10-Q 1 dba-10q_20180930.htm 10-Q dba-10q_20180930.htm

 

 

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, 2018

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

 

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 an 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. (Check one):

 

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, 2018: 32,200,000 Shares.

 

 

 

 

 


INVESCO DB AGRICULTURE FUND

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

QUARTER ENDED SEPTEMBER 30, 2018

TABLE OF CONTENTS

 

 

 

 

 

 


PART I. FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS.

 

Invesco DB Agriculture Fund

Statements of Financial Condition

September 30, 2018 and December 31, 2017

(Unaudited)

 

 

 

September 30,

 

 

December 31,

 

 

 

2018

 

 

2017

 

Assets

 

 

 

 

 

 

 

 

United States Treasury Obligations, at value (cost $453,501,627 and

   $514,764,046, respectively)

 

$

453,409,077

 

 

$

514,714,860

 

Affiliated Investments, at value (cost $90,491,454 and $124,826,575,

   respectively)

 

 

90,548,131

 

 

 

124,748,306

 

Other investments:

 

 

 

 

 

 

 

 

Variation margin receivable- Commodity Futures Contracts

 

 

157,658

 

 

 

442,552

 

Cash held by custodian

 

 

 

 

 

2,260,923

 

Receivable for:

 

 

 

 

 

 

 

 

Dividends from affiliates

 

 

38,369

 

 

 

33,612

 

Total assets

 

$

544,153,235

 

 

$

642,200,253

 

Liabilities

 

 

 

 

 

 

 

 

Payable for:

 

 

 

 

 

 

 

 

Management fees

 

$

385,190

 

 

$

444,415

 

Brokerage commissions and fees

 

 

3,633

 

 

 

4,091

 

Total liabilities

 

 

388,823

 

 

 

448,506

 

Commitments and Contingencies (Note 10)

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Shareholder's equity—General Shares

 

 

676

 

 

 

750

 

Shareholders' equity—Shares

 

 

543,763,736

 

 

 

641,750,997

 

Total shareholders' equity

 

 

543,764,412

 

 

 

641,751,747

 

Total liabilities and equity

 

$

544,153,235

 

 

$

642,200,253

 

General Shares outstanding

 

 

40

 

 

 

40

 

Shares outstanding

 

 

32,200,000

 

 

 

34,200,000

 

Net asset value per share

 

$

16.89

 

 

$

18.76

 

Market value per share

 

$

16.91

 

 

$

18.75

 

 

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, 2018

(Unaudited)

 

Description

 

Percentage of

Shareholders'

Equity

 

 

Value

 

 

Principal Value

 

United States Treasury Obligations (a)

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bills, 2.010% due November 8, 2018

 

 

26.61

%

 

$

144,683,941

 

 

$

145,000,000

 

U.S. Treasury Bills, 2.095% due December 6, 2018

 

 

3.11

 

 

 

16,933,849

 

 

 

17,000,000

 

U.S. Treasury Bills, 2.175% due January 3, 2019 (b)

 

 

28.16

 

 

 

153,118,371

 

 

 

154,000,000

 

U.S. Treasury Bills, 2.210% due February 28, 2019

 

 

25.50

 

 

 

138,672,916

 

 

 

140,000,000

 

Total United States Treasury Obligations (cost $453,501,627)

 

 

83.38

%

 

$

453,409,077

 

 

 

 

 

Affiliated Investments

 

 

 

 

 

 

 

 

 

Shares

 

Exchange-Traded Fund

 

 

 

 

 

 

 

 

 

 

 

 

Invesco Treasury Collateral ETF (cost $78,999,188)(c)

 

 

14.54

%

 

$

79,055,865

 

 

 

749,700

 

Money Market Mutual Fund

 

 

 

 

 

 

 

 

 

 

 

 

Invesco Premier U.S. Government Money Portfolio -

   Institutional Class, 1.95%

   (cost $11,492,266)(d)

 

 

2.12

 

 

 

11,492,266

 

 

 

11,492,266

 

Total Affiliated Investments (cost $90,491,454)

 

 

16.66

%

 

$

90,548,131

 

 

 

 

 

Total Investments in Securities (cost $543,993,081)

 

 

100.04

%

 

$

543,957,208

 

 

 

 

 

 

(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 $101,418,600 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

(c)

Affiliated company. The security and the Fund are affiliated by having the same investment adviser. See Note 8.

(d)

The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of September 30, 2018.

Open Commodity Futures Contracts

 

Number of Contracts

 

 

Expiration Date

 

Notional

Value

 

 

Value(e)

 

 

Unrealized

Appreciation

(Depreciation)(e)

 

Long Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CBOT Corn

 

 

3,703

 

 

September - 2019

 

$

71,282,750

 

 

$

(4,268,467

)

 

$

(4,268,467

)

CBOT Soybean

 

 

1,557

 

 

November - 2018

 

 

65,822,175

 

 

 

(11,653,189

)

 

 

(11,653,189

)

CBOT Wheat

 

 

1,466

 

 

July - 2019

 

 

39,636,975

 

 

 

(3,630,587

)

 

 

(3,630,587

)

CBOT Wheat KCB

 

 

1,455

 

 

July - 2019

 

 

40,012,500

 

 

 

(4,349,082

)

 

 

(4,349,082

)

CME Feeder Cattle

 

 

320

 

 

November - 2018

 

 

25,288,000

 

 

 

929,002

 

 

 

929,002

 

CME Lean Hogs

 

 

1,931

 

 

December - 2018

 

 

44,741,270

 

 

 

1,723,808

 

 

 

1,723,808

 

CME Live Cattle

 

 

1,517

 

 

December - 2018

 

 

72,118,180

 

 

 

2,905,900

 

 

 

2,905,900

 

NYB-ICE Cocoa

 

 

2,951

 

 

December - 2018

 

 

60,702,070

 

 

 

(2,526,129

)

 

 

(2,526,129

)

NYB-ICE Coffee

 

 

1,325

 

 

December - 2018

 

 

50,904,844

 

 

 

(4,457,752

)

 

 

(4,457,752

)

NYB-ICE Cotton

 

 

506

 

 

December - 2018

 

 

19,321,610

 

 

 

(3,743,746

)

 

 

(3,743,746

)

NYB-ICE Sugar

 

 

4,098

 

 

September - 2019

 

 

53,883,782

 

 

 

(2,827,004

)

 

 

(2,827,004

)

Total Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

$

(31,897,246

)

 

$

(31,897,246

)

(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, 2017

(Unaudited)

 

Description

 

Percentage of

Shareholders’

Equity

 

 

Value

 

 

Principal Value

 

United States Treasury Obligations (a)

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bills, 1.180% due January 4, 2018

 

 

23.37

%

 

$

149,990,594

 

 

$

150,000,000

 

U.S. Treasury Bills, 1.245% due January 18, 2018

 

4.98

 

 

 

31,982,453

 

 

 

32,000,000

 

U.S. Treasury Bills, 1.285% due February 22, 2018

 

 

7.47

 

 

 

47,914,320

 

 

 

48,000,000

 

U.S. Treasury Bills, 1.285% due March 1, 2018 (b)

 

 

23.17

 

 

 

148,695,730

 

 

 

149,000,000

 

U.S. Treasury Bills, 1.450% due June 7, 2018

 

 

21.21

 

 

 

136,131,763

 

 

 

137,000,000

 

Total United States Treasury Obligations (cost $514,764,046)

 

 

80.20

%

 

$

514,714,860

 

 

 

 

 

Affiliated Investments

 

 

 

 

 

 

 

 

 

Shares

 

Exchange-Traded Fund

 

 

 

 

 

 

 

 

 

 

 

 

PowerShares Treasury Collateral Portfolio (cost $78,999,188)(c)

 

 

12.30

%

 

$

78,920,919

 

 

 

749,700

 

Money Market Mutual Fund

 

 

 

 

 

 

 

 

 

 

 

 

Invesco Premier U.S. Government Money Portfolio -

   Institutional Class, 1.15%

   (cost $45,827,387)(d)

 

 

7.14

 

 

 

45,827,387

 

 

 

45,827,387

 

Total Affiliated Investments (cost $124,826,575)

 

 

19.44

%

 

$

124,748,306

 

 

 

 

 

Total Investments in Securities (cost $639,590,621)

 

 

99.64

%

 

$

639,463,166

 

 

 

 

 

 

(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 $99,790,000 are on deposit with the Commodity Broker and held as maintenance margin for open futures contracts.

(c)

Affiliated company. The security and the Fund are affiliated by having the same investment adviser. See Note 8.

(d)

The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of December 31, 2017.

 

Open Commodity Futures Contracts

 

Number of Contracts

 

 

Expiration Date

 

Notional

Value

 

 

Value(e)

 

 

Unrealized

Appreciation

(Depreciation)(e)

 

Long Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CBOT Corn

 

 

4,314

 

 

September - 2018

 

$

80,833,575

 

 

$

(6,550,383

)

 

$

(6,550,383

)

CBOT Soybean

 

 

1,646

 

 

November - 2018

 

 

80,304,225

 

 

 

(893,025

)

 

 

(893,025

)

CBOT Wheat

 

 

1,766

 

 

July - 2018

 

 

40,021,975

 

 

 

(5,174,053

)

 

 

(5,174,053

)

CBOT Wheat KCB

 

 

1,749

 

 

July - 2018

 

 

40,073,962

 

 

 

(5,319,693

)

 

 

(5,319,693

)

CME Feeder Cattle

 

 

357

 

 

March - 2018

 

 

25,467,488

 

 

 

(426,800

)

 

 

(426,800

)

CME Lean Hogs

 

 

1,982

 

 

February - 2018

 

 

56,903,220

 

 

 

32,068

 

 

 

32,068

 

CME Live Cattle

 

 

1,613

 

 

February - 2018

 

 

78,424,060

 

 

 

(5,834,068

)

 

 

(5,834,068

)

NYB-ICE Cocoa

 

 

3,370

 

 

March - 2018

 

 

63,760,400

 

 

 

(7,642,315

)

 

 

(7,642,315

)

NYB-ICE Coffee

 

 

1,522

 

 

March - 2018

 

 

72,028,650

 

 

 

(1,419,248

)

 

 

(1,419,248

)

NYB-ICE Cotton

 

 

536

 

 

March - 2018

 

 

21,072,840

 

 

 

2,588,909

 

 

 

2,588,909

 

NYB-ICE Sugar

 

 

4,864

 

 

October - 2018

 

 

82,859,213

 

 

 

(1,112,530

)

 

 

(1,112,530

)

Total Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

$

(31,751,138

)

 

$

(31,751,138

)

 

(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.

 

 

3


Invesco DB Agriculture Fund

Statements of Income and Expenses

For the Three and Nine Months Ended September 30, 2018 and 2017

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income

 

$

2,559,948

 

 

$

1,538,961

 

 

$

7,226,157

 

 

$

3,474,114

 

Dividends from Affiliates

 

 

1,009,036

 

 

 

78,766

 

 

 

1,260,269

 

 

 

187,326

 

Total Income

 

 

3,568,984

 

 

 

1,617,727

 

 

 

8,486,426

 

 

 

3,661,440

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management Fees

 

 

1,304,946

 

 

 

1,526,750

 

 

 

4,302,163

 

 

 

4,663,915

 

Brokerage Commissions and Fees

 

 

164,324

 

 

 

182,461

 

 

 

425,619

 

 

 

472,355

 

Interest Expense

 

 

21,994

 

 

 

2,848

 

 

 

30,368

 

 

 

7,119

 

Total Expenses

 

 

1,491,264

 

 

 

1,712,059

 

 

 

4,758,150

 

 

 

5,143,389

 

Less: Waivers

 

 

(32,840

)

 

 

(32,956

)

 

 

(90,844

)

 

 

(108,844

)

Net Expenses

 

 

1,458,424

 

 

 

1,679,103

 

 

 

4,667,306

 

 

 

5,034,545

 

Net Investment Income (Loss)

 

 

2,110,560

 

 

 

(61,376

)

 

 

3,819,120

 

 

 

(1,373,105

)

Net Realized and Net Change in Unrealized Gain (Loss) on

   United States Treasury Obligations, Affiliated Investments

   and Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Realized Gain (Loss) on

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States Treasury Obligations

 

 

(3,324

)

 

 

853

 

 

 

(9,420

)

 

 

(4,097

)

Commodity Futures Contracts

 

 

(55,762,347

)

 

 

(38,467,059

)

 

 

(76,464,718

)

 

 

(49,473,144

)

Net Realized Gain (Loss)

 

 

(55,765,671

)

 

 

(38,466,206

)

 

 

(76,474,138

)

 

 

(49,477,241

)

Net Change in Unrealized Gain (Loss) on

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States Treasury Obligations

 

 

(124,755

)

 

 

(968

)

 

 

(43,364

)

 

 

62,199

 

Affiliated Investments

 

 

(494,802

)

 

 

187,425

 

 

 

134,946

 

 

 

356,557

 

Commodity Futures Contracts

 

 

12,196,327

 

 

 

4,856,872

 

 

 

(146,108

)

 

 

9,469,795

 

Net Change in Unrealized Gain (Loss)

 

 

11,576,770

 

 

 

5,043,329

 

 

 

(54,526

)

 

 

9,888,551

 

Net Realized and Net Change in Unrealized Gain (Loss) on

   United States Treasury Obligations, Affiliated Investments

   and Commodity Futures Contracts

 

 

(44,188,901

)

 

 

(33,422,877

)

 

 

(76,528,664

)

 

 

(39,588,690

)

Net Income (Loss)

 

$

(42,078,341

)

 

$

(33,484,253

)

 

$

(72,709,544

)

 

$

(40,961,795

)

 

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

 

 


4


Invesco DB Agriculture Fund

Statement of Changes in Shareholders’ Equity

For the Three Months Ended September 30, 2018

(Unaudited)

 

 

 

General Shares

 

 

Shares

 

 

Total

 

 

 

Shares

 

 

Total

Equity

 

 

Shares

 

 

Total

Equity

 

 

Shareholders'

Equity

 

Balance at June 30, 2018

 

 

40

 

 

$

721

 

 

 

38,800,000

 

 

$

699,675,608

 

 

$

699,676,329

 

Purchases of Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redemption of Shares

 

 

 

 

 

 

 

 

 

 

(6,600,000

)

 

 

(113,833,576

)

 

 

(113,833,576

)

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

 

 

(6,600,000

)

 

 

(113,833,576

)

 

 

(113,833,576

)

Net Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)

 

 

 

 

 

 

2

 

 

 

 

 

 

 

2,110,558

 

 

 

2,110,560

 

Net Realized Gain (Loss) on United States Treasury

   Obligations, Affiliated Investments and

   Commodity Futures Contracts

 

 

 

 

 

 

(58

)

 

 

 

 

 

 

(55,765,613

)

 

 

(55,765,671

)

Net Change in Unrealized Gain (Loss) on United

   States Treasury Obligations, Affiliated

   Investments and Commodity Futures Contracts

 

 

 

 

 

 

11

 

 

 

 

 

 

 

11,576,759

 

 

 

11,576,770

 

Net Income (Loss)

 

 

 

 

 

 

(45

)

 

 

 

 

 

 

(42,078,296

)

 

 

(42,078,341

)

Net Change in Shareholders' Equity

 

 

 

 

 

(45

)

 

 

(6,600,000

)

 

 

(155,911,872

)

 

 

(155,911,917

)

Balance at September 30, 2018

 

 

40

 

 

$

676

 

 

 

32,200,000

 

 

$

543,763,736

 

 

$

543,764,412

 

 

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

 

5


Invesco DB Agriculture Fund

Statement of Changes in Shareholders’ Equity

For the Three Months Ended September 30, 2017

(Unaudited)

 

 

 

General Shares

 

 

Shares

 

 

Total

 

 

 

Shares

 

 

Total

Equity

 

 

Shares

 

 

Total

Equity

 

 

Shareholders'

Equity

 

Balance at June 30, 2017

 

 

40

 

 

$

794

 

 

 

35,000,000

 

 

$

694,451,308

 

 

$

694,452,102

 

Purchases of Shares

 

 

 

 

 

 

 

 

 

 

4,600,000

 

 

 

89,817,963

 

 

 

89,817,963

 

Redemption of Shares

 

 

 

 

 

 

 

 

 

 

(2,000,000

)

 

 

(38,572,180

)

 

 

(38,572,180

)

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

 

 

2,600,000

 

 

 

51,245,783

 

 

 

51,245,783

 

Net Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

(61,376

)

 

 

(61,376

)

Net Realized Gain (Loss) on United States Treasury

   Obligations, Affiliated Investments and

   Commodity Futures Contracts

 

 

 

 

 

 

(43

)

 

 

 

 

 

 

(38,466,163

)

 

 

(38,466,206

)

Net Change in Unrealized Gain (Loss) on United

   States Treasury Obligations, Affiliated

   Investments and Commodity Futures Contracts

 

 

 

 

 

 

7

 

 

 

 

 

 

 

5,043,322

 

 

 

5,043,329

 

Net Income (Loss)

 

 

 

 

 

 

(36

)

 

 

 

 

 

 

(33,484,217

)

 

 

(33,484,253

)

Net Change in Shareholders' Equity

 

 

 

 

 

(36

)

 

 

2,600,000

 

 

 

17,761,566

 

 

 

17,761,530

 

Balance at September 30, 2017

 

 

40

 

 

$

758

 

 

 

37,600,000

 

 

$

712,212,874

 

 

$

712,213,632

 

 

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

 

 

 


6


Invesco DB Agriculture Fund

Statement of Changes in Shareholders’ Equity

For the Nine Months Ended September 30, 2018

(Unaudited)

 

 

 

General Shares

 

 

Shares

 

 

Total

 

 

 

Shares

 

 

Total

Equity

 

 

Shares

 

 

Total

Equity

 

 

Shareholders'

Equity

 

Balance at December 31, 2017

 

 

40

 

 

$

750

 

 

 

34,200,000

 

 

$

641,750,997

 

 

$

641,751,747

 

Purchases of Shares

 

 

 

 

 

 

 

 

 

 

8,000,000

 

 

 

152,173,097

 

 

 

152,173,097

 

Redemption of Shares

 

 

 

 

 

 

 

 

 

 

(10,000,000

)

 

 

(177,450,888

)

 

 

(177,450,888

)

Net Increase (Decrease) due to Share Transactions

 

 

 

 

 

 

 

 

 

 

(2,000,000

)

 

 

(25,277,791

)

 

 

(25,277,791

)

Net Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income (Loss)

 

 

 

 

 

 

4

 

 

 

 

 

 

 

3,819,116

 

 

 

3,819,120

 

Net Realized Gain (Loss) on United States Treasury

   Obligations, Affiliated Investments and

   Commodity Futures Contracts

 

 

 

 

 

 

(78

)

 

 

 

 

 

 

(76,474,060

)

 

 

(76,474,138

)

Net Change in Unrealized Gain (Loss) on United

   States Treasury Obligations, Affiliated

   Investments and Commodity Futures Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

(54,526

)

 

 

(54,526

)

Net Income (Loss)

 

 

 

 

 

 

(74

)

 

 

 

 

 

 

(72,709,470

)

 

 

(72,709,544

)

Net Change in Shareholders' Equity

 

 

 

 

 

(74

)

 

 

(2,000,000

)

 

 

(97,987,261

)

 

 

(97,987,335

)

Balance at September 30, 2018

 

 

40

 

 

$

676

 

 

 

32,200,000

 

 

$

543,763,736

 

 

$

543,764,412

 

 

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

 

 


7


Invesco DB Agriculture Fund

Statement of Changes in Shareholders’ Equity

For the Nine Months Ended September 30, 2017

(Unaudited)

 

 

 

General Shares

 

 

Shares

 

 

Total

 

 

 

Shares

 

 

Total

Equity

 

 

Shares

 

 

Total

Equity

 

 

Shareholders'

Equity

 

Balance at December 31, 2016

 

 

40

 

 

$

799

 

 

 

36,200,000

 

 

$

723,228,771

 

 

$

723,229,570

 

Purchases of Shares

 

 

 

 

 

 

 

 

 

 

10,400,000

 

 

 

208,918,746

 

 

 

208,918,746

 

Redemption of Shares