

Market Funds:

Invesco Government &

Agency Portfolio,

Institutional Class

( 161,653,379

Value 12/31/2022

Purchases at Cost

Proceeds from Sales

Change in Unrealized Appreciation (Depreciation)

Realized Gain (Loss)

Value 09/30/2023

Dividend Income

Invesco Treasury

Collateral ETF

Investments in

Affiliated Money

Market Funds:

Invesco Government &

Agency Portfolio,

Institutional Class

1,274,876,593

( 1,336,838,339

1,305,351,780

( 1,336,838,339

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.

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

Value 12/31/2023

5 unchanged sentences

Dividend Income

Invesco Treasury

Collateral ETF

Invesco Short Term

Investments in

6 unchanged sentences

( 110,465,845

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three months ended March 31, 2023.

Value 12/31/2022

5 unchanged sentences

Dividend Income

Invesco Treasury

Collateral ETF

Invesco Short Term

Investments in

6 unchanged sentences

( 634,447,158

2,518,951,339

( 2,660,269,102

Note 9 –

Share Purchases and Redemptions

Note 9 – Share Purchases and Redemptions

(a) Purchases

1 unchanged sentence

Each Creation Unit consists of a block of 50,000 Shares.

For purposes of processing both creation and redemption orders, a “business day”

means any day other than a day when banks in New York City are required or permitted to be closed.

For purposes of processing both creation and redemption orders, a “business day” means any day other than a day when banks in New York City are required or permitted to be closed.

Creation orders must be placed by 10:00 a.m., Eastern Time.

3 unchanged sentences

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

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

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

10 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.

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.

The redemption proceeds from the Fund consist of the cash redemption amount.

The cash redemption amount is equal to the NAV of the number of Creation Unit(s) requested in the Authorized Participant’s redemption order as of the closing time of the NYSE Arca or the last to close of the exchanges on which the Fund’s futures contracts are traded, whichever is later, on the redemption order date.

The Managing Owner will distribute the cash redemption amount at the redemption order settlement date as of 2:45 p.m., Eastern Time, on the redemption order settlement date through DTC to the account of the Authorized Participant as recorded on DTC’s book-entry system.

The redemption proceeds due from the Fund are delivered to the Authorized Participant at 2:45 p.m., Eastern Time, on the redemption order settlement date if, by such time, the Fund’s DTC account has been credited with the Creation Units to be redeemed.

If the Fund’s DTC account has not been credited with all of the Creation Units to be redeemed by such time, the redemption distribution is delivered to the extent of whole Creation Units received.

Any remainder of the redemption distribution is delivered on the next business day to the extent of remaining whole Creation Units received if the Transfer Agent receives the fee applicable to the extension of the redemption distribution date which the Managing Owner may, from time-to-time, determine and the remaining Creation Units to be redeemed are credited to the Fund’s DTC account by 2:45 p.m., Eastern Time, on such next business day.

If the Fund’s DTC account has not been credited with all of the Creation Units to be redeemed by such time, the redemption distribution is delivered to the extent of whole Creation Units received.

Any remainder of the redemption distribution is delivered on the next business day to the extent of remaining whole Creation Units received if the Transfer Agent receives the fee applicable to the extension of the redemption distribution date which the Managing Owner may, from time to time, determine and the remaining Creation Units to be redeemed are credited to the Fund’s DTC account by 2:45 p.m., Eastern Time, on such next business day.

Any further outstanding amount of the redemption order will be cancelled.

The Managing Owner is also authorized to deliver the redemption distribution notwithstanding that the Creation Units to be redeemed are not credited to the Fund’s DTC account by 2:45 p.m., Eastern Time, on the redemption order settlement date if the Authorized Participant has collateralized its obligation to deliver the Creation Units through DTC’s book-entry system on such terms as the Managing Owner may determine from time-to-time.

Note 10 –

Commitments and Contingencies

Note 10 – Commitments and Contingencies

The Managing Owner, either in its own capacity or in its capacity as the Managing Owner and on behalf of the Fund, has entered into various service agreements that contain a variety of representations, or provide indemnification provisions related to certain risks service providers undertake in performing services for the Fund.

3 unchanged sentences

Accordingly, the Managing Owner expects the risk of loss to be remote.

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, 2023 and 2022.

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

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 months ended March 31, 2024 and 2023.

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

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

Three Months Ended

Nine Months Ended

September 30,

Net Asset Value

23 unchanged sentences

Not annualized for periods less than one year, if applicable.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

This information should be read in conjunction with the financial statements and notes included in Item 1 of Part I of this Quarterly Report on Form 10-Q (the “Report”).

This Report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties.

The matters discussed throughout this Report that are not historical facts are forward-looking statements.

These forward-looking statements are based on the Fund’s and Invesco Capital Management LLC’s (the “Managing Owner”) current expectations, estimates and projections about the future results, performance, prospects and opportunities of the Fund and the Fund’s business and industry and their beliefs and assumptions about future events and speak only as of the date on which they are made.

Words such as “anticipate,”

“expect,”

“intend,”

“plan,”

“believe,”

“seek,”

“outlook”

and “estimate,”

as well as similar words and phrases, signify forward-looking statements.

Forward-looking statements are not guarantees of future results.

Future economic and industry trends that could potentially impact the Fund and its performance are difficult to predict.

Conditions and important factors, risks and uncertainties in the markets for financial instruments that the Fund trades, in the markets for related physical commodities, in the legal and regulatory regimes applicable to the Managing Owner, the Fund, and the Fund’s service providers, in the broader economy and in global politics may cause actual results to differ materially from those expressed by such forward-looking statements.

There can be no assurance that the forward-looking statements included in this Report will prove to be accurate.

Factors that could cause results to differ from those expressed in the forward-looking statements are subject to a number of risks, uncertainties and other factors, including those described in the “Risk Factors”

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 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;

Risks that the market price of Shares will not correspond to NAV;

Risks related to market competition;

Risks related to the market conditions unique to futures contracts;

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

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, 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.

Except as expressly required by the Federal securities laws, the Fund and the Managing Owner undertake no obligation to publicly update or revise any forward-looking statements or the risks, uncertainties or other factors described in this Report, as a result of new information, future events or changed circumstances or for any other reason after the date of this Report.

Overview/Introduction

The Fund has an unlimited number of shares authorized for issuance.

The Managing Owner is registered with the Commodity Futures Trading Commission (the “CFTC”) as a commodity pool operator and a commodity trading advisor, and it is a member firm of the National Futures Association (“NFA”).

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 agricultural sector.

The Fund may invest directly in United States Treasury Obligations.

The Fund holds as collateral United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, for margin and/or cash management purposes.

The Fund pursues its investment objective by investing in a portfolio of exchange-traded commodity futures contracts that expire in a specific month and trade on a specific exchange (the “Index Contracts”) in the Index Commodities.

The notional amounts of each Index Commodity included in the Index are broadly in proportion to historic levels of the world’s production and stocks of the Index Commodities.

The Fund also holds United States Treasury Obligations and T-Bill ETFs, if any, for deposit with Morgan Stanley & Co.

LLC, the Fund’s commodity broker (the “Commodity Broker”) as margin, to the extent permissible under CFTC rules and United States Treasury Obligations, cash, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, on deposit with The Bank of New York Mellon (the “Custodian”), for cash management purposes.

The aggregate notional value of the commodity futures contracts owned by the Fund is expected to approximate the aggregate net asset value (“NAV”) of the Fund, as opposed to the aggregate Index value.

The CFTC and certain futures exchanges impose position limits on futures contracts, including on Index Contracts.

As the Fund approaches or reaches position limits with respect to an Index Commodity, the Fund may commence investing in Index Contracts that reference other Index Commodities.

These other futures contracts may or may not be based on an Index Commodity.

When they are not, the Managing Owner may seek to select futures contracts that it reasonably believes tend to exhibit trading prices that correlate with an Index Contract.

The Shares are intended to provide investment results that generally correspond to the changes, positive or negative, in the levels of the Index over time.

The value of the Shares is expected to fluctuate in relation to changes in the value of the Fund’s portfolio.

The market price of the Shares may not be identical to the NAV per Share, but these two valuations are expected to be very close.

Index Description

The Managing Owner pays Deutsche Bank Securities, Inc.

(the “Index Sponsor”) a licensing fee and an index services fee for performing its duties.

These fees constitute a portion of the routine operational, administrative and other ordinary expenses which are paid out of the management fee paid to the Managing Owner (“Management Fee”) and are not charged to or reimbursed by the Fund.

Neither the Managing Owner nor any affiliate of the Managing Owner has any rights to influence the selection of the futures contracts underlying the Index.

The Managing Owner has entered into a license agreement with the Index Sponsor to use the Index.

The Fund is not sponsored or endorsed by Deutsche Bank AG, Deutsche Bank Securities, Inc.

or any subsidiary or affiliate of Deutsche Bank AG or Deutsche Bank Securities, Inc.

(collectively, “Deutsche Bank”).

The DBIQ Diversified Agriculture Index Excess Return (the “Index”) is the exclusive property of Deutsche Bank Securities, Inc.

“DBIQ”

is a service mark of Deutsche Bank AG and has been licensed for use for certain purposes by Deutsche Bank Securities, Inc.

Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index makes any representation or warranty, express or implied, concerning the Index, the Fund or the advisability of investing in securities generally.

Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index has any obligation to take the needs of the Managing Owner, or its clients into consideration in determining, composing or calculating the Index.

Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index is responsible for or has participated in the determination of the timing of, prices at, quantities or valuation of the Fund.

Neither Deutsche Bank nor any other party involved in, or related to, making or compiling the Index has any obligation or liability in connection with the administration or trading of the Fund.

NEITHER DEUTSCHE BANK NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING THE INDEX, WARRANTS OR GUARANTEES THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

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.

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.

No purchaser, seller or holder of the Shares of this Fund, or any other person or entity, should use or refer to any Deutsche Bank trade name, trademark or service mark to sponsor, endorse, market or promote this Fund without first contacting Deutsche Bank to determine whether Deutsche Bank’s permission is required.

Under no circumstances may any person or entity claim any affiliation with Deutsche Bank without the written permission of Deutsche Bank.

The Index Sponsor may from time-to-time subcontract the provision of the calculation and other services described below to one or more third parties.

The Index is composed of notional amounts of each of the underlying Index Commodities.

The notional amount of each Index Commodity included in the Index is intended to reflect the changes in market value of each such Index Commodity within the Index.

The closing level of the Index is calculated on each business day by the Index Sponsor based on the closing price of the commodity futures contracts for each of the Index Commodities and the notional amount of such Index Commodity.

The Index is rebalanced annually in November to ensure that each of the Index Commodities is weighted in the same proportion that such Index Commodities were weighted on January 18, 1989.

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 September 30, 2023:

Index Commodity

Fund Weight (%)

Feeder Cattle

Kansas City Wheat

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.

Trading in futures contracts involves the Fund entering into contractual commitments to purchase a particular commodity at a specified date and price.

The market risk associated with the Fund’s commitments to purchase commodities is limited to the gross or face amount of the contracts held.

The Fund’s exposure to market risk is also influenced by a number of factors including the volatility of interest rates and foreign currency exchange rates, the liquidity of the markets in which the contracts are traded and the relationships among the contracts held.

The inherent uncertainty of the Fund’s trading as well as the development of drastic market occurrences could ultimately lead to a loss of all or substantially all of the investors’

When the Fund enters into futures contracts, the Fund is exposed to credit risk that the counterparty to the contract will not meet its obligations.

The counterparty for futures contracts traded on United States and on most foreign futures exchanges is the clearing house associated with the particular exchange.

In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from the nonperformance by one of their members and, as such, is designed to disperse and mitigate the credit risk posed by any other one member.

In cases where the clearing house is not backed by the clearing members (i.e., some foreign exchanges), it may be backed by a consortium of banks or other financial institutions.

There can be no assurance that any counterparty, clearing member or clearinghouse will meet its obligations to the Fund.

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.

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.

The Fund’s entire source of capital is derived from the Fund’s offering of Shares to Authorized Participants.

The Fund in turn allocates its net assets to commodity futures trading.

A significant portion of the NAV is held in United States Treasury Obligations, which may be used as margin for the Fund’s trading in commodity futures contracts and United States Treasury Obligations, money market mutual funds, cash and T-Bill ETFs, if any, which may be used for cash management purposes.

The percentage that United States Treasury Obligations bear to the total net assets will vary from period to period as the market values of the Fund’s commodity interests change.

A portion of the Fund’s United States Treasury Obligations are held for deposit with the Commodity Broker to meet margin requirements.

All remaining cash, money market mutual funds, T-Bill ETFs, if any, and United States Treasury Obligations are on deposit with the Custodian.

Interest earned on the Fund’s interest-bearing funds and dividends from the Fund’s holdings of money market mutual funds are paid to the Fund.

Any dividends or distributions of capital gains received from the Fund’s holdings of T-Bill ETFs, if any, are paid to the Fund.

The Fund’s commodity futures contracts may be subject to periods of illiquidity because of market conditions, regulatory considerations or for other reasons.

For example, U.S.

futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices that may occur during a single business day.

These limits are generally referred to as “daily price fluctuation limits”

or “daily limits,”

and the maximum or minimum price of a contract on any given day as a result of these limits is referred to as a “limit price.”

Once a limit price has been reached in a particular contract, it is usually the case that no trades may be made at a different price than specified in the limit.

The duration of limit prices generally varies.

Limit prices may have the effect of precluding the Fund from trading in a particular contract or requiring the Fund to liquidate contracts at disadvantageous times or prices.

Either of those outcomes could adversely affect the Fund’s ability to pursue its investment objective.

Because the Fund trades futures contracts, its capital is at risk due to changes in the value of futures contracts (market risk) or the inability of counterparties (including the Commodity Broker and/or exchange clearinghouses) to perform under the terms of the contracts (credit risk).

On any business day, an Authorized Participant may place an order with the Transfer Agent to redeem one or more blocks of 50,000 Shares (“Creation Units”).

Redemption orders must be placed by 10:00 a.m., Eastern Time.

The day on which the Managing Owner receives a valid redemption order is the redemption order date.

The day on which a redemption order is settled is the redemption order settlement date.

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

Redemption orders are irrevocable.

The redemption procedures allow Authorized Participants to redeem Creation Units.

Individual Shareholders may not redeem directly from the Fund.

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

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.

Redemption orders may be placed either (i) through the Continuous Net Settlement (“CNS”) clearing processes of the National Securities Clearing Corporation (the “NSCC”) (the “CNS Clearing Process”) or (ii) if outside the CNS Clearing Process, only through the facilities of The Depository Trust Company (“DTC”

or the “Depository”) (the “DTC Process”), or a successor depository, and only in exchange for cash.

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 and such fee is not borne by the Fund.

The Fund is unaware of any known trends or any known demands, commitments, events or uncertainties that will result in or that are reasonably likely to result in the registrant's liquidity increasing or decreasing in any material way.

Capital Resources

The Fund does not have any material cash requirements as of the end of the latest fiscal period.

The Fund is unaware of any known material trends, favorable or unfavorable, in the Fund’s capital resources.

In the normal course of its business, the Fund is a party to financial instruments with off-balance sheet risk.

The term “off-balance sheet risk”

refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss.

The financial instruments used by the Fund are commodity futures, the values of which are based upon an underlying asset and generally represent future commitments which have a reasonable possibility to be settled in cash or through physical delivery.

The financial instruments are traded on an exchange and are standardized contracts.

While the Fund’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on the Fund’s financial position.

The Managing Owner expects the risk of loss relating to indemnification to be remote.

The Fund has financial obligations to the Managing Owner and the Commodity Broker under the Trust Agreement and its agreement with the Commodity Broker (the “Commodity Broker Agreement”), respectively.

Management Fee payments made to the Managing Owner, pursuant to the Trust Agreement, are calculated as a fixed percentage of the Fund’s NAV.

Commission payments to the Commodity Broker, pursuant to the Commodity Broker Agreement, are on a contract-by-contract, or round-turn, basis.

As such, the Managing Owner cannot anticipate the number of payments that will be required under these arrangements for future periods as NAVs and trading activity will not be known until a future date.

The Fund’s agreement with the Commodity Broker may be terminated by either party for various reasons.

All Management Fees and commission payments are paid to the Managing Owner and the Commodity Broker, respectively.

A primary cash flow activity of the Fund is to raise capital from Authorized Participants through the issuance of Shares.

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, 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 $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.

The Fund invests in United States Treasury Obligations, money market mutual funds and T-Bill ETFs (affiliated or otherwise), if any, for margin and/or cash management purposes.

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 $(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 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”).

Whenever the Treasury Income, Money Market Income and T-Bill ETF Income, if any, earned by the Fund exceeds Fund expenses, the price of the Shares generally exceeds the level of the Index primarily because the Share price reflects Treasury Income, Money Market Income and T-Bill ETF Income from the Fund’s collateral holdings whereas the Index does not consider such income.

There can be no assurances that the price of the Shares or the Fund’s NAV will exceed the Index levels.

No representation is being made that the Index will or is likely to achieve closing levels consistent with or similar to those set forth herein.

Similarly, no representation is being made that the Fund will generate profits or losses similar to the Fund’s past performance or changes in the Index closing levels.

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

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.

Performance Summary

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.

The Index is intended to reflect the change in market value of the Index Commodities.

In turn, the notional amounts of each Index Commodity are broadly in proportion to historic levels of the world’s production and stocks of such Index Commodities.

The DBIQ Diversified Agriculture Index Total Return (the “DBIQ Diversified Agriculture TR”) consists of the Index plus 3-month United States Treasury Obligations returns.

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 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”

(and analogous) index that also reflects 3-month United States Treasury Obligations returns.

Please note also that the Fund’s objective is to track the Index (not the DBIQ Diversified Agriculture TR) and the Fund does not attempt to outperform or underperform the Index.

The Index employs the optimum yield roll method with the objective of mitigating the negative effects of contango, the condition in which distant delivery prices for futures exceed spot prices, and maximizing the positive effects of backwardation, a condition opposite of contango.

Summary of the DBIQ Diversified Agriculture TR and Underlying Index

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

Nine Months Ended

September 30,

Underlying Index

DB Cocoa Indices

DB Coffee Indices

DB Corn Indices

DB Cotton Indices

DB Feeder Cattle Indices

DB Kansas City Wheat Indices

DB Lean Hogs Indices

DB Live Cattle Indices

DB Soybean Indices

DB Sugar Indices

DB Wheat Indices

AGGREGATE RETURN

If the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income were to exceed the Fund’s fees and expenses, the aggregate return on an investment in the Fund would be expected to outperform the Index and underperform the DBIQ Diversified Agriculture TR.

The only difference between (i) the Index (the “Excess Return Index”) and (ii) the DBIQ Diversified Agriculture TR (the “Total Return Index”) is that the Excess Return Index does not include interest income from fixed income securities while the Total Return Index does include such a component.

Thus, the difference between the Excess Return Index and the Total Return Index is attributable entirely to the interest income attributable to the fixed income securities reflected in the Total Return Index.

The Total Return Index does not actually hold any fixed income securities.

If the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income, if any, exceeds the Fund’s fees and expenses, then the amount of such excess is expected to be distributed periodically.

The market price of the Shares is expected to closely track the Excess Return Index.

The aggregate return on an investment in the Fund over any period is the sum of the capital appreciation or depreciation of the Shares over the period, plus the amount of any distributions during the period.

Consequently, the Fund’s aggregate return is expected to outperform the Excess Return Index by the amount of the excess, if any, of the Fund’s Treasury Income, Money Market Income and T-Bill ETF Income over its fees and expenses.

As a result of the Fund’s fees and expenses, however, the aggregate return on the Fund is expected to underperform the Total Return Index.

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

Fund Share Price Performance

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 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 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 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 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 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 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 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 (BSGI), continued to ease supply concerns through the first half of the year.

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 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 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 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 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

The financial statements and accompanying notes are prepared in accordance with U.S.

The preparation of these financial statements relies on estimates and assumptions that impact the Fund’s financial position and results of operations.

These estimates and assumptions affect the Fund’s application of accounting policies.

In addition, please refer to Note 2 to the financial statements of the Fund for further discussion of the Fund’s accounting policies and Item 7 –

Management’s Discussions and Analysis of Financial Condition and Results of Operations –

Critical Accounting Estimates on Form 10-K for the year ended December 31, 2022.

There were no material estimates, which involve a significant level of estimation uncertainty and had or are reasonably likely to have had a material impact on the Fund's financial condition, used in the preparation of these financial statements.

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