What changed in this filing

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Item 1. Financial Statements

2024-08-07 compared with 2024-05-08 · 140 added, 30 removed, 556 unchanged (23% of the section changed)

2 unchanged sentences

Statements of Financial Condition

March 31, 2024 and December 31, 2023

June 30, 2024 and December 31, 2023

United States Treasury Obligations, at value (cost $ 293,444,959 and

27 unchanged sentences

Schedule of Investments

March 31, 2024

June 30, 2024

Percentage of

2 unchanged sentences

United States Treasury Obligations (a)

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

Treasury Bills, 5.240 % due June 6, 2024

Treasury Bills, 5.170 % due November 29, 2024 (b)

Treasury Bills, 5.155 % due December 5, 2024

Total United States Treasury Obligations (cost $ 293,444,959 )

12 unchanged sentences

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

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

(d) The rate shown is the 7-day SEC standardized yield as of June 30, 2024 .

Open Commodity Futures Contracts

7 unchanged sentences

CME Feeder Cattle

August - 2024

CME Lean Hogs

August - 2024

CME Live Cattle

August - 2024

NYB-ICE Cocoa

September - 2024

NYB-ICE Coffee

September - 2024

NYB-ICE Cotton

December - 2024

NYB-ICE Sugar

50 unchanged sentences

Statements of Income and Expenses

For the Three Months Ended March 31, 2024 and 2023

For the Three and Six Months Ended June 30, 2024 and 2023

Three Months Ended

Six Months Ended

Interest Income

16 unchanged sentences

Commodity Futures Contracts

( 116,244,280

Net Change in Unrealized Gain (Loss)

( 116,189,936

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

5 unchanged sentences

Statement of Changes in Shareholders’ Equity

For the Three Months Ended March 31, 2024

For the Three Months Ended June 30, 2024

General Shares

Shareholders'

Balance at December 31, 2023

Balance at March 31, 2024

Purchases of Shares

Redemption of Shares

( 126,333,155

Net Increase (Decrease) due to Share Transactions

7 unchanged sentences

Investments and Commodity Futures Contracts

( 116,189,792

( 116,189,936

Net Income (Loss)

Net Change in Shareholders' Equity

Balance at June 30, 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’ Equity

For the Three Months Ended June 30, 2023

General Shares

Shareholders'

Balance at March 31, 2023

Purchases of Shares

Redemption of Shares

( 163,030,699

Net Increase (Decrease) due to Share Transactions

( 101,035,449

Net Income (Loss)

Net Investment Income (Loss)

Net Realized Gain (Loss) on United States Treasury

Obligations, Affiliated Investments and

Commodity Futures Contracts

Net Change in Unrealized Gain (Loss) on United

States Treasury Obligations, Affiliated

Investments and Commodity Futures Contracts

Net Income (Loss)

Net Change in Shareholders' Equity

Balance at June 30, 2023

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

1 unchanged sentence

Statement of Changes in Shareholders’ Equity

For the Three Months Ended March 31, 2023

For the Six Months Ended June 30, 2024

General Shares

1 unchanged sentence

Balance at December 31, 2023

Purchases of Shares

Redemption of Shares

( 181,656,275

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 June 30, 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’ Equity

For the Six Months Ended June 30, 2023

General Shares

Shareholders'

Balance at December 31, 2022

1,072,706,124

1,072,706,930

Purchases of Shares

17 unchanged sentences

( 236,171,188

Balance at March 31, 2023

Balance at June 30, 2023

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

1 unchanged sentence

Statements of Cash Flows

For the Three Months Ended March 31, 2024 and 2023

Three Months Ended

For the Six Months Ended June 30, 2024 and 2023

Six Months Ended

Cash flows from operating activities:

3 unchanged sentences

( 292,121,235

( 711,812,583

Proceeds from securities sold and matured

3 unchanged sentences

Proceeds from affiliated investments sold

1,175,184,960

Net accretion of discount on United States Treasury Obligations

13 unchanged sentences

( 184,813,820

( 364,122,848

Net cash provided by (used in) financing activities

8 unchanged sentences

Notes to Unaudited F inancial Statements

March 31, 2024

June 30, 2024

Note 1 – Organization

23 unchanged sentences

(the “NYSE Arca”).

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

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

34 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 declared for the three months ended March 31, 2024 and 2023 .

No distributions were declared for the three and six months ended June 30, 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 months ended March 31, 2024 and 2023 , the Fund did no t incur such expenses.

For the three and six months ended June 30, 2024 and 2023 , the Fund did no t incur such expenses.

Brokerage Commissions and Fees

2 unchanged sentences

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

On average, total charges paid to the Commodity Broker, as applicable, were less than $ 7.00 and $ 7.00 per round-turn trade during the three months ended March 31, 2024 and 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, 2024 , respectively.

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

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

28 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.

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.

12 unchanged sentences

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 Managing Owner waived fees of $ 101,271 and $ 188,314 for the three and six months ended June 30, 2024, respectively.

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

The Distributor

19 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.

8 unchanged sentences

The Fund defines cash as cash held by the Custodian.

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

There were no cash equivalents held by the Fund as of June 30, 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.

27 unchanged sentences

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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

The following is a summary of the tiered valuation input levels as of June 30, 2024:

Investments in Securities

25 unchanged sentences

The Fair Value of Derivative Instruments is as follows:

March 31, 2024

June 30, 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 March 31, 2024 and December 31, 2023 Statements of Financial Condition.

Only the current day’s variation margin receivable (payable) is reported in the June 30, 2024 and December 31, 2023 Statements of Financial Condition.

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

7 unchanged sentences

Net Change in Unrealized Gain (Loss)

( 116,244,280

For the Six Months Ended

Location of Gain (Loss) on Derivatives

Risk Exposure/Derivative Type

Recognized in Income

Commodity risk

Commodity Futures Contracts

Net Realized Gain (Loss)

Net Change in Unrealized Gain (Loss)

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

For the Three Months Ended

For the Six Months Ended

Average Notional Value

10 unchanged sentences

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

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

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three and six months ended June 30, 2024.

Value 03/31/2024

14 unchanged sentences

( 366,703,889

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

Value 12/31/2023

14 unchanged sentences

( 477,169,734

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

Value 03/31/2023

Purchases at Cost

Proceeds from Sales

Change in Unrealized Appreciation (Depreciation)

Realized Gain (Loss)

Value 06/30/2023

Dividend Income

Invesco Short Term

Investments in

Affiliated Money

Market Funds:

Invesco Government &

Agency Portfolio,

Institutional Class

( 540,737,802

Value 12/31/2022

Purchases at Cost

Proceeds from Sales

Change in Unrealized Appreciation (Depreciation)

Realized Gain (Loss)

Value 06/30/2023

Dividend Income

Invesco Short Term

Investments in

Affiliated Money

Market Funds:

Invesco Government &

Agency Portfolio,

Institutional Class

1,115,897,222

( 1,175,184,960

1,146,372,409

( 1,175,184,960

Note 9 – Share Purchases and Redemptions

21 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.

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.

15 unchanged sentences

Note 11 – Financial Highlights

The Fund is presenting the following NAV and financial highlights related to investment performance for a Share outstanding for the three months ended March 31, 2024 and 2023.

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, 2024 and 2023.

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

1 unchanged sentence

Three Months Ended

Six Months Ended

Net Asset Value

24 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements