INVESCO DB AGRICULTURE FUND

For the period ended Sep 30, 2025. Filed Nov 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.

Sep 30, 2025 · Filed Nov 7, 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

September 30, 2025 and December 31, 2024

	September 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 $640,756,842 and $521,694,550, respectively)	641,011,419	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	149,527,703	—
Receivable for:
Dividends from affiliates	1,779,144	1,593,755
Total assets	$792,318,266	$787,914,891
Liabilities
Payable for:
Management fees	$512,054	$528,933
Brokerage commissions and fees	4,978	4,264
Total liabilities	517,032	533,197
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	1,072	1,064
Shareholders' equity—Shares	791,800,162	787,380,630
Total shareholders' equity	791,801,234	787,381,694
Total liabilities and equity	$792,318,266	$787,914,891
General Shares outstanding	40	40
Shares outstanding	29,550,000	29,600,000
Net asset value per share	$26.80	$26.60
Market value per share	$26.78	$26.59

Schedule of Investments

September 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)	15.13%	$119,774,632	1,133,800
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 4.05% (cost $521,236,787) (a)(b)	65.83	521,236,787	521,236,787
Total Affiliated Investments (cost $640,756,842)	80.96%	$641,011,419
Total Investments in Securities (cost $640,756,842)	80.96%	$641,011,419

(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 September 30, 2025.

Open Commodity Futures Contracts · Number of Contracts · Expiration Date · NotionalValue · Value(c) · UnrealizedAppreciation(Depreciation)(c)
Long Futures Contracts
CBOT Corn	3,641	September - 2026	$81,649,425		$1,782,136		$1,782,136
CBOT Soybean	1,765	November - 2025	88,404,438		(4,958,607)		(4,958,607)
CBOT Wheat	1,355	July - 2026	37,381,063		(4,362,719)		(4,362,719)
CBOT Wheat KCB	1,377	July - 2026	37,764,225		(4,404,831)		(4,404,831)
CME Feeder Cattle	255	November - 2025	45,817,125		374,308		374,308
CME Lean Hogs	1,818	December - 2025	64,520,820		698,747		698,747
CME Live Cattle	1,302	December - 2025	122,270,820		(1,158,715)		(1,158,715)
NYB-ICE Cocoa	1,367	December - 2025	92,258,830		(14,641,320)		(14,641,320)
NYB-ICE Coffee	920	December - 2025	129,323,249		28,536,807		28,536,807
NYB-ICE Cotton	526	December - 2025	17,297,510		(622,550)		(622,550)
NYB-ICE Sugar	4,173	June - 2026	74,686,685		(4,186,662)		(4,186,662)
Total Commodity Futures Contracts				$(2,943,406)		$(2,943,406)

(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 Nine Months Ended September 30, 2025 and 2024

Three Months Ended · Nine Months Ended
	September 30,		September 30,
	2025	2024	2025	2024
Income
Interest Income	$1,523,109	$3,986,652	$7,743,067	$12,798,318
Dividends from Affiliates	6,722,703	5,213,894	17,796,954	16,090,976
Total Income	8,245,812	9,200,546	25,540,021	28,889,294
Expenses
Management Fees	1,685,667	1,491,660	5,217,196	4,653,909
Brokerage Commissions and Fees	92,057	88,137	296,829	296,743
Interest Expense	—	67,742	45,432	159,882
Total Expenses	1,777,724	1,647,539	5,559,457	5,110,534
Less: Waivers	(154,920)	(87,709)	(393,697)	(276,023)
Net Expenses	1,622,804	1,559,830	5,165,760	4,834,511
Net Investment Income (Loss)	6,623,008	7,640,716	20,374,261	24,054,783
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	—	1	—	3
Commodity Futures Contracts	(17,349,774)	(33,542,099)	32,528,363	91,999,404
Net Realized Gain (Loss)	(17,349,774)	(33,542,098)	32,528,363	91,999,407
Net Change in Unrealized Gain (Loss) from
United States Treasury Obligations	—	199,797	(261,587)	(56,817)
Affiliated Investments	113,380	215,423	45,352	62,359
Commodity Futures Contracts	27,492,031	85,256,092	(52,244,719)	46,184,747
Net Change in Unrealized Gain (Loss)	27,605,411	85,671,312	(52,460,954)	46,190,289
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts	10,255,637	52,129,214	(19,932,591)	138,189,696
Net Income (Loss)	$16,878,645	$59,769,930	$441,670	$162,244,479

Statements of Changes in Shareholders’ Equity

For the Three Months Ended September 30, 2025 and 2024

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at June 30, 2025	40		$1,048		30,100,000		$788,617,613		$788,618,661
Purchases of Shares				750,000		20,440,531		20,440,531
Redemption of Shares				(1,300,000)		(34,136,603)		(34,136,603)
Net Increase (Decrease) due to Share Transactions				(550,000)		(13,696,072)		(13,696,072)
Net Income (Loss)
Net Investment Income (Loss)		356				6,622,652		6,623,008
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		540				(17,350,314)		(17,349,774)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(872)				27,606,283		27,605,411
Net Income (Loss)		24				16,878,621		16,878,645
Net Change in Shareholders' Equity	—		24		(550,000)		3,182,549		3,182,573
Balance at September 30, 2025	40		$1,072		29,550,000		$791,800,162		$791,801,234

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at June 30, 2024	40		$957		29,650,000		$709,206,906		$709,207,863
Purchases of Shares				400,000		10,179,118		10,179,118
Redemption of Shares				(1,700,000)		(40,628,698)		(40,628,698)
Net Increase (Decrease) due to Share Transactions				(1,300,000)		(30,449,580)		(30,449,580)
Net Income (Loss)
Net Investment Income (Loss)		12				7,640,704		7,640,716
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(36)				(33,542,062)		(33,542,098)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		109				85,671,203		85,671,312
Net Income (Loss)		85				59,769,845		59,769,930
Net Change in Shareholders' Equity	—		85		(1,300,000)		29,320,265		29,320,350
Balance at September 30, 2024	40		$1,042		28,350,000		$738,527,171		$738,528,213

Statements of Changes in Shareholders’ Equity

For the Nine Months Ended September 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				6,150,000		167,379,179		167,379,179
Redemption of Shares				(6,200,000)		(163,401,309)		(163,401,309)
Net Increase (Decrease) due to Share Transactions				(50,000)		3,977,870		3,977,870
Net Income (Loss)
Net Investment Income (Loss)		369				20,373,892		20,374,261
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		589				32,527,774		32,528,363
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		(950)				(52,460,004)		(52,460,954)
Net Income (Loss)		8				441,662		441,670
Net Change in Shareholders' Equity	—		8		(50,000)		4,419,532		4,419,540
Balance at September 30, 2025	40		$1,072		29,550,000		$791,800,162		$791,801,234

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				3,850,000		94,302,137		94,302,137
Redemption of Shares				(9,450,000)		(222,284,973)		(222,284,973)
Net Increase (Decrease) due to Share Transactions				(5,600,000)		(127,982,836)		(127,982,836)
Net Income (Loss)
Net Investment Income (Loss)		32				24,054,751		24,054,783
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		120				91,999,287		91,999,407
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts		60				46,190,229		46,190,289
Net Income (Loss)		212				162,244,267		162,244,479
Net Change in Shareholders' Equity	—		212		(5,600,000)		34,261,431		34,261,643
Balance at September 30, 2024	40		$1,042		28,350,000		$738,527,171		$738,528,213

Statements of Cash Flows

For the Nine Months Ended September 30, 2025 and 2024

	Nine Months Ended
	September 30,
	2025	2024
Cash flows from operating activities:
Net Income (Loss)	$441,670	$162,244,479
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	(514,998,524)	(744,541,217)
Proceeds from affiliated investments sold	395,936,232	658,950,614
Net accretion of discount on United States Treasury Obligations	(4,478,372)	(12,665,460)
Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments	—	(3)
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments	216,235	(5,542)
Change in operating assets and liabilities:
Variation margin - Commodity Futures Contracts	5,161,930	2,683,457
Deposit with Commodity Broker	(149,527,703)	—
Dividends from affiliates	(185,389)	188,975
Management fees	(16,879)	(55,256)
Brokerage commissions and fees	714	2,355
Net cash provided by (used in) operating activities	(17,450,086)	124,681,167
Cash flows from financing activities:
Distributions paid to shareholders	—	(336,157)
Proceeds from purchases of Shares	167,379,179	96,376,442
Redemption of Shares	(163,401,309)	(225,442,518)
Net cash provided by (used in) financing activities	3,977,870	(129,402,233)
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	$159,882

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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.