INVESCO DB US DOLLAR INDEX BEARISH FUND

For the period ended Mar 31, 2024. Filed May 8, 2024.

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, 2024 · Filed May 8, 2024

UDN$17.88+0.6%Stored close · as of Nov 9, 2026

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Contents

Item 1. Financial Statements

Statements of Financial Condition

March 31, 2024 and December 31, 2023

	March 31,	December 31,
	2024	2023
Assets
United States Treasury Obligations, at value (cost $29,768,108 and $29,495,276, respectively)	$29,771,085	$29,517,982
Affiliated Investments, at value and cost	32,298,518	35,846,173
Receivable for:
Dividends from affiliates	151,042	160,805
Total assets	$62,220,645	$65,524,960
Liabilities
Other investments:
Variation margin payable - Currency Futures Contracts	$124,640	$73,312
Payable for:
Management fees	37,769	38,132
Brokerage commissions and fees	4,999	5,001
Total liabilities	$167,408	$116,445
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	720	737
Shareholders' equity—Shares	62,052,517	65,407,778
Total shareholders' equity	62,053,237	65,408,515
Total liabilities and equity	$62,220,645	$65,524,960
General Shares outstanding	40	40
Shares outstanding	3,450,000	3,550,000
Net asset value per share	$17.99	$18.42
Market value per share	$17.99	$18.43

Schedule of Investments

March 31, 2024

Description · Percentage ofShareholders'Equity · Value · Principal Value
United States Treasury Obligations(a)
U.S. Treasury Bills, 5.230% due May 16, 2024		16.01%	$9,934,702		$10,000,000
U.S. Treasury Bills, 5.110% due September 5, 2024	7.88		4,888,486		5,000,000
U.S. Treasury Bills, 5.280% due April 4, 2024	16.11		9,995,678		10,000,000
U.S. Treasury Bills, 5.240% due June 6, 2024(b)	7.98		4,952,219		5,000,000
Total United States Treasury Obligations (cost $29,768,108)		47.98%	$29,771,085
Affiliated Investments				Shares
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 5.25% (cost $32,298,518) (c)(d)		52.05%	$32,298,518		32,298,518
Total Investments in Securities (cost $62,066,626)		100.03%	$62,069,603

(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 $4,952,000 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 March 31, 2024.

Open Currency Futures Contracts	Number of Contracts	Expiration Date	NotionalValue	Value(e)	UnrealizedAppreciation(Depreciation)(e)
Short Futures Contracts
ICE U.S. Dollar Index	608	June-2024	$(63,395,552)	$(984,257)	$(984,257)

(e)

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

Schedule of Investments

December 31, 2023

Description · Percentage ofShareholders'Equity · Value · Principal Value
United States Treasury Obligations(a)
U.S. Treasury Bills, 5.250% due March 7, 2024		7.57%		$4,953,044			$5,000,000
U.S. Treasury Bills, 5.245% due April 4, 2024	15.08		9,865,796			10,000,000
U.S. Treasury Bills, 5.270% due May 16, 2024(b)		15.00		9,808,450			10,000,000
U.S. Treasury Bills, 5.190% due June 6, 2024	7.48		4,890,692			5,000,000
Total United States Treasury Obligations (cost $29,495,276)		45.13%		$29,517,982
Affiliated Investments					Shares
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 4.22% (cost $35,846,173) (c)(d)		54.80%		$35,846,173			35,846,173
Total Investments in Securities (cost $65,341,449)		99.93%		$65,364,155

(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 $4,904,000 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 31,2023.

Open Currency Futures Contracts	Number of Contracts	Expiration Date	NotionalValue	Value(e)	UnrealizedAppreciation(Depreciation)(e)
Short Futures Contracts
ICE U.S. Dollar Index	632	March-2024	$(63,850,328)	$982,879	$982,879

(e)

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

Statements of Income and Expenses

For the Three Months Ended March 31, 2024 and 2023

	Three Months Ended
	March 31,
	2024	2023
Income
Interest Income	$402,728	$514,918
Dividends from Affiliates	453,938	475,742
Total Income	856,666	990,660
Expenses
Management Fees	120,402	167,968
Brokerage Commissions and Fees	2,889	4,456
Interest Expense	1,608	2,361
Total Expenses	124,899	174,785
Less: Waivers	(8,625)	(9,340)
Net Expenses	116,274	165,445
Net Investment Income (Loss)	740,392	825,215
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts
Net Realized Gain (Loss) from
Currency Futures Contracts	(293,543)	(1,535,956)
Net Realized Gain (Loss)	(293,543)	(1,535,956)
Net Change in Unrealized Gain (Loss) from
United States Treasury Obligations	(19,729)	4,522
Currency Futures Contracts	(1,967,136)	1,487,832
Net Change in Unrealized Gain (Loss)	(1,986,865)	1,492,354
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts	(2,280,408)	(43,602)
Net Income (Loss)	$(1,540,016)	$781,613

Statement of Changes in Shareholders’ Equity

For the Three Months Ended March 31, 2024

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2023	40		$737			3,550,000		$65,407,778		$65,408,515
Purchases of Shares						50,000			912,703		912,703
Redemption of Shares						(150,000)			(2,727,965)		(2,727,965)
Net Increase (Decrease) due to Share Transactions						(100,000)			(1,815,262)		(1,815,262)
Net Income (Loss)
Net Investment Income (Loss)				8					740,384		740,392
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts				(3)					(293,540)		(293,543)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts				(22)					(1,986,843)		(1,986,865)
Net Income (Loss)				(17)					(1,539,999)		(1,540,016)
Net Change in Shareholders' Equity		—			(17)		(100,000)			(3,355,261)		(3,355,278)
Balance at March 31, 2024	40		$720			3,450,000		$62,052,517		$62,053,237

Statement of Changes in Shareholders’ Equity

For the Three Months Ended March 31, 2023

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at December 31, 2022	40		$740			$5,400,000			$99,877,000			$99,877,740
Purchases of Shares					1,100,000			20,646,837			20,646,837
Redemption of Shares					(2,300,000)			(42,420,347)			(42,420,347)
Net Increase (Decrease) due to Share Transactions					(1,200,000)			(21,773,510)			(21,773,510)
Net Income (Loss)
Net Investment Income (Loss)			12					825,203			825,215
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts			(22)					(1,535,934)			(1,535,956)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts			21					1,492,333			1,492,354
Net Income (Loss)			11					781,602			781,613
Net Change in Shareholders' Equity		—		11			(1,200,000)			(20,991,908)			(20,991,897)
Balance at March 31, 2023	40		$751			4,200,000			$78,885,092			$78,885,843

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

Statements of Cash Flows

For the Three Months Ended March 31, 2024 and 2023

	Three Months Ended
	March 31,
	2024	2023
Cash flows from operating activities:
Net Income (Loss)	$(1,540,016)	$781,613
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased	(4,870,957)	(40,526,256)
Proceeds from securities sold and matured	5,000,000	31,000,000
Cost of affiliated investments purchased	(4,721,142)	(44,371,383)
Proceeds from affiliated investments sold	8,268,797	74,225,711
Net accretion of discount on United States Treasury Obligations	(401,875)	(513,319)
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments	19,729	(4,522)
Change in operating assets and liabilities:
Variation margin - Currency Futures Contracts	51,328	571,029
Dividends from affiliates	9,763	57,472
Management fees	(363)	(11,247)
Brokerage commissions and fees	(2)	—
Net cash provided by (used in) operating activities	1,815,262	21,209,098
Cash flows from financing activities:
Proceeds from purchases of Shares	912,703	20,646,837
Redemption of Shares	(2,727,965)	(42,420,347)
Net cash provided by (used in) financing activities	(1,815,262)	(21,773,510)
Net change in cash	—	(564,412)
Cash at beginning of period	—	564,412
Cash at end of period	$—	$—
Supplemental disclosure of cash flow information
Cash paid for interest	$1,608	$2,361

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