10-Q 1 dba-20240930.htm 10-Q 10-Q
Q3false0001383082--12-31September 30, 2025November 30, 2024July 31, 2025July 31, 2025November 30, 2024December 31, 2024December 31, 2024December 31, 2024December 31, 2024December 31, 2024June 30, 2025September 30, 2024November 30, 2024July 31, 2024July 31, 2024March 31, 2024February 29, 2024February 29, 2024March 31, 2024March 31, 2024March 31, 2024June 30, 20240001383082Affiliated Investments Exchange-Traded Fund Invesco Short Term Treasury ETF2024-09-3000013830822023-06-300001383082us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMembersrt:AffiliatedEntityMemberus-gaap:InvestmentAffiliatedIssuerMember2024-09-300001383082us-gaap:USTreasuryBillSecuritiesMember2024-09-3000013830822023-09-300001383082Commodity Futures Contracts2023-12-310001383082us-gaap:LimitedPartnerMember2024-07-012024-09-300001383082us-gaap:ExchangeTradedFundsMemberus-gaap:InvestmentAffiliatedIssuerMembersrt:AffiliatedEntityMember2023-09-300001383082us-gaap:LimitedPartnerMember2023-07-012023-09-300001383082srt:WeightedAverageMemberus-gaap:CommodityContractMember2024-07-012024-09-3000013830822022-12-310001383082us-gaap:NondesignatedMemberus-gaap:CommodityContractMember2024-09-300001383082us-gaap:USTreasuryAndGovernmentMembersrt:AffiliatedEntityMember2024-01-012024-09-300001383082United States Treasury Obligations2024-09-300001383082Open Commodity Futures Contracts Long Futures Contracts CME Feeder Cattle Expiration Date November - 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20252024-01-012024-09-300001383082Open Commodity Futures Contracts Long Futures Contracts CBOT Corn Expiration Date September -20242023-01-012023-12-3100013830822023-01-012023-09-3000013830822024-09-300001383082Open Commodity Futures Contracts Long Futures Contracts CME Feeder Cattle Expiration Date March -20242023-12-310001383082United States Treasury Obligations2023-12-310001383082Open Commodity Futures Contracts Long Futures Contracts CBOT Wheat Expiration Date July - 20242023-01-012023-12-310001383082Open Commodity Futures Contracts Long Futures Contracts CME Live Cattle Expiration Date December - 20242024-09-300001383082Open Commodity Futures Contracts Long Futures Contracts CBOT Soybean Expiration Date November - 20242024-01-012024-09-300001383082Open Commodity Futures Contracts Long Futures Contracts NYB-ICE Coffee Expiration Date March -20242023-01-012023-12-3100013830822024-01-012024-09-300001383082us-gaap:LimitedPartnerMember2023-01-012023-09-300001383082us-gaap:InvestmentAffiliatedIssuerMembersrt:AffiliatedEntityMember2022-12-310001383082us-gaap:GeneralPartnerMember2024-09-300001383082Open Commodity Futures Contracts Long Futures Contracts NYB-ICE Coffee Expiration Date December - 20242024-01-012024-09-300001383082Open Commodity Futures Contracts Long Futures Contracts NYB-ICE Coffee Expiration Date December - 20242024-09-300001383082Open Commodity Futures Contracts Long Futures Contracts NYB-ICE Cotton Expiration Date March -20242023-01-012023-12-310001383082srt:AffiliatedEntityMemberus-gaap:InvestmentAffiliatedIssuerMember2023-07-012023-09-300001383082Open Commodity Futures Contracts Long Futures Contracts CME Live Cattle Expiration Date February -20242023-12-310001383082Affiliated Investments Money Market Mutual Fund Invesco Government & Agency Portfolio, Institutional Class2023-12-310001383082us-gaap:ExchangeTradedFundsMemberus-gaap:InvestmentAffiliatedIssuerMembersrt:AffiliatedEntityMember2024-07-012024-09-300001383082us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerMembersrt:AffiliatedEntityMember2024-06-300001383082us-gaap:InvestmentAffiliatedIssuerMembersrt:AffiliatedEntityMember2024-09-300001383082Open Commodity Futures Contracts Long Futures Contracts CBOT Wheat Expiration Date July - 20252024-01-012024-09-300001383082us-gaap:GeneralPartnerMember2023-01-012023-09-300001383082srt:AffiliatedEntityMemberus-gaap:InvestmentAffiliatedIssuerMember2023-01-012023-09-300001383082us-gaap:InvestmentAffiliatedIssuerMembersrt:AffiliatedEntityMember2023-09-300001383082us-gaap:LimitedPartnerMember2024-01-012024-09-300001383082srt:WeightedAverageMemberus-gaap:CommodityContractMember2024-01-012024-09-300001383082Open Commodity Futures Contracts Long Futures Contracts CBOT Wheat Expiration Date July - 20242023-12-310001383082us-gaap:ExchangeTradedFundsMembersrt:AffiliatedEntityMember2024-01-012024-09-300001383082us-gaap:InvestmentAffiliatedIssuerMembersrt:AffiliatedEntityMember2024-01-012024-09-300001383082dba:TheManagingOwnerMember2024-01-012024-09-300001383082Open Commodity Futures Contracts Long Futures Contracts NYB-ICE Cotton Expiration Date December - 20242024-01-012024-09-300001383082us-gaap:ExchangeTradedFundsMemberus-gaap:InvestmentAffiliatedIssuerMembersrt:AffiliatedEntityMember2023-01-012023-09-300001383082United States Treasury Obligations U.S. Treasury Bill, 5.240% due May 30, 20242023-12-310001383082us-gaap:LimitedPartnerMember2024-06-300001383082us-gaap:FairValueInputsLevel2Member2024-09-300001383082Open Commodity Futures Contracts Long Futures Contracts CBOT Corn Expiration Date September -20252024-09-300001383082Open Commodity Futures Contracts Long Futures Contracts CME Lean Hogs Expiration Date February -20242023-12-310001383082Commodity Futures Contracts2024-09-300001383082Open Commodity Futures Contracts Long Futures Contracts CBOT Soybean Expiration Date November -20242023-01-012023-12-3100013830822006-08-030001383082Open Commodity Futures Contracts Long Futures Contracts CME Lean Hogs Expiration Date December - 20242024-09-300001383082Affiliated Investments Money Market Mutual Fund Invesco Government & Agency Portfolio, Institutional Class2024-09-300001383082Open Commodity Futures Contracts Long Futures Contracts CBOT Corn Expiration Date September -20242023-12-310001383082Open Commodity Futures Contracts Long Futures Contracts CBOT Soybean Expiration Date November - 20242024-09-300001383082us-gaap:ExchangeTradedFundsMembersrt:AffiliatedEntityMemberus-gaap:InvestmentAffiliatedIssuerMember2023-12-310001383082Open Commodity Futures Contracts Long Futures Contracts NYB-ICE Cocoa Expiration Date March -20242023-12-3100013830822015-02-230001383082Open Commodity Futures Contracts Long Futures Contracts CBOT Wheat KCB Expiration Date July - 20252024-01-012024-09-300001383082srt:WeightedAverageMemberus-gaap:CommodityContractMember2023-01-012023-09-300001383082Open Commodity Futures Contracts Long Futures Contracts NYB-ICE Cotton Expiration Date December - 20242024-09-300001383082us-gaap:GeneralPartnerMember2023-12-310001383082us-gaap:GeneralPartnerMember2024-07-012024-09-300001383082Open Commodity Futures Contracts Long Futures Contracts NYB-ICE Coffee Expiration Date March -20242023-12-310001383082Open Commodity Futures Contracts Long Futures Contracts CME Live Cattle Expiration Date February -20242023-01-012023-12-310001383082us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMembersrt:AffiliatedEntityMemberus-gaap:InvestmentAffiliatedIssuerMember2022-12-310001383082us-gaap:ExchangeTradedFundsMembersrt:AffiliatedEntityMemberus-gaap:InvestmentAffiliatedIssuerMember2022-12-310001383082us-gaap:InvestmentAffiliatedIssuerMembersrt:AffiliatedEntityMember2024-06-300001383082Open Commodity Futures Contracts Long Futures Contracts CME Lean Hogs Expiration Date December - 20242024-01-012024-09-300001383082us-gaap:InvestmentAffiliatedIssuerMember2023-12-310001383082us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMembersrt:AffiliatedEntityMemberus-gaap:InvestmentAffiliatedIssuerMember2023-01-012023-09-300001383082us-gaap:LimitedPartnerMember2023-12-3100013830822024-07-012024-09-3000013830822023-07-012023-09-300001383082Open Commodity Futures Contracts Long Futures Contracts NYB-ICE Sugar Expiration Date June - 20252024-09-300001383082us-gaap:ExchangeTradedFundsMembersrt:AffiliatedEntityMember2023-07-012023-09-300001383082srt:AffiliatedEntityMemberus-gaap:InvestmentAffiliatedIssuerMember2023-06-300001383082srt:MinimumMemberus-gaap:USTreasuryAndGovernmentMembersrt:AffiliatedEntityMember2024-09-300001383082Open Commodity Futures Contracts Long Futures Contracts NYB-ICE Cocoa Expiration Date December - 20242024-09-300001383082us-gaap:InvestmentAffiliatedIssuerMembersrt:AffiliatedEntityMember2023-12-310001383082us-gaap:GeneralPartnerMember2023-09-300001383082us-gaap:FairValueInputsLevel1Member2023-12-310001383082us-gaap:NondesignatedMemberus-gaap:CommodityContractMember2023-07-012023-09-300001383082Open Commodity Futures Contracts Long Futures Contracts NYB-ICE Cocoa Expiration Date December - 20242024-01-012024-09-300001383082us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMembersrt:AffiliatedEntityMemberus-gaap:InvestmentAffiliatedIssuerMember2024-07-012024-09-300001383082us-gaap:NondesignatedMemberus-gaap:CommodityContractMember2024-07-012024-09-300001383082Affiliated Investments2024-09-300001383082us-gaap:GeneralPartnerMember2024-01-012024-09-300001383082us-gaap:ExchangeTradedFundsMembersrt:AffiliatedEntityMemberus-gaap:InvestmentAffiliatedIssuerMember2024-09-300001383082srt:AffiliatedEntityMemberus-gaap:InvestmentAffiliatedIssuerMember2024-07-012024-09-300001383082Open Commodity Futures Contracts Long Futures Contracts CBOT Wheat Expiration Date July - 20252024-09-300001383082Open Commodity Futures Contracts Long Futures Contracts CME Live Cattle Expiration Date December - 20242024-01-012024-09-300001383082Open Commodity Futures Contracts Long Futures Contracts NYB-ICE Cocoa Expiration Date March -20242023-01-012023-12-310001383082us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerMembersrt:AffiliatedEntityMember2024-01-012024-09-300001383082us-gaap:InvestmentAffiliatedIssuerMember2024-09-300001383082us-gaap:FairValueInputsLevel1Member2024-09-3000013830822023-12-310001383082us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMembersrt:AffiliatedEntityMemberus-gaap:InvestmentAffiliatedIssuerMember2023-06-300001383082Open Commodity Futures Contracts Long Futures Contracts NYB-ICE Sugar Expiration Date June -20242023-12-310001383082us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerMembersrt:AffiliatedEntityMember2023-12-310001383082United States Treasury Obligations U.S. Treasury Bill, 5.190% due June 6, 20242023-12-310001383082srt:AffiliatedEntityMember2023-01-012023-09-300001383082us-gaap:ExchangeTradedFundsMembersrt:AffiliatedEntityMember2024-07-012024-09-300001383082Open Commodity Futures Contracts Long Futures Contracts CBOT Corn Expiration Date September -20252024-01-012024-09-300001383082Affiliated Investments2023-12-310001383082Open Commodity Futures Contracts Long Futures Contracts CBOT Wheat KCB Expiration Date July -20242023-12-3100013830822024-06-300001383082Open Commodity Futures Contracts Long Futures Contracts CME Feeder Cattle Expiration Date March -20242023-01-012023-12-310001383082us-gaap:NondesignatedMemberus-gaap:CommodityContractMember2023-01-012023-09-300001383082United States Treasury Obligations U.S. Treasury Bills, 4.980% due November 29, 20242024-09-300001383082us-gaap:ExchangeTradedFundsMemberus-gaap:InvestmentAffiliatedIssuerMembersrt:AffiliatedEntityMember2024-01-012024-09-300001383082us-gaap:ExchangeTradedFundsMemberus-gaap:InvestmentAffiliatedIssuerMembersrt:AffiliatedEntityMember2023-07-012023-09-300001383082us-gaap:GeneralPartnerMember2023-06-300001383082us-gaap:ExchangeTradedFundsMembersrt:AffiliatedEntityMember2023-01-012023-09-300001383082Open Commodity Futures Contracts Long Futures Contracts NYB-ICE Sugar Expiration Date June -20242023-01-012023-12-310001383082srt:AffiliatedEntityMember2023-07-012023-09-300001383082Open Commodity Futures Contracts Long Futures Contracts CBOT Soybean Expiration Date November -20242023-12-310001383082Open Commodity Futures Contracts Long Futures Contracts CBOT Wheat KCB Expiration Date July -20242023-01-012023-12-310001383082us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMembersrt:AffiliatedEntityMember2023-07-012023-09-300001383082Affiliated Investments Exchange-Traded Fund Invesco Short Term Treasury ETF2023-12-310001383082srt:AffiliatedEntityMember2023-12-310001383082us-gaap:GeneralPartnerMember2023-07-012023-09-300001383082Open Commodity Futures Contracts Long Futures Contracts CME Lean Hogs Expiration Date February -20242023-01-012023-12-310001383082us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMembersrt:AffiliatedEntityMember2024-01-012024-09-300001383082srt:AffiliatedEntityMember2024-01-012024-09-300001383082us-gaap:LimitedPartnerMember2023-09-300001383082us-gaap:FairValueInputsLevel2Member2023-12-310001383082us-gaap:GeneralPartnerMember2022-12-310001383082Open Commodity Futures Contracts Long Futures Contracts NYB-ICE Cotton Expiration Date March -20242023-12-310001383082srt:AffiliatedEntityMember2024-09-300001383082us-gaap:LimitedPartnerMember2022-12-310001383082Open Commodity Futures Contracts Long Futures Contracts CME Feeder Cattle Expiration Date November - 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-33238

 

INVESCO DB AGRICULTURE FUND

(A Series of Invesco DB Multi-Sector Commodity Trust)

(Exact name of registrant as specified in its charter)

 

Delaware

87-0778078

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

 

c/o Invesco Capital Management LLC

3500 Lacey Road, Suite 700

Downers Grove, Illinois

60515

(Address of Principal Executive Offices)

(Zip Code)

 

Registrant’s telephone number, including area code: (800) 983-0903

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Units of Beneficial Interest

DBA

NYSE Arca, Inc.

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

☒

Accelerated Filer

☐

 

 

 

 

Non-Accelerated Filer

☐

Smaller reporting company

☐

 

 

 

 

 

 

Emerging growth company

☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of outstanding Shares as of September 30, 2024: 28,350,000

 

 

INVESCO DB AGRICULTURE FUND

(A SERIES OF INVESCO DB MULTI-SECTOR COMMODITY TRUST)

QUARTER ENDED SEPTEMBER 30, 2024

TABLE OF CONTENTS

 

 

 

Page

PART I.

 

FINANCIAL INFORMATION

1

 

 

 

 

ITEM 1.

Financial Statements

1

 

Notes to Unaudited Financial Statements

8

 

ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

19

 

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

29

 

ITEM 4.

Controls and Procedures

33

 

 

 

PART II.

 

OTHER INFORMATION

33

 

 

 

 

Item 1.

Legal Proceedings

33

 

Item 1A.

Risk Factors

33

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

33

 

Item 3.

Defaults Upon Senior Securities

33

 

Item 4.

Mine Safety Disclosures

33

 

Item 5.

Other Information

34

 

Item 6.

Exhibits

35

 

 

 

SIGNATURES

36

 

 

 

 

 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

 

Invesco DB Agriculture Fund

Statements of Financial Condition

September 30, 2024 and December 31, 2023

(Unaudited)

 

 

 

September 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Assets

 

 

 

 

 

 

United States Treasury Obligations, at value (cost $297,391,008 and
   $342,604,310, respectively)

 

$

297,686,525

 

 

$

342,956,644

 

Affiliated Investments, at value (cost $453,191,167 and $367,600,564,
   respectively)

 

 

453,468,420

 

 

 

367,815,458

 

Other investments:

 

 

 

 

 

 

Variation margin receivable- Commodity Futures Contracts

 

 

—

 

 

 

—

 

Cash held by custodian

 

 

—

 

 

 

4,721,066

 

Receivable for:

 

 

 

 

 

 

Fund shares sold

 

 

—

 

 

 

2,074,305

 

Dividends from affiliates

 

 

1,214,425

 

 

 

1,403,400

 

Total assets

 

$

752,369,370

 

 

$

718,970,873

 

Liabilities

 

 

 

 

 

 

Other investments:

 

 

 

 

 

 

Variation margin payable- Commodity Futures Contracts

 

$

13,370,792

 

 

$

10,687,335

 

Payable for:

 

 

 

 

 

 

Distributions

 

 

—

 

 

 

336,157

 

Fund shares reacquired

 

 

—

 

 

 

3,157,545

 

Management fees

 

 

465,337

 

 

 

520,593

 

Brokerage commissions and fees

 

 

5,028

 

 

 

2,673

 

Total liabilities

 

 

13,841,157

 

 

 

14,704,303

 

Commitments and Contingencies (Note 10)

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Shareholder's equity—General Shares

 

 

1,042

 

 

 

830

 

Shareholders' equity—Shares

 

 

738,527,171

 

 

 

704,265,740

 

Total shareholders' equity

 

 

738,528,213

 

 

 

704,266,570

 

Total liabilities and equity

 

$

752,369,370

 

 

$

718,970,873

 

General Shares outstanding

 

40

 

 

 

40

 

Shares outstanding

 

 

28,350,000

 

 

 

33,950,000

 

Net asset value per share

 

$

26.05

 

 

$

20.74

 

Market value per share

 

$

26.10

 

 

$

20.73

 

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

 

1

 

Invesco DB Agriculture Fund

Schedule of Investments

September 30, 2024

(Unaudited)

 

Description

 

Percentage of
Shareholders'
Equity

 

 

Value

 

 

Principal Value

 

United States Treasury Obligations (a)

 

 

 

 

 

 

 

 

 

U.S. Treasury Bills, 4.980% due November 29, 2024 (b)

 

 

36.95

%

 

$

272,890,186

 

 

$

275,000,000

 

U.S. Treasury Bills, 4.970% due December 5, 2024

 

 

3.36

 

 

 

24,796,339

 

 

 

25,000,000

 

Total United States Treasury Obligations (cost $297,391,008)

 

 

40.31

%

 

$

297,686,525

 

 

 

 

Affiliated Investments

 

 

 

 

 

 

 

Shares

 

Exchange-Traded Fund

 

 

 

 

 

 

 

 

 

Invesco Short Term Treasury ETF (cost $119,520,055) (c)

 

 

16.22

%

 

$

119,797,308

 

 

 

1,133,800

 

Money Market Mutual Fund

 

 

 

 

 

 

 

 

 

Invesco Government & Agency Portfolio,
   Institutional Class, 4.85% (cost $333,671,112) (c)(d)

 

 

45.18

 

 

 

333,671,112

 

 

 

333,671,112

 

Total Affiliated Investments (cost $453,191,167)

 

 

61.40

%

 

$

453,468,420

 

 

 

 

Total Investments in Securities (cost $750,582,175)

 

 

101.71

%

 

$

751,154,945

 

 

 

 

 

(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 $148,845,000 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 September 30, 2024.

 

Open Commodity Futures Contracts

 

Number of Contracts

 

 

Expiration Date

 

Notional
Value

 

 

Value(e)

 

 

Unrealized
Appreciation
(Depreciation)(e)

 

Long Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CBOT Corn

 

 

2,686

 

 

September - 2025

 

$

60,367,850

 

 

$

1,145,092

 

 

$

1,145,092

 

CBOT Soybean

 

 

1,210

 

 

November - 2024

 

 

63,948,500

 

 

 

(11,829,019

)

 

 

(11,829,019

)

CBOT Wheat

 

 

1,084

 

 

July - 2025

 

 

33,658,200

 

 

 

(5,307,762

)

 

 

(5,307,762

)

CBOT Wheat KCB

 

 

1,089

 

 

July - 2025

 

 

33,377,850

 

 

 

(5,761,667

)

 

 

(5,761,667

)

CME Feeder Cattle

 

 

210

 

 

November - 2024

 

 

25,714,500

 

 

 

1,365,208

 

 

 

1,365,208

 

CME Lean Hogs

 

 

1,777

 

 

December - 2024

 

 

52,083,870

 

 

 

1,125,734

 

 

 

1,125,734

 

CME Live Cattle

 

 

1,108

 

 

December - 2024

 

 

81,903,360

 

 

 

3,552,553

 

 

 

3,552,553

 

NYB-ICE Cocoa

 

 

2,478

 

 

December - 2024

 

 

191,351,160

 

 

 

23,658,300

 

 

 

23,658,300

 

NYB-ICE Coffee

 

 

1,118

 

 

December - 2024

 

 

113,302,313

 

 

 

15,176,681

 

 

 

15,176,681

 

NYB-ICE Cotton

 

 

442

 

 

December - 2024

 

 

16,267,810

 

 

 

134,983

 

 

 

134,983

 

NYB-ICE Sugar

 

 

2,916

 

 

June - 2025

 

 

65,710,310

 

 

 

5,625,397

 

 

 

5,625,397

 

Total Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

$

28,885,500

 

 

$

28,885,500

 

 

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

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

2

 

Invesco DB Agriculture Fund

Schedule of Investments

December 31, 2023

(Unaudited)

 

Description

 

Percentage of
Shareholders’
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

 

Notional
Value

 

 

Value(f)

 

 

Unrealized
Appreciation
(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.

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

 

3

 

Invesco DB Agriculture Fund

Statements of Income and Expenses

For the Three and Nine Months Ended September 30, 2024 and 2023

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income

 

$

3,986,652

 

 

$

4,788,543

 

 

$

12,798,318

 

 

$

14,291,035

 

Dividends from Affiliates

 

 

5,213,894

 

 

 

6,380,385

 

 

 

16,090,976

 

 

 

18,235,721

 

Total Income

 

 

9,200,546

 

 

 

11,168,928

 

 

 

28,889,294

 

 

 

32,526,756

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Management Fees

 

 

1,491,660

 

 

 

1,799,485

 

 

 

4,653,909

 

 

 

5,722,675

 

Brokerage Commissions and Fees

 

 

88,137

 

 

 

111,690

 

 

 

296,743

 

 

 

423,216

 

Interest Expense

 

 

67,742

 

 

 

36,350

 

 

 

159,882

 

 

 

109,570

 

Total Expenses

 

 

1,647,539

 

 

 

1,947,525

 

 

 

5,110,534

 

 

 

6,255,461

 

Less: Waivers

 

 

(87,709

)

 

 

(118,617

)

 

 

(276,023

)

 

 

(352,996

)

Net Expenses

 

 

1,559,830

 

 

 

1,828,908

 

 

 

4,834,511

 

 

 

5,902,465

 

Net Investment Income (Loss)

 

 

7,640,716

 

 

 

9,340,020

 

 

 

24,054,783

 

 

 

26,624,291

 

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

 

 

 

139

 

 

 

3

 

 

 

74

 

Commodity Futures Contracts

 

 

(33,542,099

)

 

 

12,986,866

 

 

 

91,999,404

 

 

 

31,335,023

 

Net Realized Gain (Loss)

 

 

(33,542,098

)

 

 

12,987,005

 

 

 

91,999,407

 

 

 

31,335,097

 

Net Change in Unrealized Gain (Loss) from

 

 

 

 

 

 

 

 

 

 

 

 

United States Treasury Obligations

 

 

199,797

 

 

 

(178,241

)

 

 

(56,817

)

 

 

(96,119

)

Affiliated Investments

 

 

215,423

 

 

 

34,014

 

 

 

62,359

 

 

 

160,015

 

Commodity Futures Contracts

 

 

85,256,092

 

 

 

(9,017,234

)

 

 

46,184,747

 

 

 

(8,085,031

)

Net Change in Unrealized Gain (Loss)

 

 

85,671,312

 

 

 

(9,161,461

)

 

 

46,190,289

 

 

 

(8,021,135

)

Net Realized and Net Change in Unrealized Gain (Loss) on
   United States Treasury Obligations, Affiliated Investments
   and Commodity Futures Contracts

 

 

52,129,214

 

 

 

3,825,544

 

 

 

138,189,696

 

 

 

23,313,962

 

Net Income (Loss)

 

$

59,769,930

 

 

$

13,165,564

 

 

$

162,244,479

 

 

$

49,938,253

 

 

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

 

 

4

 

Invesco DB Agriculture Fund

Statements of Changes in Shareholders’ Equity

For the Three Months Ended September 30, 2024 and 2023

(Unaudited)

 

 

 

General Shares

 

 

Shares

 

 

Total

 

 

 

Shares

 

 

Total
Equity

 

 

Shares

 

 

Total
Equity

 

 

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

 

 

 

 

General Shares

 

 

Shares

 

 

Total

 

 

 

Shares

 

 

Total
Equity

 

 

Shares

 

 

Total
Equity

 

 

Shareholders'
Equity

 

Balance at June 30, 2023

 

 

40

 

 

$

844

 

 

 

39,650,000

 

 

$

836,534,898

 

 

$

836,535,742

 

Purchases of Shares

 

 

 

 

 

 

 

 

800,000

 

 

 

17,302,168

 

 

 

17,302,168

 

Redemption of Shares

 

 

 

 

 

 

 

 

(2,400,000

)

 

 

(51,931,428

)

 

 

(51,931,428

)

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

(1,600,000

)

 

 

(34,629,260

)

 

 

(34,629,260

)

Net Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)

 

 

 

 

 

9

 

 

 

 

 

 

9,340,011

 

 

 

9,340,020

 

Net Realized Gain (Loss) on United States Treasury
   Obligations, Affiliated Investments and
   Commodity Futures Contracts

 

 

 

 

 

13

 

 

 

 

 

 

12,986,992

 

 

 

12,987,005

 

Net Change in Unrealized Gain (Loss) on United
   States Treasury Obligations, Affiliated
   Investments and Commodity Futures Contracts

 

 

 

 

 

(9

)

 

 

 

 

 

(9,161,452

)

 

 

(9,161,461

)

Net Income (Loss)

 

 

 

 

 

13

 

 

 

 

 

 

13,165,551

 

 

 

13,165,564

 

Net Change in Shareholders' Equity

 

 

—

 

 

 

13

 

 

 

(1,600,000

)

 

 

(21,463,709

)

 

 

(21,463,696

)

Balance at September 30, 2023

 

 

40

 

 

$

857

 

 

 

38,050,000

 

 

$

815,071,189

 

 

$

815,072,046

 

 

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

 

5

 

Invesco DB Agriculture Fund

Statements of Changes in Shareholders’ Equity

For the Nine Months Ended September 30, 2024 and 2023

(Unaudited)

 

 

 

General Shares

 

 

Shares

 

 

Total

 

 

 

Shares

 

 

Total
Equity

 

 

Shares

 

 

Total
Equity

 

 

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

 

 

 

 

General Shares

 

 

Shares

 

 

Total

 

 

 

Shares

 

 

Total
Equity

 

 

Shares

 

 

Total
Equity

 

 

Shareholders'
Equity

 

Balance at December 31, 2022

 

 

40

 

 

$

806

 

 

 

53,200,000

 

 

$

1,072,706,124

 

 

$

1,072,706,930

 

Purchases of Shares

 

 

 

 

 

 

 

 

4,550,000

 

 

 

95,514,366

 

 

 

95,514,366

 

Redemption of Shares

 

 

 

 

 

 

 

 

(19,700,000

)

 

 

(403,087,503

)

 

 

(403,087,503

)

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

(15,150,000

)

 

 

(307,573,137

)

 

 

(307,573,137

)

Net Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)

 

 

 

 

 

27

 

 

 

 

 

 

26,624,264

 

 

 

26,624,291

 

Net Realized Gain (Loss) on United States Treasury
   Obligations, Affiliated Investments and
   Commodity Futures Contracts

 

 

 

 

 

32

 

 

 

 

 

 

31,335,065

 

 

 

31,335,097

 

Net Change in Unrealized Gain (Loss) on United
   States Treasury Obligations, Affiliated
   Investments and Commodity Futures Contracts

 

 

 

 

 

(8

)

 

 

 

 

 

(8,021,127

)

 

 

(8,021,135

)

Net Income (Loss)

 

 

 

 

 

51

 

 

 

 

 

 

49,938,202

 

 

 

49,938,253

 

Net Change in Shareholders' Equity

 

 

—

 

 

 

51

 

 

 

(15,150,000

)

 

 

(257,634,935

)

 

 

(257,634,884

)

Balance at September 30, 2023

 

 

40

 

 

$

857

 

 

 

38,050,000

 

 

$

815,071,189

 

 

$

815,072,046

 

 

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

6

 

Invesco DB Agriculture Fund

Statements of Cash Flows

For the Nine Months Ended September 30, 2024 and 2023

(Unaudited)

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2024

 

 

2023

 

Cash flows from operating activities:

 

 

 

 

 

 

Net Income (Loss)

 

$

162,244,479

 

 

$

49,938,253

 

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

 

 

 

 

 

 

Cost of securities purchased

 

 

(292,121,235

)

 

 

(760,806,844

)

Proceeds from securities sold and matured

 

 

350,000,000

 

 

 

1,000,000,074

 

Cost of affiliated investments purchased

 

 

(744,541,217

)

 

 

(1,305,351,780

)

Proceeds from affiliated investments sold

 

 

658,950,614

 

 

 

1,336,838,339

 

Net accretion of discount on United States Treasury Obligations

 

 

(12,665,460

)

 

 

(14,150,453

)

Net realized (gain) loss on United States Treasury Obligations and Affiliated Investments

 

 

(3

)

 

 

(74

)

Net change in unrealized (gain) loss on United States Treasury Obligations
   and Affiliated Investments

 

 

(5,542

)

 

 

(63,896

)

Change in operating assets and liabilities:

 

 

 

 

 

 

Variation margin - Commodity Futures Contracts

 

 

2,683,457

 

 

 

13,146,372

 

Dividends from affiliates

 

 

188,975

 

 

 

144,512

 

Management fees

 

 

(55,256

)

 

 

(276,888

)

Brokerage commissions and fees

 

 

2,355

 

 

 

2,857

 

Net cash provided by (used in) operating activities

 

 

124,681,167

 

 

 

319,420,472

 

Cash flows from financing activities:

 

 

 

 

 

 

Distributions paid to shareholders

 

 

(336,157

)

 

 

—

 

Proceeds from purchases of Shares

 

 

96,376,442

 

 

 

95,514,366

 

Redemption of Shares

 

 

(225,442,518

)

 

 

(414,934,838

)

Net cash provided by (used in) financing activities

 

 

(129,402,233

)

 

 

(319,420,472

)

Net change in cash

 

 

(4,721,066

)

 

 

—

 

Cash at beginning of period

 

 

4,721,066

 

 

 

—

 

Cash at end of period