INVESCO DB US DOLLAR INDEX BEARISH FUND

For the period ended Jun 30, 2024. Filed Aug 7, 2024.

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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, 2024 · Filed Aug 7, 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

June 30, 2024 and December 31, 2023

	June 30,	December 31,
	2024	2023
Assets
United States Treasury Obligations, at value (cost $29,507,674 and $29,495,276, respectively)	$29,510,756	$29,517,982
Affiliated investments, at value and cost	23,203,730	35,846,173
Other investments:
Variation margin receivable - Currency Futures Contracts	13,078	—
Receivable for:
Dividends from affiliates	109,335	160,805
Total assets	$52,836,899	$65,524,960
Liabilities
Other investments:
Variation margin payable - Currency Futures Contracts	$—	$73,312
Payable for:
Management fees	31,917	38,132
Brokerage commissions and fees	4,999	5,001
Total liabilities	$36,916	$116,445
Commitments and Contingencies (Note 10)
Equity
Shareholder's equity—General Shares	716	737
Shareholders' equity—Shares	52,799,267	65,407,778
Total shareholders' equity	52,799,983	65,408,515
Total liabilities and equity	$52,836,899	$65,524,960
General Shares outstanding	40	40
Shares outstanding	2,950,000	3,550,000
Net asset value per share	$17.90	$18.42
Market value per share	$17.90	$18.43

Schedule of Investments

June 30, 2024

Description · Percentage ofShareholders'Equity · Value · Principal Value
United States Treasury Obligations(a)
U.S. Treasury Bills, 5.250% due September 5, 2024	9.38%	$4,952,273		$5,000,000
U.S. Treasury Bills, 5.240% due October 3, 2024	18.68	9,865,005		10,000,000
U.S. Treasury Bills, 5.165% due November 14, 2024(b)	18.57	9,805,341		10,000,000
U.S. Treasury Bills, 5.155% due December 5, 2024	9.26	4,888,137		5,000,000
Total United States Treasury Obligations (cost $29,507,674)	55.89%	$29,510,756
Affiliated Investments			Shares
Money Market Mutual Fund
Invesco Government & Agency Portfolio, Institutional Class, 5.25% (cost $23,203,730) (c)(d)	43.95%	$23,203,730		23,203,730
Total Investments in Securities (cost $52,711,404)	99.84%	$52,714,486

(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 $4,902,500 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 June 30, 2024.

Open Currency Futures Contracts	Number of Contracts	Expiration Date	NotionalValue	Value(e)	UnrealizedAppreciation(Depreciation)(e)
Short Futures Contracts
ICE U.S. Dollar Index	503	September-2024	$(53,089,135)	$(443,438)	$(443,438)

(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 and Six Months Ended June 30, 2024 and 2023

Three Months Ended · Six Months Ended
	June 30,		June 30,
	2024	2023	2024	2023
Income
Interest Income	$390,955	$499,526	$793,683	$1,014,444
Dividends from Affiliates	354,744	536,647	808,682	1,012,389
Total Income	745,699	1,036,173	1,602,365	2,026,833
Expenses
Management Fees	106,019	157,968	226,421	325,936
Brokerage Commissions and Fees	2,759	4,052	5,648	8,508
Interest Expense	1,494	2,092	3,102	4,453
Total Expenses	110,272	164,112	235,171	338,897
Less: Waivers	(6,121)	(10,862)	(14,746)	(20,202)
Net Expenses	104,151	153,250	220,425	318,695
Net Investment Income (Loss)	641,548	882,923	1,381,940	1,708,138
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	(1,442,051)	1,213,790	(1,735,594)	(322,166)
Net Realized Gain (Loss)	(1,442,051)	1,213,790	(1,735,594)	(322,166)
Net Change in Unrealized Gain (Loss) from
United States Treasury Obligations	105	(8,050)	(19,624)	(3,528)
Currency Futures Contracts	540,819	(2,151,965)	(1,426,317)	(664,133)
Net Change in Unrealized Gain (Loss)	540,924	(2,160,015)	(1,445,941)	(667,661)
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts	(901,127)	(946,225)	(3,181,535)	(989,827)
Net Income (Loss)	$(259,579)	$(63,302)	$(1,799,595)	$718,311

For the Three Months Ended June 30, 2024

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at March 31, 2024	40		$720		3,450,000		$62,052,517		$62,053,237
Purchases of Shares				100,000		1,791,680		1,791,680
Redemption of Shares				(600,000)		(10,785,355)		(10,785,355)
Net Increase (Decrease) due to Share Transactions				(500,000)		(8,993,675)		(8,993,675)
Net Income (Loss)
Net Investment Income (Loss)		8				641,540		641,548
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		(17)				(1,442,034)		(1,442,051)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		5				540,919		540,924
Net Income (Loss)		(4)				(259,575)		(259,579)
Net Change in Shareholders' Equity	—		(4)		(500,000)		(9,253,250)		(9,253,254)
Balance at June 30, 2024	40		$716		2,950,000		$52,799,267		$52,799,983

For the Three Months Ended June 30, 2023

General Shares · Shares · Total
Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity
Balance at March 31, 2023	40		$751		4,200,000		$78,885,092		$78,885,843
Purchases of Shares				800,000		15,133,299		15,133,299
Redemption of Shares				(1,200,000)		(22,406,099)		(22,406,099)
Net Increase (Decrease) due to Share Transactions				(400,000)		(7,272,800)		(7,272,800)
Net Income (Loss)
Net Investment Income (Loss)		19				882,904		882,923
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		16				1,213,774		1,213,790
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		(33)				(2,159,982)		(2,160,015)
Net Income (Loss)		2				(63,304)		(63,302)
Net Change in Shareholders' Equity	—		2		(400,000)		(7,336,104)		(7,336,102)
Balance at June 30, 2023	40		$753		3,800,000		$71,548,988		$71,549,741

For the Six Months Ended June 30, 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				150,000		2,704,383		2,704,383
Redemption of Shares				(750,000)		(13,513,320)		(13,513,320)
Net Increase (Decrease) due to Share Transactions				(600,000)		(10,808,937)		(10,808,937)
Net Income (Loss)
Net Investment Income (Loss)		16				1,381,924		1,381,940
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		(20)				(1,735,574)		(1,735,594)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts		(17)				(1,445,924)		(1,445,941)
Net Income (Loss)		(21)				(1,799,574)		(1,799,595)
Net Change in Shareholders' Equity	—		(21)		(600,000)		(12,608,511)		(12,608,532)
Balance at June 30, 2024	40		$716		2,950,000		$52,799,267		$52,799,983

For the Six Months Ended June 30, 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					1,900,000			35,780,136			35,780,136
Redemption of Shares					(3,500,000)			(64,826,446)			(64,826,446)
Net Increase (Decrease) due to Share Transactions					(1,600,000)			(29,046,310)			(29,046,310)
Net Income (Loss)
Net Investment Income (Loss)			31					1,708,107			1,708,138
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts			(6)					(322,160)			(322,166)
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Currency Futures Contracts			(12)					(667,649)			(667,661)
Net Income (Loss)			13					718,298			718,311
Net Change in Shareholders' Equity		—		13			(1,600,000)			(28,328,012)			(28,327,999)
Balance at June 30, 2023		40		$753			3,800,000			$71,548,988			$71,549,741

Statements of Cash Flows

For the Six Months Ended June 30, 2024 and 2023

	Six Months Ended
	June 30,
	2024	2023
Cash flows from operating activities:
Net Income (Loss)	$(1,799,595)	$718,311
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Cost of securities purchased	(29,220,433)	(80,887,688)
Proceeds from securities sold and matured	30,000,000	72,000,000
Cost of affiliated investments purchased	(11,283,353)	(66,446,806)
Proceeds from affiliated investments sold	23,925,796	102,207,538
Net accretion of discount on United States Treasury Obligations	(791,965)	(1,010,704)
Net change in unrealized (gain) loss on United States Treasury Obligations and Affiliated Investments	19,624	3,528
Change in operating assets and liabilities:
Variation margin - Currency Futures Contracts	(86,390)	(5,407)
Dividends from affiliates	51,470	31,192
Management fees	(6,215)	(10,956)
Brokerage commissions and fees	(2)	(148)
Net cash provided by (used in) operating activities	10,808,937	26,598,860
Cash flows from financing activities:
Proceeds from purchases of Shares	2,704,383	35,780,136
Redemption of Shares	(13,513,320)	(62,943,408)
Net cash provided by (used in) financing activities	(10,808,937)	(27,163,272)
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	$3,102	$4,453

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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.