INVESCO DB AGRICULTURE FUND

For the period ended Mar 31, 2025. Filed May 8, 2025.

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.

Mar 31, 2025 · Filed May 8, 2025

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

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Contents

Item 1. Financial Statements

Statements of Financial Condition

March 31, 2025 and December 31, 2024

	March 31,	December 31,
	2025	2024
Assets
United States Treasury Obligations, at value (cost $248,225,633 and $245,521,628, respectively)	$248,295,322	$245,783,215
Affiliated Investments, at value (cost $421,485,373 and $521,694,550, respectively)	421,620,901	521,903,775
Other investments:
Variation margin receivable- Commodity Futures Contracts	—	5,161,930
Cash held by Custodian	—	13,472,216
Deposit with Commodity Broker	148,427,849	—
Receivable for:
Dividends from affiliates	1,153,570	1,593,755
Total assets	$819,497,642	$787,914,891
Liabilities
Payable for:
Management fees	$575,370	$528,933
Brokerage commissions and fees	4,930	4,264
Total liabilities	580,300	533,197
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	1,053	1,064
Shareholders' equity—Shares	818,916,289	787,380,630
Total shareholders' equity	818,917,342	787,381,694
Total liabilities and equity	$819,497,642	$787,914,891
General Shares outstanding	40	40
Shares outstanding	31,100,000	29,600,000
Net asset value per share	$26.33	$26.60
Market value per share	$26.34	$26.59

Schedule of Investments

March 31, 2025

Description · Percentage ofShareholders'Equity · Value · Principal Value
United States Treasury Obligations (a)
U.S. Treasury Bills, 4.195% due May 29, 2025	30.32%	$248,295,322		$250,000,000
Total United States Treasury Obligations (cost $248,225,633)	30.32%	$248,295,322
Affiliated Investments			Shares
Exchange-Traded Fund
Invesco Short Term Treasury ETF (cost $119,520,055) (b)	14.62%	$119,655,583		1,133,800
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 4.29% (cost $301,965,318) (b)(c)	36.87	301,965,318		301,965,318
Total Affiliated Investments (cost $421,485,373)	51.49%	$421,620,901
Total Investments in Securities (cost $669,711,006)	81.81%	$669,916,223

(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)

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.

(c)

The rate shown is the 7-day SEC standardized yield as of March 31, 2025.

Open Commodity Futures Contracts · Number of Contracts · Expiration Date · NotionalValue · Value(d) · UnrealizedAppreciation(Depreciation)(d)
Long Futures Contracts
CBOT Corn	4,313	September - 2025	$93,753,838		$(2,126,068)		$(2,126,068)
CBOT Soybean	1,826	November - 2025	93,057,525		(3,984,737)		(3,984,737)
CBOT Wheat	1,589	July - 2025	43,737,225		(8,918,563)		(8,918,563)
CBOT Wheat KCB	1,615	July - 2025	46,027,500		(7,408,610)		(7,408,610)
CME Feeder Cattle	268	May - 2025	38,123,000		1,232,671		1,232,671
CME Lean Hogs	1,571	June - 2025	59,870,810		(670,838)		(670,838)
CME Live Cattle	1,311	June - 2025	106,794,060		5,165,076		5,165,076
NYB-ICE Cocoa	1,217	May - 2025	96,167,340		(28,671,540)		(28,671,540)
NYB-ICE Coffee	917	May - 2025	130,586,531		(6,506,981)		(6,506,981)
NYB-ICE Cotton	574	May - 2025	19,180,210		(159,873)		(159,873)
NYB-ICE Sugar	4,374	June - 2025	91,364,112		(153,236)		(153,236)
Total Commodity Futures Contracts				$(52,202,699)		$(52,202,699)

(d)

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

Schedule of Investments

December 31, 2024

Description · Percentage ofShareholders’Equity · Value · Principal Value
United States Treasury Obligations (a)
U.S. Treasury Bills, 4.340% due May 29, 2025 (b)	31.22%	$245,783,215		$250,000,000
Total United States Treasury Obligations (cost $245,521,628)	31.22%	$245,783,215
Affiliated Investments			Shares
Exchange-Traded Fund
Invesco Short Term Treasury ETF (cost $119,520,055) (c)	15.20%	$119,729,280		1,133,800
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 4.43% (cost $402,174,495) (c)(d)	51.08	402,174,495		402,174,495
Total Affiliated Investments (cost $521,694,550)	66.28%	$521,903,775
Total Investments in Securities (cost $767,216,178)	97.50%	$767,686,990

(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 $147,450,000 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 December 31, 2024.

Open Commodity Futures Contracts · Number of Contracts · Expiration Date · NotionalValue · Value(e) · UnrealizedAppreciation(Depreciation)(e)
Long Futures Contracts
CBOT Corn	4,074	September - 2025	$90,137,250		$77,936		$77,936
CBOT Soybean	1,725	November - 2025	88,427,813		(3,646,729)		(3,646,729)
CBOT Wheat	1,501	July - 2025	42,740,975		(8,069,097)		(8,069,097)
CBOT Wheat KCB	1,524	July - 2025	43,891,200		(7,505,215)		(7,505,215)
CME Feeder Cattle	252	March - 2025	33,134,850		965,581		965,581
CME Lean Hogs	1,783	February - 2025	57,983,160		(2,648,322)		(2,648,322)
CME Live Cattle	1,225	February - 2025	93,884,000		2,605,530		2,605,530
NYB-ICE Cocoa	1,155	March - 2025	134,846,250		53,511,100		53,511,100
NYB-ICE Coffee	850	March - 2025	101,920,313		21,160,902		21,160,902
NYB-ICE Cotton	551	March - 2025	18,844,200		(1,188,359)		(1,188,359)
NYB-ICE Sugar	4,132	July - 2025	80,987,200		(5,962,014)		(5,962,014)
Total Commodity Futures Contracts				$49,301,313		$49,301,313

(e)

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

Statements of Income and Expenses

	Three Months Ended
	March 31,
	2025	2024
Income
Interest Income	$2,788,107	$4,557,104
Dividends from Affiliates	5,787,816	4,889,242
Total Income	8,575,923	9,446,346
Expenses
Management Fees	1,781,755	1,513,790
Brokerage Commissions and Fees	76,468	77,636
Interest Expense	45,432	40,115
Total Expenses	1,903,655	1,631,541
Less: Waivers	(118,996)	(87,043)
Net Expenses	1,784,659	1,544,498
Net Investment Income (Loss)	6,791,264	7,901,848
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	—	—
Commodity Futures Contracts	83,727,907	44,402,988
Net Realized Gain (Loss)	83,727,907	44,402,988
Net Change in Unrealized Gain (Loss) from
United States Treasury Obligations	(191,898)	(310,958)
Affiliated Investments	(73,697)	(153,064)
Commodity Futures Contracts	(101,504,012)	77,172,935
Net Change in Unrealized Gain (Loss)	(101,769,607)	76,708,913
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	(18,041,700)	121,111,901
Net Income (Loss)	$(11,250,436)	$129,013,749

Statements of Changes in Shareholders’ Equity

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2024	40		$1,064		29,600,000		$787,380,630		$787,381,694
Purchases of Shares				3,550,000		96,974,623		96,974,623
Redemption of Shares				(2,050,000)		(54,188,539)		(54,188,539)
Net Increase (Decrease) due to Share Transactions				1,500,000		42,786,084		42,786,084
Net Income (Loss)
Net Investment Income (Loss)		7				6,791,257		6,791,264
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		82				83,727,825		83,727,907
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(100)				(101,769,507)		(101,769,607)
Net Income (Loss)		(11)				(11,250,425)		(11,250,436)
Net Change in Shareholders' Equity	—		(11)		1,500,000		31,535,659		31,535,648
Balance at March 31, 2025	40		$1,053		31,100,000		$818,916,289		$818,917,342

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				500,000		10,776,953		10,776,953
Redemption of Shares				(2,600,000)		(55,323,120)		(55,323,120)
Net Increase (Decrease) due to Share Transactions				(2,100,000)		(44,546,167)		(44,546,167)
Net Income (Loss)
Net Investment Income (Loss)		10				7,901,838		7,901,848
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		55				44,402,933		44,402,988
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		95				76,708,818		76,708,913
Net Income (Loss)		160				129,013,589		129,013,749
Net Change in Shareholders' Equity	—		160		(2,100,000)		84,467,422		84,467,582
Balance at March 31, 2024	40		$990		31,850,000		$788,733,162		$788,734,152

Statements of Cash Flows

	Three Months Ended
	March 31,
	2025	2024
Cash flows from operating activities:
Net Income (Loss)	$(11,250,436)	$129,013,749
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased	—	—
Proceeds from securities sold and matured	—	25,000,000
Cost of affiliated investments purchased	(199,579,159)	(204,940,989)
Proceeds from affiliated investments sold	299,788,336	110,465,845
Net accretion of discount on United States Treasury Obligations	(2,704,005)	(4,530,470)
Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments	—	—
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments	265,595	464,022
Change in operating assets and liabilities:
Variation margin - Commodity Futures Contracts	5,161,930	(14,293,266)
Deposit with Commodity Broker	(148,427,849)	—
Dividends from affiliates	440,185	78,809
Management fees	46,437	(15,447)
Brokerage commissions and fees	666	2,245
Net cash provided by (used in) operating activities	(56,258,300)	41,244,498
Cash flows from financing activities:
Distributions paid to shareholders	—	(336,157)
Proceeds from purchases of Shares	96,974,623	12,851,258
Redemption of Shares	(54,188,539)	(58,480,665)
Net cash provided by (used in) financing activities	42,786,084	(45,965,564)
Net change in cash	(13,472,216)	(4,721,066)
Cash at beginning of period	13,472,216	4,721,066
Cash at end of period	$—	$—
Supplemental disclosure of cash flow information
Cash paid for interest	$45,432	$40,115

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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.