INVESCO DB AGRICULTURE FUND

For the period ended Jun 30, 2025. Filed Aug 7, 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.

Jun 30, 2025 · Filed Aug 7, 2025

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

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

See the whole filing, with its images and exhibits

Contents

Item 1. Financial Statements

Statements of Financial Condition

June 30, 2025 and December 31, 2024

	June 30,	December 31,
	2025	2024
Assets
United States Treasury Obligations, at value (cost $0 and $245,521,628, respectively)	$—	$245,783,215
Affiliated Investments, at value (cost $649,666,124 and $521,694,550, respectively)	649,807,321	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	137,952,913	—
Receivable for:
Dividends from affiliates	1,924,798	1,593,755
Total assets	$789,685,032	$787,914,891
Liabilities
Payable for:
Management fees	$1,062,875	$528,933
Brokerage commissions and fees	3,496	4,264
Total liabilities	1,066,371	533,197
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	1,048	1,064
Shareholders' equity—Shares	788,617,613	787,380,630
Total shareholders' equity	788,618,661	787,381,694
Total liabilities and equity	$789,685,032	$787,914,891
General Shares outstanding	40	40
Shares outstanding	30,100,000	29,600,000
Net asset value per share	$26.20	$26.60
Market value per share	$26.16	$26.59

Schedule of Investments

June 30, 2025

Description	Percentage ofShareholders'Equity	Value	Principal Value
Affiliated Investments · Shares
Exchange-Traded Fund
Invesco Short Term Treasury ETF (cost $119,520,055) (a)	15.18%	$119,661,252	1,133,800
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 4.26% (cost $530,146,069) (a)(b)	67.22	530,146,069	530,146,069
Total Affiliated Investments (cost $649,666,124)	82.40%	$649,807,321
Total Investments in Securities (cost $649,666,124)	82.40%	$649,807,321

(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. See Note 8.

(b)

The rate shown is the 7-day SEC standardized yield as of June 30, 2025.

Open Commodity Futures Contracts · Number of Contracts · Expiration Date · NotionalValue · Value(c) · UnrealizedAppreciation(Depreciation)(c)
Long Futures Contracts
CBOT Corn	4,213	September - 2025	$86,208,513		$(7,354,524)		$(7,354,524)
CBOT Soybean	1,783	November - 2025	91,557,050		(2,855,868)		(2,855,868)
CBOT Wheat	1,370	July - 2026	40,843,125		(1,423,814)		(1,423,814)
CBOT Wheat KCB	1,390	July - 2026	41,248,250		(1,379,227)		(1,379,227)
CME Feeder Cattle	256	August - 2025	39,766,400		3,395,059		3,395,059
CME Lean Hogs	1,470	August - 2025	63,210,000		(396,294)		(396,294)
CME Live Cattle	1,306	August - 2025	111,728,300		2,658,759		2,658,759
NYB-ICE Cocoa	1,282	September - 2025	115,380,000		(4,232,720)		(4,232,720)
NYB-ICE Coffee	907	September - 2025	102,071,513		(17,439,150)		(17,439,150)
NYB-ICE Cotton	531	December - 2025	18,088,515		(6,537)		(6,537)
NYB-ICE Sugar	4,218	June - 2026	78,373,814		(1,401,121)		(1,401,121)
Total Commodity Futures Contracts				$(30,435,437)		$(30,435,437)

(c)

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

For the Three and Six Months Ended June 30, 2025 and 2024

Three Months Ended · Six Months Ended
	June 30,		June 30,
	2025	2024	2025	2024
Income
Interest Income	$3,431,851	$4,254,562	$6,219,958	$8,811,666
Dividends from Affiliates	5,286,435	5,987,840	11,074,251	10,877,082
Total Income	8,718,286	10,242,402	17,294,209	19,688,748
Expenses
Management Fees	1,749,774	1,648,459	3,531,529	3,162,249
Brokerage Commissions and Fees	128,304	130,970	204,772	208,606
Interest Expense	—	52,025	45,432	92,140
Total Expenses	1,878,078	1,831,454	3,781,733	3,462,995
Less: Waivers	(119,781)	(101,271)	(238,777)	(188,314)
Net Expenses	1,758,297	1,730,183	3,542,956	3,274,681
Net Investment Income (Loss)	6,959,989	8,512,219	13,751,253	16,414,067
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	—	2
Commodity Futures Contracts	(33,849,770)	81,138,515	49,878,137	125,541,503
Net Realized Gain (Loss)	(33,849,770)	81,138,517	49,878,137	125,541,505
Net Change in Unrealized Gain (Loss) from
United States Treasury Obligations	(69,689)	54,344	(261,587)	(256,614)
Affiliated Investments	5,669	—	(68,028)	(153,064)
Commodity Futures Contracts	21,767,262	(116,244,280)	(79,736,750)	(39,071,345)
Net Change in Unrealized Gain (Loss)	21,703,242	(116,189,936)	(80,066,365)	(39,481,023)
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	(12,146,528)	(35,051,419)	(30,188,228)	86,060,482
Net Income (Loss)	$(5,186,539)	$(26,539,200)	$(16,436,975)	$102,474,549

Statements of Changes in Shareholders’ Equity

For the Three Months Ended June 30, 2025 and 2024

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at March 31, 2025	40		$1,053		31,100,000		$818,916,289		$818,917,342
Purchases of Shares				1,850,000		49,964,025		49,964,025
Redemption of Shares				(2,850,000)		(75,076,167)		(75,076,167)
Net Increase (Decrease) due to Share Transactions				(1,000,000)		(25,112,142)		(25,112,142)
Net Income (Loss)
Net Investment Income (Loss)		6				6,959,983		6,959,989
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(33)				(33,849,737)		(33,849,770)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		22				21,703,220		21,703,242
Net Income (Loss)		(5)				(5,186,534)		(5,186,539)
Net Change in Shareholders' Equity	—		(5)		(1,000,000)		(30,298,676)		(30,298,681)
Balance at June 30, 2025	40		$1,048		30,100,000		$788,617,613		$788,618,661

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

Statements of Changes in Shareholders’ Equity

For the Six Months Ended June 30, 2025 and 2024

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				5,400,000		146,938,648		146,938,648
Redemption of Shares				(4,900,000)		(129,264,706)		(129,264,706)
Net Increase (Decrease) due to Share Transactions				500,000		17,673,942		17,673,942
Net Income (Loss)
Net Investment Income (Loss)		13				13,751,240		13,751,253
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		49				49,878,088		49,878,137
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(78)				(80,066,287)		(80,066,365)
Net Income (Loss)		(16)				(16,436,959)		(16,436,975)
Net Change in Shareholders' Equity	—		(16)		500,000		1,236,983		1,236,967
Balance at June 30, 2025	40		$1,048		30,100,000		$788,617,613		$788,618,661

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

Statements of Cash Flows

For the Six Months Ended June 30, 2025 and 2024

	Six Months Ended
	June 30,
	2025	2024
Cash flows from operating activities:
Net Income (Loss)	$(16,436,975)	$102,474,549
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased	—	(292,121,235)
Proceeds from securities sold and matured	250,000,000	350,000,000
Cost of affiliated investments purchased	(493,905,180)	(516,869,556)
Proceeds from affiliated investments sold	365,933,606	477,169,734
Net accretion of discount on United States Treasury Obligations	(4,478,372)	(8,719,412)
Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments	—	(2)
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments	329,615	409,678
Change in operating assets and liabilities:
Variation margin - Commodity Futures Contracts	5,161,930	(18,026,998)
Deposit with Commodity Broker	(137,952,913)	—
Dividends from affiliates	(331,043)	(58,798)
Management fees	533,942	(28,362)
Brokerage commissions and fees	(768)	1,989
Net cash provided by (used in) operating activities	(31,146,158)	94,231,587
Cash flows from financing activities:
Distributions paid to shareholders	—	(336,157)
Proceeds from purchases of Shares	146,938,648	86,197,324
Redemption of Shares	(129,264,706)	(184,813,820)
Net cash provided by (used in) financing activities	17,673,942	(98,952,653)
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	$92,140

ContentsView on SEC.gov

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