INVESCO DB AGRICULTURE FUND

For the period ended Jun 30, 2024. Filed Aug 7, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Aug 7, 2024

DBA$26.10-0.0%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 1. Financial Statements

Statements of Financial Condition

June 30, 2024 and December 31, 2023

	June 30,	December 31,
	2024	2023
Assets
United States Treasury Obligations, at value (cost $293,444,959 and $342,604,310, respectively)	$293,540,679	$342,956,644
Affiliated Investments, at value (cost $407,300,386 and $367,600,564, respectively)	407,362,216	367,815,458
Other investments:
Variation margin receivable- Commodity Futures Contracts	7,339,663	—
Cash held by custodian	—	4,721,066
Receivable for:
Fund shares sold	—	2,074,305
Dividends from affiliates	1,462,198	1,403,400
Total assets	$709,704,756	$718,970,873
Liabilities
Other investments:
Variation margin payable- Commodity Futures Contracts	$—	$10,687,335
Payable for:
Distributions	—	336,157
Fund shares reacquired	—	3,157,545
Management fees	492,231	520,593
Brokerage commissions and fees	4,662	2,673
Total liabilities	496,893	14,704,303
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	957	830
Shareholders' equity—Shares	709,206,906	704,265,740
Total shareholders' equity	709,207,863	704,266,570
Total liabilities and equity	$709,704,756	$718,970,873
General Shares outstanding	40	40
Shares outstanding	29,650,000	33,950,000
Net asset value per share	$23.92	$20.74
Market value per share	$23.81	$20.73

Schedule of Investments

June 30, 2024

Description · Percentage ofShareholders'Equity · Value · Principal Value
United States Treasury Obligations (a)
U.S. Treasury Bills, 5.170% due November 29, 2024 (b)	37.94%	$269,099,991		$275,000,000
U.S. Treasury Bills, 5.155% due December 5, 2024	3.45	24,440,688		25,000,000
Total United States Treasury Obligations (cost $293,444,959)	41.39%	$293,540,679
Affiliated Investments			Shares
Exchange-Traded Fund
Invesco Short Term Treasury ETF (cost $119,520,055) (c)	16.86%	$119,581,885		1,133,800
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 5.25% (cost $287,780,331) (c)(d)	40.58	287,780,331		287,780,331
Total Affiliated Investments (cost $407,300,386)	57.44%	$407,362,216
Total Investments in Securities (cost $700,745,345)	98.83%	$700,902,895

(a)

Security may be traded on a discount basis. The interest rate shown represents the discount rate at the most recent auction date of the security prior to period end.

(b)

United States Treasury Obligations of $146,775,000 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

(c)

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. See Note 8.

(d)

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

Open Commodity Futures Contracts · Number of Contracts · Expiration Date · NotionalValue · Value(e) · UnrealizedAppreciation(Depreciation)(e)
Long Futures Contracts
CBOT Corn	3,177	September - 2024	$64,731,375		$(15,737,643)		$(15,737,643)
CBOT Soybean	1,253	November - 2024	69,165,600		(9,563,160)		(9,563,160)
CBOT Wheat	1,122	July - 2025	35,244,825		(5,244,971)		(5,244,971)
CBOT Wheat KCB	1,125	July - 2025	35,015,625		(5,594,208)		(5,594,208)
CME Feeder Cattle	214	August - 2024	27,745,100		868,297		868,297
CME Lean Hogs	1,348	August - 2024	48,258,400		(1,198,508)		(1,198,508)
CME Live Cattle	1,150	August - 2024	85,295,500		4,986,014		4,986,014
NYB-ICE Cocoa	2,140	September - 2024	165,443,400		(26,074,590)		(26,074,590)
NYB-ICE Coffee	1,141	September - 2024	97,042,050		(815,362)		(815,362)
NYB-ICE Cotton	457	December - 2024	16,609,665		(77,433)		(77,433)
NYB-ICE Sugar	3,019	June - 2025	64,244,320		2,080,972		2,080,972
Total Commodity Futures Contracts				$(56,370,592)		$(56,370,592)

(e)

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

Schedule of Investments

December 31, 2023

Description · Percentage ofShareholders’Equity · Value · Principal Value
United States Treasury Obligations (a)
U.S. Treasury Bill, 5.250% due March 7, 2024		3.52%		$24,765,221			$25,000,000
U.S. Treasury Bill, 5.240% due May 30, 2024 (b)	41.71		293,737,965			300,000,000
U.S. Treasury Bill, 5.190% due June 6, 2024	3.47		24,453,458			25,000,000
Total United States Treasury Obligations (cost $342,604,310)		48.70%		$342,956,644
Affiliated Investments					Shares
Exchange-Traded Fund
Invesco Short Term Treasury ETF (cost $119,520,055) (c)(d)		16.99%		$119,734,949			1,133,800
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 5.29% (cost $248,080,509) (c)(e)		35.23		248,080,509			248,080,509
Total Affiliated Investments (cost $367,600,564)		52.22%		$367,815,458
Total Investments in Securities (cost $710,204,874)		100.92%		$710,772,102

(a)

Security may be traded on a discount basis. The interest rate shown represents the discount rate at the most recent auction date of the security prior to period end.

(b)

United States Treasury Obligations of $146,865,000 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

(c)

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. See Note 8.

(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 · Number of Contracts · Expiration Date · NotionalValue · Value(f) · UnrealizedAppreciation(Depreciation)(f)
Long Futures Contracts
CBOT Corn	3,564	September - 2024	$88,565,400		$(2,696,057)		$(2,696,057)
CBOT Soybean	1,405	November - 2024	87,513,938		(1,282,131)		(1,282,131)
CBOT Wheat	1,401	July - 2024	45,234,788		(1,339,435)		(1,339,435)
CBOT Wheat KCB	1,338	July - 2024	43,217,400		(5,650,533)		(5,650,533)
CME Feeder Cattle	258	March - 2024	28,779,900		1,161,102		1,161,102
CME Lean Hogs	2,023	February - 2024	55,005,370		(5,957,186)		(5,957,186)
CME Live Cattle	1,265	February - 2024	85,261,000		(6,678,115)		(6,678,115)
NYB-ICE Cocoa	2,052	March - 2024	86,101,920		5,543,802		5,543,802
NYB-ICE Coffee	1,250	March - 2024	88,265,625		8,413,856		8,413,856
NYB-ICE Cotton	519	March - 2024	21,019,500		325,083		325,083
NYB-ICE Sugar	3,282	June - 2024	75,023,894		(9,139,633)		(9,139,633)
Total Commodity Futures Contracts				$(17,299,247)		$(17,299,247)

(f)

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

Statements of Income and Expenses

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

Three Months Ended · Six Months Ended
	June 30,		June 30,
	2024	2023	2024	2023
Income
Interest Income	$4,254,562	$4,567,685	$8,811,666	$9,502,492
Dividends from Affiliates	5,987,840	6,165,721	10,877,082	11,855,336
Total Income	10,242,402	10,733,406	19,688,748	21,357,828
Expenses
Management Fees	1,648,459	1,875,555	3,162,249	3,923,190
Brokerage Commissions and Fees	130,970	182,799	208,606	311,526
Interest Expense	52,025	31,880	92,140	73,220
Total Expenses	1,831,454	2,090,234	3,462,995	4,307,936
Less: Waivers	(101,271)	(121,232)	(188,314)	(234,379)
Net Expenses	1,730,183	1,969,002	3,274,681	4,073,557
Net Investment Income (Loss)	8,512,219	8,764,404	16,414,067	17,284,271
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts
Net Realized Gain (Loss) from
United States Treasury Obligations	2	(3)	2	(65)
Commodity Futures Contracts	81,138,515	18,263,580	125,541,503	18,348,157
Net Realized Gain (Loss)	81,138,517	18,263,577	125,541,505	18,348,092
Net Change in Unrealized Gain (Loss) from
United States Treasury Obligations	54,344	16,667	(256,614)	82,122
Affiliated Investments	—	(68,028)	(153,064)	126,001
Commodity Futures Contracts	(116,244,280)	1,763,030	(39,071,345)	932,203
Net Change in Unrealized Gain (Loss)	(116,189,936)	1,711,669	(39,481,023)	1,140,326
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	(35,051,419)	19,975,246	86,060,482	19,488,418
Net Income (Loss)	$(26,539,200)	$28,739,650	$102,474,549	$36,772,689

For the Three Months Ended June 30, 2024

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at March 31, 2024	40		$990		31,850,000		$788,733,162		$788,734,152
Purchases of Shares				2,950,000		73,346,066		73,346,066
Redemption of Shares				(5,150,000)		(126,333,155)		(126,333,155)
Net Increase (Decrease) due to Share Transactions				(2,200,000)		(52,987,089)		(52,987,089)
Net Income (Loss)
Net Investment Income (Loss)		10				8,512,209		8,512,219
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		101				81,138,416		81,138,517
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(144)				(116,189,792)		(116,189,936)
Net Income (Loss)		(33)				(26,539,167)		(26,539,200)
Net Change in Shareholders' Equity	—		(33)		(2,200,000)		(79,526,256)		(79,526,289)
Balance at June 30, 2024	40		$957		29,650,000		$709,206,906		$709,207,863

For the Three Months Ended June 30, 2023

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at March 31, 2023	40		$817		44,500,000		$908,830,724		$908,831,541
Purchases of Shares				2,950,000		61,995,250		61,995,250
Redemption of Shares				(7,800,000)		(163,030,699)		(163,030,699)
Net Increase (Decrease) due to Share Transactions				(4,850,000)		(101,035,449)		(101,035,449)
Net Income (Loss)
Net Investment Income (Loss)		6				8,764,398		8,764,404
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		19				18,263,558		18,263,577
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		2				1,711,667		1,711,669
Net Income (Loss)		27				28,739,623		28,739,650
Net Change in Shareholders' Equity	—		27		(4,850,000)		(72,295,826)		(72,295,799)
Balance at June 30, 2023	40		$844		39,650,000		$836,534,898		$836,535,742

For the Six Months Ended June 30, 2024

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2023	40		$830		33,950,000		$704,265,740		$704,266,570
Purchases of Shares				3,450,000		84,123,019		84,123,019
Redemption of Shares				(7,750,000)		(181,656,275)		(181,656,275)
Net Increase (Decrease) due to Share Transactions				(4,300,000)		(97,533,256)		(97,533,256)
Net Income (Loss)
Net Investment Income (Loss)		20				16,414,047		16,414,067
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		156				125,541,349		125,541,505
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(49)				(39,480,974)		(39,481,023)
Net Income (Loss)		127				102,474,422		102,474,549
Net Change in Shareholders' Equity	—		127		(4,300,000)		4,941,166		4,941,293
Balance at June 30, 2024	40		$957		29,650,000		$709,206,906		$709,207,863

For the Six Months Ended June 30, 2023

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2022	40		$806		53,200,000		$1,072,706,124		$1,072,706,930
Purchases of Shares				3,750,000		78,212,198		78,212,198
Redemption of Shares				(17,300,000)		(351,156,075)		(351,156,075)
Net Increase (Decrease) due to Share Transactions				(13,550,000)		(272,943,877)		(272,943,877)
Net Income (Loss)
Net Investment Income (Loss)		18				17,284,253		17,284,271
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		19				18,348,073		18,348,092
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		1				1,140,325		1,140,326
Net Income (Loss)		38				36,772,651		36,772,689
Net Change in Shareholders' Equity	—		38		(13,550,000)		(236,171,226)		(236,171,188)
Balance at June 30, 2023	40		$844		39,650,000		$836,534,898		$836,535,742

Statements of Cash Flows

For the Six Months Ended June 30, 2024 and 2023

	Six Months Ended
	June 30,
	2024	2023
Cash flows from operating activities:
Net Income (Loss)	$102,474,549	$36,772,689
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased	(292,121,235)	(711,812,583)
Proceeds from securities sold and matured	350,000,000	949,999,935
Cost of affiliated investments purchased	(516,869,556)	(1,146,372,409)
Proceeds from affiliated investments sold	477,169,734	1,175,184,960
Net accretion of discount on United States Treasury Obligations	(8,719,412)	(9,444,775)
Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments	(2)	65
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments	409,678	(208,123)
Change in operating assets and liabilities:
Variation margin - Commodity Futures Contracts	(18,026,998)	(8,116,584)
Dividends from affiliates	(58,798)	168,680
Management fees	(28,362)	(263,825)
Brokerage commissions and fees	1,989	2,620
Net cash provided by (used in) operating activities	94,231,587	285,910,650
Cash flows from financing activities:
Distributions paid to shareholders	(336,157)	—
Proceeds from purchases of Shares	86,197,324	78,212,198
Redemption of Shares	(184,813,820)	(364,122,848)
Net cash provided by (used in) financing activities	(98,952,653)	(285,910,650)
Net change in cash	(4,721,066)	—
Cash at beginning of period	4,721,066	—
Cash at end of period	$—	$—
Supplemental disclosure of cash flow information
Cash paid for interest	$92,140	$73,220

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.