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Item 2. Management’s Discussion and Analysis

2026-05-07 compared with 2025-11-07 · 84 added, 110 removed, 174 unchanged (53% of the section changed)

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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, 2024, together with the modified risk factor included in Item 1A of this Report, as well as the following:

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 Securities and Exchange Commission (the "SEC") filings by the Fund, such as its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as well as the following:

• Risks related to market volatility and fluctuations in the price of assets held by the Fund, including as a result of global trade, macroeconomic events, the imposition of trading limitations or trading halts, and the potential loss of investment;

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• 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, geopolitical conflict, acts of terrorism, mass casualty events, social unrest, civil disturbance or disobedience.

• Risks and uncertainty related to public health emergencies and other adverse public health developments, geopolitical conflicts, including armed conflicts, acts of terrorism, mass casualty events, social unrest, civil disturbance or disobedience.

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

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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”).

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

Invesco Capital Management LLC has served as the managing owner (the “Managing Owner”), commodity pool operator and commodity trading advisor of the Trust and the Fund since February 23, 2015.

The Fund has an unlimited number of common units of beneficial interest (the "Shares") authorized for issuance.

Invesco Capital Management LLC has served as the managing owner (the “Managing Owner”), commodity pool operator and commodity trading advisor of the Fund since February 23, 2015.

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 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 Index is intended to reflect the economic performance of investing in commodities in the agriculture sector.

The Fund invests in futures contracts in an attempt to track its Index.

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

Effective November 10, 2025, the commodities comprising the Index are Corn, Soybeans, Soybean Meal, Soybean Oil, 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.

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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 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, T-Bill ETFs and cash, if any, for deposit with Morgan Stanley & Co.

The Fund pursues its investment objective by investing in a portfolio of exchange-traded futures on commodities in the agriculture sector.

The Index Sponsor selects and weights commodities in the Index on an annual basis based on (i) the value and liquidity of the market for associated commodity futures contracts and (ii) their production volume (in order to factor in the relative importance of the commodity in the global economy).

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.

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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 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.

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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, 2025:

The Index is intended to reflect the economic performance of investing in futures contracts on a basket of commodities in the agriculture sector.

Commodity futures quoted in US Dollars and listed on major US and European exchanges are eligible for inclusion in the Index.

Eligible commodities are selected based on their Three-Year Total Dollar Volume Average (i.e., commodities are initially screened for inclusion based on their relative three-year “Total Dollar Volume” traded, which is calculated by multiplying the total volume of futures traded during the last one-year period by the average close price of the front month contract on each month end during that one-year period).

Each commodity’s three-year Total Dollar Volume traded is calculated in proportion to the three-year Total Dollar Volume traded of all commodities within its sector to determine its initial sector liquidity rate.

A commodity with a proportionate weight of less than 2% (or 1.5% for a commodity included at the last rebalance) within its sector is excluded from the Index.

Each remaining commodity’s three-year Total Dollar Volume traded is calculated in proportion to the three-year Total Dollar Volume traded of all eligible commodities (“Filtered Commodity Weight”).

Commodity weights in the Index are determined by the Parent Index.

The Parent Index determines production weights for each eligible commodity based on the total dollar amount of the commodity produced within the year in proportion to the sum of the production dollar amounts within the agricultural sector (“Production Weights”).

The weight of each commodity in the Index is generally based on the average of the Filtered Commodity Weight and the Production Weight, subject to the requirement that each commodity must have an allocation within the Index of no less than 5%.

The Index is rebalanced annually on the sixth business day in November.

However, during periods of heightened volatility or when commodity prices experience significant movements, the commodities weights within the Index may be reset or reduced based on the weight implemented at the previous annual rebalance.

Effective November 10, 2025, the Index comprised the following commodities:

Corn, Soybeans, Soybean Meal, Soybean Oil, Wheat, Kansas City Wheat, Sugar, Cocoa, Coffee, Cotton, Live Cattle, Feeder Cattle, and Lean Hogs.

The following table reflects the Fund weights of each Index Commodity or related futures contracts, as applicable, as of March 31, 2026:

Index Commodity

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Kansas City Wheat

Closing Level as of September 30, 2025:

Closing Level as of March 31, 2026:

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.

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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.

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

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

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.

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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 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.

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As of the date of this Report, each of ABN AMRO Clearing Chicago LLC, Bank of America Securities, 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, Jane Street Capital LLC, Jefferies LLC, JP Morgan Securities Inc., 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.

LLC, Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities LLC, and Virtu Americas LLC has executed a Participant Agreement and are the only Authorized Participants.

Operating Activities

Net cash flow provided by (used in) operating activities was $(17.5) million and $124.7 million for the nine months ended September 30, 2025 and 2024, 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, affiliated investments and net deposits to/from the Commodity Broker.

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

Net cash flow provided by (used in) operating activities was $(435.9) million and $(56.3) million for the three months ended March 31, 2026 and 2025, 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, or maintains excess deposits with brokers for margin and/or cash management purposes only.

During the nine months ended September 30, 2025, there were no purchases of United States Treasury Obligations and $250.0 million was received from sales and maturing United States Treasury Obligations.

During the nine months ended September 30, 2024, $292.1 million was paid to purchase United States Treasury Obligations and $350.0 million was received from sales and maturing United States Treasury Obligations.

$395.9 million was received from sales of affiliated investments and $515.0 million was paid to purchase affiliated investments during the nine months ended September 30, 2025.

$659.0 million was received from sales of affiliated investments and $744.5 million was paid to purchase affiliated investments during the nine months ended September 30, 2024.

During the nine months ended September 30, 2025, net deposits to/from the Commodity Broker was $149.5 million.

There were no net deposits to/from the Commodity Broker during the nine months ended September 30, 2024.

$41.9 million was received from sales of affiliated investments and $578.9 million was paid to purchase affiliated investments during the three months ended March 31, 2026.

$299.8 million was received from sales of affiliated investments and $199.6 million was paid to purchase affiliated investments during the three months ended March 31, 2025.

During the three months ended March 31, 2026 and 2025, net deposits to/from the Commodity Broker were $52.8 million and $148.4 million, respectively.

Financing Activities

The Fund’s net cash flow provided by (used in) financing activities was $4.0 million and $(129.4) million during the nine months ended September 30, 2025 and 2024, respectively.

This included $167.4 million and $96.4 million from Shares purchased by Authorized Participants and $163.4 million and $225.4 million from Shares redeemed by Authorized Participants during the nine months ended September 30, 2025 and 2024, respectively.

No distributions were paid to Shareholders during the nine months ended September 30, 2025.

During the nine months ended September 30, 2024, distributions paid to Shareholders were $0.3 million.

The Fund’s net cash flow provided by (used in) financing activities was $435.9 million and $42.8 million during the three months ended March 31, 2026 and 2025, respectively.

This included $480.7 million and $97.0 million from Shares purchased by Authorized Participants and $44.8 million and $54.2 million from Shares redeemed by Authorized Participants during the three months ended March 31, 2026 and 2025, respectively.

No distributions were paid to Shareholders during the three months ended March 31, 2026 and 2025, respectively.

Results of Operations

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

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, if any, from the Fund’s collateral holdings whereas the Index does not consider such income.

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 assurance that the price of the Shares or the Fund’s NAV will exceed the Index levels.

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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.

Effective November 10, 2025, the Index methodology underwent a change.

Performance information included herein prior to November 10, 2025 may have differed had the revised methodology been in place.

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

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

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.

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

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.

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Performance Summary

This Report covers the three and nine months ended September 30, 2025 and 2024.

This Report covers the three months ended March 31, 2026 and 2025.

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.

The Index is intended to reflect the changes in market value, positive or negative, of the Index Commodities.

The Index is intended to reflect the economic performance of investing in commodities in the agriculture sector.

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, 2025 and 2024” 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.

The section “Summary of the DBIQ Diversified Agriculture TR and Underlying Index Commodity Returns for the Three Months Ended March 31, 2026 and 2025” below provides an overview of the changes in the closing levels of 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.

The Index employs the optimum yield roll method in trading certain Index Contracts 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, 2025 and 2024

Commodity Returns for the Three Months Ended March 31, 2026 and 2025

AGGREGATE RETURNS FOR INDICES IN THE DBIQ AGRICULTURE TR

Three Months Ended

Nine Months Ended

September 30,

Underlying Index

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DB Live Cattle Indices

DB Soybean Indices

DB Soybeans Indices

DB Soybean Meal Indices

DB Soybean Oil Indices

DB Sugar Indices

DB Wheat Indices

AGGREGATE RETURN

AGGREGATE RETURNS

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.

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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, 2025 COMPARED TO THE THREE MONTHS ENDED SEPTEMBER 30, 2024

Fund Share Price Performance

For the three months ended September 30, 2025, the NYSE Arca market value of each Share increased from $26.16 per Share to $26.78 per Share.

The Share price low and high for the three months ended September 30, 2025 and related change from the Share price on June 30, 2025 was as follows:

Shares traded at a low of $25.63 per Share (-2.03%) on July 15, 2025, and a high of $27.92 per Share (+6.73%) on September 15, 2025.

The total return for the Fund on a market value basis was +2.37%.

The Fund recovered in the third quarter of 2025 with a positive return overall.

Coffee was the largest contributor to performance, with prices boosted by drought conditions in Brazil and heightened tariff fears after President Trump raised tariffs on Brazil.

Livestock commodities also contributed positively to performance with US cattle herds and lean hog stockpiles continuing to contract, while demand was strong throughout the summer grilling season and tariffs began to raise the cost of imported beef.

Cocoa was the biggest detractor from performance, as previously high prices and declining availability led to demand destruction, while weather improvements also helped ease supply concerns.

Wheat, corn, sugar, cotton, and soybeans prices fell in the third quarter due to ample supply.

For soybeans, export demand was also pressured by trade tensions with China.

For the three months ended September 30, 2024, the NYSE Arca market value of each Share increased from $23.81 per Share to $26.10 per Share.

The Share price low and high for the three months ended September 30, 2024 and related change from the Share price on June 30, 2024 was as follows:

Shares traded at a low of $23.26 per Share (-2.31%) on August 1, 2024, and a high of $26.56 per Share (+11.55%) on September 27, 2024.

The total return for the Fund on a market value basis was +9.62%.

Agricultural commodities continued to move higher in the third quarter of 2024, however the bifurcation between grains and soft commodities continued.

Cocoa and coffee were the top contributors, supported by persisting supply shortfalls.

In contrast, for grains, while there were pockets of adverse weather, specifically in Europe and the US, the markets largely expected there to be enough cushion to weather those losses, keeping prices capped.

Soybeans and corn were the largest detractors in the quarter, followed by feeder and live cattle, which fell on the availability of cheaper alternatives.

Fund Share Net Asset Performance

For the three months ended September 30, 2025, the NAV of each Share increased from $26.20 per Share to $26.80 per Share.

Rising commodity futures contract prices for Coffee, Feeder Cattle, Lean Hogs and Live Cattle were partially offset by falling commodity futures contract prices of Cocoa, Corn, Cotton, Kansas City Wheat, Soybeans, Sugar and Wheat during the three months ended September 30, 2025, contributing to an overall 1.41% increase in the level of the Index and to a 2.48% increase in the level of the DBIQ Diversified Agriculture Index TR.

The total return for the Fund on a NAV basis was +2.29%.

Net income (loss) for the three months ended September 30, 2025 was $16.9 million, primarily resulting from $8.2 million of income, net realized gain (loss) of $(17.3) million, net change in unrealized gain (loss) of $27.6 million and net operating expenses of $1.6 million.

For the three months ended September 30, 2024, the NAV of each Share increased from $23.92 per Share to $26.05 per Share.

Rising commodity futures contract prices for Cocoa, Coffee, Cotton, Lean Hogs, Live Cattle, Sugar and Wheat were partially offset by falling commodity futures contract prices of Corn, Feeder Cattle, Kansas City Wheat and Soybeans during the three months ended September 30, 2024, contributing to an overall 7.67% increase in the level of the Index and to a 9.09% increase in the level of the DBIQ Diversified Agriculture Index TR.

The total return for the Fund on a NAV basis was +8.90%.

Net income (loss) for the three months ended September 30, 2024 was $59.8 million, primarily resulting from $9.2 million of income, net realized gain (loss) of $(33.5) million, net change in unrealized gain (loss) of $85.7 million and net operating expenses of $1.6 million.

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2024

FOR THE THREE MONTHS ENDED MARCH 31, 2026 COMPARED TO THE THREE MONTHS ENDED MARCH 31, 2025

Fund Share Price Performance

For the nine months ended September 30, 2025, the NYSE Arca market value of each Share increased from $26.59 per Share to $26.78 per Share.

The Share price low and high for the nine months ended September 30, 2025 and related change from the Share price on December 31, 2024 was as follows:

Shares traded at a low of $25.28 per Share (-4.93%) on April 8, 2025, and a high of $28.35 per Share (+6.62%) on February 18, 2025.

For the three months ended March 31, 2026, the NYSE Arca market value of each Share increased from $25.54 per Share to $27.32 per Share.

The Share price low and high for the three months ended March 31, 2026 and related change from the Share price on December 31, 2025 was as follows:

Shares traded at a low of $25.50 per Share (-0.16%) on January 20, 2026, and a high of $27.32 per Share (+6.97%) on March 31, 2026.

The total return for the Fund on a market value basis was +6.97%.

The Fund recovered in the third quarter after posting negative returns for the first half of 2025.

Coffee and livestock were the main contributors to positive performance across this period.

Despite falling in the second quarter, coffee was a strong performer overall due to recurring supply concerns and the 50% tariff on imports from Brazil.

Livestock has consistently contributed to the Fund's performance, with prices getting a boost from tight US herds and robust demand.

Cocoa prices dropped sharply in the third quarter due to deteriorating demand, making cocoa the largest detractor to performance year-to-date.

Wheat and corn also detracted, as tariffs put pressure on exports while bumper harvests kept supply levels elevated.

For the nine months ended September 30, 2024, the NYSE Arca market value of each Share increased from $20.73 per Share to $26.10 per Share.

The Share price low and high for the nine months ended September 30, 2024 and related change from the Share price on December 31, 2023 was as follows:

Shares traded at a low of $20.52 per Share (-1.01%) on January 8, 2024, and a high of $26.56 per Share (+28.13%) on September 27, 2024.

Agricultural commodities delivered strong performance in the first quarter of 2026, led by meaningful gains in grains, particularly soybeans, soybean oil, and wheat, as supply constraints, steady export demand, and early‑season weather uncertainty supported prices.

Livestock also contributed positively, with cattle prices remaining elevated amid historically tight herd levels following years of herd liquidation and resilient end‑market demand.

Grain‑led strength, however, was partially offset by weakness in soft commodities, most notably cocoa and coffee.

Heightened geopolitical tensions due to the ongoing conflict with Iran, and the associated risk to global energy flows through the Strait of Hormuz, provided a broader tailwind to commodity markets by lifting inflation expectations and reinforcing investor demand for real assets.

Specific to agricultural markets, higher energy prices increased input costs for fertilizers and fuel, raised transportation expenses, and pressured production economics for agricultural producers.

For the three months ended March 31, 2025, the NYSE Arca market value of each Share decreased from $26.59 per Share to $26.34 per Share.

The Share price low and high for the three months ended March 31, 2025 and related change from the Share price

on December 31, 2024 was as follows:

Shares traded at a low of $26.07 per Share (-1.96%) on March 3, 2025, and a high of $28.35 per Share (+6.62%) on February 18, 2025.

The total return for the Fund on a market value basis was -0.94%.

Agricultural commodities ended the first three quarters of 2024 with strong positive performance, though cocoa was the dominant driver.

Front month prices skyrocketed over 180% between the start of the year and its peak in mid-April, repeatedly

surpassing all-time highs as crop-damaging disease and adverse weather in West Africa fueled worries for a global supply shortfall.

However, front month prices did ease in the second and end of third quarter on increased profit-taking.

The other contributors were coffee and livestock commodities which also faced supply concerns.

Grains, on the other hand, all retreated on ample global supplies and lacking US competitiveness.

While renewed weather concerns did take the market by surprise in April and May, sending wheat skyrocketing, the rally was short-lived.

Corn and soybeans led the losses year-to-date as the US is expected to have close to record yields due to favorable weather.

Agricultural commodities performed negatively in the first quarter of 2025 with the largest detractor being Cocoa.

Cocoa was the largest contributor to the sector's positive performance last year, but Cocoa was pressured by a weakening fundamental outlook due to demand concerns sparked by global trade concerns and the International Cocoa Organization’s forecast for the first global surplus in four years for 2024/2025.

These considerations caused front month Cocoa prices to plunge by more than 30%.

On the other hand, positive performance was led by Coffee, Live Cattle, and Sugar.

Coffee rallied nearly 20% year-to-date, spurred by renewed supply concerns as the two largest global Coffee growers, Brazil and Vietnam, faced a severe drought to start the year and persistent adverse weather, respectively.

Cattle and Sugar also rallied on supply-side concerns, with the former receiving an additional boost from strengthening demand, and a weaker U.S.

dollar was a tailwind for commodities overall.

Fund Share Net Asset Performance

For the nine months ended September 30, 2025, the NAV of each Share increased from $26.60 per Share to $26.80 per Share.

Rising commodity futures contract prices for Coffee, Feeder Cattle, Lean Hogs, Live Cattle and Soybeans were partially offset by falling commodity futures contract prices of Cocoa, Corn, Cotton, Kansas City Wheat, Sugar and Wheat during the nine months ended September 30, 2025, contributing to an overall 1.71% decrease in the level of the Index and to a 1.47% increase in the level of the DBIQ Diversified Agriculture Index TR.

For the three months ended March 31, 2026, the NAV of each Share increased from $25.54 per Share to $27.26 per Share.

Rising commodity futures contract prices for Corn, Cotton, Feeder Cattle, Kansas City Wheat, Lean Hogs, Live Cattle, Soybeans, Soybean Meal, Soybean Oil and Wheat were partially offset by falling commodity futures contract prices of Cocoa, Coffee and Sugar during the three months ended March 31, 2026, contributing to an overall 6.01% increase in the level of the Index and to a 6.97% increase in the level of the DBIQ Diversified Agriculture Index TR.

The total return for the Fund on a NAV basis was +6.73%.

Net income (loss) for the nine months ended September 30, 2025 was $0.4 million, primarily resulting from $25.5 million of income, net realized gain (loss) of $32.5 million, net change in unrealized gain (loss) of $(52.5) million and net operating expenses of $5.2 million.

For the nine months ended September 30, 2024, the NAV of each Share increased from $20.74 per Share to $26.05 per Share.

Rising commodity futures contract prices for Cocoa, Coffee, Feeder Cattle, Lean Hogs, Live Cattle and Sugar were partially offset by falling commodity futures contract prices of Corn, Cotton, Kansas City Wheat, Soybeans and Wheat during the nine months ended September 30, 2024, contributing to an overall 21.53% increase in the level of the Index and to a 26.47% increase in the level of the DBIQ Diversified Agriculture Index TR.

Net income (loss) for the three months ended March 31, 2026 was $55.7 million, primarily resulting from $7.0 million of income, net realized gain (loss) of $5.3 million, net change in unrealized gain (loss) of $44.9 million and net operating expenses of $1.5 million.

For the three months ended March 31, 2025, the NAV of each Share decreased from $26.60 per Share to $26.33 per Share.

Falling commodity futures contract prices for Cocoa, Corn, Cotton, Lean Hogs and Wheat were partially offset by rising commodity futures contract prices of Coffee, Feeder Cattle, Kansas City Wheat, Live Cattle, Soybeans and Sugar during the three months ended March 31, 2025, contributing to an overall 1.76% decrease in the level of the Index and to a 0.72% decrease in the level of the DBIQ Diversified Agriculture Index TR.

The total return for the Fund on a NAV basis was -1.01%.

Net income (loss) for the nine months ended September 30, 2024 was $162.2 million, primarily resulting from $28.9 million of income, net realized gain (loss) of $92.0 million, net change in unrealized gain (loss) of $46.2 million and net operating expenses of $4.8 million.

Net income (loss) for the three months ended March 31, 2025 was $(11.3) million, primarily resulting from $8.6 million of income, net realized gain (loss) of $83.7 million, net change in unrealized gain (loss) of $(101.8) million and net operating expenses of $1.8 million.

Critical Accounting Estimates

2 unchanged sentences

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, 2024, as filed with the SEC on February 26, 2025.

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 Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 2, 2026.

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 2. Management’s Discussion and Analysis