What changed in this filing

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Item 1. Financial Statements

2026-08-07 compared with 2026-05-07 · 127 added, 32 removed, 552 unchanged (22% of the section changed)

2 unchanged sentences

Statements of Financial Condition

March 31, 2026 and December 31, 2025

June 30, 2026 and December 31, 2025

Affiliated Investments, at value (cost $ 1,064,103,586 and $ 589,419,229 ,

5 unchanged sentences

Receivable for:

Fund shares sold

Dividends from affiliates

18 unchanged sentences

Schedule of Investments

March 31, 2026

June 30, 2026

Percentage of

6 unchanged sentences

Institutional Class, 3.57 % (cost $ 944,583,531 ) (a)(b)

1,006,924,708

Total Affiliated Investments (cost $ 1,064,103,586 )

1,064,278,797

Total Investments in Securities (cost $ 1,126,444,763 )

1,126,597,298

(a) Affiliated issuer.

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.

(b) The rate shown is the 7-day SEC standardized yield as of March 31, 2026 .

(b) The rate shown is the 7-day SEC standardized yield as of June 30, 2026 .

Open Commodity Futures Contracts

6 unchanged sentences

CBOT Soybean Meal

December - 2026

CBOT Soybean Oil

2 unchanged sentences

CME Feeder Cattle

January - 2027

CME Lean Hogs

October - 2026

CME Lean Hogs

December - 2026

CME Live Cattle

22 unchanged sentences

Total Affiliated Investments (cost $ 589,419,229 )

Total Investments in Securities (cost $ 589,419,229 )

(a) Affiliated issuer.

29 unchanged sentences

Statements of Income and Expenses

For the Three Months Ended March 31, 2026 and 2025

For the Three and Six Months Ended June 30, 2026 and 2025

Three Months Ended

Six Months Ended

Interest Income

15 unchanged sentences

Commodity Futures Contracts

( 101,504,012

Net Change in Unrealized Gain (Loss)

( 101,769,607

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

5 unchanged sentences

Statements of Changes in Shareholders’ Equity

For the Three Months Ended March 31, 2026 and 2025

For the Three Months Ended June 30, 2026 and 2025

General Shares

Shareholders'

Balance at December 31, 2025

Balance at March 31, 2026

1,216,956,007

1,216,957,097

Purchases of Shares

Redemption of Shares

( 509,667,488

Net Increase (Decrease) due to Share Transactions

9 unchanged sentences

Net Change in Shareholders' Equity

Balance at March 31, 2026

Balance at June 30, 2026

1,153,083,046

2 unchanged sentences

Shareholders'

Balance at March 31, 2025

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 June 30, 2025

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

Invesco DB Agriculture Fund

Statements of Changes in Shareholders’ Equity

For the Six Months Ended June 30, 2026 and 2025

General Shares

Shareholders'

Balance at December 31, 2025

1 unchanged sentence

Redemption of Shares

( 551,914,880

Net Increase (Decrease) due to Share Transactions

7 unchanged sentences

Investments and Commodity Futures Contracts

Net Income (Loss)

Net Change in Shareholders' Equity

Balance at June 30, 2026

1,153,083,046

1,153,084,114

General Shares

Shareholders'

Balance at December 31, 2024

Purchases of Shares

Redemption of Shares

( 129,264,706

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 March 31, 2025

Balance at June 30, 2025

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, 2026 and 2025

For the Six Months Ended June 30, 2026 and 2025

Cash flows from operating activities:

1 unchanged sentence

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating

Proceeds from securities sold and matured

Cost of affiliated investments purchased

17 unchanged sentences

Redemption of Shares

( 510,427,568

( 129,264,706

Net cash provided by (used in) financing activities

7 unchanged sentences

Notes to Unaudited F inancial Statements

March 31, 2026

June 30, 2026

Note 1 – Organization

24 unchanged sentences

(the “NYSE Arca”).

This Quarterly Report (the “Report”) covers the three months ended March 31, 2026 and 2025.

This Quarterly Report (the “Report”) covers the three and six months ended June 30, 2026 and 2025.

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

40 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, 2026 and 2025 .

No distributions were declared for the three and six months ended June 30, 2026 and 2025 .

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, 2026 and 2025 , the Fund did no t incur such expenses.

For the three and six months ended June 30, 2026 and 2025 , 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 $ 6.00 and $ 7.00 per round-turn trade during the three months ended March 31, 2026 and 2025, respectively.

On average, total charges paid to the Commodity Broker, as applicable, were less than $ 6.00 and $6 .00 per round-turn trade during the three and six months ended June 30, 2026, 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, 2025, respectively.

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

44 unchanged sentences

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

The Managing Owner waived fees of $ 151,946 and $ 118,996 for the three months ended March 31, 2026 and 2025, respectively.

The Managing Owner waived fees of $ 283,543 and $ 435,489 for the three and six months ended June 30, 2026, respectively.

The Managing Owner waived fees of $ 119,781 and $ 238,777 for the three and six months ended June 30, 2025, respectively.

The Distributor

31 unchanged sentences

Cash deposits held by the Commodity Broker are reflected as Deposit with Commodity Broker on the Statements of Financial Condition.

There were no cash equivalents held by the Fund as of March 31, 2026 and December 31, 2025.

There were no cash equivalents held by the Fund as of June 30, 2026 and December 31, 2025.

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, 2026:

The following is a summary of the tiered valuation input levels as of June 30, 2026:

Investments in Securities

1 unchanged sentence

Money Market Mutual Fund

1,006,924,708

Total Investments in Securities

24 unchanged sentences

The Fair Value of Derivative Instruments is as follows:

March 31, 2026

June 30, 2026

December 31, 2025

13 unchanged sentences

Net Change in Unrealized Gain (Loss)

( 101,504,012

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

1,247,514,683

1,025,533,739

Note 8 – Investments in Affiliates

7 unchanged sentences

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.

In seeking its investment objective, the Invesco Government & Agency Portfolio primarily invests in cash, Government Securities, and repurchase 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 months ended March 31, 2026.

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three and six months ended June 30, 2026.

Value 03/31/2026

14 unchanged sentences

( 521,144,543

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three months ended March 31, 2025.

1,126,597,298

( 521,144,543

1,064,278,797

Value 12/31/2025

14 unchanged sentences

( 563,014,078

1,037,698,435

( 563,014,078

1,064,278,797

The following is a summary of the transactions in, and earnings from, investments in affiliates for the three and six months ended June 30, 2025.

Value 03/31/2025

Purchases at Cost

Proceeds from Sales

Change in Unrealized Appreciation (Depreciation)

Realized Gain (Loss)

Value 06/30/2025

Dividend Income

Invesco Short Term

Investments in

Affiliated Money

Market Funds:

Invesco Government &

Agency Portfolio,

Institutional Class

Value 12/31/2024

Purchases at Cost

Proceeds from Sales

Change in Unrealized Appreciation (Depreciation)

Realized Gain (Loss)

Value 06/30/2025

Dividend Income

Invesco Short Term

Investments in

Affiliated Money

Market Funds:

Invesco Government &

Agency Portfolio,

Institutional Class

( 365,933,606

Note 9 – Share Purchases and Redemptions

39 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, 2026 and 2025.

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, 2026 and 2025.

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