![TSR_logo](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2365.jpg)
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco Oppenheimer V.I. International Growth Fund (Series I) | $ 50 | 1.00 % |
* | Annualized. |
Fund net assets | $ 334.70M |
Total number of portfolio holdings | 64 |
Portfolio turnover rate as of the end of the reporting period | 5 % |
Novo Nordisk A/S, Class B | 6.06% |
ASML Holding N.V. | 4.04% |
Reliance Industries Ltd. | 3.80% |
Dollarama, Inc. | 3.39% |
London Stock Exchange Group PLC | 3.02% |
Epiroc AB, Class A | 2.86% |
Compass Group PLC | 2.70% |
Next PLC | 2.69% |
Atlas Copco AB, Class A | 2.63% |
Hermes International S.C.A. | 2.59% |
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco Oppenheimer V.I. International Growth Fund (Series II) | $63 | 1.25% |
* | Annualized. |
Fund net assets | $334.70M |
Total number of portfolio holdings | 64 |
Portfolio turnover rate as of the end of the reporting period | 5 % |
Novo Nordisk A/S, Class B | 6.06% |
ASML Holding N.V. | 4.04% |
Reliance Industries Ltd. | 3.80% |
Dollarama, Inc. | 3.39% |
London Stock Exchange Group PLC | 3.02% |
Epiroc AB, Class A | 2.86% |
Compass Group PLC | 2.70% |
Next PLC | 2.69% |
Atlas Copco AB, Class A | 2.63% |
Hermes International S.C.A. | 2.59% |
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentageof a $10,000 investment* |
Invesco V.I. American Franchise Fund (Series I) | $48 | 0.86% |
* | Annualized. |
Fund net assets | $848.18M |
Total number of portfolio holdings | 60 |
Portfolio turnover rate as of the end of the reporting period | 25% |
NVIDIA Corp. | 11.26% |
Microsoft Corp. | 10.53% |
Amazon.com, Inc. | 7.83% |
Apple, Inc. | 7.42% |
Alphabet, Inc., Class A | 5.52% |
Meta Platforms, Inc., Class A | 4.15% |
Broadcom, Inc. | 3.14% |
Eli Lilly and Co. | 3.07% |
Visa, Inc., Class A | 3.04% |
KKR & Co., Inc., Class A | 2.42% |
*Excludes money market fund holdings, if any. |
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. American Franchise Fund (Series II) | $61 | 1.11% |
* | Annualized. |
Fund net assets | $848.18M |
Total number of portfolio holdings | 60 |
Portfolio turnover rate as of the end of the reporting period | 25% |
NVIDIA Corp. | 11.26% |
Microsoft Corp. | 10.53% |
Amazon.com, Inc. | 7.83% |
Apple, Inc. | 7.42% |
Alphabet, Inc., Class A | 5.52% |
Meta Platforms, Inc., Class A | 4.15% |
Broadcom, Inc. | 3.14% |
Eli Lilly and Co. | 3.07% |
Visa, Inc., Class A | 3.04% |
KKR & Co., Inc., Class A | 2.42% |
*Excludes money market fund holdings, if any. |
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. American Value Fund (Series I) | $48 | 0.91% |
* | Annualized. |
Fund net assets | $341.63M |
Total number of portfolio holdings | 75 |
Portfolio turnover rate as of the end of the reporting period | 17% |
Coherent Corp. | 4.06% |
Vertiv Holdings Co., Class A | 3.66% |
Lumentum Holdings, Inc. | 3.39% |
NRG Energy, Inc. | 3.38% |
Fidelity National Information Services, Inc. | 3.13% |
Expedia Group, Inc. | 2.80% |
MasTec, Inc. | 2.53% |
Centene Corp. | 2.48% |
Freeport-McMoRan, Inc. | 2.39% |
KBR, Inc. | 2.37% |
*Excluding money market fund holdings, if any. |
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. American Value Fund (Series II) | $61 | 1.16% |
* | Annualized. |
Fund net assets | $341.63M |
Total number of portfolio holdings | 75 |
Portfolio turnover rate as of the end of the reporting period | 17% |
Coherent Corp. | 4.06% |
Vertiv Holdings Co., Class A | 3.66% |
Lumentum Holdings, Inc. | 3.39% |
NRG Energy, Inc. | 3.38% |
Fidelity National Information Services, Inc. | 3.13% |
Expedia Group, Inc. | 2.80% |
MasTec, Inc. | 2.53% |
Centene Corp. | 2.48% |
Freeport-McMoRan, Inc. | 2.39% |
KBR, Inc. | 2.37% |
*Excluding money market fund holdings, if any. |
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Balanced-Risk Allocation Fund (Series I) | $37 | 0.73% |
* | Annualized. |
Fund net assets | $450.38M |
Total number of portfolio holdings | 157 |
Portfolio turnover rate as of the end of the reporting period | 15% |
Target risk contribution and notional asset exposure weights | ||
Asset Class | Target Risk Contribution* | Notional Asset Exposure Weights** |
Equities and Options | 43.09 % | 59.49 % |
Fixed Income | 16.68 % | 46.61 % |
Commodities | 40.23 % | 32.26 % |
Total | 100.00 % | 138.36 % |
* Reflects the risk that each asset class is expected to contribute to the overall risk of the Fund as measured by standard deviation and estimates of risk based on historical data. Standard deviation measures the annualized fluctuations (volatility) of monthly returns. | ||
** Proprietary models determine the Notional Asset Weights necessary to achieve the Target Risk Contributions. Total Notional Asset Weight greater than 100% is achieved through derivatives and other instruments that create leverage. |
![TSR_QRcode](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Balanced-Risk Allocation Fund (Series II) | $ 50 | 0.98% |
* | Annualized. |
Fund net assets | $450.38M |
Total number of portfolio holdings | 157 |
Portfolio turnover rate as of the end of the reporting period | 15% |
Target risk contribution and notional asset exposure weights | ||
Asset Class | Target Risk Contribution* | Notional Asset Exposure Weights** |
Equities and Options | 43.09 % | 59.49 % |
Fixed Income | 16.68 % | 46.61 % |
Commodities | 40.23 % | 32.26 % |
Total | 100.00 % | 138.36 % |
* Reflects the risk that each asset class is expected to contribute to the overall risk of the Fund as measured by standard deviation and estimates of risk based on historical data. Standard deviation measures the annualized fluctuations (volatility) of monthly returns. | ||
** Proprietary models determine the Notional Asset Weights necessary to achieve the Target Risk Contributions. Total Notional Asset Weight greater than 100% is achieved through derivatives and other instruments that create leverage. |
![TSR_QRcode](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
![TSR_logo](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2365.jpg)
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Capital Appreciation Fund (Series I) | $ 44 | 0.80% |
* | Annualized. |
Fund net assets | $805.25M |
Total number of portfolio holdings | 60 |
Portfolio turnover rate as of the end of the reporting period | 25% |
NVIDIA Corp. | 10.98% |
Microsoft Corp. | 10.57% |
Apple, Inc. | 7.34% |
Amazon.com, Inc. | 7.23% |
Alphabet, Inc., Class C | 5.39% |
Meta Platforms, Inc., Class A | 3.78% |
Broadcom, Inc. | 3.07% |
Eli Lilly and Co. | 2.75% |
Visa, Inc., Class A | 2.17% |
Mastercard, Inc., Class A | 2.02% |
*Excludes money market fund holdings, if any. |
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Capital Appreciation Fund (Series II) | $ 58 | 1.05% |
* | Annualized. |
Fund net assets | $805.25M |
Total number of portfolio holdings | 60 |
Portfolio turnover rate as of the end of the reporting period | 25% |
NVIDIA Corp. | 10.98% |
Microsoft Corp. | 10.57% |
Apple, Inc. | 7.34% |
Amazon.com, Inc. | 7.23% |
Alphabet, Inc., Class C | 5.39% |
Meta Platforms, Inc., Class A | 3.78% |
Broadcom, Inc. | 3.07% |
Eli Lilly and Co. | 2.75% |
Visa, Inc., Class A | 2.17% |
Mastercard, Inc., Class A | 2.02% |
*Excludes money market fund holdings, if any. |
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Comstock Fund (Series I) | $ 40 | 0.77% |
* | Annualized. |
Fund net assets | $ 1,426.44M |
Total number of portfolio holdings | 95 |
Portfolio turnover rate as of the end of the reporting period | 8 % |
Wells Fargo & Co. | 3.26% |
Bank of America Corp. | 2.87% |
Microsoft Corp. | 2.82% |
Philip Morris International, Inc. | 2.64% |
Meta Platforms, Inc., Class A | 2.39% |
Elevance Health, Inc. | 2.35% |
FedEx Corp. | 2.20% |
Chevron Corp. | 2.15% |
Alphabet, Inc., Class A | 2.11% |
Suncor Energy, Inc. | 2.04% |
*Excluding money market fund holdings, if any. |
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Comstock Fund (Series II) | $ 53 | 1.02% |
* | Annualized. |
Fund net assets | $1,426.44M |
Total number of portfolio holdings | 95 |
Portfolio turnover rate as of the end of the reporting period | 8 % |
Wells Fargo & Co. | 3.26% |
Bank of America Corp. | 2.87% |
Microsoft Corp. | 2.82% |
Philip Morris International, Inc. | 2.64% |
Meta Platforms, Inc., Class A | 2.39% |
Elevance Health, Inc. | 2.35% |
FedEx Corp. | 2.20% |
Chevron Corp. | 2.15% |
Alphabet, Inc., Class A | 2.11% |
Suncor Energy, Inc. | 2.04% |
*Excluding money market fund holdings, if any. |
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Core Equity Fund (Series I) | $ 44 | 0.82% |
* | Annualized. |
Fund net assets | $684.53M |
Total number of portfolio holdings | 72 |
Portfolio turnover rate as of the end of the reporting period | 18% |
Microsoft Corp. | 8.39% |
NVIDIA Corp. | 7.44% |
Amazon.com, Inc. | 5.20% |
Apple, Inc. | 5.05% |
Alphabet, Inc., Class A | 3.84% |
Meta Platforms, Inc., Class A | 3.12% |
JPMorgan Chase & Co. | 2.83% |
Eli Lilly and Co. | 2.29% |
Procter & Gamble Co. (The) | 2.01% |
Chevron Corp. | 1.88% |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698987.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Core Equity Fund (Series II) | $57 | 1.07% |
* | Annualized. |
Fund net assets | $684.53M |
Total number of portfolio holdings | 72 |
Portfolio turnover rate as of the end of the reporting period | 18% |
Microsoft Corp. | 8.39% |
NVIDIA Corp. | 7.44% |
Amazon.com, Inc. | 5.20% |
Apple, Inc. | 5.05% |
Alphabet, Inc., Class A | 3.84% |
Meta Platforms, Inc., Class A | 3.12% |
JPMorgan Chase & Co. | 2.83% |
Eli Lilly and Co. | 2.29% |
Procter & Gamble Co. ( The ) | 2.01% |
Chevron Corp. | 1.88% |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698966.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Core Plus Bond Fund (Series I) | $30 | 0.60% |
* | Annualized. |
Fund net assets | $135.09M |
Total number of portfolio holdings | 1,139 |
Portfolio turnover rate as of the end of the reporting period | 222% |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698945.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Core Plus Bond Fund (Series II) | $42 | 0.85% |
* | Annualized. |
Fund net assets | $135.09M |
Total number of portfolio holdings | 1,139 |
Portfolio turnover rate as of the end of the reporting period | 222% |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698924.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Discovery Mid Cap Growth Fund (Series I) | $ 46 | 0.87% |
* | Annualized. |
Fund net assets | $ 886.09M |
Total number of portfolio holdings | 89 |
Portfolio turnover rate as of the end of the reporting period | 45 % |
Monolithic Power Systems, Inc. | 2.61% |
TransDigm Group, Inc. | 2.42% |
Hilton Worldwide Holdings, Inc. | 2.08% |
Ares Management Corp., Class A | 2.08% |
Tenet Healthcare Corp. | 2.02% |
Targa Resources Corp. | 1.97% |
Trade Desk, Inc. (The), Class A | 1.97% |
Trane Technologies PLC | 1.88% |
ICON PLC | 1.85% |
Diamondback Energy, Inc. | 1.82% |
*Excluding money market fund holdings, if any. |
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Discovery Mid Cap Growth Fund (Series II) | $ 59 | 1.12% |
* | Annualized. |
Fund net assets | $886.09M |
Total number of portfolio holdings | 89 |
Portfolio turnover rate as of the end of the reporting period | 45% |
Monolithic Power Systems, Inc. | 2.61% |
TransDigm Group, Inc. | 2.42% |
Hilton Worldwide Holdings, Inc. | 2.08% |
Ares Management Corp., Class A | 2.08% |
Tenet Healthcare Corp. | 2.02% |
Targa Resources Corp. | 1.97% |
Trade Desk, Inc. (The), Class A | 1.97% |
Trane Technologies PLC | 1.88% |
ICON PLC | 1.85% |
Diamondback Energy, Inc . | 1.82% |
*Excluding money market fund holdings, if any. |
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Diversified Dividend Fund (Series I) | $ 37 | 0.72% |
* | Annualized. |
Fund net assets | $436.59M |
Total number of portfolio holdings | 81 |
Portfolio turnover rate as of the end of the reporting period | 20% |
JPMorgan Chase & Co. | 3.36% |
Walmart, Inc. | 3.17% |
Chevron Corp. | 2.94% |
Microsoft Corp. | 2.53% |
Merck & Co., Inc. | 2.47% |
Wells Fargo & Co. | 2.46% |
Analog Devices, Inc. | 2.41% |
Philip Morris International, Inc. | 2.39% |
Johnson & Johnson | 2.20% |
Morgan Stanley | 2.01% |
*Excluding money market fund holdings, if any. |
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Diversified Dividend Fund (Series II) | $ 50 | 0.97% |
* | Annualized. |
Fund net assets | $436.59M |
Total number of portfolio holdings | 81 |
Portfolio turnover rate as of the end of the reporting period | 20% |
JPMorgan Chase & Co. | 3.36% |
Walmart, Inc. | 3.17% |
Chevron Corp. | 2.94% |
Microsoft Corp. | 2.53% |
Merck & Co., Inc. | 2.47% |
Wells Fargo & Co. | 2.46% |
Analog Devices, Inc. | 2.41% |
Philip Morris International, Inc. | 2.39% |
Johnson & Johnson | 2.20% |
Morgan Stanley | 2.01% |
*Excluding money market fund holdings, if any. | |
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Equally-Weighted S&P 500 Fund (Series I) | $ 17 | 0.34% |
* | Annualized. |
Fund net assets | $485.57M |
Total number of portfolio holdings | 509 |
Portfolio turnover rate as of the end of the reporting period | 12% |
Carnival Corp. | 0.24% |
FedEx Corp. | 0.24% |
Norwegian Cruise Line Holdings Ltd. | 0.22% |
Synchrony Financial | 0.22% |
Baker Hughes Co., Class A | 0.22% |
MGM Resorts International | 0.22% |
Tesla, Inc. | 0.22% |
Salesforce, Inc. | 0.22% |
Intuit, Inc. | 0.22% |
Caesars Entertainment, Inc. | 0.22% |
*Excluding money market fund holdings, if any. |
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Equally-Weighted S&P 500 Fund (Series II) | $ 30 | 0.59% |
* | Annualized. |
Fund net assets | $485.57M |
Total number of portfolio holdings | 509 |
Portfolio turnover rate as of the end of the reporting period | 12% |
Carnival Corp. | 0.24% |
FedEx Corp. | 0.24% |
Norwegian Cruise Line Holdings Ltd. | 0.22% |
Synchrony Financial | 0.22% |
Baker Hughes Co., Class A | 0.22% |
MGM Resorts International | 0.22% |
Tesla, Inc. | 0.22% |
Salesforce, Inc. | 0.22% |
Intuit, Inc. | 0.22% |
Caesars Entertainment, Inc. | 0.22% |
*Excluding money market fund holdings, if any. |
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Equity and Income Fund (Series I) | $29 | 0.57% |
* | Annualized. |
Fund net assets | $1,346.04M |
Total number of portfolio holdings | 1,298 |
Portfolio turnover rate as of the end of the reporting period | 69% |
Wells Fargo & Co. | 2.32 |
U.S. Treasury Notes, 4.63%, 06/15/2027 | 2.28 |
Bank of America Corp. | 2.15 |
U.S. Treasury Notes, 4.88%, 05/31/2026 | 2.12 |
Alphabet, Inc. | 1.96 |
Amazon.com, Inc. | 1.74 |
U.S. Treasury Notes, 4.63%, 05/31/2031 | 1.70 |
Exxon Mobil Corp. | 1.69 |
Parker-Hannifin Corp. | 1.28 |
Johnson Controls International PLC | 1.24 |
*Excluding money market fund holdings, if any. |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698819.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Equity and Income Fund (Series II) | $42 | 0.82% |
* | Annualized. |
Fund net assets | $1,346.04M |
Total number of portfolio holdings | 1,298 |
Portfolio turnover rate as of the end of the reporting period | 69% |
Wells Fargo & Co. | 2.32 |
U.S. Treasury Notes, 4.63%, 06/15/2027 | 2.28 |
Bank of America Corp. | 2.15 |
U.S. Treasury Notes, 4.88%, 05/31/2026 | 2.12 |
Alphabet, Inc. | 1.96 |
Amazon.com, Inc. | 1.74 |
U.S. Treasury Notes, 4.63%, 05/31/2031 | 1.70 |
Exxon Mobil Corp. | 1.69 |
Parker-Hannifin Corp. | 1.28 |
Johnson Controls International PLC | 1.24 |
*Excluding money market fund holdings, if any. |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698798.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. EQV International Equity Fund (Series I) | $47 | 0.94% |
* | Annualized. |
Fund net assets | $1,201.20M |
Total number of portfolio holdings | 71 |
Portfolio turnover rate as of the end of the reporting period | 17% |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.70% |
Investor AB, Class B | 3.27% |
Novo Nordisk A/S, Class B | 3.26% |
RELX PLC | 2.85% |
ICON PLC | 2.41% |
Broadcom, Inc. | 2.32% |
HDFC Bank Ltd., ADR | 2.31% |
CGI, Inc., Class A | 2.21% |
ASML Holding N.V. | 2.19% |
Schneider Electric SE | 2.09% |
![Graphical Representation - Allocation 1 Chart](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698525.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. EQV International Equity Fund (Series II) | $60 | 1.19% |
* | Annualized. |
Fund net assets | $1,201.20M |
Total number of portfolio holdings | 71 |
Portfolio turnover rate as of the end of the reporting period | 17% |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.70% |
Investor AB, Class B | 3.27% |
Novo Nordisk A/S, Class B | 3.26% |
RELX PLC | 2.85% |
ICON PLC | 2.41% |
Broadcom, Inc. | 2.32% |
HDFC Bank Ltd., ADR | 2.31% |
CGI, Inc., Class A | 2.21% |
ASML Holding N.V. | 2.19% |
Schneider Electric SE | 2.09% |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698504.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Global Core Equity Fund (Series I) | $52 | 0.99% |
* | Annualized. |
Fund net assets | $66.10M |
Total number of portfolio holdings | 60 |
Portfolio turnover rate as of the end of the reporting period | 22% |
Microsoft Corp. | 6.19% |
Amazon.com, Inc. | 3.66% |
Apple, Inc. | 3.04% |
3i Group PLC | 2.86% |
UnitedHealth Group, Inc. | 2.73% |
Berkshire Hathaway, Inc., Class B | 2.59% |
Constellation Software, Inc. | 2.52% |
Coca-Cola Co. (The) | 2.39% |
Alphabet, Inc., Class A | 2.38% |
Old Dominion Freight Line, Inc. | 2.37% |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698777.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Global Core Equity Fund (Series II) | $65 | 1.24% |
* | Annualized. |
Fund net assets | $66.10M |
Total number of portfolio holdings | 60 |
Portfolio turnover rate as of the end of the reporting period | 22% |
Microsoft Corp. | 6.19% |
Amazon.com, Inc. | 3.66% |
Apple, Inc. | 3.04% |
3i Group PLC | 2.86% |
UnitedHealth Group, Inc. | 2.73% |
Berkshire Hathaway, Inc., Class B | 2.59% |
Constellation Software, Inc. | 2.52% |
Coca-Cola Co. (The) | 2.39% |
Alphabet, Inc., Class A | 2.38% |
Old Dominion Freight Line, Inc. | 2.37% |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698756.jpg)
![TSR_QRcode](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Global Fund (Series I) | $44 | 0.82% |
* | Annualized. |
Fund net assets | $2,164.07M |
Total number of portfolio holdings | 65 |
Portfolio turnover rate as of the end of the reporting period | 3 % |
Alphabet, Inc., Class A | 12.07% |
Meta Platforms, Inc., Class A | 8.26% |
Novo Nordisk A/S, Class B | 5.46% |
Analog Devices, Inc. | 5.10% |
DLF Ltd. | 4.86% |
Intuit, Inc. | 4.16% |
S&P Global, Inc. | 3.68% |
LVMH Moet Hennessy Louis Vuitton SE | 3.55% |
Airbus SE | 3.43% |
NVIDIA Corp. | 3.28% |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698133.jpg)
![TSR_QRcode](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Global Fund (Series II) | $57 | 1.07% |
* | Annualized. |
Fund net assets | $2,164.07M |
Total number of portfolio holdings | 65 |
Portfolio turnover rate as of the end of the reporting period | 3 % |
Alphabet, Inc., Class A | 12.07% |
Meta Platforms, Inc., Class A | 8.26% |
Novo Nordisk A/S, Class B | 5.46% |
Analog Devices, Inc. | 5.10% |
DLF Ltd. | 4.86% |
Intuit, Inc. | 4.16% |
S&P Global, Inc. | 3.68% |
LVMH Moet Hennessy Louis Vuitton SE | 3.55% |
Airbus SE | 3.43% |
NVIDIA Corp. | 3.28% |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698112.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Global Real Estate Fund (Series I) | $53 | 1.08% |
* | Annualized. |
Fund net assets | $107.56M |
Total number of portfolio holdings | 72 |
Portfolio turnover rate as of the end of the reporting period | 52% |
Equinix, Inc. | 7.22% |
Welltower, Inc. | 5.78% |
Extra Space Storage, Inc. | 5.52% |
Rexford Industrial Realty, Inc. | 3.83% |
Equity Residential | 3.78% |
Alexandria Real Estate Equities, Inc. | 3.63% |
Healthpeak Properties, Inc. | 3.55% |
Camden Property Trust | 3.24% |
Invitation Homes, Inc. | 3.17% |
Realty Income Corp. | 2.95% |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698735.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Global Real Estate Fund (Series II) | $65 | 1.33% |
* | Annualized. |
Fund net assets | $107.56M |
Total number of portfolio holdings | 72 |
Portfolio turnover rate as of the end of the reporting period | 52% |
Equinix, Inc. | 7.22% |
Welltower, Inc. | 5.78% |
Extra Space Storage, Inc. | 5.52% |
Rexford Industrial Realty, Inc. | 3.83% |
Equity Residential | 3.78% |
Alexandria Real Estate Equities, Inc. | 3.63% |
Healthpeak Properties, Inc. | 3.55% |
Camden Property Trust | 3.24% |
Invitation Homes, Inc. | 3.17% |
Realty Income Corp. | 2.95% |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698714.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Global Strategic Income Fund (Series I) | $47 | 0.95% |
* | Annualized. |
Fund net assets | $693.77M |
Total numb er of portfolio holdings | 874 |
Portfolio turnover rate as of the end of the reporting period | 108% |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698091.jpg)
![TSR_QRcode](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Global Strategic Income Fund (Series II) | $60 | 1.20% |
* | Annualized. |
Fund net assets | $693.77M |
Total number of portfolio holdings | 874 |
Portfolio turnover rate as of the end of the reporting period | 108% |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698070.jpg)
![TSR_QRcode](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Government Money Market Fund (Series I) | $18 | 0.36% |
* | Annualized. |
Fund net assets | $886.33M |
Total number of portfolio holdings | 68 |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698309.jpg)
![TSR_QRcode](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Government Money Market Fund (Series II) | $31 | 0.61% |
* | Annualized. |
Fund net assets | $886.33M |
Total number of portfolio holdings | 68 |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698288.jpg)
![TSR_QRcode](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Government Securities Fund (Series I) | $35 | 0.70% |
* | Annualized. |
Fund net assets | $329.82M |
Total number of portfolio holdings | 439 |
Portfolio turnover rate as of the end of the reporting period | 147% |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698693.jpg)
![TSR_QRcode](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Government Securities Fund (Series II) | $47 | 0.95% |
* | Annualized. |
Fund net assets | $329.82M |
Total number of portfolio holdings | 439 |
Portfolio turnover rate as of the end of the reporting period | 147% |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698672.jpg)
![TSR_QRcode](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Growth and Income Fund (Series I) | $39 | 0.76% |
* | Annualized. |
Fund net assets | $1,309.25M |
Total number of portfolio holdings | 113 |
Portfolio turnover rate as of the end of the reporting period | 10% |
Bank of America Corp. | 3.40% |
Wells Fargo & Co. | 3.39% |
Alphabet, Inc., Class A | 2.50% |
Exxon Mobil Corp. | 2.37% |
CBRE Group, Inc., Class A | 2.11% |
Amazon.com, Inc. | 2.11% |
Johnson & Johnson | 2.02% |
Johnson Controls International PLC | 2.01% |
Parker-Hannifin Corp. | 1.91% |
Oracle Corp. | 1.84% |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698651.jpg)
![TSR_QRcode](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Growth and Income Fund (Series II) | $52 | 1.01% |
* | Annualized. |
Fund net assets | $1,309.25M |
Total number of portfolio holdings | 113 |
Portfolio turnover rate as of the end of the reporting period | 10% |
Bank of America Corp. | 3.40% |
Wells Fargo & Co. | 3.39% |
Alphabet, Inc., Class A | 2.50% |
Exxon Mobil Corp. | 2.37% |
CBRE Group, Inc., Class A | 2.11% |
Amazon.com, Inc. | 2.11% |
Johnson & Johnson | 2.02% |
Johnson Controls International PLC | 2.01% |
Parker-Hannifin Corp. | 1.91% |
Oracle Corp. | 1.84% |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698630.jpg)
![TSR_QRcode](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Health Care Fund (Series I) | $ 53 | 1.01% |
* | Annualized. |
Fund net assets | $188.39M |
Total number of portfolio holdings | 84 |
Portfolio turnover rate as of the end of the reporting period | 26% |
Eli Lilly and Co. | 9.91% |
Boston Scientific Corp. | 6.02% |
UnitedHealth Group, Inc. | 4.54% |
McKesson Corp. | 4.33% |
Intuitive Surgical, Inc. | 4.05% |
Merck & Co., Inc. | 4.03% |
Vertex Pharmaceuticals, Inc. | 3.68% |
AstraZeneca PLC, ADR | 3.65% |
Danaher Corp. | 3.56% |
Regeneron Pharmaceuticals, Inc. | 3.39% |
*Excluding money market fund holdings, if any. |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698609.jpg)
![TSR_QRcode](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Health Care Fund (Series II) | $67 | 1.26% |
* | Annualized. |
Fund net assets | $188.39M |
Total number of portfolio holdings | 84 |
Portfolio turnover rate as of the end of the reporting period | 26% |
Eli Lilly and Co. | 9.91% |
Boston Scientific Corp. | 6.02% |
UnitedHealth Group, Inc. | 4.54% |
McKesson Corp. | 4.33% |
Intuitive Surgical, Inc. | 4.05% |
Merck & Co., Inc. | 4.03% |
Vertex Pharmaceuticals, Inc. | 3.68% |
AstraZeneca PLC, ADR | 3.65% |
Danaher Corp. | 3.56% |
Regeneron Pharmaceuticals, Inc. | 3.39% |
*Excluding money market fund holdings, if any. |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698588.jpg)
![TSR_QRcode](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. High Yield Fund (Series I) | $48 | 0.95% |
* | Annualized. |
Fund net assets | $150.95M |
Total number of portfolio holdings | 284 |
Portfolio turnover rate as of the end of the reporting period | 71% |
iShares iBoxx High Yield Corporate Bond ETF | 3.35 |
Mativ Holdings, Inc. | 1.46 |
Allison Transmission, Inc. | 1.42 |
Carriage Services, Inc. | 1.41 |
American Airlines, Inc./AAdvantage Loyalty IP Ltd. | 1.41 |
Aethon United BR L.P./Aethon United Finance Corp. | 1.21 |
Vistra Operations Co. LLC | 1.17 |
Aircastle Ltd. | 0.99 |
EMRLD Borrower L.P./Emerald Co-Issuer, Inc. | 0.99 |
Group 1 Automotive, Inc. | 0.98 |
*Excluding money market fund holdings, if any. |
BBB | 2.1 |
BB | 46.6 |
B | 38.1 |
CCC and below | 8.0 |
Cash | 4.9 |
Not Rated | 0.3 |
**Source: Standard & Poor's. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. "Non-Rated" indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Standard & Poor's rating methodology, please visit standardandpoors.com and select "Understanding Ratings" under Rating Resources on the homepage. |
![TSR_QRcode](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. High Yield Fund (Series II) | $61 | 1.20% |
* | Annualized. |
Fund net assets | $150.95M |
Total number of portfolio holdings | 284 |
Portfolio turnover rate as of the end of the reporting period | 71% |
iShares iBoxx High Yield Corporate Bond ETF | 3.35 |
Mativ Holdings, Inc. | 1.46 |
Allison Transmission, Inc. | 1.42 |
Carriage Services, Inc. | 1.41 |
American Airlines, Inc./AAdvantage Loyalty IP Ltd. | 1.41 |
Aethon United BR L.P./Aethon United Finance Corp. | 1.21 |
Vistra Operations Co. LLC | 1.17 |
Aircastle Ltd. | 0.99 |
EMRLD Borrower L.P./Emerald Co-Issuer, Inc. | 0.99 |
Group 1 Automotive, Inc. | 0.98 |
*Excluding money market fund holdings, if any. |
BBB | 2.1 |
BB | 46.6 |
B | 38.1 |
CCC and below | 8.0 |
Cash | 4.9 |
Not Rated | 0.3 |
**Source: Standard & Poor's. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. "Non-Rated" indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Standard & Poor's rating methodology, please visit standardandpoors.com and select "Understanding Ratings" under Rating Resources on the homepage. |
![TSR_QRcode](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Main Street Fund ® (Series I) | $43 | 0.80% |
* | Annualized. |
Fund net assets | $711.54M |
Total number of portfolio holdings | 67 |
Portfolio turnover rate as of the end of the reporting period | 14% |
Microsoft Corp. | 8.43% |
NVIDIA Corp. | 7.54% |
Apple, Inc. | 5.55% |
Alphabet, Inc., Class A | 4.86% |
Amazon.com, Inc. | 4.32% |
Meta Platforms, Inc., Class A | 2.92% |
Exxon Mobil Corp. | 2.70% |
JPMorgan Chase & Co. | 2.56% |
Philip Morris International, Inc. | 2.48% |
UnitedHealth Group, Inc. | 2.39% |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698007.jpg)
![TSR_QRcode](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Main Street Fund ® (Series II) | $56 | 1.05% |
* | Annualized. |
Fund net assets | $711.54M |
Total number of portfolio holdings | 67 |
Portfolio turnover rate as of the end of the reporting period | 14% |
Microsoft Corp. | 8.43% |
NVIDIA Corp. | 7.54% |
Apple, Inc. | 5.55% |
Alphabet, Inc., Class A | 4.86% |
Amazon.com, Inc. | 4.32% |
Meta Platforms, Inc., Class A | 2.92% |
Exxon Mobil Corp. | 2.70% |
JPMorgan Chase & Co. | 2.56% |
Philip Morris International, Inc. | 2.48% |
UnitedHealth Group, Inc. | 2.39% |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8697986.jpg)
![TSR_QRcode](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
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Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Main Street Mid Cap Fund ® (Series I) | $49 | 0.96% |
* | Annualized. |
Fund net assets | $198.29M |
Total number of portfolio holdings | 92 |
Portfolio turnover rate as of the end of the reporting period | 20% |
Tenet Healthcare Corp. | 1.86% |
Tyler Technologies, Inc. | 1.80% |
Raymond James Financial, Inc. | 1.80% |
Howmet Aerospace, Inc. | 1.76% |
Xylem, Inc. | 1.70% |
Hubbell, Inc. | 1.68% |
Trade Desk, Inc. (The), Class A | 1.68% |
TopBuild Corp. | 1.64% |
Marvell Technology, Inc. | 1.63% |
Curtiss-Wright Corp. | 1.62% |
*Excluding money market fund holdings, If any. |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698483.jpg)
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
![TSR_logo](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2365.jpg)
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Main Street Mid Cap Fund ® (Series II) | $62 | 1.21% |
* | Annualized. |
Fund net assets | $198.29M |
Total number of portfolio holdings | 92 |
Portfolio turnover rate as of the end of the reporting period | 20% |
Tenet Healthcare Corp. | 1.86% |
Tyler Technologies, Inc. | 1.80% |
Raymond James Financial, Inc. | 1.80% |
Howmet Aerospace, Inc. | 1.76% |
Xylem, Inc. | 1.70% |
Hubbell, Inc. | 1.68% |
Trade Desk, Inc. (The), Class A | 1.68% |
TopBuild Corp. | 1.64% |
Marvell Technology, Inc. | 1.63% |
Curtiss-Wright Corp. | 1.62% |
*Excluding money market fund holdings, If any. |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698462.jpg)
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
![TSR_logo](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2365.jpg)
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Main Street Small Cap Fund ® (Series I) | $45 | 0.89% |
* | Annualized. |
Fund net assets | $862.50M |
Total number of portfolio holdings | 101 |
Portfolio turnover rate as of the end of the reporting period | 23% |
ADMA Biologics, Inc. | 2.12% |
Summit Materials, Inc., Class A | 1.93% |
Atkore, Inc. | 1.91% |
Itron, Inc. | 1.72% |
MACOM Technology Solutions Holdings, Inc. | 1.71% |
AutoNation, Inc. | 1.71% |
KB Home | 1.67% |
Zurn Elkay Water Solutions Corp. | 1.66% |
Korn Ferry | 1.52% |
PennyMac Financial Services, Inc. | 1.52% |
*Excluding money market fund holdings, If any . |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8697965.jpg)
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
![TSR_logo](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2365.jpg)
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Main Street Small Cap Fund ® (Series II) | $57 | 1.14% |
* | Annualized. |
Fund net assets | $862.50M |
Total number of portfolio holdings | 101 |
Portfolio turnover rate as of the end of the reporting period | 23% |
ADMA Biologics, Inc. | 2.12% |
Summit Materials, Inc., Class A | 1.93% |
Atkore, Inc. | 1.91% |
Itron, Inc. | 1.72% |
MACOM Technology Solutions Holdings, Inc. | 1.71% |
AutoNation, Inc. | 1.71% |
KB Home | 1.67% |
Zurn Elkay Water Solutions Corp. | 1.66% |
Korn Ferry | 1.52% |
PennyMac Financial Services, Inc. | 1.52% |
*Excluding money market fund holdings, If any. |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8697944.jpg)
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![TSR_logo](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2365.jpg)
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco ® V.I. Nasdaq 100 Buffer Fund - December(Series I) | $37 | 0.70% |
* | Annualized. |
Fund net assets | $11.88M |
Total number of portfolio holdings | 11 |
Portfolio turnover rate as of the end of the reporting period | 0 % |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8697747.jpg)
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
![TSR_logo](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2365.jpg)
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco ® V.I. Nasdaq 100 Buffer Fund - December(Series II) | $50 | 0.95% |
* | Annualized. |
Fund net assets | $11.88M |
Total number of portfolio holdings | 11 |
Portfolio turnover rate as of the end of the reporting period | 0 % |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8697724.jpg)
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![TSR_logo](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2365.jpg)
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco ® V.I. Nasdaq 100 Buffer Fund - June(Series I) | $36 | 0.70% |
* | Annualized. |
Fund net assets | $10.38M |
Total number of portfolio holdings | 11 |
Portfolio turnover rate as of the end of the reporting period | 0 % |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8697614.jpg)
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
![TSR_logo](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2365.jpg)
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco ® V.I. Nasdaq 100 Buffer Fund - June(Series II) | $49 | 0.95% |
* | Annualized. |
Fund net assets | $10.38M |
Total number of portfolio holdings | 11 |
Portfolio turnover rate as of the end of the reporting period | 0 % |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8697581.jpg)
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
![TSR_logo](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2365.jpg)
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco ® V.I. Nasdaq 100 Buffer Fund - March(Series I) | $36 | 0.70% |
* | Annualized. |
Fund net assets | $12.15M |
Total number of portfolio holdings | 11 |
Portfolio turnover rate as of the end of the reporting period | 0 % |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8697695.jpg)
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
![TSR_logo](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2365.jpg)
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco ® V.I. Nasdaq100 Buffer Fund - March(Series II) | $49 | 0.95% |
* | Annualized. |
Fund net assets | $12.15M |
Total number of portfolio holdings | 11 |
Portfolio turnover rate as of the end of the reporting period | 0 % |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8697672.jpg)
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
![TSR_logo](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2365.jpg)
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentageof a $10,000 investment* |
Invesco ® V.I. Nasdaq 100 Buffer Fund - September(Series I) | $36 | 0.70% |
* | Annualized. |
Fund net assets | $9.94M |
Total number of portfolio holdings | 11 |
Portfolio turnover rate as of the end of the reporting period | 0 % |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8697878.jpg)
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
![TSR_logo](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2365.jpg)
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco ® V.I. Nasdaq 100 Buffer Fund - September(Series II) | $49 | 0.95% |
* | Annualized. |
Fund net assets | $9.94M |
Total number of portfolio holdings | 11 |
Portfolio turnover rate as of the end of the reporting period | 0 % |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8697845.jpg)
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
![TSR_logo](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2365.jpg)
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco ® V.I. S&P 500 Buffer Fund - December(Series I) | $36 | 0.70% |
* | Annualized. |
Fund net assets | $33.11M |
Total number of portfolio holdings | 7 |
Portfolio turnover rate as of the end of the reporting period | 0 % |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8697786.jpg)
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
![TSR_logo](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2365.jpg)
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco ® V.I. S&P 500 Buffer Fund - December(Series II) | $49 | 0.95% |
* | Annualized. |
Fund net assets | $33.11M |
Total number of portfolio holdings | 11 |
Portfolio turnover rate as of the end of the reporting period | 0 % |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8697765.jpg)
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
![TSR_logo](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2365.jpg)
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco ® V.I. S&P 500 Buffer Fund – June(Series I) | $36 | 0.70% |
* | Annualized. |
Fund net assets | $23.44M |
Total number of portfolio holdings | 7 |
Portfolio turnover rate as of the end of the reporting period | 0 % |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8697574.jpg)
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
![TSR_logo](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2365.jpg)
Fund ( Class ) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco ® V.I. S&P 500 Buffer Fund – June(Series II) | $49 | 0.95% |
* | Annualized. |
Fund net assets | $23.44M |
Total number of portfolio holdings | 7 |
Portfolio turnover rate as of the end of the reporting period | 0 % |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8697541.jpg)
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
![TSR_logo](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2365.jpg)
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco ® V.I. S&P 500 Buffer Fund - March(Series I) | $36 | 0.70% |
* | Annualized. |
Fund net assets | $34.13M |
Total number of portfolio holdings | 7 |
Portfolio turnover rate as of the end of the reporting period | 0 % |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8697655.jpg)
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
![TSR_logo](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2365.jpg)
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco ® V.I. S&P 500 Buffer Fund - March(Series II) | $49 | 0.95% |
* | Annualized. |
Fund net assets | $34.13M |
Total number of portfolio holdings | 7 |
Portfolio turnover rate as of the end of the reporting period | 0 % |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8697632.jpg)
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
![TSR_logo](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2365.jpg)
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco ® V.I. S&P 500 Buffer Fund - September(Series I) | $36 | 0.70% |
* | Annualized. |
Fund net assets | $36.72M |
Total number of portfolio holdings | 7 |
Portfolio turnover rate as of the end of the reporting period | 0 % |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8697838.jpg)
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
![TSR_logo](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2365.jpg)
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco ® V.I. S&P 500 Buffer Fund - September(Series II) | $49 | 0.95% |
* | Annualized. |
Fund net assets | $ 36.72M |
Total number of portfolio holdings | 7 |
Portfolio turnover rate as of the end of the reporting period | 0 % |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8697805.jpg)
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
![TSR_logo](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2365.jpg)
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Small Cap Equity Fund (Series I) | $51 | 0.99% |
* | Annualized. |
Fund net assets | $216.55M |
Total number of portfolio holdings | 97 |
Portfolio turnover rate as of the end of the reporting period | 22% |
Tenet Healthcare Corp. | 2.37% |
Sprouts Farmers Market, Inc. | 2.03% |
Taylor Morrison Home Corp., Class A | 2.02% |
Summit Materials, Inc., Class A | 1.84% |
Piper Sandler Cos. | 1.73% |
Applied Industrial Technologies, Inc. | 1.68% |
ITT, Inc. | 1.67% |
Ollie's Bargain Outlet Holdings, Inc. | 1.55% |
TMX Group Ltd. | 1.52% |
Weatherford International PLC | 1.50% |
*Excluding money market fund holdings, if any. |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698441.jpg)
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
![TSR_logo](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2365.jpg)
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Small Cap Equity Fund (Series II) | $63 | 1.24% |
* | Annualized. |
Fund net assets | $216.55M |
Total number of portfolio holdings | 97 |
Portfolio turnover rate as of the end of the reporting period | 22% |
Tenet Healthcare Corp. | 2.37% |
Sprouts Farmers Market, Inc. | 2.03% |
Taylor Morrison Home Corp., Class A | 2.02% |
Summit Materials, Inc., Class A | 1.84% |
Piper Sandler Cos. | 1.73% |
Applied Industrial Technologies, Inc. | 1.68% |
ITT, Inc. | 1.67% |
Ollie's Bargain Outlet Holdings, Inc. | 1.55% |
TMX Group Ltd. | 1.52% |
Weatherford International PLC | 1.50% |
*Excluding money market fund holdings, if any. |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698420.jpg)
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
![TSR_logo](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2365.jpg)
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Technology Fund (Series I) | $54 | 0.98% |
* | Annualized. |
Fund net assets | $195.29M |
Total number of portfolio holdings | 61 |
Portfolio turnover rate as of the end of the reporting period | 50% |
NVIDIA Corp. | 9.66 % |
Apple, Inc. | 6.46 % |
Microsoft Corp. | 6.44 % |
Broadcom, Inc. | 4.52 % |
Amazon.com, Inc. | 4.31 % |
Alphabet, Inc., Class A | 3.94 % |
Meta Platforms, Inc., Class A | 3.56 % |
Lam Research Corp. | 2.91 % |
ASML Holding N.V., New York Shares | 2.58 % |
Arista Networks, Inc. | 2.48 % |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698399.jpg)
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
![TSR_logo](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2365.jpg)
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. Technology Fund (Series II) | $67 | 1.23% |
* | Annualized. |
Fund net assets | $195.29M |
Total number of portfolio holdings | 61 |
Portfolio turnover rate as of the end of the reporting period | 50% |
NVIDIA Corp. | 9.66% |
Apple, Inc. | 6.46% |
Microsoft Corp. | 6.44% |
Broadcom, Inc. | 4.52% |
Amazon.com, Inc. | 4.31% |
Alphabet, Inc., Class A | 3.94% |
Meta Platforms, Inc., Class A | 3.56% |
Lam Research Corp. | 2.91% |
ASML Holding N.V., New York Shares | 2.58% |
Arista Networks, Inc. | 2.48% |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8698378.jpg)
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2365.jpg)
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. U.S. Government Money Portfolio (Series I) | $ 36 | 0.72% |
* | Annualized. |
Fund net assets | $287.48M |
Total number of portfolio holdings | 64 |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8697927.jpg)
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2365.jpg)
Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
Invesco V.I. U.S. Government Money Portfolio (Series II) | $49 | 0.97% |
* | Annualized. |
Fund net assets | $287.48M |
Total number of portfolio holdings | 64 |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/chartimages_8697894.jpg)
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/images_2364.jpg)
(b) Not applicable.
Item 2. Code of Ethics
Not applicable for a semi-annual report.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
Investments in securities of unaffiliated issuers is filed under Item 7 of this Form.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/img1fc01ce81.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | O-VIIGR-NCSRS |
Shares | Value | ||
Common Stocks & Other Equity Interests–99.12% | |||
Australia–3.08% | |||
CSL Ltd. | 26,388 | $5,174,612 | |
James Hardie Industries PLC, CDI(a) | 163,571 | 5,119,381 | |
10,293,993 | |||
Canada–5.68% | |||
Alimentation Couche-Tard, Inc. | 136,204 | 7,643,274 | |
Dollarama, Inc. | 124,397 | 11,358,086 | |
19,001,360 | |||
Denmark–6.06% | |||
Novo Nordisk A/S, Class B | 141,870 | 20,299,434 | |
France–13.87% | |||
Airbus SE | 28,800 | 3,952,703 | |
Capgemini SE | 17,273 | 3,431,065 | |
Dassault Systemes SE | 61,582 | 2,315,543 | |
Edenred SE | 86,734 | 3,678,547 | |
EssilorLuxottica S.A. | 18,884 | 4,057,861 | |
Hermes International S.C.A. | 3,751 | 8,663,405 | |
L’Oreal S.A. | 12,296 | 5,412,276 | |
LVMH Moet Hennessy Louis Vuitton SE | 11,049 | 8,483,321 | |
Sartorius Stedim Biotech | 15,484 | 2,558,908 | |
Schneider Electric SE | 16,132 | 3,867,579 | |
46,421,208 | |||
Germany–4.54% | |||
AIXTRON SE | 134,241 | 2,633,810 | |
CTS Eventim AG & Co. KGaA | 37,026 | 3,082,393 | |
SAP SE | 12,816 | 2,574,421 | |
Siemens AG | 37,133 | 6,911,399 | |
15,202,023 | |||
India–6.58% | |||
Dr Lal PathLabs Ltd.(b) | 149,423 | 4,976,026 | |
ICICI Bank Ltd. | 299,508 | 4,310,939 | |
Reliance Industries Ltd. | 339,873 | 12,740,692 | |
22,027,657 | |||
Ireland–2.30% | |||
Flutter Entertainment PLC(a) | 42,406 | 7,713,569 | |
Japan–7.77% | |||
Daikin Industries Ltd. | 34,400 | 4,789,019 | |
Hitachi Ltd. | 290,000 | 6,529,730 | |
Hoya Corp. | 30,393 | 3,554,137 | |
Keyence Corp. | 13,624 | 5,962,924 | |
Kobe Bussan Co. Ltd. | 123,300 | 2,746,626 | |
MonotaRO Co. Ltd.(c) | 206,300 | 2,416,098 | |
25,998,534 | |||
Netherlands–8.43% | |||
Aalberts N.V. | 63,993 | 2,591,253 | |
ASM International N.V. | 7,581 | 5,794,734 | |
ASML Holding N.V. | 13,249 | 13,502,928 | |
Universal Music Group N.V. | 212,869 | 6,332,484 | |
28,221,399 |
Shares | Value | ||
New Zealand–0.74% | |||
Xero Ltd.(a) | 27,367 | $2,474,974 | |
Spain–2.10% | |||
Amadeus IT Group S.A. | 105,538 | 7,022,963 | |
Sweden–6.29% | |||
Atlas Copco AB, Class A | 470,110 | 8,826,898 | |
Beijer Ref AB | 173,148 | 2,672,493 | |
Epiroc AB, Class A | 477,369 | 9,565,207 | |
21,064,598 | |||
Switzerland–2.80% | |||
Lonza Group AG | 3,341 | 1,818,856 | |
Sika AG | 9,947 | 2,839,466 | |
VAT Group AG(b) | 8,369 | 4,725,614 | |
9,383,936 | |||
Taiwan–1.73% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 195,000 | 5,777,385 | |
United Kingdom–20.43% | |||
Ashtead Group PLC | 77,547 | 5,170,342 | |
AstraZeneca PLC | 18,668 | 2,905,356 | |
Auto Trader Group PLC(b) | 534,741 | 5,382,254 | |
BAE Systems PLC | 108,023 | 1,799,299 | |
Compass Group PLC | 331,878 | 9,041,453 | |
ConvaTec Group PLC(b) | 936,036 | 2,773,208 | |
JD Sports Fashion PLC | 3,736,729 | 5,611,208 | |
London Stock Exchange Group PLC | 85,400 | 10,126,588 | |
Next PLC | 78,855 | 8,998,777 | |
Rentokil Initial PLC | 968,068 | 5,622,149 | |
Rightmove PLC | 559,979 | 3,779,890 | |
RS Group PLC | 336,955 | 2,977,807 | |
Trainline PLC(a)(b) | 1,062,619 | 4,189,394 | |
68,377,725 | |||
United States–6.72% | |||
EPAM Systems, Inc.(a) | 22,162 | 4,168,894 | |
Experian PLC | 73,629 | 3,420,563 | |
Ferguson PLC | 40,360 | 7,740,512 | |
ResMed, Inc.(c) | 37,415 | 7,161,979 | |
22,491,948 | |||
Total Common Stocks & Other Equity Interests (Cost $177,813,782) | 331,772,706 | ||
Money Market Funds–0.96% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(d)(e) | 1,120,295 | 1,120,295 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(d)(e) | 799,777 | 800,017 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(d)(e) | 1,280,337 | 1,280,337 | |
Total Money Market Funds (Cost $3,200,649) | 3,200,649 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-100.08% (Cost $181,014,431) | 334,973,355 |
2 | Invesco Oppenheimer V.I. International Growth Fund |
Shares | Value | ||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–2.12% | |||
Invesco Private Government Fund, 5.31%(d)(e)(f) | 1,990,669 | $1,990,669 | |
Invesco Private Prime Fund, 5.48%(d)(e)(f) | 5,117,326 | 5,118,861 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,109,530) | 7,109,530 | ||
TOTAL INVESTMENTS IN SECURITIES—102.20% (Cost $188,123,961) | 342,082,885 | ||
OTHER ASSETS LESS LIABILITIES–(2.20)% | (7,378,853) | ||
NET ASSETS–100.00% | $334,704,032 |
CDI | – CREST Depository Interest |
(a) | Non-income producing security. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2024 was $22,046,496, which represented 6.59% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at June 30, 2024. |
(d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $6 | $7,058,466 | $(5,938,177) | $- | $- | $1,120,295 | $28,520 |
Invesco Liquid Assets Portfolio, Institutional Class | - | 5,041,761 | (4,241,539) | - | (205) | 800,017 | 21,185 |
Invesco Treasury Portfolio, Institutional Class | 7 | 8,066,818 | (6,786,488) | - | - | 1,280,337 | 32,513 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | - | 10,089,833 | (8,099,164) | - | - | 1,990,669 | 32,992* |
Invesco Private Prime Fund | - | 27,312,387 | (22,192,027) | - | (1,499) | 5,118,861 | 87,878* |
Total | $13 | $57,569,265 | $(47,257,395) | $- | $(1,704) | $10,310,179 | $203,088 |
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1J. |
3 | Invesco Oppenheimer V.I. International Growth Fund |
Assets: | |
Investments in unaffiliated securities, at value (Cost $177,813,782)* | $331,772,706 |
Investments in affiliated money market funds, at value (Cost $10,310,179) | 10,310,179 |
Cash | 738,735 |
Foreign currencies, at value (Cost $487,156) | 484,765 |
Receivable for: | |
Fund shares sold | 42,131 |
Dividends | 383,512 |
Foreign withholding tax claims | 237,312 |
Investment for trustee deferred compensation and retirement plans | 51,616 |
Total assets | 344,020,956 |
Liabilities: | |
Payable for: | |
Investments purchased | 1,151,234 |
Fund shares reacquired | 173,737 |
Accrued foreign taxes | 611,737 |
Collateral upon return of securities loaned | 7,109,530 |
Accrued fees to affiliates | 189,495 |
Accrued other operating expenses | 29,575 |
Trustee deferred compensation and retirement plans | 51,616 |
Total liabilities | 9,316,924 |
Net assets applicable to shares outstanding | $334,704,032 |
Net assets consist of: | |
Shares of beneficial interest | $157,078,045 |
Distributable earnings | 177,625,987 |
$334,704,032 | |
Net Assets: | |
Series I | $183,251,454 |
Series II | $151,452,578 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 88,246,034 |
Series II | 68,983,669 |
Series I: | |
Net asset value per share | $2.08 |
Series II: | |
Net asset value per share | $2.20 |
* | At June 30, 2024, securities with an aggregate value of $6,854,963 were on loan to brokers. |
Investment income: | |
Dividends (net of foreign withholding taxes of $195,057) | $2,673,836 |
Dividends from affiliated money market funds (includes net securities lending income of $2,979) | 85,197 |
Foreign withholding tax claims | 237,312 |
Total investment income | 2,996,345 |
Expenses: | |
Advisory fees | 1,627,315 |
Administrative services fees | 278,875 |
Custodian fees | 22,080 |
Distribution fees - Series II | 192,290 |
Transfer agent fees | 7,920 |
Trustees’ and officers’ fees and benefits | 10,616 |
Reports to shareholders | 33,586 |
Professional services fees | 24,851 |
Other | 1,848 |
Total expenses | 2,199,381 |
Less: Fees waived | (311,221) |
Net expenses | 1,888,160 |
Net investment income | 1,108,185 |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities (net of foreign taxes of $10,535) | 3,679,668 |
Affiliated investment securities | (1,704) |
Foreign currencies | (295) |
Forward foreign currency contracts | 7,254 |
3,684,923 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities (net of foreign taxes of $359,241) | 4,417,066 |
Foreign currencies | (40,443) |
4,376,623 | |
Net realized and unrealized gain | 8,061,546 |
Net increase in net assets resulting from operations | $9,169,731 |
4 | Invesco Oppenheimer V.I. International Growth Fund |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income | $1,108,185 | $775,576 |
Net realized gain | 3,684,923 | 22,352,873 |
Change in net unrealized appreciation | 4,376,623 | 39,962,717 |
Net increase in net assets resulting from operations | 9,169,731 | 63,091,166 |
Distributions to shareholders from distributable earnings: | ||
Series I | — | (1,077,626) |
Series II | — | (455,498) |
Total distributions from distributable earnings | — | (1,533,124) |
Share transactions–net: | ||
Series I | (10,702,500) | (11,651,832) |
Series II | (9,315,117) | (18,867,280) |
Net increase (decrease) in net assets resulting from share transactions | (20,017,617) | (30,519,112) |
Net increase (decrease) in net assets | (10,847,886) | 31,038,930 |
Net assets: | ||
Beginning of period | 345,551,918 | 314,512,988 |
End of period | $334,704,032 | $345,551,918 |
5 | Invesco Oppenheimer V.I. International Growth Fund |
Net asset value, beginning of period | Net investment income (loss)(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c) | Ratio of net investment income (loss) to average net assets | Portfolio turnover (d) | |
Series I | ||||||||||||||
Six months ended 06/30/24 | $2.02 | $0.01 | $0.05 | $0.06 | $— | $— | $— | $2.08 | 2.97% | $183,251 | 1.00%(e) | 1.18%(e) | 0.77%(e) | 5% |
Year ended 12/31/23 | 1.68 | 0.01 | 0.34 | 0.35 | (0.01) | — | (0.01) | 2.02 | 21.06 | 188,898 | 1.00 | 1.17 | 0.35 | 15 |
Year ended 12/31/22 | 2.92 | 0.01 | (0.83) | (0.82) | — | (0.42) | (0.42) | 1.68 | (27.13) | 167,154 | 1.00 | 1.18 | 0.51 | 26 |
Year ended 12/31/21 | 2.91 | (0.00) | 0.30 | 0.30 | — | (0.29) | (0.29) | 2.92 | 10.22 | 235,425 | 1.00 | 1.13 | (0.16) | 22 |
Year ended 12/31/20 | 2.45 | (0.00) | 0.52 | 0.52 | (0.02) | (0.04) | (0.06) | 2.91 | 21.50 | 230,463 | 1.00 | 1.15 | (0.01) | 37 |
Year ended 12/31/19 | 2.03 | 0.02 | 0.54 | 0.56 | (0.02) | (0.12) | (0.14) | 2.45 | 28.60 | 221,944 | 1.00 | 1.13 | 0.91 | 51 |
Series II | ||||||||||||||
Six months ended 06/30/24 | 2.14 | 0.01 | 0.05 | 0.06 | — | — | — | 2.20 | 2.80 | 151,453 | 1.25(e) | 1.43(e) | 0.52(e) | 5 |
Year ended 12/31/23 | 1.78 | 0.00 | 0.37 | 0.37 | (0.01) | — | (0.01) | 2.14 | 20.64 | 156,654 | 1.25 | 1.42 | 0.10 | 15 |
Year ended 12/31/22 | 3.06 | 0.01 | (0.87) | (0.86) | — | (0.42) | (0.42) | 1.78 | (27.17) | 147,359 | 1.25 | 1.43 | 0.26 | 26 |
Year ended 12/31/21 | 3.04 | (0.01) | 0.32 | 0.31 | — | (0.29) | (0.29) | 3.06 | 10.12 | 208,901 | 1.25 | 1.38 | (0.41) | 22 |
Year ended 12/31/20 | 2.56 | (0.01) | 0.55 | 0.54 | (0.02) | (0.04) | (0.06) | 3.04 | 21.04 | 271,421 | 1.25 | 1.40 | (0.26) | 37 |
Year ended 12/31/19 | 2.12 | 0.02 | 0.56 | 0.58 | (0.02) | (0.12) | (0.14) | 2.56 | 27.95 | 252,753 | 1.25 | 1.38 | 0.67 | 51 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America. Total returns are not annualized for periods less than one year, if applicable and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the year ended December 31, 2019. |
(d) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(e) | Annualized. |
6 | Invesco Oppenheimer V.I. International Growth Fund |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
7 | Invesco Oppenheimer V.I. International Growth Fund |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Foreign Withholding Taxes – The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Foreign withholding tax claims on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all. |
G. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
H. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
I. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
J. | Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could |
8 | Invesco Oppenheimer V.I. International Growth Fund |
experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities. |
K. | Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
L. | Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk. |
M. | Other Risks - Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries’ economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. |
Average Daily Net Assets | Rate* |
First $250 million | 1.000% |
Next $250 million | 0.900% |
Next $500 million | 0.850% |
Over $1 billion | 0.820% |
* | The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser. |
9 | Invesco Oppenheimer V.I. International Growth Fund |
10 | Invesco Oppenheimer V.I. International Growth Fund |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Australia | $— | $10,293,993 | $— | $10,293,993 |
Canada | 19,001,360 | — | — | 19,001,360 |
Denmark | — | 20,299,434 | — | 20,299,434 |
France | — | 46,421,208 | — | 46,421,208 |
Germany | — | 15,202,023 | — | 15,202,023 |
India | — | 22,027,657 | — | 22,027,657 |
Ireland | — | 7,713,569 | — | 7,713,569 |
Japan | — | 25,998,534 | — | 25,998,534 |
Netherlands | — | 28,221,399 | — | 28,221,399 |
New Zealand | — | 2,474,974 | — | 2,474,974 |
Spain | — | 7,022,963 | — | 7,022,963 |
Sweden | — | 21,064,598 | — | 21,064,598 |
Switzerland | — | 9,383,936 | — | 9,383,936 |
Taiwan | — | 5,777,385 | — | 5,777,385 |
United Kingdom | — | 68,377,725 | — | 68,377,725 |
United States | 11,330,873 | 11,161,075 | — | 22,491,948 |
Money Market Funds | 3,200,649 | 7,109,530 | — | 10,310,179 |
Total Investments | $33,532,882 | $308,550,003 | $— | $342,082,885 |
Location of Gain on Statement of Operations | |
Currency Risk | |
Realized Gain: | |
Forward foreign currency contracts | $7,254 |
Forward Foreign Currency Contracts | |
Average notional value | $997,468 |
11 | Invesco Oppenheimer V.I. International Growth Fund |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $158,409,944 |
Aggregate unrealized (depreciation) of investments | (7,945,255) |
Net unrealized appreciation of investments | $150,464,689 |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 2,830,396 | $5,859,022 | 9,587,520 | $17,526,213 | |
Series II | 2,262,784 | 4,956,498 | 10,494,130 | 20,716,108 | |
Issued as reinvestment of dividends: | |||||
Series I | - | - | 653,107 | 1,077,626 | |
Series II | - | - | 260,284 | 455,498 | |
Reacquired: | |||||
Series I | (8,136,076) | (16,561,522) | (16,236,526) | (30,255,671) | |
Series II | (6,569,884) | (14,271,615) | (20,440,720) | (40,038,886) | |
Net increase (decrease) in share activity | (9,612,780) | $(20,017,617) | (15,682,205) | $(30,519,112) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 75% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
12 | Invesco Oppenheimer V.I. International Growth Fund |
13 | Invesco Oppenheimer V.I. International Growth Fund |
14 | Invesco Oppenheimer V.I. International Growth Fund |
15 | Invesco Oppenheimer V.I. International Growth Fund |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
16 | Invesco Oppenheimer V.I. International Growth Fund |
17 | Invesco Oppenheimer V.I. International Growth Fund |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/img30d8c75e1.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | VK-VIAMFR-NCSRS |
Shares | Value | ||
Common Stocks & Other Equity Interests–100.33% | |||
Advertising–1.21% | |||
Trade Desk, Inc. (The), Class A(b) | 104,951 | $10,250,564 | |
Aerospace & Defense–1.15% | |||
Airbus SE (France) | 17,850 | 2,449,853 | |
TransDigm Group, Inc. | 5,712 | 7,297,708 | |
9,747,561 | |||
Application Software–2.32% | |||
Cadence Design Systems, Inc.(b) | 41,256 | 12,696,534 | |
HubSpot, Inc.(b) | 11,801 | 6,960,112 | |
19,656,646 | |||
Asset Management & Custody Banks–3.54% | |||
Blackstone, Inc., Class A | 76,440 | 9,463,272 | |
KKR & Co., Inc., Class A(c) | 195,441 | 20,568,211 | |
30,031,483 | |||
Automotive Retail–0.57% | |||
O’Reilly Automotive, Inc.(b) | 4,567 | 4,823,026 | |
Biotechnology–1.03% | |||
Regeneron Pharmaceuticals, Inc.(b) | 8,336 | 8,761,386 | |
Broadline Retail–8.45% | |||
Amazon.com, Inc.(b) | 343,786 | 66,436,645 | |
MercadoLibre, Inc. (Brazil)(b) | 3,191 | 5,244,089 | |
71,680,734 | |||
Communications Equipment–1.81% | |||
Arista Networks, Inc.(b) | 43,691 | 15,312,822 | |
Construction Machinery & Heavy Transportation Equipment– 0.63% | |||
Wabtec Corp. | 33,656 | 5,319,331 | |
Construction Materials–0.58% | |||
Martin Marietta Materials, Inc. | 9,068 | 4,913,042 | |
Consumer Staples Merchandise Retail–0.54% | |||
Costco Wholesale Corp.(c) | 5,348 | 4,545,747 | |
Diversified Financial Services–0.20% | |||
Apollo Global Management, Inc. | 14,552 | 1,718,155 | |
Diversified Metals & Mining–0.47% | |||
Teck Resources Ltd., Class B (Canada) | 83,159 | 3,983,316 | |
Diversified Support Services–0.64% | |||
Cintas Corp. | 7,739 | 5,419,312 | |
Electrical Components & Equipment–2.15% | |||
Eaton Corp. PLC | 25,729 | 8,067,328 | |
Vertiv Holdings Co., Class A | 117,556 | 10,176,823 | |
18,244,151 | |||
Financial Exchanges & Data–1.72% | |||
S&P Global, Inc. | 32,743 | 14,603,378 |
Shares | Value | ||
Food Distributors–0.58% | |||
US Foods Holding Corp.(b) | 93,530 | $4,955,219 | |
Health Care Equipment–4.86% | |||
Boston Scientific Corp.(b) | 55,960 | 4,309,480 | |
DexCom, Inc.(b) | 64,968 | 7,366,072 | |
Edwards Lifesciences Corp.(b) | 84,451 | 7,800,739 | |
IDEXX Laboratories, Inc.(b) | 6,370 | 3,103,464 | |
Intuitive Surgical, Inc.(b) | 42,005 | 18,685,924 | |
41,265,679 | |||
Home Improvement Retail–1.10% | |||
Lowe’s Cos., Inc. | 42,402 | 9,347,945 | |
Hotels, Resorts & Cruise Lines–1.41% | |||
Booking Holdings, Inc. | 3,013 | 11,935,999 | |
Industrial Machinery & Supplies & Components–0.63% | |||
Parker-Hannifin Corp. | 10,518 | 5,320,110 | |
Integrated Oil & Gas–1.13% | |||
Suncor Energy, Inc. (Canada) | 252,655 | 9,626,155 | |
Interactive Home Entertainment–1.15% | |||
Nintendo Co. Ltd. (Japan) | 76,400 | 4,079,877 | |
Take-Two Interactive Software, Inc.(b) | 36,669 | 5,701,663 | |
9,781,540 | |||
Interactive Media & Services–9.67% | |||
Alphabet, Inc., Class A | 257,006 | 46,813,643 | |
Meta Platforms, Inc., Class A | 69,893 | 35,241,448 | |
82,055,091 | |||
Life Sciences Tools & Services–1.08% | |||
Danaher Corp. | 36,668 | 9,161,500 | |
Movies & Entertainment–2.33% | |||
Netflix, Inc.(b) | 23,218 | 15,669,364 | |
Spotify Technology S.A. (Sweden)(b) | 13,039 | 4,091,508 | |
19,760,872 | |||
Oil & Gas Equipment & Services–0.10% | |||
Schlumberger N.V. | 18,780 | 886,040 | |
Passenger Ground Transportation–1.29% | |||
Uber Technologies, Inc.(b) | 150,215 | 10,917,626 | |
Pharmaceuticals–3.07% | |||
Eli Lilly and Co. | 28,744 | 26,024,243 | |
Semiconductor Materials & Equipment–2.54% | |||
ASML Holding N.V., New York Shares (Netherlands) | 12,086 | 12,360,715 | |
Lam Research Corp. | 8,619 | 9,177,942 | |
21,538,657 | |||
Semiconductors–19.10% | |||
Advanced Micro Devices, Inc.(b) | 85,899 | 13,933,677 | |
Broadcom, Inc. | 16,592 | 26,638,954 | |
Microchip Technology, Inc. | 95,284 | 8,718,486 | |
Micron Technology, Inc. | 43,980 | 5,784,689 |
2 | Invesco V.I. American Franchise Fund |
Shares | Value | ||
Semiconductors–(continued) | |||
Monolithic Power Systems, Inc. | 13,878 | $11,403,275 | |
NVIDIA Corp. | 772,907 | 95,484,931 | |
161,964,012 | |||
Systems Software–11.82% | |||
Microsoft Corp. | 199,775 | 89,289,436 | |
ServiceNow, Inc.(b) | 13,957 | 10,979,553 | |
100,268,989 | |||
Technology Hardware, Storage & Peripherals–7.42% | |||
Apple, Inc. | 298,871 | 62,948,210 | |
Trading Companies & Distributors–0.52% | |||
United Rentals, Inc.(c) | 6,770 | 4,378,362 | |
Transaction & Payment Processing Services–3.52% | |||
Fiserv, Inc.(b) | 27,014 | 4,026,167 | |
Visa, Inc., Class A(c) | 98,367 | 25,818,386 | |
29,844,553 | |||
Total Common Stocks & Other Equity Interests (Cost $385,452,103) | 850,991,456 | ||
Money Market Funds–0.08% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(d)(e) | 244,519 | 244,519 |
Shares | Value | ||
Money Market Funds–(continued) | |||
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(d)(e) | 173,309 | $173,361 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(d)(e) | 279,450 | 279,450 | |
Total Money Market Funds (Cost $697,304) | 697,330 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.41% (Cost $386,149,407) | 851,688,786 | ||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–3.84% | |||
Invesco Private Government Fund, 5.31%(d)(e)(f) | 5,554,181 | 5,554,181 | |
Invesco Private Prime Fund, 5.48%(d)(e)(f) | 26,943,496 | 26,951,579 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $32,505,760) | 32,505,760 | ||
TOTAL INVESTMENTS IN SECURITIES–104.25% (Cost $418,655,167) | 884,194,546 | ||
OTHER ASSETS LESS LIABILITIES—(4.25)% | (36,015,770) | ||
NET ASSETS–100.00% | $848,178,776 |
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at June 30, 2024. |
(d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $1,408,120 | $22,576,956 | $(23,740,557) | $- | $- | $244,519 | $43,420 |
Invesco Liquid Assets Portfolio, Institutional Class | 1,005,025 | 16,126,397 | (16,957,540) | (315) | (206) | 173,361 | 32,052 |
Invesco Treasury Portfolio, Institutional Class | 1,609,279 | 25,802,236 | (27,132,065) | - | - | 279,450 | 49,497 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | 25,289,337 | 169,391,702 | (189,126,858) | - | - | 5,554,181 | 449,720* |
Invesco Private Prime Fund | 65,029,725 | 366,538,409 | (404,596,654) | (2,994) | (16,907) | 26,951,579 | 1,201,199* |
Total | $94,341,486 | $600,435,700 | $(661,553,674) | $(3,309) | $(17,113) | $33,203,090 | $1,775,888 |
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I. |
3 | Invesco V.I. American Franchise Fund |
Assets: | |
Investments in unaffiliated securities, at value (Cost $385,452,103)* | $850,991,456 |
Investments in affiliated money market funds, at value (Cost $33,203,064) | 33,203,090 |
Cash | 104,123 |
Foreign currencies, at value (Cost $66,406) | 67,102 |
Receivable for: | |
Investments sold | 2,084,567 |
Fund shares sold | 65,877 |
Dividends | 139,171 |
Investment for trustee deferred compensation and retirement plans | 209,092 |
Other assets | 966 |
Total assets | 886,865,444 |
Liabilities: | |
Payable for: | |
Fund shares reacquired | 5,491,651 |
Accrued foreign taxes | 14,957 |
Collateral upon return of securities loaned | 32,505,760 |
Accrued fees to affiliates | 435,180 |
Accrued other operating expenses | 21,182 |
Trustee deferred compensation and retirement plans | 217,938 |
Total liabilities | 38,686,668 |
Net assets applicable to shares outstanding | $848,178,776 |
Net assets consist of: | |
Shares of beneficial interest | $346,422,630 |
Distributable earnings | 501,756,146 |
$848,178,776 | |
Net Assets: | |
Series I | $555,366,226 |
Series II | $292,812,550 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 7,669,951 |
Series II | 4,486,287 |
Series I: | |
Net asset value per share | $72.41 |
Series II: | |
Net asset value per share | $65.27 |
* | At June 30, 2024, securities with an aggregate value of $31,606,165 were on loan to brokers. |
Investment income: | |
Dividends (net of foreign withholding taxes of $57,003) | $2,023,192 |
Dividends from affiliated money market funds (includes net securities lending income of $51,420) | 176,389 |
Total investment income | 2,199,581 |
Expenses: | |
Advisory fees | 2,659,123 |
Administrative services fees | 653,243 |
Custodian fees | 5,625 |
Distribution fees - Series II | 343,139 |
Transfer agent fees | 17,467 |
Trustees’ and officers’ fees and benefits | 12,053 |
Reports to shareholders | 63,659 |
Professional services fees | 24,185 |
Other | 2,102 |
Total expenses | 3,780,596 |
Less: Fees waived | (2,565) |
Net expenses | 3,778,031 |
Net investment income (loss) | (1,578,450) |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | 47,237,554 |
Affiliated investment securities | (17,113) |
Foreign currencies | (4,469) |
47,215,972 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | 116,486,481 |
Affiliated investment securities | (3,309) |
Foreign currencies | (1,531) |
116,481,641 | |
Net realized and unrealized gain | 163,697,613 |
Net increase in net assets resulting from operations | $162,119,163 |
4 | Invesco V.I. American Franchise Fund |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income (loss) | $(1,578,450) | $(1,125,066) |
Net realized gain | 47,215,972 | 1,678,351 |
Change in net unrealized appreciation | 116,481,641 | 218,937,095 |
Net increase in net assets resulting from operations | 162,119,163 | 219,490,380 |
Distributions to shareholders from distributable earnings: | ||
Series I | — | (9,544,532) |
Series II | — | (5,353,524) |
Total distributions from distributable earnings | — | (14,898,056) |
Share transactions–net: | ||
Series I | (29,378,217) | (28,987,706) |
Series II | (9,917,057) | (8,537,255) |
Net increase (decrease) in net assets resulting from share transactions | (39,295,274) | (37,524,961) |
Net increase in net assets | 122,823,889 | 167,067,363 |
Net assets: | ||
Beginning of period | 725,354,887 | 558,287,524 |
End of period | $848,178,776 | $725,354,887 |
5 | Invesco V.I. American Franchise Fund |
Net asset value, beginning of period | Net investment income (loss)(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Ratio of net investment income (loss) to average net assets | Portfolio turnover (c) | |
Series I | ||||||||||||||
Six months ended 06/30/24 | $58.96 | $(0.10) | $13.55 | $13.45 | $— | $— | $— | $72.41 | 22.81% | $555,366 | 0.86%(d) | 0.86%(d) | (0.31)%(d) | 25% |
Year ended 12/31/23 | 42.84 | (0.05) | 17.35 | 17.30 | — | (1.18) | (1.18) | 58.96 | 40.93 | 478,288 | 0.86 | 0.86 | (0.09) | 63 |
Year ended 12/31/22 | 88.63 | (0.03) | (27.15) | (27.18) | — | (18.61) | (18.61) | 42.84 | (31.11) | 371,020 | 0.86 | 0.86 | (0.05) | 108 |
Year ended 12/31/21 | 89.10 | (0.39) | 11.37 | 10.98 | — | (11.45) | (11.45) | 88.63 | 11.92 | 591,907 | 0.86 | 0.86 | (0.41) | 68 |
Year ended 12/31/20 | 67.15 | (0.13) | 28.00 | 27.87 | (0.06) | (5.86) | (5.92) | 89.10 | 42.35 | 611,334 | 0.86 | 0.86 | (0.18) | 54 |
Year ended 12/31/19 | 57.15 | 0.10 | 19.86 | 19.96 | — | (9.96) | (9.96) | 67.15 | 36.76 | 490,366 | 0.86 | 0.87 | 0.15 | 40 |
Series II | ||||||||||||||
Six months ended 06/30/24 | 53.21 | (0.17) | 12.23 | 12.06 | — | — | — | 65.27 | 22.66 | 292,813 | 1.11(d) | 1.11(d) | (0.56)(d) | 25 |
Year ended 12/31/23 | 38.85 | (0.16) | 15.70 | 15.54 | — | (1.18) | (1.18) | 53.21 | 40.60 | 247,067 | 1.11 | 1.11 | (0.34) | 63 |
Year ended 12/31/22 | 83.04 | (0.18) | (25.40) | (25.58) | — | (18.61) | (18.61) | 38.85 | (31.30) | 187,267 | 1.11 | 1.11 | (0.30) | 108 |
Year ended 12/31/21 | 84.31 | (0.59) | 10.77 | 10.18 | — | (11.45) | (11.45) | 83.04 | 11.65 | 254,909 | 1.11 | 1.11 | (0.66) | 68 |
Year ended 12/31/20 | 63.90 | (0.31) | 26.58 | 26.27 | — | (5.86) | (5.86) | 84.31 | 41.99 | 218,808 | 1.11 | 1.11 | (0.43) | 54 |
Year ended 12/31/19 | 54.90 | (0.07) | 19.03 | 18.96 | — | (9.96) | (9.96) | 63.90 | 36.43 | 162,221 | 1.11 | 1.12 | (0.10) | 40 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Annualized. |
6 | Invesco V.I. American Franchise Fund |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
7 | Invesco V.I. American Franchise Fund |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities. |
8 | Invesco V.I. American Franchise Fund |
J. | Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
K. | Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk. |
L. | Other Risks – The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly. |
Average Daily Net Assets | Rate |
First $250 million | 0.695% |
Next $250 million | 0.670% |
Next $500 million | 0.645% |
Next $550 million | 0.620% |
Next $3.45 billion | 0.600% |
Next $250 million | 0.595% |
Next $2.25 billion | 0.570% |
Next $2.5 billion | 0.545% |
Over $10 billion | 0.520% |
9 | Invesco V.I. American Franchise Fund |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Common Stocks & Other Equity Interests | $844,461,726 | $6,529,730 | $— | $850,991,456 |
Money Market Funds | 697,330 | 32,505,760 | — | 33,203,090 |
Total Investments | $845,159,056 | $39,035,490 | $— | $884,194,546 |
10 | Invesco V.I. American Franchise Fund |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $462,618,825 |
Aggregate unrealized (depreciation) of investments | (3,148,250) |
Net unrealized appreciation of investments | $459,470,575 |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 190,323 | $12,593,545 | 383,509 | $19,833,437 | |
Series II | 240,132 | 14,388,635 | 400,913 | 19,137,248 | |
Issued as reinvestment of dividends: | |||||
Series I | - | - | 193,014 | 9,544,532 | |
Series II | - | - | 119,900 | 5,353,524 | |
Reacquired: | |||||
Series I | (632,643) | (41,971,762) | (1,125,807) | (58,365,675) | |
Series II | (396,991) | (24,305,692) | (697,492) | (33,028,027) | |
Net increase (decrease) in share activity | (599,179) | $(39,295,274) | (725,963) | $(37,524,961) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 36% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
11 | Invesco V.I. American Franchise Fund |
A. | Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers |
B. | Fund Investment Performance |
12 | Invesco V.I. American Franchise Fund |
C. | Advisory and Sub-Advisory Fees and Fund Expenses |
D. | Economies of Scale and Breakpoints |
E. | Profitability and Financial Resources |
F. | Collateral Benefits to Invesco Advisers and its Affiliates |
13 | Invesco V.I. American Franchise Fund |
14 | Invesco V.I. American Franchise Fund |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
15 | Invesco V.I. American Franchise Fund |
16 | Invesco V.I. American Franchise Fund |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/imgb79310761.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | VK-VIAMVA-NCSRS |
Shares | Value | ||
Common Stocks & Other Equity Interests–98.11% | |||
Aerospace & Defense–2.17% | |||
Leonardo S.p.A. (Italy) | 319,400 | $7,400,121 | |
Agricultural & Farm Machinery–0.48% | |||
AGCO Corp. | 16,800 | 1,644,384 | |
Automotive Parts & Equipment–0.88% | |||
Dana, Inc. | 247,500 | 2,999,700 | |
Biotechnology–1.89% | |||
Amicus Therapeutics, Inc.(b)(c) | 102,000 | 1,011,840 | |
Apellis Pharmaceuticals, Inc.(b) | 22,400 | 859,264 | |
Ascendis Pharma A/S, ADR (Denmark)(b) | 8,000 | 1,091,040 | |
Ionis Pharmaceuticals, Inc.(b) | 28,100 | 1,339,246 | |
Neurocrine Biosciences, Inc.(b) | 8,500 | 1,170,195 | |
Ultragenyx Pharmaceutical, Inc.(b) | 24,000 | 986,400 | |
6,457,985 | |||
Coal & Consumable Fuels–0.85% | |||
Cameco Corp. (Canada) | 58,777 | 2,891,828 | |
Communications Equipment–3.39% | |||
Lumentum Holdings, Inc.(b)(c) | 227,134 | 11,565,663 | |
Construction & Engineering–4.12% | |||
AECOM | 61,587 | 5,428,278 | |
MasTec, Inc.(b)(c) | 80,900 | 8,655,491 | |
14,083,769 | |||
Construction Machinery & Heavy Transportation Equipment– 1.19% | |||
Oshkosh Corp. | 37,659 | 4,074,704 | |
Copper–2.39% | |||
Freeport-McMoRan, Inc. | 168,100 | 8,169,660 | |
Diversified Banks–1.74% | |||
U.S. Bancorp | 149,500 | 5,935,150 | |
Diversified Chemicals–1.14% | |||
Huntsman Corp. | 171,300 | 3,900,501 | |
Diversified Metals & Mining–3.00% | |||
Anglo American PLC (South Africa) | 107,600 | 3,400,211 | |
Teck Resources Ltd., Class B (Canada) | 143,300 | 6,864,070 | |
10,264,281 | |||
Electric Utilities–3.38% | |||
NRG Energy, Inc. | 148,300 | 11,546,638 | |
Electrical Components & Equipment–3.66% | |||
Vertiv Holdings Co., Class A | 144,482 | 12,507,807 | |
Electronic Components–4.06% | |||
Coherent Corp.(b)(c) | 191,413 | 13,869,786 | |
Electronic Manufacturing Services–0.70% | |||
Flex Ltd.(b) | 81,511 | 2,403,759 |
Shares | Value | ||
Fertilizers & Agricultural Chemicals–1.05% | |||
Corteva, Inc.(c) | 66,700 | $3,597,798 | |
Food Distributors–2.35% | |||
Performance Food Group Co.(b) | 70,017 | 4,628,824 | |
US Foods Holding Corp.(b) | 64,221 | 3,402,429 | |
8,031,253 | |||
Gold–1.94% | |||
Agnico Eagle Mines Ltd. (Canada) | 101,226 | 6,620,180 | |
Health Care Distributors–1.36% | |||
Henry Schein, Inc.(b)(c) | 72,700 | 4,660,070 | |
Health Care Services–0.38% | |||
Fresenius Medical Care AG (Germany) | 33,840 | 1,293,255 | |
Hotels, Resorts & Cruise Lines–3.35% | |||
Expedia Group, Inc.(b) | 75,800 | 9,550,042 | |
Travel + Leisure Co. | 42,041 | 1,891,004 | |
11,441,046 | |||
Household Products–1.69% | |||
Spectrum Brands Holdings, Inc. | 67,300 | 5,783,089 | |
Human Resource & Employment Services–0.76% | |||
ManpowerGroup, Inc. | 36,949 | 2,579,040 | |
Independent Power Producers & Energy Traders–2.36% | |||
Vistra Corp. | 93,600 | 8,047,728 | |
Industrial Machinery & Supplies & Components–1.41% | |||
Chart Industries, Inc.(b)(c) | 33,400 | 4,820,956 | |
Insurance Brokers–1.94% | |||
Willis Towers Watson PLC | 25,300 | 6,632,142 | |
Integrated Oil & Gas–1.51% | |||
Cenovus Energy, Inc. (Canada) | 263,200 | 5,174,512 | |
Investment Banking & Brokerage–1.68% | |||
Goldman Sachs Group, Inc. (The) | 12,700 | 5,744,464 | |
IT Consulting & Other Services–1.67% | |||
EPAM Systems, Inc.(b) | 30,300 | 5,699,733 | |
Life & Health Insurance–2.04% | |||
Globe Life, Inc.(c) | 84,500 | 6,952,660 | |
Life Sciences Tools & Services–2.16% | |||
Avantor, Inc.(b) | 347,300 | 7,362,760 | |
Managed Health Care–3.76% | |||
Centene Corp.(b) | 127,738 | 8,469,030 | |
Molina Healthcare, Inc.(b) | 14,700 | 4,370,310 | |
12,839,340 | |||
Oil & Gas Exploration & Production–6.62% | |||
Antero Resources Corp.(b)(c) | 77,200 | 2,519,036 | |
APA Corp.(c) | 141,900 | 4,177,536 | |
ARC Resources Ltd. (Canada) | 308,200 | 5,499,187 | |
EQT Corp.(c) | 94,700 | 3,502,006 |
2 | Invesco V.I. American Value Fund |
Shares | Value | ||
Oil & Gas Exploration & Production–(continued) | |||
Murphy Oil Corp. | 58,800 | $2,424,912 | |
Southwestern Energy Co.(b) | 667,600 | 4,492,948 | |
22,615,625 | |||
Oil & Gas Refining & Marketing–0.83% | |||
Phillips 66 | 20,100 | 2,837,517 | |
Oil & Gas Storage & Transportation–0.99% | |||
New Fortress Energy, Inc.(c) | 154,037 | 3,385,733 | |
Paper & Plastic Packaging Products & Materials–0.73% | |||
Sealed Air Corp.(c) | 71,800 | 2,497,922 | |
Pharmaceuticals–0.75% | |||
Axsome Therapeutics, Inc.(b)(c) | 16,800 | 1,352,400 | |
Intra-Cellular Therapies, Inc.(b) | 17,900 | 1,225,971 | |
2,578,371 | |||
Regional Banks–7.90% | |||
Huntington Bancshares, Inc. | 602,550 | 7,941,609 | |
Pinnacle Financial Partners, Inc. | 78,600 | 6,291,144 | |
Webster Financial Corp. | 115,200 | 5,021,568 | |
Western Alliance Bancorporation | 123,200 | 7,739,424 | |
26,993,745 | |||
Research & Consulting Services–4.13% | |||
Jacobs Solutions, Inc. | 42,900 | 5,993,559 | |
KBR, Inc. | 126,300 | 8,100,882 | |
14,094,441 | |||
Semiconductor Materials & Equipment–2.16% | |||
MKS Instruments, Inc.(c) | 56,468 | 7,373,592 | |
Silver–1.37% | |||
Pan American Silver Corp. (Canada) | 235,688 | 4,685,478 | |
Trading Companies & Distributors–3.05% | |||
Air Lease Corp., Class A(c) | 123,200 | 5,855,696 |
Shares | Value | ||
Trading Companies & Distributors–(continued) | |||
WESCO International, Inc. | 28,800 | $4,565,376 | |
10,421,072 | |||
Transaction & Payment Processing Services–3.13% | |||
Fidelity National Information Services, Inc.(c) | 142,000 | 10,701,120 | |
Total Common Stocks & Other Equity Interests (Cost $268,534,294) | 335,180,378 | ||
Money Market Funds–1.85% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(d)(e) | 2,194,782 | 2,194,782 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(d)(e) | 1,610,643 | 1,611,126 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(d)(e) | 2,508,322 | 2,508,322 | |
Total Money Market Funds (Cost $6,314,145) | 6,314,230 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.96% (Cost $274,848,439) | 341,494,608 | ||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–15.80% | |||
Invesco Private Government Fund, 5.31%(d)(e)(f) | 15,108,537 | 15,108,537 | |
Invesco Private Prime Fund, 5.48%(d)(e)(f) | 38,837,944 | 38,849,595 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $53,958,132) | 53,958,132 | ||
TOTAL INVESTMENTS IN SECURITIES–115.76% (Cost $328,806,571) | 395,452,740 | ||
OTHER ASSETS LESS LIABILITIES—(15.76)% | (53,825,814) | ||
NET ASSETS–100.00% | $341,626,926 |
ADR | – American Depositary Receipt |
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at June 30, 2024. |
(d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $2,697,387 | $17,549,422 | $(18,052,027) | $- | $- | $2,194,782 | $47,267 |
Invesco Liquid Assets Portfolio, Institutional Class | 1,970,622 | 12,535,300 | (12,894,304) | (606) | 114 | 1,611,126 | 36,365 |
Invesco Treasury Portfolio, Institutional Class | 3,082,729 | 20,056,481 | (20,630,888) | - | - | 2,508,322 | 53,898 |
3 | Invesco V.I. American Value Fund |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | $12,457,105 | $107,176,706 | $(104,525,274) | $- | $- | $15,108,537 | $323,507* |
Invesco Private Prime Fund | 33,085,360 | 227,590,527 | (221,814,557) | (5,972) | (5,763) | 38,849,595 | 862,522* |
Total | $53,293,203 | $384,908,436 | $(377,917,050) | $(6,578) | $(5,649) | $60,272,362 | $1,323,559 |
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I. |
Open Forward Foreign Currency Contracts | ||||||
Settlement Date | Counterparty | Contract to | Unrealized Appreciation (Depreciation) | |||
Deliver | Receive | |||||
Currency Risk | ||||||
07/19/2024 | Barclays Bank PLC | USD | 543,391 | EUR | 507,024 | $38 |
07/19/2024 | Citibank, N.A. | GBP | 2,688,439 | USD | 3,418,843 | 20,048 |
07/19/2024 | Merrill Lynch International | EUR | 9,015,486 | USD | 9,701,159 | 38,343 |
Subtotal—Appreciation | 58,429 | |||||
Currency Risk | ||||||
07/19/2024 | J.P. Morgan Chase Bank, N.A. | GBP | 154,366 | USD | 194,793 | (361) |
07/19/2024 | J.P. Morgan Chase Bank, N.A. | USD | 167,888 | GBP | 131,165 | (2,065) |
Subtotal—Depreciation | (2,426) | |||||
Total Forward Foreign Currency Contracts | $56,003 |
Abbreviations: | |
EUR | – Euro |
GBP | – British Pound Sterling |
USD | – U.S. Dollar |
4 | Invesco V.I. American Value Fund |
Assets: | |
Investments in unaffiliated securities, at value (Cost $268,534,294)* | $335,180,378 |
Investments in affiliated money market funds, at value (Cost $60,272,277) | 60,272,362 |
Other investments: | |
Unrealized appreciation on forward foreign currency contracts outstanding | 58,429 |
Cash | 11,545 |
Foreign currencies, at value (Cost $81,705) | 81,694 |
Receivable for: | |
Fund shares sold | 21,584 |
Dividends | 380,672 |
Investment for trustee deferred compensation and retirement plans | 95,039 |
Total assets | 396,101,703 |
Liabilities: | |
Other investments: | |
Unrealized depreciation on forward foreign currency contracts outstanding | 2,426 |
Payable for: | |
Fund shares reacquired | 181,960 |
Collateral upon return of securities loaned | 53,958,132 |
Accrued fees to affiliates | 194,088 |
Accrued other operating expenses | 35,926 |
Trustee deferred compensation and retirement plans | 102,245 |
Total liabilities | 54,474,777 |
Net assets applicable to shares outstanding | $341,626,926 |
Net assets consist of: | |
Shares of beneficial interest | $248,093,979 |
Distributable earnings | 93,532,947 |
$341,626,926 | |
Net Assets: | |
Series I | $156,725,087 |
Series II | $184,901,839 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 9,990,527 |
Series II | 12,014,007 |
Series I: | |
Net asset value per share | $15.69 |
Series II: | |
Net asset value per share | $15.39 |
* | At June 30, 2024, securities with an aggregate value of $53,469,775 were on loan to brokers. |
Investment income: | |
Dividends (net of foreign withholding taxes of $71,533) | $2,331,293 |
Dividends from affiliated money market funds (includes net securities lending income of $29,274) | 166,804 |
Total investment income | 2,498,097 |
Expenses: | |
Advisory fees | 1,177,906 |
Administrative services fees | 280,258 |
Custodian fees | 4,506 |
Distribution fees - Series II | 233,546 |
Transfer agent fees | 8,014 |
Trustees’ and officers’ fees and benefits | 10,599 |
Reports to shareholders | 56,060 |
Professional services fees | 23,503 |
Other | 775 |
Total expenses | 1,795,167 |
Less: Fees waived | (2,941) |
Net expenses | 1,792,226 |
Net investment income | 705,871 |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | 20,283,566 |
Affiliated investment securities | (5,649) |
Foreign currencies | 883 |
Forward foreign currency contracts | 53,710 |
20,332,510 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | 17,908,105 |
Affiliated investment securities | (6,578) |
Foreign currencies | (1,318) |
Forward foreign currency contracts | 307,769 |
18,207,978 | |
Net realized and unrealized gain | 38,540,488 |
Net increase in net assets resulting from operations | $39,246,359 |
5 | Invesco V.I. American Value Fund |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income | $705,871 | $2,868,679 |
Net realized gain | 20,332,510 | 5,197,602 |
Change in net unrealized appreciation | 18,207,978 | 35,680,316 |
Net increase in net assets resulting from operations | 39,246,359 | 43,746,597 |
Distributions to shareholders from distributable earnings: | ||
Series I | — | (30,472,151) |
Series II | — | (36,106,345) |
Total distributions from distributable earnings | — | (66,578,496) |
Share transactions–net: | ||
Series I | (11,953,143) | 13,458,750 |
Series II | (19,167,728) | 13,246,221 |
Net increase (decrease) in net assets resulting from share transactions | (31,120,871) | 26,704,971 |
Net increase in net assets | 8,125,488 | 3,873,072 |
Net assets: | ||
Beginning of period | 333,501,438 | 329,628,366 |
End of period | $341,626,926 | $333,501,438 |
6 | Invesco V.I. American Value Fund |
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Ratio of net investment income to average net assets | Portfolio turnover (c) | |
Series I | ||||||||||||||
Six months ended 06/30/24 | $13.98 | $0.04 | $1.67 | $1.71 | $— | $— | $— | $15.69 | 12.23% | $156,725 | 0.91%(d) | 0.91%(d) | 0.55%(d) | 17% |
Year ended 12/31/23 | 15.70 | 0.16 | 1.70 | 1.86 | (0.11) | (3.47) | (3.58) | 13.98 | 15.60 | 150,857 | 0.89 | 0.89 | 1.05 | 60 |
Year ended 12/31/22 | 20.13 | 0.18 | (0.89) | (0.71) | (0.15) | (3.57) | (3.72) | 15.70 | (2.61) | 147,248 | 0.89 | 0.89 | 0.97 | 139 |
Year ended 12/31/21 | 15.80 | 0.13 | 4.28 | 4.41 | (0.08) | — | (0.08) | 20.13 | 27.95 | 160,576 | 0.89 | 0.89 | 0.69 | 82 |
Year ended 12/31/20 | 15.92 | 0.10 | 0.04 | 0.14 | (0.13) | (0.13) | (0.26) | 15.80 | 1.12 | 73,098 | 0.93 | 0.93 | 0.74 | 59 |
Year ended 12/31/19 | 13.86 | 0.12 | 3.24 | 3.36 | (0.11) | (1.19) | (1.30) | 15.92 | 25.03 | 84,799 | 0.92 | 0.92 | 0.78 | 68 |
Series II | ||||||||||||||
Six months ended 06/30/24 | 13.73 | 0.02 | 1.64 | 1.66 | — | — | — | 15.39 | 12.09 | 184,902 | 1.16(d) | 1.16(d) | 0.30(d) | 17 |
Year ended 12/31/23 | 15.48 | 0.12 | 1.66 | 1.78 | (0.06) | (3.47) | (3.53) | 13.73 | 15.29 | 182,645 | 1.14 | 1.14 | 0.80 | 60 |
Year ended 12/31/22 | 19.89 | 0.13 | (0.88) | (0.75) | (0.09) | (3.57) | (3.66) | 15.48 | (2.86) | 182,381 | 1.14 | 1.14 | 0.72 | 139 |
Year ended 12/31/21 | 15.62 | 0.08 | 4.23 | 4.31 | (0.04) | — | (0.04) | 19.89 | 27.62 | 214,210 | 1.14 | 1.14 | 0.44 | 82 |
Year ended 12/31/20 | 15.74 | 0.07 | 0.03 | 0.10 | (0.09) | (0.13) | (0.22) | 15.62 | 0.86 | 167,974 | 1.18 | 1.18 | 0.49 | 59 |
Year ended 12/31/19 | 13.71 | 0.08 | 3.21 | 3.29 | (0.07) | (1.19) | (1.26) | 15.74 | 24.71 | 233,890 | 1.17 | 1.17 | 0.53 | 68 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended December 31, 2021, the portfolio turnover calculation excludes the value of securities purchased of $61,601,599 in connection with the acquisition of Invesco V.I. Value Opportunities Fund into the Fund. |
(d) | Annualized. |
7 | Invesco V.I. American Value Fund |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
8 | Invesco V.I. American Value Fund |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities. |
9 | Invesco V.I. American Value Fund |
J. | Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
K. | Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk. |
L. | Other Risks - Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability. |
Average Daily Net Assets | Rate |
First $250 million | 0.695% |
Next $250 million | 0.670% |
Next $500 million | 0.645% |
Next $1.5 billion | 0.620% |
Next $2.5 billion | 0.595% |
Next $2.5 billion | 0.570% |
Next $2.5 billion | 0.545% |
Over $10 billion | 0.520% |
10 | Invesco V.I. American Value Fund |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Common Stocks & Other Equity Interests | $323,086,791 | $12,093,587 | $— | $335,180,378 |
Money Market Funds | 6,314,230 | 53,958,132 | — | 60,272,362 |
Total Investments in Securities | 329,401,021 | 66,051,719 | — | 395,452,740 |
Other Investments - Assets* | ||||
Forward Foreign Currency Contracts | — | 58,429 | — | 58,429 |
Other Investments - Liabilities* | ||||
Forward Foreign Currency Contracts | — | (2,426) | — | (2,426) |
Total Other Investments | — | 56,003 | — | 56,003 |
Total Investments | $329,401,021 | $66,107,722 | $— | $395,508,743 |
* | Unrealized appreciation (depreciation). |
11 | Invesco V.I. American Value Fund |
Value | |
Derivative Assets | Currency Risk |
Unrealized appreciation on forward foreign currency contracts outstanding | $58,429 |
Derivatives not subject to master netting agreements | — |
Total Derivative Assets subject to master netting agreements | $58,429 |
Value | |
Derivative Liabilities | Currency Risk |
Unrealized depreciation on forward foreign currency contracts outstanding | $(2,426) |
Derivatives not subject to master netting agreements | — |
Total Derivative Liabilities subject to master netting agreements | $(2,426) |
Financial Derivative Assets | Financial Derivative Liabilities | Collateral (Received)/Pledged | |||||
Counterparty | Forward Foreign Currency Contracts | Forward Foreign Currency Contracts | Net Value of Derivatives | Non-Cash | Cash | Net Amount | |
Barclays Bank PLC | $38 | $− | $38 | $— | $— | $38 | |
Citibank, N.A. | 20,048 | − | 20,048 | — | — | 20,048 | |
J.P. Morgan Chase Bank, N.A. | − | (2,426) | (2,426) | — | — | (2,426) | |
Merrill Lynch International | 38,343 | − | 38,343 | — | — | 38,343 | |
Total | $58,429 | $(2,426) | $56,003 | $— | $— | $56,003 |
Location of Gain on Statement of Operations | |
Currency Risk | |
Realized Gain: | |
Forward foreign currency contracts | $53,710 |
Change in Net Unrealized Appreciation: | |
Forward foreign currency contracts | 307,769 |
Total | $361,479 |
Forward Foreign Currency Contracts | |
Average notional value | $13,532,455 |
12 | Invesco V.I. American Value Fund |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $73,121,611 |
Aggregate unrealized (depreciation) of investments | (11,328,199) |
Net unrealized appreciation of investments | $61,793,412 |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 221,317 | $3,326,392 | 593,833 | $9,101,305 | |
Series II | 300,248 | 4,533,919 | 3,061,550 | 44,280,681 | |
Issued as reinvestment of dividends: | |||||
Series I | - | - | 2,541,464 | 30,472,151 | |
Series II | - | - | 3,065,055 | 36,106,345 | |
Reacquired: | |||||
Series I | (1,019,649) | (15,279,535) | (1,723,164) | (26,114,706) | |
Series II | (1,584,002) | (23,701,647) | (4,607,869) | (67,140,805) | |
Net increase (decrease) in share activity | (2,082,086) | $(31,120,871) | 2,930,869 | $26,704,971 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 57% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
13 | Invesco V.I. American Value Fund |
14 | Invesco V.I. American Value Fund |
15 | Invesco V.I. American Value Fund |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
16 | Invesco V.I. American Value Fund |
17 | Invesco V.I. American Value Fund |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/imgc3e360861.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | VIIBRA-NCSRS |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
U.S. Treasury Securities–1.98%(a) | |||||
U.S. Treasury Bills–1.98% | |||||
U.S. Treasury Bills (Cost 8,920,101) | 5.14% | 07/25/2024 | $ 8,950 | $ 8,920,101 | |
Shares | |||||
Money Market Funds–91.48%(b) | |||||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(c) | 129,913,940 | 129,913,940 | |||
Invesco Government Money Market Fund, Cash Reserve Shares, 5.13%(c) | 57,807,356 | 57,807,356 | |||
Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio (Ireland), Agency Class, 5.50%(c) | 37,452,191 | 37,452,191 | |||
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 5.22%(c) | 65,171,972 | 65,171,972 | |||
Invesco Treasury Obligations Portfolio, Institutional Class, 5.13%(c) | 51,505,418 | 51,505,418 | |||
Invesco Treasury Portfolio, Institutional Class, 5.21%(c) | 60,902,508 | 60,902,508 | |||
Invesco V.I. Government Money Market Fund, Series I, 5.01%(c) | 9,240,309 | 9,240,309 | |||
Total Money Market Funds (Cost $411,993,694) | 411,993,694 | ||||
Options Purchased–0.42% | |||||
(Cost $5,605,340)(d) | 1,901,146 | ||||
TOTAL INVESTMENTS IN SECURITIES–93.88% (Cost $426,519,135) | 422,814,941 | ||||
OTHER ASSETS LESS LIABILITIES–6.12% | 27,561,381 | ||||
NET ASSETS–100.00% | $450,376,322 |
(a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(b) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(c) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $125,718,356 | $74,059,413 | $(69,863,829) | $- | $- | $129,913,940 | $3,242,061 |
Invesco Government Money Market Fund, Cash Reserve Shares | 57,361,998 | 12,735,058 | (12,289,700) | - | - | 57,807,356 | 1,479,403 |
Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio, Agency Class | 41,173,803 | 57,898,206 | (61,619,818) | - | - | 37,452,191 | 1,116,916 |
Invesco Premier U.S. Government Money Portfolio, Institutional Class | 64,694,230 | 25,052,457 | (24,574,715) | - | - | 65,171,972 | 1,764,213 |
Invesco Treasury Obligations Portfolio, Institutional Class | 51,505,418 | - | - | - | - | 51,505,418 | 1,324,199 |
Invesco Treasury Portfolio, Institutional Class | 64,046,146 | 91,828,740 | (94,972,378) | - | - | 60,902,508 | 1,468,644 |
Invesco V.I. Government Money Market Fund, Series I | 9,240,310 | - | (1) | - | - | 9,240,309 | 230,483 |
Total | $413,740,261 | $261,573,874 | $(263,320,441) | $- | $- | $411,993,694 | $10,625,919 |
(d) | The table below details options purchased. |
2 | Invesco V.I. Balanced-Risk Allocation Fund |
Open Exchange-Traded Index Options Purchased | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
EURO STOXX 50 Index | Put | 07/19/2024 | 30 | EUR | 4,300.00 | EUR | 1,290,000 | $1,060 |
EURO STOXX 50 Index | Put | 10/18/2024 | 30 | EUR | 4,100.00 | EUR | 1,230,000 | 7,068 |
EURO STOXX 50 Index | Put | 11/15/2024 | 30 | EUR | 4,000.00 | EUR | 1,200,000 | 7,679 |
EURO STOXX 50 Index | Put | 12/20/2024 | 30 | EUR | 4,350.00 | EUR | 1,305,000 | 18,827 |
EURO STOXX 50 Index | Put | 01/17/2025 | 31 | EUR | 4,400.00 | EUR | 1,364,000 | 23,904 |
EURO STOXX 50 Index | Put | 03/21/2025 | 30 | EUR | 4,800.00 | EUR | 1,440,000 | 57,992 |
EURO STOXX 50 Index | Put | 02/21/2025 | 29 | EUR | 4,600.00 | EUR | 1,334,000 | 37,207 |
EURO STOXX 50 Index | Put | 04/17/2025 | 30 | EUR | 5,000.00 | EUR | 1,500,000 | 86,715 |
EURO STOXX 50 Index | Put | 05/16/2025 | 30 | EUR | 4,800.00 | EUR | 1,440,000 | 71,454 |
EURO STOXX 50 Index | Put | 06/20/2025 | 29 | EUR | 4,950.00 | EUR | 1,435,500 | 93,173 |
EURO STOXX 50 Index | Put | 08/16/2024 | 30 | EUR | 4,400.00 | EUR | 1,320,000 | 5,076 |
EURO STOXX 50 Index | Put | 09/20/2024 | 30 | EUR | 4,200.00 | EUR | 1,260,000 | 5,976 |
FTSE 100 Index | Put | 07/19/2024 | 17 | GBP | 7,575.00 | GBP | 1,287,750 | 752 |
FTSE 100 Index | Put | 09/20/2024 | 17 | GBP | 7,500.00 | GBP | 1,275,000 | 5,480 |
FTSE 100 Index | Put | 10/18/2024 | 17 | GBP | 7,500.00 | GBP | 1,275,000 | 8,166 |
FTSE 100 Index | Put | 11/15/2024 | 17 | GBP | 7,275.00 | GBP | 1,236,750 | 7,629 |
FTSE 100 Index | Put | 12/20/2024 | 17 | GBP | 7,450.00 | GBP | 1,266,500 | 13,216 |
FTSE 100 Index | Put | 01/17/2025 | 17 | GBP | 7,625.00 | GBP | 1,296,250 | 17,407 |
FTSE 100 Index | Put | 03/21/2025 | 17 | GBP | 7,625.00 | GBP | 1,296,250 | 27,292 |
FTSE 100 Index | Put | 02/21/2025 | 17 | GBP | 7,550.00 | GBP | 1,283,500 | 17,514 |
FTSE 100 Index | Put | 04/17/2025 | 17 | GBP | 7,850.00 | GBP | 1,334,500 | 41,690 |
FTSE 100 Index | Put | 06/20/2025 | 17 | GBP | 8,275.00 | GBP | 1,406,750 | 77,255 |
FTSE 100 Index | Put | 08/16/2024 | 17 | GBP | 7,500.00 | GBP | 1,275,000 | 2,686 |
FTSE 100 Index | Put | 05/16/2025 | 17 | GBP | 8,100.00 | GBP | 1,377,000 | 60,064 |
MSCI Emerging Markets Index | Put | 07/19/2024 | 24 | USD | 1,000.00 | USD | 2,400,000 | 1,680 |
MSCI Emerging Markets Index | Put | 10/18/2024 | 24 | USD | 950.00 | USD | 2,280,000 | 10,200 |
MSCI Emerging Markets Index | Put | 11/15/2024 | 24 | USD | 920.00 | USD | 2,208,000 | 11,520 |
MSCI Emerging Markets Index | Put | 12/20/2024 | 24 | USD | 990.00 | USD | 2,376,000 | 30,600 |
MSCI Emerging Markets Index | Put | 01/17/2025 | 24 | USD | 1,020.00 | USD | 2,448,000 | 47,760 |
MSCI Emerging Markets Index | Put | 03/21/2025 | 24 | USD | 1,030.00 | USD | 2,472,000 | 66,360 |
MSCI Emerging Markets Index | Put | 02/21/2025 | 24 | USD | 980.00 | USD | 2,352,000 | 37,800 |
MSCI Emerging Markets Index | Put | 04/17/2025 | 24 | USD | 1,050.00 | USD | 2,520,000 | 87,120 |
MSCI Emerging Markets Index | Put | 05/16/2025 | 24 | USD | 1,050.00 | USD | 2,520,000 | 93,600 |
MSCI Emerging Markets Index | Put | 06/20/2025 | 24 | USD | 1,070.00 | USD | 2,568,000 | 130,080 |
MSCI Emerging Markets Index | Put | 08/16/2024 | 24 | USD | 1,050.00 | USD | 2,520,000 | 21,600 |
MSCI Emerging Markets Index | Put | 09/20/2024 | 24 | USD | 990.00 | USD | 2,376,000 | 12,120 |
Nikkei 225 Index | Put | 09/13/2024 | 8 | JPY | 32,250.00 | JPY | 258,000,000 | 1,939 |
Nikkei 225 Index | Put | 09/13/2024 | 8 | JPY | 31,250.00 | JPY | 250,000,000 | 1,392 |
Nikkei 225 Index | Put | 09/13/2024 | 8 | JPY | 32,000.00 | JPY | 256,000,000 | 1,740 |
Nikkei 225 Index | Put | 12/13/2024 | 8 | JPY | 30,250.00 | JPY | 242,000,000 | 6,215 |
Nikkei 225 Index | Put | 12/13/2024 | 8 | JPY | 31,750.00 | JPY | 254,000,000 | 9,447 |
Nikkei 225 Index | Put | 12/13/2024 | 8 | JPY | 32,000.00 | JPY | 256,000,000 | 10,193 |
Nikkei 225 Index | Put | 03/14/2025 | 8 | JPY | 32,000.00 | JPY | 256,000,000 | 20,387 |
Nikkei 225 Index | Put | 03/14/2025 | 8 | JPY | 34,500.00 | JPY | 276,000,000 | 37,293 |
Nikkei 225 Index | Put | 03/14/2025 | 8 | JPY | 38,500.00 | JPY | 308,000,000 | 94,226 |
Nikkei 225 Index | Put | 06/13/2025 | 8 | JPY | 38,250.00 | JPY | 306,000,000 | 114,364 |
Nikkei 225 Index | Put | 06/13/2025 | 8 | JPY | 36,750.00 | JPY | 294,000,000 | 85,276 |
Nikkei 225 Index | Put | 06/13/2025 | 8 | JPY | 37,250.00 | JPY | 298,000,000 | 94,475 |
S&P 500 Mini Index | Put | 07/19/2024 | 22 | USD | 453.00 | USD | 996,600 | 176 |
S&P 500 Mini Index | Put | 10/18/2024 | 22 | USD | 437.00 | USD | 961,400 | 2,365 |
3 | Invesco V.I. Balanced-Risk Allocation Fund |
Open Exchange-Traded Index Options Purchased—(continued) | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
S&P 500 Mini Index | Put | 11/15/2024 | 22 | USD | 428.00 | USD | 941,600 | $3,157 |
S&P 500 Mini Index | Put | 12/20/2024 | 22 | USD | 465.00 | USD | 1,023,000 | 7,425 |
S&P 500 Mini Index | Put | 01/17/2025 | 23 | USD | 480.00 | USD | 1,104,000 | 11,546 |
S&P 500 Mini Index | Put | 03/21/2025 | 22 | USD | 520.00 | USD | 1,144,000 | 27,489 |
S&P 500 Mini Index | Put | 02/21/2025 | 21 | USD | 493.00 | USD | 1,035,300 | 15,435 |
S&P 500 Mini Index | Put | 04/17/2025 | 22 | USD | 535.00 | USD | 1,177,000 | 36,685 |
S&P 500 Mini Index | Put | 05/16/2025 | 22 | USD | 511.00 | USD | 1,124,200 | 28,457 |
S&P 500 Mini Index | Put | 06/20/2025 | 21 | USD | 540.00 | USD | 1,134,000 | 42,651 |
S&P 500 Mini Index | Put | 08/16/2024 | 22 | USD | 466.00 | USD | 1,025,200 | 924 |
S&P 500 Mini Index | Put | 09/20/2024 | 22 | USD | 460.00 | USD | 1,012,000 | 2,167 |
Total Index Options Purchased | $1,901,146 |
(a) | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Open Futures Contracts(a) | |||||
Long Futures Contracts | Number of Contracts | Expiration Month | Notional Value | Value | Unrealized Appreciation (Depreciation) |
Commodity Risk | |||||
Brent Crude | 112 | October-2024 | $9,283,680 | $645,119 | $645,119 |
Gasoline Reformulated Blendstock Oxygenate Blending | 107 | July-2024 | 11,241,741 | 454,975 | 454,975 |
Low Sulphur Gas Oil | 20 | December-2024 | 1,545,500 | 38,454 | 38,454 |
New York Harbor Ultra-Low Sulfur Diesel | 109 | November-2024 | 11,681,225 | 306,868 | 306,868 |
Silver | 61 | September-2024 | 9,015,800 | (271,665) | (271,665) |
WTI Crude | 54 | October-2024 | 4,266,000 | 328,655 | 328,655 |
Subtotal | 1,502,406 | 1,502,406 | |||
Equity Risk | |||||
E-Mini Russell 2000 Index | 367 | September-2024 | 37,892,750 | 462,404 | 462,404 |
EURO STOXX 50 Index | 86 | September-2024 | 4,536,932 | 1,662 | 1,662 |
FTSE 100 Index | 16 | September-2024 | 1,660,926 | 1,195 | 1,195 |
MSCI Emerging Markets Index | 865 | September-2024 | 47,064,650 | 389,881 | 389,881 |
Nikkei 225 Index | 48 | September-2024 | 11,808,316 | 175,074 | 175,074 |
Subtotal | 1,030,216 | 1,030,216 | |||
Interest Rate Risk | |||||
Australia 10 Year Bonds | 641 | September-2024 | 48,563,340 | (544,569) | (544,569) |
Canada 10 Year Bonds | 558 | September-2024 | 48,974,131 | 332,293 | 332,293 |
Euro-Bund | 286 | September-2024 | 40,314,131 | 48,960 | 48,960 |
Japan 10 year Bonds | 50 | September-2024 | 44,396,793 | (48,715) | (48,715) |
Long Gilt | 422 | September-2024 | 52,048,714 | 291,772 | 291,772 |
U.S. Treasury Long Bonds | 232 | September-2024 | 27,448,500 | 443,717 | 443,717 |
Subtotal | 523,458 | 523,458 | |||
Subtotal—Long Futures Contracts | 3,056,080 | 3,056,080 | |||
Short Futures Contracts | |||||
Equity Risk | |||||
E-Mini S&P 500 Index | 3 | September-2024 | (828,225) | (2,781) | (2,781) |
Total Futures Contracts | $3,053,299 | $3,053,299 |
(a) | Futures contracts collateralized by $18,231,500 cash held with Goldman Sachs International, the futures commission merchant. |
4 | Invesco V.I. Balanced-Risk Allocation Fund |
Open Over-The-Counter Total Return Swap Agreements(a)(b) | |||||||||||
Counterparty | Pay/ Receive | Reference Entity(c) | Fixed Rate | Payment Frequency | Number of Contracts | Maturity Date | Notional Value | Upfront Payments Paid (Received) | Value | Unrealized Appreciation (Depreciation) | |
Commodity Risk | |||||||||||
Canadian Imperial Bank of Commerce | Receive | Canadian Imperial Bank of Commerce Seasonally Enhanced Cotton Commodity Excess Return Index | 0.28% | Monthly | 20,800 | February—2025 | USD | 3,051,614 | $— | $10,953 | $10,953 |
Cargill, Inc. | Receive | Single Commodity Index Excess Return | 0.21 | Monthly | 7,800 | November—2024 | USD | 782,730 | — | 11,123 | 11,123 |
Cargill, Inc. | Receive | Single Commodity Index Excess Return | 0.20 | Monthly | 12,400 | February—2025 | USD | 5,499,684 | — | 349,412 | 349,412 |
J.P. Morgan Chase Bank, N.A. | Receive | J.P. Morgan Contag Beta Gas Oil Excess Return Index | 0.25 | Monthly | 27,000 | February—2025 | USD | 10,914,650 | — | 31,874 | 31,874 |
Macquarie Bank Ltd. | Receive | Macquarie Aluminum Dynamic Selection Index | 0.30 | Monthly | 111,000 | February—2025 | USD | 6,006,232 | — | 54,889 | 54,889 |
Merrill Lynch International | Receive | MLCISCE Excess Return Index | 0.12 | Monthly | 44,500 | February—2025 | USD | 1,852,268 | — | 0 | 0 |
Merrill Lynch International | Receive | MLCX Aluminum Annual Excess Return Index | 0.28 | Monthly | 47,100 | September—2024 | USD | 5,686,548 | — | 23 | 23 |
Merrill Lynch International | Receive | MLCX6CTE Excess Return Index | 0.18 | Monthly | 28,800 | February—2025 | USD | 2,556,936 | — | 0 | 0 |
Morgan Stanley and Co. International PLC | Receive | S&P GSCI Aluminum Dynamic Index Excess Return | 0.30 | Monthly | 57,000 | June—2025 | USD | 6,125,380 | — | 22,846 | 22,846 |
Royal Bank of Canada | Receive | RBC Commodity CT01 Excess Return Custom Index | 0.28 | Monthly | 28,500 | February—2025 | USD | 3,598,082 | — | 0 | 0 |
Royal Bank of Canada | Receive | RBC Commodity KCEO Excess Return Custom Index | 0.18 | Monthly | 165,000 | December—2024 | USD | 4,237,431 | — | 0 | 0 |
Royal Bank of Canada | Receive | RBC Commodity SB01 Excess Return Custom Index | 0.20 | Monthly | 31,400 | February—2025 | USD | 5,318,843 | — | 0 | 0 |
Royal Bank of Canada | Receive | RBC Commodity SO01 Excess Return Custom Index | 0.18 | Monthly | 25,000 | February—2025 | USD | 3,026,048 | — | 0 | 0 |
Subtotal — Appreciation | — | 481,120 | 481,120 | ||||||||
Commodity Risk | |||||||||||
Barclays Bank PLC | Receive | Barclays Commodity Strategy 1452 Excess Return Index | 0.17 | Monthly | 11,100 | April—2025 | USD | 8,632,702 | — | (28,604) | (28,604) |
Barclays Bank PLC | Receive | Barclays Soybean Meal S2 Nearby Excess Return Index | 0.19 | Monthly | 2,430 | February—2025 | USD | 2,770,552 | — | (75,507) | (75,507) |
Barclays Bank PLC | Receive | Barclays Soybeans Seasonal Index Excess Return | 0.19 | Monthly | 8,700 | February—2025 | USD | 3,036,446 | — | (70,520) | (70,520) |
Canadian Imperial Bank of Commerce | Receive | Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2 | 0.27 | Monthly | 73,700 | February—2025 | USD | 8,712,718 | — | (83,487) | (83,487) |
Canadian Imperial Bank of Commerce | Receive | Canadian Imperial Bank of Commerce Seasonally Enhanced Bean Oil Commodity Index | 0.26 | Monthly | 20,200 | February—2025 | USD | 2,173,100 | — | (9,076) | (9,076) |
5 | Invesco V.I. Balanced-Risk Allocation Fund |
Open Over-The-Counter Total Return Swap Agreements(a)(b)—(continued) | |||||||||||
Counterparty | Pay/ Receive | Reference Entity(c) | Fixed Rate | Payment Frequency | Number of Contracts | Maturity Date | Notional Value | Upfront Payments Paid (Received) | Value | Unrealized Appreciation (Depreciation) | |
Canadian Imperial Bank of Commerce | Receive | Canadian Imperial Bank of Commerce Soybean Meal 1 Excess Return Commodity Index | 0.14% | Monthly | 16,150 | February—2025 | USD | 3,650,270 | $— | $(174,922) | $(174,922) |
Cargill, Inc. | Receive | Single Commodity Index Excess Return | 0.22 | Monthly | 38,500 | December—2024 | USD | 1,997,280 | — | (261,839) | (261,839) |
Cargill, Inc. | Receive | Single Commodity Index Excess Return | 0.12 | Monthly | 3,890 | December—2024 | USD | 5,508,026 | — | (118,182) | (118,182) |
Cargill, Inc. | Receive | Single Commodity Index Excess Return | 0.24 | Monthly | 20,200 | February—2025 | USD | 3,082,247 | — | (65,321) | (65,321) |
Cargill, Inc. | Receive | Single Commodity Index Excess Return | 0.21 | Monthly | 4,700 | March—2025 | USD | 274,443 | — | (13,274) | (13,274) |
Cargill, Inc. | Receive | Single Commodity Index Excess Return | 0.20 | Monthly | 9,300 | June—2025 | USD | 2,231,547 | — | (89,263) | (89,263) |
Goldman Sachs International | Receive | Enhanced Strategy AB42 on the S&P GSCI Soybeans Excess Return | 0.14 | Monthly | 7,350 | February—2025 | USD | 3,129,868 | — | (142,298) | (142,298) |
Goldman Sachs International | Receive | S&P GSCI Corn Excess Return Index | 0.18 | Monthly | 38,000 | May—2025 | USD | 1,055,519 | — | (100,805) | (100,805) |
Goldman Sachs International | Receive | S&P GSCI Soybean Oil Excess Return Index | 0.25 | Monthly | 26,200 | February—2025 | USD | 3,043,955 | — | (30,279) | (30,279) |
Goldman Sachs International | Receive | S&P GSCI Wheat Excess Return A48 Strategy | 0.20 | Monthly | 141,000 | March—2025 | USD | 1,787,260 | — | (204,607) | (204,607) |
J.P. Morgan Chase Bank, N.A. | Receive | S&P GSCI Gold Index Excess Return | 0.09 | Monthly | 41,000 | October—2024 | USD | 6,334,156 | — | (12,967) | (12,967) |
Macquarie Bank Ltd. | Receive | Macquarie Single Commodity Soymeal type A Excess Return | 0.17 | Monthly | 13,050 | February—2025 | USD | 5,068,683 | — | (106,491) | (106,491) |
Merrill Lynch International | Receive | Merrill Lynch Gold Excess Return Index | 0.12 | Monthly | 32,700 | June—2025 | USD | 7,917,396 | — | (16,226) | (16,226) |
Merrill Lynch International | Receive | MLCX Natural Gas Annual Excess Return Index | 0.25 | Monthly | 67,500 | June—2025 | USD | 4,905,049 | — | (219,902) | (219,902) |
Subtotal — Depreciation | — | (1,823,570) | (1,823,570) | ||||||||
Total — Total Return Swap Agreements | $— | $(1,342,450) | $(1,342,450) |
(a) | Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $1,280,000. |
(b) | The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively. |
(c) | The Reference Entity Components table below includes additional information regarding the underlying components of certain reference entities that are not publicly available. |
6 | Invesco V.I. Balanced-Risk Allocation Fund |
Open Over-The-Counter Total Return Swap Agreements(a)(b) | |||||||||||
Counterparty | Pay/ Receive | Reference Entity | Floating Rate Index | Payment Frequency | Number of Contracts | Maturity Date | Notional Value | Upfront Payments Paid (Received) | Value | Unrealized Appreciation (Depreciation) | |
Equity Risk | |||||||||||
Barclays Bank PLC | Receive | MSCI Japan Quality Index | TONAR - 0.200% | Monthly | 123,065 | August—2024 | JPY | 466,310,514 | $— | $85,608 | $85,608 |
BNP Paribas S.A. | Receive | BNP Paribas AIR VAR Intraday US Calendar Excess Return Index | BNPXAVUC + 0.000% | Monthly | 50,800 | February—2025 | USD | 11,486,815 | — | 15,080 | 15,080 |
BNP Paribas S.A. | Receive | MSCI EMU Minimum Volatility Index | 1 mo. EURIBOR - 0.335% | Monthly | 2,230 | September—2024 | EUR | 7,641,184 | — | 2,340 | 2,340 |
BNP Paribas S.A. | Receive | MSCI Japan Minimum Volatility Index | TONAR - 0.285% | Monthly | 268,750 | July—2024 | JPY | 975,033,062 | — | 104,901 | 104,901 |
BNP Paribas S.A. | Receive | MSCI Japan Minimum Volatility Index | TONAR - 0.287% | Monthly | 252,593 | August—2024 | JPY | 916,414,982 | — | 98,594 | 98,594 |
BNP Paribas S.A. | Receive | MSCI Japan Minimum Volatility Index | TONAR - 0.297% | Monthly | 56,780 | August—2024 | JPY | 205,999,543 | — | 22,163 | 22,163 |
BNP Paribas S.A. | Receive | MSCI Japan Minimum Volatility Index | TONAR + 0.400% | Monthly | 161,877 | January—2025 | JPY | 579,255,800 | — | 113,150 | 113,150 |
BNP Paribas S.A. | Receive | MSCI Japan Quality Index | TONAR - 0.170% | Monthly | 244,891 | July—2024 | JPY | 927,926,284 | — | 170,354 | 170,354 |
BNP Paribas S.A. | Receive | MSCI Japan Quality Index | TONAR - 0.185% | Monthly | 312,044 | August—2024 | JPY | 1,182,378,402 | — | 217,067 | 217,067 |
BNP Paribas S.A. | Receive | MSCI Japan Quality Index | TONAR + 0.000% | Monthly | 45,000 | October—2024 | JPY | 170,511,300 | — | 31,303 | 31,303 |
BNP Paribas S.A. | Receive | MSCI Japan Quality Index | TONAR + 0.130% | Monthly | 32,000 | January—2025 | JPY | 120,437,120 | — | 27,328 | 27,328 |
Citibank, N.A. | Receive | Citi EQ US Volatility Carry Series 5 Index | CIEQVRU5 + 0.000% | Monthly | 67,000 | February—2025 | USD | 11,440,920 | — | 24,790 | 24,790 |
Citibank, N.A. | Receive | Invesco UK Broad Low Volatility Net Total Return Index | SONIA + 0.355% | Monthly | 170 | August—2024 | GBP | 961,175 | — | 78 | 78 |
Citibank, N.A. | Receive | Invesco UK Broad Low Volatility Net Total Return Index | SONIA + 0.399% | Monthly | 170 | November—2024 | GBP | 961,175 | — | 78 | 78 |
Citibank, N.A. | Receive | Invesco UK Broad Price Momentum Net Total Return Index | SONIA + 0.325% | Monthly | 290 | August—2024 | GBP | 2,081,408 | — | 19,030 | 19,030 |
Citibank, N.A. | Receive | Invesco UK Broad Price Momentum Net Total Return Index | SONIA + 0.355% | Monthly | 110 | August—2024 | GBP | 789,500 | — | 7,218 | 7,218 |
Citibank, N.A. | Receive | MSCI Japan Minimum Volatility Index | TONAR - 0.200% | Monthly | 40,000 | August—2024 | JPY | 145,121,200 | — | 15,613 | 15,613 |
Citibank, N.A. | Receive | MSCI Japan Minimum Volatility Index | TONAR + 0.310% | Monthly | 17,000 | August—2024 | JPY | 61,969,250 | — | 4,816 | 4,816 |
7 | Invesco V.I. Balanced-Risk Allocation Fund |
Open Over-The-Counter Total Return Swap Agreements(a)(b)—(continued) | |||||||||||
Counterparty | Pay/ Receive | Reference Entity | Floating Rate Index | Payment Frequency | Number of Contracts | Maturity Date | Notional Value | Upfront Payments Paid (Received) | Value | Unrealized Appreciation (Depreciation) | |
Citibank, N.A. | Receive | MSCI Japan Quality Index | TONAR + 0.180% | Monthly | 23,000 | August—2024 | JPY | 87,150,220 | $— | $16,000 | $16,000 |
Goldman Sachs International | Receive | Systematic Volatility Carry DO Series 04 Excess Return Strategy | RCXTDO04 + 0.000% | Monthly | 107,500 | February—2025 | USD | 11,474,743 | — | 47,107 | 47,107 |
J.P. Morgan Chase Bank, N.A. | Receive | Invesco UK Broad Low Volatility Net Total Return Index | SONIA + 0.398% | Monthly | 908 | November—2024 | GBP | 5,133,805 | — | 416 | 416 |
J.P. Morgan Chase Bank, N.A. | Receive | Invesco UK Broad Low Volatility Net Total Return Index | SONIA + 0.404% | Monthly | 302 | November—2024 | GBP | 1,707,499 | — | 138 | 138 |
J.P. Morgan Chase Bank, N.A. | Receive | Invesco UK Broad Price Momentum Net Total Return Index | SONIA + 0.400% | Monthly | 630 | November—2024 | GBP | 4,521,680 | — | 41,340 | 41,340 |
J.P. Morgan Chase Bank, N.A. | Receive | Invesco UK Broad Price Momentum Net Total Return Index | SONIA + 0.400% | Monthly | 210 | November—2024 | GBP | 1,507,227 | — | 13,780 | 13,780 |
J.P. Morgan Chase Bank, N.A. | Receive | Invesco UK Broad Quality Net Total Return Index | SONIA + 0.330% | Monthly | 98 | October—2024 | GBP | 783,536 | — | 5,687 | 5,687 |
J.P. Morgan Chase Bank, N.A. | Receive | Invesco UK Broad Quality Net Total Return Index | SONIA + 0.330% | Monthly | 32 | October—2024 | GBP | 255,849 | — | 1,857 | 1,857 |
J.P. Morgan Chase Bank, N.A. | Receive | MSCI EMU Minimum Volatility Index | 1 mo. EURIBOR - 0.585% | Monthly | 320 | July—2024 | EUR | 1,096,493 | — | 336 | 336 |
Macquarie Bank Ltd. | Receive | Macquarie Volatility Product VMAQWSL5 | VMAQWSL5 + 0.000% | Monthly | 91,500 | February—2025 | USD | 11,471,437 | — | 8,363 | 8,363 |
Merrill Lynch International | Receive | Invesco UK Broad Quality Net Total Return Index | SONIA + 0.324% | Monthly | 532 | July—2024 | GBP | 4,253,484 | — | 30,875 | 30,875 |
Morgan Stanley and Co. International PLC | Receive | Morgan Stanley Volatility Relative Value SPX | MSVCDRPS + 0.000% | Monthly | 66,000 | February—2025 | USD | 11,485,320 | — | 38,194 | 38,194 |
Subtotal — Appreciation | — | 1,163,604 | 1,163,604 |
8 | Invesco V.I. Balanced-Risk Allocation Fund |
Open Over-The-Counter Total Return Swap Agreements(a)(b)—(continued) | |||||||||||
Counterparty | Pay/ Receive | Reference Entity | Floating Rate Index | Payment Frequency | Number of Contracts | Maturity Date | Notional Value | Upfront Payments Paid (Received) | Value | Unrealized Appreciation (Depreciation) | |
Equity Risk | |||||||||||
BNP Paribas S.A. | Receive | MSCI EMU Quality Index | 1 mo. EURIBOR - 0.320% | Monthly | 2,020 | July—2024 | EUR | 9,485,758 | $— | $(100,767) | $(100,767) |
Citibank, N.A. | Receive | Invesco UK Broad Quality Net Total Return Index | SONIA + 0.550% | Monthly | 438 | October—2024 | GBP | 3,549,079 | — | (34,184) | (34,184) |
Citibank, N.A. | Receive | MSCI EMU Minimum Volatility Index | 1 mo. EURIBOR + 0.320% | Monthly | 200 | January—2025 | EUR | 697,398 | — | (12,738) | (12,738) |
Citibank, N.A. | Receive | MSCI EMU Momentum Index | 1 mo. EURIBOR + 0.325% | Monthly | 1,420 | January—2025 | EUR | 9,290,562 | — | (122,464) | (122,464) |
J.P. Morgan Chase Bank, N.A. | Receive | Invesco U.S. Large Cap Broad Price Momentum Total Return Index | SOFR + 0.780% | Monthly | 760 | October—2024 | USD | 7,737,454 | — | (31,502) | (31,502) |
J.P. Morgan Chase Bank, N.A. | Receive | Invesco U.S. Large Cap Broad Quality Total Return Index | SOFR + 0.630% | Monthly | 550 | October—2024 | USD | 7,470,485 | — | (44,924) | (44,924) |
J.P. Morgan Chase Bank, N.A. | Receive | Invesco U.S. Low Volatility Total Return Index | SOFR + 0.870% | Monthly | 1,020 | October—2024 | USD | 7,469,195 | — | (103,377) | (103,377) |
Subtotal — Depreciation | — | (449,956) | (449,956) | ||||||||
Total — Total Return Swap Agreements | $— | $713,648 | $713,648 |
(a) | Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $1,280,000. |
(b) | The Fund receives or pays payments based on any positive or negative return on the Reference Entity, respectively. |
Reference Entity Components | ||
Reference Entity | Underlying Components | Percentage |
Canadian Imperial Bank of Commerce Seasonally Enhanced Cotton Commodity Excess Return Index | ||
Long Futures Contracts | ||
Cotton | 100.00% | |
Single Commodity Index Excess Return | ||
Long Futures Contracts | ||
Sugar | 100.00% | |
Single Commodity Index Excess Return | ||
Long Futures Contracts | ||
Live Cattle | 100.00% | |
J.P. Morgan Contag Beta Gas Oil Excess Return Index | ||
Long Futures Contracts | ||
Gas Oil | 100.00% | |
Macquarie Aluminum Dynamic Selection Index | ||
Long Futures Contracts | ||
Aluminum | 100.00% |
9 | Invesco V.I. Balanced-Risk Allocation Fund |
Reference Entity Components—(continued) | ||
Reference Entity | Underlying Components | Percentage |
MLCISCE Excess Return Index | ||
Long Futures Contracts | ||
Corn | 100.00% | |
MLCX Aluminum Annual Excess Return Index | ||
Long Futures Contracts | ||
Aluminum | 100.00% | |
MLCX6CTE Excess Return Index | ||
Long Futures Contracts | ||
Cotton | 100.00% | |
S&P GSCI Aluminum Dynamic Index Excess Return | ||
Long Futures Contracts | ||
Aluminum | 100.00% | |
RBC Commodity CT01 Excess Return Custom Index | ||
Long Futures Contracts | ||
Cotton | 100.00% | |
RBC Commodity KCEO Excess Return Custom Index | ||
Long Futures Contracts | ||
Copper | 100.00% | |
RBC Commodity SB01 Excess Return Custom Index | ||
Long Futures Contracts | ||
Sugar | 100.00% | |
RBC Commodity SO01 Excess Return Custom Index | ||
Long Futures Contracts | ||
Soybean | 100.00% | |
Barclays Commodity Strategy 1452 Excess Return Index | ||
Long Futures Contracts | ||
Copper | 100.00% | |
Barclays Soybean Meal S2 Nearby Excess Return Index | ||
Long Futures Contracts | ||
Soybean Meal | 100.00% | |
Barclays Soybeans Seasonal Index Excess Return | ||
Long Futures Contracts | ||
Soybean | 100.00% | |
Canadian Imperial Bank of Commerce Dynamic Roll LME Copper Excess Return Index 2 | ||
Long Futures Contracts | ||
Copper | 100.00% | |
Canadian Imperial Bank of Commerce Seasonally Enhanced Bean Oil Commodity Index | ||
Long Futures Contracts | ||
Soybean Oil | 100.00% |
10 | Invesco V.I. Balanced-Risk Allocation Fund |
Reference Entity Components—(continued) | ||
Reference Entity | Underlying Components | Percentage |
Canadian Imperial Bank of Commerce Soybean Meal 1 Excess Return Commodity Index | ||
Long Futures Contracts | ||
Soybean Meal | 100.00% | |
Single Commodity Index Excess Return | ||
Long Futures Contracts | ||
Lean Hog | 100.00% | |
Single Commodity Index Excess Return | ||
Long Futures Contracts | ||
Soybean Oil | 100.00% | |
Single Commodity Index Excess Return | ||
Long Futures Contracts | ||
Coffee | 100.00% | |
Single Commodity Index Excess Return | ||
Long Futures Contracts | ||
Gold | 100.00% | |
Single Commodity Index Excess Return | ||
Long Futures Contracts | ||
Wheat | 100.00% | |
Enhanced Strategy AB42 on the S&P GSCI Soybeans Excess Return | ||
Long Futures Contracts | ||
Soybean | 100.00% | |
S&P GSCI Corn Excess Return Index | ||
Long Futures Contracts | ||
Corn | 100.00% | |
S&P GSCI Soybean Oil Excess Return Index | ||
Long Futures Contracts | ||
Soybean Oil | 100.00% | |
S&P GSCI Wheat Excess Return A48 Strategy | ||
Long Futures Contracts | ||
Wheat | 100.00% | |
S&P GSCI Gold Index Excess Return | ||
Long Futures Contracts | ||
Gold | 100.00% | |
Macquarie Single Commodity Soymeal type A Excess Return | ||
Long Futures Contracts | ||
Soybean Meal | 100.00% | |
Merrill Lynch Gold Excess Return Index | ||
Long Futures Contracts | ||
Gold | 100.00% |
11 | Invesco V.I. Balanced-Risk Allocation Fund |
Reference Entity Components—(continued) | ||
Reference Entity | Underlying Components | Percentage |
MLCX Natural Gas Annual Excess Return Index | ||
Long Futures Contracts | ||
Natural Gas | 100.00% |
Abbreviations: | |
EMU | —European Economic and Monetary Union |
EUR | —Euro |
EURIBOR | —Euro Interbank Offered Rate |
GBP | —British Pound Sterling |
JPY | —Japanese Yen |
SOFR | —Secured Overnight Financing Rate |
SONIA | —Sterling Overnight Index Average |
TONAR | —Tokyo Overnight Average Rate |
USD | —U.S. Dollar |
12 | Invesco V.I. Balanced-Risk Allocation Fund |
Assets: | |
Investments in unaffiliated securities, at value (Cost $14,525,441) | $10,821,247 |
Investments in affiliated money market funds, at value (Cost $411,993,694) | 411,993,694 |
Other investments: | |
Swaps receivable — OTC | 603,326 |
Unrealized appreciation on swap agreements — OTC | 1,644,724 |
Deposits with brokers: | |
Cash collateral — exchange-traded futures contracts | 18,231,500 |
Cash collateral — OTC Derivatives | 1,280,000 |
Cash | 355 |
Foreign currencies, at value (Cost $8,256,532) | 8,207,681 |
Receivable for: | |
Fund shares sold | 29,886 |
Dividends | 1,758,825 |
Interest | 88 |
Investment for trustee deferred compensation and retirement plans | 82,493 |
Other assets | 131 |
Total assets | 454,653,950 |
Liabilities: | |
Other investments: | |
Variation margin payable — futures contracts | 240,696 |
Swaps payable — OTC | 976,617 |
Unrealized depreciation on swap agreements—OTC | 2,273,526 |
Payable for: | |
Fund shares reacquired | 185,428 |
Accrued fees to affiliates | 458,935 |
Accrued other operating expenses | 53,588 |
Trustee deferred compensation and retirement plans | 88,838 |
Total liabilities | 4,277,628 |
Net assets applicable to shares outstanding | $450,376,322 |
Net assets consist of: | |
Shares of beneficial interest | $489,003,965 |
Distributable earnings (loss) | (38,627,643) |
$450,376,322 | |
Net Assets: | |
Series I | $38,552,938 |
Series II | $411,823,384 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 4,223,629 |
Series II | 46,271,837 |
Series I: | |
Net asset value per share | $9.13 |
Series II: | |
Net asset value per share | $8.90 |
Investment income: | |
Interest | $554,652 |
Dividends from affiliated money market funds | 10,625,919 |
Total investment income | 11,180,571 |
Expenses: | |
Advisory fees | 2,122,191 |
Administrative services fees | 364,940 |
Custodian fees | 64,954 |
Distribution fees - Series II | 518,751 |
Transfer agent fees | 9,290 |
Trustees’ and officers’ fees and benefits | 11,536 |
Reports to shareholders | 36,341 |
Professional services fees | 38,254 |
Other | 5,325 |
Total expenses | 3,171,582 |
Less: Fees waived | (1,004,864) |
Net expenses | 2,166,718 |
Net investment income | 9,013,853 |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | (2,330,650) |
Foreign currencies | (306,660) |
Futures contracts | 8,167,797 |
Swap agreements | 18,555,281 |
24,085,768 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | (1,022,911) |
Foreign currencies | (46,033) |
Futures contracts | (7,260,976) |
Swap agreements | (2,570,609) |
(10,900,529) | |
Net realized and unrealized gain | 13,185,239 |
Net increase in net assets resulting from operations | $22,199,092 |
13 | Invesco V.I. Balanced-Risk Allocation Fund |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income | $9,013,853 | $24,771,566 |
Net realized gain (loss) | 24,085,768 | (17,170,429) |
Change in net unrealized appreciation (depreciation) | (10,900,529) | 29,048,927 |
Net increase in net assets resulting from operations | 22,199,092 | 36,650,064 |
Share transactions–net: | ||
Series I | 2,062,630 | (9,040,352) |
Series II | (27,119,601) | (384,062,385) |
Net increase (decrease) in net assets resulting from share transactions | (25,056,971) | (393,102,737) |
Net increase (decrease) in net assets | (2,857,879) | (356,452,673) |
Net assets: | ||
Beginning of period | 453,234,201 | 809,686,874 |
End of period | $450,376,322 | $453,234,201 |
14 | Invesco V.I. Balanced-Risk Allocation Fund |
Net asset value, beginning of period | Net investment income (loss)(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Return of capital | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Ratio of net investment income (loss) to average net assets | Portfolio turnover (c) | |
Series I | |||||||||||||||
Six months ended 06/30/24 | $8.68 | $0.19 | $0.26 | $0.45 | $— | $— | $— | $— | $9.13 | 5.18% | $38,553 | 0.73%(d)(e) | 1.17%(d) | 4.22%(d) | 15% |
Year ended 12/31/23 | 8.14 | 0.32 | 0.22 | 0.54 | — | — | — | — | 8.68 | 6.63 | 34,610 | 0.73(e) | 1.13 | 3.90 | 68 |
Year ended 12/31/22 | 10.76 | 0.06 | (1.60) | (1.54) | (0.74) | (0.34) | (0.00) | (1.08) | 8.14 | (14.35) | 41,209 | 0.73(e) | 1.12 | 0.59 | 140 |
Year ended 12/31/21 | 10.48 | (0.08) | 1.08 | 1.00 | (0.36) | (0.36) | — | (0.72) | 10.76 | 9.55 | 49,456 | 0.71 | 1.11 | (0.69) | 107 |
Year ended 12/31/20 | 10.91 | (0.03) | 1.03 | 1.00 | (0.87) | (0.56) | — | (1.43) | 10.48 | 10.22 | 46,853 | 0.66(e) | 1.10 | (0.25) | 82 |
Year ended 12/31/19 | 9.47 | 0.14 | 1.30 | 1.44 | — | — | — | — | 10.91 | 15.21 | 45,427 | 0.64(e) | 1.10 | 1.38 | 94 |
Series II | |||||||||||||||
Six months ended 06/30/24 | 8.48 | 0.17 | 0.25 | 0.42 | — | — | — | — | 8.90 | 4.95 | 411,823 | 0.98(d)(e) | 1.42(d) | 3.97(d) | 15 |
Year ended 12/31/23 | 7.97 | 0.30 | 0.21 | 0.51 | — | — | — | — | 8.48 | 6.40 | 418,624 | 0.98(e) | 1.38 | 3.65 | 68 |
Year ended 12/31/22 | 10.55 | 0.03 | (1.56) | (1.53) | (0.71) | (0.34) | (0.00) | (1.05) | 7.97 | (14.52) | 768,478 | 0.98(e) | 1.37 | 0.34 | 140 |
Year ended 12/31/21 | 10.29 | (0.10) | 1.05 | 0.95 | (0.33) | (0.36) | — | (0.69) | 10.55 | 9.26 | 931,915 | 0.96 | 1.36 | (0.94) | 107 |
Year ended 12/31/20 | 10.73 | (0.05) | 1.01 | 0.96 | (0.84) | (0.56) | — | (1.40) | 10.29 | 9.99 | 933,770 | 0.91(e) | 1.35 | (0.50) | 82 |
Year ended 12/31/19 | 9.34 | 0.12 | 1.27 | 1.39 | — | — | — | — | 10.73 | 14.88 | 976,477 | 0.89(e) | 1.35 | 1.13 | 94 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Annualized. |
(e) | In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Because the underlying funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. Estimated underlying fund expenses are not expenses that are incurred directly by your Fund. They are expenses that are incurred directly by the underlying funds and are deducted from the value of the funds your Fund invests in. The effect of the estimated underlying fund expenses that you bear indirectly is included in your Fund’s total return. Estimated acquired fund fees from underlying funds were 0.16%, 0.17%, 0.11%, 0.15% and 0.15% for the six months ended June 30, 2024 and the years ended December 31, 2023, 2022, 2020 and 2019, respectively. |
15 | Invesco V.I. Balanced-Risk Allocation Fund |
A. | Security Valuations – Securities, including restricted securities, are valued according to the following policy. |
16 | Invesco V.I. Balanced-Risk Allocation Fund |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the consolidated financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The financial statements are prepared on a consolidated basis in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. The accompanying financial statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust, and under the Subsidiary’s organizational documents, the directors and officers of the Subsidiary, are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund and/or the Subsidiary, respectively. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Structured Securities — The Fund may invest in structured securities. Structured securities are a type of derivative security whose value is determined by reference to changes in the value of underlying securities, currencies, interest rates, commodities, indices or other financial indicators (“reference instruments”). Most structured securities are fixed-income securities that have maturities of three years or less. Structured securities may be positively or negatively indexed (i.e., their principal value or interest rates may increase or decrease if the underlying reference instrument appreciates) and may have return characteristics similar to direct investments in the underlying reference instrument. |
17 | Invesco V.I. Balanced-Risk Allocation Fund |
J. | Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Consolidated Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
K. | Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk. |
L. | Futures Contracts — The Fund may enter into futures contracts to equitize the Fund’s cash holdings or to manage exposure to interest rate, equity, commodity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities. |
M. | Put Options Purchased – The Fund may purchase put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract. Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the securities hedged. Realized and unrealized gains and losses on put options purchased are included in the Consolidated Statement of Operations as Net realized gain (loss) from and Change in net unrealized appreciation (depreciation) of Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased. |
N. | Swap Agreements — The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency, commodity or credit risk. Such transactions are agreements between Counterparties. These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s net asset value ("NAV") per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any. |
18 | Invesco V.I. Balanced-Risk Allocation Fund |
O. | LIBOR Transition Risk -The Fund may have investments in financial instruments that recently transitioned from, or continue to be tied to, the London Interbank Offered Rate ("LIBOR") as the reference or benchmark rate for variable interest rate calculations. LIBOR was a common benchmark interest rate index historically used to make adjustments to variable-rate debt instruments, to determine interest rates for a variety of financial instruments and borrowing arrangements and as a reference rate in derivative contracts. |
P. | Leverage Risk — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction. |
Q. | Other Risks - The Fund will seek to gain exposure to commodity markets primarily through an investment in the Subsidiary and through investments in commodity futures and swaps, commodity related exchange-traded funds and exchange-traded notes and commodity linked notes, some or all of which will be owned through the Subsidiary. The Subsidiary, unlike the Fund, may invest without limitation in commodities, commodity-linked derivatives and other securities, such as exchange-traded and commodity-linked notes, that may provide leveraged and non-leveraged exposure to commodity markets. The Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. |
19 | Invesco V.I. Balanced-Risk Allocation Fund |
Average Daily Net Assets | Rate |
First $250 million | 0.950% |
Next $250 million | 0.925% |
Next $500 million | 0.900% |
Next $1.5 billion | 0.875% |
Next $2.5 billion | 0.850% |
Next $2.5 billion | 0.825% |
Next $2.5 billion | 0.800% |
Over $10 billion | 0.775% |
20 | Invesco V.I. Balanced-Risk Allocation Fund |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
U.S. Treasury Securities | $— | $8,920,101 | $— | $8,920,101 |
Money Market Funds | 411,993,694 | — | — | 411,993,694 |
Options Purchased | 1,901,146 | — | — | 1,901,146 |
Total Investments in Securities | 413,894,840 | 8,920,101 | — | 422,814,941 |
Other Investments - Assets* | ||||
Futures Contracts | 3,921,029 | — | — | 3,921,029 |
Swap Agreements | — | 1,644,724 | — | 1,644,724 |
3,921,029 | 1,644,724 | — | 5,565,753 | |
Other Investments - Liabilities* | ||||
Futures Contracts | (867,730) | — | — | (867,730) |
Swap Agreements | — | (2,273,526) | — | (2,273,526) |
(867,730) | (2,273,526) | — | (3,141,256) | |
Total Other Investments | 3,053,299 | (628,802) | — | 2,424,497 |
Total Investments | $416,948,139 | $8,291,299 | $— | $425,239,438 |
* | Unrealized appreciation (depreciation). |
Value | ||||
Derivative Assets | Commodity Risk | Equity Risk | Interest Rate Risk | Total |
Unrealized appreciation on futures contracts —Exchange-Traded(a) | $1,774,071 | $1,030,216 | $1,116,742 | $3,921,029 |
Unrealized appreciation on swap agreements — OTC | 481,120 | 1,163,604 | — | 1,644,724 |
Options purchased, at value — Exchange-Traded(b) | — | 1,901,146 | — | 1,901,146 |
Total Derivative Assets | 2,255,191 | 4,094,966 | 1,116,742 | 7,466,899 |
Derivatives not subject to master netting agreements | (1,774,071) | (2,931,362) | (1,116,742) | (5,822,175) |
Total Derivative Assets subject to master netting agreements | $481,120 | $1,163,604 | $— | $1,644,724 |
Value | ||||
Derivative Liabilities | Commodity Risk | Equity Risk | Interest Rate Risk | Total |
Unrealized depreciation on futures contracts —Exchange-Traded(a) | $(271,665) | $(2,781) | $(593,284) | $(867,730) |
Unrealized depreciation on swap agreements — OTC | (1,823,570) | (449,956) | — | (2,273,526) |
Total Derivative Liabilities | (2,095,235) | (452,737) | (593,284) | (3,141,256) |
Derivatives not subject to master netting agreements | 271,665 | 2,781 | 593,284 | 867,730 |
Total Derivative Liabilities subject to master netting agreements | $(1,823,570) | $(449,956) | $— | $(2,273,526) |
(a) | The daily variation margin receivable (payable) at period-end is recorded in the Consolidated Statement of Assets and Liabilities. |
(b) | Options purchased, at value as reported in the Consolidated Schedule of Investments. |
21 | Invesco V.I. Balanced-Risk Allocation Fund |
Financial Derivative Assets | Financial Derivative Liabilities | Collateral (Received)/Pledged | |||||
Counterparty | Swap Agreements | Swap Agreements | Net Value of Derivatives | Non-Cash | Cash | Net Amount(a) | |
Fund | |||||||
Barclays Bank PLC | $85,775 | $— | $85,775 | $— | $— | $85,775 | |
BNP Paribas S.A. | 804,196 | (121,522) | 682,674 | — | (640,000) | 42,674 | |
Citibank, N.A. | 87,674 | (190,899) | (103,225) | — | — | (103,225) | |
Goldman Sachs International | 47,107 | — | 47,107 | — | — | 47,107 | |
J.P. Morgan Chase Bank, N.A. | 63,555 | (241,283) | (177,728) | — | — | (177,728) | |
Macquarie Bank Ltd. | 8,363 | (287) | 8,076 | — | — | 8,076 | |
Merrill Lynch International | 30,875 | (10,573) | 20,302 | — | — | 20,302 | |
Morgan Stanley and Co. International PLC | 38,194 | — | 38,194 | — | — | 38,194 | |
Subtotal - Fund | 1,165,739 | (564,564) | 601,175 | — | (640,000) | (38,825) | |
Subsidiary | |||||||
Barclays Bank PLC | — | (175,614) | (175,614) | — | — | (175,614) | |
Canadian Imperial Bank of Commerce | 10,951 | (269,865) | (258,914) | — | — | (258,914) | |
Cargill, Inc. | 360,535 | (550,123) | (189,588) | — | 189,588 | — | |
Goldman Sachs International | — | (479,152) | (479,152) | — | 320,000 | (159,152) | |
J.P. Morgan Chase Bank, N.A. | 31,874 | (13,599) | 18,275 | — | — | 18,275 | |
Macquarie Bank Ltd. | 54,890 | (106,935) | (52,045) | — | 52,045 | — | |
Merrill Lynch International | 24 | (832,550) | (832,526) | — | 640,000 | (192,526) | |
Morgan Stanley and Co. International PLC | 22,846 | (251) | 22,595 | — | — | 22,595 | |
Royal Bank of Canada | 601,191 | (257,490) | 343,701 | — | (343,701) | — | |
Subtotal - Subsidiary | 1,082,311 | (2,685,579) | (1,603,268) | — | 857,932 | (745,336) | |
Total | $2,248,050 | $(3,250,143) | $(1,002,093) | $— | $217,932 | $(784,161) |
(a) | The Fund and the Subsidiary are recognized as separate legal entities and as such are subject to separate netting arrangements with the Counterparty. |
Location of Gain (Loss) on Consolidated Statement of Operations | ||||
Commodity Risk | Equity Risk | Interest Rate Risk | Total | |
Realized Gain (Loss): | ||||
Futures contracts | $2,597,356 | $8,546,181 | $(2,975,740) | $8,167,797 |
Options purchased(a) | - | (2,331,541) | - | (2,331,541) |
Swap agreements | 2,536,461 | 16,018,820 | - | 18,555,281 |
Change in Net Unrealized Appreciation (Depreciation): | ||||
Futures contracts | 3,083,690 | (2,439,133) | (7,905,533) | (7,260,976) |
Options purchased(a) | - | (1,022,911) | - | (1,022,911) |
Swap agreements | (237,456) | (2,333,153) | - | (2,570,609) |
Total | $7,980,051 | $16,438,263 | $(10,881,273) | $13,537,041 |
(a) | Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities. |
Futures Contracts | Index Options Purchased | Swap Agreements | |
Average notional value | $467,163,106 | $96,675,274 | $283,107,363 |
Average contracts | — | 1,214 | — |
22 | Invesco V.I. Balanced-Risk Allocation Fund |
Capital Loss Carryforward* | |||
Expiration | Short-Term | Long-Term | Total |
Not subject to expiration | $32,917,983 | $57,853,025 | $90,771,008 |
* | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $5,578,059 |
Aggregate unrealized (depreciation) of investments | (12,446,701) |
Net unrealized appreciation (depreciation) of investments | $(6,868,642) |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 657,347 | $5,792,375 | 713,241 | $5,943,136 | |
Series II | 1,185,744 | 10,348,991 | 4,600,025 | 37,452,162 | |
Reacquired: | |||||
Series I | (419,109) | (3,729,745) | (1,789,692) | (14,983,488) | |
Series II | (4,289,170) | (37,468,592) | (51,682,230) | (421,514,547) | |
Net increase (decrease) in share activity | (2,865,188) | $(25,056,971) | (48,158,656) | $(393,102,737) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 75% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
23 | Invesco V.I. Balanced-Risk Allocation Fund |
24 | Invesco V.I. Balanced-Risk Allocation Fund |
25 | Invesco V.I. Balanced-Risk Allocation Fund |
26 | Invesco V.I. Balanced-Risk Allocation Fund |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
27 | Invesco V.I. Balanced-Risk Allocation Fund |
28 | Invesco V.I. Balanced-Risk Allocation Fund |
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Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | O-VICAPA-NCSRS |
Shares | Value | ||
Common Stocks & Other Equity Interests–99.65% | |||
Advertising–1.25% | |||
Trade Desk, Inc. (The), Class A(b) | 103,084 | $10,068,214 | |
Aerospace & Defense–1.30% | |||
TransDigm Group, Inc. | 8,188 | 10,461,071 | |
Apparel Retail–0.94% | |||
TJX Cos., Inc. (The) | 68,930 | 7,589,193 | |
Application Software–2.17% | |||
Cadence Design Systems, Inc.(b) | 35,220 | 10,838,955 | |
HubSpot, Inc.(b) | 11,310 | 6,670,525 | |
17,509,480 | |||
Asset Management & Custody Banks–2.28% | |||
Ares Management Corp., Class A(c) | 44,888 | 5,982,673 | |
KKR & Co., Inc., Class A(c) | 117,586 | 12,374,750 | |
18,357,423 | |||
Automobile Manufacturers–0.93% | |||
Ferrari N.V. (Italy)(c) | 18,393 | 7,511,149 | |
Biotechnology–1.65% | |||
Regeneron Pharmaceuticals, Inc.(b) | 5,771 | 6,065,494 | |
Vertex Pharmaceuticals, Inc.(b)(c) | 15,362 | 7,200,477 | |
13,265,971 | |||
Broadline Retail–7.96% | |||
Amazon.com, Inc.(b) | 301,391 | 58,243,811 | |
MercadoLibre, Inc. (Brazil)(b) | 3,545 | 5,825,853 | |
64,069,664 | |||
Building Products–0.71% | |||
Trane Technologies PLC | 17,367 | 5,712,527 | |
Communications Equipment–1.52% | |||
Arista Networks, Inc.(b) | 35,001 | 12,267,151 | |
Construction & Engineering–1.13% | |||
Quanta Services, Inc.(c) | 35,637 | 9,055,005 | |
Construction Materials–0.55% | |||
Vulcan Materials Co. | 17,843 | 4,437,197 | |
Consumer Finance–0.98% | |||
American Express Co. | 34,047 | 7,883,583 | |
Consumer Staples Merchandise Retail–1.29% | |||
Costco Wholesale Corp. | 12,243 | 10,406,428 | |
Copper–0.57% | |||
Freeport-McMoRan, Inc. | 94,731 | 4,603,927 | |
Diversified Support Services–0.43% | |||
Copart, Inc.(b) | 63,948 | 3,463,424 | |
Electrical Components & Equipment–1.88% | |||
Eaton Corp. PLC | 33,760 | 10,585,448 | |
Vertiv Holdings Co., Class A | 52,279 | 4,525,793 | |
15,111,241 |
Shares | Value | ||
Financial Exchanges & Data–0.67% | |||
Moody’s Corp. | 12,794 | $5,385,378 | |
Footwear–0.50% | |||
Deckers Outdoor Corp.(b) | 4,126 | 3,993,762 | |
Health Care Distributors–0.69% | |||
McKesson Corp. | 9,535 | 5,568,821 | |
Health Care Equipment–4.01% | |||
Boston Scientific Corp.(b) | 210,323 | 16,196,974 | |
DexCom, Inc.(b) | 35,892 | 4,069,435 | |
Intuitive Surgical, Inc.(b) | 14,081 | 6,263,933 | |
Stryker Corp. | 16,980 | 5,777,445 | |
32,307,787 | |||
Hotels, Resorts & Cruise Lines–0.75% | |||
Marriott International, Inc., Class A | 25,073 | 6,061,899 | |
Industrial Machinery & Supplies & Components–0.51% | |||
Parker-Hannifin Corp. | 8,126 | 4,110,212 | |
Interactive Media & Services–9.17% | |||
Alphabet, Inc., Class C | 236,454 | 43,370,393 | |
Meta Platforms, Inc., Class A | 60,432 | 30,471,023 | |
73,841,416 | |||
Movies & Entertainment–2.63% | |||
Netflix, Inc.(b) | 23,033 | 15,544,511 | |
Spotify Technology S.A. (Sweden)(b) | 17,894 | 5,614,958 | |
21,159,469 | |||
Oil & Gas Exploration & Production–1.14% | |||
Diamondback Energy, Inc.(c) | 45,982 | 9,205,137 | |
Passenger Ground Transportation–1.43% | |||
Uber Technologies, Inc.(b) | 158,272 | 11,503,209 | |
Pharmaceuticals–2.75% | |||
Eli Lilly and Co. | 24,429 | 22,117,528 | |
Property & Casualty Insurance–0.80% | |||
Progressive Corp. (The) | 31,129 | 6,465,805 | |
Restaurants–1.21% | |||
Chipotle Mexican Grill, Inc.(b) | 155,900 | 9,767,135 | |
Semiconductor Materials & Equipment–2.93% | |||
ASML Holding N.V., New York Shares (Netherlands) | 11,371 | 11,629,463 | |
Lam Research Corp. | 11,218 | 11,945,487 | |
23,574,950 | |||
Semiconductors–18.42% | |||
Advanced Micro Devices, Inc.(b) | 73,886 | 11,985,048 | |
Broadcom, Inc. | 15,400 | 24,725,162 | |
Microchip Technology, Inc. | 77,300 | 7,072,950 | |
Micron Technology, Inc. | 39,548 | 5,201,748 | |
Monolithic Power Systems, Inc. | 13,262 | 10,897,120 | |
NVIDIA Corp. | 715,799 | 88,429,809 | |
148,311,837 |
2 | Invesco V.I. Capital Appreciation Fund |
Shares | Value | ||
Systems Software–11.74% | |||
Microsoft Corp. | 190,424 | $85,110,007 | |
ServiceNow, Inc.(b) | 11,978 | 9,422,733 | |
94,532,740 | |||
Technology Hardware, Storage & Peripherals–7.34% | |||
Apple, Inc. | 280,691 | 59,119,138 | |
Trading Companies & Distributors–0.53% | |||
United Rentals, Inc. | 6,604 | 4,271,005 | |
Transaction & Payment Processing Services–4.89% | |||
Fiserv, Inc.(b) | 37,803 | 5,634,159 | |
Mastercard, Inc., Class A | 36,911 | 16,283,657 | |
Visa, Inc., Class A | 66,443 | 17,439,294 | |
39,357,110 | |||
Total Common Stocks & Other Equity Interests (Cost $385,397,620) | 802,426,986 | ||
Money Market Funds–0.01% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(d)(e) | 38,816 | 38,816 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(d)(e) | 27,718 | 27,726 |
Shares | Value | ||
Money Market Funds–(continued) | |||
Invesco Treasury Portfolio, Institutional Class, 5.21%(d)(e) | 44,361 | $44,361 | |
Total Money Market Funds (Cost $110,903) | 110,903 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.66% (Cost $385,508,523) | 802,537,889 | ||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–3.80% | |||
Invesco Private Government Fund, 5.31%(d)(e)(f) | 8,565,584 | 8,565,584 | |
Invesco Private Prime Fund, 5.48%(d)(e)(f) | 22,016,669 | 22,023,274 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $30,588,858) | 30,588,858 | ||
TOTAL INVESTMENTS IN SECURITIES–103.46% (Cost $416,097,381) | 833,126,747 | ||
OTHER ASSETS LESS LIABILITIES—(3.46)% | (27,880,064) | ||
NET ASSETS–100.00% | $805,246,683 |
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at June 30, 2024. |
(d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $361,376 | $14,896,668 | $(15,219,228) | $- | $- | $38,816 | $8,434 |
Invesco Liquid Assets Portfolio, Institutional Class | 258,125 | 10,640,477 | (10,870,736) | - | (140) | 27,726 | 6,654 |
Invesco Treasury Portfolio, Institutional Class | 413,002 | 17,024,763 | (17,393,404) | - | - | 44,361 | 9,615 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | 24,293,498 | 141,398,902 | (157,126,816) | - | - | 8,565,584 | 200,289* |
Invesco Private Prime Fund | 62,885,374 | 359,341,413 | (400,193,165) | (3,348) | (7,000) | 22,023,274 | 535,376* |
Total | $88,211,375 | $543,302,223 | $(600,803,349) | $(3,348) | $(7,140) | $30,699,761 | $760,368 |
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I. |
3 | Invesco V.I. Capital Appreciation Fund |
Assets: | |
Investments in unaffiliated securities, at value (Cost $385,397,620)* | $802,426,986 |
Investments in affiliated money market funds, at value (Cost $30,699,761) | 30,699,761 |
Cash | 2,011,601 |
Foreign currencies, at value (Cost $287) | 246 |
Receivable for: | |
Investments sold | 1,503,131 |
Fund shares sold | 1,183 |
Dividends | 86,591 |
Investment for trustee deferred compensation and retirement plans | 109,030 |
Other assets | 143 |
Total assets | 836,838,672 |
Liabilities: | |
Payable for: | |
Fund shares reacquired | 497,800 |
Collateral upon return of securities loaned | 30,588,858 |
Accrued fees to affiliates | 376,811 |
Accrued other operating expenses | 19,490 |
Trustee deferred compensation and retirement plans | 109,030 |
Total liabilities | 31,591,989 |
Net assets applicable to shares outstanding | $805,246,683 |
Net assets consist of: | |
Shares of beneficial interest | $360,167,913 |
Distributable earnings | 445,078,770 |
$805,246,683 | |
Net Assets: | |
Series I | $623,459,516 |
Series II | $181,787,167 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 10,713,571 |
Series II | 3,297,744 |
Series I: | |
Net asset value per share | $58.19 |
Series II: | |
Net asset value per share | $55.12 |
* | At June 30, 2024, securities with an aggregate value of $29,588,597 were on loan to brokers. |
Investment income: | |
Dividends (net of foreign withholding taxes of $4,705) | $1,830,179 |
Dividends from affiliated money market funds (includes net securities lending income of $30,322) | 55,025 |
Total investment income | 1,885,204 |
Expenses: | |
Advisory fees | 2,635,855 |
Administrative services fees | 610,876 |
Custodian fees | 3,210 |
Distribution fees - Series II | 219,974 |
Transfer agent fees | 16,972 |
Trustees’ and officers’ fees and benefits | 11,740 |
Reports to shareholders | 43,559 |
Professional services fees | 26,426 |
Other | 2,802 |
Total expenses | 3,571,414 |
Less: Fees waived and/or expenses reimbursed | (306,680) |
Net expenses | 3,264,734 |
Net investment income (loss) | (1,379,530) |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | 45,201,083 |
Affiliated investment securities | (7,140) |
45,193,943 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | 117,114,510 |
Affiliated investment securities | (3,348) |
Foreign currencies | (1,545) |
117,109,617 | |
Net realized and unrealized gain | 162,303,560 |
Net increase in net assets resulting from operations | $160,924,030 |
4 | Invesco V.I. Capital Appreciation Fund |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income (loss) | $(1,379,530) | $(1,116,564) |
Net realized gain | 45,193,943 | 7,923,134 |
Change in net unrealized appreciation | 117,109,617 | 188,546,276 |
Net increase in net assets resulting from operations | 160,924,030 | 195,352,846 |
Share transactions–net: | ||
Series I | (41,344,330) | (52,970,388) |
Series II | (22,633,412) | 2,308,662 |
Net increase (decrease) in net assets resulting from share transactions | (63,977,742) | (50,661,726) |
Net increase in net assets | 96,946,288 | 144,691,120 |
Net assets: | ||
Beginning of period | 708,300,395 | 563,609,275 |
End of period | $805,246,683 | $708,300,395 |
5 | Invesco V.I. Capital Appreciation Fund |
Net asset value, beginning of period | Net investment income (loss)(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c) | Ratio of net investment income (loss) to average net assets | Portfolio turnover (d) | |
Series I | ||||||||||||||
Six months ended 06/30/24 | $47.07 | $(0.08) | $11.20 | $11.12 | $— | $— | $— | $58.19 | 23.62% | $623,460 | 0.80%(e) | 0.88%(e) | (0.30)%(e) | 25% |
Year ended 12/31/23 | 34.77 | (0.05) | 12.35 | 12.30 | — | — | — | 47.07 | 35.37 | 541,047 | 0.80 | 0.88 | (0.11) | 81 |
Year ended 12/31/22 | 81.86 | 0.02 | (24.48) | (24.46) | — | (22.63) | (22.63) | 34.77 | (30.78) | 443,996 | 0.80 | 0.88 | 0.03 | 73 |
Year ended 12/31/21 | 70.34 | (0.26) | 16.12 | 15.86 | — | (4.34) | (4.34) | 81.86 | 22.57 | 686,517 | 0.80 | 0.84 | (0.34) | 91 |
Year ended 12/31/20 | 59.77 | (0.08) | 21.00 | 20.92 | — | (10.35) | (10.35) | 70.34 | 36.59 | 626,304 | 0.80 | 0.88 | (0.12) | 37 |
Year ended 12/31/19 | 48.50 | 0.06 | 16.80 | 16.86 | (0.04) | (5.55) | (5.59) | 59.77 | 36.20 | 538,247 | 0.80 | 0.88 | 0.10 | 73 |
Series II | ||||||||||||||
Six months ended 06/30/24 | 44.64 | (0.14) | 10.62 | 10.48 | — | — | — | 55.12 | 23.47 | 181,787 | 1.05(e) | 1.13(e) | (0.55)(e) | 25 |
Year ended 12/31/23 | 33.06 | (0.14) | 11.72 | 11.58 | — | — | — | 44.64 | 35.03 | 167,253 | 1.05 | 1.13 | (0.36) | 81 |
Year ended 12/31/22 | 79.58 | (0.12) | (23.77) | (23.89) | — | (22.63) | (22.63) | 33.06 | (30.96) | 119,613 | 1.05 | 1.13 | (0.22) | 73 |
Year ended 12/31/21 | 68.64 | (0.45) | 15.73 | 15.28 | — | (4.34) | (4.34) | 79.58 | 22.28 | 226,282 | 1.05 | 1.09 | (0.59) | 91 |
Year ended 12/31/20 | 58.67 | (0.23) | 20.55 | 20.32 | — | (10.35) | (10.35) | 68.64 | 36.24 | 215,610 | 1.05 | 1.13 | (0.37) | 37 |
Year ended 12/31/19 | 47.78 | (0.08) | 16.52 | 16.44 | — | (5.55) | (5.55) | 58.67 | 35.84 | 200,741 | 1.05 | 1.13 | (0.15) | 73 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the year ended December 31, 2019. |
(d) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(e) | Annualized. |
6 | Invesco V.I. Capital Appreciation Fund |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
7 | Invesco V.I. Capital Appreciation Fund |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities. |
8 | Invesco V.I. Capital Appreciation Fund |
J. | Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
K. | Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk. |
L. | Other Risks – The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly. |
Average Daily Net Assets | Rate* |
First $200 million | 0.750% |
Next $200 million | 0.720% |
Next $200 million | 0.690% |
Next $200 million | 0.660% |
Next $200 million | 0.600% |
Over $1 billion | 0.580% |
* | The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser. |
9 | Invesco V.I. Capital Appreciation Fund |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Common Stocks & Other Equity Interests | $802,426,986 | $— | $— | $802,426,986 |
Money Market Funds | 110,903 | 30,588,858 | — | 30,699,761 |
Total Investments | $802,537,889 | $30,588,858 | $— | $833,126,747 |
10 | Invesco V.I. Capital Appreciation Fund |
Capital Loss Carryforward* | |||
Expiration | Short-Term | Long-Term | Total |
Not subject to expiration | $13,071,039 | $— | $13,071,039 |
* | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $416,539,265 |
Aggregate unrealized (depreciation) of investments | (2,108,561) |
Net unrealized appreciation of investments | $414,430,704 |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 61,877 | $3,333,103 | 324,905 | $12,101,688 | |
Series II | 55,018 | 2,759,205 | 868,264 | 31,453,669 | |
Reacquired: | |||||
Series I | (842,790) | (44,677,433) | (1,599,624) | (65,072,076) | |
Series II | (503,683) | (25,392,617) | (739,826) | (29,145,007) | |
Net increase (decrease) in share activity | (1,229,578) | $(63,977,742) | (1,146,281) | $(50,661,726) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 67% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
11 | Invesco V.I. Capital Appreciation Fund |
12 | Invesco V.I. Capital Appreciation Fund |
13 | Invesco V.I. Capital Appreciation Fund |
14 | Invesco V.I. Capital Appreciation Fund |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
15 | Invesco V.I. Capital Appreciation Fund |
16 | Invesco V.I. Capital Appreciation Fund |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/imgb3f1d9d41.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | VK-VICOM-NCSRS |
Shares | Value | ||
Common Stocks & Other Equity Interests–95.92% | |||
Aerospace & Defense–2.19% | |||
General Electric Co. | 102,322 | $16,266,128 | |
Textron, Inc. | 175,018 | 15,027,046 | |
31,293,174 | |||
Air Freight & Logistics–2.20% | |||
FedEx Corp. | 104,693 | 31,391,149 | |
Asset Management & Custody Banks–1.43% | |||
State Street Corp. | 276,019 | 20,425,406 | |
Automobile Manufacturers–0.21% | |||
General Motors Co. | 64,364 | 2,990,351 | |
Biotechnology–0.55% | |||
AbbVie, Inc.(b) | 45,728 | 7,843,267 | |
Broadline Retail–1.25% | |||
eBay, Inc. | 330,828 | 17,772,080 | |
Building Products–1.94% | |||
Johnson Controls International PLC | 415,417 | 27,612,768 | |
Cable & Satellite–2.22% | |||
Charter Communications, Inc., Class A(b)(c) | 60,663 | 18,135,811 | |
Comcast Corp., Class A | 344,176 | 13,477,932 | |
31,613,743 | |||
Casinos & Gaming–1.08% | |||
Las Vegas Sands Corp. | 347,685 | 15,385,061 | |
Communications Equipment–2.88% | |||
Cisco Systems, Inc. | 529,887 | 25,174,931 | |
F5, Inc.(c) | 92,315 | 15,899,413 | |
41,074,344 | |||
Construction Machinery & Heavy Transportation Equipment– 2.40% | |||
Caterpillar, Inc. | 54,227 | 18,063,014 | |
Wabtec Corp. | 102,398 | 16,184,004 | |
34,247,018 | |||
Diversified Banks–8.98% | |||
Bank of America Corp. | 1,031,498 | 41,022,675 | |
Citigroup, Inc. | 338,586 | 21,486,668 | |
Fifth Third Bancorp | 523,431 | 19,099,997 | |
Wells Fargo & Co. | 782,185 | 46,453,967 | |
128,063,307 | |||
Electrical Components & Equipment–3.18% | |||
Eaton Corp. PLC | 74,259 | 23,283,910 | |
Emerson Electric Co. | 201,013 | 22,143,592 | |
45,427,502 | |||
Fertilizers & Agricultural Chemicals–1.95% | |||
CF Industries Holdings, Inc. | 167,982 | 12,450,826 | |
Corteva, Inc. | 286,141 | 15,434,445 | |
27,885,271 |
Shares | Value | ||
Food Distributors–1.17% | |||
Sysco Corp. | 234,722 | $16,756,804 | |
Health Care Distributors–0.85% | |||
Henry Schein, Inc.(c) | 189,427 | 12,142,271 | |
Health Care Equipment–2.41% | |||
Baxter International, Inc. | 203,697 | 6,813,665 | |
Becton, Dickinson and Co. | 49,362 | 11,536,393 | |
GE HealthCare Technologies, Inc. | 35,988 | 2,804,185 | |
Medtronic PLC | 168,624 | 13,272,395 | |
34,426,638 | |||
Health Care Facilities–0.86% | |||
Universal Health Services, Inc., Class B | 66,281 | 12,257,345 | |
Health Care Services–1.30% | |||
CVS Health Corp. | 314,330 | 18,564,330 | |
Health Care Supplies–0.31% | |||
DENTSPLY SIRONA, Inc.(b) | 176,781 | 4,403,614 | |
Household Products–2.23% | |||
Kimberly-Clark Corp. | 132,486 | 18,309,565 | |
Reckitt Benckiser Group PLC (United Kingdom) | 249,813 | 13,514,680 | |
31,824,245 | |||
Integrated Oil & Gas–6.49% | |||
Chevron Corp. | 196,094 | 30,673,024 | |
Exxon Mobil Corp. | 234,142 | 26,954,427 | |
Shell PLC, ADR (United Kingdom) | 81,020 | 5,848,024 | |
Suncor Energy, Inc. (Canada) | 764,234 | 29,117,315 | |
92,592,790 | |||
Interactive Media & Services–4.50% | |||
Alphabet, Inc., Class A | 164,826 | 30,023,056 | |
Meta Platforms, Inc., Class A | 67,668 | 34,119,559 | |
64,142,615 | |||
Investment Banking & Brokerage–2.11% | |||
Goldman Sachs Group, Inc. (The) | 45,123 | 20,410,035 | |
Morgan Stanley | 100,157 | 9,734,259 | |
30,144,294 | |||
IT Consulting & Other Services–2.00% | |||
Cognizant Technology Solutions Corp., Class A | 249,292 | 16,951,856 | |
DXC Technology Co.(c) | 603,628 | 11,523,259 | |
28,475,115 | |||
Life & Health Insurance–0.95% | |||
MetLife, Inc. | 193,334 | 13,570,113 | |
Managed Health Care–3.22% | |||
Elevance Health, Inc. | 61,754 | 33,462,023 | |
Humana, Inc. | 33,265 | 12,429,467 | |
45,891,490 |
2 | Invesco V.I. Comstock Fund |
Shares | Value | ||
Movies & Entertainment–1.45% | |||
Walt Disney Co. (The) | 143,783 | $14,276,214 | |
Warner Bros. Discovery, Inc.(c) | 868,482 | 6,461,506 | |
20,737,720 | |||
Multi-line Insurance–1.59% | |||
American International Group, Inc. | 304,768 | 22,625,976 | |
Multi-Utilities–1.29% | |||
Dominion Energy, Inc.(b) | 374,886 | 18,369,414 | |
Oil & Gas Exploration & Production–2.68% | |||
ConocoPhillips | 105,657 | 12,085,048 | |
Hess Corp. | 85,782 | 12,654,561 | |
Marathon Oil Corp. | 469,054 | 13,447,778 | |
38,187,387 | |||
Oil & Gas Storage & Transportation–0.92% | |||
Cheniere Energy, Inc. | 74,727 | 13,064,521 | |
Packaged Foods & Meats–1.27% | |||
Kraft Heinz Co. (The) | 408,149 | 13,150,561 | |
Tyson Foods, Inc., Class A | 87,054 | 4,974,265 | |
18,124,826 | |||
Paper & Plastic Packaging Products & Materials–1.32% | |||
International Paper Co.(b) | 437,700 | 18,886,755 | |
Pharmaceuticals–6.12% | |||
AstraZeneca PLC (United Kingdom) | 101,719 | 15,830,829 | |
Bristol-Myers Squibb Co. | 204,461 | 8,491,265 | |
Johnson & Johnson | 124,422 | 18,185,520 | |
Merck & Co., Inc. | 175,393 | 21,713,653 | |
Sanofi S.A., ADR | 476,733 | 23,131,085 | |
87,352,352 | |||
Property & Casualty Insurance–1.03% | |||
Allstate Corp. (The) | 91,902 | 14,673,073 | |
Regional Banks–3.69% | |||
Citizens Financial Group, Inc. | 542,913 | 19,561,155 | |
Huntington Bancshares, Inc. | 1,329,738 | 17,525,947 | |
M&T Bank Corp. | 102,853 | 15,567,830 | |
52,654,932 | |||
Restaurants–1.11% | |||
Starbucks Corp. | 202,888 | 15,794,831 | |
Semiconductors–3.96% | |||
Intel Corp. | 464,599 | 14,388,631 |
Shares | Value | ||
Semiconductors–(continued) | |||
NXP Semiconductors N.V. (China) | 76,719 | $20,644,316 | |
QUALCOMM, Inc. | 107,856 | 21,482,758 | |
56,515,705 | |||
Soft Drinks & Non-alcoholic Beverages–2.05% | |||
Coca-Cola Co. (The) | 200,828 | 12,782,702 | |
Keurig Dr Pepper, Inc. | 493,047 | 16,467,770 | |
29,250,472 | |||
Systems Software–2.82% | |||
Microsoft Corp. | 89,871 | 40,167,843 | |
Telecom Tower REITs–0.36% | |||
SBA Communications Corp., Class A | 26,184 | 5,139,919 | |
Tobacco–2.64% | |||
Philip Morris International, Inc. | 371,437 | 37,637,711 | |
Wireless Telecommunication Services–0.76% | |||
T-Mobile US, Inc. | 61,206 | 10,783,273 | |
Total Common Stocks & Other Equity Interests (Cost $905,951,563) | 1,368,182,815 | ||
Money Market Funds–3.54% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(d)(e) | 17,659,868 | 17,659,868 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(d)(e) | 12,609,566 | 12,613,349 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(d)(e) | 20,182,707 | 20,182,707 | |
Total Money Market Funds (Cost $50,455,923) | 50,455,924 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.46% (Cost $956,407,486) | 1,418,638,739 | ||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–3.59% | |||
Invesco Private Government Fund, 5.31%(d)(e)(f) | 14,356,065 | 14,356,065 | |
Invesco Private Prime Fund, 5.48%(d)(e)(f) | 36,904,148 | 36,915,220 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $51,271,285) | 51,271,285 | ||
TOTAL INVESTMENTS IN SECURITIES–103.05% (Cost $1,007,678,771) | 1,469,910,024 | ||
OTHER ASSETS LESS LIABILITIES—(3.05)% | (43,473,550) | ||
NET ASSETS–100.00% | $1,426,436,474 |
ADR | – American Depositary Receipt |
REIT | – Real Estate Investment Trust |
3 | Invesco V.I. Comstock Fund |
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at June 30, 2024. |
(c) | Non-income producing security. |
(d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $3,988,033 | $56,618,622 | $(42,946,787) | $- | $- | $17,659,868 | $266,337 |
Invesco Liquid Assets Portfolio, Institutional Class | 2,851,477 | 40,441,873 | (30,676,276) | (855) | (2,870) | 12,613,349 | 198,287 |
Invesco Treasury Portfolio, Institutional Class | 4,557,752 | 64,706,997 | (49,082,042) | - | - | 20,182,707 | 303,644 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | 18,180,876 | 140,358,934 | (144,183,745) | - | - | 14,356,065 | 218,499* |
Invesco Private Prime Fund | 46,750,825 | 312,160,136 | (321,982,373) | (6,431) | (6,937) | 36,915,220 | 584,659* |
Total | $76,328,963 | $614,286,562 | $(588,871,223) | $(7,286) | $(9,807) | $101,727,209 | $1,571,426 |
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I. |
Open Forward Foreign Currency Contracts | ||||||
Settlement Date | Counterparty | Contract to | Unrealized Appreciation (Depreciation) | |||
Deliver | Receive | |||||
Currency Risk | ||||||
07/12/2024 | Canadian Imperial Bank of Commerce | USD | 485,881 | CAD | 667,120 | $1,875 |
07/12/2024 | Canadian Imperial Bank of Commerce | USD | 265,275 | EUR | 247,591 | 6 |
07/12/2024 | Deutsche Bank AG | USD | 455,726 | EUR | 425,505 | 180 |
07/12/2024 | Goldman Sachs International | EUR | 460,859 | USD | 494,253 | 467 |
07/12/2024 | Royal Bank of Canada | EUR | 11,229,513 | USD | 12,171,378 | 139,554 |
07/12/2024 | Royal Bank of Canada | GBP | 14,224,328 | USD | 18,107,569 | 125,536 |
07/12/2024 | State Street Bank & Trust Co. | CAD | 633,010 | USD | 463,758 | 941 |
07/12/2024 | State Street Bank & Trust Co. | USD | 237,665 | EUR | 222,040 | 239 |
Subtotal—Appreciation | 268,798 | |||||
Currency Risk | ||||||
07/12/2024 | Citibank, N.A. | USD | 403,361 | CAD | 550,580 | (811) |
07/12/2024 | Goldman Sachs International | USD | 339,656 | EUR | 316,161 | (907) |
07/12/2024 | Royal Bank of Canada | CAD | 20,362,926 | USD | 14,861,584 | (26,514) |
07/12/2024 | Royal Bank of Canada | EUR | 279,975 | USD | 299,124 | (854) |
Subtotal—Depreciation | (29,086) | |||||
Total Forward Foreign Currency Contracts | $239,712 |
Abbreviations: | |
CAD | – Canadian Dollar |
EUR | – Euro |
GBP | – British Pound Sterling |
USD | – U.S. Dollar |
4 | Invesco V.I. Comstock Fund |
Assets: | |
Investments in unaffiliated securities, at value (Cost $905,951,563)* | $1,368,182,815 |
Investments in affiliated money market funds, at value (Cost $101,727,208) | 101,727,209 |
Other investments: | |
Unrealized appreciation on forward foreign currency contracts outstanding | 268,798 |
Cash | 306,423 |
Foreign currencies, at value (Cost $555) | 553 |
Receivable for: | |
Investments sold | 3,014,535 |
Fund shares sold | 4,095,692 |
Dividends | 2,302,245 |
Investment for trustee deferred compensation and retirement plans | 155,239 |
Other assets | 455 |
Total assets | 1,480,053,964 |
Liabilities: | |
Other investments: | |
Unrealized depreciation on forward foreign currency contracts outstanding | 29,086 |
Payable for: | |
Investments purchased | 676,029 |
Fund shares reacquired | 490,661 |
Accrued foreign taxes | 45,963 |
Collateral upon return of securities loaned | 51,271,285 |
Accrued fees to affiliates | 915,361 |
Accrued other operating expenses | 23,458 |
Trustee deferred compensation and retirement plans | 165,647 |
Total liabilities | 53,617,490 |
Net assets applicable to shares outstanding | $1,426,436,474 |
Net assets consist of: | |
Shares of beneficial interest | $762,787,051 |
Distributable earnings | 663,649,423 |
$1,426,436,474 | |
Net Assets: | |
Series I | $211,597,226 |
Series II | $1,214,839,248 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 9,915,068 |
Series II | 57,265,605 |
Series I: | |
Net asset value per share | $21.34 |
Series II: | |
Net asset value per share | $21.21 |
* | At June 30, 2024, securities with an aggregate value of $50,345,763 were on loan to brokers. |
Investment income: | |
Dividends (net of foreign withholding taxes of $269,670) | $17,252,187 |
Dividends from affiliated money market funds (includes net securities lending income of $35,574) | 803,842 |
Total investment income | 18,056,029 |
Expenses: | |
Advisory fees | 4,044,179 |
Administrative services fees | 1,171,191 |
Custodian fees | 14,888 |
Distribution fees - Series II | 1,518,881 |
Transfer agent fees | 34,278 |
Trustees’ and officers’ fees and benefits | 14,773 |
Reports to shareholders | 150,984 |
Professional services fees | 27,049 |
Other | 6,639 |
Total expenses | 6,982,862 |
Less: Fees waived | (14,505) |
Net expenses | 6,968,357 |
Net investment income | 11,087,672 |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | 86,513,325 |
Affiliated investment securities | (9,807) |
Foreign currencies | 16,738 |
Forward foreign currency contracts | 464,245 |
86,984,501 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | 16,775,735 |
Affiliated investment securities | (7,286) |
Foreign currencies | (1,885) |
Forward foreign currency contracts | 545,693 |
17,312,257 | |
Net realized and unrealized gain | 104,296,758 |
Net increase in net assets resulting from operations | $115,384,430 |
5 | Invesco V.I. Comstock Fund |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income | $11,087,672 | $21,920,644 |
Net realized gain | 86,984,501 | 100,571,468 |
Change in net unrealized appreciation | 17,312,257 | 32,168,701 |
Net increase in net assets resulting from operations | 115,384,430 | 154,660,813 |
Distributions to shareholders from distributable earnings: | ||
Series I | — | (26,098,541) |
Series II | — | (149,359,159) |
Total distributions from distributable earnings | — | (175,457,700) |
Share transactions–net: | ||
Series I | (15,391,198) | 4,721,565 |
Series II | (96,420,656) | 46,103,990 |
Net increase (decrease) in net assets resulting from share transactions | (111,811,854) | 50,825,555 |
Net increase in net assets | 3,572,576 | 30,028,668 |
Net assets: | ||
Beginning of period | 1,422,863,898 | 1,392,835,230 |
End of period | $1,426,436,474 | $1,422,863,898 |
6 | Invesco V.I. Comstock Fund |
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Ratio of net investment income to average net assets | Portfolio turnover (c) | |
Series I | ||||||||||||||
Six months ended 06/30/24 | $19.67 | $0.18 | $1.49 | $1.67 | $— | $— | $— | $21.34 | 8.49% | $211,597 | 0.77%(d) | 0.77%(d) | 1.76%(d) | 8% |
Year ended 12/31/23 | 20.34 | 0.37 | 1.77 | 2.14 | (0.39) | (2.42) | (2.81) | 19.67 | 12.36 | 209,813 | 0.75 | 0.75 | 1.80 | 20 |
Year ended 12/31/22 | 21.14 | 0.36 | (0.16) | 0.20 | (0.34) | (0.66) | (1.00) | 20.34 | 1.12 | 207,442 | 0.75 | 0.75 | 1.72 | 21 |
Year ended 12/31/21 | 16.13 | 0.30 | 5.07 | 5.37 | (0.36) | — | (0.36) | 21.14 | 33.36 | 212,550 | 0.74 | 0.74 | 1.53 | 16 |
Year ended 12/31/20 | 17.16 | 0.32 | (0.59) | (0.27) | (0.36) | (0.40) | (0.76) | 16.13 | (0.85) | 181,594 | 0.75 | 0.75 | 2.24 | 38 |
Year ended 12/31/19 | 16.12 | 0.37 | 3.45 | 3.82 | (0.37) | (2.41) | (2.78) | 17.16 | 25.30 | 199,521 | 0.74 | 0.74 | 2.09 | 21 |
Series II | ||||||||||||||
Six months ended 06/30/24 | 19.58 | 0.16 | 1.47 | 1.63 | — | — | — | 21.21 | 8.33 | 1,214,839 | 1.02(d) | 1.02(d) | 1.51(d) | 8 |
Year ended 12/31/23 | 20.25 | 0.32 | 1.77 | 2.09 | (0.34) | (2.42) | (2.76) | 19.58 | 12.10 | 1,213,051 | 1.00 | 1.00 | 1.55 | 20 |
Year ended 12/31/22 | 21.05 | 0.31 | (0.16) | 0.15 | (0.29) | (0.66) | (0.95) | 20.25 | 0.85 | 1,185,393 | 1.00 | 1.00 | 1.47 | 21 |
Year ended 12/31/21 | 16.07 | 0.25 | 5.05 | 5.30 | (0.32) | — | (0.32) | 21.05 | 33.04 | 1,323,433 | 0.99 | 0.99 | 1.28 | 16 |
Year ended 12/31/20 | 17.09 | 0.28 | (0.58) | (0.30) | (0.32) | (0.40) | (0.72) | 16.07 | (1.09) | 1,144,913 | 1.00 | 1.00 | 1.99 | 38 |
Year ended 12/31/19 | 16.06 | 0.32 | 3.44 | 3.76 | (0.32) | (2.41) | (2.73) | 17.09 | 24.94 | 1,240,109 | 0.99 | 0.99 | 1.84 | 21 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Annualized. |
7 | Invesco V.I. Comstock Fund |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
8 | Invesco V.I. Comstock Fund |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities. |
9 | Invesco V.I. Comstock Fund |
J. | Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
K. | Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk. |
Average Daily Net Assets | Rate |
First $500 million | 0.600% |
Next $500 million | 0.550% |
Average Daily Net Assets | Rate |
First $500 million | 0.600% |
Next $1.5 billion | 0.550% |
Over $2 billion | 0.530% |
10 | Invesco V.I. Comstock Fund |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Common Stocks & Other Equity Interests | $1,338,837,306 | $29,345,509 | $— | $1,368,182,815 |
Money Market Funds | 50,455,924 | 51,271,285 | — | 101,727,209 |
Total Investments in Securities | 1,389,293,230 | 80,616,794 | — | 1,469,910,024 |
Other Investments - Assets* | ||||
Forward Foreign Currency Contracts | — | 268,798 | — | 268,798 |
Other Investments - Liabilities* | ||||
Forward Foreign Currency Contracts | — | (29,086) | — | (29,086) |
Total Other Investments | — | 239,712 | — | 239,712 |
Total Investments | $1,389,293,230 | $80,856,506 | $— | $1,470,149,736 |
* | Unrealized appreciation (depreciation). |
11 | Invesco V.I. Comstock Fund |
Value | |
Derivative Assets | Currency Risk |
Unrealized appreciation on forward foreign currency contracts outstanding | $268,798 |
Derivatives not subject to master netting agreements | — |
Total Derivative Assets subject to master netting agreements | $268,798 |
Value | |
Derivative Liabilities | Currency Risk |
Unrealized depreciation on forward foreign currency contracts outstanding | $(29,086) |
Derivatives not subject to master netting agreements | — |
Total Derivative Liabilities subject to master netting agreements | $(29,086) |
Financial Derivative Assets | Financial Derivative Liabilities | Collateral (Received)/Pledged | |||||
Counterparty | Forward Foreign Currency Contracts | Forward Foreign Currency Contracts | Net Value of Derivatives | Non-Cash | Cash | Net Amount | |
Canadian Imperial Bank of Commerce | $1,881 | $− | $1,881 | $— | $— | $1,881 | |
Citibank, N.A. | − | (811) | (811) | — | — | (811) | |
Deutsche Bank AG | 180 | − | 180 | — | — | 180 | |
Goldman Sachs International | 467 | (907) | (440) | — | — | (440) | |
Royal Bank of Canada | 265,090 | (27,368) | 237,722 | — | — | 237,722 | |
State Street Bank & Trust Co. | 1,180 | − | 1,180 | — | — | 1,180 | |
Total | $268,798 | $(29,086) | $239,712 | $— | $— | $239,712 |
Location of Gain on Statement of Operations | |
Currency Risk | |
Realized Gain: | |
Forward foreign currency contracts | $464,245 |
Change in Net Unrealized Appreciation: | |
Forward foreign currency contracts | 545,693 |
Total | $1,009,938 |
Forward Foreign Currency Contracts | |
Average notional value | $43,255,120 |
12 | Invesco V.I. Comstock Fund |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $492,505,794 |
Aggregate unrealized (depreciation) of investments | (44,662,481) |
Net unrealized appreciation of investments | $447,843,313 |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 280,023 | $5,844,377 | 914,010 | $18,717,155 | |
Series II | 822,949 | 17,018,930 | 5,985,023 | 121,718,269 | |
Issued as reinvestment of dividends: | |||||
Series I | - | - | 1,499,055 | 26,098,541 | |
Series II | - | - | 8,618,532 | 149,359,159 | |
Reacquired: | |||||
Series I | (1,030,841) | (21,235,575) | (1,946,776) | (40,094,131) | |
Series II | (5,514,568) | (113,439,586) | (11,188,148) | (224,973,438) | |
Net increase (decrease) in share activity | (5,442,437) | $(111,811,854) | 3,881,696 | $50,825,555 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 58% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
13 | Invesco V.I. Comstock Fund |
14 | Invesco V.I. Comstock Fund |
15 | Invesco V.I. Comstock Fund |
16 | Invesco V.I. Comstock Fund |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
17 | Invesco V.I. Comstock Fund |
18 | Invesco V.I. Comstock Fund |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/img66d6e77c1.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | VICEQ-NCSRS |
Shares | Value | ||
Common Stocks & Other Equity Interests–99.33% | |||
Aerospace & Defense–1.81% | |||
Howmet Aerospace, Inc. | 82,454 | $6,400,904 | |
Huntington Ingalls Industries, Inc. | 24,256 | 5,974,980 | |
12,375,884 | |||
Air Freight & Logistics–1.22% | |||
United Parcel Service, Inc., Class B | 60,990 | 8,346,481 | |
Application Software–0.88% | |||
Tyler Technologies, Inc.(b) | 12,015 | 6,040,902 | |
Asset Management & Custody Banks–1.38% | |||
BlackRock, Inc. | 11,973 | 9,426,582 | |
Automotive Parts & Equipment–0.92% | |||
Aptiv PLC(b) | 89,489 | 6,301,815 | |
Broadline Retail–5.20% | |||
Amazon.com, Inc.(b) | 184,269 | 35,609,984 | |
Building Products–0.83% | |||
Johnson Controls International PLC | 85,318 | 5,671,087 | |
Communications Equipment–0.67% | |||
Motorola Solutions, Inc. | 11,873 | 4,583,572 | |
Construction Materials–0.82% | |||
CRH PLC | 74,419 | 5,579,937 | |
Consumer Finance–1.54% | |||
American Express Co. | 45,473 | 10,529,273 | |
Consumer Staples Merchandise Retail–1.53% | |||
Walmart, Inc. | 154,717 | 10,475,888 | |
Distillers & Vintners–1.11% | |||
Constellation Brands, Inc., Class A | 29,445 | 7,575,610 | |
Distributors–0.75% | |||
LKQ Corp. | 123,798 | 5,148,759 | |
Diversified Banks–2.83% | |||
JPMorgan Chase & Co. | 95,884 | 19,393,498 | |
Diversified Financial Services–0.70% | |||
Equitable Holdings, Inc. | 116,872 | 4,775,390 | |
Electric Utilities–0.69% | |||
PPL Corp. | 170,054 | 4,701,993 | |
Electrical Components & Equipment–2.45% | |||
Emerson Electric Co. | 87,017 | 9,585,793 | |
Hubbell, Inc. | 19,720 | 7,207,265 | |
16,793,058 | |||
Fertilizers & Agricultural Chemicals–0.72% | |||
Mosaic Co. (The) | 170,922 | 4,939,646 | |
Health Care Equipment–2.42% | |||
Boston Scientific Corp.(b) | 108,865 | 8,383,693 |
Shares | Value | ||
Health Care Equipment–(continued) | |||
Zimmer Biomet Holdings, Inc. | 75,622 | $8,207,256 | |
16,590,949 | |||
Health Care Facilities–1.32% | |||
HCA Healthcare, Inc. | 28,146 | 9,042,747 | |
Home Improvement Retail–1.27% | |||
Lowe’s Cos., Inc. | 39,544 | 8,717,870 | |
Hotels, Resorts & Cruise Lines–1.97% | |||
Royal Caribbean Cruises Ltd.(b) | 50,407 | 8,036,388 | |
Wyndham Hotels & Resorts, Inc.(c) | 73,881 | 5,467,194 | |
13,503,582 | |||
Household Products–2.01% | |||
Procter & Gamble Co. (The) | 83,629 | 13,792,095 | |
Human Resource & Employment Services–0.57% | |||
Paylocity Holding Corp.(b) | 29,419 | 3,878,895 | |
Industrial REITs–1.32% | |||
Prologis, Inc. | 80,257 | 9,013,664 | |
Insurance Brokers–1.24% | |||
Arthur J. Gallagher & Co. | 32,647 | 8,465,694 | |
Integrated Oil & Gas–1.88% | |||
Chevron Corp. | 82,292 | 12,872,115 | |
Integrated Telecommunication Services–1.58% | |||
Verizon Communications, Inc. | 262,976 | 10,845,130 | |
Interactive Media & Services–6.96% | |||
Alphabet, Inc., Class A | 144,284 | 26,281,331 | |
Meta Platforms, Inc., Class A | 42,348 | 21,352,708 | |
47,634,039 | |||
Internet Services & Infrastructure–0.62% | |||
MongoDB, Inc.(b)(c) | 16,942 | 4,234,822 | |
Investment Banking & Brokerage–2.64% | |||
Charles Schwab Corp. (The) | 95,650 | 7,048,449 | |
Morgan Stanley | 69,138 | 6,719,522 | |
Raymond James Financial, Inc. | 34,733 | 4,293,346 | |
18,061,317 | |||
Life Sciences Tools & Services–1.63% | |||
Danaher Corp. | 22,594 | 5,645,111 | |
Lonza Group AG (Switzerland) | 10,094 | 5,495,222 | |
11,140,333 | |||
Managed Health Care–1.63% | |||
UnitedHealth Group, Inc. | 21,864 | 11,134,461 | |
Movies & Entertainment–1.01% | |||
Walt Disney Co. (The) | 69,451 | 6,895,790 | |
Multi-Family Residential REITs–0.90% | |||
Mid-America Apartment Communities, Inc. | 43,160 | 6,155,048 |
2 | Invesco V.I. Core Equity Fund |
Shares | Value | ||
Multi-line Insurance–1.31% | |||
American International Group, Inc. | 121,103 | $8,990,687 | |
Multi-Utilities–0.82% | |||
Ameren Corp. | 79,093 | 5,624,303 | |
Oil & Gas Exploration & Production–1.94% | |||
APA Corp.(c) | 159,302 | 4,689,851 | |
Marathon Oil Corp. | 298,831 | 8,567,485 | |
13,257,336 | |||
Personal Care Products–0.66% | |||
BellRing Brands, Inc.(b) | 79,253 | 4,528,516 | |
Pharmaceuticals–3.68% | |||
Eli Lilly and Co. | 17,353 | 15,711,059 | |
Pfizer, Inc. | 169,173 | 4,733,461 | |
Sanofi S.A., ADR | 98,106 | 4,760,103 | |
25,204,623 | |||
Property & Casualty Insurance–0.73% | |||
Hartford Financial Services Group, Inc. (The) | 49,936 | 5,020,565 | |
Regional Banks–0.87% | |||
M&T Bank Corp. | 39,337 | 5,954,048 | |
Restaurants–1.10% | |||
McDonald’s Corp.(c) | 29,611 | 7,546,067 | |
Semiconductor Materials & Equipment–1.42% | |||
Applied Materials, Inc. | 41,232 | 9,730,340 | |
Semiconductors–10.44% | |||
Broadcom, Inc. | 6,971 | 11,192,150 | |
NVIDIA Corp. | 412,337 | 50,940,113 | |
Texas Instruments, Inc. | 47,857 | 9,309,622 | |
71,441,885 | |||
Specialty Chemicals–0.65% | |||
PPG Industries, Inc. | 35,122 | 4,421,509 | |
Systems Software–8.91% | |||
GitLab, Inc., Class A(b) | 71,535 | 3,556,720 | |
Microsoft Corp. | 128,546 | 57,453,635 | |
61,010,355 | |||
Technology Hardware, Storage & Peripherals–5.94% | |||
Apple, Inc. | 164,162 | 34,575,801 |
Shares | Value | ||
Technology Hardware, Storage & Peripherals–(continued) | |||
Dell Technologies, Inc., Class C | 44,340 | $6,114,929 | |
40,690,730 | |||
Timber REITs–0.53% | |||
Weyerhaeuser Co. | 126,912 | 3,603,032 | |
Tobacco–1.38% | |||
Philip Morris International, Inc. | 93,537 | 9,478,104 | |
Trading Companies & Distributors–0.66% | |||
Air Lease Corp., Class A(c) | 95,561 | 4,542,014 | |
Transaction & Payment Processing Services–1.27% | |||
Fiserv, Inc.(b) | 58,146 | 8,666,080 | |
Total Common Stocks & Other Equity Interests (Cost $451,214,789) | 679,958,104 | ||
Money Market Funds–0.73% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(d)(e) | 1,747,356 | 1,747,356 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(d)(e) | 1,247,749 | 1,248,123 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(d)(e) | 1,996,979 | 1,996,979 | |
Total Money Market Funds (Cost $4,992,458) | 4,992,458 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.06% (Cost $456,207,247) | 684,950,562 | ||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–2.56% | |||
Invesco Private Government Fund, 5.31%(d)(e)(f) | 4,908,316 | 4,908,316 | |
Invesco Private Prime Fund, 5.48%(d)(e)(f) | 12,617,595 | 12,621,380 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $17,529,696) | 17,529,696 | ||
TOTAL INVESTMENTS IN SECURITIES–102.62% (Cost $473,736,943) | 702,480,258 | ||
OTHER ASSETS LESS LIABILITIES—(2.62)% | (17,950,935) | ||
NET ASSETS–100.00% | $684,529,323 |
ADR | – American Depositary Receipt |
REIT | – Real Estate Investment Trust |
3 | Invesco V.I. Core Equity Fund |
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at June 30, 2024. |
(d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $4,887,654 | $18,356,796 | $(21,497,094) | $- | $- | $1,747,356 | $62,962 |
Invesco Liquid Assets Portfolio, Institutional Class | 3,492,363 | 13,111,997 | (15,355,461) | (829) | 53 | 1,248,123 | 46,672 |
Invesco Treasury Portfolio, Institutional Class | 5,585,890 | 20,979,196 | (24,568,107) | - | - | 1,996,979 | 71,800 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | 10,408,189 | 192,808,183 | (198,308,056) | - | - | 4,908,316 | 325,918* |
Invesco Private Prime Fund | 29,325,307 | 417,987,242 | (434,668,127) | (1,748) | (21,294) | 12,621,380 | 859,382* |
Total | $53,699,403 | $663,243,414 | $(694,396,845) | $(2,577) | $(21,241) | $22,522,154 | $1,366,734 |
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I. |
4 | Invesco V.I. Core Equity Fund |
Assets: | |
Investments in unaffiliated securities, at value (Cost $451,214,789)* | $679,958,104 |
Investments in affiliated money market funds, at value (Cost $22,522,154) | 22,522,154 |
Foreign currencies, at value (Cost $1,579) | 1,434 |
Receivable for: | |
Fund shares sold | 18,768 |
Dividends | 336,055 |
Investment for trustee deferred compensation and retirement plans | 297,260 |
Other assets | 131,402 |
Total assets | 703,265,177 |
Liabilities: | |
Payable for: | |
Fund shares reacquired | 556,034 |
Amount due custodian | 4,782 |
Collateral upon return of securities loaned | 17,529,696 |
Accrued fees to affiliates | 314,074 |
Accrued other operating expenses | 20,719 |
Trustee deferred compensation and retirement plans | 310,549 |
Total liabilities | 18,735,854 |
Net assets applicable to shares outstanding | $684,529,323 |
Net assets consist of: | |
Shares of beneficial interest | $348,316,450 |
Distributable earnings | 336,212,873 |
$684,529,323 | |
Net Assets: | |
Series I | $661,747,769 |
Series II | $22,781,554 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 19,589,051 |
Series II | 679,166 |
Series I: | |
Net asset value per share | $33.78 |
Series II: | |
Net asset value per share | $33.54 |
* | At June 30, 2024, securities with an aggregate value of $17,127,068 were on loan to brokers. |
Investment income: | |
Dividends (net of foreign withholding taxes of $5,432) | $5,229,308 |
Dividends from affiliated money market funds (includes net securities lending income of $40,209) | 221,643 |
Total investment income | 5,450,951 |
Expenses: | |
Advisory fees | 2,139,294 |
Administrative services fees | 569,410 |
Custodian fees | 3,180 |
Distribution fees - Series II | 27,001 |
Transfer agent fees | 15,483 |
Trustees’ and officers’ fees and benefits | 11,963 |
Reports to shareholders | 83,155 |
Professional services fees | 26,496 |
Other | 3,269 |
Total expenses | 2,879,251 |
Less: Fees waived | (3,970) |
Net expenses | 2,875,281 |
Net investment income | 2,575,670 |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | 42,505,273 |
Affiliated investment securities | (21,241) |
Foreign currencies | 1,622 |
42,485,654 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | 53,249,140 |
Affiliated investment securities | (2,577) |
Foreign currencies | (1,693) |
53,244,870 | |
Net realized and unrealized gain | 95,730,524 |
Net increase in net assets resulting from operations | $98,306,194 |
5 | Invesco V.I. Core Equity Fund |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income | $2,575,670 | $4,246,333 |
Net realized gain | 42,485,654 | 62,223,297 |
Change in net unrealized appreciation | 53,244,870 | 85,506,615 |
Net increase in net assets resulting from operations | 98,306,194 | 151,976,245 |
Distributions to shareholders from distributable earnings: | ||
Series I | — | (19,295,733) |
Series II | — | (558,840) |
Total distributions from distributable earnings | — | (19,854,573) |
Share transactions–net: | ||
Series I | (92,721,877) | (152,193,400) |
Series II | (734,769) | (1,233,886) |
Net increase (decrease) in net assets resulting from share transactions | (93,456,646) | (153,427,286) |
Net increase (decrease) in net assets | 4,849,548 | (21,305,614) |
Net assets: | ||
Beginning of period | 679,679,775 | 700,985,389 |
End of period | $684,529,323 | $679,679,775 |
6 | Invesco V.I. Core Equity Fund |
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Ratio of net investment income to average net assets | Portfolio turnover (c) | |
Series I | ||||||||||||||
Six months ended 06/30/24 | $29.29 | $0.12 | $4.37 | $4.49 | $— | $— | $— | $33.78 | 15.33% | $661,748 | 0.82%(d) | 0.82%(d) | 0.75%(d) | 18% |
Year ended 12/31/23 | 24.55 | 0.17 | 5.45 | 5.62 | (0.21) | (0.67) | (0.88) | 29.29 | 23.36 | 659,227 | 0.80 | 0.80 | 0.61 | 47 |
Year ended 12/31/22 | 37.79 | 0.24 | (8.10) | (7.86) | (0.30) | (5.08) | (5.38) | 24.55 | (20.55) | 682,777 | 0.80 | 0.80 | 0.78 | 88 |
Year ended 12/31/21 | 30.43 | 0.25 | 8.16 | 8.41 | (0.24) | (0.81) | (1.05) | 37.79 | 27.74 | 969,408 | 0.80 | 0.80 | 0.72 | 54 |
Year ended 12/31/20 | 34.95 | 0.29 | 3.89 | 4.18 | (0.48) | (8.22) | (8.70) | 30.43 | 13.85 | 740,345 | 0.81 | 0.81 | 0.89 | 50 |
Year ended 12/31/19 | 30.94 | 0.38 | 8.22 | 8.60 | (0.35) | (4.24) | (4.59) | 34.95 | 28.97 | 855,744 | 0.78 | 0.78 | 1.08 | 82 |
Series II | ||||||||||||||
Six months ended 06/30/24 | 29.12 | 0.08 | 4.34 | 4.42 | — | — | — | 33.54 | 15.18 | 22,782 | 1.07(d) | 1.07(d) | 0.50(d) | 18 |
Year ended 12/31/23 | 24.40 | 0.10 | 5.42 | 5.52 | (0.13) | (0.67) | (0.80) | 29.12 | 23.08 | 20,453 | 1.05 | 1.05 | 0.36 | 47 |
Year ended 12/31/22 | 37.57 | 0.16 | (8.05) | (7.89) | (0.20) | (5.08) | (5.28) | 24.40 | (20.75) | 18,208 | 1.05 | 1.05 | 0.53 | 88 |
Year ended 12/31/21 | 30.27 | 0.16 | 8.11 | 8.27 | (0.16) | (0.81) | (0.97) | 37.57 | 27.42 | 25,276 | 1.05 | 1.05 | 0.47 | 54 |
Year ended 12/31/20 | 34.81 | 0.21 | 3.85 | 4.06 | (0.38) | (8.22) | (8.60) | 30.27 | 13.53 | 22,009 | 1.06 | 1.06 | 0.64 | 50 |
Year ended 12/31/19 | 30.66 | 0.29 | 8.16 | 8.45 | (0.06) | (4.24) | (4.30) | 34.81 | 28.66 | 22,652 | 1.03 | 1.03 | 0.83 | 82 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Annualized. |
7 | Invesco V.I. Core Equity Fund |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
8 | Invesco V.I. Core Equity Fund |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities. |
9 | Invesco V.I. Core Equity Fund |
J. | Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
K. | Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk. |
Average Daily Net Assets | Rate |
First $250 million | 0.650% |
Over $250 million | 0.600% |
Average Daily Net Assets | Rate |
First $250 million | 0.650% |
Next $1.75 billion | 0.600% |
Over $2 billion | 0.580% |
10 | Invesco V.I. Core Equity Fund |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Common Stocks & Other Equity Interests | $674,462,882 | $5,495,222 | $— | $679,958,104 |
Money Market Funds | 4,992,458 | 17,529,696 | — | 22,522,154 |
Total Investments | $679,455,340 | $23,024,918 | $— | $702,480,258 |
11 | Invesco V.I. Core Equity Fund |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $245,430,546 |
Aggregate unrealized (depreciation) of investments | (19,148,767) |
Net unrealized appreciation of investments | $226,281,779 |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 238,473 | $7,562,201 | 533,918 | $14,525,978 | |
Series II | 29,915 | 936,744 | 77,090 | 2,080,780 | |
Issued as reinvestment of dividends: | |||||
Series I | - | - | 752,857 | 19,295,733 | |
Series II | - | - | 21,924 | 558,840 | |
Reacquired: | |||||
Series I | (3,159,312) | (100,284,078) | (6,590,617) | (186,015,111) | |
Series II | (53,223) | (1,671,513) | (142,656) | (3,873,506) | |
Net increase (decrease) in share activity | (2,944,147) | $(93,456,646) | (5,347,484) | $(153,427,286) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 60% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
12 | Invesco V.I. Core Equity Fund |
13 | Invesco V.I. Core Equity Fund |
14 | Invesco V.I. Core Equity Fund |
15 | Invesco V.I. Core Equity Fund |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
16 | Invesco V.I. Core Equity Fund |
17 | Invesco V.I. Core Equity Fund |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/imgc46843b11.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | VICPB-NCSRS |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes–43.00% | ||||
Advertising–0.00% | ||||
WPP Finance 2010 (United Kingdom), 3.75%, 09/19/2024 | $4,000 | $3,978 | ||
Aerospace & Defense–0.75% | ||||
BAE Systems Holdings, Inc. (United Kingdom), 3.85%, 12/15/2025(b) | 2,000 | 1,951 | ||
BAE Systems PLC (United Kingdom), 5.13%, 03/26/2029(b) | 200,000 | 199,158 | ||
Boeing Co. (The), | ||||
6.26%, 05/01/2027(b) | 37,000 | 37,264 | ||
6.30%, 05/01/2029(b) | 53,000 | 53,762 | ||
6.39%, 05/01/2031(b) | 3,000 | 3,055 | ||
6.53%, 05/01/2034(b) | 199,000 | 203,858 | ||
L3Harris Technologies, Inc., 5.40%, 07/31/2033 | 8,000 | 7,978 | ||
Lockheed Martin Corp., | ||||
5.10%, 11/15/2027 | 7,000 | 7,051 | ||
4.50%, 02/15/2029 | 61,000 | 60,089 | ||
4.80%, 08/15/2034 | 90,000 | 87,923 | ||
5.90%, 11/15/2063 | 5,000 | 5,251 | ||
RTX Corp., | ||||
5.75%, 01/15/2029 | 28,000 | 28,758 | ||
6.00%, 03/15/2031 | 9,000 | 9,379 | ||
5.15%, 02/27/2033 | 25,000 | 24,751 | ||
6.40%, 03/15/2054 | 11,000 | 12,002 | ||
TransDigm, Inc., | ||||
6.75%, 08/15/2028(b) | 81,000 | 82,091 | ||
6.38%, 03/01/2029(b) | 97,000 | 97,610 | ||
6.63%, 03/01/2032(b) | 89,000 | 90,007 | ||
1,011,938 | ||||
Agricultural & Farm Machinery–0.14% | ||||
AGCO Corp., | ||||
5.45%, 03/21/2027 | 10,000 | 10,027 | ||
5.80%, 03/21/2034 | 59,000 | 58,802 | ||
John Deere Capital Corp., 5.10%, 04/11/2034 | 118,000 | 117,712 | ||
186,541 | ||||
Air Freight & Logistics–0.47% | ||||
GXO Logistics, Inc., | ||||
6.25%, 05/06/2029 | 157,000 | 159,766 | ||
6.50%, 05/06/2034 | 94,000 | 95,450 | ||
United Parcel Service, Inc., | ||||
5.15%, 05/22/2034 | 107,000 | 106,749 | ||
5.50%, 05/22/2054 | 189,000 | 187,557 | ||
5.60%, 05/22/2064 | 87,000 | 86,334 | ||
635,856 | ||||
Application Software–0.09% | ||||
Constellation Software, Inc. (Canada), 5.46%, 02/16/2034(b) | 48,000 | 48,035 | ||
Intuit, Inc., 5.20%, 09/15/2033 | 34,000 | 34,155 | ||
SS&C Technologies, Inc., 6.50%, 06/01/2032(b) | 44,000 | 44,415 | ||
126,605 |
Principal Amount | Value | |||
Asset Management & Custody Banks–0.39% | ||||
Ameriprise Financial, Inc., | ||||
5.70%, 12/15/2028 | $54,000 | $55,318 | ||
5.15%, 05/15/2033 | 27,000 | 27,058 | ||
Ares Capital Corp., | ||||
5.88%, 03/01/2029 | 51,000 | 50,283 | ||
5.95%, 07/15/2029 | 83,000 | 81,617 | ||
Bank of New York Mellon Corp. (The), | ||||
4.98%, 03/14/2030(c) | 14,000 | 13,919 | ||
5.83%, 10/25/2033(c) | 5,000 | 5,179 | ||
5.19%, 03/14/2035(c) | 10,000 | 9,874 | ||
Series J, 4.97%, 04/26/2034(c) | 10,000 | 9,760 | ||
Series I, 3.75%(c)(d) | 3,000 | 2,776 | ||
Blackstone Secured Lending Fund, | ||||
2.13%, 02/15/2027 | 85,000 | 76,787 | ||
5.88%, 11/15/2027 | 110,000 | 109,246 | ||
Brookfield Corp. (Canada), 4.00%, 01/15/2025 | 4,000 | 3,961 | ||
Northern Trust Corp., 6.13%, 11/02/2032 | 2,000 | 2,101 | ||
State Street Corp., | ||||
5.68%, 11/21/2029(c) | 53,000 | 54,247 | ||
6.12%, 11/21/2034(c) | 30,000 | 31,174 | ||
533,300 | ||||
Automobile Manufacturers–2.00% | ||||
American Honda Finance Corp., 4.90%, 01/10/2034 | 31,000 | 30,095 | ||
Daimler Truck Finance North America LLC (Germany), | ||||
5.15%, 01/16/2026(b) | 150,000 | 149,252 | ||
5.00%, 01/15/2027(b) | 150,000 | 148,958 | ||
Ford Motor Credit Co. LLC, | ||||
6.95%, 06/10/2026 | 242,000 | 246,746 | ||
7.35%, 11/04/2027 | 209,000 | 217,876 | ||
6.80%, 05/12/2028 | 339,000 | 349,395 | ||
6.80%, 11/07/2028 | 200,000 | 206,732 | ||
7.20%, 06/10/2030 | 49,000 | 51,569 | ||
7.12%, 11/07/2033 | 204,000 | 215,686 | ||
Hyundai Capital America, | ||||
5.88%, 04/07/2025(b) | 2,000 | 2,002 | ||
5.60%, 03/30/2028(b) | 22,000 | 22,157 | ||
5.35%, 03/19/2029(b) | 30,000 | 29,962 | ||
5.80%, 04/01/2030(b) | 6,000 | 6,112 | ||
Mercedes-Benz Finance North America LLC (Germany), | ||||
5.10%, 08/03/2028(b) | 256,000 | 256,695 | ||
4.85%, 01/11/2029(b) | 145,000 | 144,148 | ||
5.00%, 01/11/2034(b) | 150,000 | 146,650 | ||
Toyota Motor Credit Corp., | ||||
5.25%, 09/11/2028 | 17,000 | 17,200 | ||
5.10%, 03/21/2031 | 26,000 | 26,020 | ||
Volkswagen Group of America Finance LLC (Germany), | ||||
5.25%, 03/22/2029(b) | 200,000 | 198,790 | ||
5.60%, 03/22/2034(b) | 236,000 | 234,763 | ||
2,700,808 |
2 | Invesco V.I. Core Plus Bond Fund |
Principal Amount | Value | |||
Automotive Parts & Equipment–0.65% | ||||
ERAC USA Finance LLC, | ||||
5.00%, 02/15/2029(b) | $49,000 | $48,889 | ||
4.90%, 05/01/2033(b) | 25,000 | 24,342 | ||
5.20%, 10/30/2034(b) | 69,000 | 68,359 | ||
ZF North America Capital, Inc. (Germany), | ||||
6.88%, 04/14/2028(b) | 150,000 | 153,031 | ||
7.13%, 04/14/2030(b) | 235,000 | 243,548 | ||
6.75%, 04/23/2030(b) | 127,000 | 129,461 | ||
6.88%, 04/23/2032(b) | 203,000 | 209,999 | ||
877,629 | ||||
Automotive Retail–0.04% | ||||
Advance Auto Parts, Inc., 5.95%, 03/09/2028 | 41,000 | 40,692 | ||
AutoZone, Inc., 5.20%, 08/01/2033 | 20,000 | 19,699 | ||
60,391 | ||||
Biotechnology–0.38% | ||||
AbbVie, Inc., | ||||
4.80%, 03/15/2029 | 86,000 | 85,685 | ||
4.95%, 03/15/2031 | 90,000 | 89,796 | ||
5.05%, 03/15/2034 | 65,000 | 64,834 | ||
5.35%, 03/15/2044 | 42,000 | 41,547 | ||
5.40%, 03/15/2054 | 106,000 | 104,892 | ||
5.50%, 03/15/2064 | 82,000 | 81,014 | ||
Amgen, Inc., | ||||
5.15%, 03/02/2028 | 19,000 | 19,001 | ||
5.25%, 03/02/2030 | 6,000 | 6,046 | ||
Gilead Sciences, Inc., | ||||
5.25%, 10/15/2033 | 11,000 | 11,085 | ||
5.55%, 10/15/2053 | 10,000 | 9,992 | ||
513,892 | ||||
Brewers–0.00% | ||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 8.20%, 01/15/2039 | 3,000 | 3,820 | ||
Building Products–0.03% | ||||
Carrier Global Corp., 5.90%, 03/15/2034 | 10,000 | 10,442 | ||
Lennox International, Inc., 5.50%, 09/15/2028 | 28,000 | 28,326 | ||
38,768 | ||||
Cable & Satellite–0.22% | ||||
CCO Holdings LLC/CCO Holdings Capital Corp., | ||||
6.38%, 09/01/2029(b) | 80,000 | 76,100 | ||
7.38%, 03/01/2031(b) | 90,000 | 88,797 | ||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.65%, 02/01/2034 | 61,000 | 61,650 | ||
Comcast Corp., 5.50%, 11/15/2032 | 8,000 | 8,185 | ||
Cox Communications, Inc., | ||||
5.70%, 06/15/2033(b) | 6,000 | 5,970 | ||
5.80%, 12/15/2053(b) | 61,000 | 58,168 | ||
298,870 |
Principal Amount | Value | |||
Cargo Ground Transportation–0.07% | ||||
Penske Truck Leasing Co. L.P./PTL Finance Corp., | ||||
4.00%, 07/15/2025(b) | $4,000 | $3,932 | ||
5.75%, 05/24/2026(b) | 6,000 | 6,018 | ||
5.35%, 01/12/2027(b) | 7,000 | 6,989 | ||
5.70%, 02/01/2028(b) | 6,000 | 6,056 | ||
5.55%, 05/01/2028(b) | 14,000 | 14,103 | ||
6.05%, 08/01/2028(b) | 18,000 | 18,442 | ||
6.20%, 06/15/2030(b) | 6,000 | 6,249 | ||
Ryder System, Inc., 6.60%, 12/01/2033 | 28,000 | 29,915 | ||
91,704 | ||||
Commercial & Residential Mortgage Finance–0.25% | ||||
Aviation Capital Group LLC, | ||||
6.25%, 04/15/2028(b) | 10,000 | 10,207 | ||
6.75%, 10/25/2028(b) | 44,000 | 45,875 | ||
Nationwide Building Society (United Kingdom), 6.56%, 10/18/2027(b)(c) | 200,000 | 204,143 | ||
Radian Group, Inc., 6.20%, 05/15/2029 | 76,000 | 76,777 | ||
337,002 | ||||
Communications Equipment–0.01% | ||||
Cisco Systems, Inc., 5.30%, 02/26/2054 | 19,000 | 18,623 | ||
Computer & Electronics Retail–0.01% | ||||
Dell International LLC/EMC Corp., | ||||
6.02%, 06/15/2026 | 2,000 | 2,022 | ||
5.30%, 10/01/2029 | 4,000 | 4,024 | ||
Leidos, Inc., 5.75%, 03/15/2033 | 8,000 | 8,074 | ||
14,120 | ||||
Construction Machinery & Heavy Transportation Equipment– 0.06% | ||||
Cummins, Inc., | ||||
4.90%, 02/20/2029 | 25,000 | 24,974 | ||
5.45%, 02/20/2054 | 55,000 | 53,986 | ||
78,960 | ||||
Consumer Electronics–0.30% | ||||
LG Electronics, Inc. (South Korea), | ||||
5.63%, 04/24/2027(b) | 200,000 | 201,079 | ||
5.63%, 04/24/2029(b) | 200,000 | 202,303 | ||
403,382 | ||||
Consumer Finance–0.48% | ||||
American Express Co., | ||||
5.65%, 04/23/2027(c) | 134,000 | 134,566 | ||
5.53%, 04/25/2030(c) | 120,000 | 121,411 | ||
5.92%, 04/25/2035(c) | 109,000 | 110,786 | ||
Capital One Financial Corp., | ||||
7.15%, 10/29/2027(c) | 12,000 | 12,405 | ||
6.31%, 06/08/2029(c) | 10,000 | 10,235 | ||
7.62%, 10/30/2031(c) | 15,000 | 16,518 | ||
6.38%, 06/08/2034(c) | 11,000 | 11,292 | ||
FirstCash, Inc., 6.88%, 03/01/2032(b) | 220,000 | 220,246 | ||
General Motors Financial Co., Inc., 5.40%, 04/06/2026 | 5,000 | 4,991 |
3 | Invesco V.I. Core Plus Bond Fund |
Principal Amount | Value | |||
Consumer Finance–(continued) | ||||
Synchrony Financial, 4.25%, 08/15/2024 | $4,000 | $3,991 | ||
646,441 | ||||
Consumer Staples Merchandise Retail–0.01% | ||||
Dollar General Corp., 5.50%, 11/01/2052 | 7,000 | 6,595 | ||
Target Corp., 4.80%, 01/15/2053 | 7,000 | 6,350 | ||
12,945 | ||||
Distillers & Vintners–0.00% | ||||
Constellation Brands, Inc., 4.90%, 05/01/2033 | 6,000 | 5,796 | ||
Distributors–0.09% | ||||
Genuine Parts Co., | ||||
6.50%, 11/01/2028 | 73,000 | 76,570 | ||
6.88%, 11/01/2033 | 42,000 | 46,141 | ||
122,711 | ||||
Diversified Banks–11.62% | ||||
Australia and New Zealand Banking Group Ltd. (Australia), 6.74%, 12/08/2032(b) | 387,000 | 411,860 | ||
Banco Bilbao Vizcaya Argentaria S.A. (Spain), | ||||
7.88%, 11/15/2034(c) | 200,000 | 218,078 | ||
9.38%(c)(d) | 200,000 | 213,363 | ||
Banco Santander S.A. (Spain), | ||||
6.53%, 11/07/2027(c) | 200,000 | 204,645 | ||
5.55%, 03/14/2028(c) | 200,000 | 199,691 | ||
9.63%(c)(d) | 400,000 | 429,424 | ||
9.63%(c)(d)(e) | 400,000 | 444,402 | ||
Bank of America Corp., | ||||
6.42% (SOFR + 1.05%), 02/04/2028(f) | 2,000 | 2,011 | ||
4.95%, 07/22/2028(c) | 2,000 | 1,984 | ||
5.20%, 04/25/2029(c) | 23,000 | 22,969 | ||
4.27%, 07/23/2029(c) | 4,000 | 3,855 | ||
5.02%, 07/22/2033(c) | 2,000 | 1,956 | ||
5.29%, 04/25/2034(c) | 9,000 | 8,911 | ||
5.47%, 01/23/2035(c) | 20,000 | 19,987 | ||
7.75%, 05/14/2038 | 232,000 | 276,035 | ||
Bank of Montreal (Canada), | ||||
5.30%, 06/05/2026 | 5,000 | 4,998 | ||
7.70%, 05/26/2084(c) | 365,000 | 373,720 | ||
Bank of Nova Scotia (The) (Canada), | ||||
8.63%, 10/27/2082(c) | 306,000 | 321,342 | ||
8.00%, 01/27/2084(c) | 54,000 | 55,899 | ||
Barclays PLC (United Kingdom), 6.69%, 09/13/2034(c) | 207,000 | 219,565 | ||
BBVA Bancomer S.A. (Mexico), 8.13%, 01/08/2039(b)(c) | 225,000 | 228,001 | ||
BPCE S.A. (France), | ||||
5.93% (SOFR + 0.57%), 01/14/2025(b)(f) | 250,000 | 250,288 | ||
5.20%, 01/18/2027(b) | 250,000 | 249,282 | ||
5.72%, 01/18/2030(b)(c) | 253,000 | 252,569 | ||
Citibank N.A., 5.57%, 04/30/2034 | 250,000 | 254,091 |
Principal Amount | Value | ||
Diversified Banks–(continued) | |||
Citigroup, Inc., | |||
4.08%, 04/23/2029(c) | $3,000 | $2,877 | |
5.17%, 02/13/2030(c) | 31,000 | 30,826 | |
6.17%, 05/25/2034(c) | 24,000 | 24,420 | |
5.83%, 02/13/2035(c) | 90,000 | 89,101 | |
Series AA, 7.63%(c)(d) | 131,000 | 136,722 | |
Series BB, 7.20%(c)(d) | 154,000 | 158,195 | |
Series CC, 7.13%(c)(d) | 168,000 | 168,044 | |
Series V, 4.70%(c)(d) | 66,000 | 64,670 | |
Series Z, 7.38%(c)(d) | 145,000 | 149,170 | |
Comerica, Inc., 5.98%, 01/30/2030(c) | 14,000 | 13,798 | |
Cooperatieve Rabobank U.A. (Netherlands), 3.65%, 04/06/2028(b)(c) | 250,000 | 238,708 | |
Credit Agricole S.A. (France), | |||
4.38%, 03/17/2025(b) | 310,000 | 306,434 | |
5.34%, 01/10/2030(b)(c) | 317,000 | 313,705 | |
6.25%, 01/10/2035(b)(c) | 250,000 | 251,664 | |
Discover Bank, 4.65%, 09/13/2028 | 116,000 | 111,431 | |
Federation des caisses Desjardins du Quebec (Canada), 4.55%, 08/23/2027(b) | 337,000 | 329,391 | |
Fifth Third Bancorp, | |||
2.38%, 01/28/2025 | 3,000 | 2,942 | |
1.71%, 11/01/2027(c) | 3,000 | 2,752 | |
6.34%, 07/27/2029(c) | 2,000 | 2,051 | |
4.77%, 07/28/2030(c) | 7,000 | 6,735 | |
5.63%, 01/29/2032(c) | 4,000 | 3,967 | |
HSBC Holdings PLC (United Kingdom), | |||
5.60%, 05/17/2028(c) | 224,000 | 224,934 | |
5.21%, 08/11/2028(c) | 207,000 | 205,702 | |
5.73%, 05/17/2032(c) | 200,000 | 200,568 | |
6.33%, 03/09/2044(c) | 315,000 | 329,735 | |
6.00%(c)(d) | 200,000 | 193,620 | |
ING Groep N.V. (Netherlands), | |||
5.34%, 03/19/2030(c) | 200,000 | 199,282 | |
5.55%, 03/19/2035(c) | 288,000 | 284,469 | |
JPMorgan Chase & Co., | |||
3.63%, 12/01/2027 | 2,000 | 1,914 | |
3.78%, 02/01/2028(c) | 3,000 | 2,891 | |
5.57%, 04/22/2028(c) | 98,000 | 98,815 | |
4.85%, 07/25/2028(c) | 2,000 | 1,980 | |
5.30%, 07/24/2029(c) | 17,000 | 17,061 | |
6.09%, 10/23/2029(c) | 25,000 | 25,837 | |
5.01%, 01/23/2030(c) | 10,000 | 9,925 | |
5.58%, 04/22/2030(c) | 78,000 | 79,253 | |
5.72%, 09/14/2033(c) | 5,000 | 5,072 | |
6.25%, 10/23/2034(c) | 38,000 | 40,324 | |
5.34%, 01/23/2035(c) | 8,000 | 7,956 | |
Series W, 6.58% (3 mo. Term SOFR + 1.26%), 05/15/2047(f) | 3,000 | 2,760 | |
Series NN, 6.88%(c)(d) | 62,000 | 64,193 | |
KeyCorp, | |||
6.65% (SOFR + 1.25%), 05/23/2025(f) | 11,000 | 10,961 | |
2.55%, 10/01/2029 | 5,000 | 4,240 | |
Lloyds Banking Group PLC (United Kingdom), 5.68%, 01/05/2035(c) | 210,000 | 209,281 |
4 | Invesco V.I. Core Plus Bond Fund |
Principal Amount | Value | ||
Diversified Banks–(continued) | |||
Manufacturers & Traders Trust Co., | |||
2.90%, 02/06/2025 | $250,000 | $245,445 | |
4.70%, 01/27/2028 | 230,000 | 221,828 | |
Mitsubishi UFJ Financial Group, Inc. (Japan), | |||
5.02%, 07/20/2028(c) | 200,000 | 198,955 | |
5.26%, 04/17/2030(c) | 276,000 | 275,428 | |
5.43%, 04/17/2035(c) | 292,000 | 290,922 | |
8.20%(c)(d)(e) | 359,000 | 386,602 | |
Mizuho Financial Group, Inc. (Japan), | |||
5.78%, 07/06/2029(c) | 200,000 | 202,740 | |
5.38%, 07/10/2030(c) | 200,000 | 199,782 | |
5.59%, 07/10/2035(c) | 268,000 | 267,061 | |
Morgan Stanley Bank N.A., 5.88%, 10/30/2026 | 291,000 | 294,654 | |
Multibank, Inc. (Panama), 7.75%, 02/03/2028(b) | 200,000 | 200,402 | |
PNC Financial Services Group, Inc. (The), | |||
6.62%, 10/20/2027(c) | 24,000 | 24,589 | |
5.58%, 06/12/2029(c) | 20,000 | 20,225 | |
6.04%, 10/28/2033(c) | 2,000 | 2,062 | |
5.07%, 01/24/2034(c) | 4,000 | 3,868 | |
6.88%, 10/20/2034(c) | 20,000 | 21,807 | |
Series V, 6.20%(c)(d) | 11,000 | 10,985 | |
Series W, 6.25%(c)(d) | 17,000 | 16,608 | |
Royal Bank of Canada (Canada), | |||
6.07% (SOFR + 0.71%), 01/21/2027(f) | 2,000 | 2,008 | |
4.95%, 02/01/2029 | 5,000 | 4,978 | |
5.00%, 02/01/2033 | 4,000 | 3,945 | |
7.50%, 05/02/2084(c) | 338,000 | 349,429 | |
Standard Chartered PLC (United Kingdom), | |||
6.19%, 07/06/2027(b)(c) | 200,000 | 201,988 | |
7.75%(b)(c)(d) | 288,000 | 291,514 | |
Sumitomo Mitsui Financial Group, Inc. (Japan), 6.60%(c)(d) | 285,000 | 283,848 | |
Sumitomo Mitsui Trust Bank Ltd. (Japan), | |||
5.65%, 09/14/2026(b) | 200,000 | 201,264 | |
5.55%, 09/14/2028(b) | 237,000 | 241,674 | |
5.20%, 03/07/2029(b) | 200,000 | 201,385 | |
5.35%, 03/07/2034(b) | 200,000 | 200,707 | |
Synovus Bank, 5.63%, 02/15/2028 | 250,000 | 241,644 | |
Toronto-Dominion Bank (The) (Canada), | |||
8.13%, 10/31/2082(c) | 247,000 | 256,599 | |
7.25%, 07/31/2084(c) | 262,000 | 262,000 | |
U.S. Bancorp, | |||
5.78%, 06/12/2029(c) | 16,000 | 16,247 | |
5.38%, 01/23/2030(c) | 26,000 | 26,075 | |
4.97%, 07/22/2033(c) | 5,000 | 4,717 | |
4.84%, 02/01/2034(c) | 14,000 | 13,279 | |
5.84%, 06/12/2034(c) | 16,000 | 16,230 | |
UBS AG (Switzerland), | |||
3.63%, 09/09/2024 | 189,000 | 188,106 | |
5.65%, 09/11/2028 | 200,000 | 203,779 |
Principal Amount | Value | |||
Diversified Banks–(continued) | ||||
Wells Fargo & Co., | ||||
5.71%, 04/22/2028(c) | $62,000 | $62,551 | ||
4.81%, 07/25/2028(c) | 4,000 | 3,946 | ||
5.57%, 07/25/2029(c) | 13,000 | 13,120 | ||
6.30%, 10/23/2029(c) | 17,000 | 17,645 | ||
5.20%, 01/23/2030(c) | 14,000 | 13,944 | ||
4.90%, 07/25/2033(c) | 4,000 | 3,849 | ||
5.39%, 04/24/2034(c) | 9,000 | 8,901 | ||
5.56%, 07/25/2034(c) | 36,000 | 35,987 | ||
6.49%, 10/23/2034(c) | 43,000 | 45,858 | ||
5.50%, 01/23/2035(c) | 21,000 | 20,935 | ||
7.63%(c)(d) | 16,000 | 17,078 | ||
Westpac Banking Corp. (Australia), 6.82%, 11/17/2033 | 56,000 | 60,278 | ||
15,696,773 | ||||
Diversified Capital Markets–1.43% | ||||
SMBC Aviation Capital Finance DAC (Ireland), | ||||
5.30%, 04/03/2029(b) | 200,000 | 198,320 | ||
5.55%, 04/03/2034(b) | 388,000 | 380,107 | ||
UBS Group AG (Switzerland), | ||||
5.43%, 02/08/2030(b)(c) | 200,000 | 199,645 | ||
6.30%, 09/22/2034(b)(c) | 217,000 | 225,773 | ||
5.70%, 02/08/2035(b)(c) | 200,000 | 199,877 | ||
28/UND, 9.25%(b)(c)(d) | 200,000 | 215,681 | ||
31/UND, 7.75%(b)(c)(d) | 275,000 | 281,200 | ||
33/UND, 9.25%(b)(c)(d) | 201,000 | 225,601 | ||
1,926,204 | ||||
Diversified Financial Services–1.76% | ||||
Apollo Debt Solutions BDC, 6.90%, 04/13/2029(b) | 14,000 | 14,075 | ||
Apollo Global Management, Inc., | ||||
6.38%, 11/15/2033 | 49,000 | 51,747 | ||
5.80%, 05/21/2054 | 115,000 | 113,288 | ||
Avolon Holdings Funding Ltd. (Ireland), | ||||
6.38%, 05/04/2028(b) | 44,000 | 44,702 | ||
5.75%, 03/01/2029(b) | 112,000 | 111,412 | ||
5.75%, 11/15/2029(b) | 138,000 | 137,211 | ||
Blue Owl Technology Finance Corp. II, 6.75%, 04/04/2029(b) | 241,000 | 235,862 | ||
Corebridge Financial, Inc., | ||||
6.05%, 09/15/2033(b) | 31,000 | 31,814 | ||
5.75%, 01/15/2034 | 60,000 | 60,435 | ||
Gabon Blue Bond Master Trust, Series 2, 6.10%, 08/01/2038(b) | 341,000 | 340,538 | ||
LPL Holdings, Inc., | ||||
5.70%, 05/20/2027 | 144,000 | 144,621 | ||
6.00%, 05/20/2034 | 168,000 | 167,850 | ||
Macquarie Airfinance Holdings Ltd. (United Kingdom), | ||||
6.40%, 03/26/2029(b) | 59,000 | 60,040 | ||
6.50%, 03/26/2031(b) | 69,000 | 71,002 | ||
Nuveen LLC, | ||||
5.55%, 01/15/2030(b) | 61,000 | 61,352 | ||
5.85%, 04/15/2034(b) | 95,000 | 95,429 | ||
OPEC Fund for International Development (The) (Supranational), 4.50%, 01/26/2026(b) | 245,000 | 242,003 |
5 | Invesco V.I. Core Plus Bond Fund |
Principal Amount | Value | |||
Diversified Financial Services–(continued) | ||||
Panama Infrastructure Receivable Purchaser PLC (United Kingdom), 0.00%, 04/05/2032(b)(g) | $597,000 | $390,283 | ||
2,373,664 | ||||
Diversified Metals & Mining–0.36% | ||||
BHP Billiton Finance (USA) Ltd. (Australia), | ||||
5.10%, 09/08/2028 | 45,000 | 45,207 | ||
5.25%, 09/08/2030 | 31,000 | 31,441 | ||
5.25%, 09/08/2033 | 60,000 | 60,065 | ||
Corporacion Nacional del Cobre de Chile (Chile), 5.13%, 02/02/2033(b) | 200,000 | 190,931 | ||
Glencore Funding LLC (Australia), | ||||
5.37%, 04/04/2029(b) | 62,000 | 61,732 | ||
5.63%, 04/04/2034(b) | 53,000 | 52,213 | ||
5.89%, 04/04/2054(b) | 47,000 | 45,236 | ||
486,825 | ||||
Diversified REITs–0.22% | ||||
Brixmor Operating Partnership L.P., | ||||
4.13%, 05/15/2029 | 3,000 | 2,833 | ||
5.75%, 02/15/2035 | 56,000 | 55,926 | ||
Trust Fibra Uno (Mexico), 5.25%, 01/30/2026(b) | 200,000 | 195,708 | ||
VICI Properties L.P., | ||||
5.75%, 04/01/2034 | 22,000 | 21,809 | ||
6.13%, 04/01/2054 | 25,000 | 24,022 | ||
300,298 | ||||
Diversified Support Services–0.35% | ||||
Element Fleet Management Corp. (Canada), 6.32%, 12/04/2028(b) | 39,000 | 40,334 | ||
Ritchie Bros. Holdings, Inc. (Canada), | ||||
6.75%, 03/15/2028(b) | 23,000 | 23,444 | ||
7.75%, 03/15/2031(b) | 58,000 | 60,645 | ||
Stena International S.A. (Sweden), 7.63%, 02/15/2031(b) | 344,000 | 352,450 | ||
476,873 | ||||
Drug Retail–0.20% | ||||
CK Hutchison International (23) Ltd. (United Kingdom), 4.88%, 04/21/2033(b) | 215,000 | 207,585 | ||
CVS Pass-Through Trust, 5.77%, 01/10/2033(b) | 68,848 | 68,260 | ||
275,845 | ||||
Electric Utilities–2.49% | ||||
AEP Texas, Inc., 3.95%, 06/01/2028(b) | 162,000 | 153,917 | ||
Alabama Power Co., 5.85%, 11/15/2033 | 8,000 | 8,331 | ||
Alexander Funding Trust II, 7.47%, 07/31/2028(b) | 202,000 | 213,878 | ||
American Electric Power Co., Inc., | ||||
5.75%, 11/01/2027 | 7,000 | 7,119 | ||
5.20%, 01/15/2029 | 38,000 | 37,806 | ||
CenterPoint Energy Houston Electric LLC, | ||||
5.20%, 10/01/2028 | 10,000 | 10,088 | ||
Series AJ, 4.85%, 10/01/2052 | 6,000 | 5,338 |
Principal Amount | Value | ||
Electric Utilities–(continued) | |||
Consolidated Edison Co. of New York, Inc., | |||
5.50%, 03/15/2034 | $19,000 | $19,307 | |
5.90%, 11/15/2053 | 28,000 | 28,671 | |
Constellation Energy Generation LLC, | |||
6.13%, 01/15/2034 | 10,000 | 10,427 | |
6.50%, 10/01/2053 | 8,000 | 8,500 | |
5.75%, 03/15/2054 | 74,000 | 71,780 | |
Dominion Energy South Carolina, Inc., 6.25%, 10/15/2053 | 10,000 | 10,785 | |
Duke Energy Carolinas LLC, 5.35%, 01/15/2053 | 7,000 | 6,656 | |
Duke Energy Corp., | |||
4.85%, 01/05/2029 | 42,000 | 41,487 | |
5.00%, 08/15/2052 | 6,000 | 5,218 | |
Duke Energy Indiana LLC, 5.40%, 04/01/2053 | 10,000 | 9,482 | |
Edison International, 7.88%, 06/15/2054(c) | 136,000 | 140,473 | |
Electricite de France S.A. (France), 9.13%(b)(c)(d) | 200,000 | 218,020 | |
Enel Finance International N.V. (Italy), 6.80%, 10/14/2025(b) | 200,000 | 203,211 | |
Entergy Corp., 7.13%, 12/01/2054(c) | 95,000 | 94,396 | |
Evergy Metro, Inc., 4.95%, 04/15/2033 | 10,000 | 9,714 | |
Eversource Energy, 5.50%, 01/01/2034 | 35,000 | 34,356 | |
Exelon Corp., | |||
5.15%, 03/15/2029 | 42,000 | 41,854 | |
5.45%, 03/15/2034 | 40,000 | 39,737 | |
5.60%, 03/15/2053 | 51,000 | 49,054 | |
FirstEnergy Pennsylvania Electric Co., 5.20%, 04/01/2028(b) | 5,000 | 4,997 | |
Florida Power & Light Co., 4.80%, 05/15/2033 | 7,000 | 6,810 | |
Georgia Power Co., 4.95%, 05/17/2033 | 8,000 | 7,805 | |
MidAmerican Energy Co., | |||
5.35%, 01/15/2034 | 8,000 | 8,116 | |
5.85%, 09/15/2054 | 9,000 | 9,227 | |
5.30%, 02/01/2055 | 41,000 | 39,076 | |
National Rural Utilities Cooperative Finance Corp., | |||
4.85%, 02/07/2029 | 71,000 | 70,599 | |
5.00%, 02/07/2031 | 65,000 | 64,381 | |
5.80%, 01/15/2033 | 5,000 | 5,142 | |
7.13%, 09/15/2053(c) | 267,000 | 275,075 | |
NextEra Energy Capital Holdings, Inc., | |||
6.05%, 03/01/2025 | 16,000 | 16,035 | |
4.90%, 03/15/2029 | 105,000 | 103,936 | |
5.25%, 03/15/2034 | 112,000 | 110,097 | |
5.55%, 03/15/2054 | 107,000 | 102,473 | |
6.75%, 06/15/2054(c) | 86,000 | 86,708 | |
Niagara Mohawk Power Corp., 5.29%, 01/17/2034(b) | 41,000 | 39,903 | |
Ohio Power Co., 5.65%, 06/01/2034 | 98,000 | 98,455 | |
Oklahoma Gas and Electric Co., 5.60%, 04/01/2053 | 6,000 | 5,900 | |
Oncor Electric Delivery Co. LLC, 5.65%, 11/15/2033 | 33,000 | 33,868 |
6 | Invesco V.I. Core Plus Bond Fund |
Principal Amount | Value | |||
Electric Utilities–(continued) | ||||
PacifiCorp, | ||||
5.10%, 02/15/2029 | $42,000 | $41,987 | ||
5.30%, 02/15/2031 | 32,000 | 31,909 | ||
5.45%, 02/15/2034 | 52,000 | 51,388 | ||
5.80%, 01/15/2055 | 40,000 | 38,765 | ||
Public Service Co. of Colorado, 5.25%, 04/01/2053 | 8,000 | 7,319 | ||
Public Service Co. of New Hampshire, 5.35%, 10/01/2033 | 10,000 | 10,064 | ||
Public Service Electric and Gas Co., 5.13%, 03/15/2053 | 6,000 | 5,696 | ||
San Diego Gas & Electric Co., | ||||
5.35%, 04/01/2053 | 30,000 | 28,380 | ||
5.55%, 04/15/2054 | 90,000 | 88,075 | ||
Sierra Pacific Power Co., 5.90%, 03/15/2054 | 8,000 | 7,971 | ||
Southern Co. (The), 5.70%, 10/15/2032 | 6,000 | 6,124 | ||
Southwestern Electric Power Co., 5.30%, 04/01/2033 | 8,000 | 7,757 | ||
Union Electric Co., 5.20%, 04/01/2034 | 124,000 | 123,189 | ||
Virginia Electric and Power Co., | ||||
5.00%, 04/01/2033 | 8,000 | 7,792 | ||
5.35%, 01/15/2054 | 28,000 | 26,456 | ||
Vistra Operations Co. LLC, | ||||
7.75%, 10/15/2031(b) | 88,000 | 91,711 | ||
6.88%, 04/15/2032(b) | 124,000 | 125,976 | ||
6.95%, 10/15/2033(b) | 27,000 | 28,917 | ||
6.00%, 04/15/2034(b) | 62,000 | 62,190 | ||
3,359,874 | ||||
Electrical Components & Equipment–0.18% | ||||
Regal Rexnord Corp., | ||||
6.30%, 02/15/2030 | 7,000 | 7,160 | ||
6.40%, 04/15/2033 | 21,000 | 21,499 | ||
Sociedad Quimica y Minera de Chile S.A. (Chile), 6.50%, 11/07/2033(b) | 210,000 | 219,565 | ||
248,224 | ||||
Electronic Manufacturing Services–0.07% | ||||
EMRLD Borrower L.P./Emerald Co-Issuer, Inc., 6.63%, 12/15/2030(b) | 100,000 | 100,905 | ||
Environmental & Facilities Services–0.14% | ||||
Republic Services, Inc., | ||||
4.88%, 04/01/2029 | 44,000 | 43,656 | ||
5.00%, 12/15/2033 | 40,000 | 39,177 | ||
5.00%, 04/01/2034 | 6,000 | 5,876 | ||
Veralto Corp., | ||||
5.50%, 09/18/2026(b) | 44,000 | 44,019 | ||
5.35%, 09/18/2028(b) | 42,000 | 42,190 | ||
5.45%, 09/18/2033(b) | 20,000 | 19,972 | ||
194,890 | ||||
Financial Exchanges & Data–0.11% | ||||
Intercontinental Exchange, Inc., | ||||
5.25%, 06/15/2031 | 95,000 | 95,653 | ||
4.95%, 06/15/2052 | 5,000 | 4,544 | ||
5.20%, 06/15/2062 | 9,000 | 8,401 | ||
Moody’s Corp., 5.25%, 07/15/2044 | 2,000 | 1,923 |
Principal Amount | Value | |||
Financial Exchanges & Data–(continued) | ||||
Nasdaq, Inc., | ||||
5.35%, 06/28/2028 | $7,000 | $7,066 | ||
5.55%, 02/15/2034 | 10,000 | 10,018 | ||
5.95%, 08/15/2053 | 7,000 | 7,080 | ||
6.10%, 06/28/2063 | 6,000 | 6,111 | ||
S&P Global, Inc., | ||||
3.70%, 03/01/2052 | 3,000 | 2,263 | ||
3.90%, 03/01/2062 | 4,000 | 2,983 | ||
146,042 | ||||
Food Retail–0.06% | ||||
Alimentation Couche-Tard, Inc. (Canada), | ||||
5.27%, 02/12/2034(b) | 61,000 | 60,134 | ||
5.62%, 02/12/2054(b) | 19,000 | 18,788 | ||
78,922 | ||||
Gas Utilities–0.03% | ||||
Atmos Energy Corp., | ||||
5.90%, 11/15/2033 | 11,000 | 11,492 | ||
6.20%, 11/15/2053 | 9,000 | 9,703 | ||
Piedmont Natural Gas Co., Inc., 5.40%, 06/15/2033 | 15,000 | 15,041 | ||
Southwest Gas Corp., 5.45%, 03/23/2028 | 6,000 | 6,048 | ||
42,284 | ||||
Health Care Distributors–0.05% | ||||
Cardinal Health, Inc., 5.45%, 02/15/2034 | 31,000 | 30,877 | ||
Cencora, Inc., 5.13%, 02/15/2034 | 34,000 | 33,394 | ||
64,271 | ||||
Health Care Equipment–0.08% | ||||
Smith & Nephew PLC (United Kingdom), 5.40%, 03/20/2034 | 112,000 | 110,307 | ||
Health Care Facilities–0.09% | ||||
Adventist Health System, 5.76%, 12/01/2034 | 61,000 | 60,975 | ||
HCA, Inc., 5.90%, 06/01/2053 | 21,000 | 20,467 | ||
UPMC, | ||||
5.04%, 05/15/2033 | 28,000 | 27,392 | ||
5.38%, 05/15/2043 | 16,000 | 16,105 | ||
124,939 | ||||
Health Care REITs–0.09% | ||||
Alexandria Real Estate Equities, Inc., | ||||
5.25%, 05/15/2036 | 21,000 | 20,225 | ||
5.63%, 05/15/2054 | 105,000 | 98,540 | ||
DOC DR LLC, 4.30%, 03/15/2027 | 2,000 | 1,957 | ||
120,722 | ||||
Health Care Services–0.67% | ||||
CommonSpirit Health, | ||||
5.32%, 12/01/2034 | 138,000 | 135,549 | ||
5.55%, 12/01/2054 | 44,000 | 43,285 | ||
CVS Health Corp., | ||||
5.00%, 01/30/2029 | 9,000 | 8,911 | ||
5.25%, 01/30/2031 | 6,000 | 5,935 | ||
5.30%, 06/01/2033 | 14,000 | 13,688 | ||
6.00%, 06/01/2063 | 6,000 | 5,751 |
7 | Invesco V.I. Core Plus Bond Fund |
Principal Amount | Value | |||
Health Care Services–(continued) | ||||
Icon Investments Six DAC, | ||||
5.81%, 05/08/2027 | $200,000 | $202,059 | ||
5.85%, 05/08/2029 | 209,000 | 212,418 | ||
6.00%, 05/08/2034 | 200,000 | 204,399 | ||
Piedmont Healthcare, Inc., 2.86%, 01/01/2052 | 31,000 | 19,725 | ||
Providence St. Joseph Health Obligated Group, Series 21-A, 2.70%, 10/01/2051 | 49,000 | 29,053 | ||
Quest Diagnostics, Inc., 6.40%, 11/30/2033 | 17,000 | 18,204 | ||
898,977 | ||||
Health Care Supplies–0.38% | ||||
Solventum Corp., | ||||
5.45%, 02/25/2027(b) | 86,000 | 85,934 | ||
5.40%, 03/01/2029(b) | 165,000 | 164,530 | ||
5.60%, 03/23/2034(b) | 131,000 | 128,720 | ||
5.90%, 04/30/2054(b) | 33,000 | 31,566 | ||
6.00%, 05/15/2064(b) | 106,000 | 100,686 | ||
511,436 | ||||
Home Improvement Retail–0.05% | ||||
Home Depot, Inc. (The), 4.90%, 04/15/2029 | 45,000 | 45,092 | ||
Lowe’s Cos., Inc., | ||||
5.00%, 04/15/2033 | 7,000 | 6,896 | ||
5.75%, 07/01/2053 | 7,000 | 6,903 | ||
5.80%, 09/15/2062 | 4,000 | 3,893 | ||
5.85%, 04/01/2063 | 6,000 | 5,854 | ||
68,638 | ||||
Hotel & Resort REITs–0.03% | ||||
Phillips Edison Grocery Center Operating Partnership I L.P., 5.75%, 07/15/2034 | 45,000 | 44,467 | ||
Hotels, Resorts & Cruise Lines–0.24% | ||||
Carnival Corp., 7.00%, 08/15/2029(b) | 31,000 | 32,154 | ||
Choice Hotels International, Inc., 5.85%, 08/01/2034 | 98,000 | 96,626 | ||
Hilton Domestic Operating Co., Inc., | ||||
5.88%, 04/01/2029(b) | 40,000 | 40,079 | ||
6.13%, 04/01/2032(b) | 62,000 | 62,339 | ||
Marriott International, Inc., | ||||
4.88%, 05/15/2029 | 20,000 | 19,752 | ||
5.30%, 05/15/2034 | 38,000 | 37,324 | ||
Royal Caribbean Cruises Ltd., 6.25%, 03/15/2032(b) | 38,000 | 38,343 | ||
326,617 | ||||
Independent Power Producers & Energy Traders–0.02% | ||||
Vistra Corp., 7.00%(b)(c)(d) | 21,000 | 20,838 | ||
Industrial Conglomerates–0.39% | ||||
Honeywell International, Inc., | ||||
4.88%, 09/01/2029 | 98,000 | 98,178 | ||
4.95%, 09/01/2031 | 112,000 | 112,167 | ||
5.00%, 03/01/2035 | 98,000 | 97,196 | ||
5.25%, 03/01/2054 | 81,000 | 78,656 | ||
5.35%, 03/01/2064 | 149,000 | 144,752 | ||
530,949 |
Principal Amount | Value | |||
Industrial Machinery & Supplies & Components–0.10% | ||||
Ingersoll Rand, Inc., | ||||
5.20%, 06/15/2027 | $95,000 | $95,217 | ||
5.40%, 08/14/2028 | 6,000 | 6,058 | ||
Nordson Corp., | ||||
5.60%, 09/15/2028 | 7,000 | 7,088 | ||
5.80%, 09/15/2033 | 9,000 | 9,241 | ||
nVent Finance S.a.r.l. (United Kingdom), 5.65%, 05/15/2033 | 19,000 | 18,932 | ||
136,536 | ||||
Industrial REITs–0.01% | ||||
LXP Industrial Trust, 6.75%, 11/15/2028 | 12,000 | 12,452 | ||
Insurance Brokers–0.08% | ||||
Arthur J. Gallagher & Co., 6.75%, 02/15/2054 | 19,000 | 20,940 | ||
AssuredPartners, Inc., 7.50%, 02/15/2032(b) | 27,000 | 27,129 | ||
Marsh & McLennan Cos., Inc., | ||||
5.40%, 09/15/2033 | 28,000 | 28,587 | ||
5.45%, 03/15/2053 | 6,000 | 5,846 | ||
5.70%, 09/15/2053 | 25,000 | 25,271 | ||
107,773 | ||||
Integrated Oil & Gas–0.45% | ||||
BP Capital Markets America, Inc., 4.81%, 02/13/2033 | 11,000 | 10,669 | ||
Ecopetrol S.A. (Colombia), | ||||
4.63%, 11/02/2031 | 11,000 | 9,011 | ||
8.88%, 01/13/2033 | 297,000 | 306,915 | ||
8.38%, 01/19/2036 | 134,000 | 131,705 | ||
5.88%, 05/28/2045 | 12,000 | 8,610 | ||
Occidental Petroleum Corp., | ||||
6.45%, 09/15/2036 | 47,000 | 49,121 | ||
4.63%, 06/15/2045 | 11,000 | 8,753 | ||
Petroleos Mexicanos (Mexico), 8.75%, 06/02/2029 | 84,970 | 83,517 | ||
608,301 | ||||
Integrated Telecommunication Services–0.02% | ||||
AT&T, Inc., | ||||
4.30%, 02/15/2030 | 4,000 | 3,833 | ||
5.40%, 02/15/2034 | 17,000 | 17,008 | ||
Verizon Communications, Inc., 2.85%, 09/03/2041 | 4,000 | 2,805 | ||
23,646 | ||||
Interactive Media & Services–0.02% | ||||
Meta Platforms, Inc., 5.75%, 05/15/2063 | 21,000 | 21,594 | ||
Investment Banking & Brokerage–0.84% | ||||
Blackstone Private Credit Fund, 6.25%, 01/25/2031(b) | 30,000 | 29,845 | ||
Brookfield Finance, Inc. (Canada), 5.97%, 03/04/2054 | 40,000 | 39,602 | ||
Charles Schwab Corp. (The), | ||||
5.64%, 05/19/2029(c) | 19,000 | 19,256 | ||
5.85%, 05/19/2034(c) | 19,000 | 19,381 | ||
Series K, 5.00%(c)(d) | 10,000 | 9,632 | ||
Franklin BSP Capital Corp., 7.20%, 06/15/2029(b) | 41,000 | 40,924 |
8 | Invesco V.I. Core Plus Bond Fund |
Principal Amount | Value | |||
Investment Banking & Brokerage–(continued) | ||||
Goldman Sachs Group, Inc. (The), | ||||
6.17% (SOFR + 0.79%), 12/09/2026(f) | $16,000 | $16,021 | ||
5.73%, 04/25/2030(c) | 73,000 | 74,313 | ||
5.85%, 04/25/2035(c) | 84,000 | 86,077 | ||
Series V, 4.13%(c)(d) | 45,000 | 42,142 | ||
Series W, 7.50%(c)(d) | 198,000 | 207,942 | ||
Series X, 7.50%(c)(d) | 283,000 | 291,732 | ||
Morgan Stanley, | ||||
5.00%, 11/24/2025 | 3,000 | 2,981 | ||
5.12%, 02/01/2029(c) | 5,000 | 4,982 | ||
5.16%, 04/20/2029(c) | 11,000 | 10,967 | ||
5.45%, 07/20/2029(c) | 9,000 | 9,057 | ||
6.41%, 11/01/2029(c) | 21,000 | 21,916 | ||
5.17%, 01/16/2030(c) | 14,000 | 13,968 | ||
5.25%, 04/21/2034(c) | 27,000 | 26,590 | ||
5.42%, 07/21/2034(c) | 16,000 | 15,925 | ||
5.47%, 01/18/2035(c) | 14,000 | 13,969 | ||
5.83%, 04/19/2035(c) | 73,000 | 74,858 | ||
5.95%, 01/19/2038(c) | 5,000 | 4,974 | ||
5.94%, 02/07/2039(c) | 55,000 | 54,422 | ||
1,131,476 | ||||
Leisure Products–0.08% | ||||
Brunswick Corp., | ||||
5.85%, 03/18/2029 | 51,000 | 51,048 | ||
5.10%, 04/01/2052 | 5,000 | 3,886 | ||
Polaris, Inc., 6.95%, 03/15/2029 | 52,000 | 54,413 | ||
109,347 | ||||
Life & Health Insurance–1.56% | ||||
AIA Group Ltd. (Hong Kong), 5.38%, 04/05/2034(b) | 200,000 | 195,202 | ||
Athene Global Funding, 5.58%, 01/09/2029(b) | 171,000 | 171,776 | ||
Athene Holding Ltd., 6.25%, 04/01/2054 | 67,000 | 67,102 | ||
Corebridge Global Funding, | ||||
5.90%, 09/19/2028(b) | 24,000 | 24,521 | ||
5.20%, 01/12/2029(b) | 67,000 | 66,716 | ||
5.20%, 06/24/2029(b) | 195,000 | 194,357 | ||
F&G Annuities & Life, Inc., 7.40%, 01/13/2028 | 9,000 | 9,302 | ||
GA Global Funding Trust, 5.50%, 01/08/2029(b) | 80,000 | 80,041 | ||
MAG Mutual Holding Co., 4.75%, 04/30/2041(b)(h) | 784,000 | 689,912 | ||
Manulife Financial Corp. (Canada), 4.06%, 02/24/2032(c) | 6,000 | 5,752 | ||
MetLife, Inc., 5.25%, 01/15/2054 | 9,000 | 8,568 | ||
Nippon Life Insurance Co. (Japan), 5.95%, 04/16/2054(b)(c) | 226,000 | 222,958 | ||
Pacific Life Global Funding II, 6.19% (SOFR + 0.80%), 03/30/2025(b)(f) | 35,000 | 35,130 | ||
Penn Mutual Life Insurance Co. (The), 3.80%, 04/29/2061(b) | 2,000 | 1,289 | ||
Sumitomo Life Insurance Co. (Japan), 5.88%(b)(c)(d) | 338,000 | 329,909 | ||
2,102,535 | ||||
Managed Health Care–0.04% | ||||
Humana, Inc., 5.75%, 12/01/2028 | 14,000 | 14,286 |
Principal Amount | Value | |||
Managed Health Care–(continued) | ||||
UnitedHealth Group, Inc., | ||||
3.75%, 07/15/2025 | $2,000 | $1,971 | ||
5.25%, 02/15/2028 | 6,000 | 6,080 | ||
5.30%, 02/15/2030 | 10,000 | 10,174 | ||
5.35%, 02/15/2033 | 9,000 | 9,124 | ||
5.05%, 04/15/2053 | 8,000 | 7,415 | ||
5.20%, 04/15/2063 | 7,000 | 6,486 | ||
55,536 | ||||
Marine Transportation–0.01% | ||||
A.P. Moller - Maersk A/S (Denmark), 5.88%, 09/14/2033(b) | 19,000 | 19,433 | ||
Movies & Entertainment–0.01% | ||||
Warnermedia Holdings, Inc., | ||||
5.05%, 03/15/2042 | 6,000 | 4,883 | ||
5.14%, 03/15/2052 | 5,000 | 3,896 | ||
5.39%, 03/15/2062 | 7,000 | 5,467 | ||
14,246 | ||||
Multi-Family Residential REITs–0.22% | ||||
AvalonBay Communities, Inc., 5.30%, 12/07/2033 | 42,000 | 41,784 | ||
Essex Portfolio L.P., 5.50%, 04/01/2034 | 52,000 | 51,567 | ||
Mid-America Apartments L.P., 5.30%, 02/15/2032 | 203,000 | 202,214 | ||
295,565 | ||||
Multi-line Insurance–0.18% | ||||
Metropolitan Life Global Funding I, 5.15%, 03/28/2033(b) | 240,000 | 237,178 | ||
Multi-Utilities–0.66% | ||||
Algonquin Power & Utilities Corp. (Canada), 5.37%, 06/15/2026(i) | 53,000 | 52,769 | ||
Ameren Illinois Co., 4.95%, 06/01/2033 | 9,000 | 8,795 | ||
Black Hills Corp., 6.15%, 05/15/2034 | 34,000 | 34,671 | ||
Dominion Energy, Inc., | ||||
5.38%, 11/15/2032 | 10,000 | 9,919 | ||
Series B, 7.00%, 06/01/2054(c) | 98,000 | 102,211 | ||
Series A, 6.88%, 02/01/2055(c) | 73,000 | 74,548 | ||
DTE Electric Co., 5.20%, 03/01/2034 | 34,000 | 33,921 | ||
DTE Energy Co., 5.85%, 06/01/2034 | 44,000 | 44,661 | ||
Engie S.A. (France), 5.25%, 04/10/2029(b) | 204,000 | 203,726 | ||
NiSource, Inc., | ||||
5.25%, 03/30/2028 | 6,000 | 5,995 | ||
5.35%, 04/01/2034 | 76,000 | 74,573 | ||
6.95%, 11/30/2054(c) | 73,000 | 73,518 | ||
Public Service Enterprise Group, Inc., 5.88%, 10/15/2028 | 49,000 | 50,137 | ||
Sempra, 6.88%, 10/01/2054(c) | 112,000 | 111,591 | ||
WEC Energy Group, Inc., 5.15%, 10/01/2027 | 9,000 | 8,978 | ||
890,013 | ||||
Office REITs–0.45% | ||||
Brandywine Operating Partnership L.P., | ||||
8.05%, 03/15/2028 | 36,000 | 37,471 | ||
8.88%, 04/12/2029 | 63,000 | 65,691 |
9 | Invesco V.I. Core Plus Bond Fund |
Principal Amount | Value | |||
Office REITs–(continued) | ||||
Office Properties Income Trust, 9.00%, 09/30/2029(b) | $24,000 | $18,900 | ||
Piedmont Operating Partnership L.P., | ||||
9.25%, 07/20/2028 | 273,000 | 291,400 | ||
6.88%, 07/15/2029 | 200,000 | 197,654 | ||
611,116 | ||||
Oil & Gas Drilling–0.01% | ||||
Patterson-UTI Energy, Inc., 7.15%, 10/01/2033 | 10,000 | 10,600 | ||
Oil & Gas Equipment & Services–0.02% | ||||
Northern Natural Gas Co., 5.63%, 02/01/2054(b) | 22,000 | 21,566 | ||
Oil & Gas Exploration & Production–0.67% | ||||
Apache Corp., 7.75%, 12/15/2029 | 18,000 | 19,665 | ||
Baytex Energy Corp. (Canada), 7.38%, 03/15/2032(b) | 113,000 | 114,916 | ||
Civitas Resources, Inc., | ||||
8.38%, 07/01/2028(b) | 70,000 | 73,436 | ||
8.75%, 07/01/2031(b) | 82,000 | 87,920 | ||
ConocoPhillips Co., | ||||
5.55%, 03/15/2054 | 15,000 | 14,772 | ||
5.70%, 09/15/2063 | 10,000 | 9,943 | ||
Diamondback Energy, Inc., | ||||
5.20%, 04/18/2027 | 82,000 | 82,042 | ||
5.15%, 01/30/2030 | 79,000 | 78,688 | ||
5.40%, 04/18/2034 | 61,000 | 60,416 | ||
5.75%, 04/18/2054 | 54,000 | 52,386 | ||
5.90%, 04/18/2064 | 45,000 | 43,471 | ||
Hilcorp Energy I L.P./Hilcorp Finance Co., 6.88%, 05/15/2034(b) | 132,000 | 130,655 | ||
Murphy Oil Corp., 6.38%, 07/15/2028 | 15,000 | 15,128 | ||
Southwestern Energy Co., 5.38%, 03/15/2030 | 45,000 | 43,502 | ||
Transocean Titan Financing Ltd., 8.38%, 02/01/2028(b) | 73,000 | 75,415 | ||
902,355 | ||||
Oil & Gas Refining & Marketing–0.30% | ||||
Cosan Luxembourg S.A. (Brazil), 7.50%, 06/27/2030(b) | 220,000 | 225,515 | ||
CVR Energy, Inc., 8.50%, 01/15/2029(b) | 164,000 | 164,818 | ||
Phillips 66 Co., 5.30%, 06/30/2033 | 14,000 | 13,841 | ||
404,174 | ||||
Oil & Gas Storage & Transportation–1.77% | ||||
Antero Midstream Partners L.P./Antero Midstream Finance Corp., 6.63%, 02/01/2032(b) | 118,000 | 119,137 | ||
Blue Racer Midstream LLC/Blue Racer Finance Corp., | ||||
7.00%, 07/15/2029(b) | 40,000 | 40,761 | ||
7.25%, 07/15/2032(b) | 40,000 | 41,152 | ||
Cheniere Energy Partners L.P., 5.95%, 06/30/2033 | 14,000 | 14,204 | ||
Columbia Pipelines Holding Co. LLC, 6.06%, 08/15/2026(b) | 8,000 | 8,066 |
Principal Amount | Value | |||
Oil & Gas Storage & Transportation–(continued) | ||||
Enbridge, Inc. (Canada), | ||||
5.70%, 03/08/2033 | $14,000 | $14,115 | ||
7.38%, 01/15/2083(c) | 6,000 | 6,021 | ||
7.63%, 01/15/2083(c) | 7,000 | 7,173 | ||
8.50%, 01/15/2084(c) | 23,000 | 24,852 | ||
Series NC5, 8.25%, 01/15/2084(c) | 43,000 | 44,910 | ||
Energy Transfer L.P., | ||||
4.00%, 10/01/2027 | 4,000 | 3,842 | ||
6.10%, 12/01/2028 | 10,000 | 10,311 | ||
6.40%, 12/01/2030 | 7,000 | 7,365 | ||
6.55%, 12/01/2033 | 8,000 | 8,483 | ||
5.55%, 05/15/2034 | 34,000 | 33,670 | ||
5.95%, 05/15/2054 | 28,000 | 27,283 | ||
8.00%, 05/15/2054(c) | 88,000 | 92,102 | ||
6.05%, 09/01/2054 | 290,000 | 286,151 | ||
7.13%, 10/01/2054(c) | 368,000 | 363,293 | ||
GreenSaif Pipelines Bidco S.a.r.l. (Saudi Arabia), | ||||
6.13%, 02/23/2038(b) | 200,000 | 203,480 | ||
6.51%, 02/23/2042(b) | 200,000 | 208,253 | ||
Kinder Morgan, Inc., | ||||
4.80%, 02/01/2033 | 5,000 | 4,741 | ||
5.20%, 06/01/2033 | 11,000 | 10,680 | ||
5.45%, 08/01/2052 | 6,000 | 5,524 | ||
MPLX L.P., | ||||
4.25%, 12/01/2027 | 4,000 | 3,872 | ||
4.95%, 03/14/2052 | 5,000 | 4,242 | ||
NGL Energy Operating LLC/NGL Energy Finance Corp., 8.38%, 02/15/2032(b) | 116,000 | 117,878 | ||
Northriver Midstream Finance L.P. (Canada), 6.75%, 07/15/2032(b) | 91,000 | 91,216 | ||
ONEOK, Inc., | ||||
5.65%, 11/01/2028 | 8,000 | 8,123 | ||
5.80%, 11/01/2030 | 28,000 | 28,677 | ||
6.05%, 09/01/2033 | 27,000 | 27,811 | ||
6.63%, 09/01/2053 | 42,000 | 44,855 | ||
Sabine Pass Liquefaction LLC, 5.90%, 09/15/2037 | 8,000 | 8,192 | ||
Southern Co. Gas Capital Corp., 5.75%, 09/15/2033 | 10,000 | 10,254 | ||
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 7.38%, 02/15/2029(b) | 143,000 | 143,807 | ||
Targa Resources Corp., 6.25%, 07/01/2052 | 5,000 | 5,051 | ||
Venture Global LNG, Inc., | ||||
9.50%, 02/01/2029(b) | 115,000 | 126,008 | ||
9.88%, 02/01/2032(b) | 94,000 | 102,371 | ||
Western Midstream Operating L.P., 6.15%, 04/01/2033 | 15,000 | 15,386 | ||
Williams Cos., Inc. (The), | ||||
5.30%, 08/15/2028 | 48,000 | 48,162 | ||
5.65%, 03/15/2033 | 15,000 | 15,145 | ||
2,386,619 | ||||
Other Specialty Retail–0.00% | ||||
Tractor Supply Co., 5.25%, 05/15/2033 | 6,000 | 5,950 |
10 | Invesco V.I. Core Plus Bond Fund |
Principal Amount | Value | |||
Packaged Foods & Meats–0.25% | ||||
Campbell Soup Co., | ||||
5.20%, 03/21/2029 | $48,000 | $48,044 | ||
5.40%, 03/21/2034 | 62,000 | 61,618 | ||
J.M. Smucker Co. (The), 6.20%, 11/15/2033 | 9,000 | 9,456 | ||
McCormick & Co., Inc., 4.95%, 04/15/2033 | 7,000 | 6,835 | ||
Minerva (Luxembourg) S.A. (Brazil), 8.88%, 09/13/2033(b) | 200,000 | 206,682 | ||
332,635 | ||||
Paper & Plastic Packaging Products & Materials–0.37% | ||||
Graphic Packaging International LLC, 6.38%, 07/15/2032(b) | 137,000 | 137,000 | ||
Sealed Air Corp., | ||||
6.13%, 02/01/2028(b) | 13,000 | 12,981 | ||
7.25%, 02/15/2031(b) | 33,000 | 34,018 | ||
Smurfit Kappa Treasury Unlimited Co. (Ireland), | ||||
5.20%, 01/15/2030(b) | 112,000 | 111,467 | ||
5.44%, 04/03/2034(b) | 103,000 | 102,159 | ||
5.78%, 04/03/2054(b) | 100,000 | 99,526 | ||
497,151 | ||||
Passenger Airlines–0.04% | ||||
American Airlines Pass-Through Trust, Series 2021-1, Class A, 2.88%, 07/11/2034 | 3,678 | 3,162 | ||
British Airways Pass-Through Trust (United Kingdom), Series 2021-1, Class A, 2.90%, 03/15/2035(b) | 19,675 | 17,033 | ||
Delta Air Lines, Inc./SkyMiles IP Ltd., | ||||
4.50%, 10/20/2025(b) | 9,629 | 9,514 | ||
4.75%, 10/20/2028(b) | 17,681 | 17,227 | ||
United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 10/15/2027 | 4,959 | 4,978 | ||
51,914 | ||||
Personal Care Products–0.08% | ||||
Kenvue, Inc., | ||||
5.05%, 03/22/2028 | 9,000 | 9,051 | ||
5.00%, 03/22/2030 | 62,000 | 62,220 | ||
4.90%, 03/22/2033 | 25,000 | 24,734 | ||
5.20%, 03/22/2063 | 7,000 | 6,613 | ||
102,618 | ||||
Pharmaceuticals–0.33% | ||||
AstraZeneca Finance LLC (United Kingdom), | ||||
4.85%, 02/26/2029 | 47,000 | 46,918 | ||
4.90%, 02/26/2031 | 81,000 | 80,819 | ||
Bristol-Myers Squibb Co., | ||||
4.90%, 02/22/2027 | 21,000 | 20,944 | ||
4.90%, 02/22/2029 | 22,000 | 21,962 | ||
5.75%, 02/01/2031 | 50,000 | 51,928 | ||
5.90%, 11/15/2033 | 21,000 | 22,051 | ||
6.25%, 11/15/2053 | 10,000 | 10,748 | ||
6.40%, 11/15/2063 | 19,000 | 20,645 |
Principal Amount | Value | |||
Pharmaceuticals–(continued) | ||||
Eli Lilly and Co., | ||||
4.70%, 02/09/2034 | $12,000 | $11,771 | ||
4.88%, 02/27/2053 | 6,000 | 5,627 | ||
5.00%, 02/09/2054 | 49,000 | 46,829 | ||
5.10%, 02/09/2064 | 58,000 | 55,447 | ||
Merck & Co., Inc., | ||||
4.90%, 05/17/2044 | 42,000 | 39,678 | ||
5.00%, 05/17/2053 | 8,000 | 7,528 | ||
5.15%, 05/17/2063 | 7,000 | 6,655 | ||
449,550 | ||||
Precious Metals & Minerals–0.06% | ||||
Anglo American Capital PLC (South Africa), 3.63%, 09/11/2024(b) | 83,000 | 82,594 | ||
Property & Casualty Insurance–0.32% | ||||
Allstate Corp. (The), 4.20%, 12/15/2046 | 2,000 | 1,617 | ||
Fairfax Financial Holdings Ltd. (Canada), | ||||
6.35%, 03/22/2054(b) | 73,000 | 73,133 | ||
6.10%, 03/15/2055(b) | 291,000 | 281,343 | ||
Markel Group, Inc., 6.00%, 05/16/2054 | 70,000 | 69,330 | ||
Travelers Cos., Inc. (The), 5.45%, 05/25/2053 | 7,000 | 7,013 | ||
432,436 | ||||
Rail Transportation–0.06% | ||||
Norfolk Southern Corp., | ||||
5.05%, 08/01/2030 | 11,000 | 10,987 | ||
5.55%, 03/15/2034 | 20,000 | 20,414 | ||
5.95%, 03/15/2064 | 27,000 | 27,539 | ||
Union Pacific Corp., 5.15%, 01/20/2063 | 17,000 | 15,706 | ||
74,646 | ||||
Regional Banks–0.28% | ||||
Citizens Financial Group, Inc., 5.64%, 05/21/2037(c) | 3,000 | 2,785 | ||
Huntington Bancshares, Inc., 4.00%, 05/15/2025 | 4,000 | 3,936 | ||
M&T Bank Corp., 5.05%, 01/27/2034(c) | 3,000 | 2,778 | ||
Regions Financial Corp., 5.72%, 06/06/2030(c) | 172,000 | 171,945 | ||
Santander Holdings USA, Inc., 6.34%, 05/31/2035(c) | 131,000 | 130,722 | ||
Truist Financial Corp., | ||||
6.05%, 06/08/2027(c) | 11,000 | 11,082 | ||
4.87%, 01/26/2029(c) | 4,000 | 3,924 | ||
7.16%, 10/30/2029(c) | 18,000 | 19,118 | ||
5.44%, 01/24/2030(c) | 12,000 | 11,971 | ||
4.92%, 07/28/2033(c) | 4,000 | 3,704 | ||
6.12%, 10/28/2033(c) | 2,000 | 2,046 | ||
5.87%, 06/08/2034(c) | 10,000 | 10,081 | ||
374,092 | ||||
Reinsurance–0.34% | ||||
Global Atlantic (Fin) Co., | ||||
4.70%, 10/15/2051(b)(c) | 28,000 | 26,014 | ||
6.75%, 03/15/2054(b) | 142,000 | 140,552 | ||
7.95%, 10/15/2054(b)(c) | 95,000 | 95,733 |
11 | Invesco V.I. Core Plus Bond Fund |
Principal Amount | Value | |||
Reinsurance–(continued) | ||||
Swiss Re Subordinated Finance PLC (United Kingdom), 5.70%, 04/05/2035(b)(c) | $200,000 | $198,345 | ||
460,644 | ||||
Restaurants–0.10% | ||||
McDonald’s Corp., | ||||
4.80%, 08/14/2028 | 64,000 | 63,630 | ||
4.95%, 08/14/2033 | 53,000 | 52,236 | ||
5.45%, 08/14/2053 | 19,000 | 18,365 | ||
134,231 | ||||
Retail REITs–0.14% | ||||
Agree L.P., 5.63%, 06/15/2034 | 61,000 | 60,403 | ||
Kite Realty Group L.P., | ||||
4.00%, 10/01/2026 | 5,000 | 4,841 | ||
5.50%, 03/01/2034 | 10,000 | 9,784 | ||
NNN REIT, Inc., | ||||
5.60%, 10/15/2033 | 10,000 | 9,956 | ||
5.50%, 06/15/2034 | 75,000 | 74,331 | ||
Realty Income Corp., | ||||
2.20%, 06/15/2028 | 2,000 | 1,790 | ||
5.63%, 10/13/2032 | 7,000 | 7,093 | ||
Regency Centers L.P., 5.25%, 01/15/2034 | 27,000 | 26,308 | ||
194,506 | ||||
Self-Storage REITs–0.30% | ||||
Extra Space Storage L.P., | ||||
5.70%, 04/01/2028 | 7,000 | 7,082 | ||
5.40%, 02/01/2034 | 54,000 | 52,892 | ||
Prologis L.P., | ||||
4.88%, 06/15/2028 | 10,000 | 9,955 | ||
5.13%, 01/15/2034 | 9,000 | 8,899 | ||
5.00%, 03/15/2034 | 127,000 | 124,260 | ||
5.25%, 06/15/2053 | 36,000 | 34,002 | ||
5.25%, 03/15/2054 | 36,000 | 34,053 | ||
Public Storage Operating Co., | ||||
5.13%, 01/15/2029 | 7,000 | 7,062 | ||
5.10%, 08/01/2033 | 28,000 | 27,786 | ||
5.35%, 08/01/2053 | 100,000 | 96,550 | ||
402,541 | ||||
Semiconductors–0.78% | ||||
Broadcom, Inc., | ||||
4.15%, 11/15/2030 | 4,000 | 3,779 | ||
4.93%, 05/15/2037(b) | 4,000 | 3,764 | ||
Foundry JV Holdco LLC, | ||||
6.15%, 01/25/2032(b) | 205,000 | 209,155 | ||
5.88%, 01/25/2034(b)(e) | 326,000 | 323,563 | ||
6.25%, 01/25/2035(b) | 272,000 | 278,083 | ||
6.40%, 01/25/2038(b) | 200,000 | 206,417 | ||
Micron Technology, Inc., 5.30%, 01/15/2031 | 31,000 | 30,939 | ||
1,055,700 | ||||
Single-Family Residential REITs–0.14% | ||||
American Homes 4 Rent L.P., 5.50%, 07/15/2034 | 194,000 | 190,718 |
Principal Amount | Value | |||
Soft Drinks & Non-alcoholic Beverages–0.32% | ||||
Coca-Cola Co. (The), | ||||
5.00%, 05/13/2034 | $95,000 | $95,362 | ||
5.30%, 05/13/2054 | 135,000 | 134,065 | ||
5.40%, 05/13/2064 | 201,000 | 199,435 | ||
428,862 | ||||
Sovereign Debt–2.48% | ||||
Abu Dhabi Government International Bond (United Arab Emirates), 5.50%, 04/30/2054(b) | 200,000 | 203,382 | ||
Brazilian Government International Bond (Brazil), | ||||
6.13%, 01/22/2032 | 480,000 | 474,600 | ||
6.13%, 03/15/2034 | 420,000 | 404,382 | ||
7.13%, 05/13/2054 | 360,000 | 348,576 | ||
Costa Rica Government International Bond (Costa Rica), 7.30%, 11/13/2054(b) | 200,000 | 210,239 | ||
Mexico Government International Bond (Mexico), | ||||
6.00%, 05/07/2036 | 200,000 | 195,217 | ||
6.40%, 05/07/2054 | 250,000 | 238,655 | ||
Republic of Poland Government International Bond (Poland), 5.75%, 11/16/2032 | 5,000 | 5,187 | ||
Romanian Government International Bond (Romania), | ||||
5.25%, 11/25/2027(b) | 30,000 | 29,500 | ||
6.63%, 02/17/2028(b) | 138,000 | 141,108 | ||
5.88%, 01/30/2029(b) | 126,000 | 125,361 | ||
7.13%, 01/17/2033(b) | 106,000 | 111,820 | ||
Saudi Government International Bond (Saudi Arabia), | ||||
4.75%, 01/16/2030(b) | 200,000 | 196,761 | ||
5.00%, 01/16/2034(b) | 202,000 | 198,568 | ||
5.75%, 01/16/2054(b) | 259,000 | 253,043 | ||
Trinidad & Tobago Government International Bond (Trinidad), 6.40%, 06/26/2034(b) | 210,000 | 210,787 | ||
3,347,186 | ||||
Specialized Finance–0.03% | ||||
Jefferson Capital Holdings LLC, 9.50%, 02/15/2029(b) | 38,000 | 39,209 | ||
Specialty Chemicals–0.42% | ||||
Sasol Financing USA LLC (South Africa), | ||||
4.38%, 09/18/2026 | 200,000 | 188,595 | ||
8.75%, 05/03/2029(b) | 200,000 | 203,595 | ||
5.50%, 03/18/2031 | 200,000 | 168,825 | ||
561,015 | ||||
Steel–0.22% | ||||
POSCO (South Korea), 5.63%, 01/17/2026(b) | 200,000 | 200,250 | ||
Vale Overseas Ltd. (Brazil), 6.40%, 06/28/2054 | 100,000 | 98,970 | ||
299,220 |
12 | Invesco V.I. Core Plus Bond Fund |
Principal Amount | Value | |||
Systems Software–0.02% | ||||
Oracle Corp., | ||||
6.25%, 11/09/2032 | $6,000 | $6,353 | ||
4.90%, 02/06/2033 | 14,000 | 13,587 | ||
6.90%, 11/09/2052 | 8,000 | 8,961 | ||
28,901 | ||||
Technology Hardware, Storage & Peripherals–0.00% | ||||
Apple, Inc., | ||||
4.38%, 05/13/2045 | 3,000 | 2,676 | ||
4.25%, 02/09/2047 | 2,000 | 1,745 | ||
4,421 | ||||
Telecom Tower REITs–0.00% | ||||
American Tower Corp., 4.00%, 06/01/2025 | 3,000 | 2,953 | ||
Tobacco–0.31% | ||||
B.A.T Capital Corp. (United Kingdom), | ||||
5.83%, 02/20/2031 | 62,000 | 62,895 | ||
6.00%, 02/20/2034 | 11,000 | 11,133 | ||
7.08%, 08/02/2043 | 9,000 | 9,492 | ||
7.08%, 08/02/2053 | 7,000 | 7,449 | ||
Philip Morris International, Inc., | ||||
5.00%, 11/17/2025 | 7,000 | 6,968 | ||
5.13%, 11/17/2027 | 6,000 | 6,001 | ||
4.88%, 02/15/2028 | 45,000 | 44,628 | ||
5.25%, 09/07/2028 | 32,000 | 32,272 | ||
4.88%, 02/13/2029 | 126,000 | 124,643 | ||
5.13%, 02/13/2031 | 29,000 | 28,700 | ||
5.75%, 11/17/2032 | 5,000 | 5,108 | ||
5.38%, 02/15/2033 | 51,000 | 50,667 | ||
5.63%, 09/07/2033 | 30,000 | 30,274 | ||
420,230 | ||||
Trading Companies & Distributors–0.21% | ||||
Fortress Transportation and Infrastructure Investors LLC, 7.00%, 05/01/2031(b) | 82,000 | 83,861 | ||
Mitsubishi Corp. (Japan), 5.00%, 07/02/2029(b) | 200,000 | 200,074 | ||
283,935 | ||||
Transaction & Payment Processing Services–0.17% | ||||
Fiserv, Inc., | ||||
5.38%, 08/21/2028 | 52,000 | 52,390 | ||
5.63%, 08/21/2033 | 31,000 | 31,277 | ||
5.45%, 03/15/2034 | 122,000 | 121,290 | ||
Mastercard, Inc., 4.85%, 03/09/2033 | 27,000 | 26,892 | ||
231,849 | ||||
Wireless Telecommunication Services–0.18% | ||||
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, | ||||
4.74%, 03/20/2025(b) | 37,500 | 37,272 | ||
5.15%, 03/20/2028(b) | 156,750 | 156,074 | ||
T-Mobile USA, Inc., | ||||
5.65%, 01/15/2053 | 14,000 | 13,803 | ||
6.00%, 06/15/2054 | 8,000 | 8,279 |
Principal Amount | Value | ||
Wireless Telecommunication Services–(continued) | |||
Vodafone Group PLC (United Kingdom), 5.13%, 06/04/2081(c) | $33,000 | $24,357 | |
239,785 | |||
Total U.S. Dollar Denominated Bonds & Notes (Cost $57,679,618) | 58,085,417 | ||
Asset-Backed Securities–22.49% | |||
Adjustable Rate Mortgage Trust, Series 2004-2, Class 6A1, 0.71%, 02/25/2035(j) | 1,097 | 1,081 | |
AMSR Trust, Series 2021-SFR3, Class B, 1.73%, 10/17/2038(b) | 380,000 | 346,875 | |
Angel Oak Mortgage Trust, | |||
Series 2020-1, Class A1, 2.16%, 12/25/2059(b)(j) | 28,497 | 26,939 | |
Series 2020-3, Class A1, 1.69%, 04/25/2065(b)(j) | 95,548 | 87,934 | |
Series 2020-5, Class A1, 1.37%, 05/25/2065(b)(j) | 12,695 | 11,819 | |
Series 2021-3, Class A1, 1.07%, 05/25/2066(b)(j) | 74,695 | 62,381 | |
Series 2021-7, Class A1, 1.98%, 10/25/2066(b)(j) | 186,207 | 155,225 | |
Series 2022-1, Class A1, 2.88%, 12/25/2066(b)(i) | 325,808 | 294,563 | |
Series 2023-6, Class A1, 6.50%, 12/25/2067(b)(i) | 94,521 | 94,946 | |
Series 2024-2, Class A1, 5.99%, 01/25/2069(b)(i) | 381,766 | 380,259 | |
Apidos CLO XII, Series 2013-12A, Class ARR, 6.42% (3 mo. Term SOFR + 1.08%), 04/15/2031(b)(f) | 258,000 | 258,194 | |
Apidos CLO XXV, Series 2016-25A, Class A1R2, 6.47% (3 mo. Term SOFR + 1.15%), 10/20/2031(b)(f) | 376,679 | 376,848 | |
Avis Budget Rental Car Funding (AESOP) LLC, | |||
Series 2022-1A, Class A, 3.83%, 08/21/2028(b) | 560,000 | 535,721 | |
Series 2023-1A, Class A, 5.25%, 04/20/2029(b) | 102,000 | 101,438 | |
Series 2023-4A, Class A, 5.49%, 06/20/2029(b) | 354,000 | 355,335 | |
Bain Capital Credit CLO Ltd. (Cayman Islands), | |||
Series 2017-2A, Class AR2, 6.76% (3 mo. Term SOFR + 1.44%), 07/25/2034(b)(f) | 731,000 | 731,761 | |
Series 2021-1A, Class A, 6.65% (3 mo. Term SOFR + 1.32%), 04/18/2034(b)(f) | 147,000 | 147,037 | |
Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class AS, 3.99%, 09/15/2048(j) | 70,000 | 67,788 | |
Banc of America Funding Trust, | |||
Series 2007-1, Class 1A3, 6.00%, 01/25/2037 | 29,176 | 23,721 | |
Series 2007-C, Class 1A4, 4.38%, 05/20/2036(j) | 9,386 | 8,042 | |
Banc of America Mortgage Trust, Series 2007-1, Class 1A24, 6.00%, 03/25/2037 | 19,145 | 15,445 | |
Bank, Series 2019-BNK16, Class XA, IO, 1.10%, 02/15/2052(k) | 1,464,265 | 48,373 |
13 | Invesco V.I. Core Plus Bond Fund |
Principal Amount | Value | ||
Bayview MSR Opportunity Master Fund Trust, | |||
Series 2021-4, Class A3, 3.00%, 10/25/2051(b)(j) | $292,178 | $242,098 | |
Series 2021-4, Class A4, 2.50%, 10/25/2051(b)(j) | 292,178 | 232,561 | |
Series 2021-4, Class A8, 2.50%, 10/25/2051(b)(j) | 266,571 | 229,126 | |
Series 2021-5, Class A1, 3.00%, 11/25/2051(b)(j) | 296,071 | 245,693 | |
Series 2021-5, Class A2, 2.50%, 11/25/2051(b)(j) | 361,015 | 287,352 | |
Bear Stearns Adjustable Rate Mortgage Trust, | |||
Series 2005-9, Class A1, 0.76% (1 yr. U.S. Treasury Yield Curve Rate + 2.30%), 10/25/2035(f) | 20,764 | 19,006 | |
Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036(f) | 22,872 | 21,050 | |
Benchmark Mortgage Trust, | |||
Series 2018-B1, Class XA, IO, 0.66%, 01/15/2051(k) | 1,210,202 | 17,560 | |
Series 2018-B3, Class C, 4.67%, 04/10/2051(j) | 42,000 | 34,321 | |
Series 2019-B14, Class A5, 3.05%, 12/15/2062 | 90,000 | 80,423 | |
Series 2019-B15, Class B, 3.56%, 12/15/2072 | 70,000 | 57,622 | |
BRAVO Residential Funding Trust, Series 2021-NQM2, Class A1, 0.97%, 03/25/2060(b)(j) | 59,404 | 55,606 | |
BX Commercial Mortgage Trust, | |||
Series 2021-ACNT, Class A, 6.29% (1 mo. Term SOFR + 0.96%), 11/15/2038(b)(f) | 221,647 | 219,195 | |
Series 2021-VOLT, Class A, 6.14% (1 mo. Term SOFR + 0.81%), 09/15/2036(b)(f) | 250,000 | 247,056 | |
Series 2021-VOLT, Class B, 6.39% (1 mo. Term SOFR + 1.06%), 09/15/2036(b)(f) | 225,000 | 221,908 | |
Series 2021-VOLT, Class D, 7.09% (1 mo. Term SOFR + 1.76%), 09/15/2036(b)(f) | 100,000 | 98,597 | |
BX Trust, | |||
Series 2022-CLS, Class A, 5.76%, 10/13/2027(b) | 130,000 | 128,721 | |
Series 2022-LBA6, Class A, 6.33% (1 mo. Term SOFR + 1.00%), 01/15/2039(b)(f) | 320,000 | 316,673 | |
Series 2022-LBA6, Class B, 6.63% (1 mo. Term SOFR + 1.30%), 01/15/2039(b)(f) | 230,000 | 229,101 | |
Series 2022-LBA6, Class C, 6.93% (1 mo. Term SOFR + 1.60%), 01/15/2039(b)(f) | 100,000 | 99,628 | |
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), | |||
Series 2015-4A, Class A1RR, 6.54% (3 mo. Term SOFR + 1.22%), 07/20/2032(b)(f) | 254,000 | 254,488 | |
Series 2015-5A, Class A1R3, 6.42% (3 mo. Term SOFR + 1.10%), 01/20/2032(b)(f) | 250,000 | 250,188 | |
CD Mortgage Trust, Series 2017-CD6, Class XA, IO, 1.01%, 11/13/2050(k) | 628,245 | 12,331 |
Principal Amount | Value | ||
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 6.57% (3 mo. Term SOFR + 1.24%), 04/20/2031(b)(f) | $206,494 | $206,726 | |
Chase Home Lending Mortgage Trust, | |||
Series 2019-ATR1, Class A15, 4.00%, 04/25/2049(b)(j) | 3,607 | 3,314 | |
Series 2019-ATR2, Class A3, 3.50%, 07/25/2049(b)(j) | 19,792 | 17,439 | |
Chase Mortgage Finance Corp., | |||
Series 2016-SH1, Class M3, 3.75%, 04/25/2045(b)(j) | 21,900 | 19,424 | |
Series 2016-SH2, Class M3, 3.75%, 12/25/2045(b)(j) | 27,581 | 24,400 | |
Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3, 4.83%, 01/25/2036(j) | 26,405 | 23,523 | |
Citigroup Commercial Mortgage Trust, Series 2017-C4, Class XA, IO, 1.13%, 10/12/2050(k) | 1,571,968 | 40,293 | |
Citigroup Mortgage Loan Trust, Inc., | |||
Series 2006-AR1, Class 1A1, 7.20% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035(f) | 53,221 | 49,728 | |
Series 2021-INV3, Class A3, 2.50%, 05/25/2051(b)(j) | 291,893 | 232,334 | |
COLT Mortgage Loan Trust, | |||
Series 2021-5, Class A1, 1.73%, 11/26/2066(b)(j) | 156,580 | 134,494 | |
Series 2022-1, Class A1, 2.28%, 12/27/2066(b)(j) | 215,092 | 187,637 | |
Series 2022-2, Class A1, 2.99%, 02/25/2067(b)(i) | 215,471 | 197,883 | |
Series 2022-3, Class A1, 3.90%, 02/25/2067(b)(j) | 291,318 | 275,056 | |
COMM Mortgage Trust, | |||
Series 2014-CR21, Class AM, 3.99%, 12/10/2047 | 715,000 | 688,879 | |
Series 2014-UBS6, Class AM, 4.05%, 12/10/2047 | 475,000 | 463,208 | |
Commercial Mortgage Trust, | |||
Series 2014-CR20, Class ASB, 3.31%, 11/10/2047 | 1,302 | 1,299 | |
Series 2015-CR25, Class B, 4.67%, 08/10/2048(j) | 72,000 | 70,097 | |
Countrywide Home Loans Mortgage Pass-Through Trust, | |||
Series 2005-17, Class 1A8, 5.50%, 09/25/2035 | 1,942 | 1,825 | |
Series 2005-26, Class 1A8, 5.50%, 11/25/2035 | 27,615 | 16,544 | |
Series 2005-J4, Class A7, 5.50%, 11/25/2035 | 3,230 | 2,585 | |
Credit Suisse Mortgage Capital Trust, | |||
Series 2021-NQM1, Class A1, 0.81%, 05/25/2065(b)(j) | 37,134 | 32,495 | |
Series 2021-NQM2, Class A1, 1.18%, 02/25/2066(b)(j) | 87,258 | 75,503 | |
Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067(b)(j) | 321,520 | 299,753 | |
Series 2022-ATH1, Class A1B, 3.35%, 01/25/2067(b)(j) | 115,000 | 99,699 | |
Series 2022-ATH2, Class A1, 4.55%, 05/25/2067(b)(j) | 261,792 | 254,634 |
14 | Invesco V.I. Core Plus Bond Fund |
Principal Amount | Value | ||
Cross Mortgage Trust, Series 2024-H2, Class A1, 6.09%, 04/25/2069(b)(i) | $195,556 | $195,334 | |
CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053 | 776,000 | 655,701 | |
CSFB Mortgage-Backed Pass-Through Ctfs., Series 2004-AR5, Class 3A1, 4.74%, 06/25/2034(j) | 5,766 | 5,314 | |
CSMC Mortgage-Backed Trust, Series 2006-6, Class 1A4, 6.00%, 07/25/2036 | 93,199 | 43,299 | |
DB Master Finance LLC, | |||
Series 2019-1A, Class A23, 4.35%, 05/20/2049(b) | 47,625 | 45,208 | |
Series 2019-1A, Class A2II, 4.02%, 05/20/2049(b) | 47,625 | 46,146 | |
Domino’s Pizza Master Issuer LLC, Series 2019-1A, Class A2, 3.67%, 10/25/2049(b) | 104,640 | 95,582 | |
Dryden 93 CLO Ltd., Series 2021-93A, Class A1A, 6.67% (3 mo. Term SOFR + 1.34%), 01/15/2034(b)(f) | 100,056 | 100,128 | |
Ellington Financial Mortgage Trust, | |||
Series 2019-2, Class A1, 2.74%, 11/25/2059(b)(j) | 14,316 | 13,606 | |
Series 2020-1, Class A1, 2.01%, 05/25/2065(b)(j) | 9,014 | 8,774 | |
Series 2021-1, Class A1, 0.80%, 02/25/2066(b)(j) | 27,550 | 23,195 | |
Series 2022-1, Class A1, 2.21%, 01/25/2067(b)(j) | 217,194 | 184,838 | |
Series 2022-3, Class A1, 5.00%, 08/25/2067(b)(i) | 247,494 | 243,577 | |
Enterprise Fleet Financing LLC, Series 2024-2, Class A4, 5.69%, 12/20/2030(b) | 52,000 | 52,768 | |
Exeter Automobile Receivables Trust, Series 2019-4A, Class D, 2.58%, 09/15/2025(b) | 17,618 | 17,593 | |
Extended Stay America Trust, Series 2021-ESH, Class B, 6.82% (1 mo. Term SOFR + 1.49%), 07/15/2038(b)(f) | 104,396 | 104,058 | |
First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Class 1A6, 5.50% (1 mo. Term SOFR + 0.76%), 11/25/2035(f) | 53,062 | 22,366 | |
Flagstar Mortgage Trust, | |||
Series 2021-11IN, Class A6, 3.70%, 11/25/2051(b)(j) | 439,622 | 378,887 | |
Series 2021-8INV, Class A6, 2.50%, 09/25/2051(b)(j) | 143,083 | 123,717 | |
Frontier Issuer LLC, Series 2023-1, Class A2, 6.60%, 08/20/2053(b) | 311,233 | 313,735 | |
GCAT Trust, Series 2019-NQM3, Class A1, 3.69%, 11/25/2059(b)(j) | 14,412 | 13,682 | |
GMACM Mortgage Loan Trust, Series 2006-AR1, Class 1A1, 3.36%, 04/19/2036(j) | 31,252 | 24,186 | |
GoldenTree Loan Management US CLO 5 Ltd., Series 2019-5A, Class AR, 6.66% (3 mo. Term SOFR + 1.33%), 10/20/2032(b)(f) | 260,000 | 260,175 |
Principal Amount | Value | ||
Golub Capital Partners CLO 40(B) Ltd., Series 2019-40A, Class AR, 6.68% (3 mo. Term SOFR + 1.35%), 01/25/2032(b)(f) | $308,158 | $308,434 | |
GS Mortgage Securities Trust, | |||
Series 2020-GC45, Class A5, 2.91%, 02/13/2053 | 50,000 | 44,124 | |
Series 2020-GC47, Class A5, 2.38%, 05/12/2053 | 300,000 | 255,363 | |
GS Mortgage-Backed Securities Trust, Series 2021-INV1, Class A6, 2.50%, 12/25/2051(b)(j) | 249,306 | 215,250 | |
GSR Mortgage Loan Trust, Series 2005-AR4, Class 6A1, 5.43%, 07/25/2035(j) | 7,255 | 6,488 | |
Hertz Vehicle Financing III L.P., | |||
Series 2021-2A, Class A, 1.68%, 12/27/2027(b) | 113,000 | 103,258 | |
Series 2021-2A, Class B, 2.12%, 12/27/2027(b) | 103,000 | 93,955 | |
HPEFS Equipment Trust, Series 2023-2A, Class A2, 6.04%, 01/21/2031(b) | 100,000 | 100,280 | |
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class AS, 3.22%, 04/15/2046 | 10,663 | 9,835 | |
JP Morgan Mortgage Trust, | |||
Series 2007-A1, Class 5A1, 5.04%, 07/25/2035(j) | 11,504 | 11,155 | |
Series 2021-LTV2, Class A1, 2.52%, 05/25/2052(b)(j) | 323,779 | 264,002 | |
Series 2024-VIS1, Class A1, 5.99%, 07/25/2064(b)(j) | 250,365 | 250,339 | |
JPMBB Commercial Mortgage Securities Trust, | |||
Series 2014-C24, Class B, 4.12%, 11/15/2047(j) | 245,000 | 221,533 | |
Series 2014-C25, Class AS, 4.07%, 11/15/2047 | 200,000 | 189,116 | |
Series 2015-C27, Class XA, IO, 1.27%, 02/15/2048(k) | 1,792,894 | 4,022 | |
Lehman Structured Securities Corp., Series 2002-GE1, Class A, 0.00%, 07/26/2024(b)(g)(h)(j) | 8,264 | 7 | |
Life Mortgage Trust, | |||
Series 2021-BMR, Class A, 6.14% (1 mo. Term SOFR + 0.81%), 03/15/2038(b)(f) | 152,360 | 149,718 | |
Series 2021-BMR, Class B, 6.32% (1 mo. Term SOFR + 0.99%), 03/15/2038(b)(f) | 334,210 | 326,598 | |
Series 2021-BMR, Class C, 6.54% (1 mo. Term SOFR + 1.21%), 03/15/2038(b)(f) | 108,127 | 105,408 | |
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class A, 6.74% (3 mo. Term SOFR + 1.41%), 04/19/2033(b)(f) | 741,574 | 743,276 | |
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Class A3, 5.66% (1 mo. Term SOFR + 0.31%), 08/25/2036(f) | 34,793 | 12,246 | |
Med Trust, Series 2021-MDLN, Class A, 6.39% (1 mo. Term SOFR + 1.06%), 11/15/2038(b)(f) | 263,734 | 263,326 |
15 | Invesco V.I. Core Plus Bond Fund |
Principal Amount | Value | ||
Mello Mortgage Capital Acceptance Trust, | |||
Series 2021-INV2, Class A4, 2.50%, 08/25/2051(b)(j) | $184,862 | $159,409 | |
Series 2021-INV3, Class A4, 2.50%, 10/25/2051(b)(j) | 177,527 | 152,845 | |
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 3A, 2.39%, 11/25/2035(j) | 4,657 | 4,260 | |
MFA Trust, Series 2021-INV2, Class A1, 1.91%, 11/25/2056(b)(j) | 240,728 | 206,508 | |
MHP Commercial Mortgage Trust, | |||
Series 2021-STOR, Class A, 6.14% (1 mo. Term SOFR + 0.81%), 07/15/2038(b)(f) | 125,000 | 124,606 | |
Series 2021-STOR, Class B, 6.34% (1 mo. Term SOFR + 1.01%), 07/15/2038(b)(f) | 105,000 | 104,580 | |
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class AS, 3.83%, 12/15/2047 | 595,000 | 584,939 | |
Morgan Stanley Capital I Trust, | |||
Series 2017-HR2, Class XA, IO, 0.99%, 12/15/2050(k) | 540,168 | 13,342 | |
Series 2019-L2, Class A4, 4.07%, 03/15/2052 | 80,000 | 75,224 | |
Series 2019-L3, Class AS, 3.49%, 11/15/2052 | 60,000 | 53,492 | |
Morgan Stanley Re-REMIC Trust, Series 2012-R3, Class 1B, 6.00%, 11/26/2036(b)(j) | 196,062 | 165,107 | |
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class AR, 6.61% (3 mo. Term SOFR + 1.28%), 04/19/2030(b)(f) | 239,112 | 239,351 | |
Neuberger Berman Loan Advisers CLO 40 Ltd., Series 2021-40A, Class A, 6.65% (3 mo. Term SOFR + 1.32%), 04/16/2033(b)(f) | 250,000 | 250,500 | |
New Residential Mortgage Loan Trust, | |||
Series 2019-NQM4, Class A1, 2.49%, 09/25/2059(b)(j) | 13,503 | 12,573 | |
Series 2020-NQM1, Class A1, 2.46%, 01/26/2060(b)(j) | 17,600 | 16,174 | |
Series 2022-NQM2, Class A1, 3.08%, 03/27/2062(b)(j) | 215,078 | 195,210 | |
OBX Trust, | |||
Series 2022-NQM1, Class A1, 2.31%, 11/25/2061(b)(j) | 252,173 | 219,117 | |
Series 2022-NQM2, Class A1, 2.96%, 01/25/2062(b)(j) | 292,135 | 267,826 | |
Series 2022-NQM2, Class A1A, 2.78%, 01/25/2062(b)(i) | 199,942 | 185,718 | |
Series 2022-NQM2, Class A1B, 3.38%, 01/25/2062(b)(i) | 235,000 | 205,921 | |
Oceanview Mortgage Trust, Series 2021-3, Class A5, 2.50%, 07/25/2051(b)(j) | 220,064 | 190,439 | |
OCP CLO Ltd. (Cayman Islands), | |||
Series 2017-13A, Class A1AR, 6.55% (3 mo. Term SOFR + 1.22%), 07/15/2030(b)(f) | 220,228 | 220,335 | |
Series 2020-8RA, Class A1, 6.80% (3 mo. Term SOFR + 1.48%), 01/17/2032(b)(f) | 431,966 | 432,622 |
Principal Amount | Value | ||
One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 09/15/2054(b) | $114,000 | $96,709 | |
Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.96%, 10/25/2061(b)(j) | 281,824 | 231,548 | |
Progress Residential Trust, | |||
Series 2021-SFR10, Class A, 2.39%, 12/17/2040(b) | 231,586 | 205,795 | |
Series 2022-SFR5, Class A, 4.45%, 06/17/2039(b) | 250,277 | 243,615 | |
Qdoba Funding LLC, Series 2023-1A, Class A2, 8.50%, 09/14/2053(b) | 357,105 | 374,473 | |
Race Point VIII CLO Ltd., Series 2013-8A, Class AR2, 6.63% (3 mo. Term SOFR + 1.30%), 02/20/2030(b)(f) | 129,673 | 129,764 | |
Residential Accredit Loans, Inc. Trust, | |||
Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036 | 238 | 182 | |
Series 2007-QS6, Class A28, 5.75%, 04/25/2037 | 3,134 | 2,435 | |
Residential Mortgage Loan Trust, Series 2020-1, Class A1, 2.38%, 01/26/2060(b)(j) | 13,430 | 12,963 | |
RUN Trust, Series 2022-NQM1, Class A1, 4.00%, 03/25/2067(b) | 204,492 | 195,235 | |
SG Residential Mortgage Trust, | |||
Series 2022-1, Class A1, 3.17%, 03/27/2062(b)(j) | 334,160 | 304,749 | |
Series 2022-1, Class A2, 3.58%, 03/27/2062(b)(j) | 109,977 | 98,606 | |
Sonic Capital LLC, | |||
Series 2020-1A, Class A2I, 3.85%, 01/20/2050(b) | 48,083 | 45,727 | |
Series 2021-1A, Class A2I, 2.19%, 08/20/2051(b) | 155,600 | 135,131 | |
Series 2021-1A, Class A2II, 2.64%, 08/20/2051(b) | 155,600 | 125,067 | |
STAR Trust, Series 2021-1, Class A1, 1.22%, 05/25/2065(b)(j) | 125,638 | 112,089 | |
Starwood Mortgage Residential Trust, | |||
Series 2020-1, Class A1, 2.28%, 02/25/2050(b)(j) | 8,509 | 7,988 | |
Series 2020-INV1, Class A1, 1.03%, 11/25/2055(b)(j) | 18,383 | 17,042 | |
Series 2021-6, Class A1, 1.92%, 11/25/2066(b)(j) | 338,455 | 288,909 | |
Series 2022-1, Class A1, 2.45%, 12/25/2066(b)(j) | 259,808 | 225,934 | |
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12, Class 3A2, 5.85%, 09/25/2034(j) | 1,937 | 1,872 | |
Structured Asset Securities Corp. Mortgage Pass-Through Ctfs., Series 2003-34A, Class 5A5, 6.43%, 11/25/2033(j) | 22,259 | 21,012 | |
Subway Funding LLC, | |||
Series 2024-1A, Class A23, 6.51%, 07/30/2054(b) | 193,000 | 196,836 | |
Series 2024-1A, Class A2I, 6.03%, 07/30/2054(b) | 212,000 | 214,180 | |
Series 2024-1A, Class A2I, 6.27%, 07/30/2054(b) | 210,000 | 213,557 |
16 | Invesco V.I. Core Plus Bond Fund |
Principal Amount | Value | ||
Symphony CLO XX Ltd., Series 2018-20A, Class AR2, 6.44% (3 mo. Term SOFR + 1.10%), 01/16/2032(b)(f) | $258,000 | $258,194 | |
Symphony CLO XXII Ltd., Series 2020-22A, Class A1A, 6.88% (3 mo. Term SOFR + 1.55%), 04/18/2033(b)(f) | 250,000 | 250,480 | |
Synchrony Card Funding LLC, Series 2022-A2, Class A, 3.86%, 07/15/2028 | 428,000 | 420,735 | |
Textainer Marine Containers VII Ltd., Series 2021-2A, Class A, 2.23%, 04/20/2046(b) | 328,533 | 294,345 | |
Thornburg Mortgage Securities Trust, Series 2005-1, Class A3, 4.66%, 04/25/2045(j) | 13,114 | 12,361 | |
TICP CLO XV Ltd., Series 2020-15A, Class A, 6.87% (3 mo. Term SOFR + 1.54%), 04/20/2033(b)(f) | 521,000 | 521,578 | |
TierPoint Issuer LLC, Series 2023-1A, Class A2, 6.00%, 06/25/2053(b) | 352,000 | 347,363 | |
Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039(b) | 254,841 | 225,617 | |
UBS Commercial Mortgage Trust, | |||
Series 2017-C5, Class XA, IO, 1.21%, 11/15/2050(k) | 950,560 | 22,099 | |
Series 2019-C16, Class A4, 3.60%, 04/15/2052 | 80,000 | 73,043 | |
Verus Securitization Trust, | |||
Series 2020-1, Class A1, 3.42%, 01/25/2060(b)(i) | 39,150 | 37,600 | |
Series 2020-1, Class A2, 3.64%, 01/25/2060(b)(i) | 41,490 | 39,875 | |
Series 2021-1, Class A1B, 1.32%, 01/25/2066(b)(j) | 72,806 | 64,164 | |
Series 2021-7, Class A1, 1.83%, 10/25/2066(b)(i) | 273,711 | 239,860 | |
Series 2021-R1, Class A1, 0.82%, 10/25/2063(b)(j) | 74,308 | 68,548 | |
Series 2022-1, Class A1, 2.72%, 01/25/2067(b)(i) | 216,556 | 195,557 | |
Series 2022-3, Class A1, 4.13%, 02/25/2067(b)(i) | 149,703 | 139,723 | |
Series 2022-7, Class A1, 5.15%, 07/25/2067(b)(i) | 90,794 | 89,773 | |
Series 2022-INV2, Class A1, 6.79%, 10/25/2067(b)(i) | 122,543 | 123,066 | |
Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055(b) | 37,825 | 35,326 | |
WaMu Mortgage Pass-Through Ctfs. Trust, | |||
Series 2003-AR10, Class A7, 5.82%, 10/25/2033(j) | 16,480 | 15,393 | |
Series 2005-AR14, Class 1A4, 4.92%, 12/25/2035(j) | 40,378 | 36,225 | |
Series 2005-AR16, Class 1A1, 4.82%, 12/25/2035(j) | 19,321 | 17,085 | |
Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA, IO, 1.00%, 12/15/2050(k) | 849,118 | 20,557 | |
Wendy’s Funding LLC, Series 2018-1A, Class A2II, 3.88%, 03/15/2048(b) | 56,094 | 52,801 | |
WF Card Issuance Trust, Series 2024-A1, Class A, 4.94%, 02/15/2029 | 507,000 | 506,618 |
Principal Amount | Value | |||
WFRBS Commercial Mortgage Trust, | ||||
Series 2013-C14, Class AS, 3.49%, 06/15/2046 | $29,343 | $28,128 | ||
Series 2014-C20, Class AS, 4.18%, 05/15/2047 | 41,795 | 40,391 | ||
Zaxby’s Funding LLC, | ||||
Series 2021-1A, Class A2, 3.24%, 07/30/2051(b) | 497,434 | 442,067 | ||
Series 2024-1A, Class A2I, 6.59%, 04/30/2054(b) | 125,000 | 126,899 | ||
Ziply Fiber Issuer LLC, Series 2024-1A, Class A2, 6.64%, 04/20/2054(b) | 248,000 | 252,480 | ||
Total Asset-Backed Securities (Cost $32,675,442) | 30,379,870 | |||
U.S. Treasury Securities–16.49% | ||||
U.S. Treasury Bills–0.29% | ||||
5.27% - 5.31%, 09/05/2024(l)(m) | 401,000 | 397,172 | ||
U.S. Treasury Bonds–5.19% | ||||
4.63%, 05/15/2044(e) | 3,315,500 | 3,309,801 | ||
4.25%, 02/15/2054 | 3,886,500 | 3,701,588 | ||
7,011,389 | ||||
U.S. Treasury Notes–11.01% | ||||
4.88%, 05/31/2026 | 1,559,600 | 1,562,890 | ||
4.63%, 06/15/2027 | 300,000 | 300,879 | ||
4.50%, 05/31/2029 | 3,277,400 | 3,300,188 | ||
4.63%, 05/31/2031 | 727,600 | 739,537 | ||
4.38%, 05/15/2034 | 8,964,000 | 8,967,502 | ||
14,870,996 | ||||
Total U.S. Treasury Securities (Cost $22,089,546) | 22,279,557 | |||
U.S. Government Sponsored Agency Mortgage-Backed Securities–15.48% | ||||
Collateralized Mortgage Obligations–0.57% | ||||
Fannie Mae Interest STRIPS, | ||||
IO, 7.00%, 02/25/2028 to 04/25/2032(n) | 46,022 | 7,150 | ||
6.50%, 04/25/2029 to 02/25/2033(k)(n) | 146,386 | 19,352 | ||
7.50%, 11/25/2029(n) | 7,519 | 958 | ||
6.00%, 02/25/2033 to 03/25/2036(k)(n) | 128,618 | 19,515 | ||
5.50%, 09/25/2033 to 06/25/2035(k)(n) | 190,055 | 27,885 |
17 | Invesco V.I. Core Plus Bond Fund |
Principal Amount | Value | ||
Collateralized Mortgage Obligations–(continued) | |||
Fannie Mae REMICs, | |||
IO, 3.00%, 11/25/2027(n) | $23,105 | $655 | |
1.65% (7.10% - (30 Day Average SOFR + 0.11%)), 11/25/2030(f)(n) | 21,676 | 1,064 | |
2.45% (7.90% - (30 Day Average SOFR + 0.11%)), 11/18/2031 to 12/18/2031(f)(n) | 1,578 | 128 | |
2.45% (7.90% - (30 Day Average SOFR + 0.11%)), 11/25/2031(f)(n) | 33,040 | 2,710 | |
1.80% (7.25% - (30 Day Average SOFR + 0.11%)), 01/25/2032(f)(n) | 1,718 | 142 | |
2.50% (7.95% - (30 Day Average SOFR + 0.11%)), 01/25/2032(f)(n) | 8,106 | 669 | |
2.55% (8.00% - (30 Day Average SOFR + 0.11%)), 03/18/2032 to 12/18/2032(f)(n) | 3,181 | 253 | |
2.65% (8.10% - (30 Day Average SOFR + 0.11%)), 03/25/2032 to 04/25/2032(f)(n) | 2,671 | 237 | |
1.55% (7.00% - (30 Day Average SOFR + 0.11%)), 04/25/2032 to 09/25/2032(f)(n) | 8,286 | 595 | |
2.35% (7.80% - (30 Day Average SOFR + 0.11%)), 04/25/2032(f)(n) | 267 | 26 | |
2.55% (8.00% - (30 Day Average SOFR + 0.11%)), 04/25/2032 to 12/25/2032(f)(n) | 124,928 | 12,045 | |
2.65% (8.10% - (30 Day Average SOFR + 0.11%)), 12/18/2032(f)(n) | 10,496 | 590 | |
2.80% (8.25% - (30 Day Average SOFR + 0.11%)), 02/25/2033 to 05/25/2033(f)(n) | 47,762 | 6,086 | |
7.00%, 04/25/2033(n) | 1,799 | 228 | |
0.60% (6.05% - (30 Day Average SOFR + 0.11%)), 03/25/2035 to 07/25/2038(f)(n) | 24,091 | 1,402 | |
1.30% (6.75% - (30 Day Average SOFR + 0.11%)), 03/25/2035 to 05/25/2035(f)(n) | 7,810 | 423 | |
1.15% (6.60% - (30 Day Average SOFR + 0.11%)), 05/25/2035(f)(n) | 16,177 | 831 | |
1.25% (6.70% - (30 Day Average SOFR + 0.11%)), 05/25/2035(f)(n) | 62,756 | 4,307 | |
3.50%, 08/25/2035(n) | 149,227 | 16,677 | |
0.65% (6.10% - (30 Day Average SOFR + 0.11%)), 10/25/2035(f)(n) | 60,603 | 4,373 | |
4.00%, 04/25/2041 to 08/25/2047(n) | 51,902 | 7,469 | |
1.10% (6.55% - (30 Day Average SOFR + 0.11%)), 10/25/2041(f)(n) | 15,706 | 1,006 | |
0.70% (6.15% - (30 Day Average SOFR + 0.11%)), 12/25/2042(f)(n) | 40,006 | 3,569 | |
5.50%, 07/25/2046(n) | 41,864 | 5,157 | |
0.45% (5.90% - (30 Day Average SOFR + 0.11%)), 09/25/2047(f)(n) | 266,161 | 21,424 | |
6.50%, 10/25/2028 to 10/25/2031 | 33,523 | 33,664 | |
6.00%, 11/25/2028 to 12/25/2031 | 38,536 | 39,029 | |
5.70% (30 Day Average SOFR + 0.36%), 08/25/2035(f) | 310 | 307 |
Principal Amount | Value | ||
Collateralized Mortgage Obligations–(continued) | |||
4.58% (24.57% - (3.67 x (30 Day Average SOFR + 0.11%))), 03/25/2036(f) | $25,152 | $28,975 | |
4.22% (24.20% - (3.67 x (30 Day Average SOFR + 0.11%))), 06/25/2036(f) | 15,154 | 16,105 | |
4.22% (24.20% - (3.67 x (30 Day Average SOFR + 0.11%))), 06/25/2036(f) | 12,119 | 13,131 | |
6.39% (30 Day Average SOFR + 1.05%), 06/25/2037(f) | 9,161 | 9,270 | |
Freddie Mac Multifamily Structured Pass-Through Ctfs., | |||
Series KC03, Class X1, IO, 0.62%, 11/25/2024(k) | 2,240,669 | 4,058 | |
Series K734, Class X1, IO, 0.78%, 02/25/2026(k) | 1,945,906 | 13,993 | |
Series K735, Class X1, IO, 1.10%, 05/25/2026(k) | 1,972,465 | 26,607 | |
Series K083, Class AM, 4.03%, 10/25/2028(j) | 23,000 | 22,197 | |
Series K085, Class AM, 4.06%, 10/25/2028(j) | 23,000 | 22,267 | |
Series K089, Class AM, 3.63%, 01/25/2029(j) | 39,000 | 37,129 | |
Series K088, Class AM, 3.76%, 01/25/2029(j) | 92,000 | 88,082 | |
Series K093, Class X1, IO, 1.08%, 05/25/2029(k) | 1,623,039 | 60,180 | |
Freddie Mac REMICs, | |||
IO, 2.20% (7.65% - (30 Day Average SOFR + 0.11%)), 07/15/2026 to 03/15/2029(f)(n) | 21,797 | 552 | |
3.00%, 06/15/2027 to 05/15/2040(n) | 78,697 | 2,283 | |
2.50%, 05/15/2028(n) | 19,349 | 587 | |
2.65% (8.10% - (30 Day Average SOFR + 0.11%)), 06/15/2029(f)(n) | 454 | 24 | |
1.25% (6.70% - (30 Day Average SOFR + 0.11%)), 01/15/2035(f)(n) | 131,871 | 6,121 | |
1.30% (6.75% - (30 Day Average SOFR + 0.11%)), 02/15/2035(f)(n) | 13,529 | 641 | |
1.27% (6.72% - (30 Day Average SOFR + 0.11%)), 05/15/2035(f)(n) | 13,029 | 613 | |
0.70% (6.15% - (30 Day Average SOFR + 0.11%)), 07/15/2035(f)(n) | 3,370 | 124 | |
1.55% (7.00% - (30 Day Average SOFR + 0.11%)), 12/15/2037(f)(n) | 2,857 | 249 | |
0.55% (6.00% - (30 Day Average SOFR + 0.11%)), 04/15/2038(f)(n) | 3,188 | 231 | |
0.62% (6.07% - (30 Day Average SOFR + 0.11%)), 05/15/2038(f)(n) | 98,837 | 7,248 | |
0.80% (6.25% - (30 Day Average SOFR + 0.11%)), 12/15/2039(f)(n) | 22,149 | 1,452 | |
0.65% (6.10% - (30 Day Average SOFR + 0.11%)), 01/15/2044(f)(n) | 39,110 | 2,864 | |
4.00%, 03/15/2045(n) | 6,669 | 138 | |
6.50%, 02/15/2028 to 06/15/2032 | 139,078 | 140,161 | |
8.00%, 03/15/2030 | 227 | 233 | |
6.45% (30 Day Average SOFR + 1.11%), 02/15/2032(f) | 341 | 345 | |
3.50%, 05/15/2032 | 5,348 | 5,142 |
18 | Invesco V.I. Core Plus Bond Fund |
Principal Amount | Value | |||
Collateralized Mortgage Obligations–(continued) | ||||
4.78% (24.75% - (3.67 x (30 Day Average SOFR + 0.11%))), 08/15/2035(f) | $3,621 | $4,234 | ||
5.85% (30 Day Average SOFR + 0.51%), 09/15/2035(f) | 514 | 508 | ||
Freddie Mac STRIPS, | ||||
PO, 0.00%, 06/01/2026(g) | 2,011 | 1,931 | ||
IO, 3.00%, 12/15/2027(n) | 32,356 | 1,266 | ||
3.27%, 12/15/2027(k) | 8,896 | 306 | ||
7.00%, 09/01/2029(n) | 915 | 103 | ||
7.50%, 12/15/2029(n) | 21,152 | 2,588 | ||
6.00%, 12/15/2032(n) | 13,124 | 1,449 | ||
763,313 | ||||
Federal Home Loan Mortgage Corp. (FHLMC)–0.16% | ||||
9.00%, 01/01/2025 to 05/01/2025 | 124 | 124 | ||
6.50%, 07/01/2028 to 04/01/2034 | 28,974 | 29,857 | ||
6.00%, 10/01/2029 | 27,812 | 28,261 | ||
7.00%, 10/01/2031 to 10/01/2037 | 14,179 | 14,603 | ||
5.00%, 12/01/2034 | 592 | 585 | ||
5.50%, 09/01/2039 | 64,108 | 64,340 | ||
4.00%, 11/01/2048 to 07/01/2049 | 79,523 | 73,819 | ||
211,589 | ||||
Federal National Mortgage Association (FNMA)–0.23% | ||||
7.00%, 01/01/2030 to 12/01/2032 | 4,968 | 5,111 | ||
3.50%, 12/01/2030 to 05/01/2047 | 303,307 | 275,930 | ||
6.50%, 09/01/2031 to 01/01/2034 | 1,881 | 1,916 | ||
7.50%, 01/01/2033 | 704 | 718 | ||
5.50%, 02/01/2035 to 05/01/2036 | 32,939 | 33,072 | ||
316,747 | ||||
Government National Mortgage Association (GNMA)–3.67% | ||||
7.00%, 03/15/2026 to 08/15/2031 | 406 | 410 | ||
6.50%, 11/15/2031 | 632 | 645 | ||
6.00%, 11/15/2032 | 508 | 513 | ||
4.00%, 07/20/2049 | 24,121 | 22,538 | ||
IO, 1.11% (6.55% - (1 mo. Term SOFR + 0.11%)), 04/16/2037(f)(n) | 18,266 | 1,129 | ||
1.21% (6.65% - (1 mo. Term SOFR + 0.11%)), 04/16/2041(f)(n) | 108,097 | 5,640 | ||
4.50%, 09/16/2047(n) | 98,470 | 14,616 | ||
0.76% (6.20% - (1 mo. Term SOFR + 0.11%)), 10/16/2047(f)(n) | 94,390 | 11,169 | ||
TBA, 2.00%, 07/01/2054(o) | 345,000 | 279,261 | ||
4.50%, 07/01/2054(o) | 2,685,000 | 2,552,833 | ||
5.50%, 07/01/2054(o) | 2,088,000 | 2,071,830 | ||
4,960,584 |
Principal Amount | Value | |||
Uniform Mortgage-Backed Securities–10.85% | ||||
TBA, 2.00%, 07/01/2039 to 08/01/2054(o) | $1,286,000 | $1,086,640 | ||
3.50%, 07/01/2054(o) | 3,400,000 | 3,009,531 | ||
5.00%, 07/01/2054(o) | 6,135,000 | 5,929,861 | ||
5.50%, 07/01/2054(o) | 4,700,000 | 4,635,926 | ||
14,661,958 | ||||
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $22,239,182) | 20,914,191 | |||
Agency Credit Risk Transfer Notes–0.60% | ||||
Fannie Mae Connecticut Avenue Securities, | ||||
Series 2022-R03, Class 1M1, 7.44% (30 Day Average SOFR + 2.10%), 03/25/2042(b)(f) | 238,223 | 242,329 | ||
Series 2022-R04, Class 1M1, 7.34% (30 Day Average SOFR + 2.00%), 03/25/2042(b)(f) | 126,249 | 128,466 | ||
Series 2023-R02, Class 1M1, 7.64% (30 Day Average SOFR + 2.30%), 01/25/2043(b)(f) | 84,209 | 86,414 | ||
Freddie Mac, | ||||
Series 2022-DNA3, Class M1A, STACR®, 7.34% (30 Day Average SOFR + 2.00%), 04/25/2042(b)(f) | 166,374 | 168,914 | ||
Series 2022-HQA3, Class M1, STACR®, 7.64% (30 Day Average SOFR + 2.30%), 08/25/2042(b)(f) | 108,790 | 111,554 | ||
Series 2023-DNA1, Class M1, STACR®, 7.44% (30 Day Average SOFR + 2.10%), 03/25/2043(b)(f) | 67,294 | 68,546 | ||
Total Agency Credit Risk Transfer Notes (Cost $791,139) | 806,223 | |||
Shares | ||||
Preferred Stocks–0.59% | ||||
Diversified Banks–0.10% | ||||
Bank of America Corp., 6.50%, Series Z, Pfd.(c) | 3,000 | 3,001 | ||
Citigroup, Inc., 6.25%, Series T, Pfd.(c) | 8,000 | 8,014 | ||
Citigroup, Inc., 5.00%, Series U, Pfd.(c) | 106,000 | 105,579 | ||
Citigroup, Inc., 4.00%, Series W, Pfd.(c) | 13,000 | 12,482 | ||
Wells Fargo & Co., 7.50%, Class A, Series L, Conv. Pfd. | 10 | 11,890 | ||
140,966 | ||||
Diversified Financial Services–0.26% | ||||
Apollo Global Management, Inc., 7.63%, Pfd.(c) | 13,475 | 355,740 | ||
Investment Banking & Brokerage–0.10% | ||||
Goldman Sachs Group, Inc. (The), 8.46% (3 mo. Term SOFR + 3.14%), Series P, Pfd.(f) | 9,000 | 9,016 | ||
Morgan Stanley, 6.88%, Series F, Pfd. | 5,000 | 125,450 | ||
134,466 | ||||
Life & Health Insurance–0.00% | ||||
MetLife, Inc., 3.85%, Series G, Pfd.(c) | 2,000 | 1,941 | ||
Regional Banks–0.13% | ||||
M&T Bank Corp., 7.50%, Series J, Pfd. | 6,570 | 169,572 | ||
Total Preferred Stocks (Cost $779,830) | 802,685 |
19 | Invesco V.I. Core Plus Bond Fund |
Principal Amount | Value | ||
Municipal Obligations–0.33% | |||
California (State of) Health Facilities Financing Authority (Social Bonds), | |||
Series 2022, RB, 4.19%, 06/01/2037 | $150,000 | $136,771 | |
Series 2022, RB, 4.35%, 06/01/2041 | 110,000 | 98,429 | |
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB, 3.03%, 08/15/2041 | 280,000 | 212,860 | |
Total Municipal Obligations (Cost $540,000) | 448,060 | ||
Non-U.S. Dollar Denominated Bonds & Notes–0.08%(p) | |||
Movies & Entertainment–0.08% | |||
Netflix, Inc., 3.88%, 11/15/2029(b) (Cost $111,011) | EUR | 100,000 | 108,566 |
Shares | |||
Money Market Funds–14.72% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(q)(r) | 6,952,755 | 6,952,755 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(q)(r) | 4,981,471 | 4,982,966 |
Shares | Value | ||
Money Market Funds–(continued) | |||
Invesco Treasury Portfolio, Institutional Class, 5.21%(q)(r) | 7,946,006 | $7,946,006 | |
Total Money Market Funds (Cost $19,881,325) | 19,881,727 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-113.78% (Cost $156,787,093) | 153,706,296 | ||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–3.34% | |||
Invesco Private Government Fund, 5.31%(q)(r)(s) | 1,263,809 | 1,263,809 | |
Invesco Private Prime Fund, 5.48%(q)(r)(s) | 3,246,493 | 3,247,467 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,511,276) | 4,511,276 | ||
TOTAL INVESTMENTS IN SECURITIES–117.12% (Cost $161,298,369) | 158,217,572 | ||
OTHER ASSETS LESS LIABILITIES—(17.12)% | (23,132,201) | ||
NET ASSETS–100.00% | $135,085,371 |
Conv. | – Convertible |
Ctfs. | – Certificates |
EUR | – Euro |
IO | – Interest Only |
Pfd. | – Preferred |
PO | – Principal Only |
RB | – Revenue Bonds |
Ref. | – Refunding |
REIT | – Real Estate Investment Trust |
REMICs | – Real Estate Mortgage Investment Conduits |
SOFR | – Secured Overnight Financing Rate |
STACR® | – Structured Agency Credit Risk |
STRIPS | – Separately Traded Registered Interest and Principal Security |
TBA | – To Be Announced |
20 | Invesco V.I. Core Plus Bond Fund |
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2024 was $52,066,081, which represented 38.54% of the Fund’s Net Assets. |
(c) | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
(d) | Perpetual bond with no specified maturity date. |
(e) | All or a portion of this security was out on loan at June 30, 2024. |
(f) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2024. |
(g) | Zero coupon bond issued at a discount. |
(h) | Security valued using significant unobservable inputs (Level 3). See Note 3. |
(i) | Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date. |
(j) | Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on June 30, 2024. |
(k) | Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on June 30, 2024. |
(l) | All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1N. |
(m) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(n) | Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. |
(o) | Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1O. |
(p) | Foreign denominated security. Principal amount is denominated in the currency indicated. |
(q) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $4,138,168 | $11,041,696 | $(8,227,109) | $- | $- | $6,952,755 | $147,874 |
Invesco Liquid Assets Portfolio, Institutional Class | 2,974,042 | 7,886,926 | (5,876,507) | (1,043) | (452) | 4,982,966 | 110,719 |
Invesco Treasury Portfolio, Institutional Class | 4,729,334 | 12,619,083 | (9,402,411) | - | - | 7,946,006 | 168,619 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | 1,741,006 | 32,017,444 | (32,494,641) | - | - | 1,263,809 | 39,840* |
Invesco Private Prime Fund | 4,449,580 | 65,550,444 | (66,751,505) | (1,118) | 66 | 3,247,467 | 107,612* |
Total | $18,032,130 | $129,115,593 | $(122,752,173) | $(2,161) | $(386) | $24,393,003 | $574,664 |
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(r) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(s) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1K. |
Open Futures Contracts | |||||
Long Futures Contracts | Number of Contracts | Expiration Month | Notional Value | Value | Unrealized Appreciation (Depreciation) |
Interest Rate Risk | |||||
U.S. Treasury 2 Year Notes | 73 | September-2024 | $14,907,969 | $39,774 | $39,774 |
U.S. Treasury 10 Year Notes | 88 | September-2024 | 9,678,625 | 76,559 | 76,559 |
U.S. Treasury Long Bonds | 39 | September-2024 | 4,614,187 | 55,061 | 55,061 |
U.S. Treasury Ultra Bonds | 33 | September-2024 | 4,136,344 | 47,051 | 47,051 |
Subtotal—Long Futures Contracts | 218,445 | 218,445 | |||
Short Futures Contracts | |||||
Interest Rate Risk | |||||
U.S. Treasury 5 Year Notes | 30 | September-2024 | (3,197,344) | (21,629) | (21,629) |
U.S. Treasury 10 Year Ultra Notes | 93 | September-2024 | (10,558,406) | (96,108) | (96,108) |
Subtotal—Short Futures Contracts | (117,737) | (117,737) | |||
Total Futures Contracts | $100,708 | $100,708 |
21 | Invesco V.I. Core Plus Bond Fund |
Open Forward Foreign Currency Contracts | ||||||
Settlement Date | Counterparty | Contract to | Unrealized Appreciation | |||
Deliver | Receive | |||||
Currency Risk | ||||||
08/22/2024 | Citibank, N.A. | EUR | 157,000 | USD | 169,934 | $1,387 |
Abbreviations: | |
EUR | —Euro |
USD | —U.S. Dollar |
22 | Invesco V.I. Core Plus Bond Fund |
Assets: | |
Investments in unaffiliated securities, at value (Cost $136,905,768)* | $133,824,569 |
Investments in affiliated money market funds, at value (Cost $24,392,601) | 24,393,003 |
Other investments: | |
Unrealized appreciation on forward foreign currency contracts outstanding | 1,387 |
Cash | 33,894,495 |
Foreign currencies, at value (Cost $195,293) | 193,483 |
Receivable for: | |
Investments sold | 708,357 |
TBA sales commitment | 359,093 |
Fund shares sold | 132,636 |
Dividends | 95,037 |
Interest | 1,251,357 |
Investment for trustee deferred compensation and retirement plans | 78,271 |
Other assets | 369 |
Total assets | 194,932,057 |
Liabilities: | |
Other investments: | |
Variation margin payable — futures contracts | 63,800 |
Payable for: | |
Investments purchased | 35,017,076 |
TBA sales commitment | 20,097,471 |
Fund shares reacquired | 6,363 |
Collateral upon return of securities loaned | 4,511,276 |
Accrued fees to affiliates | 58,370 |
Accrued other operating expenses | 11,740 |
Trustee deferred compensation and retirement plans | 80,590 |
Total liabilities | 59,846,686 |
Net assets applicable to shares outstanding | $135,085,371 |
Net assets consist of: | |
Shares of beneficial interest | $154,097,042 |
Distributable earnings (loss) | (19,011,671) |
$135,085,371 | |
Net Assets: | |
Series I | $97,301,688 |
Series II | $37,783,683 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 16,855,288 |
Series II | 6,629,891 |
Series I: | |
Net asset value per share | $5.77 |
Series II: | |
Net asset value per share | $5.70 |
* | At June 30, 2024, securities with an aggregate value of $4,368,861 were on loan to brokers. |
Investment income: | |
Interest (net of foreign withholding taxes of $(503)) | $3,059,790 |
Dividends | 17,563 |
Dividends from affiliated money market funds (includes net securities lending income of $14,935) | 442,147 |
Total investment income | 3,519,500 |
Expenses: | |
Advisory fees | 293,667 |
Administrative services fees | 106,488 |
Custodian fees | 19,459 |
Distribution fees - Series II | 45,516 |
Transfer agent fees | 3,050 |
Trustees’ and officers’ fees and benefits | 9,806 |
Reports to shareholders | 9,812 |
Professional services fees | 28,944 |
Other | 62 |
Total expenses | 516,804 |
Less: Fees waived | (80,589) |
Net expenses | 436,215 |
Net investment income | 3,083,285 |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | 533,190 |
Affiliated investment securities | (386) |
Foreign currencies | (32) |
Forward foreign currency contracts | (127) |
Futures contracts | (110,400) |
422,245 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | (2,549,830) |
Affiliated investment securities | (2,161) |
Foreign currencies | (5,192) |
Forward foreign currency contracts | 6,814 |
Futures contracts | (194,723) |
(2,745,092) | |
Net realized and unrealized gain (loss) | (2,322,847) |
Net increase in net assets resulting from operations | $760,438 |
23 | Invesco V.I. Core Plus Bond Fund |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income | $3,083,285 | $5,309,788 |
Net realized gain (loss) | 422,245 | (7,902,250) |
Change in net unrealized appreciation (depreciation) | (2,745,092) | 9,796,303 |
Net increase in net assets resulting from operations | 760,438 | 7,203,841 |
Distributions to shareholders from distributable earnings: | ||
Series I | — | (2,324,702) |
Series II | — | (833,451) |
Total distributions from distributable earnings | — | (3,158,153) |
Share transactions–net: | ||
Series I | 5,976,972 | (2,668,221) |
Series II | 1,793,163 | 6,644,040 |
Net increase in net assets resulting from share transactions | 7,770,135 | 3,975,819 |
Net increase in net assets | 8,530,573 | 8,021,507 |
Net assets: | ||
Beginning of period | 126,554,798 | 118,533,291 |
End of period | $135,085,371 | $126,554,798 |
24 | Invesco V.I. Core Plus Bond Fund |
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Ratio of net investment income to average net assets | Portfolio turnover (c) | |
Series I | ||||||||||||||
Six months ended 06/30/24 | $5.74 | $0.14 | $(0.11) | $0.03 | $— | $— | $— | $5.77 | 0.52% | $97,302 | 0.60%(d) | 0.72%(d) | 4.79%(d) | 222% |
Year ended 12/31/23 | 5.56 | 0.25 | 0.08 | 0.33 | (0.15) | — | (0.15) | 5.74 | 6.14 | 90,748 | 0.60 | 0.72 | 4.44 | 454 |
Year ended 12/31/22 | 6.55 | 0.19 | (1.15) | (0.96) | (0.03) | (0.00) | (0.03) | 5.56 | (14.54) | 90,481 | 0.61 | 0.71 | 3.28 | 507 |
Year ended 12/31/21 | 6.93 | 0.12 | (0.17) | (0.05) | (0.10) | (0.23) | (0.33) | 6.55 | (0.65) | 39,799 | 0.61 | 0.92 | 1.77 | 377 |
Year ended 12/31/20 | 6.47 | 0.13 | 0.50 | 0.63 | (0.13) | (0.04) | (0.17) | 6.93 | 9.72 | 34,881 | 0.59 | 0.88 | 1.92 | 375 |
Year ended 12/31/19 | 6.00 | 0.19 | 0.47 | 0.66 | (0.19) | — | (0.19) | 6.47 | 11.06 | 24,769 | 0.59 | 1.13 | 2.94 | 464 |
Series II | ||||||||||||||
Six months ended 06/30/24 | 5.67 | 0.13 | (0.10) | 0.03 | — | — | — | 5.70 | 0.53 | 37,784 | 0.85(d) | 0.97(d) | 4.54(d) | 222 |
Year ended 12/31/23 | 5.50 | 0.23 | 0.08 | 0.31 | (0.14) | — | (0.14) | 5.67 | 5.85 | 35,807 | 0.85 | 0.97 | 4.19 | 454 |
Year ended 12/31/22 | 6.49 | 0.17 | (1.13) | (0.96) | (0.03) | (0.00) | (0.03) | 5.50 | (14.68) | 28,052 | 0.86 | 0.96 | 3.03 | 507 |
Year ended 12/31/21 | 6.89 | 0.10 | (0.17) | (0.07) | (0.10) | (0.23) | (0.33) | 6.49 | (1.01) | 2,035 | 0.86 | 1.17 | 1.52 | 377 |
Year ended 12/31/20 | 6.45 | 0.11 | 0.49 | 0.60 | (0.12) | (0.04) | (0.16) | 6.89 | 9.33 | 629 | 0.84 | 1.13 | 1.67 | 375 |
Year ended 12/31/19 | 5.97 | 0.17 | 0.49 | 0.66 | (0.18) | — | (0.18) | 6.45 | 11.00 | 359 | 0.84 | 1.38 | 2.69 | 464 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended December 31, 2022, the portfolio turnover calculation excludes the value of securities purchased of $96,195,733 in connection with the acquisition of Invesco V.I. Core Bond Fund into the Fund. |
(d) | Annualized. |
25 | Invesco V.I. Core Plus Bond Fund |
A. | Security Valuations – Securities, including restricted securities, are valued according to the following policy. |
26 | Invesco V.I. Core Plus Bond Fund |
B. | Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Securities Purchased on a When-Issued and Delayed Delivery Basis — The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date. |
J. | Lower-Rated Securities – The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. |
K. | Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. |
27 | Invesco V.I. Core Plus Bond Fund |
Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities. |
L. | Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
M. | Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk. |
N. | Futures Contracts — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities. |
O. | Dollar Rolls and Forward Commitment Transactions - The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date. |
28 | Invesco V.I. Core Plus Bond Fund |
P. | Leverage Risk — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction. |
Q. | Collateral —To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions. |
R. | Other Risks - Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability. |
Average Daily Net Assets | Rate |
First $500 million | 0.450% |
Next $500 million | 0.425% |
Next $1.5 billion | 0.400% |
Next $2.5 billion | 0.375% |
Over $5 billion | 0.350% |
29 | Invesco V.I. Core Plus Bond Fund |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
U.S. Dollar Denominated Bonds & Notes | $— | $57,395,505 | $689,912 | $58,085,417 |
Asset-Backed Securities | — | 30,379,863 | 7 | 30,379,870 |
U.S. Treasury Securities | — | 22,279,557 | — | 22,279,557 |
U.S. Government Sponsored Agency Mortgage-Backed Securities | — | 20,914,191 | — | 20,914,191 |
Agency Credit Risk Transfer Notes | — | 806,223 | — | 806,223 |
Preferred Stocks | 662,652 | 140,033 | — | 802,685 |
Municipal Obligations | — | 448,060 | — | 448,060 |
Non-U.S. Dollar Denominated Bonds & Notes | — | 108,566 | — | 108,566 |
Money Market Funds | 19,881,727 | 4,511,276 | — | 24,393,003 |
Total Investments in Securities | 20,544,379 | 136,983,274 | 689,919 | 158,217,572 |
Other Investments - Assets* | ||||
Futures Contracts | 218,445 | — | — | 218,445 |
Forward Foreign Currency Contracts | — | 1,387 | — | 1,387 |
218,445 | 1,387 | — | 219,832 | |
Other Investments - Liabilities* | ||||
Futures Contracts | (117,737) | — | — | (117,737) |
Total Other Investments | 100,708 | 1,387 | — | 102,095 |
Total Investments | $20,645,087 | $136,984,661 | $689,919 | $158,319,667 |
* | Unrealized appreciation (depreciation). |
Value | |||
Derivative Assets | Currency Risk | Interest Rate Risk | Total |
Unrealized appreciation on futures contracts —Exchange-Traded(a) | $— | $218,445 | $218,445 |
Unrealized appreciation on forward foreign currency contracts outstanding | 1,387 | — | 1,387 |
Total Derivative Assets | 1,387 | 218,445 | 219,832 |
Derivatives not subject to master netting agreements | — | (218,445) | (218,445) |
Total Derivative Assets subject to master netting agreements | $1,387 | $— | $1,387 |
30 | Invesco V.I. Core Plus Bond Fund |
Value | |
Derivative Liabilities | Interest Rate Risk |
Unrealized depreciation on futures contracts —Exchange-Traded(a) | $(117,737) |
Derivatives not subject to master netting agreements | 117,737 |
Total Derivative Liabilities subject to master netting agreements | $— |
(a) | The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities. |
Financial Derivative Assets | Collateral (Received)/Pledged | ||||
Counterparty | Forward Foreign Currency Contracts | Net Value of Derivatives | Non-Cash | Cash | Net Amount |
Citibank, N.A. | $1,387 | $1,387 | $— | $— | $1,387 |
Location of Gain (Loss) on Statement of Operations | |||
Currency Risk | Interest Rate Risk | Total | |
Realized Gain (Loss): | |||
Forward foreign currency contracts | $(127) | $- | $(127) |
Futures contracts | - | (110,400) | (110,400) |
Change in Net Unrealized Appreciation (Depreciation): | |||
Forward foreign currency contracts | 6,814 | - | 6,814 |
Futures contracts | - | (194,723) | (194,723) |
Total | $6,687 | $(305,123) | $(298,436) |
Forward Foreign Currency Contracts | Futures Contracts | |
Average notional value | $171,977 | $49,222,137 |
31 | Invesco V.I. Core Plus Bond Fund |
Capital Loss Carryforward* | |||
Expiration | Short-Term | Long-Term | Total |
Not subject to expiration | $14,396,340 | $9,676,415 | $24,072,755 |
* | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $1,525,543 |
Aggregate unrealized (depreciation) of investments | (5,255,692) |
Net unrealized appreciation (depreciation) of investments | $(3,730,149) |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 2,228,938 | $12,713,433 | 2,220,228 | $12,594,550 | |
Series II | 945,006 | 5,331,128 | 2,251,549 | 12,488,998 | |
Issued as reinvestment of dividends: | |||||
Series I | - | - | 440,284 | 2,324,702 | |
Series II | - | - | 159,665 | 833,237 | |
Reacquired: | |||||
Series I | (1,180,857) | (6,736,461) | (3,131,394) | (17,587,473) | |
Series II | (625,187) | (3,537,965) | (1,201,111) | (6,678,195) | |
Net increase in share activity | 1,367,900 | $7,770,135 | 739,221 | $3,975,819 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 49% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
32 | Invesco V.I. Core Plus Bond Fund |
33 | Invesco V.I. Core Plus Bond Fund |
34 | Invesco V.I. Core Plus Bond Fund |
35 | Invesco V.I. Core Plus Bond Fund |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
36 | Invesco V.I. Core Plus Bond Fund |
37 | Invesco V.I. Core Plus Bond Fund |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/img0e699ce91.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | O-VIDMCG-NCSRS |
Shares | Value | ||
Common Stocks & Other Equity Interests–98.24% | |||
Advertising–1.97% | |||
Trade Desk, Inc. (The), Class A(b) | 178,936 | $17,476,679 | |
Aerospace & Defense–5.51% | |||
Axon Enterprise, Inc.(b) | 43,795 | 12,886,241 | |
Howmet Aerospace, Inc. | 186,468 | 14,475,511 | |
TransDigm Group, Inc. | 16,766 | 21,420,409 | |
48,782,161 | |||
Application Software–10.12% | |||
Datadog, Inc., Class A(b) | 82,622 | 10,715,247 | |
Fair Isaac Corp.(b) | 6,683 | 9,948,715 | |
Guidewire Software, Inc.(b)(c) | 105,907 | 14,603,516 | |
HubSpot, Inc.(b) | 18,147 | 10,702,919 | |
Manhattan Associates, Inc.(b) | 52,164 | 12,867,816 | |
Nutanix, Inc., Class A(b) | 124,678 | 7,087,944 | |
PTC, Inc.(b) | 38,782 | 7,045,526 | |
Samsara, Inc., Class A(b)(c) | 191,090 | 6,439,733 | |
Tyler Technologies, Inc.(b) | 20,342 | 10,227,551 | |
89,638,967 | |||
Asset Management & Custody Banks–2.66% | |||
Ares Management Corp., Class A | 138,269 | 18,428,492 | |
Blue Owl Capital, Inc.(c) | 287,236 | 5,098,439 | |
23,526,931 | |||
Biotechnology–2.73% | |||
Alnylam Pharmaceuticals, Inc.(b) | 15,740 | 3,824,820 | |
Natera, Inc.(b) | 99,132 | 10,735,005 | |
Neurocrine Biosciences, Inc.(b) | 43,072 | 5,929,722 | |
Sarepta Therapeutics, Inc.(b) | 23,213 | 3,667,654 | |
24,157,201 | |||
Building Products–2.54% | |||
Carlisle Cos., Inc. | 14,323 | 5,803,823 | |
Trane Technologies PLC | 50,759 | 16,696,158 | |
22,499,981 | |||
Cargo Ground Transportation–0.82% | |||
XPO, Inc.(b) | 68,124 | 7,231,363 | |
Casinos & Gaming–1.43% | |||
DraftKings, Inc., Class A(b) | 331,531 | 12,654,538 | |
Coal & Consumable Fuels–0.89% | |||
Cameco Corp. (Canada) | 160,795 | 7,911,114 | |
Communications Equipment–1.74% | |||
Motorola Solutions, Inc. | 39,904 | 15,404,939 | |
Construction & Engineering–3.98% | |||
Comfort Systems USA, Inc.(c) | 36,836 | 11,202,565 | |
EMCOR Group, Inc. | 26,729 | 9,758,223 | |
Quanta Services, Inc.(c) | 56,133 | 14,262,834 | |
35,223,622 |
Shares | Value | ||
Construction Machinery & Heavy Transportation Equipment– 1.23% | |||
Wabtec Corp. | 68,878 | $10,886,168 | |
Construction Materials–1.40% | |||
Vulcan Materials Co. | 49,767 | 12,376,058 | |
Diversified Support Services–0.75% | |||
Copart, Inc.(b) | 122,936 | 6,658,214 | |
Education Services–0.54% | |||
Duolingo, Inc.(b)(c) | 22,979 | 4,795,028 | |
Electrical Components & Equipment–1.42% | |||
Vertiv Holdings Co., Class A | 145,452 | 12,591,780 | |
Electronic Components–0.67% | |||
Coherent Corp.(b) | 82,403 | 5,970,921 | |
Electronic Manufacturing Services–0.84% | |||
Flex Ltd.(b) | 253,193 | 7,466,662 | |
Environmental & Facilities Services–1.38% | |||
Clean Harbors, Inc.(b) | 54,063 | 12,226,347 | |
Financial Exchanges & Data–1.26% | |||
Tradeweb Markets, Inc., Class A | 105,411 | 11,173,566 | |
Footwear–2.48% | |||
Birkenstock Holding PLC (Luxembourg)(b) | 78,734 | 4,283,917 | |
Deckers Outdoor Corp.(b) | 12,600 | 12,196,170 | |
Skechers U.S.A., Inc., Class A(b) | 79,861 | 5,519,992 | |
22,000,079 | |||
Health Care Distributors–1.32% | |||
Cencora, Inc. | 51,850 | 11,681,805 | |
Health Care Equipment–2.72% | |||
DexCom, Inc.(b) | 138,647 | 15,719,797 | |
IDEXX Laboratories, Inc.(b) | 17,242 | 8,400,302 | |
24,120,099 | |||
Health Care Facilities–3.66% | |||
Encompass Health Corp. | 169,022 | 14,500,397 | |
Tenet Healthcare Corp.(b) | 134,522 | 17,895,462 | |
32,395,859 | |||
Health Care Supplies–1.33% | |||
Cooper Cos., Inc. (The) | 135,210 | 11,803,833 | |
Homebuilding–1.01% | |||
TopBuild Corp.(b) | 23,252 | 8,958,298 | |
Homefurnishing Retail–0.91% | |||
Williams-Sonoma, Inc.(c) | 28,628 | 8,083,688 | |
Hotels, Resorts & Cruise Lines–2.08% | |||
Hilton Worldwide Holdings, Inc. | 84,482 | 18,433,972 | |
Industrial Machinery & Supplies & Components–1.73% | |||
ITT, Inc. | 66,821 | 8,631,936 |
2 | Invesco V.I. Discovery Mid Cap Growth Fund |
Shares | Value | ||
Industrial Machinery & Supplies & Components–(continued) | |||
Parker-Hannifin Corp. | 13,299 | $6,726,767 | |
15,358,703 | |||
Insurance Brokers–1.13% | |||
Arthur J. Gallagher & Co. | 38,575 | 10,002,883 | |
Investment Banking & Brokerage–2.93% | |||
Evercore, Inc., Class A | 47,900 | 9,983,797 | |
LPL Financial Holdings, Inc. | 57,203 | 15,976,798 | |
25,960,595 | |||
IT Consulting & Other Services–0.66% | |||
Gartner, Inc.(b) | 12,929 | 5,805,897 | |
Life Sciences Tools & Services–2.94% | |||
Bruker Corp.(c) | 75,542 | 4,820,335 | |
ICON PLC(b) | 52,130 | 16,341,191 | |
Repligen Corp.(b) | 38,745 | 4,884,195 | |
26,045,721 | |||
Movies & Entertainment–1.52% | |||
Spotify Technology S.A. (Sweden)(b) | 42,881 | 13,455,629 | |
Oil & Gas Equipment & Services–0.87% | |||
TechnipFMC PLC (United Kingdom) | 296,182 | 7,745,159 | |
Oil & Gas Exploration & Production–1.82% | |||
Diamondback Energy, Inc. | 80,606 | 16,136,515 | |
Oil & Gas Storage & Transportation–1.97% | |||
Targa Resources Corp. | 135,868 | 17,497,081 | |
Paper & Plastic Packaging Products & Materials–1.17% | |||
Avery Dennison Corp. | 47,390 | 10,361,823 | |
Personal Care Products–0.69% | |||
e.l.f. Beauty, Inc.(b) | 28,850 | 6,079,272 | |
Property & Casualty Insurance–1.03% | |||
Arch Capital Group Ltd.(b) | 90,654 | 9,146,082 | |
Real Estate Services–1.24% | |||
Jones Lang LaSalle, Inc.(b)(c) | 53,317 | 10,944,914 | |
Research & Consulting Services–1.44% | |||
Booz Allen Hamilton Holding Corp. | 83,059 | 12,782,780 | |
Restaurants–2.66% | |||
Cava Group, Inc.(b)(c) | 79,354 | 7,360,083 | |
Chipotle Mexican Grill, Inc.(b) | 51,730 | 3,240,885 | |
Texas Roadhouse, Inc. | 75,762 | 13,009,093 | |
23,610,061 | |||
Semiconductor Materials & Equipment–3.99% | |||
Entegris, Inc. | 98,502 | 13,337,171 | |
Nova Ltd. (Israel)(b) | 30,591 | 7,174,507 | |
Onto Innovation, Inc.(b) | 30,420 | 6,679,015 | |
Teradyne, Inc. | 55,177 | 8,182,198 | |
35,372,891 |
Shares | Value | ||
Semiconductors–6.15% | |||
Astera Labs, Inc.(b)(c) | 40,218 | $2,433,591 | |
MACOM Technology Solutions Holdings, Inc.(b)(c) | 127,419 | 14,203,396 | |
Microchip Technology, Inc. | 161,112 | 14,741,748 | |
Monolithic Power Systems, Inc. | 28,166 | 23,143,440 | |
54,522,175 | |||
Steel–0.91% | |||
Steel Dynamics, Inc. | 62,078 | 8,039,101 | |
Systems Software–1.06% | |||
CyberArk Software Ltd.(b) | 34,250 | 9,364,635 | |
Technology Hardware, Storage & Peripherals–1.03% | |||
Pure Storage, Inc., Class A(b) | 142,728 | 9,164,565 | |
Trading Companies & Distributors–0.51% | |||
United Rentals, Inc. | 6,962 | 4,502,534 | |
Transaction & Payment Processing Services–1.40% | |||
Corpay, Inc.(b)(c) | 27,164 | 7,236,761 | |
Toast, Inc., Class A(b)(c) | 201,118 | 5,182,811 | |
12,419,572 | |||
Total Common Stocks & Other Equity Interests (Cost $675,539,540) | 870,448,461 | ||
Money Market Funds–1.37% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(d)(e) | 4,348,829 | 4,348,829 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(d)(e) | 2,829,394 | 2,830,242 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(d)(e) | 4,970,091 | 4,970,091 | |
Total Money Market Funds (Cost $12,148,713) | 12,149,162 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.61% (Cost $687,688,253) | 882,597,623 | ||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–5.50% | |||
Invesco Private Government Fund, 5.31%(d)(e)(f) | 13,656,661 | 13,656,661 | |
Invesco Private Prime Fund, 5.48%(d)(e)(f) | 35,105,267 | 35,115,799 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $48,772,460) | 48,772,460 | ||
TOTAL INVESTMENTS IN SECURITIES–105.11% (Cost $736,460,713) | 931,370,083 | ||
OTHER ASSETS LESS LIABILITIES—(5.11)% | (45,276,804) | ||
NET ASSETS–100.00% | $886,093,279 |
3 | Invesco V.I. Discovery Mid Cap Growth Fund |
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at June 30, 2024. |
(d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $5,828,110 | $50,208,540 | $(51,687,821) | $- | $- | $4,348,829 | $209,783 |
Invesco Liquid Assets Portfolio, Institutional Class | 3,888,914 | 35,863,243 | (36,919,872) | (1,143) | (900) | 2,830,242 | 149,092 |
Invesco Treasury Portfolio, Institutional Class | 6,660,696 | 57,381,190 | (59,071,795) | - | - | 4,970,091 | 239,270 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | 14,584,849 | 179,756,731 | (180,684,919) | - | - | 13,656,661 | 402,830* |
Invesco Private Prime Fund | 37,503,902 | 335,727,769 | (338,100,859) | (2,938) | (12,075) | 35,115,799 | 1,089,428* |
Total | $68,466,471 | $658,937,473 | $(666,465,266) | $(4,081) | $(12,975) | $60,921,622 | $2,090,403 |
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I. |
4 | Invesco V.I. Discovery Mid Cap Growth Fund |
Assets: | |
Investments in unaffiliated securities, at value (Cost $675,539,540)* | $870,448,461 |
Investments in affiliated money market funds, at value (Cost $60,921,173) | 60,921,622 |
Cash | 500,000 |
Receivable for: | |
Investments sold | 3,537,833 |
Fund shares sold | 76,626 |
Dividends | 270,673 |
Investment for trustee deferred compensation and retirement plans | 141,000 |
Other assets | 211 |
Total assets | 935,896,426 |
Liabilities: | |
Payable for: | |
Fund shares reacquired | 424,653 |
Collateral upon return of securities loaned | 48,772,460 |
Accrued fees to affiliates | 436,663 |
Accrued other operating expenses | 22,555 |
Trustee deferred compensation and retirement plans | 146,816 |
Total liabilities | 49,803,147 |
Net assets applicable to shares outstanding | $886,093,279 |
Net assets consist of: | |
Shares of beneficial interest | $658,391,289 |
Distributable earnings | 227,701,990 |
$886,093,279 | |
Net Assets: | |
Series I | $734,548,367 |
Series II | $151,544,912 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 10,473,646 |
Series II | 2,516,059 |
Series I: | |
Net asset value per share | $70.13 |
Series II: | |
Net asset value per share | $60.23 |
* | At June 30, 2024, securities with an aggregate value of $48,054,322 were on loan to brokers. |
Investment income: | |
Dividends | $2,104,022 |
Dividends from affiliated money market funds (includes net securities lending income of $43,465) | 641,610 |
Total investment income | 2,745,632 |
Expenses: | |
Advisory fees | 3,027,827 |
Administrative services fees | 725,362 |
Custodian fees | 4,171 |
Distribution fees - Series II | 191,161 |
Transfer agent fees | 19,241 |
Trustees’ and officers’ fees and benefits | 12,514 |
Reports to shareholders | 64,474 |
Professional services fees | 23,605 |
Other | 3,521 |
Total expenses | 4,071,876 |
Less: Fees waived | (11,667) |
Net expenses | 4,060,209 |
Net investment income (loss) | (1,314,577) |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | 76,403,284 |
Affiliated investment securities | (12,975) |
76,390,309 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | 22,290,274 |
Affiliated investment securities | (4,081) |
22,286,193 | |
Net realized and unrealized gain | 98,676,502 |
Net increase in net assets resulting from operations | $97,361,925 |
5 | Invesco V.I. Discovery Mid Cap Growth Fund |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income (loss) | $(1,314,577) | $(1,307,495) |
Net realized gain | 76,390,309 | 7,064,058 |
Change in net unrealized appreciation | 22,286,193 | 94,332,053 |
Net increase in net assets resulting from operations | 97,361,925 | 100,088,616 |
Share transactions–net: | ||
Series I | (44,022,799) | (59,484,756) |
Series II | (10,396,156) | (1,701,889) |
Net increase (decrease) in net assets resulting from share transactions | (54,418,955) | (61,186,645) |
Net increase in net assets | 42,942,970 | 38,901,971 |
Net assets: | ||
Beginning of period | 843,150,309 | 804,248,338 |
End of period | $886,093,279 | $843,150,309 |
6 | Invesco V.I. Discovery Mid Cap Growth Fund |
Net asset value, beginning of period | Net investment income (loss)(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c) | Ratio of net investment income (loss) to average net assets | Portfolio turnover (d) | |
Series I | ||||||||||||||
Six months ended 06/30/24 | $62.81 | $(0.09) | $7.41 | $7.32 | $— | $— | $— | $70.13 | 11.65% | $734,548 | 0.87%(e) | 0.87%(e) | (0.25)%(e) | 45% |
Year ended 12/31/23 | 55.51 | (0.07) | 7.37 | 7.30 | — | — | — | 62.81 | 13.15 | 697,742 | 0.87 | 0.87 | (0.12) | 129 |
Year ended 12/31/22 | 114.63 | (0.10) | (35.03) | (35.13) | — | (23.99) | (23.99) | 55.51 | (30.98) | 673,217 | 0.84 | 0.86 | (0.12) | 97 |
Year ended 12/31/21 | 106.94 | (0.62) | 21.29 | 20.67 | — | (12.98) | (12.98) | 114.63 | 19.09 | 1,043,224 | 0.80 | 0.83 | (0.54) | 77 |
Year ended 12/31/20 | 83.82 | (0.32) | 30.78 | 30.46 | (0.04) | (7.30) | (7.34) | 106.94 | 40.70 | 963,414 | 0.80 | 0.86 | (0.37) | 87 |
Year ended 12/31/19 | 68.65 | 0.04(f) | 26.04 | 26.08 | — | (10.91) | (10.91) | 83.82 | 39.37 | 693,424 | 0.80 | 0.87 | 0.05(f) | 76 |
Series II | ||||||||||||||
Six months ended 06/30/24 | 54.01 | (0.15) | 6.37 | 6.22 | — | — | — | 60.23 | 11.52 | 151,545 | 1.12(e) | 1.12(e) | (0.50)(e) | 45 |
Year ended 12/31/23 | 47.85 | (0.19) | 6.35 | 6.16 | — | — | — | 54.01 | 12.88 | 145,409 | 1.12 | 1.12 | (0.37) | 129 |
Year ended 12/31/22 | 103.76 | (0.27) | (31.65) | (31.92) | — | (23.99) | (23.99) | 47.85 | (31.14) | 131,031 | 1.09 | 1.11 | (0.37) | 97 |
Year ended 12/31/21 | 98.05 | (0.83) | 19.52 | 18.69 | — | (12.98) | (12.98) | 103.76 | 18.79 | 208,990 | 1.05 | 1.08 | (0.79) | 77 |
Year ended 12/31/20 | 77.70 | (0.50) | 28.15 | 27.65 | — | (7.30) | (7.30) | 98.05 | 40.24 | 196,217 | 1.05 | 1.11 | (0.62) | 87 |
Year ended 12/31/19 | 64.41 | (0.14)(f) | 24.34 | 24.20 | — | (10.91) | (10.91) | 77.70 | 39.01 | 51,312 | 1.05 | 1.12 | (0.19)(f) | 76 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the year ended December 31, 2019. |
(d) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended December 31, 2020, the portfolio turnover calculation excludes the value of securities purchased of $123,217,891 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco V.I. Mid Cap Growth Fund into the Fund. |
(e) | Annualized. |
(f) | Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets includes significant dividends received during the year ended December 31, 2019. Net investment income (loss) per share and the ratio of net investment income (loss) to average net assets excluding the significant dividends are $(0.13) and (0.16)% for Series I Shares and $(0.30) and (0.40)% for Series II Shares. |
7 | Invesco V.I. Discovery Mid Cap Growth Fund |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
8 | Invesco V.I. Discovery Mid Cap Growth Fund |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities. |
9 | Invesco V.I. Discovery Mid Cap Growth Fund |
J. | Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
K. | Other Risks - Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability. |
Average Daily Net Assets | Rate* |
First $200 million | 0.750% |
Next $200 million | 0.720% |
Next $200 million | 0.690% |
Next $200 million | 0.660% |
Next $700 million | 0.600% |
Over $1.5 billion | 0.580% |
* | The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser. |
10 | Invesco V.I. Discovery Mid Cap Growth Fund |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Common Stocks & Other Equity Interests | $870,448,461 | $— | $— | $870,448,461 |
Money Market Funds | 12,149,162 | 48,772,460 | — | 60,921,622 |
Total Investments | $882,597,623 | $48,772,460 | $— | $931,370,083 |
Capital Loss Carryforward* | |||
Expiration | Short-Term | Long-Term | Total |
Not subject to expiration | $39,052,456 | $— | $39,052,456 |
* | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
11 | Invesco V.I. Discovery Mid Cap Growth Fund |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $201,621,102 |
Aggregate unrealized (depreciation) of investments | (9,831,572) |
Net unrealized appreciation of investments | $191,789,530 |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 250,675 | $17,259,166 | 430,684 | $24,985,304 | |
Series II | 97,943 | 5,870,560 | 521,228 | 26,434,711 | |
Reacquired: | |||||
Series I | (886,406) | (61,281,965) | (1,448,352) | (84,470,060) | |
Series II | (274,328) | (16,266,716) | (566,894) | (28,136,600) | |
Net increase (decrease) in share activity | (812,116) | $(54,418,955) | (1,063,334) | $(61,186,645) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 56% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
12 | Invesco V.I. Discovery Mid Cap Growth Fund |
13 | Invesco V.I. Discovery Mid Cap Growth Fund |
14 | Invesco V.I. Discovery Mid Cap Growth Fund |
15 | Invesco V.I. Discovery Mid Cap Growth Fund |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
16 | Invesco V.I. Discovery Mid Cap Growth Fund |
17 | Invesco V.I. Discovery Mid Cap Growth Fund |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/imga099e6101.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | VIDDI-NCSRS |
Shares | Value | ||
Common Stocks & Other Equity Interests–97.72% | |||
Aerospace & Defense–2.85% | |||
General Electric Co. | 37,081 | $5,894,767 | |
Huntington Ingalls Industries, Inc. | 8,054 | 1,983,942 | |
Northrop Grumman Corp. | 10,510 | 4,581,834 | |
12,460,543 | |||
Air Freight & Logistics–1.09% | |||
United Parcel Service, Inc., Class B | 34,874 | 4,772,507 | |
Apparel Retail–0.88% | |||
TJX Cos., Inc. (The) | 34,728 | 3,823,553 | |
Apparel, Accessories & Luxury Goods–0.80% | |||
Cie Financiere Richemont S.A. (Switzerland) | 22,412 | 3,502,613 | |
Application Software–0.54% | |||
Intuit, Inc. | 3,567 | 2,344,268 | |
Asset Management & Custody Banks–1.91% | |||
Ares Management Corp., Class A | 19,623 | 2,615,353 | |
BlackRock, Inc. | 7,256 | 5,712,794 | |
8,328,147 | |||
Building Products–2.22% | |||
Carlisle Cos., Inc. | 5,779 | 2,341,709 | |
Fortune Brands Innovations, Inc.(b) | 33,485 | 2,174,516 | |
Johnson Controls International PLC | 77,637 | 5,160,531 | |
9,676,756 | |||
Construction Machinery & Heavy Transportation Equipment– 0.83% | |||
Caterpillar, Inc. | 10,940 | 3,644,114 | |
Construction Materials–1.52% | |||
CRH PLC | 88,458 | 6,632,581 | |
Consumer Finance–1.25% | |||
American Express Co. | 23,574 | 5,458,560 | |
Consumer Staples Merchandise Retail–3.17% | |||
Walmart, Inc. | 204,758 | 13,864,164 | |
Diversified Banks–8.29% | |||
Fifth Third Bancorp | 77,653 | 2,833,558 | |
JPMorgan Chase & Co. | 72,437 | 14,651,108 | |
PNC Financial Services Group, Inc. (The) | 51,145 | 7,952,025 | |
Wells Fargo & Co. | 181,063 | 10,753,331 | |
36,190,022 | |||
Electric Utilities–3.72% | |||
American Electric Power Co., Inc. | 50,872 | 4,463,509 | |
Entergy Corp. | 61,416 | 6,571,512 | |
PPL Corp. | 188,648 | 5,216,117 | |
16,251,138 | |||
Electrical Components & Equipment–3.31% | |||
ABB Ltd. (Switzerland) | 85,796 | 4,757,465 |
Shares | Value | ||
Electrical Components & Equipment–(continued) | |||
Emerson Electric Co. | 53,646 | $5,909,644 | |
Hubbell, Inc. | 10,398 | 3,800,261 | |
14,467,370 | |||
Electronic Manufacturing Services–1.52% | |||
TE Connectivity Ltd. | 44,076 | 6,630,353 | |
Financial Exchanges & Data–1.02% | |||
CME Group, Inc., Class A | 22,613 | 4,445,716 | |
Food Distributors–0.92% | |||
Sysco Corp. | 56,073 | 4,003,051 | |
Health Care Equipment–3.47% | |||
Becton, Dickinson and Co. | 28,877 | 6,748,844 | |
Stryker Corp. | 12,185 | 4,145,946 | |
Zimmer Biomet Holdings, Inc. | 39,266 | 4,261,539 | |
15,156,329 | |||
Home Improvement Retail–1.76% | |||
Lowe’s Cos., Inc. | 34,849 | 7,682,811 | |
Household Products–1.85% | |||
Colgate-Palmolive Co. | 83,252 | 8,078,774 | |
Human Resource & Employment Services–0.75% | |||
Automatic Data Processing, Inc. | 13,764 | 3,285,329 | |
Industrial Machinery & Supplies & Components–1.33% | |||
Parker-Hannifin Corp. | 11,442 | 5,787,478 | |
Industrial REITs–1.53% | |||
Prologis, Inc. | 59,651 | 6,699,404 | |
Integrated Oil & Gas–4.30% | |||
Chevron Corp. | 82,204 | 12,858,349 | |
Suncor Energy, Inc. (Canada) | 155,347 | 5,918,721 | |
18,777,070 | |||
Integrated Telecommunication Services–1.13% | |||
Deutsche Telekom AG (Germany) | 197,171 | 4,955,993 | |
Investment Banking & Brokerage–3.05% | |||
Charles Schwab Corp. (The) | 61,699 | 4,546,599 | |
Morgan Stanley | 90,207 | 8,767,219 | |
13,313,818 | |||
Life Sciences Tools & Services–0.53% | |||
Lonza Group AG (Switzerland) | 4,220 | 2,297,388 | |
Managed Health Care–1.80% | |||
UnitedHealth Group, Inc.(b) | 15,397 | 7,841,076 | |
Movies & Entertainment–1.61% | |||
Walt Disney Co. (The) | 70,850 | 7,034,696 | |
Multi-Family Residential REITs–0.69% | |||
Mid-America Apartment Communities, Inc.(b) | 21,026 | 2,998,518 | |
Multi-line Insurance–1.95% | |||
American International Group, Inc. | 114,492 | 8,499,886 |
2 | Invesco V.I. Diversified Dividend Fund |
Shares | Value | ||
Multi-Utilities–0.83% | |||
Public Service Enterprise Group, Inc.(b) | 48,947 | $3,607,394 | |
Oil & Gas Exploration & Production–3.28% | |||
ConocoPhillips | 71,390 | 8,165,588 | |
Marathon Oil Corp. | 215,302 | 6,172,708 | |
14,338,296 | |||
Oil & Gas Storage & Transportation–0.67% | |||
Cheniere Energy, Inc. | 16,699 | 2,919,486 | |
Packaged Foods & Meats–1.23% | |||
Nestle S.A. (Switzerland) | 52,425 | 5,351,243 | |
Personal Care Products–0.90% | |||
Estee Lauder Cos., Inc. (The), Class A | 15,664 | 1,666,650 | |
L’Oreal S.A. (France) | 5,194 | 2,286,220 | |
3,952,870 | |||
Pharmaceuticals–6.82% | |||
AstraZeneca PLC (United Kingdom) | 39,504 | 6,148,125 | |
Johnson & Johnson | 65,658 | 9,596,573 | |
Merck & Co., Inc. | 87,299 | 10,807,616 | |
Sanofi S.A., ADR | 66,894 | 3,245,697 | |
29,798,011 | |||
Property & Casualty Insurance–0.92% | |||
Hartford Financial Services Group, Inc. (The) | 39,851 | 4,006,620 | |
Rail Transportation–1.64% | |||
Union Pacific Corp. | 31,566 | 7,142,123 | |
Regional Banks–0.48% | |||
Huntington Bancshares, Inc. | 160,509 | 2,115,509 | |
Restaurants–2.08% | |||
Darden Restaurants, Inc.(b) | 14,542 | 2,200,495 | |
McDonald’s Corp.(b) | 26,945 | 6,866,664 | |
9,067,159 | |||
Semiconductor Materials & Equipment–0.90% | |||
Lam Research Corp. | 3,686 | 3,925,037 | |
Semiconductors–3.92% | |||
Analog Devices, Inc. | 46,044 | 10,510,004 | |
Broadcom, Inc. | 2,508 | 4,026,669 | |
Microchip Technology, Inc. | 28,308 | 2,590,182 | |
17,126,855 | |||
Soft Drinks & Non-alcoholic Beverages–1.33% | |||
PepsiCo, Inc. | 35,152 | 5,797,619 |
Shares | Value | ||
Specialty Chemicals–2.41% | |||
DuPont de Nemours, Inc. | 72,865 | $5,864,904 | |
PPG Industries, Inc. | 36,899 | 4,645,215 | |
10,510,119 | |||
Systems Software–2.53% | |||
Microsoft Corp. | 24,747 | 11,060,672 | |
Technology Hardware, Storage & Peripherals–0.77% | |||
Dell Technologies, Inc., Class C | 24,463 | 3,373,692 | |
Timber REITs–0.79% | |||
Weyerhaeuser Co. | 121,241 | 3,442,032 | |
Tobacco–2.39% | |||
Philip Morris International, Inc. | 102,873 | 10,424,121 | |
Trading Companies & Distributors–0.54% | |||
AerCap Holdings N.V. (Ireland) | 25,351 | 2,362,713 | |
Transaction & Payment Processing Services–1.70% | |||
Visa, Inc., Class A(b) | 28,265 | 7,418,715 | |
Total Common Stocks & Other Equity Interests (Cost $330,586,419) | 426,644,312 | ||
Money Market Funds–2.20% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(c)(d) | 3,362,738 | 3,362,738 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(c)(d) | 2,400,563 | 2,401,283 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(c)(d) | 3,843,130 | 3,843,130 | |
Total Money Market Funds (Cost $9,606,993) | 9,607,151 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.92% (Cost $340,193,412) | 436,251,463 | ||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–3.19% | |||
Invesco Private Government Fund, 5.31%(c)(d)(e) | 3,896,051 | 3,896,051 | |
Invesco Private Prime Fund, 5.48%(c)(d)(e) | 10,015,270 | 10,018,275 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,914,326) | 13,914,326 | ||
TOTAL INVESTMENTS IN SECURITIES–103.11% (Cost $354,107,738) | 450,165,789 | ||
OTHER ASSETS LESS LIABILITIES—(3.11)% | (13,580,661) | ||
NET ASSETS–100.00% | $436,585,128 |
ADR | – American Depositary Receipt |
REIT | – Real Estate Investment Trust |
3 | Invesco V.I. Diversified Dividend Fund |
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at June 30, 2024. |
(c) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $4,052,089 | $16,756,388 | $(17,445,739) | $- | $- | $3,362,738 | $87,084 |
Invesco Liquid Assets Portfolio, Institutional Class | 2,894,590 | 11,968,849 | (12,461,242) | (657) | (257) | 2,401,283 | 65,074 |
Invesco Treasury Portfolio, Institutional Class | 4,630,959 | 19,150,158 | (19,937,987) | - | - | 3,843,130 | 99,311 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | 5,610,107 | 157,319,436 | (159,033,492) | - | - | 3,896,051 | 235,418* |
Invesco Private Prime Fund | 16,290,223 | 342,749,605 | (349,009,343) | (1,377) | (10,833) | 10,018,275 | 605,498* |
Total | $33,477,968 | $547,944,436 | $(557,887,803) | $(2,034) | $(11,090) | $23,521,477 | $1,092,385 |
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(d) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(e) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I. |
4 | Invesco V.I. Diversified Dividend Fund |
Assets: | |
Investments in unaffiliated securities, at value (Cost $330,586,419)* | $426,644,312 |
Investments in affiliated money market funds, at value (Cost $23,521,319) | 23,521,477 |
Cash | 1,418,394 |
Foreign currencies, at value (Cost $811) | 785 |
Receivable for: | |
Fund shares sold | 53,995 |
Dividends | 784,642 |
Investment for trustee deferred compensation and retirement plans | 66,038 |
Other assets | 4 |
Total assets | 452,489,647 |
Liabilities: | |
Payable for: | |
Investments purchased | 1,373,269 |
Fund shares reacquired | 254,765 |
Accrued foreign taxes | 6,769 |
Collateral upon return of securities loaned | 13,914,326 |
Accrued fees to affiliates | 241,318 |
Accrued other operating expenses | 22,671 |
Trustee deferred compensation and retirement plans | 91,401 |
Total liabilities | 15,904,519 |
Net assets applicable to shares outstanding | $436,585,128 |
Net assets consist of: | |
Shares of beneficial interest | $302,824,843 |
Distributable earnings | 133,760,285 |
$436,585,128 | |
Net Assets: | |
Series I | $211,312,560 |
Series II | $225,272,568 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 8,224,334 |
Series II | 8,869,421 |
Series I: | |
Net asset value per share | $25.69 |
Series II: | |
Net asset value per share | $25.40 |
* | At June 30, 2024, securities with an aggregate value of $13,523,445 were on loan to brokers. |
Investment income: | |
Dividends (net of foreign withholding taxes of $52,182) | $4,943,011 |
Dividends from affiliated money market funds (includes net securities lending income of $18,037) | 269,506 |
Total investment income | 5,212,517 |
Expenses: | |
Advisory fees | 1,077,886 |
Administrative services fees | 360,937 |
Custodian fees | 3,604 |
Distribution fees - Series II | 281,463 |
Transfer agent fees | 10,394 |
Trustees’ and officers’ fees and benefits | 11,805 |
Reports to shareholders | 82,826 |
Professional services fees | 23,375 |
Other | 1,606 |
Total expenses | 1,853,896 |
Less: Fees waived | (4,745) |
Net expenses | 1,849,151 |
Net investment income | 3,363,366 |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | 10,496,482 |
Affiliated investment securities | (11,090) |
Foreign currencies | (2,145) |
10,483,247 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | 11,587,138 |
Affiliated investment securities | (2,034) |
Foreign currencies | (14,724) |
11,570,380 | |
Net realized and unrealized gain | 22,053,627 |
Net increase in net assets resulting from operations | $25,416,993 |
5 | Invesco V.I. Diversified Dividend Fund |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income | $3,363,366 | $7,548,302 |
Net realized gain | 10,483,247 | 17,493,462 |
Change in net unrealized appreciation | 11,570,380 | 11,676,553 |
Net increase in net assets resulting from operations | 25,416,993 | 36,718,317 |
Distributions to shareholders from distributable earnings: | ||
Series I | — | (21,379,256) |
Series II | — | (22,048,743) |
Total distributions from distributable earnings | — | (43,427,999) |
Share transactions–net: | ||
Series I | (15,774,810) | (7,637,569) |
Series II | (11,268,658) | (2,245,590) |
Net increase (decrease) in net assets resulting from share transactions | (27,043,468) | (9,883,159) |
Net increase (decrease) in net assets | (1,626,475) | (16,592,841) |
Net assets: | ||
Beginning of period | 438,211,603 | 454,804,444 |
End of period | $436,585,128 | $438,211,603 |
6 | Invesco V.I. Diversified Dividend Fund |
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Ratio of net investment income to average net assets | Portfolio turnover (c) | |
Series I | ||||||||||||||
Six months ended 06/30/24 | $24.24 | $0.21 | $1.24 | $1.45 | $— | $— | $— | $25.69 | 5.98% | $211,313 | 0.72%(d) | 0.72%(d) | 1.65%(d) | 20% |
Year ended 12/31/23 | 24.99 | 0.46 | 1.45 | 1.91 | (0.52) | (2.14) | (2.66) | 24.24 | 9.05 | 214,556 | 0.68 | 0.68 | 1.86 | 45 |
Year ended 12/31/22 | 29.82 | 0.54 | (1.16) | (0.62) | (0.56) | (3.65) | (4.21) | 24.99 | (1.68) | 225,216 | 0.67 | 0.67 | 1.91 | 40 |
Year ended 12/31/21 | 25.72 | 0.52 | 4.32 | 4.84 | (0.63) | (0.11) | (0.74) | 29.82 | 18.89 | 242,810 | 0.68 | 0.68 | 1.81 | 45 |
Year ended 12/31/20 | 27.23 | 0.58 | (0.67) | (0.09) | (0.77) | (0.65) | (1.42) | 25.72 | 0.14 | 233,073 | 0.70 | 0.70 | 2.41 | 9 |
Year ended 12/31/19 | 23.70 | 0.67 | 5.15 | 5.82 | (0.80) | (1.49) | (2.29) | 27.23 | 25.09 | 278,727 | 0.65 | 0.65 | 2.54 | 7 |
Series II | ||||||||||||||
Six months ended 06/30/24 | 23.99 | 0.18 | 1.23 | 1.41 | — | — | — | 25.40 | 5.88 | 225,273 | 0.97(d) | 0.97(d) | 1.40(d) | 20 |
Year ended 12/31/23 | 24.75 | 0.40 | 1.43 | 1.83 | (0.45) | (2.14) | (2.59) | 23.99 | 8.77 | 223,655 | 0.93 | 0.93 | 1.61 | 45 |
Year ended 12/31/22 | 29.57 | 0.46 | (1.15) | (0.69) | (0.48) | (3.65) | (4.13) | 24.75 | (1.93) | 229,588 | 0.92 | 0.92 | 1.66 | 40 |
Year ended 12/31/21 | 25.52 | 0.44 | 4.29 | 4.73 | (0.57) | (0.11) | (0.68) | 29.57 | 18.59 | 245,103 | 0.93 | 0.93 | 1.56 | 45 |
Year ended 12/31/20 | 27.03 | 0.52 | (0.68) | (0.16) | (0.71) | (0.64) | (1.35) | 25.52 | (0.13) | 218,234 | 0.95 | 0.95 | 2.16 | 9 |
Year ended 12/31/19 | 23.54 | 0.60 | 5.11 | 5.71 | (0.73) | (1.49) | (2.22) | 27.03 | 24.77 | 236,880 | 0.90 | 0.90 | 2.29 | 7 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Annualized. |
7 | Invesco V.I. Diversified Dividend Fund |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
8 | Invesco V.I. Diversified Dividend Fund |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities. |
9 | Invesco V.I. Diversified Dividend Fund |
J. | Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
K. | Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk. |
L. | Other Risks - As a group, securities that pay high dividends may fall out of favor with investors and underperform companies that do not pay high dividends. Companies that pay dividends are not required to continue paying them. Therefore, there is the possibility that such companies could reduce or eliminate the payment of dividends in the future or an anticipated acceleration of dividends may not occur. Depending on market conditions, dividend paying that meet the Fund’s investment criteria may not be widely available for purchase by the Fund, which may increase the volatility of the Fund’s returns and limit its ability to produce current income while remaining fully diversified. High-dividend stocks may not experience high earnings growth or capital appreciation. The Fund’s performance during a broad market advance could suffer because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks. |
Average Daily Net Assets | Rate |
First $250 million | 0.545% |
Next $750 million | 0.420% |
Next $1 billion | 0.395% |
Over $2 billion | 0.370% |
10 | Invesco V.I. Diversified Dividend Fund |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Common Stocks & Other Equity Interests | $397,345,265 | $29,299,047 | $— | $426,644,312 |
Money Market Funds | 9,607,151 | 13,914,326 | — | 23,521,477 |
Total Investments | $406,952,416 | $43,213,373 | $— | $450,165,789 |
11 | Invesco V.I. Diversified Dividend Fund |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $99,122,469 |
Aggregate unrealized (depreciation) of investments | (3,857,588) |
Net unrealized appreciation of investments | $95,264,881 |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 179,899 | $4,525,038 | 473,877 | $11,718,243 | |
Series II | 214,736 | 5,362,529 | 487,891 | 12,011,479 | |
Issued as reinvestment of dividends: | |||||
Series I | - | - | 999,498 | 21,379,256 | |
Series II | - | - | 1,041,017 | 22,048,743 | |
Reacquired: | |||||
Series I | (807,706) | (20,299,848) | (1,634,224) | (40,735,068) | |
Series II | (668,358) | (16,631,187) | (1,482,449) | (36,305,812) | |
Net increase (decrease) in share activity | (1,081,429) | $(27,043,468) | (114,390) | $(9,883,159) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 62% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
12 | Invesco V.I. Diversified Dividend Fund |
13 | Invesco V.I. Diversified Dividend Fund |
14 | Invesco V.I. Diversified Dividend Fund |
15 | Invesco V.I. Diversified Dividend Fund |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
16 | Invesco V.I. Diversified Dividend Fund |
17 | Invesco V.I. Diversified Dividend Fund |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/img08a876801.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | MS-VIEWSP-NCSRS |
Shares | Value | ||
Common Stocks & Other Equity Interests–99.65% | |||
Advertising–0.40% | |||
Interpublic Group of Cos., Inc. (The) | 32,649 | $949,759 | |
Omnicom Group, Inc.(b) | 10,865 | 974,591 | |
1,924,350 | |||
Aerospace & Defense–2.39% | |||
Axon Enterprise, Inc.(c) | 3,286 | 966,873 | |
Boeing Co. (The)(b)(c) | 5,418 | 986,130 | |
General Dynamics Corp. | 3,292 | 955,141 | |
General Electric Co.(b) | 6,162 | 979,573 | |
Howmet Aerospace, Inc. | 12,167 | 944,524 | |
Huntington Ingalls Industries, Inc.(b) | 4,028 | 992,217 | |
L3Harris Technologies, Inc. | 4,416 | 991,745 | |
Lockheed Martin Corp. | 2,096 | 979,042 | |
Northrop Grumman Corp. | 2,265 | 987,427 | |
RTX Corp. | 9,216 | 925,194 | |
Textron, Inc. | 11,268 | 967,470 | |
TransDigm Group, Inc. | 742 | 947,987 | |
11,623,323 | |||
Agricultural & Farm Machinery–0.20% | |||
Deere & Co.(b) | 2,541 | 949,394 | |
Agricultural Products & Services–0.41% | |||
Archer-Daniels-Midland Co.(b) | 16,143 | 975,844 | |
Bunge Global S.A. | 9,341 | 997,339 | |
1,973,183 | |||
Air Freight & Logistics–0.85% | |||
C.H. Robinson Worldwide, Inc. | 11,490 | 1,012,499 | |
Expeditors International of Washington, Inc. | 7,784 | 971,365 | |
FedEx Corp.(b) | 3,897 | 1,168,476 | |
United Parcel Service, Inc., Class B | 7,082 | 969,172 | |
4,121,512 | |||
Apparel Retail–0.40% | |||
Ross Stores, Inc. | 6,582 | 956,496 | |
TJX Cos., Inc. (The) | 8,853 | 974,716 | |
1,931,212 | |||
Apparel, Accessories & Luxury Goods–0.59% | |||
lululemon athletica, inc.(c) | 3,139 | 937,619 | |
Ralph Lauren Corp.(b) | 5,345 | 935,696 | |
Tapestry, Inc. | 22,974 | 983,057 | |
2,856,372 | |||
Application Software–2.29% | |||
Adobe, Inc.(c) | 1,829 | 1,016,083 | |
ANSYS, Inc.(c) | 2,972 | 955,498 | |
Autodesk, Inc.(c) | 4,253 | 1,052,405 | |
Cadence Design Systems, Inc.(c) | 3,078 | 947,254 | |
Fair Isaac Corp.(c) | 691 | 1,028,664 | |
Intuit, Inc. | 1,613 | 1,060,080 | |
PTC, Inc.(c) | 5,536 | 1,005,725 | |
Roper Technologies, Inc. | 1,749 | 985,841 | |
Salesforce, Inc. | 4,142 | 1,064,908 |
Shares | Value | ||
Application Software–(continued) | |||
Synopsys, Inc.(c) | 1,628 | $968,758 | |
Tyler Technologies, Inc.(b)(c) | 2,036 | 1,023,660 | |
11,108,876 | |||
Asset Management & Custody Banks–2.01% | |||
Ameriprise Financial, Inc.(b) | 2,267 | 968,440 | |
Bank of New York Mellon Corp. (The) | 16,556 | 991,539 | |
BlackRock, Inc. | 1,249 | 983,363 | |
Blackstone, Inc., Class A | 7,922 | 980,744 | |
Franklin Resources, Inc.(b) | 44,001 | 983,422 | |
Invesco Ltd.(d) | 65,971 | 986,926 | |
KKR & Co., Inc., Class A(b) | 8,798 | 925,901 | |
Northern Trust Corp. | 11,765 | 988,025 | |
State Street Corp. | 13,546 | 1,002,404 | |
T. Rowe Price Group, Inc.(b) | 8,359 | 963,876 | |
9,774,640 | |||
Automobile Manufacturers–0.63% | |||
Ford Motor Co. | 82,029 | 1,028,644 | |
General Motors Co. | 20,538 | 954,195 | |
Tesla, Inc.(b)(c) | 5,395 | 1,067,563 | |
3,050,402 | |||
Automotive Parts & Equipment–0.40% | |||
Aptiv PLC(c) | 13,664 | 962,219 | |
BorgWarner, Inc. | 29,683 | 956,980 | |
1,919,199 | |||
Automotive Retail–0.62% | |||
AutoZone, Inc.(c) | 339 | 1,004,830 | |
CarMax, Inc.(b)(c) | 13,740 | 1,007,692 | |
O’Reilly Automotive, Inc.(c) | 954 | 1,007,481 | |
3,020,003 | |||
Biotechnology–1.57% | |||
AbbVie, Inc.(b) | 5,697 | 977,149 | |
Amgen, Inc. | 3,217 | 1,005,152 | |
Biogen, Inc.(b)(c) | 4,145 | 960,894 | |
Gilead Sciences, Inc. | 14,764 | 1,012,958 | |
Incyte Corp.(c) | 15,465 | 937,488 | |
Moderna, Inc.(b)(c) | 6,860 | 814,625 | |
Regeneron Pharmaceuticals, Inc.(c) | 927 | 974,305 | |
Vertex Pharmaceuticals, Inc.(b)(c) | 1,999 | 936,971 | |
7,619,542 | |||
Brewers–0.20% | |||
Molson Coors Beverage Co., Class B(b) | 19,393 | 985,746 | |
Broadcasting–0.41% | |||
Fox Corp., Class A(b) | 18,893 | 649,352 | |
Fox Corp., Class B | 10,784 | 345,304 | |
Paramount Global, Class B(b) | 94,450 | 981,336 | |
1,975,992 | |||
Broadline Retail–0.61% | |||
Amazon.com, Inc.(c) | 5,230 | 1,010,697 | |
eBay, Inc. | 18,426 | 989,845 |
2 | Invesco V.I. Equally-Weighted S&P 500 Fund |
Shares | Value | ||
Broadline Retail–(continued) | |||
Etsy, Inc.(b)(c) | 16,316 | $962,318 | |
2,962,860 | |||
Building Products–1.35% | |||
A.O. Smith Corp. | 11,649 | 952,655 | |
Allegion PLC | 8,255 | 975,328 | |
Builders FirstSource, Inc.(c) | 6,423 | 889,008 | |
Carrier Global Corp. | 14,927 | 941,595 | |
Johnson Controls International PLC | 13,835 | 919,613 | |
Masco Corp. | 13,893 | 926,246 | |
Trane Technologies PLC | 2,914 | 958,502 | |
6,562,947 | |||
Cable & Satellite–0.42% | |||
Charter Communications, Inc., Class A(b)(c) | 3,477 | 1,039,484 | |
Comcast Corp., Class A | 25,656 | 1,004,689 | |
2,044,173 | |||
Cargo Ground Transportation–0.40% | |||
J.B. Hunt Transport Services, Inc. | 6,108 | 977,280 | |
Old Dominion Freight Line, Inc. | 5,560 | 981,896 | |
1,959,176 | |||
Casinos & Gaming–0.84% | |||
Caesars Entertainment, Inc.(c) | 26,660 | 1,059,468 | |
Las Vegas Sands Corp. | 22,209 | 982,748 | |
MGM Resorts International(c) | 24,104 | 1,071,182 | |
Wynn Resorts Ltd.(b) | 10,817 | 968,122 | |
4,081,520 | |||
Commodity Chemicals–0.39% | |||
Dow, Inc. | 17,458 | 926,147 | |
LyondellBasell Industries N.V., Class A | 10,269 | 982,332 | |
1,908,479 | |||
Communications Equipment–1.03% | |||
Arista Networks, Inc.(c) | 2,924 | 1,024,804 | |
Cisco Systems, Inc. | 21,028 | 999,040 | |
F5, Inc.(c) | 5,732 | 987,222 | |
Juniper Networks, Inc. | 27,088 | 987,629 | |
Motorola Solutions, Inc. | 2,558 | 987,516 | |
4,986,211 | |||
Computer & Electronics Retail–0.19% | |||
Best Buy Co., Inc. | 11,015 | 928,454 | |
Construction & Engineering–0.18% | |||
Quanta Services, Inc.(b) | 3,513 | 892,618 | |
Construction Machinery & Heavy Transportation Equipment– 0.80% | |||
Caterpillar, Inc. | 2,988 | 995,303 | |
Cummins, Inc. | 3,603 | 997,779 | |
PACCAR, Inc.(b) | 9,001 | 926,563 | |
Wabtec Corp. | 5,991 | 946,877 | |
3,866,522 | |||
Construction Materials–0.38% | |||
Martin Marietta Materials, Inc. | 1,695 | 918,351 | |
Vulcan Materials Co. | 3,802 | 945,481 | |
1,863,832 |
Shares | Value | ||
Consumer Electronics–0.20% | |||
Garmin Ltd. | 6,021 | $980,941 | |
Consumer Finance–0.84% | |||
American Express Co. | 4,272 | 989,182 | |
Capital One Financial Corp. | 7,185 | 994,763 | |
Discover Financial Services | 7,873 | 1,029,867 | |
Synchrony Financial(b) | 23,040 | 1,087,258 | |
4,101,070 | |||
Consumer Staples Merchandise Retail–1.01% | |||
Costco Wholesale Corp.(b) | 1,123 | 954,539 | |
Dollar General Corp. | 7,635 | 1,009,576 | |
Dollar Tree, Inc.(c) | 9,059 | 967,229 | |
Target Corp. | 6,805 | 1,007,412 | |
Walmart, Inc. | 14,332 | 970,420 | |
4,909,176 | |||
Copper–0.20% | |||
Freeport-McMoRan, Inc. | 19,965 | 970,299 | |
Data Center REITs–0.40% | |||
Digital Realty Trust, Inc.(b) | 6,407 | 974,184 | |
Equinix, Inc. | 1,254 | 948,777 | |
1,922,961 | |||
Data Processing & Outsourced Services–0.20% | |||
Broadridge Financial Solutions, Inc.(b) | 4,922 | 969,634 | |
Distillers & Vintners–0.40% | |||
Brown-Forman Corp., Class B(b) | 22,000 | 950,180 | |
Constellation Brands, Inc., Class A | 3,788 | 974,577 | |
1,924,757 | |||
Distributors–0.58% | |||
Genuine Parts Co. | 7,027 | 971,975 | |
LKQ Corp. | 23,841 | 991,547 | |
Pool Corp. | 2,814 | 864,826 | |
2,828,348 | |||
Diversified Banks–1.64% | |||
Bank of America Corp. | 24,479 | 973,530 | |
Citigroup, Inc. | 16,190 | 1,027,417 | |
Fifth Third Bancorp(b) | 27,272 | 995,155 | |
JPMorgan Chase & Co. | 4,957 | 1,002,603 | |
KeyCorp(b) | 71,898 | 1,021,671 | |
PNC Financial Services Group, Inc. (The) | 6,357 | 988,386 | |
U.S. Bancorp | 24,737 | 982,059 | |
Wells Fargo & Co. | 16,735 | 993,892 | |
7,984,713 | |||
Diversified Support Services–0.40% | |||
Cintas Corp. | 1,381 | 967,059 | |
Copart, Inc.(c) | 18,051 | 977,642 | |
1,944,701 | |||
Drug Retail–0.15% | |||
Walgreens Boots Alliance, Inc.(b) | 61,771 | 747,120 | |
Electric Utilities–3.31% | |||
Alliant Energy Corp. | 19,272 | 980,945 | |
American Electric Power Co., Inc. | 10,916 | 957,770 | |
Constellation Energy Corp. | 4,470 | 895,207 |
3 | Invesco V.I. Equally-Weighted S&P 500 Fund |
Shares | Value | ||
Electric Utilities–(continued) | |||
Duke Energy Corp. | 9,384 | $940,558 | |
Edison International | 13,120 | 942,147 | |
Entergy Corp. | 8,975 | 960,325 | |
Evergy, Inc.(b) | 18,212 | 964,690 | |
Eversource Energy | 16,278 | 923,125 | |
Exelon Corp. | 27,027 | 935,404 | |
FirstEnergy Corp.(b) | 24,776 | 948,178 | |
NextEra Energy, Inc. | 13,147 | 930,939 | |
NRG Energy, Inc. | 12,214 | 950,982 | |
PG&E Corp. | 52,633 | 918,972 | |
Pinnacle West Capital Corp.(b) | 12,558 | 959,180 | |
PPL Corp. | 34,207 | 945,824 | |
Southern Co. (The) | 12,212 | 947,285 | |
Xcel Energy, Inc. | 17,864 | 954,116 | |
16,055,647 | |||
Electrical Components & Equipment–1.20% | |||
AMETEK, Inc.(b) | 5,751 | 958,749 | |
Eaton Corp. PLC | 3,011 | 944,099 | |
Emerson Electric Co. | 9,023 | 993,974 | |
Generac Holdings, Inc.(c) | 7,117 | 941,010 | |
Hubbell, Inc.(b) | 2,563 | 936,725 | |
Rockwell Automation, Inc.(b) | 3,775 | 1,039,182 | |
5,813,739 | |||
Electronic Components–0.40% | |||
Amphenol Corp., Class A(b) | 14,071 | 947,963 | |
Corning, Inc.(b) | 25,786 | 1,001,786 | |
1,949,749 | |||
Electronic Equipment & Instruments–0.80% | |||
Keysight Technologies, Inc.(c) | 7,064 | 966,002 | |
Teledyne Technologies, Inc.(b)(c) | 2,465 | 956,371 | |
Trimble, Inc.(c) | 17,525 | 979,998 | |
Zebra Technologies Corp., Class A(c) | 3,188 | 984,869 | |
3,887,240 | |||
Electronic Manufacturing Services–0.38% | |||
Jabil, Inc. | 8,039 | 874,563 | |
TE Connectivity Ltd. | 6,519 | 980,653 | |
1,855,216 | |||
Environmental & Facilities Services–0.80% | |||
Republic Services, Inc. | 5,092 | 989,579 | |
Rollins, Inc. | 19,806 | 966,335 | |
Veralto Corp. | 9,534 | 910,211 | |
Waste Management, Inc. | 4,716 | 1,006,111 | |
3,872,236 | |||
Fertilizers & Agricultural Chemicals–0.83% | |||
CF Industries Holdings, Inc. | 13,112 | 971,862 | |
Corteva, Inc.(b) | 18,768 | 1,012,346 | |
FMC Corp.(b) | 17,531 | 1,008,909 | |
Mosaic Co. (The) | 35,367 | 1,022,106 | |
4,015,223 | |||
Financial Exchanges & Data–1.81% | |||
Cboe Global Markets, Inc. | 5,731 | 974,614 | |
CME Group, Inc., Class A | 4,872 | 957,835 | |
FactSet Research Systems, Inc.(b) | 2,390 | 975,765 | |
Intercontinental Exchange, Inc. | 7,081 | 969,318 |
Shares | Value | ||
Financial Exchanges & Data–(continued) | |||
MarketAxess Holdings, Inc. | 4,797 | $961,943 | |
Moody’s Corp. | 2,354 | 990,869 | |
MSCI, Inc. | 1,999 | 963,018 | |
Nasdaq, Inc. | 16,392 | 987,782 | |
S&P Global, Inc. | 2,211 | 986,106 | |
8,767,250 | |||
Food Distributors–0.20% | |||
Sysco Corp. | 13,588 | 970,047 | |
Food Retail–0.20% | |||
Kroger Co. (The)(b) | 19,066 | 951,965 | |
Footwear–0.35% | |||
Deckers Outdoor Corp.(c) | 939 | 908,905 | |
NIKE, Inc., Class B | 10,285 | 775,181 | |
1,684,086 | |||
Gas Utilities–0.20% | |||
Atmos Energy Corp. | 8,269 | 964,579 | |
Gold–0.20% | |||
Newmont Corp. | 23,532 | 985,285 | |
Health Care Distributors–0.77% | |||
Cardinal Health, Inc. | 9,586 | 942,495 | |
Cencora, Inc. | 4,130 | 930,489 | |
Henry Schein, Inc.(b)(c) | 14,598 | 935,732 | |
McKesson Corp. | 1,628 | 950,817 | |
3,759,533 | |||
Health Care Equipment–3.36% | |||
Abbott Laboratories | 9,264 | 962,622 | |
Baxter International, Inc.(b) | 28,436 | 951,184 | |
Becton, Dickinson and Co. | 4,110 | 960,548 | |
Boston Scientific Corp.(c) | 12,513 | 963,626 | |
DexCom, Inc.(b)(c) | 8,283 | 939,127 | |
Edwards Lifesciences Corp.(b)(c) | 11,005 | 1,016,532 | |
GE HealthCare Technologies, Inc.(b) | 12,558 | 978,519 | |
Hologic, Inc.(c) | 13,380 | 993,465 | |
IDEXX Laboratories, Inc.(c) | 1,906 | 928,603 | |
Insulet Corp.(c) | 4,792 | 967,026 | |
Intuitive Surgical, Inc.(c) | 2,256 | 1,003,582 | |
Medtronic PLC | 11,854 | 933,028 | |
ResMed, Inc.(b) | 4,537 | 868,473 | |
STERIS PLC | 4,399 | 965,756 | |
Stryker Corp. | 2,784 | 947,256 | |
Teleflex, Inc. | 4,611 | 969,832 | |
Zimmer Biomet Holdings, Inc. | 8,961 | 972,537 | |
16,321,716 | |||
Health Care Facilities–0.38% | |||
HCA Healthcare, Inc. | 2,846 | 914,363 | |
Universal Health Services, Inc., Class B | 5,113 | 945,547 | |
1,859,910 | |||
Health Care REITs–0.80% | |||
Alexandria Real Estate Equities, Inc.(b) | 8,258 | 965,938 | |
Healthpeak Properties, Inc. | 48,883 | 958,107 | |
Ventas, Inc. | 19,172 | 982,757 | |
Welltower, Inc.(b) | 9,232 | 962,436 | |
3,869,238 |
4 | Invesco V.I. Equally-Weighted S&P 500 Fund |
Shares | Value | ||
Health Care Services–0.98% | |||
Cigna Group (The) | 2,882 | $952,703 | |
CVS Health Corp.(b) | 15,951 | 942,066 | |
DaVita, Inc.(b)(c) | 6,805 | 942,969 | |
Labcorp Holdings, Inc.(b) | 4,805 | 977,865 | |
Quest Diagnostics, Inc. | 6,968 | 953,780 | |
4,769,383 | |||
Health Care Supplies–0.56% | |||
Align Technology, Inc.(b)(c) | 3,751 | 905,604 | |
Cooper Cos., Inc. (The) | 10,276 | 897,095 | |
Solventum Corp.(c) | 17,605 | 930,952 | |
2,733,651 | |||
Heavy Electrical Equipment–0.20% | |||
GE Vernova, Inc.(c) | 5,644 | 968,002 | |
Home Furnishings–0.20% | |||
Mohawk Industries, Inc.(c) | 8,574 | 973,921 | |
Home Improvement Retail–0.39% | |||
Home Depot, Inc. (The) | 2,769 | 953,201 | |
Lowe’s Cos., Inc. | 4,301 | 948,198 | |
1,901,399 | |||
Homebuilding–0.78% | |||
D.R. Horton, Inc. | 6,727 | 948,036 | |
Lennar Corp., Class A | 6,193 | 928,145 | |
NVR, Inc.(c) | 127 | 963,747 | |
PulteGroup, Inc. | 8,419 | 926,932 | |
3,766,860 | |||
Hotel & Resort REITs–0.20% | |||
Host Hotels & Resorts, Inc.(b) | 53,903 | 969,176 | |
Hotels, Resorts & Cruise Lines–1.69% | |||
Airbnb, Inc., Class A(c) | 6,580 | 997,726 | |
Booking Holdings, Inc. | 249 | 986,414 | |
Carnival Corp.(c) | 62,618 | 1,172,209 | |
Expedia Group, Inc.(c) | 7,708 | 971,131 | |
Hilton Worldwide Holdings, Inc. | 4,567 | 996,519 | |
Marriott International, Inc., Class A | 4,012 | 969,981 | |
Norwegian Cruise Line Holdings Ltd.(b)(c) | 58,004 | 1,089,895 | |
Royal Caribbean Cruises Ltd.(c) | 6,468 | 1,031,193 | |
8,215,068 | |||
Household Products–0.99% | |||
Church & Dwight Co., Inc. | 8,919 | 924,722 | |
Clorox Co. (The) | 7,185 | 980,537 | |
Colgate-Palmolive Co. | 10,152 | 985,150 | |
Kimberly-Clark Corp. | 6,886 | 951,645 | |
Procter & Gamble Co. (The) | 5,759 | 949,774 | |
4,791,828 | |||
Human Resource & Employment Services–0.78% | |||
Automatic Data Processing, Inc. | 3,958 | 944,735 | |
Dayforce, Inc.(b)(c) | 19,024 | 943,590 | |
Paychex, Inc. | 7,874 | 933,542 | |
Paycom Software, Inc. | 6,727 | 962,230 | |
3,784,097 | |||
Independent Power Producers & Energy Traders–0.37% | |||
AES Corp. (The)(b) | 49,667 | 872,649 |
Shares | Value | ||
Independent Power Producers & Energy Traders–(continued) | |||
Vistra Corp. | 10,967 | $942,943 | |
1,815,592 | |||
Industrial Conglomerates–0.40% | |||
3M Co. | 9,520 | 972,849 | |
Honeywell International, Inc. | 4,606 | 983,565 | |
1,956,414 | |||
Industrial Gases–0.38% | |||
Air Products and Chemicals, Inc. | 3,490 | 900,595 | |
Linde PLC | 2,198 | 964,504 | |
1,865,099 | |||
Industrial Machinery & Supplies & Components–2.37% | |||
Dover Corp. | 5,418 | 977,678 | |
Fortive Corp. | 13,207 | 978,639 | |
IDEX Corp. | 4,845 | 974,814 | |
Illinois Tool Works, Inc. | 4,084 | 967,745 | |
Ingersoll Rand, Inc.(b) | 10,502 | 954,002 | |
Nordson Corp.(b) | 4,200 | 974,148 | |
Otis Worldwide Corp. | 9,890 | 952,011 | |
Parker-Hannifin Corp. | 1,909 | 965,591 | |
Pentair PLC | 12,421 | 952,318 | |
Snap-on, Inc.(b) | 3,662 | 957,210 | |
Stanley Black & Decker, Inc. | 11,497 | 918,495 | |
Xylem, Inc. | 6,960 | 943,985 | |
11,516,636 | |||
Industrial REITs–0.20% | |||
Prologis, Inc. | 8,554 | 960,700 | |
Insurance Brokers–0.99% | |||
Aon PLC, Class A | 3,252 | 954,722 | |
Arthur J. Gallagher & Co.(b) | 3,720 | 964,633 | |
Brown & Brown, Inc.(b) | 10,664 | 953,468 | |
Marsh & McLennan Cos., Inc. | 4,598 | 968,891 | |
Willis Towers Watson PLC | 3,762 | 986,171 | |
4,827,885 | |||
Integrated Oil & Gas–0.62% | |||
Chevron Corp.(b) | 6,296 | 984,820 | |
Exxon Mobil Corp. | 8,803 | 1,013,401 | |
Occidental Petroleum Corp. | 16,051 | 1,011,695 | |
3,009,916 | |||
Integrated Telecommunication Services–0.42% | |||
AT&T, Inc.(b) | 54,453 | 1,040,597 | |
Verizon Communications, Inc. | 24,214 | 998,585 | |
2,039,182 | |||
Interactive Home Entertainment–0.40% | |||
Electronic Arts, Inc.(b) | 7,064 | 984,227 | |
Take-Two Interactive Software, Inc.(c) | 6,043 | 939,626 | |
1,923,853 | |||
Interactive Media & Services–0.59% | |||
Alphabet, Inc., Class A | 2,953 | 537,889 | |
Alphabet, Inc., Class C | 2,457 | 450,663 | |
Match Group, Inc.(c) | 30,446 | 924,950 | |
Meta Platforms, Inc., Class A | 1,906 | 961,043 | |
2,874,545 |
5 | Invesco V.I. Equally-Weighted S&P 500 Fund |
Shares | Value | ||
Internet Services & Infrastructure–0.60% | |||
Akamai Technologies, Inc.(b)(c) | 10,782 | $971,243 | |
GoDaddy, Inc., Class A(c) | 6,985 | 975,874 | |
VeriSign, Inc.(c) | 5,327 | 947,141 | |
2,894,258 | |||
Investment Banking & Brokerage–0.81% | |||
Charles Schwab Corp. (The) | 13,114 | 966,371 | |
Goldman Sachs Group, Inc. (The) | 2,152 | 973,392 | |
Morgan Stanley | 10,059 | 977,634 | |
Raymond James Financial, Inc.(b) | 8,303 | 1,026,334 | |
3,943,731 | |||
IT Consulting & Other Services–1.04% | |||
Accenture PLC, Class A | 3,350 | 1,016,424 | |
Cognizant Technology Solutions Corp., Class A | 14,948 | 1,016,464 | |
EPAM Systems, Inc.(c) | 5,408 | 1,017,299 | |
Gartner, Inc.(c) | 2,223 | 998,260 | |
International Business Machines Corp. | 5,676 | 981,664 | |
5,030,111 | |||
Leisure Products–0.19% | |||
Hasbro, Inc.(b) | 15,619 | 913,712 | |
Life & Health Insurance–1.02% | |||
Aflac, Inc.(b) | 11,037 | 985,714 | |
Globe Life, Inc. | 12,332 | 1,014,677 | |
MetLife, Inc. | 14,013 | 983,572 | |
Principal Financial Group, Inc. | 12,530 | 982,979 | |
Prudential Financial, Inc. | 8,492 | 995,178 | |
4,962,120 | |||
Life Sciences Tools & Services–2.12% | |||
Agilent Technologies, Inc. | 7,396 | 958,744 | |
Bio-Rad Laboratories, Inc., Class A(c) | 3,402 | 929,120 | |
Bio-Techne Corp.(b) | 12,660 | 907,089 | |
Charles River Laboratories International, Inc.(c) | 4,586 | 947,376 | |
Danaher Corp. | 3,768 | 941,435 | |
IQVIA Holdings, Inc.(c) | 4,514 | 954,440 | |
Mettler-Toledo International, Inc.(c) | 660 | 922,409 | |
Revvity, Inc.(b) | 8,841 | 927,067 | |
Thermo Fisher Scientific, Inc. | 1,679 | 928,487 | |
Waters Corp.(b)(c) | 3,257 | 944,921 | |
West Pharmaceutical Services, Inc. | 2,882 | 949,302 | |
10,310,390 | |||
Managed Health Care–0.99% | |||
Centene Corp.(c) | 13,936 | 923,957 | |
Elevance Health, Inc. | 1,796 | 973,180 | |
Humana, Inc. | 2,676 | 999,887 | |
Molina Healthcare, Inc.(c) | 3,129 | 930,252 | |
UnitedHealth Group, Inc.(b) | 1,933 | 984,400 | |
4,811,676 | |||
Metal, Glass & Plastic Containers–0.18% | |||
Ball Corp. | 14,552 | 873,411 | |
Movies & Entertainment–0.81% | |||
Live Nation Entertainment, Inc.(b)(c) | 10,824 | 1,014,642 | |
Netflix, Inc.(c) | 1,435 | 968,453 | |
Walt Disney Co. (The) | 9,608 | 953,978 |
Shares | Value | ||
Movies & Entertainment–(continued) | |||
Warner Bros. Discovery, Inc.(c) | 132,668 | $987,050 | |
3,924,123 | |||
Multi-Family Residential REITs–1.21% | |||
AvalonBay Communities, Inc. | 4,757 | 984,176 | |
Camden Property Trust(b) | 8,891 | 970,097 | |
Equity Residential | 14,399 | 998,427 | |
Essex Property Trust, Inc. | 3,448 | 938,545 | |
Mid-America Apartment Communities, Inc.(b) | 6,895 | 983,296 | |
UDR, Inc.(b) | 23,847 | 981,304 | |
5,855,845 | |||
Multi-line Insurance–0.20% | |||
American International Group, Inc. | 13,083 | 971,282 | |
Multi-Sector Holdings–0.20% | |||
Berkshire Hathaway, Inc., Class B(c) | 2,369 | 963,709 | |
Multi-Utilities–1.98% | |||
Ameren Corp. | 13,699 | 974,136 | |
CenterPoint Energy, Inc.(b) | 31,137 | 964,624 | |
CMS Energy Corp. | 16,103 | 958,611 | |
Consolidated Edison, Inc. | 10,571 | 945,259 | |
Dominion Energy, Inc.(b) | 19,047 | 933,303 | |
DTE Energy Co. | 8,565 | 950,801 | |
NiSource, Inc. | 34,098 | 982,363 | |
Public Service Enterprise Group, Inc.(b) | 13,223 | 974,535 | |
Sempra | 12,644 | 961,703 | |
WEC Energy Group, Inc. | 12,180 | 955,643 | |
9,600,978 | |||
Office REITs–0.20% | |||
BXP, Inc.(b) | 15,583 | 959,290 | |
Oil & Gas Equipment & Services–0.64% | |||
Baker Hughes Co., Class A | 30,896 | 1,086,612 | |
Halliburton Co. | 29,178 | 985,633 | |
Schlumberger N.V. | 22,338 | 1,053,907 | |
3,126,152 | |||
Oil & Gas Exploration & Production–1.84% | |||
APA Corp.(b) | 34,527 | 1,016,475 | |
ConocoPhillips | 8,781 | 1,004,371 | |
Coterra Energy, Inc. | 35,935 | 958,386 | |
Devon Energy Corp. | 21,083 | 999,334 | |
Diamondback Energy, Inc.(b) | 5,165 | 1,033,981 | |
EOG Resources, Inc. | 8,124 | 1,022,568 | |
EQT Corp.(b) | 24,416 | 902,904 | |
Hess Corp. | 6,696 | 987,794 | |
Marathon Oil Corp. | 35,185 | 1,008,754 | |
8,934,567 | |||
Oil & Gas Refining & Marketing–0.61% | |||
Marathon Petroleum Corp. | 5,648 | 979,815 | |
Phillips 66 | 7,024 | 991,578 | |
Valero Energy Corp. | 6,400 | 1,003,264 | |
2,974,657 | |||
Oil & Gas Storage & Transportation–0.83% | |||
Kinder Morgan, Inc. | 49,032 | 974,266 | |
ONEOK, Inc.(b) | 12,298 | 1,002,902 | |
Targa Resources Corp. | 8,072 | 1,039,512 |
6 | Invesco V.I. Equally-Weighted S&P 500 Fund |
Shares | Value | ||
Oil & Gas Storage & Transportation–(continued) | |||
Williams Cos., Inc. (The) | 23,332 | $991,610 | |
4,008,290 | |||
Other Specialized REITs–0.40% | |||
Iron Mountain, Inc.(b) | 10,913 | 978,023 | |
VICI Properties, Inc.(b) | 33,954 | 972,443 | |
1,950,466 | |||
Other Specialty Retail–0.56% | |||
Bath & Body Works, Inc. | 22,204 | 867,066 | |
Tractor Supply Co.(b) | 3,427 | 925,290 | |
Ulta Beauty, Inc.(c) | 2,457 | 948,083 | |
2,740,439 | |||
Packaged Foods & Meats–2.38% | |||
Campbell Soup Co.(b) | 21,837 | 986,814 | |
Conagra Brands, Inc. | 33,894 | 963,267 | |
General Mills, Inc. | 14,665 | 927,708 | |
Hershey Co. (The) | 5,137 | 944,335 | |
Hormel Foods Corp. | 31,515 | 960,892 | |
J.M. Smucker Co. (The) | 8,608 | 938,616 | |
Kellanova | 16,700 | 963,256 | |
Kraft Heinz Co. (The)(b) | 29,665 | 955,806 | |
Lamb Weston Holdings, Inc.(b) | 11,072 | 930,934 | |
McCormick & Co., Inc. | 14,169 | 1,005,149 | |
Mondelez International, Inc., Class A | 14,586 | 954,508 | |
Tyson Foods, Inc., Class A | 17,798 | 1,016,978 | |
11,548,263 | |||
Paper & Plastic Packaging Products & Materials–0.97% | |||
Amcor PLC | 96,441 | 943,193 | |
Avery Dennison Corp.(b) | 4,240 | 927,076 | |
International Paper Co.(b) | 21,399 | 923,367 | |
Packaging Corp. of America(b) | 5,258 | 959,900 | |
WestRock Co. | 19,342 | 972,129 | |
4,725,665 | |||
Passenger Airlines–0.78% | |||
American Airlines Group, Inc.(b)(c) | 85,154 | 964,795 | |
Delta Air Lines, Inc. | 19,716 | 935,327 | |
Southwest Airlines Co.(b) | 33,846 | 968,334 | |
United Airlines Holdings, Inc.(b)(c) | 19,331 | 940,646 | |
3,809,102 | |||
Passenger Ground Transportation–0.21% | |||
Uber Technologies, Inc.(c) | 13,711 | 996,516 | |
Personal Care Products–0.38% | |||
Estee Lauder Cos., Inc. (The), Class A | 8,433 | 897,271 | |
Kenvue, Inc. | 53,157 | 966,394 | |
1,863,665 | |||
Pharmaceuticals–1.60% | |||
Bristol-Myers Squibb Co.(b) | 23,315 | 968,272 | |
Catalent, Inc.(c) | 17,313 | 973,510 | |
Eli Lilly and Co. | 1,094 | 990,486 | |
Johnson & Johnson | 6,600 | 964,656 | |
Merck & Co., Inc. | 7,417 | 918,225 | |
Pfizer, Inc. | 34,891 | 976,250 | |
Viatris, Inc. | 94,449 | 1,003,993 |
Shares | Value | ||
Pharmaceuticals–(continued) | |||
Zoetis, Inc.(b) | 5,632 | $976,363 | |
7,771,755 | |||
Property & Casualty Insurance–2.00% | |||
Allstate Corp. (The) | 6,116 | 976,481 | |
Arch Capital Group Ltd.(c) | 9,876 | 996,390 | |
Assurant, Inc. | 5,802 | 964,582 | |
Chubb Ltd. | 3,702 | 944,306 | |
Cincinnati Financial Corp. | 8,555 | 1,010,345 | |
Hartford Financial Services Group, Inc. (The) | 9,657 | 970,915 | |
Loews Corp. | 13,018 | 972,965 | |
Progressive Corp. (The) | 4,710 | 978,314 | |
Travelers Cos., Inc. (The) | 4,667 | 948,988 | |
W.R. Berkley Corp.(b) | 12,291 | 965,827 | |
9,729,113 | |||
Publishing–0.20% | |||
News Corp., Class A | 27,112 | 747,478 | |
News Corp., Class B | 8,179 | 232,202 | |
979,680 | |||
Rail Transportation–0.60% | |||
CSX Corp. | 29,849 | 998,449 | |
Norfolk Southern Corp. | 4,369 | 937,980 | |
Union Pacific Corp. | 4,326 | 978,801 | |
2,915,230 | |||
Real Estate Services–0.40% | |||
CBRE Group, Inc., Class A(c) | 11,054 | 985,022 | |
CoStar Group, Inc.(b)(c) | 12,993 | 963,301 | |
1,948,323 | |||
Regional Banks–1.06% | |||
Citizens Financial Group, Inc. | 28,193 | 1,015,794 | |
Huntington Bancshares, Inc. | 77,652 | 1,023,454 | |
M&T Bank Corp. | 6,756 | 1,022,588 | |
Regions Financial Corp. | 51,504 | 1,032,140 | |
Truist Financial Corp.(b) | 27,126 | 1,053,845 | |
5,147,821 | |||
Reinsurance–0.21% | |||
Everest Group Ltd. | 2,613 | 995,605 | |
Research & Consulting Services–0.80% | |||
Equifax, Inc. | 3,975 | 963,779 | |
Jacobs Solutions, Inc. | 6,951 | 971,124 | |
Leidos Holdings, Inc. | 6,684 | 975,062 | |
Verisk Analytics, Inc. | 3,633 | 979,275 | |
3,889,240 | |||
Restaurants–1.17% | |||
Chipotle Mexican Grill, Inc.(c) | 14,700 | 920,955 | |
Darden Restaurants, Inc.(b) | 6,456 | 976,922 | |
Domino’s Pizza, Inc.(b) | 1,843 | 951,596 | |
McDonald’s Corp.(b) | 3,787 | 965,079 | |
Starbucks Corp. | 12,060 | 938,871 | |
Yum! Brands, Inc.(b) | 7,022 | 930,134 | |
5,683,557 | |||
Retail REITs–1.00% | |||
Federal Realty Investment Trust(b) | 9,492 | 958,407 | |
Kimco Realty Corp.(b) | 51,229 | 996,916 |
7 | Invesco V.I. Equally-Weighted S&P 500 Fund |
Shares | Value | ||
Retail REITs–(continued) | |||
Realty Income Corp.(b) | 17,997 | $950,602 | |
Regency Centers Corp. | 15,550 | 967,210 | |
Simon Property Group, Inc.(b) | 6,454 | 979,717 | |
4,852,852 | |||
Self-Storage REITs–0.40% | |||
Extra Space Storage, Inc.(b) | 6,135 | 953,440 | |
Public Storage(b) | 3,392 | 975,709 | |
1,929,149 | |||
Semiconductor Materials & Equipment–0.96% | |||
Applied Materials, Inc. | 4,052 | 956,232 | |
Enphase Energy, Inc.(b)(c) | 7,708 | 768,565 | |
KLA Corp. | 1,165 | 960,554 | |
Lam Research Corp. | 927 | 987,116 | |
Teradyne, Inc.(b) | 6,622 | 981,976 | |
4,654,443 | |||
Semiconductors–2.89% | |||
Advanced Micro Devices, Inc.(c) | 6,017 | 976,018 | |
Analog Devices, Inc. | 4,155 | 948,420 | |
Broadcom, Inc. | 553 | 887,858 | |
First Solar, Inc.(c) | 3,510 | 791,365 | |
Intel Corp. | 31,546 | 976,980 | |
Microchip Technology, Inc. | 10,515 | 962,123 | |
Micron Technology, Inc. | 6,795 | 893,746 | |
Monolithic Power Systems, Inc. | 1,192 | 979,443 | |
NVIDIA Corp. | 7,284 | 899,865 | |
NXP Semiconductors N.V. (China) | 3,572 | 961,189 | |
ON Semiconductor Corp.(c) | 13,346 | 914,868 | |
Qorvo, Inc.(c) | 8,547 | 991,794 | |
QUALCOMM, Inc. | 4,461 | 888,542 | |
Skyworks Solutions, Inc.(b) | 9,204 | 980,962 | |
Texas Instruments, Inc. | 4,953 | 963,507 | |
14,016,680 | |||
Single-Family Residential REITs–0.20% | |||
Invitation Homes, Inc. | 27,057 | 971,076 | |
Soft Drinks & Non-alcoholic Beverages–0.80% | |||
Coca-Cola Co. (The) | 15,356 | 977,409 | |
Keurig Dr Pepper, Inc. | 28,218 | 942,481 | |
Monster Beverage Corp.(c) | 19,999 | 998,950 | |
PepsiCo, Inc. | 5,864 | 967,150 | |
3,885,990 | |||
Specialty Chemicals–1.56% | |||
Albemarle Corp.(b) | 9,279 | 886,330 | |
Celanese Corp.(b) | 6,891 | 929,527 | |
DuPont de Nemours, Inc. | 12,059 | 970,629 | |
Eastman Chemical Co. | 9,653 | 945,705 | |
Ecolab, Inc. | 4,001 | 952,238 | |
International Flavors & Fragrances, Inc. | 10,161 | 967,429 | |
PPG Industries, Inc. | 7,543 | 949,588 | |
Sherwin-Williams Co. (The) | 3,235 | 965,421 | |
7,566,867 | |||
Steel–0.41% | |||
Nucor Corp. | 6,210 | 981,677 | |
Steel Dynamics, Inc. | 7,958 | 1,030,561 | |
2,012,238 |
Shares | Value | ||
Systems Software–1.42% | |||
CrowdStrike Holdings, Inc., Class A(c) | 2,491 | $954,526 | |
Fortinet, Inc.(c) | 15,804 | 952,507 | |
Gen Digital, Inc.(b) | 39,383 | 983,787 | |
Microsoft Corp. | 2,170 | 969,882 | |
Oracle Corp.(b) | 6,954 | 981,905 | |
Palo Alto Networks, Inc.(c) | 3,027 | 1,026,183 | |
ServiceNow, Inc.(c) | 1,318 | 1,036,831 | |
6,905,621 | |||
Technology Distributors–0.20% | |||
CDW Corp. | 4,303 | 963,184 | |
Technology Hardware, Storage & Peripherals–1.37% | |||
Apple, Inc.(e) | 4,520 | 952,002 | |
Hewlett Packard Enterprise Co. | 44,469 | 941,409 | |
HP, Inc. | 27,049 | 947,256 | |
NetApp, Inc.(b) | 7,612 | 980,426 | |
Seagate Technology Holdings PLC | 9,248 | 955,041 | |
Super Micro Computer, Inc.(c) | 1,138 | 932,420 | |
Western Digital Corp.(c) | 12,295 | 931,592 | |
6,640,146 | |||
Telecom Tower REITs–0.59% | |||
American Tower Corp.(b) | 4,875 | 947,603 | |
Crown Castle, Inc. | 9,693 | 947,006 | |
SBA Communications Corp., Class A | 4,901 | 962,066 | |
2,856,675 | |||
Timber REITs–0.19% | |||
Weyerhaeuser Co. | 33,123 | 940,362 | |
Tobacco–0.40% | |||
Altria Group, Inc.(b) | 21,674 | 987,251 | |
Philip Morris International, Inc. | 9,398 | 952,299 | |
1,939,550 | |||
Trading Companies & Distributors–0.60% | |||
Fastenal Co.(b) | 15,234 | 957,305 | |
United Rentals, Inc.(b) | 1,559 | 1,008,252 | |
W.W. Grainger, Inc. | 1,060 | 956,374 | |
2,921,931 | |||
Transaction & Payment Processing Services–1.59% | |||
Corpay, Inc.(b)(c) | 3,847 | 1,024,879 | |
Fidelity National Information Services, Inc.(b) | 12,545 | 945,391 | |
Fiserv, Inc.(c) | 6,449 | 961,159 | |
Global Payments, Inc. | 10,201 | 986,437 | |
Jack Henry & Associates, Inc.(b) | 5,945 | 986,989 | |
Mastercard, Inc., Class A | 2,160 | 952,906 | |
PayPal Holdings, Inc.(c) | 15,842 | 919,311 | |
Visa, Inc., Class A(b) | 3,548 | 931,243 | |
7,708,315 | |||
Water Utilities–0.20% | |||
American Water Works Co., Inc.(b) | 7,428 | 959,401 | |
Wireless Telecommunication Services–0.20% | |||
T-Mobile US, Inc.(b) | 5,457 | 961,414 | |
Total Common Stocks & Other Equity Interests (Cost $270,384,700) | 483,858,760 |
8 | Invesco V.I. Equally-Weighted S&P 500 Fund |
Shares | Value | ||
Money Market Funds–0.35% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(d)(f) | 593,979 | $593,979 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(d)(f) | 424,044 | 424,172 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(d)(f) | 678,833 | 678,833 | |
Total Money Market Funds (Cost $1,696,984) | 1,696,984 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $272,081,684) | 485,555,744 |
Shares | Value | ||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–19.78% | |||
Invesco Private Government Fund, 5.31%(d)(f)(g) | 26,795,890 | $26,795,890 | |
Invesco Private Prime Fund, 5.48%(d)(f)(g) | 69,265,801 | 69,286,580 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $96,082,470) | 96,082,470 | ||
TOTAL INVESTMENTS IN SECURITIES–119.78% (Cost $368,164,154) | 581,638,214 | ||
OTHER ASSETS LESS LIABILITIES—(19.78)% | (96,069,409) | ||
NET ASSETS–100.00% | $485,568,805 |
REIT | – Real Estate Investment Trust |
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at June 30, 2024. |
(c) | Non-income producing security. |
(d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Invesco Ltd. | $1,021,072 | $144,259 | $(10,966) | $(162,777) | $(4,662) | $986,926 | $24,014 |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | 5,003,261 | 6,222,695 | (10,631,977) | - | - | 593,979 | 50,197 |
Invesco Liquid Assets Portfolio, Institutional Class | 3,574,047 | 4,444,782 | (7,594,004) | (492) | (161) | 424,172 | 37,196 |
Invesco Treasury Portfolio, Institutional Class | 5,718,013 | 7,111,650 | (12,150,830) | - | - | 678,833 | 57,242 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | 36,384,697 | 206,258,057 | (215,846,864) | - | - | 26,795,890 | 903,232* |
Invesco Private Prime Fund | 98,559,389 | 452,354,642 | (481,584,228) | (18,466) | (24,757) | 69,286,580 | 2,386,473* |
Total | $150,260,479 | $676,536,085 | $(727,818,869) | $(181,735) | $(29,580) | $98,766,380 | $3,458,354 |
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1J. |
(f) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(g) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I. |
Open Futures Contracts | |||||
Long Futures Contracts | Number of Contracts | Expiration Month | Notional Value | Value | Unrealized Appreciation (Depreciation) |
Equity Risk | |||||
E-mini S&P 500 Equal Weights Index | 15 | September-2024 | $2,017,050 | $(11,450) | $(11,450) |
9 | Invesco V.I. Equally-Weighted S&P 500 Fund |
Assets: | |
Investments in unaffiliated securities, at value (Cost $269,476,325)* | $482,871,834 |
Investments in affiliates, at value (Cost $98,687,829) | 98,766,380 |
Receivable for: | |
Fund shares sold | 73,615 |
Dividends | 560,587 |
Investment for trustee deferred compensation and retirement plans | 57,642 |
Other assets | 3,721 |
Total assets | 582,333,779 |
Liabilities: | |
Other investments: | |
Variation margin payable — futures contracts | 4,500 |
Payable for: | |
Fund shares reacquired | 283,350 |
Amount due custodian | 987 |
Collateral upon return of securities loaned | 96,082,470 |
Accrued fees to affiliates | 281,322 |
Accrued other operating expenses | 48,354 |
Trustee deferred compensation and retirement plans | 63,991 |
Total liabilities | 96,764,974 |
Net assets applicable to shares outstanding | $485,568,805 |
Net assets consist of: | |
Shares of beneficial interest | $240,997,564 |
Distributable earnings | 244,571,241 |
$485,568,805 | |
Net Assets: | |
Series I | $65,126,857 |
Series II | $420,441,948 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 2,366,428 |
Series II | 15,929,889 |
Series I: | |
Net asset value per share | $27.52 |
Series II: | |
Net asset value per share | $26.39 |
* | At June 30, 2024, securities with an aggregate value of $94,228,741 were on loan to brokers. |
Investment income: | |
Dividends (net of foreign withholding taxes of $1,177) | $4,545,408 |
Dividends from affiliates (includes net securities lending income of $78,490) | 247,139 |
Total investment income | 4,792,547 |
Expenses: | |
Advisory fees | 287,999 |
Administrative services fees | 394,035 |
Custodian fees | 11,390 |
Distribution fees - Series II | 520,103 |
Transfer agent fees | 11,029 |
Trustees’ and officers’ fees and benefits | 14,713 |
Licensing fees | 44,765 |
Reports to shareholders | 21,427 |
Professional services fees | 23,733 |
Other | 1,833 |
Total expenses | 1,331,027 |
Less: Fees waived | (3,293) |
Net expenses | 1,327,734 |
Net investment income | 3,464,813 |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | 14,133,930 |
Affiliated investment securities | (29,580) |
Futures contracts | 857,752 |
14,962,102 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | 4,664,883 |
Affiliated investment securities | (181,735) |
Futures contracts | (188,305) |
4,294,843 | |
Net realized and unrealized gain | 19,256,945 |
Net increase in net assets resulting from operations | $22,721,758 |
10 | Invesco V.I. Equally-Weighted S&P 500 Fund |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income | $3,464,813 | $7,036,427 |
Net realized gain | 14,962,102 | 10,857,479 |
Change in net unrealized appreciation | 4,294,843 | 40,067,216 |
Net increase in net assets resulting from operations | 22,721,758 | 57,961,122 |
Distributions to shareholders from distributable earnings: | ||
Series I | — | (4,990,842) |
Series II | — | (34,229,986) |
Total distributions from distributable earnings | — | (39,220,828) |
Share transactions–net: | ||
Series I | 2,215,017 | (1,977,033) |
Series II | (11,488,868) | 8,415,276 |
Net increase (decrease) in net assets resulting from share transactions | (9,273,851) | 6,438,243 |
Net increase in net assets | 13,447,907 | 25,178,537 |
Net assets: | ||
Beginning of period | 472,120,898 | 446,942,361 |
End of period | $485,568,805 | $472,120,898 |
11 | Invesco V.I. Equally-Weighted S&P 500 Fund |
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Ratio of net investment income to average net assets | Portfolio turnover (c) | |
Series I | ||||||||||||||
Six months ended 06/30/24 | $26.22 | $0.22 | $1.08 | $1.30 | $— | $— | $— | $27.52 | 4.96% | $65,127 | 0.34%(d) | 0.34%(d) | 1.66%(d) | 12% |
Year ended 12/31/23 | 25.47 | 0.46 | 2.63 | 3.09 | (0.37) | (1.97) | (2.34) | 26.22 | 13.71 | 59,792 | 0.34 | 0.34 | 1.76 | 20 |
Year ended 12/31/22 | 30.96 | 0.42 | (4.13) | (3.71) | (0.28) | (1.50) | (1.78) | 25.47 | (11.81) | 59,253 | 0.32 | 0.32 | 1.56 | 32 |
Year ended 12/31/21 | 24.24 | 0.31 | 6.75 | 7.06 | (0.34) | — | (0.34) | 30.96 | 29.17 | 36,788 | 0.35 | 0.35 | 1.10 | 23 |
Year ended 12/31/20 | 22.14 | 0.41 | 2.33 | 2.74 | (0.31) | (0.33) | (0.64) | 24.24 | 12.74(e) | 30,438 | 0.33 | 0.33 | 2.00 | 34 |
Year ended 12/31/19 | 17.80 | 0.34 | 4.73 | 5.07 | (0.35) | (0.38) | (0.73) | 22.14 | 28.79 | 31,327 | 0.35 | 0.35 | 1.71 | 39 |
Series II | ||||||||||||||
Six months ended 06/30/24 | 25.18 | 0.18 | 1.03 | 1.21 | — | — | — | 26.39 | 4.81 | 420,442 | 0.59(d) | 0.59(d) | 1.41(d) | 12 |
Year ended 12/31/23 | 24.54 | 0.38 | 2.54 | 2.92 | (0.31) | (1.97) | (2.28) | 25.18 | 13.48 | 412,329 | 0.59 | 0.59 | 1.51 | 20 |
Year ended 12/31/22 | 29.92 | 0.35 | (4.01) | (3.66) | (0.22) | (1.50) | (1.72) | 24.54 | (12.06) | 387,689 | 0.57 | 0.57 | 1.31 | 32 |
Year ended 12/31/21 | 23.45 | 0.24 | 6.52 | 6.76 | (0.29) | — | (0.29) | 29.92 | 28.88 | 394,782 | 0.60 | 0.60 | 0.85 | 23 |
Year ended 12/31/20 | 21.46 | 0.35 | 2.24 | 2.59 | (0.27) | (0.33) | (0.60) | 23.45 | 12.41(e) | 293,602 | 0.58 | 0.58 | 1.75 | 34 |
Year ended 12/31/19 | 17.29 | 0.29 | 4.57 | 4.86 | (0.31) | (0.38) | (0.69) | 21.46 | 28.46 | 248,057 | 0.60 | 0.60 | 1.46 | 39 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the year ended December 31, 2022, the portfolio turnover calculation excludes the value of securities purchased of $20,974,156 and sold of $41,844,757 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco V.I. S&P 500 Index Fund into the Fund. |
(d) | Annualized. |
(e) | Amount includes the effect of the Adviser pay-in for an economic loss as a result of delay in rebalancing to the index that occurred on April 24, 2020. Had the pay-in not been made, the total return would have been 11.35% and 10.98% for Series I and Series II shares, respectively. |
12 | Invesco V.I. Equally-Weighted S&P 500 Fund |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
13 | Invesco V.I. Equally-Weighted S&P 500 Fund |
B. | Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of |
14 | Invesco V.I. Equally-Weighted S&P 500 Fund |
compensation to counterparties, are included in Dividends from affiliates on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities. |
J. | Futures Contracts — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties ("Counterparties") to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities. |
K. | Leverage Risk — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction. |
L. | Collateral —To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions. |
Average Daily Net Assets | Rate |
First $2 billion | 0.120% |
Over $2 billion | 0.100% |
15 | Invesco V.I. Equally-Weighted S&P 500 Fund |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Common Stocks & Other Equity Interests | $483,858,760 | $— | $— | $483,858,760 |
Money Market Funds | 1,696,984 | 96,082,470 | — | 97,779,454 |
Total Investments in Securities | 485,555,744 | 96,082,470 | — | 581,638,214 |
Other Investments - Liabilities* | ||||
Futures Contracts | (11,450) | — | — | (11,450) |
Total Investments | $485,544,294 | $96,082,470 | $— | $581,626,764 |
* | Unrealized appreciation (depreciation). |
Value | |
Derivative Liabilities | Equity Risk |
Unrealized depreciation on futures contracts —Exchange-Traded(a) | $(11,450) |
Derivatives not subject to master netting agreements | 11,450 |
Total Derivative Liabilities subject to master netting agreements | $— |
(a) | The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities. |
Location of Gain (Loss) on Statement of Operations | |
Equity Risk | |
Realized Gain: | |
Futures contracts | $857,752 |
Change in Net Unrealized Appreciation (Depreciation): | |
Futures contracts | (188,305) |
Total | $669,447 |
16 | Invesco V.I. Equally-Weighted S&P 500 Fund |
Futures Contracts | |
Average notional value | $4,851,830 |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $216,187,160 |
Aggregate unrealized (depreciation) of investments | (8,646,680) |
Net unrealized appreciation of investments | $207,540,480 |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 277,481 | $7,385,686 | 97,371 | $2,534,224 | |
Series II | 463,343 | 12,071,702 | 1,206,263 | 30,397,430 | |
Issued as reinvestment of dividends: | |||||
Series I | - | - | 222,874 | 4,990,022 | |
Series II | - | - | 1,591,334 | 34,229,531 | |
Reacquired: | |||||
Series I | (191,636) | (5,170,669) | (366,279) | (9,501,279) | |
Series II | (911,910) | (23,560,570) | (2,214,542) | (56,211,685) | |
Net increase (decrease) in share activity | (362,722) | $(9,273,851) | 537,021 | $6,438,243 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 85% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
17 | Invesco V.I. Equally-Weighted S&P 500 Fund |
B. | Fund Investment Performance |
18 | Invesco V.I. Equally-Weighted S&P 500 Fund |
C. | Advisory and Sub-Advisory Fees and Fund Expenses |
D. | Economies of Scale and Breakpoints |
E. | Profitability and Financial Resources |
F. | Collateral Benefits to Invesco Advisers and its Affiliates |
19 | Invesco V.I. Equally-Weighted S&P 500 Fund |
20 | Invesco V.I. Equally-Weighted S&P 500 Fund |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
21 | Invesco V.I. Equally-Weighted S&P 500 Fund |
22 | Invesco V.I. Equally-Weighted S&P 500 Fund |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/imgd9e852df1.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | VK-VIEQI-NCSRS |
Shares | Value | ||
Common Stocks & Other Equity Interests–63.51% | |||
Aerospace & Defense–1.51% | |||
RTX Corp. | 129,949 | $13,045,580 | |
Textron, Inc. | 84,088 | 7,219,796 | |
20,265,376 | |||
Air Freight & Logistics–0.95% | |||
FedEx Corp. | 42,472 | 12,734,805 | |
Apparel Retail–0.48% | |||
TJX Cos., Inc. (The) | 58,503 | 6,441,180 | |
Application Software–0.70% | |||
Salesforce, Inc. | 36,852 | 9,474,649 | |
Asset Management & Custody Banks–0.76% | |||
KKR & Co., Inc., Class A | 96,537 | 10,159,554 | |
Automobile Manufacturers–0.78% | |||
General Motors Co. | 224,504 | 10,430,456 | |
Broadline Retail–1.74% | |||
Amazon.com, Inc.(b) | 120,826 | 23,349,625 | |
Building Products–1.24% | |||
Johnson Controls International PLC | 251,209 | 16,697,862 | |
Cable & Satellite–0.43% | |||
Comcast Corp., Class A | 148,504 | 5,815,417 | |
Cargo Ground Transportation–0.55% | |||
J.B. Hunt Transport Services, Inc. | 46,508 | 7,441,280 | |
Casinos & Gaming–0.54% | |||
Las Vegas Sands Corp. | 164,449 | 7,276,868 | |
Communications Equipment–0.64% | |||
Cisco Systems, Inc. | 182,618 | 8,676,181 | |
Consumer Finance–0.65% | |||
American Express Co. | 37,744 | 8,739,623 | |
Distributors–0.58% | |||
Genuine Parts Co. | 56,888 | 7,868,748 | |
Diversified Banks–5.42% | |||
Bank of America Corp. | 726,865 | 28,907,421 | |
PNC Financial Services Group, Inc. (The) | 81,953 | 12,742,053 | |
Wells Fargo & Co. | 526,477 | 31,267,469 | |
72,916,943 | |||
Electric Utilities–1.96% | |||
American Electric Power Co., Inc. | 105,818 | 9,284,471 | |
FirstEnergy Corp. | 183,439 | 7,020,211 | |
PPL Corp. | 366,641 | 10,137,624 | |
26,442,306 | |||
Electrical Components & Equipment–0.73% | |||
Emerson Electric Co. | 88,579 | 9,757,863 |
Shares | Value | ||
Electronic Equipment & Instruments–0.68% | |||
Zebra Technologies Corp., Class A(b) | 29,825 | $9,213,837 | |
Electronic Manufacturing Services–0.56% | |||
TE Connectivity Ltd. | 50,424 | 7,585,282 | |
Fertilizers & Agricultural Chemicals–0.47% | |||
Corteva, Inc. | 117,203 | 6,321,930 | |
Food Distributors–1.57% | |||
Sysco Corp. | 168,465 | 12,026,716 | |
US Foods Holding Corp.(b) | 170,851 | 9,051,686 | |
21,078,402 | |||
Gold–0.43% | |||
Barrick Gold Corp. (Canada) | 344,559 | 5,747,244 | |
Health Care Equipment–1.38% | |||
GE HealthCare Technologies, Inc. | 74,789 | 5,827,559 | |
Medtronic PLC | 162,672 | 12,803,913 | |
18,631,472 | |||
Health Care Services–0.96% | |||
Cigna Group (The) | 20,232 | 6,688,092 | |
CVS Health Corp. | 105,827 | 6,250,143 | |
12,938,235 | |||
Industrial Machinery & Supplies & Components–1.74% | |||
Parker-Hannifin Corp. | 33,970 | 17,182,365 | |
Stanley Black & Decker, Inc.(c) | 77,857 | 6,219,996 | |
23,402,361 | |||
Insurance Brokers–1.06% | |||
Willis Towers Watson PLC | 54,555 | 14,301,048 | |
Integrated Oil & Gas–4.14% | |||
Chevron Corp. | 87,618 | 13,705,208 | |
Exxon Mobil Corp. | 197,264 | 22,709,032 | |
Shell PLC (United Kingdom) | 251,772 | 9,030,548 | |
Suncor Energy, Inc. (Canada) | 270,594 | 10,315,030 | |
55,759,818 | |||
Interactive Media & Services–2.99% | |||
Alphabet, Inc., Class A | 145,191 | 26,446,541 | |
Meta Platforms, Inc., Class A | 27,487 | 13,859,495 | |
40,306,036 | |||
Investment Banking & Brokerage–2.02% | |||
Charles Schwab Corp. (The) | 183,525 | 13,523,957 | |
Goldman Sachs Group, Inc. (The) | 30,202 | 13,660,969 | |
27,184,926 | |||
IT Consulting & Other Services–0.64% | |||
Cognizant Technology Solutions Corp., Class A | 127,562 | 8,674,216 | |
Managed Health Care–1.86% | |||
Centene Corp.(b) | 100,524 | 6,664,741 | |
Elevance Health, Inc. | 12,779 | 6,924,429 |
2 | Invesco V.I. Equity and Income Fund |
Shares | Value | ||
Managed Health Care–(continued) | |||
Humana, Inc. | 28,071 | $10,488,729 | |
UnitedHealth Group, Inc. | 1,858 | 946,205 | |
25,024,104 | |||
Movies & Entertainment–0.83% | |||
Walt Disney Co. (The) | 113,082 | 11,227,912 | |
Multi-line Insurance–1.06% | |||
American International Group, Inc. | 191,460 | 14,213,990 | |
Oil & Gas Exploration & Production–1.15% | |||
ConocoPhillips | 135,264 | 15,471,496 | |
Oil & Gas Refining & Marketing–0.47% | |||
Phillips 66 | 44,833 | 6,329,075 | |
Packaged Foods & Meats–0.67% | |||
Kraft Heinz Co. (The) | 279,037 | 8,990,572 | |
Pharmaceuticals–4.47% | |||
Bristol-Myers Squibb Co. | 201,863 | 8,383,370 | |
GSK PLC | 309,114 | 5,945,564 | |
Johnson & Johnson | 110,763 | 16,189,120 | |
Merck & Co., Inc. | 88,362 | 10,939,216 | |
Pfizer, Inc. | 235,837 | 6,598,719 | |
Sanofi S.A. | 125,561 | 12,109,496 | |
60,165,485 | |||
Property & Casualty Insurance–0.62% | |||
Allstate Corp. (The) | 52,366 | 8,360,756 | |
Rail Transportation–1.55% | |||
CSX Corp. | 315,074 | 10,539,225 | |
Norfolk Southern Corp. | 48,372 | 10,384,985 | |
20,924,210 | |||
Real Estate Services–1.23% | |||
CBRE Group, Inc., Class A(b) | 186,095 | 16,582,925 | |
Regional Banks–0.96% | |||
Citizens Financial Group, Inc. | 358,134 | 12,903,568 | |
Semiconductor Materials & Equipment–0.59% | |||
Lam Research Corp. | 7,444 | 7,926,743 | |
Semiconductors–2.78% | |||
Intel Corp. | 259,556 | 8,038,449 | |
Microchip Technology, Inc. | 60,605 | 5,545,358 | |
Micron Technology, Inc. | 104,549 | 13,751,330 | |
NXP Semiconductors N.V. (China) | 37,254 | 10,024,679 | |
37,359,816 | |||
Specialty Chemicals–1.22% | |||
DuPont de Nemours, Inc. | 115,730 | 9,315,107 | |
PPG Industries, Inc. | 56,130 | 7,066,206 | |
16,381,313 | |||
Systems Software–1.16% | |||
Oracle Corp. | 110,265 | 15,569,418 | |
Tobacco–1.19% | |||
Philip Morris International, Inc. | 157,988 | 16,008,924 |
Shares | Value | ||
Trading Companies & Distributors–0.93% | |||
Ferguson PLC | 64,865 | $12,561,107 | |
Transaction & Payment Processing Services–1.61% | |||
Fidelity National Information Services, Inc. | 103,254 | 7,781,221 | |
Fiserv, Inc.(b) | 93,389 | 13,918,697 | |
21,699,918 | |||
Wireless Telecommunication Services–0.86% | |||
T-Mobile US, Inc. | 65,687 | 11,572,736 | |
Total Common Stocks & Other Equity Interests (Cost $622,562,417) | 854,907,611 | ||
Principal Amount | |||
U.S. Dollar Denominated Bonds & Notes–21.26% | |||
Advertising–0.04% | |||
Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026 | $550,000 | 532,322 | |
WPP Finance 2010 (United Kingdom), 3.75%, 09/19/2024 | 4,000 | 3,978 | |
536,300 | |||
Aerospace & Defense–0.45% | |||
BAE Systems Holdings, Inc. (United Kingdom), 3.85%, 12/15/2025(d) | 3,000 | 2,927 | |
BAE Systems PLC (United Kingdom), | |||
5.00%, 03/26/2027(d) | 311,000 | 308,802 | |
5.13%, 03/26/2029(d) | 200,000 | 199,158 | |
5.30%, 03/26/2034(d) | 200,000 | 198,242 | |
5.50%, 03/26/2054(c)(d) | 298,000 | 291,582 | |
Boeing Co. (The), 5.81%, 05/01/2050 | 1,625,000 | 1,465,524 | |
L3Harris Technologies, Inc., | |||
5.40%, 07/31/2033 | 3,000 | 2,992 | |
5.60%, 07/31/2053 | 3,000 | 2,978 | |
Lockheed Martin Corp., | |||
3.55%, 01/15/2026 | 1,355,000 | 1,322,918 | |
5.10%, 11/15/2027 | 4,000 | 4,029 | |
4.50%, 02/15/2029 | 64,000 | 63,044 | |
4.75%, 02/15/2034 | 11,000 | 10,715 | |
4.80%, 08/15/2034 | 97,000 | 94,762 | |
4.15%, 06/15/2053 | 643,000 | 519,253 | |
5.90%, 11/15/2063 | 3,000 | 3,151 | |
5.20%, 02/15/2064 | 525,000 | 496,822 | |
Northrop Grumman Corp., 4.95%, 03/15/2053 | 3,000 | 2,701 | |
RTX Corp., | |||
5.00%, 02/27/2026 | 3,000 | 2,987 | |
5.75%, 01/15/2029 | 28,000 | 28,758 | |
6.00%, 03/15/2031 | 15,000 | 15,631 | |
5.15%, 02/27/2033 | 18,000 | 17,821 | |
6.10%, 03/15/2034 | 37,000 | 38,966 | |
4.45%, 11/16/2038 | 308,000 | 272,145 | |
6.40%, 03/15/2054 | 580,000 | 632,845 | |
5,998,753 | |||
Agricultural & Farm Machinery–0.01% | |||
AGCO Corp., | |||
5.45%, 03/21/2027 | 26,000 | 26,070 | |
5.80%, 03/21/2034 | 66,000 | 65,779 |
3 | Invesco V.I. Equity and Income Fund |
Principal Amount | Value | ||
Agricultural & Farm Machinery–(continued) | |||
Cargill, Inc., | |||
4.88%, 10/10/2025(d) | $3,000 | $2,988 | |
4.75%, 04/24/2033(d) | 3,000 | 2,922 | |
CNH Industrial Capital LLC, 5.45%, 10/14/2025 | 3,000 | 2,999 | |
John Deere Capital Corp., | |||
4.55%, 10/11/2024 | 7,000 | 6,989 | |
4.70%, 06/10/2030 | 25,000 | 24,765 | |
132,512 | |||
Agricultural Products & Services–0.02% | |||
Ingredion, Inc., 6.63%, 04/15/2037 | 232,000 | 253,442 | |
Air Freight & Logistics–0.04% | |||
FedEx Corp., 4.90%, 01/15/2034(c) | 402,000 | 391,695 | |
United Parcel Service, Inc., 3.40%, 11/15/2046 | 240,000 | 177,911 | |
569,606 | |||
Alternative Carriers–0.41% | |||
Liberty Latin America Ltd. (Puerto Rico), Conv., 2.00%, 07/15/2024 | 2,743,000 | 2,731,274 | |
Match Group Financeco 2, Inc., Conv., 0.88%, 06/15/2026(d) | 1,583,000 | 1,439,503 | |
Match Group Financeco 3, Inc., Conv., 2.00%, 01/15/2030(d) | 1,560,000 | 1,287,099 | |
5,457,876 | |||
Apparel, Accessories & Luxury Goods–0.00% | |||
Tapestry, Inc., 7.05%, 11/27/2025 | 39,000 | 39,665 | |
Application Software–0.66% | |||
Constellation Software, Inc. (Canada), 5.46%, 02/16/2034(d) | 49,000 | 49,036 | |
Dropbox, Inc., Conv., 0.00%, 03/01/2026(e) | 5,339,000 | 4,997,304 | |
Envestnet, Inc., Conv., 2.63%, 12/01/2027 | 2,188,000 | 2,355,382 | |
Intuit, Inc., | |||
5.20%, 09/15/2033 | 31,000 | 31,141 | |
5.50%, 09/15/2053 | 21,000 | 21,115 | |
Salesforce, Inc., 2.70%, 07/15/2041 | 1,413,000 | 989,555 | |
Workday, Inc., | |||
3.50%, 04/01/2027 | 528,000 | 505,245 | |
3.70%, 04/01/2029 | 3,000 | 2,815 | |
8,951,593 | |||
Asset Management & Custody Banks–0.30% | |||
Ameriprise Financial, Inc., | |||
5.70%, 12/15/2028 | 52,000 | 53,269 | |
4.50%, 05/13/2032 | 3,000 | 2,894 | |
5.15%, 05/15/2033 | 20,000 | 20,043 | |
Ares Capital Corp., 5.88%, 03/01/2029 | 49,000 | 48,312 |
Principal Amount | Value | ||
Asset Management & Custody Banks–(continued) | |||
Bank of New York Mellon Corp. (The), | |||
4.41%, 07/24/2026(f) | $5,000 | $4,945 | |
4.54%, 02/01/2029(f) | 9,000 | 8,826 | |
4.98%, 03/14/2030(f) | 35,000 | 34,798 | |
5.83%, 10/25/2033(f) | 5,000 | 5,179 | |
4.71%, 02/01/2034(f) | 5,000 | 4,785 | |
5.19%, 03/14/2035(f) | 26,000 | 25,674 | |
Series J, 4.97%, 04/26/2034(f) | 12,000 | 11,712 | |
Series I, 3.75%(f)(g) | 5,000 | 4,626 | |
BlackRock, Inc., 4.75%, 05/25/2033 | 1,362,000 | 1,336,222 | |
Blackstone Secured Lending Fund, 2.13%, 02/15/2027 | 89,000 | 80,400 | |
Brookfield Corp. (Canada), 4.00%, 01/15/2025 | 448,000 | 443,662 | |
KKR Group Finance Co. III LLC, 5.13%, 06/01/2044(d) | 372,000 | 336,060 | |
KKR Group Finance Co. XII LLC, 4.85%, 05/17/2032(c)(d) | 1,364,000 | 1,311,206 | |
Northern Trust Corp., 6.13%, 11/02/2032 | 3,000 | 3,152 | |
State Street Corp., | |||
4.99%, 03/18/2027 | 200,000 | 199,808 | |
5.68%, 11/21/2029(f) | 86,000 | 88,023 | |
4.82%, 01/26/2034(f) | 3,000 | 2,900 | |
6.12%, 11/21/2034(f) | 47,000 | 48,839 | |
4,075,335 | |||
Automobile Manufacturers–0.39% | |||
American Honda Finance Corp., | |||
4.95%, 01/09/2026 | 207,000 | 205,969 | |
4.70%, 01/12/2028 | 7,000 | 6,935 | |
4.60%, 04/17/2030 | 3,000 | 2,942 | |
4.90%, 01/10/2034 | 43,000 | 41,744 | |
Daimler Truck Finance North America LLC (Germany), 5.15%, 01/16/2026(d) | 150,000 | 149,252 | |
Ford Motor Credit Co. LLC, | |||
6.80%, 11/07/2028 | 200,000 | 206,732 | |
7.12%, 11/07/2033 | 204,000 | 215,686 | |
General Motors Co., 6.60%, 04/01/2036 | 377,000 | 394,704 | |
Honda Motor Co. Ltd. (Japan), 2.97%, 03/10/2032(c) | 1,138,000 | 998,884 | |
Hyundai Capital America, | |||
5.50%, 03/30/2026(d) | 11,000 | 10,994 | |
5.65%, 06/26/2026(d) | 19,000 | 19,053 | |
5.25%, 01/08/2027(d) | 116,000 | 115,565 | |
5.30%, 03/19/2027(d) | 182,000 | 181,603 | |
5.60%, 03/30/2028(d) | 16,000 | 16,114 | |
5.35%, 03/19/2029(d) | 37,000 | 36,954 | |
5.80%, 04/01/2030(d) | 3,000 | 3,056 | |
Mercedes-Benz Finance North America LLC (Germany), | |||
4.90%, 01/09/2026(d) | 523,000 | 520,752 | |
4.80%, 01/11/2027(c)(d) | 493,000 | 490,395 | |
5.10%, 08/03/2028(d) | 217,000 | 217,589 | |
4.85%, 01/11/2029(d) | 119,000 | 118,301 | |
PACCAR Financial Corp., | |||
4.95%, 10/03/2025 | 6,000 | 5,979 | |
4.60%, 01/10/2028 | 7,000 | 6,935 |
4 | Invesco V.I. Equity and Income Fund |
Principal Amount | Value | ||
Automobile Manufacturers–(continued) | |||
Toyota Motor Credit Corp., 4.63%, 01/12/2028 | $3,000 | $2,973 | |
Volkswagen Group of America Finance LLC (Germany), | |||
5.40%, 03/20/2026(d) | 549,000 | 547,873 | |
5.30%, 03/22/2027(d) | 354,000 | 354,213 | |
5.25%, 03/22/2029(d) | 200,000 | 198,790 | |
5.60%, 03/22/2034(d) | 200,000 | 198,952 | |
5,268,939 | |||
Automotive Parts & Equipment–0.01% | |||
ERAC USA Finance LLC, | |||
4.60%, 05/01/2028(d) | 14,000 | 13,784 | |
5.00%, 02/15/2029(d) | 53,000 | 52,880 | |
4.90%, 05/01/2033(d) | 18,000 | 17,526 | |
5.20%, 10/30/2034(d) | 76,000 | 75,294 | |
159,484 | |||
Automotive Retail–0.00% | |||
Advance Auto Parts, Inc., 5.95%, 03/09/2028 | 39,000 | 38,707 | |
AutoZone, Inc., | |||
5.05%, 07/15/2026 | 17,000 | 16,941 | |
5.20%, 08/01/2033 | 15,000 | 14,774 | |
70,422 | |||
Biotechnology–1.24% | |||
AbbVie, Inc., | |||
4.80%, 03/15/2027 | 338,000 | 336,567 | |
4.80%, 03/15/2029 | 101,000 | 100,631 | |
5.05%, 03/15/2034 | 123,000 | 122,687 | |
4.50%, 05/14/2035 | 694,000 | 654,914 | |
4.05%, 11/21/2039 | 300,000 | 260,723 | |
5.35%, 03/15/2044 | 48,000 | 47,482 | |
4.85%, 06/15/2044 | 264,000 | 244,666 | |
5.40%, 03/15/2054 | 124,000 | 122,703 | |
5.50%, 03/15/2064 | 97,000 | 95,833 | |
Alnylam Pharmaceuticals, Inc., Conv., 1.00%, 09/15/2027 | 3,310,000 | 3,574,800 | |
Amgen, Inc., | |||
5.25%, 03/02/2025 | 750,000 | 748,600 | |
5.15%, 03/02/2028 | 15,000 | 15,000 | |
5.25%, 03/02/2030 | 3,000 | 3,023 | |
5.65%, 03/02/2053 | 12,000 | 11,826 | |
Gilead Sciences, Inc., | |||
3.65%, 03/01/2026 | 2,615,000 | 2,542,983 | |
5.25%, 10/15/2033 | 30,000 | 30,233 | |
5.55%, 10/15/2053 | 11,000 | 10,991 | |
Halozyme Therapeutics, Inc., Conv., 0.25%, 03/01/2027 | 4,655,000 | 4,460,933 | |
Jazz Investments I Ltd., Conv., 2.00%, 06/15/2026 | 3,385,000 | 3,263,986 | |
16,648,581 | |||
Brewers–0.19% | |||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), | |||
4.70%, 02/01/2036 | 959,000 | 914,687 | |
4.90%, 02/01/2046 | 538,000 | 496,333 |
Principal Amount | Value | ||
Brewers–(continued) | |||
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 8.20%, 01/15/2039 | $3,000 | $3,820 | |
Heineken N.V. (Netherlands), 3.50%, 01/29/2028(d) | 945,000 | 901,249 | |
Molson Coors Beverage Co., 4.20%, 07/15/2046 | 377,000 | 301,743 | |
2,617,832 | |||
Broadline Retail–0.02% | |||
Amazon.com, Inc., | |||
4.80%, 12/05/2034 | 9,000 | 8,949 | |
2.88%, 05/12/2041 | 406,000 | 298,675 | |
307,624 | |||
Building Products–0.03% | |||
Carrier Global Corp., | |||
5.90%, 03/15/2034 | 12,000 | 12,530 | |
6.20%, 03/15/2054 | 409,000 | 438,292 | |
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 2.00%, 09/16/2031 | 3,000 | 2,428 | |
453,250 | |||
Cable & Satellite–1.01% | |||
Cable One, Inc., | |||
Conv., 0.00%, 03/15/2026(e) | 5,466,000 | 4,810,080 | |
1.13%, 03/15/2028 | 2,850,000 | 2,129,745 | |
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., | |||
4.91%, 07/23/2025 | 128,000 | 126,807 | |
6.15%, 11/10/2026 | 132,000 | 133,312 | |
6.65%, 02/01/2034 | 53,000 | 53,565 | |
Comcast Corp., | |||
3.15%, 03/01/2026 | 1,101,000 | 1,064,780 | |
4.15%, 10/15/2028 | 935,000 | 905,401 | |
5.50%, 11/15/2032 | 3,000 | 3,069 | |
3.90%, 03/01/2038 | 756,000 | 641,066 | |
2.89%, 11/01/2051 | 352,000 | 219,788 | |
2.94%, 11/01/2056 | 265,000 | 159,988 | |
2.65%, 08/15/2062 | 3,000 | 1,634 | |
Cox Communications, Inc., | |||
5.70%, 06/15/2033(d) | 3,000 | 2,985 | |
2.95%, 10/01/2050(d) | 202,000 | 120,332 | |
5.80%, 12/15/2053(d) | 58,000 | 55,307 | |
Liberty Broadband Corp., Conv., 3.13%, 04/06/2026(d)(h) | 3,270,000 | 3,144,588 | |
13,572,447 | |||
Cargo Ground Transportation–0.01% | |||
Penske Truck Leasing Co. L.P./PTL Finance Corp., | |||
5.75%, 05/24/2026(d) | 3,000 | 3,009 | |
5.35%, 01/12/2027(d) | 9,000 | 8,986 | |
5.70%, 02/01/2028(d) | 3,000 | 3,028 | |
5.55%, 05/01/2028(d) | 12,000 | 12,089 | |
6.05%, 08/01/2028(d) | 20,000 | 20,491 | |
6.20%, 06/15/2030(d) | 3,000 | 3,124 |
5 | Invesco V.I. Equity and Income Fund |
Principal Amount | Value | ||
Cargo Ground Transportation–(continued) | |||
Ryder System, Inc., 6.60%, 12/01/2033 | $26,000 | $27,778 | |
78,505 | |||
Commercial & Residential Mortgage Finance–0.09% | |||
Aviation Capital Group LLC, | |||
4.88%, 10/01/2025(d) | 709,000 | 699,882 | |
6.25%, 04/15/2028(d) | 10,000 | 10,207 | |
6.75%, 10/25/2028(d) | 43,000 | 44,832 | |
Nationwide Building Society (United Kingdom), | |||
6.56%, 10/18/2027(d)(f) | 200,000 | 204,143 | |
3.96%, 07/18/2030(d)(f) | 150,000 | 138,848 | |
Radian Group, Inc., 6.20%, 05/15/2029 | 91,000 | 91,930 | |
1,189,842 | |||
Commodity Chemicals–0.03% | |||
LYB Finance Co. B.V. (Netherlands), 8.10%, 03/15/2027(d) | 339,000 | 358,971 | |
Communications Equipment–0.03% | |||
Cisco Systems, Inc., 5.30%, 02/26/2054 | 353,000 | 345,988 | |
Motorola Solutions, Inc., 4.60%, 02/23/2028 | 3,000 | 2,951 | |
348,939 | |||
Computer & Electronics Retail–0.06% | |||
Dell International LLC/EMC Corp., | |||
6.02%, 06/15/2026 | 791,000 | 799,573 | |
8.35%, 07/15/2046 | 2,000 | 2,532 | |
Leidos, Inc., | |||
2.30%, 02/15/2031 | 3,000 | 2,473 | |
5.75%, 03/15/2033 | 3,000 | 3,028 | |
807,606 | |||
Construction Machinery & Heavy Transportation Equipment– 0.02% | |||
Cummins, Inc., | |||
4.90%, 02/20/2029 | 31,000 | 30,969 | |
5.15%, 02/20/2034 | 43,000 | 43,062 | |
5.45%, 02/20/2054 | 62,000 | 60,857 | |
Komatsu Finance America, Inc., 5.50%, 10/06/2027(d) | 200,000 | 201,800 | |
336,688 | |||
Consumer Finance–0.11% | |||
American Express Co., 3.63%, 12/05/2024 | 324,000 | 321,444 | |
Capital One Financial Corp., | |||
7.15%, 10/29/2027(f) | 31,000 | 32,046 | |
6.31%, 06/08/2029(f) | 16,000 | 16,376 | |
7.62%, 10/30/2031(f) | 26,000 | 28,632 | |
6.38%, 06/08/2034(f) | 13,000 | 13,345 | |
General Motors Financial Co., Inc., | |||
6.05%, 10/10/2025 | 5,000 | 5,020 | |
5.25%, 03/01/2026 | 480,000 | 477,596 | |
5.40%, 04/06/2026 | 4,000 | 3,993 | |
Synchrony Financial, | |||
4.25%, 08/15/2024 | 3,000 | 2,993 | |
3.95%, 12/01/2027 | 556,000 | 519,497 | |
1,420,942 |
Principal Amount | Value | ||
Consumer Staples Merchandise Retail–0.14% | |||
Dollar General Corp., | |||
4.25%, 09/20/2024 | $1,810,000 | $1,803,238 | |
5.50%, 11/01/2052 | 3,000 | 2,826 | |
Target Corp., | |||
4.50%, 09/15/2032 | 3,000 | 2,894 | |
4.80%, 01/15/2053 | 3,000 | 2,721 | |
Walmart, Inc., 4.50%, 04/15/2053 | 21,000 | 18,602 | |
1,830,281 | |||
Distillers & Vintners–0.00% | |||
Brown-Forman Corp., 4.75%, 04/15/2033 | 4,000 | 3,917 | |
Constellation Brands, Inc., 4.90%, 05/01/2033 | 3,000 | 2,898 | |
6,815 | |||
Distributors–0.00% | |||
Genuine Parts Co., | |||
6.50%, 11/01/2028 | 23,000 | 24,125 | |
6.88%, 11/01/2033 | 37,000 | 40,648 | |
64,773 | |||
Diversified Banks–2.21% | |||
Australia and New Zealand Banking Group Ltd. (Australia), | |||
5.09%, 12/08/2025 | 250,000 | 249,735 | |
5.00%, 03/18/2026 | 551,000 | 549,722 | |
6.75%(d)(f)(g) | 425,000 | 427,893 | |
Banco Santander S.A. (Spain), | |||
6.53%, 11/07/2027(f) | 200,000 | 204,646 | |
5.55%, 03/14/2028(f) | 200,000 | 199,691 | |
5.54%, 03/14/2030(f) | 200,000 | 198,570 | |
Bank of America Corp., | |||
3.37%, 01/23/2026(f) | 3,000 | 2,959 | |
3.25%, 10/21/2027 | 525,000 | 496,716 | |
4.95%, 07/22/2028(f) | 3,000 | 2,977 | |
5.20%, 04/25/2029(f) | 24,000 | 23,968 | |
4.27%, 07/23/2029(f) | 2,000 | 1,927 | |
5.82%, 09/15/2029(f) | 44,000 | 44,929 | |
2.57%, 10/20/2032(f) | 874,000 | 724,729 | |
4.57%, 04/27/2033(f) | 3,000 | 2,830 | |
5.02%, 07/22/2033(f) | 3,000 | 2,934 | |
5.29%, 04/25/2034(f) | 23,000 | 22,772 | |
5.47%, 01/23/2035(f) | 37,000 | 36,976 | |
2.48%, 09/21/2036(f) | 3,000 | 2,394 | |
7.75%, 05/14/2038 | 115,000 | 136,827 | |
Bank of America N.A., 5.53%, 08/18/2026 | 458,000 | 461,340 | |
Bank of Montreal (Canada), | |||
5.30%, 06/05/2026 | 10,000 | 9,995 | |
7.70%, 05/26/2084(f) | 299,000 | 306,143 | |
Bank of Nova Scotia (The) (Canada), | |||
8.63%, 10/27/2082(f) | 246,000 | 258,334 | |
8.00%, 01/27/2084(f) | 286,000 | 296,058 | |
Barclays PLC (United Kingdom), 6.69%, 09/13/2034(f) | 200,000 | 212,140 | |
BBVA Bancomer S.A. (Mexico), 8.13%, 01/08/2039(d)(f) | 200,000 | 202,668 |
6 | Invesco V.I. Equity and Income Fund |
Principal Amount | Value | ||
Diversified Banks–(continued) | |||
BPCE S.A. (France), | |||
5.93% (SOFR + 0.57%), 01/14/2025(d)(i) | $250,000 | $250,288 | |
4.50%, 03/15/2025(d) | 184,000 | 181,574 | |
5.20%, 01/18/2027(d) | 250,000 | 249,282 | |
5.72%, 01/18/2030(d)(f) | 253,000 | 252,569 | |
6.51%, 01/18/2035(d)(f) | 250,000 | 250,441 | |
Citigroup, Inc., | |||
4.00%, 08/05/2024 | 60,000 | 59,880 | |
5.61%, 09/29/2026(f) | 10,000 | 9,997 | |
3.67%, 07/24/2028(f) | 511,000 | 487,247 | |
4.08%, 04/23/2029(f) | 4,000 | 3,836 | |
5.17%, 02/13/2030(f) | 61,000 | 60,657 | |
6.17%, 05/25/2034(f) | 27,000 | 27,473 | |
5.83%, 02/13/2035(f) | 170,000 | 168,301 | |
6.68%, 09/13/2043 | 741,000 | 809,598 | |
5.30%, 05/06/2044 | 228,000 | 212,686 | |
4.75%, 05/18/2046 | 356,000 | 305,714 | |
Series AA, 7.63%(f)(g) | 287,000 | 299,536 | |
Series BB, 7.20%(f)(g) | 215,000 | 220,857 | |
Series V, 4.70%(f)(g) | 140,000 | 137,179 | |
Citizens Bank N.A., 6.06%, 10/24/2025(f) | 358,000 | 357,835 | |
Comerica, Inc., 5.98%, 01/30/2030(f) | 31,000 | 30,552 | |
Commonwealth Bank of Australia (Australia), 3.31%, 03/11/2041(d) | 200,000 | 145,918 | |
Credit Agricole S.A. (France), | |||
4.38%, 03/17/2025(d) | 304,000 | 300,503 | |
5.34%, 01/10/2030(d)(f) | 267,000 | 264,225 | |
6.25%, 01/10/2035(d)(f) | 250,000 | 251,665 | |
Danske Bank A/S (Denmark), 1.55%, 09/10/2027(d)(f) | 200,000 | 183,713 | |
Discover Bank, 4.65%, 09/13/2028 | 122,000 | 117,195 | |
Federation des caisses Desjardins du Quebec (Canada), 4.55%, 08/23/2027(d) | 280,000 | 273,678 | |
Fifth Third Bancorp, | |||
2.38%, 01/28/2025 | 3,000 | 2,942 | |
1.71%, 11/01/2027(f) | 3,000 | 2,752 | |
6.34%, 07/27/2029(f) | 3,000 | 3,076 | |
4.77%, 07/28/2030(f) | 4,000 | 3,849 | |
5.63%, 01/29/2032(f) | 11,000 | 10,909 | |
HSBC Holdings PLC (United Kingdom), | |||
2.63%, 11/07/2025(f) | 1,775,000 | 1,754,527 | |
4.04%, 03/13/2028(f) | 135,000 | 130,099 | |
5.21%, 08/11/2028(f) | 205,000 | 203,715 | |
4.58%, 06/19/2029(f) | 183,000 | 176,942 | |
6.33%, 03/09/2044(f) | 256,000 | 267,975 | |
4.60%(f)(g) | 225,000 | 193,401 | |
Huntington National Bank (The), 5.70%, 11/18/2025(f) | 700,000 | 699,013 | |
ING Groep N.V. (Netherlands), | |||
5.34%, 03/19/2030(f) | 200,000 | 199,282 | |
5.55%, 03/19/2035(f) | 234,000 | 231,131 |
Principal Amount | Value | ||
Diversified Banks–(continued) | |||
JPMorgan Chase & Co., | |||
3.20%, 06/15/2026 | $394,000 | $379,468 | |
5.04%, 01/23/2028(f) | 59,000 | 58,692 | |
3.78%, 02/01/2028(f) | 3,000 | 2,891 | |
3.54%, 05/01/2028(f) | 3,000 | 2,864 | |
4.85%, 07/25/2028(f) | 4,000 | 3,960 | |
3.51%, 01/23/2029(f) | 1,058,000 | 1,000,927 | |
5.30%, 07/24/2029(f) | 25,000 | 25,089 | |
6.09%, 10/23/2029(f) | 38,000 | 39,273 | |
5.01%, 01/23/2030(f) | 21,000 | 20,843 | |
4.59%, 04/26/2033(f) | 3,000 | 2,863 | |
5.72%, 09/14/2033(f) | 3,000 | 3,043 | |
6.25%, 10/23/2034(f) | 57,000 | 60,486 | |
5.34%, 01/23/2035(f) | 18,000 | 17,900 | |
4.26%, 02/22/2048(f) | 489,000 | 409,802 | |
3.90%, 01/23/2049(f) | 1,058,000 | 834,187 | |
Series NN, 6.88%(f)(g) | 122,000 | 126,314 | |
JPMorgan Chase Bank N.A., 5.11%, 12/08/2026 | 345,000 | 345,006 | |
KeyCorp, 6.65% (SOFR + 1.25%), 05/23/2025(i) | 15,000 | 14,947 | |
Manufacturers & Traders Trust Co., | |||
5.40%, 11/21/2025 | 359,000 | 357,476 | |
4.70%, 01/27/2028 | 189,000 | 182,285 | |
Mitsubishi UFJ Financial Group, Inc. (Japan), | |||
4.79%, 07/18/2025(f) | 593,000 | 592,661 | |
5.02%, 07/20/2028(f) | 200,000 | 198,955 | |
Mizuho Financial Group, Inc. (Japan), 5.78%, 07/06/2029(f) | 200,000 | 202,740 | |
Morgan Stanley Bank N.A., | |||
5.88%, 10/30/2026 | 250,000 | 253,139 | |
4.95%, 01/14/2028(f) | 399,000 | 396,083 | |
National Securities Clearing Corp., 5.10%, 11/21/2027(d) | 250,000 | 250,594 | |
PNC Bank N.A., 2.50%, 08/27/2024 | 252,000 | 250,772 | |
PNC Financial Services Group, Inc. (The), | |||
5.67%, 10/28/2025(f) | 3,000 | 2,997 | |
6.62%, 10/20/2027(f) | 52,000 | 53,276 | |
3.45%, 04/23/2029 | 689,000 | 639,197 | |
5.58%, 06/12/2029(f) | 26,000 | 26,292 | |
4.63%, 06/06/2033(f) | 4,000 | 3,705 | |
6.04%, 10/28/2033(f) | 3,000 | 3,092 | |
5.07%, 01/24/2034(f) | 3,000 | 2,901 | |
6.88%, 10/20/2034(f) | 447,000 | 487,396 | |
Royal Bank of Canada (Canada), | |||
4.88%, 01/19/2027 | 40,000 | 39,747 | |
4.95%, 02/01/2029 | 14,000 | 13,939 | |
5.00%, 02/01/2033 | 3,000 | 2,959 | |
Societe Generale S.A. (France), | |||
6.07%, 01/19/2035(d)(f) | 200,000 | 198,138 | |
7.13%, 01/19/2055(d)(f) | 212,000 | 203,078 | |
Standard Chartered PLC (United Kingdom), | |||
2.68%, 06/29/2032(d)(f) | 200,000 | 163,606 | |
6.30%, 07/06/2034(d)(f) | 200,000 | 206,351 | |
Sumitomo Mitsui Financial Group, Inc. (Japan), | |||
2.14%, 09/23/2030 | 3,000 | 2,503 | |
6.60%(f)(g) | 234,000 | 233,054 |
7 | Invesco V.I. Equity and Income Fund |
Principal Amount | Value | ||
Diversified Banks–(continued) | |||
Sumitomo Mitsui Trust Bank Ltd. (Japan), | |||
5.65%, 09/14/2026(d) | $200,000 | $201,264 | |
5.20%, 03/07/2027(d) | 226,000 | 226,082 | |
5.55%, 09/14/2028(d) | 203,000 | 207,004 | |
5.20%, 03/07/2029(d) | 200,000 | 201,385 | |
5.35%, 03/07/2034(d) | 200,000 | 200,708 | |
Synovus Bank, 5.63%, 02/15/2028 | 250,000 | 241,644 | |
Toronto-Dominion Bank (The) (Canada), 8.13%, 10/31/2082(f) | 200,000 | 207,772 | |
U.S. Bancorp, | |||
Series W, 3.10%, 04/27/2026 | 2,101,000 | 2,015,790 | |
4.55%, 07/22/2028(f) | 5,000 | 4,889 | |
5.78%, 06/12/2029(f) | 21,000 | 21,324 | |
5.38%, 01/23/2030(f) | 45,000 | 45,130 | |
4.97%, 07/22/2033(f) | 4,000 | 3,774 | |
4.84%, 02/01/2034(f) | 17,000 | 16,124 | |
5.84%, 06/12/2034(f) | 21,000 | 21,302 | |
5.68%, 01/23/2035(f) | 29,000 | 29,123 | |
UBS AG (Switzerland), 5.65%, 09/11/2028 | 200,000 | 203,779 | |
Wells Fargo & Co., | |||
3.55%, 09/29/2025 | 626,000 | 611,347 | |
4.10%, 06/03/2026 | 505,000 | 492,169 | |
3.58%, 05/22/2028(f) | 4,000 | 3,811 | |
5.57%, 07/25/2029(f) | 19,000 | 19,176 | |
6.30%, 10/23/2029(f) | 27,000 | 28,024 | |
5.20%, 01/23/2030(f) | 25,000 | 24,900 | |
5.39%, 04/24/2034(f) | 8,000 | 7,912 | |
5.56%, 07/25/2034(f) | 46,000 | 45,984 | |
6.49%, 10/23/2034(f) | 69,000 | 73,586 | |
5.50%, 01/23/2035(f) | 38,000 | 37,882 | |
4.65%, 11/04/2044 | 647,000 | 546,955 | |
4.61%, 04/25/2053(f) | 4,000 | 3,421 | |
7.63%(f)(g) | 21,000 | 22,415 | |
Wells Fargo Bank N.A., | |||
5.55%, 08/01/2025 | 506,000 | 506,823 | |
4.81%, 01/15/2026 | 250,000 | 248,466 | |
Westpac Banking Corp. (Australia), 6.82%, 11/17/2033 | 88,000 | 94,723 | |
29,802,064 | |||
Diversified Capital Markets–0.15% | |||
SMBC Aviation Capital Finance DAC (Ireland), 5.30%, 04/03/2029(d) | 200,000 | 198,320 | |
UBS Group AG (Switzerland), | |||
4.55%, 04/17/2026 | 154,000 | 151,406 | |
4.75%, 05/12/2028(d)(f) | 205,000 | 200,834 | |
5.43%, 02/08/2030(d)(f) | 200,000 | 199,645 | |
6.30%, 09/22/2034(d)(f) | 200,000 | 208,086 | |
5.70%, 02/08/2035(d)(f) | 200,000 | 199,877 | |
4.38%(d)(f)(g) | 200,000 | 162,711 | |
28/UND, 9.25%(d)(f)(g) | 200,000 | 215,680 | |
31/UND, 7.75%(d)(f)(g) | 229,000 | 234,163 | |
33/UND, 9.25%(d)(f)(g) | 201,000 | 225,601 | |
1,996,323 |
Principal Amount | Value | ||
Diversified Financial Services–0.08% | |||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.85%, 10/29/2041 | $410,000 | $320,934 | |
Apollo Debt Solutions BDC, 6.90%, 04/13/2029(d) | 20,000 | 20,107 | |
Apollo Global Management, Inc., 6.38%, 11/15/2033 | 43,000 | 45,411 | |
Avolon Holdings Funding Ltd. (Ireland), | |||
6.38%, 05/04/2028(d) | 22,000 | 22,351 | |
5.75%, 03/01/2029(d) | 114,000 | 113,401 | |
Blue Owl Technology Finance Corp. II, 6.75%, 04/04/2029(d) | 327,000 | 320,029 | |
Corebridge Financial, Inc., | |||
6.05%, 09/15/2033(d) | 26,000 | 26,682 | |
5.75%, 01/15/2034 | 55,000 | 55,399 | |
Macquarie Airfinance Holdings Ltd. (United Kingdom), | |||
6.40%, 03/26/2029(d) | 47,000 | 47,829 | |
6.50%, 03/26/2031(d) | 56,000 | 57,625 | |
1,029,768 | |||
Diversified Metals & Mining–0.05% | |||
BHP Billiton Finance (USA) Ltd. (Australia), | |||
5.10%, 09/08/2028 | 39,000 | 39,179 | |
5.25%, 09/08/2030 | 26,000 | 26,370 | |
5.25%, 09/08/2033 | 45,000 | 45,049 | |
5.50%, 09/08/2053 | 15,000 | 14,897 | |
Glencore Funding LLC (Australia), | |||
5.37%, 04/04/2029(d) | 84,000 | 83,637 | |
5.63%, 04/04/2034(d) | 153,000 | 150,728 | |
5.89%, 04/04/2054(d) | 61,000 | 58,710 | |
Rio Tinto Finance (USA) Ltd. (Australia), 7.13%, 07/15/2028 | 182,000 | 196,320 | |
614,890 | |||
Diversified REITs–0.14% | |||
Brixmor Operating Partnership L.P., 5.50%, 02/15/2034 | 948,000 | 932,169 | |
CubeSmart L.P., | |||
2.25%, 12/15/2028 | 3,000 | 2,643 | |
2.50%, 02/15/2032(c) | 1,066,000 | 872,799 | |
VICI Properties L.P., | |||
5.75%, 04/01/2034 | 30,000 | 29,739 | |
6.13%, 04/01/2054 | 32,000 | 30,748 | |
1,868,098 | |||
Diversified Support Services–0.00% | |||
Element Fleet Management Corp. (Canada), 6.32%, 12/04/2028(d) | 37,000 | 38,265 | |
Drug Retail–0.05% | |||
CVS Pass-Through Trust, 6.04%, 12/10/2028 | 351,281 | 352,242 | |
Walgreens Boots Alliance, Inc., 4.50%, 11/18/2034(c) | 428,000 | 362,221 | |
714,463 | |||
Electric Utilities–1.53% | |||
AEP Texas, Inc., 3.95%, 06/01/2028(d) | 172,000 | 163,418 |
8 | Invesco V.I. Equity and Income Fund |
Principal Amount | Value | ||
Electric Utilities–(continued) | |||
Alabama Power Co., 5.85%, 11/15/2033 | $9,000 | $9,372 | |
American Electric Power Co., Inc., | |||
5.75%, 11/01/2027 | 4,000 | 4,068 | |
5.20%, 01/15/2029 | 37,000 | 36,811 | |
Connecticut Light and Power Co. (The), 5.25%, 01/15/2053 | 3,000 | 2,874 | |
Consolidated Edison Co. of New York, Inc., | |||
5.50%, 03/15/2034 | 21,000 | 21,339 | |
5.90%, 11/15/2053 | 26,000 | 26,623 | |
Constellation Energy Generation LLC, | |||
6.13%, 01/15/2034 | 9,000 | 9,384 | |
6.50%, 10/01/2053 | 279,000 | 296,424 | |
5.75%, 03/15/2054 | 88,000 | 85,360 | |
Dominion Energy South Carolina, Inc., 6.25%, 10/15/2053 | 11,000 | 11,863 | |
Duke Energy Carolinas LLC, 5.35%, 01/15/2053 | 3,000 | 2,853 | |
Duke Energy Corp., | |||
5.00%, 12/08/2025 | 3,000 | 2,986 | |
4.85%, 01/05/2029 | 39,000 | 38,524 | |
5.00%, 08/15/2052 | 3,000 | 2,609 | |
3.25%, 01/15/2082(f) | 3,000 | 2,702 | |
Duke Energy Indiana LLC, 5.40%, 04/01/2053 | 5,000 | 4,741 | |
Electricite de France S.A. (France), 4.88%, 01/22/2044(d) | 846,000 | 740,813 | |
Enel Finance America LLC (Italy), 2.88%, 07/12/2041(d) | 200,000 | 130,978 | |
Enel Finance International N.V. (Italy), 6.80%, 10/14/2025(d) | 200,000 | 203,211 | |
Evergy Metro, Inc., 4.95%, 04/15/2033 | 3,000 | 2,914 | |
Eversource Energy, | |||
5.00%, 01/01/2027 | 76,000 | 75,414 | |
5.50%, 01/01/2034 | 37,000 | 36,319 | |
Exelon Corp., | |||
5.15%, 03/15/2029 | 48,000 | 47,833 | |
5.45%, 03/15/2034 | 46,000 | 45,697 | |
5.60%, 03/15/2053 | 47,000 | 45,207 | |
FirstEnergy Corp., Conv., 4.00%, 05/01/2026 | 6,407,000 | 6,368,558 | |
FirstEnergy Pennsylvania Electric Co., 5.20%, 04/01/2028(d) | 3,000 | 2,999 | |
Florida Power & Light Co., 4.80%, 05/15/2033 | 3,000 | 2,919 | |
Georgia Power Co., | |||
4.65%, 05/16/2028 | 3,000 | 2,955 | |
4.95%, 05/17/2033 | 3,000 | 2,927 | |
Series B, 3.70%, 01/30/2050 | 350,000 | 258,696 | |
MidAmerican Energy Co., | |||
5.35%, 01/15/2034 | 3,000 | 3,044 | |
5.85%, 09/15/2054 | 12,000 | 12,303 | |
5.30%, 02/01/2055 | 43,000 | 40,982 |
Principal Amount | Value | ||
Electric Utilities–(continued) | |||
National Rural Utilities Cooperative Finance Corp., | |||
4.80%, 02/05/2027 | $274,000 | $272,372 | |
4.85%, 02/07/2029 | 74,000 | 73,582 | |
5.00%, 02/07/2031 | 69,000 | 68,343 | |
2.75%, 04/15/2032 | 1,227,000 | 1,036,035 | |
5.80%, 01/15/2033 | 3,000 | 3,085 | |
7.13%, 09/15/2053(f) | 235,000 | 242,108 | |
NextEra Energy Capital Holdings, Inc., | |||
6.05%, 03/01/2025 | 14,000 | 14,030 | |
5.75%, 09/01/2025 | 1,450,000 | 1,453,653 | |
4.95%, 01/29/2026 | 265,000 | 263,558 | |
3.55%, 05/01/2027 | 530,000 | 506,195 | |
4.63%, 07/15/2027 | 3,000 | 2,952 | |
4.90%, 03/15/2029 | 119,000 | 117,794 | |
5.25%, 03/15/2034 | 128,000 | 125,826 | |
5.55%, 03/15/2054 | 119,000 | 113,965 | |
Niagara Mohawk Power Corp., | |||
5.29%, 01/17/2034(d) | 37,000 | 36,010 | |
5.66%, 01/17/2054(d) | 17,000 | 16,368 | |
Oklahoma Gas and Electric Co., 5.60%, 04/01/2053 | 3,000 | 2,950 | |
Oncor Electric Delivery Co. LLC, 5.65%, 11/15/2033 | 37,000 | 37,973 | |
PacifiCorp, | |||
5.10%, 02/15/2029 | 39,000 | 38,988 | |
5.30%, 02/15/2031 | 35,000 | 34,901 | |
5.45%, 02/15/2034 | 49,000 | 48,424 | |
5.80%, 01/15/2055 | 36,000 | 34,888 | |
PECO Energy Co., 4.90%, 06/15/2033 | 11,000 | 10,781 | |
PPL Capital Funding, Inc., Conv., 2.88%, 03/15/2028 | 6,449,000 | 6,192,652 | |
PPL Electric Utilities Corp., 6.25%, 05/15/2039 | 46,000 | 49,501 | |
Public Service Co. of Colorado, 5.25%, 04/01/2053 | 3,000 | 2,745 | |
Public Service Co. of New Hampshire, 5.35%, 10/01/2033 | 9,000 | 9,057 | |
Public Service Electric and Gas Co., 5.13%, 03/15/2053 | 3,000 | 2,848 | |
San Diego Gas & Electric Co., | |||
5.35%, 04/01/2053 | 21,000 | 19,866 | |
5.55%, 04/15/2054 | 104,000 | 101,776 | |
Sierra Pacific Power Co., 5.90%, 03/15/2054 | 5,000 | 4,982 | |
Southern Co. (The), 5.70%, 10/15/2032 | 3,000 | 3,062 | |
Southwestern Electric Power Co., 5.30%, 04/01/2033 | 3,000 | 2,909 | |
Union Electric Co., 5.20%, 04/01/2034 | 168,000 | 166,901 | |
Virginia Electric and Power Co., | |||
5.00%, 04/01/2033 | 3,000 | 2,922 | |
5.35%, 01/15/2054 | 28,000 | 26,456 | |
Vistra Operations Co. LLC, 6.95%, 10/15/2033(d) | 23,000 | 24,633 | |
Xcel Energy, Inc., | |||
4.60%, 06/01/2032 | 3,000 | 2,807 | |
3.50%, 12/01/2049 | 964,000 | 653,811 | |
20,567,429 |
9 | Invesco V.I. Equity and Income Fund |
Principal Amount | Value | ||
Electrical Components & Equipment–0.02% | |||
Regal Rexnord Corp., 6.30%, 02/15/2030 | $3,000 | $3,068 | |
Rockwell Automation, Inc., 1.75%, 08/15/2031 | 307,000 | 247,908 | |
250,976 | |||
Environmental & Facilities Services–0.01% | |||
Republic Services, Inc., | |||
4.88%, 04/01/2029 | 40,000 | 39,687 | |
5.00%, 12/15/2033 | 36,000 | 35,259 | |
5.00%, 04/01/2034 | 3,000 | 2,938 | |
Veralto Corp., | |||
5.50%, 09/18/2026(d) | 48,000 | 48,021 | |
5.35%, 09/18/2028(d) | 37,000 | 37,168 | |
5.45%, 09/18/2033(d) | 21,000 | 20,970 | |
184,043 | |||
Financial Exchanges & Data–0.01% | |||
Intercontinental Exchange, Inc., | |||
4.60%, 03/15/2033 | 3,000 | 2,868 | |
4.95%, 06/15/2052 | 3,000 | 2,726 | |
5.20%, 06/15/2062 | 3,000 | 2,800 | |
Nasdaq, Inc., | |||
5.35%, 06/28/2028 | 3,000 | 3,028 | |
5.55%, 02/15/2034 | 4,000 | 4,008 | |
5.95%, 08/15/2053 | 169,000 | 170,941 | |
6.10%, 06/28/2063 | 3,000 | 3,055 | |
S&P Global, Inc., | |||
2.90%, 03/01/2032 | 3,000 | 2,594 | |
3.90%, 03/01/2062 | 3,000 | 2,237 | |
194,257 | |||
Food Distributors–0.11% | |||
Sysco Corp., 3.75%, 10/01/2025(c) | 1,500,000 | 1,468,805 | |
Food Retail–0.01% | |||
Alimentation Couche-Tard, Inc. (Canada), | |||
5.27%, 02/12/2034(d) | 64,000 | 63,092 | |
5.62%, 02/12/2054(d) | 23,000 | 22,743 | |
85,835 | |||
Gas Utilities–0.00% | |||
Atmos Energy Corp., | |||
5.90%, 11/15/2033 | 12,000 | 12,537 | |
6.20%, 11/15/2053 | 7,000 | 7,547 | |
Piedmont Natural Gas Co., Inc., 5.40%, 06/15/2033 | 11,000 | 11,030 | |
Southwest Gas Corp., 5.45%, 03/23/2028 | 3,000 | 3,024 | |
34,138 | |||
Health Care Distributors–0.01% | |||
Cardinal Health, Inc., 5.45%, 02/15/2034 | 37,000 | 36,853 | |
Cencora, Inc., 5.13%, 02/15/2034 | 39,000 | 38,306 | |
McKesson Corp., 5.10%, 07/15/2033 | 3,000 | 2,995 | |
78,154 |
Principal Amount | Value | ||
Health Care Equipment–0.44% | |||
Alcon Finance Corp. (Switzerland), 5.38%, 12/06/2032(d) | $200,000 | $200,501 | |
Becton, Dickinson and Co., 4.88%, 05/15/2044 | 428,000 | 367,539 | |
Boston Scientific Corp., 1.90%, 06/01/2025 | 1,000,000 | 967,575 | |
Integra LifeSciences Holdings Corp., Conv., 0.50%, 08/15/2025 | 4,244,000 | 4,011,622 | |
Medtronic, Inc., 4.38%, 03/15/2035 | 249,000 | 234,646 | |
Smith & Nephew PLC (United Kingdom), | |||
5.15%, 03/20/2027 | 52,000 | 51,838 | |
5.40%, 03/20/2034 | 133,000 | 130,990 | |
5,964,711 | |||
Health Care Facilities–0.00% | |||
HCA, Inc., 5.90%, 06/01/2053 | 16,000 | 15,594 | |
UPMC, | |||
5.04%, 05/15/2033 | 17,000 | 16,631 | |
5.38%, 05/15/2043 | 8,000 | 8,052 | |
40,277 | |||
Health Care REITs–0.16% | |||
Alexandria Real Estate Equities, Inc., | |||
2.95%, 03/15/2034 | 3,000 | 2,431 | |
5.25%, 05/15/2036 | 25,000 | 24,077 | |
5.63%, 05/15/2054 | 118,000 | 110,741 | |
Healthcare Realty Holdings L.P., | |||
3.50%, 08/01/2026 | 3,000 | 2,875 | |
2.00%, 03/15/2031 | 3,000 | 2,365 | |
Welltower OP LLC, Conv., 2.75%, 05/15/2028(d) | 1,733,000 | 2,063,149 | |
2,205,638 | |||
Health Care Services–0.13% | |||
Cigna Group (The), 4.80%, 08/15/2038 | 307,000 | 282,282 | |
CommonSpirit Health, | |||
5.32%, 12/01/2034 | 129,000 | 126,708 | |
5.55%, 12/01/2054 | 41,000 | 40,334 | |
CVS Health Corp., | |||
3.38%, 08/12/2024 | 361,000 | 359,960 | |
5.00%, 01/30/2029 | 10,000 | 9,901 | |
5.25%, 01/30/2031 | 3,000 | 2,967 | |
5.30%, 06/01/2033 | 12,000 | 11,733 | |
6.00%, 06/01/2063 | 3,000 | 2,876 | |
Fresenius Medical Care US Finance III, Inc. (Germany), 1.88%, 12/01/2026(d) | 150,000 | 136,749 | |
NXP B.V./NXP Funding LLC (China), 5.35%, 03/01/2026 | 676,000 | 674,533 | |
Piedmont Healthcare, Inc., 2.86%, 01/01/2052 | 18,000 | 11,453 | |
Providence St. Joseph Health Obligated Group, Series 21-A, 2.70%, 10/01/2051 | 21,000 | 12,451 | |
Quest Diagnostics, Inc., 6.40%, 11/30/2033 | 21,000 | 22,488 | |
1,694,435 | |||
Health Care Supplies–0.29% | |||
Haemonetics Corp., Conv., 2.50%, 06/01/2029(d) | 1,562,000 | 1,537,789 |
10 | Invesco V.I. Equity and Income Fund |
Principal Amount | Value | ||
Health Care Supplies–(continued) | |||
Medtronic Global Holdings S.C.A., 4.50%, 03/30/2033 | $6,000 | $5,771 | |
Merit Medical Systems, Inc., Conv., 3.00%, 02/01/2029(d) | 1,444,000 | 1,693,090 | |
Solventum Corp., | |||
5.45%, 02/25/2027(d) | 100,000 | 99,923 | |
5.40%, 03/01/2029(d) | 193,000 | 192,450 | |
5.60%, 03/23/2034(d) | 265,000 | 260,388 | |
5.90%, 04/30/2054(d) | 47,000 | 44,957 | |
6.00%, 05/15/2064(d) | 128,000 | 121,583 | |
3,955,951 | |||
Home Improvement Retail–0.20% | |||
Home Depot, Inc. (The), | |||
5.13%, 04/30/2025(c) | 2,200,000 | 2,196,377 | |
4.90%, 04/15/2029 | 41,000 | 41,084 | |
Lowe’s Cos., Inc., | |||
3.35%, 04/01/2027 | 3,000 | 2,863 | |
5.00%, 04/15/2033 | 3,000 | 2,956 | |
4.25%, 04/01/2052 | 497,000 | 390,888 | |
5.75%, 07/01/2053 | 3,000 | 2,958 | |
5.85%, 04/01/2063 | 21,000 | 20,490 | |
2,657,616 | |||
Hotels, Resorts & Cruise Lines–0.48% | |||
Airbnb, Inc., Conv., 0.00%, 03/15/2026(e) | 6,957,000 | 6,365,102 | |
Marriott International, Inc., | |||
4.88%, 05/15/2029 | 25,000 | 24,690 | |
5.30%, 05/15/2034 | 41,000 | 40,271 | |
6,430,063 | |||
Industrial Conglomerates–0.15% | |||
Honeywell International, Inc., | |||
4.88%, 09/01/2029 | 116,000 | 116,211 | |
4.95%, 09/01/2031 | 131,000 | 131,195 | |
4.50%, 01/15/2034(c) | 1,463,000 | 1,405,108 | |
5.00%, 03/01/2035 | 89,000 | 88,270 | |
5.25%, 03/01/2054 | 88,000 | 85,454 | |
5.35%, 03/01/2064 | 176,000 | 170,982 | |
1,997,220 | |||
Industrial Machinery & Supplies & Components–0.22% | |||
Caterpillar Financial Services Corp., 5.15%, 08/11/2025 | 73,000 | 72,892 | |
Ingersoll Rand, Inc., | |||
5.40%, 08/14/2028 | 3,000 | 3,029 | |
5.70%, 08/14/2033 | 19,000 | 19,433 | |
John Bean Technologies Corp., Conv., 0.25%, 05/15/2026 | 3,157,000 | 2,906,334 | |
Nordson Corp., | |||
5.60%, 09/15/2028 | 3,000 | 3,038 | |
5.80%, 09/15/2033 | 12,000 | 12,321 | |
nVent Finance S.a.r.l. (United Kingdom), 5.65%, 05/15/2033 | 12,000 | 11,957 | |
3,029,004 | |||
Industrial REITs–0.00% | |||
LXP Industrial Trust, | |||
6.75%, 11/15/2028 | 19,000 | 19,716 | |
2.38%, 10/01/2031 | 3,000 | 2,398 | |
22,114 |
Principal Amount | Value | ||
Insurance Brokers–0.01% | |||
Arthur J. Gallagher & Co., 6.75%, 02/15/2054 | $21,000 | $23,144 | |
Marsh & McLennan Cos., Inc., | |||
5.40%, 09/15/2033 | 24,000 | 24,503 | |
5.45%, 03/15/2053 | 3,000 | 2,923 | |
5.70%, 09/15/2053 | 22,000 | 22,239 | |
72,809 | |||
Integrated Oil & Gas–0.32% | |||
BP Capital Markets America, Inc., | |||
4.81%, 02/13/2033 | 4,000 | 3,880 | |
4.89%, 09/11/2033 | 12,000 | 11,675 | |
2.94%, 06/04/2051 | 991,000 | 629,623 | |
Chevron Corp., 2.95%, 05/16/2026 | 952,000 | 916,313 | |
Exxon Mobil Corp., | |||
2.71%, 03/06/2025 | 549,000 | 539,301 | |
3.04%, 03/01/2026 | 1,098,000 | 1,062,585 | |
Gray Oak Pipeline LLC, 2.60%, 10/15/2025(d) | 4,000 | 3,842 | |
Occidental Petroleum Corp., | |||
6.45%, 09/15/2036 | 51,000 | 53,302 | |
4.63%, 06/15/2045 | 11,000 | 8,753 | |
Shell International Finance B.V., 3.25%, 05/11/2025 | 1,098,000 | 1,078,576 | |
4,307,850 | |||
Integrated Telecommunication Services–0.22% | |||
AT&T, Inc., | |||
4.30%, 02/15/2030 | 318,000 | 304,747 | |
2.55%, 12/01/2033 | 3,000 | 2,386 | |
5.40%, 02/15/2034 | 15,000 | 15,007 | |
3.55%, 09/15/2055 | 157,000 | 105,936 | |
3.80%, 12/01/2057 | 255,000 | 178,294 | |
Telefonica Emisiones S.A. (Spain), 5.21%, 03/08/2047 | 700,000 | 618,710 | |
Verizon Communications, Inc., | |||
3.38%, 02/15/2025 | 1,284,000 | 1,266,558 | |
2.36%, 03/15/2032 | 3,000 | 2,454 | |
3.40%, 03/22/2041 | 561,000 | 429,247 | |
2,923,339 | |||
Interactive Home Entertainment–0.03% | |||
Electronic Arts, Inc., 1.85%, 02/15/2031 | 3,000 | 2,452 | |
Take-Two Interactive Software, Inc., 3.70%, 04/14/2027 | 357,000 | 343,282 | |
345,734 | |||
Interactive Media & Services–0.28% | |||
Meta Platforms, Inc., | |||
4.65%, 08/15/2062 | 3,000 | 2,588 | |
5.75%, 05/15/2063 | 16,000 | 16,452 | |
Snap, Inc., Conv., 0.50%, 05/01/2030(d) | 3,623,000 | 3,749,805 | |
3,768,845 | |||
Internet Services & Infrastructure–0.22% | |||
Shopify, Inc. (Canada), Conv., 0.13%, 11/01/2025 | 3,174,000 | 2,970,864 |
11 | Invesco V.I. Equity and Income Fund |
Principal Amount | Value | ||
Investment Banking & Brokerage–1.68% | |||
Blackstone Private Credit Fund, 6.25%, 01/25/2031(d) | $32,000 | $31,835 | |
Brookfield Finance, Inc. (Canada), 5.97%, 03/04/2054 | 47,000 | 46,532 | |
Charles Schwab Corp. (The), | |||
5.64%, 05/19/2029(f) | 16,000 | 16,216 | |
5.85%, 05/19/2034(f) | 16,000 | 16,321 | |
6.14%, 08/24/2034(f) | 45,000 | 46,878 | |
Series K, 5.00%(f)(g) | 7,000 | 6,742 | |
Goldman Sachs Group, Inc. (The), | |||
5.70%, 11/01/2024 | 5,000 | 5,002 | |
4.25%, 10/21/2025(c) | 529,000 | 519,959 | |
6.17% (SOFR + 0.79%), 12/09/2026(i) | 19,000 | 19,025 | |
6.19% (SOFR + 0.81%), 03/09/2027(i) | 12,000 | 12,024 | |
6.28% (SOFR + 0.92%), 10/21/2027(i) | 15,000 | 15,041 | |
2.91%, 07/21/2042(f) | 323,000 | 226,985 | |
Series W, 7.50%(f)(g) | 437,000 | 458,944 | |
GS Finance Corp., | |||
Series 0003, Conv., 0.50%, 04/11/2028(d) | 5,859,000 | 6,713,731 | |
0.00%, 07/19/2029(d)(e) | 5,880,000 | 7,368,781 | |
1.00%, 07/30/2029(d) | 5,873,000 | 6,142,393 | |
Morgan Stanley, | |||
4.00%, 07/23/2025 | 654,000 | 644,412 | |
5.12%, 02/01/2029(f) | 5,000 | 4,982 | |
5.16%, 04/20/2029(f) | 28,000 | 27,915 | |
5.45%, 07/20/2029(f) | 12,000 | 12,076 | |
6.41%, 11/01/2029(f) | 34,000 | 35,483 | |
5.17%, 01/16/2030(f) | 25,000 | 24,943 | |
5.25%, 04/21/2034(f) | 29,000 | 28,560 | |
5.42%, 07/21/2034(f) | 21,000 | 20,902 | |
5.47%, 01/18/2035(f) | 25,000 | 24,944 | |
5.95%, 01/19/2038(f) | 5,000 | 4,974 | |
5.94%, 02/07/2039(f) | 105,000 | 103,897 | |
22,579,497 | |||
Leisure Products–0.01% | |||
Brunswick Corp., 5.85%, 03/18/2029 | 58,000 | 58,054 | |
Polaris, Inc., 6.95%, 03/15/2029 | 43,000 | 44,996 | |
103,050 | |||
Life & Health Insurance–0.71% | |||
American National Group, Inc., 5.00%, 06/15/2027 | 857,000 | 837,779 | |
Athene Global Funding, | |||
5.52%, 03/25/2027(d) | 175,000 | 175,507 | |
5.58%, 01/09/2029(d) | 82,000 | 82,372 | |
Athene Holding Ltd., 6.25%, 04/01/2054 | 79,000 | 79,120 | |
Brighthouse Financial, Inc., 3.85%, 12/22/2051 | 1,846,000 | 1,175,643 | |
Corebridge Global Funding, | |||
6.68% (SOFR + 1.30%), 09/25/2026(d)(i) | 223,000 | 225,881 | |
5.90%, 09/19/2028(d) | 23,000 | 23,499 | |
5.20%, 01/12/2029(d) | 64,000 | 63,729 |
Principal Amount | Value | ||
Life & Health Insurance–(continued) | |||
Delaware Life Global Funding, Series 21-1, 2.66%, 06/29/2026(d) | $2,184,000 | $2,037,135 | |
F&G Annuities & Life, Inc., 7.40%, 01/13/2028 | 10,000 | 10,336 | |
GA Global Funding Trust, 5.50%, 01/08/2029(c)(d) | 1,378,000 | 1,378,703 | |
MAG Mutual Holding Co., 4.75%, 04/30/2041(d)(j) | 509,000 | 447,915 | |
Manulife Financial Corp. (Canada), 4.06%, 02/24/2032(f) | 3,000 | 2,876 | |
MetLife, Inc., | |||
5.00%, 07/15/2052 | 3,000 | 2,736 | |
5.25%, 01/15/2054 | 11,000 | 10,472 | |
Nationwide Financial Services, Inc., 5.30%, 11/18/2044(d) | 440,000 | 402,259 | |
New York Life Global Funding, 4.55%, 01/28/2033(d) | 10,000 | 9,516 | |
Northwestern Mutual Global Funding, | |||
5.07%, 03/25/2027(d) | 164,000 | 164,333 | |
4.35%, 09/15/2027(d) | 3,000 | 2,936 | |
4.71%, 01/10/2029(d) | 169,000 | 167,472 | |
Pacific Life Global Funding II, | |||
6.19% (SOFR + 0.80%), 03/30/2025(d)(i) | 47,000 | 47,174 | |
6.00% (SOFR + 0.62%), 06/04/2026(d)(i) | 9,000 | 9,018 | |
6.41% (SOFR + 1.05%), 07/28/2026(d)(i) | 138,000 | 139,451 | |
5.50%, 08/28/2026(d) | 1,219,000 | 1,224,950 | |
4.90%, 01/11/2029(d) | 169,000 | 167,633 | |
Principal Life Global Funding II, | |||
5.00%, 01/16/2027(d) | 46,000 | 45,861 | |
5.10%, 01/25/2029(d) | 211,000 | 209,867 | |
Prudential Financial, Inc., 3.91%, 12/07/2047 | 141,000 | 108,427 | |
Reliance Standard Life Global Funding II, 2.75%, 01/21/2027(d) | 4,000 | 3,711 | |
Sumitomo Life Insurance Co. (Japan), 5.88%(d)(f)(g) | 288,000 | 281,106 | |
9,537,417 | |||
Life Sciences Tools & Services–0.15% | |||
Thermo Fisher Scientific, Inc., 1.22%, 10/18/2024 | 2,055,000 | 2,028,739 | |
Managed Health Care–0.04% | |||
Humana, Inc., 5.75%, 12/01/2028 | 20,000 | 20,408 | |
UnitedHealth Group, Inc., | |||
5.00%, 10/15/2024 | 3,000 | 2,997 | |
5.15%, 10/15/2025 | 4,000 | 3,996 | |
5.25%, 02/15/2028 | 3,000 | 3,040 | |
5.30%, 02/15/2030 | 3,000 | 3,052 | |
5.35%, 02/15/2033 | 3,000 | 3,041 | |
4.50%, 04/15/2033 | 3,000 | 2,868 | |
3.50%, 08/15/2039 | 559,000 | 451,921 | |
5.05%, 04/15/2053 | 3,000 | 2,781 | |
5.20%, 04/15/2063 | 3,000 | 2,780 | |
496,884 |
12 | Invesco V.I. Equity and Income Fund |
Principal Amount | Value | ||
Marine Transportation–0.00% | |||
A.P. Moller - Maersk A/S (Denmark), 5.88%, 09/14/2033(d) | $19,000 | $19,433 | |
Movies & Entertainment–0.44% | |||
Discovery Communications LLC, 4.90%, 03/11/2026 | 367,000 | 361,761 | |
Liberty Media Corp.-Liberty Formula One, Conv., 2.25%, 08/15/2027 | 1,938,000 | 2,065,253 | |
TWDC Enterprises 18 Corp., 3.00%, 02/13/2026 | 367,000 | 353,985 | |
Warnermedia Holdings, Inc., | |||
3.79%, 03/15/2025 | 1,720,000 | 1,695,235 | |
5.05%, 03/15/2042 | 838,000 | 682,006 | |
5.14%, 03/15/2052 | 1,039,000 | 809,499 | |
5.39%, 03/15/2062 | 3,000 | 2,343 | |
5,970,082 | |||
Multi-Family Residential REITs–0.01% | |||
AvalonBay Communities, Inc., 5.30%, 12/07/2033 | 38,000 | 37,804 | |
Essex Portfolio L.P., 5.50%, 04/01/2034 | 58,000 | 57,517 | |
95,321 | |||
Multi-line Insurance–0.06% | |||
Aon Corp./Aon Global Holdings PLC, 5.35%, 02/28/2033 | 3,000 | 2,981 | |
Liberty Mutual Group, Inc., 3.95%, 05/15/2060(d) | 887,000 | 610,277 | |
Metropolitan Life Global Funding I, 5.15%, 03/28/2033(d) | 196,000 | 193,695 | |
806,953 | |||
Multi-Utilities–0.10% | |||
Algonquin Power & Utilities Corp. (Canada), 5.37%, 06/15/2026(k) | 74,000 | 73,677 | |
Ameren Corp., 2.50%, 09/15/2024 | 3,000 | 2,978 | |
Ameren Illinois Co., 4.95%, 06/01/2033 | 4,000 | 3,909 | |
Black Hills Corp., 6.15%, 05/15/2034 | 31,000 | 31,612 | |
Dominion Energy, Inc., 5.38%, 11/15/2032 | 5,000 | 4,959 | |
DTE Electric Co., 5.20%, 03/01/2034 | 39,000 | 38,910 | |
NiSource, Inc., | |||
5.25%, 03/30/2028 | 4,000 | 3,997 | |
5.40%, 06/30/2033 | 3,000 | 2,972 | |
5.35%, 04/01/2034 | 89,000 | 87,329 | |
4.38%, 05/15/2047 | 571,000 | 459,872 | |
Public Service Enterprise Group, Inc., | |||
5.88%, 10/15/2028 | 44,000 | 45,021 | |
6.13%, 10/15/2033 | 25,000 | 26,000 | |
Sempra, | |||
3.80%, 02/01/2038 | 559,000 | 457,112 | |
6.88%, 10/01/2054(f) | 131,000 | 130,522 |
Principal Amount | Value | ||
Multi-Utilities–(continued) | |||
WEC Energy Group, Inc., | |||
5.00%, 09/27/2025 | $7,000 | $6,957 | |
5.15%, 10/01/2027 | 6,000 | 5,985 | |
4.75%, 01/15/2028 | 5,000 | 4,952 | |
1.80%, 10/15/2030 | 4,000 | 3,258 | |
1,390,022 | |||
Office REITs–0.03% | |||
Office Properties Income Trust, 9.00%, 09/30/2029(d) | 62,000 | 48,825 | |
Piedmont Operating Partnership L.P., 9.25%, 07/20/2028 | 299,000 | 319,152 | |
367,977 | |||
Oil & Gas Drilling–0.00% | |||
Patterson-UTI Energy, Inc., 7.15%, 10/01/2033 | 13,000 | 13,780 | |
Oil & Gas Equipment & Services–0.00% | |||
Northern Natural Gas Co., 5.63%, 02/01/2054(d) | 23,000 | 22,546 | |
Oil & Gas Exploration & Production–0.26% | |||
Cameron LNG LLC, 3.70%, 01/15/2039(d) | 622,000 | 504,270 | |
Canadian Natural Resources Ltd. (Canada), 2.05%, 07/15/2025 | 3,000 | 2,890 | |
ConocoPhillips Co., | |||
4.15%, 11/15/2034 | 230,000 | 207,432 | |
5.55%, 03/15/2054 | 16,000 | 15,757 | |
5.70%, 09/15/2063 | 9,000 | 8,949 | |
Diamondback Energy, Inc., 5.75%, 04/18/2054(c) | 488,000 | 473,418 | |
Northern Oil and Gas, Inc., Conv., 3.63%, 04/15/2029 | 2,005,000 | 2,315,274 | |
Pioneer Natural Resources Co., 5.10%, 03/29/2026 | 3,000 | 2,995 | |
3,530,985 | |||
Oil & Gas Refining & Marketing–0.03% | |||
Phillips 66 Co., 5.30%, 06/30/2033 | 11,000 | 10,876 | |
Valero Energy Corp., 4.00%, 06/01/2052 | 531,000 | 389,675 | |
400,551 | |||
Oil & Gas Storage & Transportation–0.47% | |||
Cheniere Energy Partners L.P., 5.95%, 06/30/2033 | 12,000 | 12,175 | |
Columbia Pipelines Holding Co. LLC, 6.06%, 08/15/2026(d) | 8,000 | 8,066 | |
Enbridge, Inc. (Canada), | |||
5.70%, 03/08/2033 | 11,000 | 11,091 | |
Series NC5, 8.25%, 01/15/2084(f) | 39,000 | 40,732 |
13 | Invesco V.I. Equity and Income Fund |
Principal Amount | Value | ||
Oil & Gas Storage & Transportation–(continued) | |||
Energy Transfer L.P., | |||
6.05%, 12/01/2026 | $44,000 | $44,594 | |
6.40%, 12/01/2030 | 448,000 | 471,360 | |
5.75%, 02/15/2033 | 3,000 | 3,033 | |
6.55%, 12/01/2033 | 7,000 | 7,423 | |
5.55%, 05/15/2034 | 36,000 | 35,651 | |
4.90%, 03/15/2035 | 344,000 | 319,738 | |
5.30%, 04/01/2044 | 587,000 | 529,520 | |
5.00%, 05/15/2050 | 724,000 | 615,078 | |
5.95%, 05/15/2054 | 28,000 | 27,283 | |
Enterprise Products Operating LLC, | |||
6.45%, 09/01/2040 | 23,000 | 24,687 | |
4.25%, 02/15/2048 | 696,000 | 569,474 | |
GreenSaif Pipelines Bidco S.a.r.l. (Saudi Arabia), 6.51%, 02/23/2042(d) | 200,000 | 208,252 | |
Kinder Morgan, Inc., | |||
4.30%, 06/01/2025 | 878,000 | 866,879 | |
4.80%, 02/01/2033 | 3,000 | 2,845 | |
5.20%, 06/01/2033 | 9,000 | 8,738 | |
5.30%, 12/01/2034 | 407,000 | 394,660 | |
5.45%, 08/01/2052 | 4,000 | 3,683 | |
MPLX L.P., | |||
5.00%, 03/01/2033 | 3,000 | 2,868 | |
4.50%, 04/15/2038 | 810,000 | 706,757 | |
4.95%, 03/14/2052 | 3,000 | 2,545 | |
ONEOK, Inc., | |||
5.65%, 11/01/2028 | 3,000 | 3,046 | |
5.80%, 11/01/2030 | 23,000 | 23,556 | |
6.10%, 11/15/2032 | 3,000 | 3,102 | |
6.05%, 09/01/2033 | 23,000 | 23,691 | |
6.63%, 09/01/2053 | 34,000 | 36,311 | |
Sabine Pass Liquefaction LLC, 5.90%, 09/15/2037 | 6,000 | 6,144 | |
Southern Co. Gas Capital Corp., 5.75%, 09/15/2033 | 9,000 | 9,229 | |
Spectra Energy Partners L.P., 4.50%, 03/15/2045 | 488,000 | 399,284 | |
Targa Resources Corp., 5.20%, 07/01/2027 | 3,000 | 2,995 | |
Texas Eastern Transmission L.P., 7.00%, 07/15/2032 | 169,000 | 184,466 | |
Western Midstream Operating L.P., 6.15%, 04/01/2033 | 8,000 | 8,206 | |
Williams Cos., Inc. (The), | |||
5.40%, 03/02/2026 | 658,000 | 657,673 | |
5.30%, 08/15/2028 | 40,000 | 40,135 | |
5.65%, 03/15/2033 | 11,000 | 11,106 | |
6,326,076 | |||
Other Specialized REITs–0.11% | |||
EPR Properties, 4.75%, 12/15/2026 | 1,556,000 | 1,504,271 | |
Other Specialty Retail–0.00% | |||
Tractor Supply Co., 5.25%, 05/15/2033 | 4,000 | 3,967 |
Principal Amount | Value | ||
Packaged Foods & Meats–0.02% | |||
Campbell Soup Co., | |||
5.30%, 03/20/2026 | $35,000 | $34,928 | |
5.20%, 03/19/2027 | 48,000 | 48,089 | |
5.20%, 03/21/2029 | 54,000 | 54,049 | |
5.40%, 03/21/2034 | 72,000 | 71,556 | |
Conagra Brands, Inc., 4.60%, 11/01/2025 | 3,000 | 2,965 | |
General Mills, Inc., 2.25%, 10/14/2031 | 3,000 | 2,465 | |
J.M. Smucker Co. (The), 6.20%, 11/15/2033 | 15,000 | 15,760 | |
Mars, Inc., | |||
4.55%, 04/20/2028(d) | 21,000 | 20,719 | |
4.65%, 04/20/2031(d) | 6,000 | 5,855 | |
McCormick & Co., Inc., 4.95%, 04/15/2033 | 3,000 | 2,929 | |
Mead Johnson Nutrition Co. (United Kingdom), 4.13%, 11/15/2025 | 63,000 | 61,940 | |
321,255 | |||
Paper & Plastic Packaging Products & Materials–0.04% | |||
International Paper Co., 6.00%, 11/15/2041 | 223,000 | 224,191 | |
Smurfit Kappa Treasury Unlimited Co. (Ireland), | |||
5.20%, 01/15/2030(d) | 100,000 | 99,524 | |
5.44%, 04/03/2034(d) | 102,000 | 101,168 | |
5.78%, 04/03/2054(d) | 100,000 | 99,526 | |
524,409 | |||
Passenger Airlines–0.07% | |||
American Airlines Pass-Through Trust, | |||
Series 2014-1, Class A, 3.70%, 04/01/2028 | 219,729 | 210,088 | |
Series 2021-1, Class B, 3.95%, 07/11/2030 | 34,600 | 32,018 | |
Series 2021-1, Class A, 2.88%, 07/11/2034 | 2,759 | 2,371 | |
British Airways Pass-Through Trust (United Kingdom), Series 2021-1, Class A, 2.90%, 03/15/2035(d) | 10,732 | 9,291 | |
Delta Air Lines, Inc./SkyMiles IP Ltd., | |||
4.50%, 10/20/2025(d) | 6,529 | 6,451 | |
4.75%, 10/20/2028(d) | 10,309 | 10,044 | |
United Airlines Pass-Through Trust, | |||
Series 2014-2, Class A, 3.75%, 09/03/2026 | 277,293 | 267,842 | |
Series 2020-1, Class A, 5.88%, 10/15/2027 | 2,755 | 2,766 | |
Series 2018-1, Class AA, 3.50%, 03/01/2030 | 376,200 | 348,155 | |
889,026 | |||
Personal Care Products–0.05% | |||
Kenvue, Inc., | |||
5.05%, 03/22/2028 | 3,000 | 3,017 | |
5.00%, 03/22/2030 | 11,000 | 11,039 | |
4.90%, 03/22/2033 | 15,000 | 14,840 | |
5.10%, 03/22/2043 | 3,000 | 2,899 | |
5.05%, 03/22/2053(c) | 714,000 | 673,973 | |
5.20%, 03/22/2063 | 3,000 | 2,834 | |
708,602 |
14 | Invesco V.I. Equity and Income Fund |
Principal Amount | Value | ||
Pharmaceuticals–0.58% | |||
AstraZeneca Finance LLC (United Kingdom), | |||
4.80%, 02/26/2027 | $207,000 | $205,851 | |
4.85%, 02/26/2029 | 53,000 | 52,907 | |
4.90%, 02/26/2031 | 96,000 | 95,786 | |
Bayer US Finance II LLC (Germany), 4.38%, 12/15/2028(d) | 985,000 | 935,809 | |
Bayer US Finance LLC (Germany), | |||
6.25%, 01/21/2029(d) | 200,000 | 204,279 | |
6.38%, 11/21/2030(d) | 200,000 | 205,031 | |
6.50%, 11/21/2033(d) | 200,000 | 204,676 | |
6.88%, 11/21/2053(d) | 274,000 | 281,671 | |
Bristol-Myers Squibb Co., | |||
4.95%, 02/20/2026 | 87,000 | 86,745 | |
4.90%, 02/22/2027 | 26,000 | 25,931 | |
4.90%, 02/22/2029 | 28,000 | 27,952 | |
5.75%, 02/01/2031 | 37,000 | 38,427 | |
5.90%, 11/15/2033 | 22,000 | 23,102 | |
4.13%, 06/15/2039 | 621,000 | 539,167 | |
6.25%, 11/15/2053 | 562,000 | 604,032 | |
6.40%, 11/15/2063 | 21,000 | 22,818 | |
Eli Lilly and Co., | |||
4.50%, 02/09/2027 | 236,000 | 234,012 | |
4.70%, 02/27/2033 | 6,000 | 5,899 | |
4.70%, 02/09/2034 | 170,000 | 166,753 | |
4.88%, 02/27/2053 | 6,000 | 5,627 | |
5.00%, 02/09/2054 | 53,000 | 50,652 | |
4.95%, 02/27/2063 | 3,000 | 2,791 | |
5.10%, 02/09/2064 | 63,000 | 60,227 | |
GlaxoSmithKline Capital, Inc. (United Kingdom), 6.38%, 05/15/2038 | 64,000 | 70,613 | |
Haleon US Capital LLC, 4.00%, 03/24/2052 | 315,000 | 250,407 | |
Merck & Co., Inc., | |||
4.90%, 05/17/2044 | 24,000 | 22,673 | |
5.00%, 05/17/2053 | 3,000 | 2,823 | |
5.15%, 05/17/2063 | 3,000 | 2,852 | |
Pacira BioSciences, Inc., Conv., 0.75%, 08/01/2025 | 529,000 | 497,524 | |
Pfizer Investment Enterprises Pte. Ltd., 4.75%, 05/19/2033 | 17,000 | 16,571 | |
Takeda Pharmaceutical Co. Ltd. (Japan), 5.00%, 11/26/2028 | 160,000 | 158,855 | |
Zoetis, Inc., | |||
5.40%, 11/14/2025 | 2,420,000 | 2,419,019 | |
4.70%, 02/01/2043 | 333,000 | 297,614 | |
7,819,096 | |||
Precious Metals & Minerals–0.01% | |||
Anglo American Capital PLC (South Africa), 3.63%, 09/11/2024(d) | 86,000 | 85,580 | |
Property & Casualty Insurance–0.12% | |||
Allstate Corp. (The), 3.28%, 12/15/2026 | 302,000 | 289,074 | |
Fairfax Financial Holdings Ltd. (Canada), 6.35%, 03/22/2054(d) | 86,000 | 86,157 | |
Markel Group, Inc., | |||
5.00%, 03/30/2043 | 351,000 | 313,965 | |
5.00%, 05/20/2049 | 497,000 | 439,995 |
Principal Amount | Value | ||
Property & Casualty Insurance–(continued) | |||
Travelers Cos., Inc. (The), | |||
4.60%, 08/01/2043 | $605,000 | $544,463 | |
5.45%, 05/25/2053 | 3,000 | 3,006 | |
1,676,660 | |||
Rail Transportation–0.20% | |||
Canadian Pacific Railway Co. (Canada), 3.00%, 12/02/2041 | 399,000 | 344,750 | |
Norfolk Southern Corp., | |||
5.05%, 08/01/2030 | 11,000 | 10,987 | |
5.55%, 03/15/2034 | 22,000 | 22,455 | |
3.40%, 11/01/2049 | 461,000 | 322,650 | |
5.35%, 08/01/2054 | 485,000 | 462,895 | |
5.95%, 03/15/2064 | 26,000 | 26,520 | |
Union Pacific Corp., | |||
2.15%, 02/05/2027 | 4,000 | 3,728 | |
4.50%, 01/20/2033 | 5,000 | 4,819 | |
3.20%, 05/20/2041 | 1,018,000 | 770,647 | |
4.15%, 01/15/2045 | 426,000 | 342,978 | |
3.84%, 03/20/2060 | 519,000 | 381,702 | |
5.15%, 01/20/2063 | 7,000 | 6,467 | |
2,700,598 | |||
Real Estate Development–0.00% | |||
Essential Properties L.P., 2.95%, 07/15/2031 | 3,000 | 2,470 | |
Regional Banks–0.05% | |||
Citizens Financial Group, Inc., | |||
3.25%, 04/30/2030 | 3,000 | 2,643 | |
2.64%, 09/30/2032 | 3,000 | 2,303 | |
6.65%, 04/25/2035(c)(f) | 295,000 | 305,068 | |
5.64%, 05/21/2037(f) | 3,000 | 2,785 | |
M&T Bank Corp., 5.05%, 01/27/2034(f) | 3,000 | 2,778 | |
Santander UK Group Holdings PLC (United Kingdom), 6.83%, 11/21/2026(f) | 221,000 | 224,023 | |
Truist Financial Corp., | |||
6.05%, 06/08/2027(f) | 19,000 | 19,142 | |
4.87%, 01/26/2029(f) | 3,000 | 2,943 | |
7.16%, 10/30/2029(f) | 23,000 | 24,429 | |
5.44%, 01/24/2030(f) | 26,000 | 25,938 | |
4.92%, 07/28/2033(f) | 3,000 | 2,778 | |
6.12%, 10/28/2033(f) | 3,000 | 3,069 | |
5.87%, 06/08/2034(f) | 15,000 | 15,122 | |
633,021 | |||
Reinsurance–0.08% | |||
Berkshire Hathaway Finance Corp., 2.85%, 10/15/2050 | 3,000 | 1,931 | |
Global Atlantic (Fin) Co., 6.75%, 03/15/2054(d) | 398,000 | 393,941 | |
PartnerRe Finance B LLC, 3.70%, 07/02/2029 | 500,000 | 468,295 | |
Swiss Re Subordinated Finance PLC (United Kingdom), 5.70%, 04/05/2035(d)(f) | 200,000 | 198,345 | |
1,062,512 |
15 | Invesco V.I. Equity and Income Fund |
Principal Amount | Value | ||
Renewable Electricity–0.04% | |||
NSTAR Electric Co., 4.55%, 06/01/2052 | $3,000 | $2,520 | |
Oglethorpe Power Corp., 4.55%, 06/01/2044(c) | 679,000 | 551,470 | |
553,990 | |||
Restaurants–0.06% | |||
McDonald’s Corp., | |||
4.80%, 08/14/2028 | 59,000 | 58,659 | |
4.95%, 08/14/2033 | 43,000 | 42,381 | |
5.15%, 09/09/2052 | 5,000 | 4,615 | |
5.45%, 08/14/2053 | 14,000 | 13,532 | |
Starbucks Corp., 3.55%, 08/15/2029(c) | 705,000 | 660,502 | |
779,689 | |||
Retail REITs–0.17% | |||
Agree L.P., 2.00%, 06/15/2028 | 3,000 | 2,651 | |
Kimco Realty OP LLC, 3.20%, 04/01/2032 | 1,500,000 | 1,288,129 | |
Kite Realty Group L.P., 5.50%, 03/01/2034 | 15,000 | 14,676 | |
NNN REIT, Inc., | |||
5.60%, 10/15/2033 | 6,000 | 5,973 | |
3.50%, 04/15/2051 | 3,000 | 2,083 | |
Realty Income Corp., | |||
3.20%, 01/15/2027 | 3,000 | 2,839 | |
5.63%, 10/13/2032 | 3,000 | 3,040 | |
Regency Centers L.P., | |||
2.95%, 09/15/2029 | 753,000 | 676,659 | |
5.25%, 01/15/2034 | 26,000 | 25,334 | |
4.65%, 03/15/2049 | 256,000 | 211,815 | |
2,233,199 | |||
Self-Storage REITs–0.08% | |||
Extra Space Storage L.P., | |||
3.50%, 07/01/2026 | 404,000 | 388,781 | |
5.70%, 04/01/2028 | 371,000 | 375,350 | |
5.40%, 02/01/2034 | 55,000 | 53,872 | |
Prologis L.P., | |||
4.88%, 06/15/2028 | 13,000 | 12,941 | |
4.63%, 01/15/2033 | 3,000 | 2,875 | |
4.75%, 06/15/2033 | 21,000 | 20,257 | |
5.13%, 01/15/2034 | 11,000 | 10,876 | |
5.00%, 03/15/2034 | 129,000 | 126,217 | |
5.25%, 06/15/2053 | 25,000 | 23,612 | |
5.25%, 03/15/2054 | 36,000 | 34,053 | |
Public Storage Operating Co., | |||
5.13%, 01/15/2029 | 4,000 | 4,036 | |
5.10%, 08/01/2033 | 23,000 | 22,824 | |
5.35%, 08/01/2053 | 13,000 | 12,551 | |
1,088,245 | |||
Semiconductors–0.88% | |||
Broadcom, Inc., 3.47%, 04/15/2034(c)(d) | 640,000 | 545,815 | |
Foundry JV Holdco LLC, 5.88%, 01/25/2034(d) | 272,000 | 269,967 | |
Marvell Technology, Inc., 2.45%, 04/15/2028 | 1,210,000 | 1,092,353 | |
Microchip Technology, Inc., Conv., 0.75%, 06/01/2027(d)(h) | 8,998,000 | 9,107,776 |
Principal Amount | Value | ||
Semiconductors–(continued) | |||
Micron Technology, Inc., | |||
4.66%, 02/15/2030(c) | $680,000 | $659,275 | |
5.30%, 01/15/2031 | 34,000 | 33,933 | |
3.37%, 11/01/2041 | 179,000 | 131,067 | |
Skyworks Solutions, Inc., | |||
1.80%, 06/01/2026 | 2,000 | 1,861 | |
3.00%, 06/01/2031 | 3,000 | 2,544 | |
11,844,591 | |||
Single-Family Residential REITs–0.00% | |||
Sun Communities Operating L.P., 2.70%, 07/15/2031 | 3,000 | 2,479 | |
Sovereign Debt–0.01% | |||
Saudi Government International Bond (Saudi Arabia), 4.75%, 01/16/2030(d) | 200,000 | 196,761 | |
Specialized Finance–0.00% | |||
Blackstone Holdings Finance Co. LLC, 1.60%, 03/30/2031(d) | 3,000 | 2,368 | |
Specialty Chemicals–0.01% | |||
Sherwin-Williams Co. (The), 4.50%, 06/01/2047 | 159,000 | 134,235 | |
Systems Software–0.20% | |||
Microsoft Corp., 3.50%, 02/12/2035(c) | 404,000 | 366,167 | |
Oracle Corp., | |||
6.25%, 11/09/2032 | 9,000 | 9,530 | |
4.90%, 02/06/2033 | 11,000 | 10,675 | |
3.60%, 04/01/2040 | 965,000 | 742,255 | |
6.90%, 11/09/2052 | 4,000 | 4,481 | |
VMware LLC, | |||
1.00%, 08/15/2024 | 1,509,000 | 1,499,806 | |
3.90%, 08/21/2027 | 2,000 | 1,920 | |
2,634,834 | |||
Technology Distributors–0.05% | |||
Avnet, Inc., 4.63%, 04/15/2026 | 671,000 | 660,084 | |
Technology Hardware, Storage & Peripherals–0.02% | |||
Apple, Inc., 3.35%, 02/09/2027 | 315,000 | 303,752 | |
Telecom Tower REITs–0.15% | |||
American Tower Corp., 1.60%, 04/15/2026 | 852,000 | 795,784 | |
Crown Castle, Inc., | |||
2.50%, 07/15/2031(c) | 1,413,000 | 1,168,000 | |
4.75%, 05/15/2047 | 46,000 | 39,273 | |
2,003,057 | |||
Tobacco–0.23% | |||
Altria Group, Inc., 5.80%, 02/14/2039 | 1,124,000 | 1,125,706 | |
B.A.T Capital Corp. (United Kingdom), | |||
5.83%, 02/20/2031 | 69,000 | 69,996 | |
6.00%, 02/20/2034 | 18,000 | 18,218 | |
7.08%, 08/02/2043 | 3,000 | 3,164 | |
7.08%, 08/02/2053 | 3,000 | 3,192 |
16 | Invesco V.I. Equity and Income Fund |
Principal Amount | Value | ||
Tobacco–(continued) | |||
Philip Morris International, Inc., | |||
3.25%, 11/10/2024 | $1,105,000 | $1,095,692 | |
4.75%, 02/12/2027 | 172,000 | 170,663 | |
5.13%, 11/17/2027 | 3,000 | 3,000 | |
4.88%, 02/15/2028 | 32,000 | 31,735 | |
5.25%, 09/07/2028 | 35,000 | 35,297 | |
4.88%, 02/13/2029 | 144,000 | 142,450 | |
5.13%, 02/13/2031 | 35,000 | 34,639 | |
5.63%, 09/07/2033 | 26,000 | 26,238 | |
5.25%, 02/13/2034 | 69,000 | 67,719 | |
4.88%, 11/15/2043 | 300,000 | 264,834 | |
3,092,543 | |||
Trading Companies & Distributors–0.17% | |||
Air Lease Corp., | |||
4.25%, 09/15/2024 | 427,000 | 425,589 | |
2.30%, 02/01/2025 | 1,850,000 | 1,810,767 | |
2,236,356 | |||
Transaction & Payment Processing Services–0.73% | |||
Block, Inc., Conv., 0.13%, 03/01/2025 | 4,256,000 | 4,116,774 | |
Fiserv, Inc., | |||
2.75%, 07/01/2024 | 170,000 | 170,000 | |
5.38%, 08/21/2028 | 48,000 | 48,360 | |
5.63%, 08/21/2033 | 25,000 | 25,223 | |
5.45%, 03/15/2034 | 144,000 | 143,162 | |
Global Payments, Inc., Conv., 1.50%, 03/01/2031(d) | 5,815,000 | 5,352,708 | |
Mastercard, Inc., 4.85%, 03/09/2033 | 20,000 | 19,920 | |
9,876,147 | |||
Wireless Telecommunication Services–0.30% | |||
America Movil S.A.B. de C.V. (Mexico), 4.38%, 07/16/2042(c) | 600,000 | 507,761 | |
Rogers Communications, Inc. (Canada), | |||
4.50%, 03/15/2043 | 533,000 | 445,502 | |
4.30%, 02/15/2048 | 1,394,000 | 1,105,845 | |
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 4.74%, 03/20/2025(d) | 286,875 | 285,126 | |
T-Mobile USA, Inc., | |||
2.70%, 03/15/2032(c) | 1,074,000 | 898,857 | |
3.40%, 10/15/2052 | 750,000 | 512,438 | |
5.65%, 01/15/2053 | 9,000 | 8,874 | |
6.00%, 06/15/2054 | 301,000 | 311,512 | |
4,075,915 | |||
Total U.S. Dollar Denominated Bonds & Notes (Cost $297,932,511) | 286,210,026 | ||
U.S. Treasury Securities–8.08% | |||
U.S. Treasury Bills–0.01% | |||
5.27%, 09/05/2024(l)(m) | 115,000 | 113,902 |
Principal Amount | Value | ||
U.S. Treasury Bonds–1.40% | |||
4.50%, 02/15/2036 | $2,636,800 | $2,687,476 | |
4.50%, 08/15/2039 | 36,400 | 36,533 | |
4.38%, 05/15/2040 | 72,800 | 71,842 | |
4.63%, 05/15/2044(c) | 13,579,500 | 13,556,160 | |
4.25%, 02/15/2054 | 2,607,100 | 2,483,059 | |
18,835,070 | |||
U.S. Treasury Notes–6.67% | |||
4.63%, 02/28/2026 | 55,000 | 54,809 | |
4.88%, 05/31/2026 | 28,457,600 | 28,517,628 | |
4.63%, 06/15/2027 | 30,595,500 | 30,685,135 | |
4.25%, 02/28/2029 | 275,000 | 273,813 | |
4.25%, 02/28/2031 | 28,000 | 27,839 | |
4.63%, 05/31/2031 | 22,437,100 | 22,805,209 | |
4.38%, 05/15/2034 | 7,366,100 | 7,368,977 | |
89,733,410 | |||
Total U.S. Treasury Securities (Cost $109,039,390) | 108,682,382 | ||
Asset-Backed Securities–1.57% | |||
AGL CLO 29 Ltd., Series 2024-29A, Class A1, 6.90% (3 mo. Term SOFR + 1.57%), 04/21/2037(d)(i) | 533,000 | 537,662 | |
Alternative Loan Trust, Series 2005-29CB, Class A4, 5.00%, 07/25/2035 | 70,019 | 38,035 | |
AMSR Trust, Series 2021-SFR3, Class B, 1.73%, 10/17/2038(d) | 235,000 | 214,514 | |
Angel Oak Mortgage Trust, | |||
Series 2020-1, Class A1, 2.16%, 12/25/2059(d)(n) | 20,725 | 19,592 | |
Series 2020-3, Class A1, 1.69%, 04/25/2065(d)(n) | 74,204 | 68,291 | |
Series 2021-3, Class A1, 1.07%, 05/25/2066(d)(n) | 44,817 | 37,429 | |
Series 2021-7, Class A1, 1.98%, 10/25/2066(d)(n) | 114,488 | 95,439 | |
Series 2022-1, Class A1, 2.88%, 12/25/2066(d)(k) | 206,984 | 187,134 | |
Series 2023-6, Class A1, 6.50%, 12/25/2067(d)(k) | 85,928 | 86,314 | |
Series 2024-2, Class A1, 5.99%, 01/25/2069(d)(k) | 316,239 | 314,991 | |
Apidos CLO XXV, Series 2016-25A, Class A1R2, 6.47% (3 mo. Term SOFR + 1.15%), 10/20/2031(d)(i) | 308,277 | 308,415 | |
Avis Budget Rental Car Funding (AESOP) LLC, | |||
Series 2022-1A, Class A, 3.83%, 08/21/2028(d) | 415,000 | 397,008 | |
Series 2023-1A, Class A, 5.25%, 04/20/2029(d) | 100,000 | 99,449 | |
Series 2023-4A, Class A, 5.49%, 06/20/2029(d) | 291,000 | 292,097 | |
Bain Capital Credit CLO Ltd. (Cayman Islands), | |||
Series 2017-2A, Class AR2, 6.76% (3 mo. Term SOFR + 1.44%), 07/25/2034(d)(i) | 424,000 | 424,441 | |
Series 2021-1A, Class A, 6.65% (3 mo. Term SOFR + 1.32%), 04/18/2034(d)(i) | 125,000 | 125,031 |
17 | Invesco V.I. Equity and Income Fund |
Principal Amount | Value | ||
Banc of America Funding Trust, | |||
Series 2007-1, Class 1A3, 6.00%, 01/25/2037 | $15,630 | $12,708 | |
Series 2007-C, Class 1A4, 4.38%, 05/20/2036(n) | 4,844 | 4,151 | |
Banc of America Mortgage Trust, Series 2004-E, Class 2A6, 6.38%, 06/25/2034(n) | 12,882 | 12,162 | |
Bank, Series 2019-BNK16, Class XA, IO, 1.10%, 02/15/2052(o) | 1,459,646 | 48,221 | |
Bayview MSR Opportunity Master Fund Trust, | |||
Series 2021-4, Class A3, 3.00%, 10/25/2051(d)(n) | 177,366 | 146,965 | |
Series 2021-4, Class A4, 2.50%, 10/25/2051(d)(n) | 177,366 | 141,175 | |
Series 2021-4, Class A8, 2.50%, 10/25/2051(d)(n) | 161,821 | 139,090 | |
Series 2021-5, Class A1, 3.00%, 11/25/2051(d)(n) | 183,850 | 152,567 | |
Series 2021-5, Class A2, 2.50%, 11/25/2051(d)(n) | 224,335 | 178,561 | |
Bear Stearns Adjustable Rate Mortgage Trust, | |||
Series 2005-9, Class A1, 0.76% (1 yr. U.S. Treasury Yield Curve Rate + 2.30%), 10/25/2035(i) | 77,016 | 70,497 | |
Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036(i) | 25,251 | 23,240 | |
Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.66%, 01/15/2051(o) | 1,487,554 | 21,585 | |
BRAVO Residential Funding Trust, Series 2021-NQM2, Class A1, 0.97%, 03/25/2060(d)(n) | 31,682 | 29,657 | |
BX Commercial Mortgage Trust, | |||
Series 2021-ACNT, Class A, 6.29% (1 mo. Term SOFR + 0.96%), 11/15/2038(d)(i) | 103,750 | 102,602 | |
Series 2021-VOLT, Class A, 6.14% (1 mo. Term SOFR + 0.81%), 09/15/2036(d)(i) | 210,000 | 207,527 | |
Series 2021-VOLT, Class B, 6.39% (1 mo. Term SOFR + 1.06%), 09/15/2036(d)(i) | 190,000 | 187,389 | |
BX Trust, | |||
Series 2022-CLS, Class A, 5.76%, 10/13/2027(d) | 105,000 | 103,967 | |
Series 2022-LBA6, Class A, 6.33% (1 mo. Term SOFR + 1.00%), 01/15/2039(d)(i) | 185,000 | 183,077 | |
Series 2022-LBA6, Class B, 6.63% (1 mo. Term SOFR + 1.30%), 01/15/2039(d)(i) | 110,000 | 109,570 | |
Series 2022-LBA6, Class C, 6.93% (1 mo. Term SOFR + 1.60%), 01/15/2039(d)(i) | 100,000 | 99,628 | |
Carlyle US CLO Ltd., Series 2021-1A, Class A1, 6.73% (3 mo. Term SOFR + 1.40%), 04/15/2034(d)(i) | 250,000 | 250,336 | |
CD Mortgage Trust, Series 2017-CD6, Class XA, IO, 1.01%, 11/13/2050(o) | 740,580 | 14,536 |
Principal Amount | Value | ||
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 6.57% (3 mo. Term SOFR + 1.24%), 04/20/2031(d)(i) | $206,494 | $206,725 | |
Chase Home Lending Mortgage Trust, Series 2019-ATR1, Class A15, 4.00%, 04/25/2049(d)(n) | 3,607 | 3,314 | |
Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3, 4.83%, 01/25/2036(n) | 33,561 | 29,898 | |
Citigroup Commercial Mortgage Trust, Series 2017-C4, Class XA, IO, 1.13%, 10/12/2050(o) | 1,791,137 | 45,911 | |
Citigroup Mortgage Loan Trust, Inc., | |||
Series 2006-AR1, Class 1A1, 7.20% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035(i) | 59,366 | 55,469 | |
Series 2021-INV3, Class A3, 2.50%, 05/25/2051(d)(n) | 179,028 | 142,498 | |
COLT Mortgage Loan Trust, | |||
Series 2021-5, Class A1, 1.73%, 11/26/2066(d)(n) | 78,290 | 67,247 | |
Series 2022-1, Class A1, 2.28%, 12/27/2066(d)(n) | 117,188 | 102,230 | |
Series 2022-2, Class A1, 2.99%, 02/25/2067(d)(k) | 120,518 | 110,681 | |
Series 2022-3, Class A1, 3.90%, 02/25/2067(d)(n) | 207,514 | 195,930 | |
COMM Mortgage Trust, | |||
Series 2014-CR21, Class AM, 3.99%, 12/10/2047 | 865,000 | 833,400 | |
Series 2014-UBS6, Class AM, 4.05%, 12/10/2047 | 495,000 | 482,712 | |
Commercial Mortgage Trust, Series 2014-CR20, Class ASB, 3.31%, 11/10/2047 | 1,401 | 1,399 | |
Countrywide Home Loans Mortgage Pass-Through Trust, | |||
Series 2005-26, Class 1A8, 5.50%, 11/25/2035 | 23,319 | 13,970 | |
Series 2006-6, Class A3, 6.00%, 04/25/2036 | 16,140 | 7,747 | |
Credit Suisse Mortgage Capital Trust, | |||
Series 2021-NQM1, Class A1, 0.81%, 05/25/2065(d)(n) | 29,993 | 26,246 | |
Series 2021-NQM2, Class A1, 1.18%, 02/25/2066(d)(n) | 40,720 | 35,235 | |
Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067(d)(n) | 146,145 | 136,251 | |
Series 2022-ATH1, Class A1B, 3.35%, 01/25/2067(d)(n) | 100,000 | 86,695 | |
Series 2022-ATH2, Class A1, 4.55%, 05/25/2067(d)(n) | 212,706 | 206,890 | |
Cross Mortgage Trust, Series 2024-H2, Class A1, 6.09%, 04/25/2069(d)(k) | 161,334 | 161,151 | |
CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053 | 571,000 | 482,481 | |
CSMC Mortgage-Backed Trust, Series 2006-6, Class 1A4, 6.00%, 07/25/2036 | 79,358 | 36,868 | |
DLLST LLC, Series 2024-1A, Class A3, 5.05%, 08/20/2027(d) | 180,000 | 178,880 |
18 | Invesco V.I. Equity and Income Fund |
Principal Amount | Value | ||
Dryden 93 CLO Ltd., Series 2021-93A, Class A1A, 6.67% (3 mo. Term SOFR + 1.34%), 01/15/2034(d)(i) | $100,056 | $100,128 | |
Ellington Financial Mortgage Trust, | |||
Series 2020-1, Class A1, 2.01%, 05/25/2065(d)(n) | 8,231 | 8,011 | |
Series 2021-1, Class A1, 0.80%, 02/25/2066(d)(n) | 27,550 | 23,195 | |
Series 2022-1, Class A1, 2.21%, 01/25/2067(d)(n) | 110,571 | 94,099 | |
Series 2022-3, Class A1, 5.00%, 08/25/2067(d)(k) | 206,245 | 202,981 | |
Empower CLO Ltd., Series 2024-1A, Class A1, 6.91% (3 mo. Term SOFR + 1.60%), 04/25/2037(d)(i) | 250,000 | 251,311 | |
Exeter Automobile Receivables Trust, Series 2019-4A, Class D, 2.58%, 09/15/2025(d) | 16,884 | 16,859 | |
Extended Stay America Trust, Series 2021-ESH, Class B, 6.82% (1 mo. Term SOFR + 1.49%), 07/15/2038(d)(i) | 95,319 | 95,009 | |
First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Class 1A6, 5.50% (1 mo. Term SOFR + 0.76%), 11/25/2035(i) | 35,021 | 14,761 | |
Flagstar Mortgage Trust, | |||
Series 2021-11IN, Class A6, 3.70%, 11/25/2051(d)(n) | 274,294 | 236,400 | |
Series 2021-8INV, Class A6, 2.50%, 09/25/2051(d)(n) | 71,541 | 61,859 | |
Frontier Issuer LLC, Series 2023-1, Class A2, 6.60%, 08/20/2053(d) | 266,934 | 269,080 | |
Golub Capital Partners CLO 40(B) Ltd., Series 2019-40A, Class AR, 6.68% (3 mo. Term SOFR + 1.35%), 01/25/2032(d)(i) | 256,798 | 257,028 | |
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.38%, 05/12/2053 | 225,000 | 191,522 | |
GS Mortgage-Backed Securities Trust, Series 2021-INV1, Class A6, 2.50%, 12/25/2051(d)(n) | 147,351 | 127,222 | |
GSR Mortgage Loan Trust, Series 2005-AR4, Class 6A1, 5.43%, 07/25/2035(n) | 2,568 | 2,296 | |
Hertz Vehicle Financing III L.P., Series 2021-2A, Class A, 1.68%, 12/27/2027(d) | 113,000 | 103,258 | |
HPEFS Equipment Trust, Series 2023-2A, Class A2, 6.04%, 01/21/2031(d) | 100,000 | 100,280 | |
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class AS, 3.22%, 04/15/2046 | 20,791 | 19,177 |
Principal Amount | Value | ||
JP Morgan Mortgage Trust, | |||
Series 2007-A1, Class 5A1, 5.04%, 07/25/2035(n) | $16,232 | $15,740 | |
Series 2021-LTV2, Class A1, 2.52%, 05/25/2052(d)(n) | 196,580 | 160,287 | |
Series 2024-VIS1, Class A1, 5.99%, 07/25/2064(d)(n) | 206,183 | 206,162 | |
JPMBB Commercial Mortgage Securities Trust, | |||
Series 2014-C24, Class B, 4.12%, 11/15/2047(n) | 270,000 | 244,138 | |
Series 2014-C25, Class AS, 4.07%, 11/15/2047 | 105,000 | 99,286 | |
Series 2015-C27, Class XA, IO, 1.27%, 02/15/2048(o) | 1,846,681 | 4,143 | |
KKR CLO 27 Ltd., Series 27A, Class AR, 6.61% (3 mo. Term SOFR + 1.28%), 10/15/2032(d)(i) | 170,000 | 170,279 | |
Life Mortgage Trust, | |||
Series 2021-BMR, Class A, 6.14% (1 mo. Term SOFR + 0.81%), 03/15/2038(d)(i) | 127,786 | 125,569 | |
Series 2021-BMR, Class B, 6.32% (1 mo. Term SOFR + 0.99%), 03/15/2038(d)(i) | 211,339 | 206,525 | |
Series 2021-BMR, Class C, 6.54% (1 mo. Term SOFR + 1.21%), 03/15/2038(d)(i) | 103,212 | 100,617 | |
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class A, 6.74% (3 mo. Term SOFR + 1.41%), 04/19/2033(d)(i) | 617,645 | 619,063 | |
Madison Park Funding XXXIII Ltd., Series 2019-33A, Class AR, 6.62% (3 mo. Term SOFR + 1.29%), 10/15/2032(d)(i) | 250,000 | 250,313 | |
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A2, 6.41%, 04/21/2034(n) | 7,273 | 6,953 | |
Med Trust, Series 2021-MDLN, Class A, 6.39% (1 mo. Term SOFR + 1.06%), 11/15/2038(d)(i) | 139,331 | 139,115 | |
Mello Mortgage Capital Acceptance Trust, | |||
Series 2021-INV2, Class A4, 2.50%, 08/25/2051(d)(n) | 115,160 | 99,304 | |
Series 2021-INV3, Class A4, 2.50%, 10/25/2051(d)(n) | 111,919 | 96,359 | |
MFA Trust, Series 2021-INV2, Class A1, 1.91%, 11/25/2056(d)(n) | 137,988 | 118,372 | |
MHP Commercial Mortgage Trust, | |||
Series 2021-STOR, Class A, 6.14% (1 mo. Term SOFR + 0.81%), 07/15/2038(d)(i) | 105,000 | 104,669 | |
Series 2021-STOR, Class B, 6.34% (1 mo. Term SOFR + 1.01%), 07/15/2038(d)(i) | 105,000 | 104,580 | |
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class AS, 3.83%, 12/15/2047 | 720,000 | 707,825 | |
Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 0.99%, 12/15/2050(o) | 611,139 | 15,095 |
19 | Invesco V.I. Equity and Income Fund |
Principal Amount | Value | ||
Morgan Stanley Re-REMIC Trust, Series 2012-R3, Class 1B, 6.00%, 11/26/2036(d)(n) | $108,501 | $91,370 | |
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class AR, 6.61% (3 mo. Term SOFR + 1.28%), 04/19/2030(d)(i) | 225,238 | 225,463 | |
Neuberger Berman Loan Advisers CLO 40 Ltd., Series 2021-40A, Class A, 6.65% (3 mo. Term SOFR + 1.32%), 04/16/2033(d)(i) | 250,000 | 250,500 | |
New Residential Mortgage Loan Trust, Series 2022-NQM2, Class A1, 3.08%, 03/27/2062(d)(n) | 134,022 | 121,642 | |
OBX Trust, | |||
Series 2022-NQM1, Class A1, 2.31%, 11/25/2061(d)(n) | 144,628 | 125,670 | |
Series 2022-NQM2, Class A1, 2.96%, 01/25/2062(d)(n) | 174,956 | 160,397 | |
Series 2022-NQM2, Class A1A, 2.78%, 01/25/2062(d)(k) | 102,978 | 95,652 | |
Series 2022-NQM2, Class A1B, 3.38%, 01/25/2062(d)(k) | 110,000 | 96,389 | |
Series 2022-NQM8, Class A1, 6.10%, 09/25/2062(d)(k) | 291,078 | 290,011 | |
Oceanview Mortgage Trust, Series 2021-3, Class A5, 2.50%, 07/25/2051(d)(n) | 126,537 | 109,502 | |
OCP CLO Ltd. (Cayman Islands), | |||
Series 2017-13A, Class A1AR, 6.55% (3 mo. Term SOFR + 1.22%), 07/15/2030(d)(i) | 220,228 | 220,335 | |
Series 2020-8RA, Class A1, 6.80% (3 mo. Term SOFR + 1.48%), 01/17/2032(d)(i) | 365,126 | 365,680 | |
Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.96%, 10/25/2061(d)(n) | 172,590 | 141,801 | |
PRKCM Trust, Series 2023-AFC4, Class A1, 7.23%, 11/25/2058(d)(k) | 283,398 | 288,597 | |
Progress Residential Trust, | |||
Series 2021-SFR10, Class A, 2.39%, 12/17/2040(d) | 110,968 | 98,610 | |
Series 2022-SFR5, Class A, 4.45%, 06/17/2039(d) | 206,111 | 200,625 | |
Race Point VIII CLO Ltd., Series 2013-8A, Class AR2, 6.63% (3 mo. Term SOFR + 1.30%), 02/20/2030(d)(i) | 117,885 | 117,967 | |
Residential Accredit Loans, Inc. Trust, Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036 | 2,991 | 2,291 | |
Residential Mortgage Loan Trust, Series 2020-1, Class A1, 2.38%, 01/26/2060(d)(n) | 12,564 | 12,127 | |
RUN Trust, Series 2022-NQM1, Class A1, 4.00%, 03/25/2067(d) | 121,026 | 115,547 | |
SG Residential Mortgage Trust, | |||
Series 2022-1, Class A1, 3.17%, 03/27/2062(d)(n) | 249,562 | 227,597 | |
Series 2022-1, Class A2, 3.58%, 03/27/2062(d)(n) | 109,977 | 98,606 |
Principal Amount | Value | ||
Sonic Capital LLC, | |||
Series 2021-1A, Class A2I, 2.19%, 08/20/2051(d) | $97,250 | $84,457 | |
Series 2021-1A, Class A2II, 2.64%, 08/20/2051(d) | 97,250 | 78,167 | |
STAR Trust, Series 2021-1, Class A1, 1.22%, 05/25/2065(d)(n) | 82,450 | 73,558 | |
Starwood Mortgage Residential Trust, | |||
Series 2020-1, Class A1, 2.28%, 02/25/2050(d)(n) | 5,543 | 5,204 | |
Series 2021-6, Class A1, 1.92%, 11/25/2066(d)(n) | 207,081 | 176,766 | |
Series 2022-1, Class A1, 2.45%, 12/25/2066(d)(n) | 151,492 | 131,740 | |
Symphony CLO XXII Ltd., Series 2020-22A, Class A1A, 6.88% (3 mo. Term SOFR + 1.55%), 04/18/2033(d)(i) | 250,000 | 250,480 | |
Textainer Marine Containers VII Ltd., Series 2021-2A, Class A, 2.23%, 04/20/2046(d) | 141,867 | 127,103 | |
TICP CLO XV Ltd., Series 2020-15A, Class A, 6.87% (3 mo. Term SOFR + 1.54%), 04/20/2033(d)(i) | 256,000 | 256,284 | |
Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039(d) | 230,178 | 203,783 | |
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.21%, 11/15/2050(o) | 1,154,251 | 26,835 | |
Verus Securitization Trust, | |||
Series 2020-1, Class A1, 3.42%, 01/25/2060(d)(k) | 30,375 | 29,172 | |
Series 2020-1, Class A2, 3.64%, 01/25/2060(d)(k) | 41,490 | 39,875 | |
Series 2021-1, Class A1B, 1.32%, 01/25/2066(d)(n) | 36,403 | 32,082 | |
Series 2021-7, Class A1, 1.83%, 10/25/2066(d)(k) | 168,056 | 147,272 | |
Series 2021-R1, Class A1, 0.82%, 10/25/2063(d)(n) | 47,591 | 43,902 | |
Series 2022-1, Class A1, 2.72%, 01/25/2067(d)(k) | 116,298 | 105,022 | |
Series 2022-3, Class A1, 4.13%, 02/25/2067(d)(k) | 153,542 | 143,306 | |
Series 2022-7, Class A1, 5.15%, 07/25/2067(d)(k) | 82,539 | 81,611 | |
Series 2022-INV2, Class A1, 6.79%, 10/25/2067(d)(k) | 99,566 | 99,991 | |
Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055(d) | 33,212 | 31,018 | |
WaMu Mortgage Pass-Through Ctfs. Trust, | |||
Series 2003-AR10, Class A7, 5.82%, 10/25/2033(n) | 18,667 | 17,437 | |
Series 2005-AR14, Class 1A4, 4.92%, 12/25/2035(n) | 23,397 | 20,990 | |
Series 2005-AR16, Class 1A1, 4.82%, 12/25/2035(n) | 23,529 | 20,806 | |
Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA, IO, 1.00%, 12/15/2050(o) | 1,018,941 | 24,669 |
20 | Invesco V.I. Equity and Income Fund |
Principal Amount | Value | ||
WF Card Issuance Trust, Series 2024-A1, Class A, 4.94%, 02/15/2029 | $421,000 | $420,683 | |
WFRBS Commercial Mortgage Trust, | |||
Series 2013-C14, Class AS, 3.49%, 06/15/2046 | 30,320 | 29,066 | |
Series 2014-C20, Class AS, 4.18%, 05/15/2047 | 48,225 | 46,605 | |
Total Asset-Backed Securities (Cost $22,603,980) | 21,108,014 | ||
Shares | |||
Preferred Stocks–0.54% | |||
Asset Management & Custody Banks–0.17% | |||
AMG Capital Trust II, 5.15%, Conv. Pfd. | 44,432 | 2,264,255 | |
Diversified Banks–0.01% | |||
Citigroup, Inc., 5.00%, Series U, Pfd.(f) | 209,000 | 208,169 | |
Diversified Financial Services–0.02% | |||
Apollo Global Management, Inc., 7.63%, Pfd.(f) | 11,550 | 304,920 | |
Oil & Gas Storage & Transportation–0.34% | |||
El Paso Energy Capital Trust I, 4.75%, Conv. Pfd. | 95,499 | 4,520,922 | |
Total Preferred Stocks (Cost $6,185,676) | 7,298,266 | ||
Principal Amount | |||
U.S. Government Sponsored Agency Mortgage-Backed Securities–0.17% | |||
Collateralized Mortgage Obligations–0.04% | |||
Fannie Mae Interest STRIPS, | |||
IO, 6.50%, 02/25/2032 to 02/25/2033(o)(p) | $67,917 | 9,232 | |
7.00%, 04/25/2032(p) | 2,414 | 392 | |
6.00%, 06/25/2033 to 09/25/2035(o)(p) | 58,068 | 8,166 | |
5.50%, 09/25/2033 to 06/25/2035(p) | 116,455 | 17,012 |
Principal Amount | Value | ||
Collateralized Mortgage Obligations–(continued) | |||
Fannie Mae REMICs, | |||
IO, 3.00%, 11/25/2027(p) | $28,588 | $810 | |
1.65% (7.10% - (30 Day Average SOFR + 0.11%)), 11/25/2030(i)(p) | 14,738 | 724 | |
2.45% (7.90% - (30 Day Average SOFR + 0.11%)), 11/25/2031(i)(p) | 24,565 | 2,014 | |
2.50% (7.95% - (30 Day Average SOFR + 0.11%)), 01/25/2032(i)(p) | 5,344 | 441 | |
2.65% (8.10% - (30 Day Average SOFR + 0.11%)), 03/25/2032(i)(p) | 6,693 | 665 | |
2.55% (8.00% - (30 Day Average SOFR + 0.11%)), 04/25/2032 to 12/25/2032(i)(p) | 77,509 | 7,478 | |
2.65% (8.10% - (30 Day Average SOFR + 0.11%)), 12/18/2032(i)(p) | 6,207 | 318 | |
2.80% (8.25% - (30 Day Average SOFR + 0.11%)), 02/25/2033 to 05/25/2033(i)(p) | 36,167 | 4,635 | |
2.10% (7.55% - (30 Day Average SOFR + 0.11%)), 10/25/2033(i)(p) | 4,927 | 477 | |
0.60% (6.05% - (30 Day Average SOFR + 0.11%)), 03/25/2035 to 07/25/2038(i)(p) | 18,038 | 786 | |
1.30% (6.75% - (30 Day Average SOFR + 0.11%)), 03/25/2035(i)(p) | 2,292 | 142 | |
1.15% (6.60% - (30 Day Average SOFR + 0.11%)), 05/25/2035(i)(p) | 124,625 | 6,403 | |
1.25% (6.70% - (30 Day Average SOFR + 0.11%)), 05/25/2035(i)(p) | 49,200 | 3,377 | |
3.50%, 08/25/2035(p) | 163,596 | 18,283 | |
0.65% (6.10% - (30 Day Average SOFR + 0.11%)), 10/25/2035(i)(p) | 14,733 | 1,063 | |
1.09% (6.54% - (30 Day Average SOFR + 0.11%)), 06/25/2037(i)(p) | 24,108 | 1,696 | |
1.10% (6.55% - (30 Day Average SOFR + 0.11%)), 10/25/2041(i)(p) | 31,092 | 1,991 | |
0.70% (6.15% - (30 Day Average SOFR + 0.11%)), 12/25/2042(i)(p) | 111,714 | 9,965 | |
0.45% (5.90% - (30 Day Average SOFR + 0.11%)), 09/25/2047(i)(p) | 291,815 | 23,489 | |
6.00%, 11/25/2028 | 7,910 | 7,908 | |
5.50%, 04/25/2035 to 07/25/2046(p) | 128,907 | 89,169 | |
5.70% (30 Day Average SOFR + 0.36%), 08/25/2035(i) | 7,557 | 7,482 |
21 | Invesco V.I. Equity and Income Fund |
Principal Amount | Value | ||
Collateralized Mortgage Obligations–(continued) | |||
4.58% (24.57% - (3.67 x (30 Day Average SOFR + 0.11%))), 03/25/2036(i) | $18,820 | $21,680 | |
4.22% (24.20% - (3.67 x (30 Day Average SOFR + 0.11%))), 06/25/2036(i) | 1,741 | 1,850 | |
4.22% (24.20% - (3.67 x (30 Day Average SOFR + 0.11%))), 06/25/2036(i) | 9,059 | 9,816 | |
6.39% (30 Day Average SOFR + 1.05%), 06/25/2037(i) | 8,656 | 8,759 | |
5.00%, 04/25/2040 | 2,978 | 2,953 | |
4.00%, 03/25/2041 to 08/25/2047(p) | 81,496 | 14,795 | |
Freddie Mac Multifamily Structured Pass-Through Ctfs., | |||
Series KC03, Class X1, IO, 0.62%, 11/25/2024(o) | 2,208,136 | 3,999 | |
Series K734, Class X1, IO, 0.78%, 02/25/2026(o) | 1,964,891 | 14,130 | |
Series K735, Class X1, IO, 1.10%, 05/25/2026(o) | 1,958,768 | 26,423 | |
Series K093, Class X1, IO, 1.08%, 05/25/2029(o) | 1,584,738 | 58,759 | |
Freddie Mac REMICs, | |||
IO, 2.20% (7.65% - (30 Day Average SOFR + 0.11%)), 07/15/2026 to 03/15/2029(i)(p) | 13,556 | 347 | |
3.00%, 06/15/2027 to 05/15/2040(p) | 93,523 | 2,708 | |
2.50%, 05/15/2028(p) | 22,574 | 685 | |
1.25% (6.70% - (30 Day Average SOFR + 0.11%)), 01/15/2035(i)(p) | 103,872 | 4,821 | |
1.30% (6.75% - (30 Day Average SOFR + 0.11%)), 02/15/2035(i)(p) | 5,308 | 251 | |
1.27% (6.72% - (30 Day Average SOFR + 0.11%)), 05/15/2035(i)(p) | 34,999 | 1,645 | |
1.55% (7.00% - (30 Day Average SOFR + 0.11%)), 12/15/2037(i)(p) | 6,137 | 534 | |
0.55% (6.00% - (30 Day Average SOFR + 0.11%)), 04/15/2038(i)(p) | 3,552 | 258 | |
0.62% (6.07% - (30 Day Average SOFR + 0.11%)), 05/15/2038(i)(p) | 22,639 | 1,660 | |
0.80% (6.25% - (30 Day Average SOFR + 0.11%)), 12/15/2039(i)(p) | 10,223 | 670 | |
0.65% (6.10% - (30 Day Average SOFR + 0.11%)), 01/15/2044(i)(p) | 42,939 | 3,144 | |
4.00%, 03/15/2045(p) | 8,238 | 170 | |
6.50%, 03/15/2032 to 06/15/2032 | 30,651 | 31,431 | |
3.50%, 05/15/2032 | 6,746 | 6,487 | |
4.78% (24.75% - (3.67 x (30 Day Average SOFR + 0.11%))), 08/15/2035(i) | 3,621 | 4,233 |
Principal Amount | Value | ||
Collateralized Mortgage Obligations–(continued) | |||
5.85% (30 Day Average SOFR + 0.51%), 09/15/2035(i) | $17,803 | $17,595 | |
Freddie Mac STRIPS, | |||
IO, 7.00%, 04/01/2027(p) | 7,276 | 455 | |
3.00%, 12/15/2027(p) | 35,420 | 1,388 | |
3.27%, 12/15/2027(o) | 9,677 | 333 | |
6.50%, 02/01/2028(p) | 2,079 | 159 | |
6.00%, 12/15/2032(p) | 9,687 | 1,070 | |
PO, 0.00%, 06/01/2026(e) | 1,206 | 1,159 | |
468,485 | |||
Federal Home Loan Mortgage Corp. (FHLMC)–0.09% | |||
9.00%, 01/01/2025 to 05/01/2025 | 28 | 28 | |
6.50%, 07/01/2028 to 04/01/2034 | 5,515 | 5,689 | |
6.75%, 03/15/2031 | 682,000 | 770,516 | |
7.00%, 10/01/2031 to 10/01/2037 | 15,734 | 16,206 | |
5.00%, 12/01/2034 | 348 | 344 | |
5.50%, 02/01/2037 to 06/01/2053 | 428,230 | 424,217 | |
1,217,000 | |||
Federal National Mortgage Association (FNMA)–0.04% | |||
9.50%, 04/01/2030 | 36 | 36 | |
7.50%, 01/01/2033 | 11,019 | 11,233 | |
6.00%, 03/01/2037 | 35,695 | 36,509 | |
4.00%, 05/01/2052 | 542,201 | 501,943 | |
549,721 | |||
Government National Mortgage Association (GNMA)–0.00% | |||
IO, 1.11% (6.55% - (1 mo. Term SOFR + 0.11%)), 04/16/2037(i)(p) | 87,270 | 5,393 | |
1.21% (6.65% - (1 mo. Term SOFR + 0.11%)), 04/16/2041(i)(p) | 37,944 | 1,980 | |
4.50%, 09/16/2047(p) | 121,916 | 18,096 | |
0.76% (6.20% - (1 mo. Term SOFR + 0.11%)), 10/16/2047(i)(p) | 103,428 | 12,238 | |
37,707 | |||
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $2,968,059) | 2,272,913 | ||
Agency Credit Risk Transfer Notes–0.04% | |||
Fannie Mae Connecticut Avenue Securities, | |||
Series 2022-R03, Class 1M1, 7.44% (30 Day Average SOFR + 2.10%), 03/25/2042(d)(i) | 180,119 | 183,224 | |
Series 2022-R04, Class 1M1, 7.34% (30 Day Average SOFR + 2.00%), 03/25/2042(d)(i) | 95,388 | 97,063 | |
Series 2023-R02, Class 1M1, 7.64% (30 Day Average SOFR + 2.30%), 01/25/2043(d)(i) | 68,169 | 69,954 |
22 | Invesco V.I. Equity and Income Fund |
Principal Amount | Value | ||
Freddie Mac, | |||
Series 2022-DNA3, Class M1A, STACR®, 7.34% (30 Day Average SOFR + 2.00%), 04/25/2042(d)(i) | $124,075 | $125,969 | |
Series 2022-DNA6, Class M1, STACR®, 7.49% (30 Day Average SOFR + 2.15%), 09/25/2042(d)(i) | 57,182 | 57,976 | |
Series 2023-DNA1, Class M1, STACR®, 7.44% (30 Day Average SOFR + 2.10%), 03/25/2043(d)(i) | 55,419 | 56,450 | |
Total Agency Credit Risk Transfer Notes (Cost $580,352) | 590,636 | ||
Municipal Obligations–0.03% | |||
California (State of) Health Facilities Financing Authority (Social Bonds), | |||
Series 2022, RB, 4.19%, 06/01/2037 | 100,000 | 91,180 | |
Series 2022, RB, 4.35%, 06/01/2041 | 75,000 | 67,111 | |
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB, 3.03%, 08/15/2041 | 265,000 | 201,457 | |
Total Municipal Obligations (Cost $440,000) | 359,748 | ||
Shares | |||
Money Market Funds–4.51% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(q)(r) | 21,240,843 | 21,240,843 |
Shares | Value | ||
Money Market Funds–(continued) | |||
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(q)(r) | 15,168,068 | $15,172,618 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(q)(r) | 24,275,249 | 24,275,249 | |
Total Money Market Funds (Cost $60,687,589) | 60,688,710 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.71% (Cost $1,122,999,974) | 1,342,118,306 | ||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–1.62% | |||
Invesco Private Government Fund, 5.31%(q)(r)(s) | 6,108,996 | 6,108,996 | |
Invesco Private Prime Fund, 5.48%(q)(r)(s) | 15,658,930 | 15,663,628 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $21,772,624) | 21,772,624 | ||
TOTAL INVESTMENTS IN SECURITIES–101.33% (Cost $1,144,772,598) | 1,363,890,930 | ||
OTHER ASSETS LESS LIABILITIES—(1.33)% | (17,848,934) | ||
NET ASSETS–100.00% | $1,346,041,996 |
Conv. | – Convertible |
Ctfs. | – Certificates |
IO | – Interest Only |
Pfd. | – Preferred |
PO | – Principal Only |
RB | – Revenue Bonds |
Ref. | – Refunding |
REIT | – Real Estate Investment Trust |
REMICs | – Real Estate Mortgage Investment Conduits |
SOFR | – Secured Overnight Financing Rate |
STACR® | – Structured Agency Credit Risk |
STRIPS | – Separately Traded Registered Interest and Principal Security |
23 | Invesco V.I. Equity and Income Fund |
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at June 30, 2024. |
(d) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2024 was $99,817,956, which represented 7.42% of the Fund’s Net Assets. |
(e) | Zero coupon bond issued at a discount. |
(f) | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
(g) | Perpetual bond with no specified maturity date. |
(h) | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
(i) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2024. |
(j) | Security valued using significant unobservable inputs (Level 3). See Note 3. |
(k) | Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date. |
(l) | All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1L. |
(m) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(n) | Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on June 30, 2024. |
(o) | Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on June 30, 2024. |
(p) | Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. |
(q) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $22,970,144 | $49,387,151 | $(51,116,452) | $- | $- | $21,240,843 | $571,416 |
Invesco Liquid Assets Portfolio, Institutional Class | 16,413,434 | 35,276,534 | (36,511,751) | (4,671) | (928) | 15,172,618 | 424,571 |
Invesco Treasury Portfolio, Institutional Class | 26,251,593 | 56,442,458 | (58,418,802) | - | - | 24,275,249 | 651,611 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | 13,019,935 | 149,228,505 | (156,139,444) | - | - | 6,108,996 | 262,497* |
Invesco Private Prime Fund | 34,946,455 | 357,920,482 | (377,181,479) | (2,312) | (19,518) | 15,663,628 | 694,620* |
Total | $113,601,561 | $648,255,130 | $(679,367,928) | $(6,983) | $(20,446) | $82,461,334 | $2,604,715 |
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(r) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(s) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I. |
Open Futures Contracts | |||||
Short Futures Contracts | Number of Contracts | Expiration Month | Notional Value | Value | Unrealized Appreciation (Depreciation) |
Interest Rate Risk | |||||
U.S. Treasury 5 Year Notes | 8 | September-2024 | $(852,625) | $(5,766) | $(5,766) |
U.S. Treasury 10 Year Ultra Notes | 27 | September-2024 | (3,065,344) | (27,903) | (27,903) |
Total Futures Contracts | $(33,669) | $(33,669) |
Open Forward Foreign Currency Contracts | ||||||
Settlement Date | Counterparty | Contract to | Unrealized Appreciation (Depreciation) | |||
Deliver | Receive | |||||
Currency Risk | ||||||
08/06/2024 | Bank of New York Mellon (The) | GBP | 9,496,390 | USD | 12,019,011 | $12,030 |
07/05/2024 | State Street Bank & Trust Co. | CAD | 1,329,722 | USD | 973,931 | 1,879 |
24 | Invesco V.I. Equity and Income Fund |
Open Forward Foreign Currency Contracts—(continued) | ||||||
Settlement Date | Counterparty | Contract to | Unrealized Appreciation (Depreciation) | |||
Deliver | Receive | |||||
07/05/2024 | State Street Bank & Trust Co. | EUR | 8,940,571 | USD | 9,679,094 | $102,867 |
07/05/2024 | State Street Bank & Trust Co. | GBP | 9,998,468 | USD | 12,711,171 | 71,886 |
07/05/2024 | State Street Bank & Trust Co. | USD | 8,253,087 | CAD | 11,298,502 | 6,333 |
07/05/2024 | State Street Bank & Trust Co. | USD | 138,178 | EUR | 129,014 | 9 |
08/06/2024 | State Street Bank & Trust Co. | EUR | 8,509,269 | USD | 9,128,106 | 49 |
Subtotal—Appreciation | 195,053 | |||||
Currency Risk | ||||||
07/05/2024 | Bank of New York Mellon (The) | USD | 12,016,732 | GBP | 9,496,390 | (12,135) |
07/05/2024 | State Street Bank & Trust Co. | CAD | 10,603,195 | USD | 7,739,046 | (12,091) |
07/05/2024 | State Street Bank & Trust Co. | USD | 463,981 | CAD | 634,414 | (213) |
07/05/2024 | State Street Bank & Trust Co. | USD | 9,439,096 | EUR | 8,811,557 | (1,056) |
07/05/2024 | State Street Bank & Trust Co. | USD | 641,788 | GBP | 502,078 | (7,100) |
08/06/2024 | State Street Bank & Trust Co. | CAD | 10,506,489 | USD | 7,680,873 | (5,185) |
08/06/2024 | State Street Bank & Trust Co. | USD | 816,763 | GBP | 645,877 | (133) |
Subtotal—Depreciation | (37,913) | |||||
Total Forward Foreign Currency Contracts | $157,140 |
Abbreviations: | |
CAD | – Canadian Dollar |
EUR | – Euro |
GBP | – British Pound Sterling |
USD | – U.S. Dollar |
25 | Invesco V.I. Equity and Income Fund |
Assets: | |
Investments in unaffiliated securities, at value (Cost $1,062,312,385)* | $1,281,429,596 |
Investments in affiliated money market funds, at value (Cost $82,460,213) | 82,461,334 |
Other investments: | |
Variation margin receivable — futures contracts | 13,972 |
Unrealized appreciation on forward foreign currency contracts outstanding | 195,053 |
Cash | 252,717 |
Foreign currencies, at value (Cost $168,912) | 168,691 |
Receivable for: | |
Investments sold | 2,280,591 |
Fund shares sold | 366,662 |
Dividends | 1,413,689 |
Interest | 3,195,439 |
Investment for trustee deferred compensation and retirement plans | 204,509 |
Other assets | 347 |
Total assets | 1,371,982,600 |
Liabilities: | |
Other investments: | |
Unrealized depreciation on forward foreign currency contracts outstanding | 37,913 |
Payable for: | |
Investments purchased | 2,348,714 |
Fund shares reacquired | 747,759 |
Collateral upon return of securities loaned | 21,772,624 |
Accrued fees to affiliates | 729,666 |
Accrued other operating expenses | 89,512 |
Trustee deferred compensation and retirement plans | 214,416 |
Total liabilities | 25,940,604 |
Net assets applicable to shares outstanding | $1,346,041,996 |
Net assets consist of: | |
Shares of beneficial interest | $1,008,894,257 |
Distributable earnings | 337,147,739 |
$1,346,041,996 | |
Net Assets: | |
Series I | $170,358,758 |
Series II | $1,175,683,238 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 9,797,532 |
Series II | 68,181,656 |
Series I: | |
Net asset value per share | $17.39 |
Series II: | |
Net asset value per share | $17.24 |
* | At June 30, 2024, securities with an aggregate value of $21,154,005 were on loan to brokers. |
Investment income: | |
Interest | $6,857,840 |
Dividends (net of foreign withholding taxes of $124,032) | 8,739,406 |
Dividends from affiliated money market funds (includes net securities lending income of $51,016) | 1,698,614 |
Total investment income | 17,295,860 |
Expenses: | |
Advisory fees | 2,328,621 |
Administrative services fees | 1,000,613 |
Custodian fees | 7,375 |
Distribution fees - Series II | 1,400,782 |
Transfer agent fees | 27,416 |
Trustees’ and officers’ fees and benefits | 13,706 |
Reports to shareholders | 139,557 |
Professional services fees | 33,310 |
Other | 5,720 |
Total expenses | 4,957,100 |
Less: Fees waived | (31,598) |
Net expenses | 4,925,502 |
Net investment income | 12,370,358 |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | 47,539,296 |
Affiliated investment securities | (20,446) |
Foreign currencies | (1,267) |
Forward foreign currency contracts | 215,473 |
Futures contracts | 42,794 |
47,775,850 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | 2,658,627 |
Affiliated investment securities | (6,983) |
Foreign currencies | (4,980) |
Forward foreign currency contracts | 353,854 |
Futures contracts | 125,509 |
3,126,027 | |
Net realized and unrealized gain | 50,901,877 |
Net increase in net assets resulting from operations | $63,272,235 |
26 | Invesco V.I. Equity and Income Fund |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income | $12,370,358 | $21,472,152 |
Net realized gain | 47,775,850 | 50,063,963 |
Change in net unrealized appreciation | 3,126,027 | 31,982,801 |
Net increase in net assets resulting from operations | 63,272,235 | 103,518,916 |
Distributions to shareholders from distributable earnings: | ||
Series I | — | (4,940,731) |
Series II | — | (69,956,414) |
Total distributions from distributable earnings | — | (74,897,145) |
Share transactions–net: | ||
Series I | 96,430,704 | (4,133,968) |
Series II | 27,338,953 | 36,750,404 |
Net increase in net assets resulting from share transactions | 123,769,657 | 32,616,436 |
Net increase in net assets | 187,041,892 | 61,238,207 |
Net assets: | ||
Beginning of period | 1,159,000,104 | 1,097,761,897 |
End of period | $1,346,041,996 | $1,159,000,104 |
27 | Invesco V.I. Equity and Income Fund |
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Ratio of net investment income to average net assets | Portfolio turnover (c) | |
Series I | ||||||||||||||
Six months ended 06/30/24 | $16.48 | $0.19 | $0.72 | $0.91 | $— | $— | $— | $17.39 | 5.52% | $170,359 | 0.57%(d) | 0.58%(d) | 2.26%(d) | 69% |
Year ended 12/31/23 | 16.14 | 0.35 | 1.22 | 1.57 | (0.34) | (0.89) | (1.23) | 16.48 | 10.56 | 69,223 | 0.56 | 0.56 | 2.16 | 148 |
Year ended 12/31/22 | 20.69 | 0.33 | (1.94) | (1.61) | (0.34) | (2.60) | (2.94) | 16.14 | (7.51) | 71,423 | 0.56 | 0.56 | 1.77 | 146 |
Year ended 12/31/21 | 17.93 | 0.25 | 3.09 | 3.34 | (0.38) | (0.20) | (0.58) | 20.69 | 18.65 | 79,349 | 0.55 | 0.55 | 1.24 | 144 |
Year ended 12/31/20 | 17.52 | 0.30 | 1.30 | 1.60 | (0.42) | (0.77) | (1.19) | 17.93 | 9.95 | 43,099 | 0.56 | 0.57 | 1.84 | 96 |
Year ended 12/31/19 | 16.12 | 0.36 | 2.82 | 3.18 | (0.47) | (1.31) | (1.78) | 17.52 | 20.37 | 50,731 | 0.54 | 0.55 | 2.02 | 150 |
Series II | ||||||||||||||
Six months ended 06/30/24 | 16.36 | 0.17 | 0.71 | 0.88 | — | — | — | 17.24 | 5.38 | 1,175,683 | 0.82(d) | 0.83(d) | 2.01(d) | 69 |
Year ended 12/31/23 | 16.03 | 0.31 | 1.20 | 1.51 | (0.29) | (0.89) | (1.18) | 16.36 | 10.24 | 1,089,778 | 0.81 | 0.81 | 1.91 | 148 |
Year ended 12/31/22 | 20.55 | 0.28 | (1.92) | (1.64) | (0.28) | (2.60) | (2.88) | 16.03 | (7.71) | 1,026,339 | 0.81 | 0.81 | 1.52 | 146 |
Year ended 12/31/21 | 17.82 | 0.20 | 3.07 | 3.27 | (0.34) | (0.20) | (0.54) | 20.55 | 18.35 | 1,283,805 | 0.80 | 0.80 | 0.99 | 144 |
Year ended 12/31/20 | 17.42 | 0.26 | 1.28 | 1.54 | (0.37) | (0.77) | (1.14) | 17.82 | 9.65 | 1,224,382 | 0.81 | 0.82 | 1.59 | 96 |
Year ended 12/31/19 | 16.04 | 0.31 | 2.80 | 3.11 | (0.42) | (1.31) | (1.73) | 17.42 | 20.01 | 1,235,269 | 0.79 | 0.80 | 1.77 | 150 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. For the six months ended June 30, 2024, the portfolio turnover calculation excludes the value of securities purchased of $162,992,332 and sold of $58,503,043 in the effort to realign the Fund’s portfolio holdings after the reorganization of Invesco V.I. Conservative Balanced Fund into the Fund. |
(d) | Annualized. |
28 | Invesco V.I. Equity and Income Fund |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
29 | Invesco V.I. Equity and Income Fund |
B. | Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities. |
30 | Invesco V.I. Equity and Income Fund |
J. | Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
K. | Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk. |
L. | Futures Contracts — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities. |
M. | Leverage Risk — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction. |
N. | Collateral —To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions. |
O. | Other Risks - Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability. |
Average Daily Net Assets | Rate |
First $150 million | 0.500% |
Next $100 million | 0.450% |
Next $100 million | 0.400% |
Over $350 million | 0.350% |
31 | Invesco V.I. Equity and Income Fund |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Common Stocks & Other Equity Interests | $827,822,003 | $27,085,608 | $— | $854,907,611 |
U.S. Dollar Denominated Bonds & Notes | — | 285,762,111 | 447,915 | 286,210,026 |
U.S. Treasury Securities | — | 108,682,382 | — | 108,682,382 |
Asset-Backed Securities | — | 21,108,014 | — | 21,108,014 |
Preferred Stocks | 7,090,097 | 208,169 | — | 7,298,266 |
U.S. Government Sponsored Agency Mortgage-Backed Securities | — | 2,272,913 | — | 2,272,913 |
Agency Credit Risk Transfer Notes | — | 590,636 | — | 590,636 |
Municipal Obligations | — | 359,748 | — | 359,748 |
Money Market Funds | 60,688,710 | 21,772,624 | — | 82,461,334 |
Total Investments in Securities | 895,600,810 | 467,842,205 | 447,915 | 1,363,890,930 |
32 | Invesco V.I. Equity and Income Fund |
Level 1 | Level 2 | Level 3 | Total | |
Other Investments - Assets* | ||||
Forward Foreign Currency Contracts | $— | $195,053 | $— | $195,053 |
Other Investments - Liabilities* | ||||
Futures Contracts | (33,669) | — | — | (33,669) |
Forward Foreign Currency Contracts | — | (37,913) | — | (37,913) |
(33,669) | (37,913) | — | (71,582) | |
Total Other Investments | (33,669) | 157,140 | — | 123,471 |
Total Investments | $895,567,141 | $467,999,345 | $447,915 | $1,364,014,401 |
* | Unrealized appreciation (depreciation). |
Value | |
Derivative Assets | Currency Risk |
Unrealized appreciation on forward foreign currency contracts outstanding | $195,053 |
Derivatives not subject to master netting agreements | — |
Total Derivative Assets subject to master netting agreements | $195,053 |
Value | |||
Derivative Liabilities | Currency Risk | Interest Rate Risk | Total |
Unrealized depreciation on futures contracts —Exchange-Traded(a) | $— | $(33,669) | $(33,669) |
Unrealized depreciation on forward foreign currency contracts outstanding | (37,913) | — | (37,913) |
Total Derivative Liabilities | (37,913) | (33,669) | (71,582) |
Derivatives not subject to master netting agreements | — | 33,669 | 33,669 |
Total Derivative Liabilities subject to master netting agreements | $(37,913) | $— | $(37,913) |
(a) | The daily variation margin receivable (payable) at period end is recorded in the Statement of Assets and Liabilities. |
Financial Derivative Assets | Financial Derivative Liabilities | Collateral (Received)/Pledged | |||||
Counterparty | Forward Foreign Currency Contracts | Forward Foreign Currency Contracts | Net Value of Derivatives | Non-Cash | Cash | Net Amount | |
Bank of New York Mellon (The) | $12,030 | $(12,135) | $(105) | $— | $— | $(105) | |
State Street Bank & Trust Co. | 183,023 | (25,778) | 157,245 | — | — | 157,245 | |
Total | $195,053 | $(37,913) | $157,140 | $— | $— | $157,140 |
Location of Gain on Statement of Operations | |||
Currency Risk | Interest Rate Risk | Total | |
Realized Gain: | |||
Forward foreign currency contracts | $215,473 | $- | $215,473 |
Futures contracts | - | 42,794 | 42,794 |
33 | Invesco V.I. Equity and Income Fund |
Location of Gain on Statement of Operations | |||
Currency Risk | Interest Rate Risk | Total | |
Change in Net Unrealized Appreciation: | |||
Forward foreign currency contracts | $353,854 | $- | $353,854 |
Futures contracts | - | 125,509 | 125,509 |
Total | $569,327 | $168,303 | $737,630 |
Forward Foreign Currency Contracts | Futures Contracts | |
Average notional value | $72,362,213 | $3,995,021 |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $242,551,296 |
Aggregate unrealized (depreciation) of investments | (38,004,457) |
Net unrealized appreciation of investments | $204,546,839 |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 154,611 | $2,656,248 | 335,065 | $5,523,303 | |
Series II | 2,049,783 | 34,828,349 | 15,566,349 | 252,341,098 | |
Issued as reinvestment of dividends: | |||||
Series I | - | - | 333,833 | 4,940,731 | |
Series II | - | - | 4,758,940 | 69,956,414 | |
Issued in connection with acquisitions:(b) | |||||
Series I | 6,222,261 | 107,096,401 | - | - | |
Series II | 5,012,878 | 85,597,463 | - | - |
34 | Invesco V.I. Equity and Income Fund |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Reacquired: | |||||
Series I | (780,501) | $(13,321,945) | (892,355) | $(14,598,002) | |
Series II | (5,494,399) | (93,086,859) | (17,743,643) | (285,547,108) | |
Net increase in share activity | 7,164,633 | $123,769,657 | 2,358,189 | $32,616,436 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 61% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
(b) | After the close of business on April 26, 2024, the Fund acquired all the net assets of Invesco V.I. Conservative Balanced Fund (the “Target Fund”) pursuant to a plan of reorganization approved by the Board of Trustees of the Fund on September 20, 2023 and by the shareholders of the Target Fund on January 18, 2024. The reorganization was executed in order to reduce overlap and increase efficiencies in the Adviser’s product line. The acquisition was accomplished by a tax-free exchange of 11,235,138 shares of the Fund for 12,654,705 shares outstanding of the Target Fund as of the close of business on April 26, 2024. Shares of the Target Fund were exchanged for the like class of shares of the Fund, based on the relative net asset value of the Target Fund to the net asset value of the Fund on the close of business, April 26, 2024. The Target Fund’s net assets as of the close of business on April 26, 2024 of $192,693,864, including $(7,939,177) of unrealized appreciation (depreciation), were combined with those of the Fund. The net assets of the Fund immediately before the acquisition were $1,162,768,272 and $1,355,462,136 immediately after the acquisition. |
The pro forma results of operations for the six months ended June 30, 2024 assuming the reorganization had been completed on January 1, 2024, the beginning of the semi-annual reporting period are as follows: |
Net investment income | $13,830,435 |
Net realized/unrealized gains | 54,122,650 |
Change in net assets resulting from operations | $67,953,085 |
35 | Invesco V.I. Equity and Income Fund |
36 | Invesco V.I. Equity and Income Fund |
37 | Invesco V.I. Equity and Income Fund |
38 | Invesco V.I. Equity and Income Fund |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
39 | Invesco V.I. Equity and Income Fund |
40 | Invesco V.I. Equity and Income Fund |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/img027322ee1.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | VIIGR-NCSRS |
Shares | Value | ||
Common Stocks & Other Equity Interests–97.43% | |||
Australia–2.98% | |||
Aristocrat Leisure Ltd. | 711,621 | $23,565,698 | |
CSL Ltd. | 62,202 | 12,197,637 | |
35,763,335 | |||
Brazil–2.17% | |||
MercadoLibre, Inc.(a) | 8,327 | 13,684,592 | |
TOTVS S.A. | 2,270,500 | 12,359,585 | |
26,044,177 | |||
Canada–5.25% | |||
Canadian Pacific Kansas City Ltd. | 218,289 | 17,191,226 | |
CGI, Inc., Class A(a) | 266,696 | 26,619,889 | |
RB Global, Inc. | 253,028 | 19,298,228 | |
63,109,343 | |||
China–3.59% | |||
Airtac International Group | 521,000 | 15,813,568 | |
China Mengniu Dairy Co. Ltd. | 2,983,000 | 5,338,421 | |
China Resources Beer (Holdings) Co. Ltd. | 2,178,500 | 7,328,310 | |
Shenzhen Inovance Technology Co. Ltd., A Shares | 1,155,100 | 8,145,806 | |
Wuliangye Yibin Co. Ltd., A Shares | 371,041 | 6,522,569 | |
43,148,674 | |||
Denmark–4.57% | |||
Coloplast A/S, Class B | 130,781 | 15,721,592 | |
Novo Nordisk A/S, Class B | 274,212 | 39,235,557 | |
54,957,149 | |||
France–13.76% | |||
Air Liquide S.A. | 92,276 | 15,925,682 | |
Arkema S.A. | 150,329 | 13,100,182 | |
Capgemini SE | 72,135 | 14,328,712 | |
Edenred SE | 195,783 | 8,303,515 | |
LVMH Moet Hennessy Louis Vuitton SE | 26,914 | 20,664,321 | |
Pernod Ricard S.A. | 106,794 | 14,570,936 | |
Publicis Groupe S.A. | 177,399 | 18,843,153 | |
Schneider Electric SE | 104,639 | 25,086,758 | |
STMicroelectronics N.V. | 353,454 | 13,844,066 | |
TotalEnergies SE | 307,934 | 20,617,331 | |
165,284,656 | |||
Germany–0.83% | |||
Deutsche Boerse AG | 48,565 | 9,926,524 | |
Hong Kong–2.29% | |||
AIA Group Ltd. | 1,347,400 | 9,116,168 | |
Techtronic Industries Co. Ltd. | 1,609,500 | 18,348,123 | |
27,464,291 | |||
India–3.66% | |||
HDFC Bank Ltd., ADR | 430,551 | 27,697,346 | |
SBI Life Insurance Co. Ltd.(b) | 910,346 | 16,274,329 | |
43,971,675 |
Shares | Value | ||
Ireland–1.13% | |||
Kingspan Group PLC | 160,074 | $13,604,327 | |
Israel–0.97% | |||
Teva Pharmaceutical Industries Ltd., ADR(a) | 714,540 | 11,611,275 | |
Italy–1.49% | |||
FinecoBank Banca Fineco S.p.A. | 1,205,885 | 17,918,552 | |
Japan–10.90% | |||
Asahi Group Holdings Ltd.(c) | 624,100 | 22,083,511 | |
FANUC Corp. | 600,800 | 16,493,585 | |
Hoya Corp. | 141,100 | 16,500,139 | |
Keyence Corp. | 14,400 | 6,302,562 | |
M3, Inc. | 907,500 | 8,682,973 | |
Shimano, Inc. | 137,300 | 21,218,865 | |
SMC Corp. | 17,500 | 8,337,992 | |
Sony Group Corp. | 211,800 | 18,049,836 | |
Tokyo Electron Ltd. | 60,400 | 13,221,583 | |
130,891,046 | |||
Mexico–1.88% | |||
Wal-Mart de Mexico S.A.B. de C.V., Series V | 6,633,936 | 22,576,051 | |
Netherlands–5.25% | |||
ASML Holding N.V. | 25,832 | 26,327,092 | |
Heineken N.V. | 160,470 | 15,524,829 | |
Wolters Kluwer N.V. | 128,118 | 21,157,181 | |
63,009,102 | |||
Singapore–1.12% | |||
United Overseas Bank Ltd. | 582,866 | 13,444,573 | |
South Korea–1.58% | |||
Samsung Electronics Co. Ltd. | 323,114 | 19,016,479 | |
Sweden–4.59% | |||
Investor AB, Class B | 1,436,000 | 39,350,780 | |
Svenska Handelsbanken AB, Class A | 1,654,760 | 15,813,107 | |
55,163,887 | |||
Switzerland–3.29% | |||
Cie Financiere Richemont S.A. | 127,012 | 19,849,809 | |
Nestle S.A. | 193,309 | 19,731,875 | |
39,581,684 | |||
Taiwan–3.70% | |||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 255,760 | 44,453,646 | |
United Kingdom–14.18% | |||
Ashtead Group PLC | 274,026 | 18,270,314 | |
BAE Systems PLC | 1,122,190 | 18,691,901 | |
DCC PLC | 209,485 | 14,620,338 | |
Flutter Entertainment PLC(a) | 69,436 | 12,662,349 | |
Haleon PLC | 4,100,455 | 16,683,583 | |
London Stock Exchange Group PLC | 136,645 | 16,203,133 | |
Reckitt Benckiser Group PLC | 140,579 | 7,605,209 |
2 | Invesco V.I. EQV International Equity Fund |
Shares | Value | ||
United Kingdom–(continued) | |||
RELX PLC | 747,329 | $34,241,741 | |
Rentokil Initial PLC | 1,793,435 | 10,415,549 | |
Shell PLC | 584,963 | 20,981,430 | |
170,375,547 | |||
United States–8.25% | |||
Broadcom, Inc. | 17,387 | 27,915,350 | |
CRH PLC | 297,873 | 22,334,517 | |
ICON PLC(a) | 92,308 | 28,935,789 | |
Linde PLC | 45,280 | 19,869,317 | |
99,054,973 | |||
Total Common Stocks & Other Equity Interests (Cost $812,499,414) | 1,170,370,966 | ||
Money Market Funds–2.44% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(d)(e) | 10,421,549 | 10,421,549 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(d)(e) | 6,938,049 | 6,940,131 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(d)(e) | 11,910,342 | 11,910,342 | |
Total Money Market Funds (Cost $29,270,128) | 29,272,022 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.87% (Cost $841,769,542) | 1,199,642,988 |
Shares | Value | ||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–1.61% | |||
Invesco Private Government Fund, 5.31%(d)(e)(f) | 5,424,966 | $5,424,966 | |
Invesco Private Prime Fund, 5.48%(d)(e)(f) | 13,945,731 | 13,949,915 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $19,374,881) | 19,374,881 | ||
TOTAL INVESTMENTS IN SECURITIES—101.48% (Cost $861,144,423) | 1,219,017,869 | ||
OTHER ASSETS LESS LIABILITIES–(1.48)% | (17,816,259) | ||
NET ASSETS–100.00% | $1,201,201,610 |
ADR | – American Depositary Receipt |
(a) | Non-income producing security. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at June 30, 2024 represented 1.35% of the Fund’s Net Assets. |
(c) | All or a portion of this security was out on loan at June 30, 2024. |
(d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $6,259,672 | $54,117,744 | $(49,955,867) | $- | $- | $10,421,549 | $245,602 |
Invesco Liquid Assets Portfolio, Institutional Class | 3,969,893 | 38,655,532 | (35,682,763) | (1,666) | (865) | 6,940,131 | 168,748 |
Invesco Treasury Portfolio, Institutional Class | 7,153,912 | 61,848,850 | (57,092,420) | - | - | 11,910,342 | 280,026 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | 353,610 | 56,091,231 | (51,019,875) | - | - | 5,424,966 | 137,357* |
Invesco Private Prime Fund | 909,283 | 139,053,908 | (126,010,768) | (123) | (2,385) | 13,949,915 | 367,309* |
Total | $18,646,370 | $349,767,265 | $(319,761,693) | $(1,789) | $(3,250) | $48,646,903 | $1,199,042 |
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I. |
3 | Invesco V.I. EQV International Equity Fund |
Assets: | |
Investments in unaffiliated securities, at value (Cost $812,499,414)* | $1,170,370,966 |
Investments in affiliated money market funds, at value (Cost $48,645,009) | 48,646,903 |
Cash | 30 |
Foreign currencies, at value (Cost $2,316,106) | 2,302,555 |
Receivable for: | |
Fund shares sold | 600,247 |
Dividends | 3,134,005 |
Investment for trustee deferred compensation and retirement plans | 181,910 |
Other assets | 432 |
Total assets | 1,225,237,048 |
Liabilities: | |
Payable for: | |
Investments purchased | 3,002,221 |
Fund shares reacquired | 469,727 |
Accrued foreign taxes | 213,149 |
Collateral upon return of securities loaned | 19,374,881 |
Accrued fees to affiliates | 729,760 |
Accrued other operating expenses | 52,148 |
Trustee deferred compensation and retirement plans | 193,552 |
Total liabilities | 24,035,438 |
Net assets applicable to shares outstanding | $1,201,201,610 |
Net assets consist of: | |
Shares of beneficial interest | $793,283,202 |
Distributable earnings | 407,918,408 |
$1,201,201,610 | |
Net Assets: | |
Series I | $482,634,228 |
Series II | $718,567,382 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 13,784,611 |
Series II | 20,930,465 |
Series I: | |
Net asset value per share | $35.01 |
Series II: | |
Net asset value per share | $34.33 |
* | At June 30, 2024, security with a value of $20,816,862 was on loan to brokers. |
Investment income: | |
Dividends (net of foreign withholding taxes of $1,515,926) | $12,607,312 |
Dividends from affiliated money market funds (includes net securities lending income of $97,397) | 791,773 |
Total investment income | 13,399,085 |
Expenses: | |
Advisory fees | 4,451,885 |
Administrative services fees | 1,032,217 |
Custodian fees | 55,973 |
Distribution fees - Series II | 921,076 |
Transfer agent fees | 29,755 |
Trustees’ and officers’ fees and benefits | 14,127 |
Reports to shareholders | 295,322 |
Professional services fees | 27,640 |
Other | 7,025 |
Total expenses | 6,835,020 |
Less: Fees waived | (14,104) |
Net expenses | 6,820,916 |
Net investment income | 6,578,169 |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities (net of foreign taxes of $7,093) | 57,214,388 |
Affiliated investment securities | (3,250) |
Foreign currencies | (117,347) |
57,093,791 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities (net of foreign taxes of $66,292) | (29,891,240) |
Affiliated investment securities | (1,789) |
Foreign currencies | (112,226) |
(30,005,255) | |
Net realized and unrealized gain | 27,088,536 |
Net increase in net assets resulting from operations | $33,666,705 |
4 | Invesco V.I. EQV International Equity Fund |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income | $6,578,169 | $11,690,043 |
Net realized gain | 57,093,791 | 4,873,173 |
Change in net unrealized appreciation (depreciation) | (30,005,255) | 175,045,941 |
Net increase in net assets resulting from operations | 33,666,705 | 191,609,157 |
Distributions to shareholders from distributable earnings: | ||
Series I | — | (1,382,541) |
Series II | — | (526,344) |
Total distributions from distributable earnings | — | (1,908,885) |
Share transactions–net: | ||
Series I | (64,169,598) | 90,641,189 |
Series II | (51,758,420) | (70,040,535) |
Net increase (decrease) in net assets resulting from share transactions | (115,928,018) | 20,600,654 |
Net increase (decrease) in net assets | (82,261,313) | 210,300,926 |
Net assets: | ||
Beginning of period | 1,283,462,923 | 1,073,161,997 |
End of period | $1,201,201,610 | $1,283,462,923 |
5 | Invesco V.I. EQV International Equity Fund |
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Ratio of net investment income to average net assets | Portfolio turnover (c) | |
Series I | ||||||||||||||
Six months ended 06/30/24 | $34.09 | $0.21 | $0.71 | $0.92 | $— | $— | $— | $35.01 | 2.70% | $482,634 | 0.94%(d) | 0.94%(d) | 1.20%(d) | 17% |
Year ended 12/31/23 | 28.94 | 0.36 | 4.87 | 5.23 | (0.06) | (0.02) | (0.08) | 34.09 | 18.15 | 532,382 | 0.90 | 0.90 | 1.13 | 34 |
Year ended 12/31/22 | 41.41 | 0.36 | (8.39) | (8.03) | (0.60) | (3.84) | (4.44) | 28.94 | (18.31) | 370,151 | 0.91 | 0.91 | 1.06 | 45 |
Year ended 12/31/21 | 42.52 | 0.27 | 2.22 | 2.49 | (0.57) | (3.03) | (3.60) | 41.41 | 5.89 | 475,732 | 0.89 | 0.89 | 0.60 | 34 |
Year ended 12/31/20 | 39.05 | 0.24 | 5.04 | 5.28 | (0.92) | (0.89) | (1.81) | 42.52 | 14.02 | 468,726 | 0.91 | 0.91 | 0.65 | 52 |
Year ended 12/31/19 | 32.98 | 0.58 | 8.60 | 9.18 | (0.62) | (2.49) | (3.11) | 39.05 | 28.54 | 466,401 | 0.89 | 0.89 | 1.54 | 31 |
Series II | ||||||||||||||
Six months ended 06/30/24 | 33.47 | 0.16 | 0.70 | 0.86 | — | — | — | 34.33 | 2.57 | 718,567 | 1.19(d) | 1.19(d) | 0.95(d) | 17 |
Year ended 12/31/23 | 28.42 | 0.27 | 4.80 | 5.07 | — | (0.02) | (0.02) | 33.47 | 17.86 | 751,081 | 1.15 | 1.15 | 0.88 | 34 |
Year ended 12/31/22 | 40.72 | 0.27 | (8.24) | (7.97) | (0.49) | (3.84) | (4.33) | 28.42 | (18.50) | 703,011 | 1.16 | 1.16 | 0.81 | 45 |
Year ended 12/31/21 | 41.88 | 0.15 | 2.19 | 2.34 | (0.47) | (3.03) | (3.50) | 40.72 | 5.61 | 929,768 | 1.14 | 1.14 | 0.35 | 34 |
Year ended 12/31/20 | 38.48 | 0.15 | 4.95 | 5.10 | (0.81) | (0.89) | (1.70) | 41.88 | 13.74 | 973,322 | 1.16 | 1.16 | 0.40 | 52 |
Year ended 12/31/19 | 32.52 | 0.48 | 8.47 | 8.95 | (0.50) | (2.49) | (2.99) | 38.48 | 28.20 | 1,005,632 | 1.14 | 1.14 | 1.29 | 31 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Annualized. |
6 | Invesco V.I. EQV International Equity Fund |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
7 | Invesco V.I. EQV International Equity Fund |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities. |
8 | Invesco V.I. EQV International Equity Fund |
J. | Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
K. | Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk. |
L. | Other Risks - Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Such countries’ economies may be more dependent on relatively few industries or investors that may be highly vulnerable to local and global changes. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the ability of foreign entities to participate in privatization programs of certain developing or emerging market countries may be limited by local law. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. |
Average Daily Net Assets | Rate |
First $250 million | 0.750% |
Over $250 million | 0.700% |
9 | Invesco V.I. EQV International Equity Fund |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Australia | $— | $35,763,335 | $— | $35,763,335 |
Brazil | 26,044,177 | — | — | 26,044,177 |
Canada | 63,109,343 | — | — | 63,109,343 |
China | — | 43,148,674 | — | 43,148,674 |
Denmark | — | 54,957,149 | — | 54,957,149 |
France | — | 165,284,656 | — | 165,284,656 |
Germany | — | 9,926,524 | — | 9,926,524 |
Hong Kong | — | 27,464,291 | — | 27,464,291 |
India | 27,697,346 | 16,274,329 | — | 43,971,675 |
Ireland | — | 13,604,327 | — | 13,604,327 |
Israel | 11,611,275 | — | — | 11,611,275 |
Italy | — | 17,918,552 | — | 17,918,552 |
Japan | — | 130,891,046 | — | 130,891,046 |
Mexico | 22,576,051 | — | — | 22,576,051 |
Netherlands | — | 63,009,102 | — | 63,009,102 |
Singapore | — | 13,444,573 | — | 13,444,573 |
South Korea | — | 19,016,479 | — | 19,016,479 |
Sweden | — | 55,163,887 | — | 55,163,887 |
Switzerland | — | 39,581,684 | — | 39,581,684 |
Taiwan | 44,453,646 | — | — | 44,453,646 |
United Kingdom | 12,662,349 | 157,713,198 | — | 170,375,547 |
10 | Invesco V.I. EQV International Equity Fund |
Level 1 | Level 2 | Level 3 | Total | |
United States | $99,054,973 | $— | $— | $99,054,973 |
Money Market Funds | 29,272,022 | 19,374,881 | — | 48,646,903 |
Total Investments | $336,481,182 | $882,536,687 | $— | $1,219,017,869 |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $354,160,365 |
Aggregate unrealized (depreciation) of investments | (35,238,916) |
Net unrealized appreciation of investments | $318,921,449 |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 585,366 | $20,437,608 | 5,032,872 | $160,271,733 | |
Series II | 338,961 | 11,537,668 | 2,486,418 | 77,148,430 | |
Issued as reinvestment of dividends: | |||||
Series I | - | - | 47,170 | 1,382,541 | |
Series II | - | - | 18,282 | 526,344 | |
Reacquired: | |||||
Series I | (2,417,982) | (84,607,206) | (2,253,713) | (71,013,085) | |
Series II | (1,850,312) | (63,296,088) | (4,798,130) | (147,715,309) | |
Net increase (decrease) in share activity | (3,343,967) | $(115,928,018) | 532,899 | $20,600,654 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 42% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
11 | Invesco V.I. EQV International Equity Fund |
A. | Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers |
12 | Invesco V.I. EQV International Equity Fund |
C. | Advisory and Sub-Advisory Fees and Fund Expenses |
D. | Economies of Scale and Breakpoints |
F. | Collateral Benefits to Invesco Advisers and its Affiliates |
13 | Invesco V.I. EQV International Equity Fund |
14 | Invesco V.I. EQV International Equity Fund |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
15 | Invesco V.I. EQV International Equity Fund |
16 | Invesco V.I. EQV International Equity Fund |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/img2456659e1.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | VIGCE-NCSRS |
Shares | Value | ||
Common Stocks & Other Equity Interests–97.56% | |||
Australia–0.37% | |||
Rio Tinto PLC | 3,775 | $247,709 | |
Canada–5.79% | |||
Canadian Pacific Kansas City Ltd. | 13,668 | 1,076,416 | |
Constellation Software, Inc. | 578 | 1,665,441 | |
Dollarama, Inc. | 11,883 | 1,084,979 | |
3,826,836 | |||
China–2.22% | |||
NetEase, Inc. | 18,153 | 346,648 | |
Tencent Holdings Ltd. | 23,600 | 1,119,592 | |
1,466,240 | |||
France–6.19% | |||
Airbus SE | 4,098 | 562,437 | |
Hermes International S.C.A. | 425 | 981,591 | |
L’Oreal S.A. | 2,439 | 1,073,564 | |
LVMH Moet Hennessy Louis Vuitton SE | 1,525 | 1,170,881 | |
TotalEnergies SE | 4,483 | 300,153 | |
4,088,626 | |||
Italy–1.18% | |||
Ryanair Holdings PLC, ADR | 6,695 | 779,566 | |
Netherlands–1.61% | |||
ASML Holding N.V. | 297 | 302,692 | |
IMCD N.V. | 5,536 | 763,124 | |
1,065,816 | |||
South Korea–1.72% | |||
Samsung Electronics Co. Ltd. | 19,259 | 1,133,465 | |
Sweden–1.00% | |||
Atlas Copco AB, Class A | 35,171 | 660,379 | |
Taiwan–1.70% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 38,000 | 1,125,849 | |
United Kingdom–8.11% | |||
3i Group PLC | 49,095 | 1,892,164 | |
Ashtead Group PLC | 4,489 | 299,298 | |
Berkeley Group Holdings PLC (The) | 9,283 | 536,367 | |
RELX PLC | 27,133 | 1,241,685 | |
Unilever PLC | 25,286 | 1,387,881 | |
5,357,395 | |||
United States–67.67% | |||
Accenture PLC, Class A | 4,510 | 1,368,379 | |
Alphabet, Inc., Class A | 8,633 | 1,572,501 | |
Amazon.com, Inc.(a) | 12,531 | 2,421,616 |
Shares | Value | ||
United States–(continued) | |||
American Express Co. | 4,111 | $951,902 | |
AMETEK, Inc. | 4,887 | 814,712 | |
Amphenol Corp., Class A | 15,624 | 1,052,589 | |
Analog Devices, Inc. | 5,711 | 1,303,593 | |
Apple, Inc. | 9,540 | 2,009,315 | |
Berkshire Hathaway, Inc., Class B(a) | 4,208 | 1,711,814 | |
Broadcom, Inc. | 767 | 1,231,441 | |
CME Group, Inc., Class A | 3,364 | 661,362 | |
Coca-Cola Co. (The) | 24,760 | 1,575,974 | |
Copart, Inc.(a) | 17,873 | 968,002 | |
Costco Wholesale Corp. | 423 | 359,546 | |
Danaher Corp. | 4,741 | 1,184,539 | |
EOG Resources, Inc. | 8,307 | 1,045,602 | |
Fastenal Co. | 5,129 | 322,306 | |
Ferguson PLC | 3,408 | 659,959 | |
Home Depot, Inc. (The) | 3,611 | 1,243,051 | |
Intuit, Inc. | 476 | 312,832 | |
JPMorgan Chase & Co. | 5,143 | 1,040,223 | |
Linde PLC | 2,876 | 1,262,018 | |
Marsh & McLennan Cos., Inc. | 7,012 | 1,477,569 | |
Mastercard, Inc., Class A | 3,522 | 1,553,765 | |
Microsoft Corp. | 9,159 | 4,093,615 | |
Moody’s Corp. | 2,400 | 1,010,232 | |
Motorola Solutions, Inc. | 1,671 | 645,089 | |
NVIDIA Corp. | 12,190 | 1,505,953 | |
Old Dominion Freight Line, Inc. | 8,886 | 1,569,268 | |
O’Reilly Automotive, Inc.(a) | 1,432 | 1,512,278 | |
Progressive Corp. (The) | 5,672 | 1,178,131 | |
Texas Instruments, Inc. | 4,014 | 780,843 | |
Thermo Fisher Scientific, Inc. | 2,819 | 1,558,907 | |
Union Pacific Corp. | 4,290 | 970,655 | |
UnitedHealth Group, Inc. | 3,541 | 1,803,290 | |
44,732,871 | |||
Total Common Stocks & Other Equity Interests (Cost $51,849,456) | 64,484,752 | ||
Money Market Funds–2.29% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(b)(c) | 530,023 | 530,023 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(b)(c) | 377,081 | 377,194 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(b)(c) | 605,740 | 605,740 | |
Total Money Market Funds (Cost $1,512,935) | 1,512,957 | ||
TOTAL INVESTMENTS IN SECURITIES—99.85% (Cost $53,362,391) | 65,997,709 | ||
OTHER ASSETS LESS LIABILITIES–0.15% | 102,392 | ||
NET ASSETS–100.00% | $66,100,101 |
ADR | – American Depositary Receipt |
2 | Invesco V.I. Global Core Equity Fund |
(a) | Non-income producing security. |
(b) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $552,723 | $2,381,248 | $(2,403,948) | $- | $- | $530,023 | $13,095 |
Invesco Liquid Assets Portfolio, Institutional Class | 393,564 | 1,700,892 | (1,717,106) | (136) | (20) | 377,194 | 9,693 |
Invesco Treasury Portfolio, Institutional Class | 631,683 | 2,721,426 | (2,747,369) | - | - | 605,740 | 14,931 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | 637,637 | 14,442,443 | (15,080,080) | - | - | - | 14,463* |
Invesco Private Prime Fund | 1,639,640 | 30,113,403 | (31,752,400) | (143) | (500) | - | 36,423* |
Total | $3,855,247 | $51,359,412 | $(53,700,903) | $(279) | $(520) | $1,512,957 | $88,605 |
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(c) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
3 | Invesco V.I. Global Core Equity Fund |
Assets: | |
Investments in unaffiliated securities, at value (Cost $51,849,456) | $64,484,752 |
Investments in affiliated money market funds, at value (Cost $1,512,935) | 1,512,957 |
Cash | 7,557 |
Foreign currencies, at value (Cost $75,027) | 72,396 |
Receivable for: | |
Fund shares sold | 17 |
Dividends | 130,906 |
Foreign withholding tax claims | 7,585 |
Investment for trustee deferred compensation and retirement plans | 22,247 |
Total assets | 66,238,417 |
Liabilities: | |
Payable for: | |
Fund shares reacquired | 54,850 |
Accrued fees to affiliates | 33,336 |
Accrued other operating expenses | 24,980 |
Trustee deferred compensation and retirement plans | 25,150 |
Total liabilities | 138,316 |
Net assets applicable to shares outstanding | $66,100,101 |
Net assets consist of: | |
Shares of beneficial interest | $49,956,839 |
Distributable earnings | 16,143,262 |
$66,100,101 | |
Net Assets: | |
Series I | $58,516,393 |
Series II | $7,583,708 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 5,416,310 |
Series II | 701,055 |
Series I: | |
Net asset value per share | $10.80 |
Series II: | |
Net asset value per share | $10.82 |
Investment income: | |
Dividends (net of foreign withholding taxes of $18,125) | $445,443 |
Dividends from affiliated money market funds (includes net securities lending income of $1,133) | 38,852 |
Foreign withholding tax claims | 7,585 |
Total investment income | 491,880 |
Expenses: | |
Advisory fees | 216,194 |
Administrative services fees | 53,009 |
Custodian fees | 9,713 |
Distribution fees - Series II | 9,753 |
Transfer agent fees | 1,468 |
Trustees’ and officers’ fees and benefits | 9,570 |
Reports to shareholders | 8,093 |
Professional services fees | 22,420 |
Other | 262 |
Total expenses | 330,482 |
Less: Fees waived | (758) |
Net expenses | 329,724 |
Net investment income | 162,156 |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | 2,394,317 |
Affiliated investment securities | (520) |
Foreign currencies | (8,239) |
2,385,558 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | 4,599,370 |
Affiliated investment securities | (279) |
Foreign currencies | (7,806) |
4,591,285 | |
Net realized and unrealized gain | 6,976,843 |
Net increase in net assets resulting from operations | $7,138,999 |
4 | Invesco V.I. Global Core Equity Fund |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income | $162,156 | $475,849 |
Net realized gain | 2,385,558 | 606,818 |
Change in net unrealized appreciation | 4,591,285 | 10,601,887 |
Net increase in net assets resulting from operations | 7,138,999 | 11,684,554 |
Distributions to shareholders from distributable earnings: | ||
Series I | — | (332,680) |
Series II | — | (28,069) |
Total distributions from distributable earnings | — | (360,749) |
Share transactions–net: | ||
Series I | (2,079,379) | (3,587,204) |
Series II | (1,288,402) | (1,114,109) |
Net increase (decrease) in net assets resulting from share transactions | (3,367,781) | (4,701,313) |
Net increase in net assets | 3,771,218 | 6,622,492 |
Net assets: | ||
Beginning of period | 62,328,883 | 55,706,391 |
End of period | $66,100,101 | $62,328,883 |
5 | Invesco V.I. Global Core Equity Fund |
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Ratio of net investment income to average net assets | Portfolio turnover (c) | |
Series I | ||||||||||||||
Six months ended 06/30/24 | $9.67 | $0.03 | $1.10 | $1.13 | $— | $— | $— | $10.80 | 11.69% | $58,516 | 0.99%(d) | 0.99%(d) | 0.53%(d) | 22% |
Year ended 12/31/23 | 8.00 | 0.07 | 1.66 | 1.73 | (0.05) | (0.01) | (0.06) | 9.67 | 21.73 | 54,320 | 0.97 | 0.98 | 0.83 | 110 |
Year ended 12/31/22 | 11.13 | 0.05 | (2.52) | (2.47) | (0.04) | (0.62) | (0.66) | 8.00 | (21.88) | 48,080 | 0.97 | 0.97 | 0.55 | 13 |
Year ended 12/31/21 | 11.49 | 0.04 | 1.81 | 1.85 | (0.12) | (2.09) | (2.21) | 11.13 | 15.97 | 65,044 | 0.96 | 0.96 | 0.31 | 27 |
Year ended 12/31/20 | 10.28 | 0.11 | 1.24 | 1.35 | (0.14) | — | (0.14) | 11.49 | 13.23 | 58,139 | 1.00 | 1.00 | 1.14 | 127 |
Year ended 12/31/19 | 8.99 | 0.15 | 2.03 | 2.18 | (0.15) | (0.74) | (0.89) | 10.28 | 25.20 | 60,078 | 1.01 | 1.01 | 1.54 | 24 |
Series II | ||||||||||||||
Six months ended 06/30/24 | 9.69 | 0.01 | 1.12 | 1.13 | — | — | — | 10.82 | 11.66 | 7,584 | 1.24(d) | 1.24(d) | 0.28(d) | 22 |
Year ended 12/31/23 | 8.01 | 0.05 | 1.67 | 1.72 | (0.03) | (0.01) | (0.04) | 9.69 | 21.46 | 8,009 | 1.22 | 1.23 | 0.58 | 110 |
Year ended 12/31/22 | 11.14 | 0.03 | (2.53) | (2.50) | (0.01) | (0.62) | (0.63) | 8.01 | (22.16) | 7,626 | 1.22 | 1.22 | 0.30 | 13 |
Year ended 12/31/21 | 11.50 | 0.01 | 1.82 | 1.83 | (0.10) | (2.09) | (2.19) | 11.14 | 15.71 | 10,725 | 1.21 | 1.21 | 0.06 | 27 |
Year ended 12/31/20 | 10.28 | 0.09 | 1.24 | 1.33 | (0.11) | — | (0.11) | 11.50 | 13.03 | 10,625 | 1.25 | 1.25 | 0.89 | 127 |
Year ended 12/31/19 | 8.99 | 0.13 | 2.02 | 2.15 | (0.12) | (0.74) | (0.86) | 10.28 | 24.82 | 10,561 | 1.26 | 1.26 | 1.29 | 24 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Annualized. |
6 | Invesco V.I. Global Core Equity Fund |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
7 | Invesco V.I. Global Core Equity Fund |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Foreign Withholding Taxes – The Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. The Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. The Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction’s legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for Foreign withholding tax claims on the Statement of Assets and Liabilities. There is no guarantee that the Fund will receive refunds applied for in a timely manner or at all. |
G. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
H. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
I. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
J. | Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could |
8 | Invesco V.I. Global Core Equity Fund |
experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities. |
K. | Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
L. | Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk. |
M. | Other Risks - Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability. |
Average Daily Net Assets | Rate |
First $1 billion | 0.670% |
Next $500 million | 0.645% |
Next $1 billion | 0.620% |
Next $1 billion | 0.595% |
Next $1 billion | 0.570% |
Over $4.5 billion | 0.545% |
9 | Invesco V.I. Global Core Equity Fund |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Australia | $— | $247,709 | $— | $247,709 |
Canada | 3,826,836 | — | — | 3,826,836 |
China | — | 1,466,240 | — | 1,466,240 |
France | — | 4,088,626 | — | 4,088,626 |
Italy | 779,566 | — | — | 779,566 |
Netherlands | — | 1,065,816 | — | 1,065,816 |
South Korea | — | 1,133,465 | — | 1,133,465 |
Sweden | — | 660,379 | — | 660,379 |
Taiwan | — | 1,125,849 | — | 1,125,849 |
United Kingdom | — | 5,357,395 | — | 5,357,395 |
United States | 44,732,871 | — | — | 44,732,871 |
Money Market Funds | 1,512,957 | — | — | 1,512,957 |
Total Investments | $50,852,230 | $15,145,479 | $— | $65,997,709 |
10 | Invesco V.I. Global Core Equity Fund |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $12,504,993 |
Aggregate unrealized (depreciation) of investments | (229,913) |
Net unrealized appreciation of investments | $12,275,080 |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 174,853 | $1,805,009 | 523,873 | $4,575,751 | |
Series II | 2,988 | 30,023 | 9,123 | 82,627 | |
Issued as reinvestment of dividends: | |||||
Series I | - | - | 39,842 | 332,680 | |
Series II | - | - | 3,349 | 28,039 | |
Reacquired: | |||||
Series I | (376,540) | (3,884,388) | (959,291) | (8,495,635) | |
Series II | (128,116) | (1,318,425) | (138,241) | (1,224,775) | |
Net increase (decrease) in share activity | (326,815) | $(3,367,781) | (521,345) | $(4,701,313) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 85% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
11 | Invesco V.I. Global Core Equity Fund |
12 | Invesco V.I. Global Core Equity Fund |
13 | Invesco V.I. Global Core Equity Fund |
14 | Invesco V.I. Global Core Equity Fund |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
15 | Invesco V.I. Global Core Equity Fund |
16 | Invesco V.I. Global Core Equity Fund |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/img16aa31731.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | O-VIGLBL-NCSRS |
Shares | Value | ||
Common Stocks & Other Equity Interests–100.18% | |||
Canada–0.56% | |||
Canadian Pacific Kansas City Ltd. | 153,120 | $12,055,138 | |
China–2.33% | |||
JD.com, Inc., ADR(a) | 1,466,697 | 37,899,451 | |
Tencent Holdings Ltd. | 262,400 | 12,448,342 | |
50,347,793 | |||
Denmark–5.46% | |||
Novo Nordisk A/S, Class B | 825,891 | 118,172,411 | |
France–8.43% | |||
Airbus SE | 540,986 | 74,248,515 | |
Dassault Systemes SE | 200,662 | 7,545,087 | |
EssilorLuxottica S.A. | 79,202 | 17,019,206 | |
Kering S.A. | 18,760 | 6,823,855 | |
LVMH Moet Hennessy Louis Vuitton SE | 100,106 | 76,860,466 | |
182,497,129 | |||
Germany–3.58% | |||
Allianz SE | 36,013 | 10,001,927 | |
SAP SE | 336,109 | 67,516,087 | |
77,518,014 | |||
India–6.83% | |||
DLF Ltd. | 10,652,174 | 105,159,595 | |
HDFC Bank Ltd. | 488,377 | 9,862,379 | |
ICICI Bank Ltd., ADR | 1,135,651 | 32,718,105 | |
147,740,079 | |||
Israel–0.93% | |||
Nice Ltd., ADR(b) | 117,771 | 20,253,079 | |
Italy–0.97% | |||
Brunello Cucinelli S.p.A. | 173,986 | 17,364,852 | |
Ferrari N.V. | 9,024 | 3,682,619 | |
21,047,471 | |||
Japan–4.22% | |||
Capcom Co. Ltd. | 240,700 | 4,553,293 | |
Hoya Corp. | 77,800 | 9,097,879 | |
Keyence Corp. | 120,144 | 52,584,376 | |
TDK Corp. | 407,900 | 25,082,519 | |
91,318,067 | |||
Netherlands–2.24% | |||
ASML Holding N.V. | 35,119 | 35,792,085 | |
BE Semiconductor Industries N.V. (Acquired 11/20/2023-02/09/2024; Cost $6,203,418)(c) | 41,701 | 6,966,207 | |
Universal Music Group N.V. | 189,424 | 5,635,036 | |
48,393,328 | |||
Spain–1.20% | |||
Amadeus IT Group S.A. | 388,918 | 25,880,316 | |
Sweden–4.85% | |||
Assa Abloy AB, Class B | 1,402,939 | 39,731,968 |
Shares | Value | ||
Sweden–(continued) | |||
Atlas Copco AB, Class A | 3,476,071 | $65,267,543 | |
104,999,511 | |||
Switzerland–0.73% | |||
Lonza Group AG | 29,253 | 15,925,475 | |
United States–57.85% | |||
Adobe, Inc.(b) | 126,310 | 70,170,257 | |
Alphabet, Inc., Class A | 1,433,792 | 261,165,213 | |
Amazon.com, Inc.(b) | 165,138 | 31,912,918 | |
Analog Devices, Inc. | 483,870 | 110,448,166 | |
Avantor, Inc.(b) | 232,761 | 4,934,533 | |
Boston Scientific Corp.(b) | 124,997 | 9,626,019 | |
Broadcom, Inc. | 5,885 | 9,448,544 | |
Charles River Laboratories International, Inc.(b) | 20,360 | 4,205,969 | |
Danaher Corp.(a) | 39,748 | 9,931,038 | |
Ecolab, Inc. | 38,216 | 9,095,408 | |
Edwards Lifesciences Corp.(b) | 86,554 | 7,994,993 | |
Eli Lilly and Co. | 13,946 | 12,626,429 | |
Equifax, Inc.(a) | 131,130 | 31,793,780 | |
GRAIL, Inc.(b) | 1 | 10 | |
IDEXX Laboratories, Inc.(b) | 16,210 | 7,897,512 | |
Illumina, Inc.(b) | 46,462 | 4,849,704 | |
Intuit, Inc. | 136,942 | 89,999,652 | |
Intuitive Surgical, Inc.(b) | 59,161 | 26,317,771 | |
IQVIA Holdings, Inc.(b) | 90,571 | 19,150,332 | |
Lam Research Corp. | 11,166 | 11,890,115 | |
Linde PLC | 14,427 | 6,330,712 | |
Marriott International, Inc., Class A | 76,629 | 18,526,593 | |
Marvell Technology, Inc. | 486,272 | 33,990,413 | |
Meta Platforms, Inc., Class A | 354,323 | 178,656,743 | |
Microsoft Corp. | 110,084 | 49,202,044 | |
Netflix, Inc.(a)(b) | 19,306 | 13,029,233 | |
NVIDIA Corp. | 574,120 | 70,926,785 | |
Phathom Pharmaceuticals, Inc.(a)(b) | 390,170 | 4,018,751 | |
S&P Global, Inc. | 178,440 | 79,584,240 | |
Synopsys, Inc.(b) | 9,593 | 5,708,411 | |
Thermo Fisher Scientific, Inc. | 14,586 | 8,066,058 | |
TJX Cos., Inc. (The) | 20,365 | 2,242,186 | |
Visa, Inc., Class A | 183,380 | 48,131,749 | |
1,251,872,281 | |||
Total Common Stocks & Other Equity Interests (Cost $711,686,417) | 2,168,020,092 | ||
Money Market Funds–0.00% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(d)(e) | 29 | 29 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(d)(e) | 34 | 34 | |
Total Money Market Funds (Cost $63) | 63 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-100.18% (Cost $711,686,480) | 2,168,020,155 |
2 | Invesco V.I. Global Fund |
Shares | Value | ||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–0.74% | |||
Invesco Private Government Fund, 5.31%(d)(e)(f) | 4,477,067 | $4,477,067 | |
Invesco Private Prime Fund, 5.48%(d)(e)(f) | 11,509,006 | 11,512,459 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $15,989,526) | 15,989,526 | ||
TOTAL INVESTMENTS IN SECURITIES—100.92% (Cost $727,676,006) | 2,184,009,681 | ||
OTHER ASSETS LESS LIABILITIES–(0.92)% | (19,941,232) | ||
NET ASSETS–100.00% | $2,164,068,449 |
ADR | – American Depositary Receipt |
(a) | All or a portion of this security was out on loan at June 30, 2024. |
(b) | Non-income producing security. |
(c) | Restricted security. The value of this security at June 30, 2024 represented less than 1% of the Fund’s Net Assets. |
(d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $3,503,675 | $23,030,890 | $(26,534,536) | $- | $- | $29 | $36,148 |
Invesco Liquid Assets Portfolio, Institutional Class | 2,437,605 | 16,450,636 | (18,887,817) | (638) | 214 | - | 27,208 |
Invesco Treasury Portfolio, Institutional Class | 4,004,200 | 26,321,018 | (30,325,184) | - | - | 34 | 41,229 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | 1,119,637 | 148,831,523 | (145,474,093) | - | - | 4,477,067 | 272,958* |
Invesco Private Prime Fund | 2,931,846 | 276,061,289 | (267,472,502) | (32) | (8,142) | 11,512,459 | 718,116* |
Total | $13,996,963 | $490,695,356 | $(488,694,132) | $(670) | $(7,928) | $15,989,589 | $1,095,659 |
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I. |
3 | Invesco V.I. Global Fund |
Assets: | |
Investments in unaffiliated securities, at value (Cost $711,686,417)* | $2,168,020,092 |
Investments in affiliated money market funds, at value (Cost $15,989,589) | 15,989,589 |
Cash | 1,944,160 |
Foreign currencies, at value (Cost $579,604) | 575,010 |
Receivable for: | |
Investments sold | 2,939,644 |
Fund shares sold | 125,468 |
Dividends | 1,747,474 |
Investment for trustee deferred compensation and retirement plans | 167,595 |
Other assets | 800 |
Total assets | 2,191,509,832 |
Liabilities: | |
Payable for: | |
Fund shares reacquired | 1,682,309 |
Accrued foreign taxes | 8,450,885 |
Collateral upon return of securities loaned | 15,989,526 |
Accrued fees to affiliates | 1,140,726 |
Accrued other operating expenses | 10,342 |
Trustee deferred compensation and retirement plans | 167,595 |
Total liabilities | 27,441,383 |
Net assets applicable to shares outstanding | $2,164,068,449 |
Net assets consist of: | |
Shares of beneficial interest | $480,599,382 |
Distributable earnings | 1,683,469,067 |
$2,164,068,449 | |
Net Assets: | |
Series I | $1,185,846,215 |
Series II | $978,222,234 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 28,446,855 |
Series II | 24,198,102 |
Series I: | |
Net asset value per share | $41.69 |
Series II: | |
Net asset value per share | $40.43 |
* | At June 30, 2024, securities with an aggregate value of $15,371,259 were on loan to brokers. |
Investment income: | |
Dividends (net of foreign withholding taxes of $1,191,145) | $11,481,856 |
Dividends from affiliated money market funds (includes net securities lending income of $92,476) | 197,061 |
Total investment income | 11,678,917 |
Expenses: | |
Advisory fees | 6,635,799 |
Administrative services fees | 1,744,858 |
Custodian fees | 83,038 |
Distribution fees - Series II | 1,211,647 |
Transfer agent fees | 48,130 |
Trustees’ and officers’ fees and benefits | 16,993 |
Reports to shareholders | 175,985 |
Professional services fees | 29,849 |
Other | 10,112 |
Total expenses | 9,956,411 |
Less: Fees waived | (2,119) |
Net expenses | 9,954,292 |
Net investment income | 1,724,625 |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities (net of foreign taxes of $1,323,377) | 124,846,392 |
Affiliated investment securities | (7,928) |
Foreign currencies | (1,375) |
124,837,089 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities (net of foreign taxes of $108,941) | 150,710,620 |
Affiliated investment securities | (670) |
Foreign currencies | (67,451) |
150,642,499 | |
Net realized and unrealized gain | 275,479,588 |
Net increase in net assets resulting from operations | $277,204,213 |
4 | Invesco V.I. Global Fund |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income | $1,724,625 | $1,226,349 |
Net realized gain | 124,837,089 | 122,093,877 |
Change in net unrealized appreciation | 150,642,499 | 434,597,182 |
Net increase in net assets resulting from operations | 277,204,213 | 557,917,408 |
Distributions to shareholders from distributable earnings: | ||
Series I | — | (119,637,917) |
Series II | — | (103,592,428) |
Total distributions from distributable earnings | — | (223,230,345) |
Share transactions–net: | ||
Series I | (68,334,529) | (6,874,597) |
Series II | (90,412,329) | 38,974,400 |
Net increase (decrease) in net assets resulting from share transactions | (158,746,858) | 32,099,803 |
Net increase in net assets | 118,457,355 | 366,786,866 |
Net assets: | ||
Beginning of period | 2,045,611,094 | 1,678,824,228 |
End of period | $2,164,068,449 | $2,045,611,094 |
5 | Invesco V.I. Global Fund |
Net asset value, beginning of period | Net investment income (loss)(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c) | Ratio of net investment income (loss) to average net assets | Portfolio turnover (d) | |
Series I | ||||||||||||||
Six months ended 06/30/24 | $36.56 | $0.05 | $5.08 | $5.13 | $— | $— | $— | $41.69 | 14.03% | $1,185,846 | 0.82%(e) | 0.82%(e) | 0.28%(e) | 3% |
Year ended 12/31/23 | 31.10 | 0.06 | 9.84 | 9.90 | (0.09) | (4.35) | (4.44) | 36.56 | 34.73 | 1,103,140 | 0.82 | 0.82 | 0.18 | 10 |
Year ended 12/31/22 | 57.22 | 0.11 | (18.77) | (18.66) | — | (7.46) | (7.46) | 31.10 | (31.77) | 925,742 | 0.79 | 0.81 | 0.27 | 15 |
Year ended 12/31/21 | 52.12 | (0.13) | 8.23 | 8.10 | — | (3.00) | (3.00) | 57.22 | 15.49 | 1,484,706 | 0.77 | 0.78 | (0.23) | 7 |
Year ended 12/31/20 | 42.55 | (0.01) | 11.51 | 11.50 | (0.31) | (1.62) | (1.93) | 52.12 | 27.64 | 1,438,773 | 0.77 | 0.81 | (0.01) | 13 |
Year ended 12/31/19 | 38.00 | 0.29 | 11.03 | 11.32 | (0.40) | (6.37) | (6.77) | 42.55 | 31.79 | 1,334,573 | 0.77 | 0.80 | 0.70 | 23 |
Series II | ||||||||||||||
Six months ended 06/30/24 | 35.50 | 0.01 | 4.92 | 4.93 | — | — | — | 40.43 | 13.89 | 978,222 | 1.07(e) | 1.07(e) | 0.03(e) | 3 |
Year ended 12/31/23 | 30.30 | (0.02) | 9.57 | 9.55 | — | (4.35) | (4.35) | 35.50 | 34.45 | 942,471 | 1.07 | 1.07 | (0.07) | 10 |
Year ended 12/31/22 | 56.18 | 0.00 | (18.42) | (18.42) | — | (7.46) | (7.46) | 30.30 | (31.94) | 753,082 | 1.04 | 1.06 | 0.02 | 15 |
Year ended 12/31/21 | 51.36 | (0.27) | 8.09 | 7.82 | — | (3.00) | (3.00) | 56.18 | 15.17 | 1,257,943 | 1.02 | 1.03 | (0.48) | 7 |
Year ended 12/31/20 | 41.95 | (0.11) | 11.34 | 11.23 | (0.20) | (1.62) | (1.82) | 51.36 | 27.34 | 1,322,794 | 1.02 | 1.06 | (0.26) | 13 |
Year ended 12/31/19 | 37.53 | 0.18 | 10.89 | 11.07 | (0.28) | (6.37) | (6.65) | 41.95 | 31.45 | 1,187,107 | 1.02 | 1.04 | 0.45 | 23 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the year ended December 31, 2019. |
(d) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(e) | Annualized. |
6 | Invesco V.I. Global Fund |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
7 | Invesco V.I. Global Fund |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities. |
8 | Invesco V.I. Global Fund |
J. | Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
K. | Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk. |
Average Daily Net Assets | Rate* |
Up to $200 million | 0.750% |
Next $200 million | 0.720% |
Next $200 million | 0.690% |
Next $200 million | 0.660% |
Next $4.2 billion | 0.600% |
Over $5 billion | 0.580% |
* | The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser. |
9 | Invesco V.I. Global Fund |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Canada | $12,055,138 | $— | $— | $12,055,138 |
China | 37,899,451 | 12,448,342 | — | 50,347,793 |
Denmark | — | 118,172,411 | — | 118,172,411 |
France | — | 182,497,129 | — | 182,497,129 |
Germany | — | 77,518,014 | — | 77,518,014 |
India | 32,718,105 | 115,021,974 | — | 147,740,079 |
Israel | 20,253,079 | — | — | 20,253,079 |
Italy | — | 21,047,471 | — | 21,047,471 |
Japan | — | 91,318,067 | — | 91,318,067 |
Netherlands | — | 48,393,328 | — | 48,393,328 |
Spain | — | 25,880,316 | — | 25,880,316 |
Sweden | — | 104,999,511 | — | 104,999,511 |
Switzerland | — | 15,925,475 | — | 15,925,475 |
United States | 1,251,872,281 | — | — | 1,251,872,281 |
Money Market Funds | 63 | 15,989,526 | — | 15,989,589 |
Total Investments | $1,354,798,117 | $829,211,564 | $— | $2,184,009,681 |
10 | Invesco V.I. Global Fund |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $1,473,799,513 |
Aggregate unrealized (depreciation) of investments | (32,886,786) |
Net unrealized appreciation of investments | $1,440,912,727 |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 354,634 | $14,054,132 | 1,102,021 | $39,524,845 | |
Series II | 309,637 | 11,682,675 | 3,943,160 | 133,482,092 | |
Issued as reinvestment of dividends: | |||||
Series I | - | - | 3,941,941 | 119,637,917 | |
Series II | - | - | 3,513,990 | 103,592,428 | |
Reacquired: | |||||
Series I | (2,079,165) | (82,388,661) | (4,640,036) | (166,037,359) | |
Series II | (2,659,437) | (102,095,004) | (5,760,512) | (198,100,120) | |
Net increase (decrease) in share activity | (4,074,331) | $(158,746,858) | 2,100,564 | $32,099,803 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 56% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
11 | Invesco V.I. Global Fund |
12 | Invesco V.I. Global Fund |
13 | Invesco V.I. Global Fund |
14 | Invesco V.I. Global Fund |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
15 | Invesco V.I. Global Fund |
16 | Invesco V.I. Global Fund |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/img9ed767691.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | VIGRE-NCSRS |
Shares | Value | ||
Common Stocks & Other Equity Interests–99.11% | |||
Australia–3.17% | |||
Goodman Group | 70,898 | $1,635,609 | |
National Storage REIT | 400,143 | 613,376 | |
Stockland | 420,264 | 1,164,034 | |
3,413,019 | |||
Belgium–0.57% | |||
VGP N.V. | 5,502 | 613,300 | |
Canada–1.68% | |||
Chartwell Retirement Residences | 94,391 | 886,608 | |
StorageVault Canada, Inc. | 269,560 | 918,205 | |
1,804,813 | |||
China–0.40% | |||
China Resources Mixc Lifestyle Services Ltd.(a) | 130,400 | 431,542 | |
France–1.31% | |||
Unibail-Rodamco-Westfield SE | 17,899 | 1,414,505 | |
Germany–3.88% | |||
Instone Real Estate Group SE(a) | 26,116 | 229,677 | |
LEG Immobilien SE | 25,535 | 2,086,112 | |
Sirius Real Estate Ltd. | 693,748 | 820,294 | |
Vonovia SE | 36,450 | 1,037,309 | |
4,173,392 | |||
Hong Kong–2.53% | |||
Link REIT | 210,600 | 817,837 | |
Sun Hung Kai Properties Ltd. | 123,500 | 1,070,070 | |
Swire Properties Ltd. | 138,800 | 221,129 | |
Wharf Real Estate Investment Co. Ltd. | 230,000 | 609,600 | |
2,718,636 | |||
Japan–8.37% | |||
Advance Residence Investment Corp. | 305 | 621,511 | |
Invincible Investment Corp. | 1,613 | 655,619 | |
Japan Hotel REIT Investment Corp. | 928 | 448,040 | |
Japan Real Estate Investment Corp. | 218 | 689,055 | |
Mitsui Fudosan Co. Ltd. | 225,000 | 2,070,881 | |
Nippon Accommodations Fund, Inc. | 127 | 504,839 | |
Nippon Building Fund, Inc.(b) | 221 | 775,228 | |
Nippon Prologis REIT, Inc. | 227 | 354,311 | |
Nomura Real Estate Master Fund, Inc. | 588 | 522,325 | |
Sumitomo Realty & Development Co. Ltd. | 41,600 | 1,227,527 | |
Tokyu Fudosan Holdings Corp. | 168,800 | 1,133,074 | |
9,002,410 | |||
Netherlands–0.70% | |||
CTP N.V.(a) | 43,818 | 747,734 | |
Philippines–0.52% | |||
SM Prime Holdings, Inc. | 1,163,800 | 561,108 | |
Singapore–2.96% | |||
CapitaLand Ascendas REIT | 279,900 | 527,366 |
Shares | Value | ||
Singapore–(continued) | |||
CapitaLand Integrated Commercial Trust | 698,700 | $1,017,271 | |
CapitaLand Investment Ltd. | 270,000 | 528,044 | |
Mapletree Logistics Trust | 1,169,200 | 1,110,281 | |
3,182,962 | |||
Spain–1.72% | |||
Cellnex Telecom S.A.(a) | 27,756 | 902,749 | |
Merlin Properties SOCIMI S.A. | 85,049 | 947,977 | |
1,850,726 | |||
Sweden–1.98% | |||
Castellum AB(c) | 49,017 | 598,201 | |
Fastighets AB Balder, Class B(b)(c) | 223,712 | 1,535,709 | |
2,133,910 | |||
United Kingdom–5.46% | |||
Big Yellow Group PLC | 38,346 | 567,086 | |
British Land Co. PLC (The) | 179,039 | 930,612 | |
LondonMetric Property PLC | 643,296 | 1,566,568 | |
Segro PLC | 140,579 | 1,590,529 | |
Unite Group PLC (The) | 57,508 | 648,765 | |
Urban Logistics REIT PLC | 380,440 | 565,043 | |
5,868,603 | |||
United States–63.86% | |||
Alexandria Real Estate Equities, Inc. | 33,432 | 3,910,541 | |
Camden Property Trust | 31,935 | 3,484,428 | |
CubeSmart | 39,494 | 1,783,944 | |
Digital Realty Trust, Inc. | 10,395 | 1,580,560 | |
Equinix, Inc. | 10,264 | 7,765,742 | |
Equity Residential | 58,699 | 4,070,189 | |
Extra Space Storage, Inc. | 38,227 | 5,940,858 | |
Healthpeak Properties, Inc. | 194,645 | 3,815,042 | |
Highwoods Properties, Inc. | 53,871 | 1,415,191 | |
Hilton Worldwide Holdings, Inc. | 9,576 | 2,089,483 | |
Host Hotels & Resorts, Inc. | 157,299 | 2,828,236 | |
Invitation Homes, Inc. | 94,964 | 3,408,258 | |
Kilroy Realty Corp. | 29,262 | 912,096 | |
Lamar Advertising Co., Class A | 13,742 | 1,642,581 | |
Outfront Media, Inc. | 45,868 | 655,912 | |
PotlatchDeltic Corp. | 17,520 | 690,113 | |
Prologis, Inc. | 15,261 | 1,713,963 | |
Public Storage | 3,978 | 1,144,272 | |
Realty Income Corp. | 60,016 | 3,170,045 | |
Rexford Industrial Realty, Inc. | 92,413 | 4,120,696 | |
Simon Property Group, Inc. | 16,862 | 2,559,652 | |
Terreno Realty Corp. | 39,198 | 2,319,738 | |
Welltower, Inc. | 59,637 | 6,217,157 | |
Weyerhaeuser Co. | 50,985 | 1,447,464 | |
68,686,161 | |||
Total Common Stocks & Other Equity Interests (Cost $105,352,606) | 106,602,821 | ||
Money Market Funds–0.80% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(d)(e) | 299,540 | 299,540 |
2 | Invesco V.I. Global Real Estate Fund |
Shares | Value | ||
Money Market Funds–(continued) | |||
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(d)(e) | 213,768 | $213,832 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(d)(e) | 342,331 | 342,331 | |
Total Money Market Funds (Cost $855,703) | 855,703 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.91% (Cost $106,208,309) | 107,458,524 | ||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–0.63% | |||
Invesco Private Government Fund, 5.31%(d)(e)(f) | 189,631 | 189,631 |
Shares | Value | ||
Money Market Funds–(continued) | |||
Invesco Private Prime Fund, 5.48%(d)(e)(f) | 487,476 | $487,622 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $677,259) | 677,253 | ||
TOTAL INVESTMENTS IN SECURITIES—100.54% (Cost $106,885,568) | 108,135,777 | ||
OTHER ASSETS LESS LIABILITIES–(0.54)% | (576,549) | ||
NET ASSETS–100.00% | $107,559,228 |
REIT | – Real Estate Investment Trust |
(a) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2024 was $2,311,702, which represented 2.15% of the Fund’s Net Assets. |
(b) | All or a portion of this security was out on loan at June 30, 2024. |
(c) | Non-income producing security. |
(d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $704,693 | $5,369,731 | $(5,774,884) | $- | $- | $299,540 | $9,297 |
Invesco Liquid Assets Portfolio, Institutional Class | 503,602 | 3,835,521 | (4,125,115) | (143) | (33) | 213,832 | 6,836 |
Invesco Treasury Portfolio, Institutional Class | 805,364 | 6,136,834 | (6,599,867) | - | - | 342,331 | 10,598 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | 522,007 | 772,189 | (1,104,565) | - | - | 189,631 | 2,800* |
Invesco Private Prime Fund | 1,332,649 | 1,964,202 | (2,809,129) | (265) | 165 | 487,622 | 7,489* |
Total | $3,868,315 | $18,078,477 | $(20,413,560) | $(408) | $132 | $1,532,956 | $37,020 |
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I. |
3 | Invesco V.I. Global Real Estate Fund |
Assets: | |
Investments in unaffiliated securities, at value (Cost $105,352,606)* | $106,602,821 |
Investments in affiliated money market funds, at value (Cost $1,532,962) | 1,532,956 |
Foreign currencies, at value (Cost $179,637) | 179,136 |
Receivable for: | |
Investments sold | 412,619 |
Fund shares sold | 41,284 |
Dividends | 447,749 |
Investment for trustee deferred compensation and retirement plans | 46,876 |
Other assets | 22,473 |
Total assets | 109,285,914 |
Liabilities: | |
Payable for: | |
Investments purchased | 897,933 |
Fund shares reacquired | 13,714 |
Collateral upon return of securities loaned | 677,259 |
Accrued fees to affiliates | 55,034 |
Accrued other operating expenses | 31,340 |
Trustee deferred compensation and retirement plans | 51,406 |
Total liabilities | 1,726,686 |
Net assets applicable to shares outstanding | $107,559,228 |
Net assets consist of: | |
Shares of beneficial interest | $118,724,582 |
Distributable earnings (loss) | (11,165,354) |
$107,559,228 | |
Net Assets: | |
Series I | $77,566,379 |
Series II | $29,992,849 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 5,782,493 |
Series II | 2,294,030 |
Series I: | |
Net asset value per share | $13.41 |
Series II: | |
Net asset value per share | $13.07 |
* | At June 30, 2024, securities with an aggregate value of $645,467 were on loan to brokers. |
Investment income: | |
Dividends (net of foreign withholding taxes of $61,227) | $2,083,249 |
Dividends from affiliated money market funds (includes net securities lending income of $833) | 27,564 |
Total investment income | 2,110,813 |
Expenses: | |
Advisory fees | 405,751 |
Administrative services fees | 88,043 |
Custodian fees | 15,365 |
Distribution fees - Series II | 36,922 |
Transfer agent fees | 2,632 |
Trustees’ and officers’ fees and benefits | 9,737 |
Reports to shareholders | 35,560 |
Professional services fees | 24,261 |
Other | 764 |
Total expenses | 619,035 |
Less: Fees waived | (660) |
Net expenses | 618,375 |
Net investment income | 1,492,438 |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | (2,006,020) |
Affiliated investment securities | 132 |
Foreign currencies | (22,203) |
(2,028,091) | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | (4,487,434) |
Affiliated investment securities | (408) |
Foreign currencies | (1,473) |
(4,489,315) | |
Net realized and unrealized gain (loss) | (6,517,406) |
Net increase (decrease) in net assets resulting from operations | $(5,024,968) |
4 | Invesco V.I. Global Real Estate Fund |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income | $1,492,438 | $2,937,984 |
Net realized gain (loss) | (2,028,091) | (7,320,442) |
Change in net unrealized appreciation (depreciation) | (4,489,315) | 13,338,984 |
Net increase (decrease) in net assets resulting from operations | (5,024,968) | 8,956,526 |
Distributions to shareholders from distributable earnings: | ||
Series I | — | (1,206,113) |
Series II | — | (285,574) |
Total distributions from distributable earnings | — | (1,491,687) |
Share transactions–net: | ||
Series I | (5,291,041) | (3,172,062) |
Series II | (33,981) | 7,691,518 |
Net increase (decrease) in net assets resulting from share transactions | (5,325,022) | 4,519,456 |
Net increase (decrease) in net assets | (10,349,990) | 11,984,295 |
Net assets: | ||
Beginning of period | 117,909,218 | 105,924,923 |
End of period | $107,559,228 | $117,909,218 |
5 | Invesco V.I. Global Real Estate Fund |
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Ratio of net investment income to average net assets | Portfolio turnover (c) | |
Series I | ||||||||||||||
Six months ended 06/30/24 | $13.98 | $0.19 | $(0.76) | $(0.57) | $— | $— | $— | $13.41 | (4.08)% | $77,566 | 1.08%(d) | 1.08%(d) | 2.82%(d) | 52% |
Year ended 12/31/23 | 13.04 | 0.37 | 0.77 | 1.14 | (0.20) | — | (0.20) | 13.98 | 9.05 | 86,407 | 1.02 | 1.02 | 2.79 | 88 |
Year ended 12/31/22 | 17.99 | 0.25 | (4.76) | (4.51) | (0.44) | — | (0.44) | 13.04 | (24.94) | 83,608 | 1.02 | 1.02 | 1.65 | 82 |
Year ended 12/31/21 | 14.69 | 0.25 | 3.51 | 3.76 | (0.46) | — | (0.46) | 17.99 | 25.71 | 116,762 | 0.97 | 0.97 | 1.51 | 95 |
Year ended 12/31/20 | 18.22 | 0.28 | (2.61) | (2.33) | (0.77) | (0.43) | (1.20) | 14.69 | (12.32) | 119,114 | 1.04 | 1.04 | 1.86 | 154 |
Year ended 12/31/19 | 15.52 | 0.39 | 3.15 | 3.54 | (0.82) | (0.02) | (0.84) | 18.22 | 23.00 | 150,255 | 1.04 | 1.04 | 2.22 | 61 |
Series II | ||||||||||||||
Six months ended 06/30/24 | 13.65 | 0.17 | (0.75) | (0.58) | — | — | — | 13.07 | (4.25) | 29,993 | 1.33(d) | 1.33(d) | 2.57(d) | 52 |
Year ended 12/31/23 | 12.72 | 0.33 | 0.76 | 1.09 | (0.16) | — | (0.16) | 13.65 | 8.82 | 31,502 | 1.27 | 1.27 | 2.54 | 88 |
Year ended 12/31/22 | 17.53 | 0.21 | (4.64) | (4.43) | (0.38) | — | (0.38) | 12.72 | (25.14) | 22,317 | 1.27 | 1.27 | 1.40 | 82 |
Year ended 12/31/21 | 14.33 | 0.20 | 3.43 | 3.63 | (0.43) | — | (0.43) | 17.53 | 25.44 | 42,896 | 1.22 | 1.22 | 1.26 | 95 |
Year ended 12/31/20 | 17.78 | 0.24 | (2.55) | (2.31) | (0.71) | (0.43) | (1.14) | 14.33 | (12.56) | 35,111 | 1.29 | 1.29 | 1.61 | 154 |
Year ended 12/31/19 | 15.03 | 0.34 | 3.04 | 3.38 | (0.61) | (0.02) | (0.63) | 17.78 | 22.65 | 45,233 | 1.29 | 1.29 | 1.97 | 61 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Annualized. |
6 | Invesco V.I. Global Real Estate Fund |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
7 | Invesco V.I. Global Real Estate Fund |
B. | Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of |
8 | Invesco V.I. Global Real Estate Fund |
compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities. |
J. | Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
K. | Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk. |
L. | Other Risks - The Fund’s investments are concentrated in a comparatively narrow segment of the economy. Consequently, the Fund may tend to be more volatile than other mutual funds, and the value of the Fund’s investments may tend to rise and fall more rapidly. |
Average Daily Net Assets | Rate |
First $250 million | 0.750% |
Next $250 million | 0.740% |
Next $500 million | 0.730% |
Next $1.5 billion | 0.720% |
Next $2.5 billion | 0.710% |
Next $2.5 billion | 0.700% |
Next $2.5 billion | 0.690% |
Over $10 billion | 0.680% |
9 | Invesco V.I. Global Real Estate Fund |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Australia | $— | $3,413,019 | $— | $3,413,019 |
Belgium | — | 613,300 | — | 613,300 |
Canada | 1,804,813 | — | — | 1,804,813 |
China | — | 431,542 | — | 431,542 |
France | 1,414,505 | — | — | 1,414,505 |
Germany | — | 4,173,392 | — | 4,173,392 |
Hong Kong | — | 2,718,636 | — | 2,718,636 |
Japan | — | 9,002,410 | — | 9,002,410 |
Netherlands | — | 747,734 | — | 747,734 |
Philippines | — | 561,108 | — | 561,108 |
Singapore | — | 3,182,962 | — | 3,182,962 |
Spain | — | 1,850,726 | — | 1,850,726 |
Sweden | — | 2,133,910 | — | 2,133,910 |
United Kingdom | — | 5,868,603 | — | 5,868,603 |
United States | 68,686,161 | — | — | 68,686,161 |
10 | Invesco V.I. Global Real Estate Fund |
Level 1 | Level 2 | Level 3 | Total | |
Money Market Funds | $855,703 | $677,253 | $— | $1,532,956 |
Total Investments | $72,761,182 | $35,374,595 | $— | $108,135,777 |
Capital Loss Carryforward* | |||
Expiration | Short-Term | Long-Term | Total |
Not subject to expiration | $8,347,189 | $3,878,768 | $12,225,957 |
* | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $4,547,602 |
Aggregate unrealized (depreciation) of investments | (5,357,130) |
Net unrealized appreciation (depreciation) of investments | $(809,528) |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 455,662 | $6,099,142 | 1,049,147 | $13,792,368 | |
Series II | 430,817 | 5,690,282 | 1,370,800 | 18,130,014 | |
Issued as reinvestment of dividends: | |||||
Series I | - | - | 104,155 | 1,206,113 | |
Series II | - | - | 25,250 | 285,574 |
11 | Invesco V.I. Global Real Estate Fund |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Reacquired: | |||||
Series I | (852,503) | $(11,390,183) | (1,384,014) | $(18,170,543) | |
Series II | (444,974) | (5,724,263) | (841,687) | (10,724,070) | |
Net increase (decrease) in share activity | (410,998) | $(5,325,022) | 323,651 | $4,519,456 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 51% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
12 | Invesco V.I. Global Real Estate Fund |
13 | Invesco V.I. Global Real Estate Fund |
D. | Economies of Scale and Breakpoints |
E. | Profitability and Financial Resources |
14 | Invesco V.I. Global Real Estate Fund |
15 | Invesco V.I. Global Real Estate Fund |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
16 | Invesco V.I. Global Real Estate Fund |
17 | Invesco V.I. Global Real Estate Fund |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/img25957f1e1.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | O-VIGLSI-NCSRS |
Principal Amount | Value | ||
U.S. Dollar Denominated Bonds & Notes–35.27% | |||
Argentina–0.10% | |||
Argentine Republic Government International Bond, 1.75%, 07/09/2030(a) | $375,000 | $212,066 | |
YPF S.A., 8.50%, 07/28/2025(b) | 461,000 | 454,840 | |
666,906 | |||
Australia–0.22% | |||
QBE Insurance Group Ltd., 6.75%, 12/02/2044(b)(c) | 1,550,000 | 1,552,089 | |
Belgium–0.22% | |||
Telenet Finance Luxembourg Notes S.a.r.l., 5.50%, 03/01/2028(b) | 1,600,000 | 1,521,090 | |
Brazil–0.88% | |||
Brazilian Government International Bond, 6.13%, 01/22/2032 | 2,500,000 | 2,471,875 | |
CSN Inova Ventures, 6.75%, 01/28/2028(b) | 200,000 | 190,270 | |
CSN Resources S.A., 5.88%, 04/08/2032(b) | 450,000 | 374,841 | |
Minerva (Luxembourg) S.A., 4.38%, 03/18/2031(b) | 700,000 | 577,920 | |
Sitios Latinoamerica S.A.B. de C.V., 5.38%, 04/04/2032(b) | 2,024,000 | 1,885,638 | |
Suzano Austria GmbH, 2.50%, 09/15/2028 | 701,000 | 615,833 | |
6,116,377 | |||
Canada–1.85% | |||
1375209 BC Ltd., 9.00%, 01/30/2028(b)(d) | 316,000 | 304,255 | |
Baytex Energy Corp., 7.38%, 03/15/2032(b) | 443,000 | 450,512 | |
Brookfield Finance, Inc., 5.97%, 03/04/2054 | 827,000 | 818,766 | |
Constellation Software, Inc., 5.16%, 02/16/2029(b)(d) | 550,000 | 549,946 | |
Element Fleet Management Corp., | |||
5.64%, 03/13/2027(b)(d) | 3,100,000 | 3,108,572 | |
6.32%, 12/04/2028(b) | 1,544,000 | 1,596,802 | |
Enbridge, Inc., 7.38%, 01/15/2083(c) | 2,989,000 | 2,999,387 | |
Hudbay Minerals, Inc., 6.13%, 04/01/2029(b) | 294,000 | 292,829 | |
Kronos Acquisition Holdings, Inc., 8.25%, 06/30/2031(b) | 180,000 | 180,405 | |
New Gold, Inc., 7.50%, 07/15/2027(b) | 294,000 | 296,241 | |
Northriver Midstream Finance L.P., 6.75%, 07/15/2032(b) | 296,000 | 296,703 | |
Ritchie Bros. Holdings, Inc., | |||
6.75%, 03/15/2028(b) | 142,000 | 144,740 | |
7.75%, 03/15/2031(b) | 278,000 | 290,679 |
Principal Amount | Value | |||
Canada–(continued) | ||||
Transcanada Trust, Series 16-A, 5.88%, 08/15/2076(c) | $1,455,000 | $1,427,654 | ||
Wrangler Holdco Corp., 6.63%, 04/01/2032(b) | 90,000 | 89,674 | ||
12,847,165 | ||||
Chile–0.34% | ||||
AES Andes S.A., 6.35%, 10/07/2079(b)(c) | 434,000 | 427,821 | ||
Banco del Estado de Chile, 7.95%(b)(c)(e) | 426,000 | 440,331 | ||
Mercury Chile Holdco LLC, 6.50%, 01/24/2027(b) | 1,500,000 | 1,463,923 | ||
2,332,075 | ||||
China–0.10% | ||||
Prosus N.V., 3.26%, 01/19/2027(b) | 780,000 | 730,194 | ||
Colombia–0.45% | ||||
Ecopetrol S.A., | ||||
5.38%, 06/26/2026 | 1,500,000 | 1,470,558 | ||
8.63%, 01/19/2029 | 1,550,000 | 1,632,609 | ||
3,103,167 | ||||
Czech Republic–0.03% | ||||
Allwyn Entertainment Financing (UK) PLC, 7.88%, 04/30/2029(b) | 232,000 | 239,857 | ||
Denmark–0.13% | ||||
Danske Bank A/S, 0.98%, 09/10/2025(b)(c) | 938,000 | 928,736 | ||
Dominican Republic–0.24% | ||||
Aeropuertos Dominicanos Siglo XXI S.A., 7.00%, 06/30/2034(b) | 925,000 | 937,673 | ||
Dominican Republic International Bond, | ||||
4.50%, 01/30/2030(b) | 305,000 | 277,938 | ||
4.88%, 09/23/2032(b) | 500,000 | 448,815 | ||
1,664,426 | ||||
Finland–0.04% | ||||
Amer Sports Co., 6.75%, 02/16/2031(b)(d) | 297,000 | 296,429 | ||
France–1.13% | ||||
BNP Paribas S.A., | ||||
7.38%(b)(c)(e) | 1,550,000 | 1,550,008 | ||
7.75%(b)(c)(e) | 750,000 | 758,261 | ||
BPCE S.A., 5.15%, 07/21/2024(b) | 1,500,000 | 1,498,637 | ||
Electricite de France S.A., 9.13%(b)(c)(e) | 1,001,000 | 1,091,189 | ||
Iliad Holding S.A.S., | ||||
6.50%, 10/15/2026(b) | 200,000 | 199,292 | ||
7.00%, 10/15/2028(b) | 537,000 | 532,961 | ||
8.50%, 04/15/2031(b) | 150,000 | 152,034 |
2 | Invesco V.I. Global Strategic Income Fund |
Principal Amount | Value | |||
France–(continued) | ||||
Societe Generale S.A., | ||||
4.75%(b)(c)(e) | $1,000,000 | $895,663 | ||
10.00%(b)(c)(e) | 1,100,000 | 1,143,993 | ||
7,822,038 | ||||
Germany–0.43% | ||||
Bayer US Finance LLC, | ||||
6.13%, 11/21/2026(b) | 1,745,000 | 1,764,091 | ||
6.88%, 11/21/2053(b)(d) | 624,000 | 641,470 | ||
ZF North America Capital, Inc., | ||||
6.88%, 04/14/2028(b) | 421,000 | 429,507 | ||
7.13%, 04/14/2030(b) | 151,000 | 156,492 | ||
2,991,560 | ||||
Guatemala–0.22% | ||||
Millicom International Cellular S.A., 7.38%, 04/02/2032(b) | 1,550,000 | 1,546,610 | ||
Hong Kong–0.63% | ||||
Melco Resorts Finance Ltd., | ||||
4.88%, 06/06/2025(b)(d) | 3,750,000 | 3,675,709 | ||
5.38%, 12/04/2029(b)(d) | 519,000 | 466,073 | ||
7.63%, 04/17/2032(b) | 200,000 | 198,632 | ||
4,340,414 | ||||
India–0.57% | ||||
Adani Ports & Special Economic Zone Ltd., 4.20%, 08/04/2027(b) | 827,000 | 769,317 | ||
JSW Steel Ltd., 3.95%, 04/05/2027(b) | 1,740,000 | 1,625,061 | ||
Muthoot Finance Ltd., 7.13%, 02/14/2028(b) | 1,550,000 | 1,564,144 | ||
3,958,522 | ||||
Indonesia–0.58% | ||||
PT Bank Tabungan Negara (Persero) Tbk, 4.20%, 01/23/2025(b) | 2,610,000 | 2,574,703 | ||
PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara, 4.13%, 05/15/2027(b) | 1,500,000 | 1,446,851 | ||
4,021,554 | ||||
Iraq–0.05% | ||||
Iraq International Bond, 5.80%, 01/15/2028(b) | 350,000 | 327,940 | ||
Ireland–0.32% | ||||
BB Blue Financing DAC, Series A1, 4.40%, 09/20/2037 | 750,000 | 738,992 |
Principal Amount | Value | |||
Ireland–(continued) | ||||
Coriolanus DAC, | ||||
Series 116, 0.00%, 04/30/2025(b)(f) | $142,337 | $138,083 | ||
Series 119, 0.00%, 04/30/2025(b)(f) | 151,430 | 146,903 | ||
Series 120, 0.00%, 04/30/2025(b)(f) | 189,552 | 183,886 | ||
Series 122, 0.00%, 04/30/2025(b)(f) | 166,076 | 161,111 | ||
Series 124, 0.00%, 04/30/2025(b)(f) | 133,391 | 129,404 | ||
Series 126, 0.00%, 04/30/2025(b)(f) | 149,223 | 144,763 | ||
Series 127, 0.00%, 04/30/2025(b)(f) | 172,844 | 167,677 | ||
0.00%, 04/30/2025(b)(f) | 135,654 | 131,599 | ||
GGAM Finance Ltd., 6.88%, 04/15/2029(b) | 295,000 | 300,900 | ||
2,243,318 | ||||
Italy–0.04% | ||||
Telecom Italia Capital S.A., 6.38%, 11/15/2033(d) | 316,000 | 295,866 | ||
Ivory Coast–0.13% | ||||
Ivory Coast Government International Bond, 5.38%, 07/23/2024(b) | 900,000 | 895,590 | ||
Macau–0.66% | ||||
MGM China Holdings Ltd., | ||||
5.25%, 06/18/2025(b)(d) | 1,200,000 | 1,186,667 | ||
5.88%, 05/15/2026(b) | 450,000 | 445,593 | ||
Studio City Finance Ltd., 5.00%, 01/15/2029(b)(d) | 600,000 | 528,590 | ||
Wynn Macau Ltd., | ||||
4.88%, 10/01/2024(b) | 1,160,000 | 1,156,150 | ||
5.63%, 08/26/2028(b)(d) | 538,000 | 504,910 | ||
5.63%, 08/26/2028(b) | 775,000 | 727,334 | ||
4,549,244 | ||||
Mexico–1.32% | ||||
Banco Mercantil del Norte S.A., 8.38%(b)(c)(d)(e) | 650,000 | 656,736 | ||
Braskem Idesa S.A.P.I., | ||||
7.45%, 11/15/2029(b) | 1,150,000 | 937,197 | ||
6.99%, 02/20/2032(b) | 316,000 | 239,943 | ||
CEMEX Materials LLC, 7.70%, 07/21/2025(b) | 1,500,000 | 1,528,500 | ||
CEMEX S.A.B. de C.V., 5.13%(b)(c)(e) | 965,000 | 928,205 | ||
Mexico Remittances Funding Fiduciary Estate Management S.a.r.l., 4.88%, 01/15/2028(b)(d) | 1,125,000 | 1,029,382 | ||
Nemak S.A.B. de C.V., 3.63%, 06/28/2031(b) | 1,195,000 | 925,551 | ||
Petroleos Mexicanos, | ||||
6.50%, 03/13/2027 | 1,500,000 | 1,430,235 | ||
8.75%, 06/02/2029 | 1,500,000 | 1,474,349 | ||
9,150,098 |
3 | Invesco V.I. Global Strategic Income Fund |
Principal Amount | Value | |||
Netherlands–0.72% | ||||
ING Groep N.V., | ||||
6.50%(c)(d)(e) | $2,200,000 | $2,183,002 | ||
5.75%(c)(e) | 2,900,000 | 2,790,148 | ||
4,973,150 | ||||
Nigeria–0.28% | ||||
IHS Netherlands Holdco B.V., 8.00%, 09/18/2027(b) | 1,250,000 | 1,214,586 | ||
Nigeria Government International Bond, 8.38%, 03/24/2029(b) | 780,000 | 733,083 | ||
1,947,669 | ||||
Panama–0.10% | ||||
Telecomunicaciones Digitales S.A., 4.50%, 01/30/2030(b) | 750,000 | 667,434 | ||
South Africa–0.20% | ||||
Republic of South Africa Government International Bond, 4.85%, 09/30/2029 | 1,550,000 | 1,421,519 | ||
Supranational–0.12% | ||||
European Bank for Reconstruction and Development, 6.40%, 08/27/2025 | 800,000 | 811,591 | ||
Sweden–0.30% | ||||
Stena International S.A., | ||||
7.25%, 01/15/2031(b) | 285,000 | 291,605 | ||
7.63%, 02/15/2031(b) | 163,000 | 167,004 | ||
Swedbank AB, Series NC5, 5.63%(b)(c)(e) | 1,600,000 | 1,593,988 | ||
2,052,597 | ||||
Switzerland–1.61% | ||||
Cloverie PLC for Swiss Reinsurance Co. Ltd., 4.50%, 09/11/2044(b)(c) | 4,974,000 | 4,944,797 | ||
Credit Suisse Group AG, 6.25%(b)(c)(e)(g) | 3,015,000 | 361,800 | ||
UBS Group AG, 6.88%(b)(c)(e) | 1,500,000 | 1,490,441 | ||
Willow No 2 Ireland PLC for Zurich Insurance Co. Ltd., 4.25%, 10/01/2045(b)(c) | 4,500,000 | 4,366,614 | ||
11,163,652 | ||||
Turkey–0.13% | ||||
Ford Otomotiv Sanayi A.S., 7.13%, 04/25/2029(b) | 885,000 | 894,536 | ||
United Kingdom–1.69% | ||||
abrdn PLC, 4.25%, 06/30/2028(b) | 675,000 | 622,515 | ||
B.A.T Capital Corp., 6.00%, 02/20/2034 | 861,000 | 871,435 | ||
British Telecommunications PLC, 4.25%, 11/23/2081(b)(c) | 4,350,000 | 4,122,835 | ||
M&G PLC, 6.50%, 10/20/2048(b)(c) | 375,000 | 380,188 | ||
Macquarie Airfinance Holdings Ltd., 6.50%, 03/26/2031(b) | 442,000 | 454,822 | ||
NatWest Group PLC, 6.00%(c)(e) | 1,500,000 | 1,471,105 |
Principal Amount | Value | |||
United Kingdom–(continued) | ||||
Virgin Media Secured Finance PLC, 5.50%, 05/15/2029(b)(d) | $630,000 | $576,422 | ||
Vodafone Group PLC, | ||||
3.25%, 06/04/2081(c)(d) | 2,743,000 | 2,585,334 | ||
4.13%, 06/04/2081(c) | 750,000 | 640,308 | ||
11,724,964 | ||||
United States–19.14% | ||||
Acrisure LLC/Acrisure Finance, Inc., 7.50%, 11/06/2030(b) | 295,000 | 295,432 | ||
AES Corp. (The), 7.60%, 01/15/2055(c) | 2,214,000 | 2,242,549 | ||
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(b) | 710,000 | 718,333 | ||
Air Lease Corp., Series B, 4.65%(c)(e) | 315,000 | 299,791 | ||
Aircastle Ltd., 5.25%(b)(c)(e) | 610,000 | 591,176 | ||
Alcoa Nederland Holding B.V., 6.13%, 05/15/2028(b)(d) | 2,010,000 | 2,003,220 | ||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7.00%, 01/15/2031(b) | 291,000 | 294,214 | ||
Allison Transmission, Inc., 3.75%, 01/30/2031(b) | 1,018,000 | 893,445 | ||
AMC Networks, Inc., 10.25%, 01/15/2029(b) | 30,000 | 29,584 | ||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., | ||||
5.50%, 04/20/2026(b) | 1,973,334 | 1,957,617 | ||
5.75%, 04/20/2029(b) | 908,000 | 884,214 | ||
American Express Co., 6.34%, 10/30/2026(c) | 2,100,000 | 2,121,293 | ||
Ares Capital Corp., 5.88%, 03/01/2029 | 2,004,000 | 1,975,842 | ||
Ascent Resources Utica Holdings LLC/ARU Finance Corp., | ||||
7.00%, 11/01/2026(b) | 143,000 | 143,250 | ||
5.88%, 06/30/2029(b) | 155,000 | 151,592 | ||
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.63%, 01/15/2028(b) | 273,000 | 272,887 | ||
Becton, Dickinson and Co., 3.79%, 05/20/2050 | 1,163,000 | 881,400 | ||
Berry Global, Inc., 5.65%, 01/15/2034(b) | 802,000 | 783,875 | ||
Blue Racer Midstream LLC/Blue Racer Finance Corp., | ||||
7.00%, 07/15/2029(b) | 261,000 | 265,963 | ||
7.25%, 07/15/2032(b) | 180,000 | 185,184 | ||
BlueLinx Holdings, Inc., 6.00%, 11/15/2029(b) | 152,000 | 141,489 | ||
Boeing Co. (The), 4.88%, 05/01/2025 | 1,500,000 | 1,484,359 | ||
BP Capital Markets PLC, 4.88%(c)(e) | 455,000 | 430,378 | ||
Brandywine Operating Partnership L.P., 8.88%, 04/12/2029 | 287,000 | 299,258 | ||
Cardinal Health, Inc., 5.13%, 02/15/2029 | 1,550,000 | 1,546,668 |
4 | Invesco V.I. Global Strategic Income Fund |
Principal Amount | Value | ||
United States–(continued) | |||
Carnival Corp., | |||
6.00%, 05/01/2029(b) | $178,000 | $175,943 | |
10.50%, 06/01/2030(b) | 274,000 | 297,843 | |
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028(b) | 89,000 | 96,411 | |
Carriage Services, Inc., 4.25%, 05/15/2029(b) | 731,000 | 653,876 | |
Catalent Pharma Solutions, Inc., 3.50%, 04/01/2030(b)(d) | 345,000 | 330,683 | |
CCO Holdings LLC/CCO Holdings Capital Corp., | |||
5.38%, 06/01/2029(b) | 154,000 | 140,246 | |
4.75%, 03/01/2030(b) | 1,737,000 | 1,505,574 | |
4.50%, 08/15/2030(b) | 1,600,000 | 1,355,738 | |
4.50%, 05/01/2032 | 206,000 | 166,056 | |
Charles Schwab Corp. (The), 6.20%, 11/17/2029(c) | 1,667,000 | 1,734,298 | |
Cheniere Energy, Inc., 5.65%, 04/15/2034(b) | 809,000 | 810,145 | |
Clearway Energy Operating LLC, | |||
4.75%, 03/15/2028(b) | 147,000 | 140,567 | |
3.75%, 02/15/2031(b) | 170,000 | 148,454 | |
Cleveland-Cliffs, Inc., | |||
6.75%, 04/15/2030(b) | 141,000 | 139,679 | |
7.00%, 03/15/2032(b)(d) | 299,000 | 295,989 | |
6.25%, 10/01/2040 | 175,000 | 146,796 | |
Cloud Software Group, Inc., 6.50%, 03/31/2029(b) | 213,000 | 204,706 | |
Clydesdale Acquisition Holdings, Inc., 6.63%, 04/15/2029(b)(d) | 300,000 | 295,171 | |
Community Health Systems, Inc., | |||
8.00%, 12/15/2027(b) | 696,000 | 690,753 | |
5.25%, 05/15/2030(b) | 239,000 | 197,274 | |
4.75%, 02/15/2031(b) | 160,000 | 125,949 | |
Concentra Escrow Issuer Corp., 6.88%, 07/15/2032(b) | 136,000 | 137,960 | |
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 6.63%, 07/15/2030(b)(d) | 290,000 | 294,521 | |
Cougar JV Subsidiary LLC, 8.00%, 05/15/2032(b) | 291,000 | 301,149 | |
Cox Communications, Inc., 2.95%, 10/01/2050(b) | 956,000 | 569,494 | |
CrowdStrike Holdings, Inc., 3.00%, 02/15/2029 | 334,000 | 301,422 | |
CVR Energy, Inc., 8.50%, 01/15/2029(b) | 438,000 | 440,185 | |
DaVita, Inc., 3.75%, 02/15/2031(b) | 204,000 | 174,211 | |
Delek Logistics Partners L.P./Delek Logistics Finance Corp., | |||
7.13%, 06/01/2028(b) | 473,000 | 467,490 | |
8.63%, 03/15/2029(b) | 146,000 | 150,365 | |
Dell International LLC/EMC Corp., 6.20%, 07/15/2030 | 2,600,000 | 2,730,670 | |
Directv Financing LLC, 8.88%, 02/01/2030(b) | 30,000 | 29,386 | |
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/2027(b) | 60,000 | 56,485 |
Principal Amount | Value | ||
United States–(continued) | |||
Diversified Healthcare Trust, 0.00%, 01/15/2026(b)(f) | $458,000 | $399,874 | |
Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029(b) | 321,000 | 298,389 | |
EMRLD Borrower L.P./Emerald Co-Issuer, Inc., 6.63%, 12/15/2030(b) | 594,000 | 599,377 | |
Encompass Health Corp., 4.50%, 02/01/2028 | 348,000 | 331,320 | |
Energy Transfer L.P., | |||
8.00%, 05/15/2054(c)(d) | 839,000 | 878,111 | |
7.13%, 10/01/2054(c) | 4,340,000 | 4,284,492 | |
EnerSys, | |||
4.38%, 12/15/2027(b) | 316,000 | 299,493 | |
6.63%, 01/15/2032(b) | 134,000 | 136,370 | |
Enpro, Inc., 5.75%, 10/15/2026 | 298,000 | 294,133 | |
Entegris, Inc., 5.95%, 06/15/2030(b) | 296,000 | 293,253 | |
Entergy Corp., 7.13%, 12/01/2054(c) | 2,166,000 | 2,152,218 | |
EQM Midstream Partners L.P., 6.50%, 07/15/2048(d) | 577,000 | 582,949 | |
ESAB Corp., 6.25%, 04/15/2029(b) | 297,000 | 299,152 | |
FirstCash, Inc., 6.88%, 03/01/2032(b) | 443,000 | 443,494 | |
Ford Motor Credit Co. LLC, 5.13%, 06/16/2025 | 4,500,000 | 4,467,438 | |
Fortress Transportation and Infrastructure Investors LLC, | |||
5.50%, 05/01/2028(b)(d) | 309,000 | 299,896 | |
7.88%, 12/01/2030(b) | 821,000 | 860,050 | |
7.00%, 06/15/2032(b) | 317,000 | 321,774 | |
Freeport-McMoRan, Inc., 4.63%, 08/01/2030 | 2,710,000 | 2,610,642 | |
Frontier Communications Holdings LLC, 8.63%, 03/15/2031(b) | 142,000 | 146,429 | |
General Motors Co., 6.80%, 10/01/2027 | 3,000,000 | 3,115,515 | |
Genesis Energy L.P./Genesis Energy Finance Corp., | |||
8.00%, 01/15/2027 | 125,000 | 127,917 | |
7.75%, 02/01/2028 | 56,000 | 56,640 | |
8.88%, 04/15/2030 | 288,000 | 303,212 | |
7.88%, 05/15/2032 | 382,000 | 385,908 | |
GFL Environmental, Inc., 6.75%, 01/15/2031(b) | 338,000 | 345,245 | |
Gray Television, Inc., | |||
10.50%, 07/15/2029(b) | 29,000 | 29,184 | |
5.38%, 11/15/2031(b) | 53,000 | 30,088 | |
Greystar Real Estate Partners LLC, 7.75%, 09/01/2030(b) | 127,000 | 133,843 | |
Group 1 Automotive, Inc., 4.00%, 08/15/2028(b)(d) | 971,000 | 897,784 | |
Harley-Davidson Financial Services, Inc., 3.35%, 06/08/2025(b)(d) | 1,049,000 | 1,024,654 |
5 | Invesco V.I. Global Strategic Income Fund |
Principal Amount | Value | ||
United States–(continued) | |||
Hilcorp Energy I L.P./Hilcorp Finance Co., | |||
6.00%, 04/15/2030(b) | $283,000 | $273,555 | |
6.00%, 02/01/2031(b) | 88,000 | 84,320 | |
6.25%, 04/15/2032(b) | 75,000 | 72,183 | |
8.38%, 11/01/2033(b) | 158,000 | 168,506 | |
Hilton Domestic Operating Co., Inc., 6.13%, 04/01/2032(b) | 445,000 | 447,437 | |
Howard Midstream Energy Partners LLC, 7.38%, 07/15/2032(b) | 592,000 | 601,578 | |
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 9.00%, 06/15/2030(b) | 280,000 | 278,828 | |
J.M. Smucker Co. (The), 5.90%, 11/15/2028(d) | 1,467,000 | 1,511,569 | |
Jabil, Inc., 3.00%, 01/15/2031 | 1,300,000 | 1,107,258 | |
Jane Street Group/JSG Finance, Inc., 7.13%, 04/30/2031(b) | 209,000 | 214,492 | |
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/2028(b) | 273,000 | 252,120 | |
Jefferies Financial Group, Inc., 6.50%, 07/31/2026 | 1,500,000 | 1,491,028 | |
Jefferson Capital Holdings LLC, 9.50%, 02/15/2029(b) | 291,000 | 300,257 | |
Kinder Morgan, Inc., 5.00%, 02/01/2029(d) | 3,100,000 | 3,066,263 | |
Kohl’s Corp., 4.63%, 05/01/2031 | 351,000 | 293,962 | |
L3Harris Technologies, Inc., 5.40%, 01/15/2027 | 1,250,000 | 1,255,417 | |
Lamar Media Corp., 4.88%, 01/15/2029 | 764,000 | 735,020 | |
LCM Investments Holdings II LLC, | |||
4.88%, 05/01/2029(b) | 334,000 | 312,686 | |
8.25%, 08/01/2031(b)(d) | 565,000 | 590,074 | |
Lithia Motors, Inc., 3.88%, 06/01/2029(b)(d) | 679,000 | 610,499 | |
Macy’s Retail Holdings LLC, | |||
6.70%, 07/15/2034(b) | 98,000 | 84,053 | |
4.50%, 12/15/2034 | 237,000 | 205,030 | |
Marriott International, Inc., Series EE, 5.75%, 05/01/2025 | 822,000 | 822,828 | |
MasterBrand, Inc., 7.00%, 07/15/2032(b) | 108,000 | 109,293 | |
Match Group Holdings II LLC, 5.00%, 12/15/2027(b)(d) | 306,000 | 293,644 | |
Mativ Holdings, Inc., 6.88%, 10/01/2026(b) | 2,470,000 | 2,456,878 | |
Mattel, Inc., 6.20%, 10/01/2040 | 725,000 | 715,459 | |
Medline Borrower L.P./Medline Co-Issuer, Inc., 6.25%, 04/01/2029(b) | 323,000 | 327,059 | |
MPT Operating Partnership L.P./MPT Finance Corp., 3.50%, 03/15/2031 | 95,000 | 62,012 | |
Nationstar Mortgage Holdings, Inc., 7.13%, 02/01/2032(b)(d) | 299,000 | 301,083 |
Principal Amount | Value | ||
United States–(continued) | |||
Navient Corp., | |||
5.00%, 03/15/2027 | $215,000 | $205,460 | |
9.38%, 07/25/2030 | 96,000 | 101,037 | |
NCL Corp. Ltd., | |||
5.88%, 02/15/2027(b) | 630,000 | 622,252 | |
8.13%, 01/15/2029(b) | 113,000 | 118,482 | |
NESCO Holdings II, Inc., 5.50%, 04/15/2029(b) | 155,000 | 143,738 | |
NextEra Energy Capital Holdings, Inc., 6.75%, 06/15/2054(c)(d) | 1,879,000 | 1,894,472 | |
NGL Energy Operating LLC/NGL Energy Finance Corp., | |||
8.13%, 02/15/2029(b) | 145,000 | 147,853 | |
8.38%, 02/15/2032(b) | 152,000 | 154,461 | |
Novelis Corp., 4.75%, 01/30/2030(b) | 319,000 | 296,247 | |
Office Properties Income Trust, 9.00%, 03/31/2029(b) | 328,000 | 300,784 | |
OI European Group B.V., 4.75%, 02/15/2030(b)(d) | 483,000 | 442,172 | |
OneMain Finance Corp., | |||
7.13%, 03/15/2026 | 381,000 | 387,455 | |
3.88%, 09/15/2028 | 193,000 | 173,227 | |
5.38%, 11/15/2029 | 74,000 | 69,458 | |
ONEOK, Inc., | |||
5.55%, 11/01/2026 | 1,240,000 | 1,245,438 | |
6.63%, 09/01/2053(d) | 1,556,000 | 1,661,762 | |
Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031(b) | 139,000 | 138,932 | |
Paramount Global, 2.90%, 01/15/2027(d) | 1,620,000 | 1,495,708 | |
Penske Truck Leasing Co. L.P./PTL Finance Corp., | |||
2.70%, 11/01/2024(b) | 260,000 | 257,104 | |
6.05%, 08/01/2028(b) | 3,000,000 | 3,073,662 | |
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/2029(b) | 306,000 | 298,296 | |
Pfizer Investment Enterprises Pte. Ltd., 5.30%, 05/19/2053 | 41,000 | 39,574 | |
Phinia, Inc., 6.75%, 04/15/2029(b) | 440,000 | 447,080 | |
Plains All American Pipeline L.P./PAA Finance Corp., 3.80%, 09/15/2030 | 780,000 | 712,780 | |
PNC Financial Services Group, Inc. (The), 6.62%, 10/20/2027(c) | 2,226,000 | 2,280,644 | |
Prairie Acquiror L.P., 9.00%, 08/01/2029(b) | 257,000 | 265,114 | |
RHP Hotel Properties L.P./RHP Finance Corp., 6.50%, 04/01/2032(b) | 292,000 | 292,261 | |
RLJ Lodging Trust L.P., 4.00%, 09/15/2029(b) | 334,000 | 295,370 | |
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029(b)(d) | 489,000 | 450,607 | |
Royal Caribbean Cruises Ltd., 6.25%, 03/15/2032(b) | 455,000 | 459,107 |
6 | Invesco V.I. Global Strategic Income Fund |
Principal Amount | Value | ||
United States–(continued) | |||
RR Donnelley & Sons Co., 8.25%, 07/01/2027 | $165,000 | $164,588 | |
Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030(b) | 304,000 | 296,548 | |
Scripps Escrow, Inc., 5.88%, 07/15/2027(b) | 33,000 | 19,973 | |
Seagate HDD Cayman, | |||
4.13%, 01/15/2031 | 376,000 | 336,179 | |
9.63%, 12/01/2032 | 786,200 | 897,463 | |
Sempra, 4.13%, 04/01/2052(c) | 4,350,000 | 4,025,710 | |
Sensata Technologies, Inc., | |||
3.75%, 02/15/2031(b) | 310,000 | 270,422 | |
6.63%, 07/15/2032(b) | 206,000 | 207,616 | |
Service Properties Trust, | |||
4.75%, 10/01/2026 | 621,000 | 582,405 | |
5.50%, 12/15/2027 | 172,000 | 159,937 | |
Sinclair Television Group, Inc., 4.13%, 12/01/2030(b) | 40,000 | 26,837 | |
Sirius XM Radio, Inc., 5.00%, 08/01/2027(b) | 308,000 | 295,126 | |
Six Flags Entertainment Corp./Six Flags Theme Parks, Inc., 6.63%, 05/01/2032(b)(d) | 293,000 | 297,942 | |
Sixth Street Lending Partners, 6.50%, 03/11/2029(b) | 244,000 | 241,315 | |
Solventum Corp., | |||
5.45%, 02/25/2027(b) | 2,236,000 | 2,234,284 | |
5.90%, 04/30/2054(b) | 885,000 | 846,536 | |
Southern Co. (The), | |||
Series B, 4.00%, 01/15/2051(c) | 3,271,000 | 3,178,333 | |
Series 21-A, 3.75%, 09/15/2051(c) | 2,113,000 | 1,988,568 | |
SS&C Technologies, Inc., | |||
5.50%, 09/30/2027(b) | 298,000 | 293,642 | |
6.50%, 06/01/2032(b) | 152,000 | 153,434 | |
State Street Corp., Series I, 6.70%(c)(e) | 1,329,000 | 1,340,245 | |
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 10.00%, 10/15/2026(a)(b) | 295,000 | 303,541 | |
Sunoco L.P., | |||
7.00%, 05/01/2029(b) | 128,000 | 131,276 | |
7.25%, 05/01/2032(b) | 165,000 | 170,791 | |
Talen Energy Supply LLC, 8.63%, 06/01/2030(b) | 281,000 | 299,835 | |
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 7.38%, 02/15/2029(b) | 444,000 | 446,505 | |
Tenet Healthcare Corp., 6.75%, 05/15/2031 | 869,000 | 882,763 | |
TransDigm, Inc., | |||
6.75%, 08/15/2028(b) | 1,676,000 | 1,698,582 | |
6.38%, 03/01/2029(b) | 310,000 | 311,951 | |
7.13%, 12/01/2031(b) | 145,000 | 149,586 | |
6.63%, 03/01/2032(b) | 586,000 | 592,627 |
Principal Amount | Value | |||
United States–(continued) | ||||
Transocean Titan Financing Ltd., 8.38%, 02/01/2028(b)(d) | $295,000 | $304,761 | ||
Transocean, Inc., 8.75%, 02/15/2030(b)(d) | 279,000 | 293,142 | ||
U.S. International Development Finance Corp., Series 4, 3.13%, 04/15/2028 | 480,000 | 454,455 | ||
Uber Technologies, Inc., 4.50%, 08/15/2029(b) | 432,000 | 412,415 | ||
United AirLines, Inc., 4.38%, 04/15/2026(b) | 1,455,000 | 1,407,228 | ||
Univision Communications, Inc., 6.63%, 06/01/2027(b) | 59,000 | 56,541 | ||
Valaris Ltd., 8.38%, 04/30/2030(b) | 560,000 | 580,204 | ||
Velocity Vehicle Group LLC, 8.00%, 06/01/2029(b) | 289,000 | 297,536 | ||
Venture Global LNG, Inc., | ||||
8.13%, 06/01/2028(b) | 403,000 | 415,496 | ||
9.50%, 02/01/2029(b) | 306,000 | 335,291 | ||
9.88%, 02/01/2032(b) | 189,000 | 205,830 | ||
Viatris, Inc., 3.85%, 06/22/2040 | 780,000 | 570,008 | ||
Viking Cruises Ltd., | ||||
7.00%, 02/15/2029(b) | 146,000 | 146,888 | ||
9.13%, 07/15/2031(b) | 389,000 | 421,627 | ||
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/2029(b) | 300,000 | 293,678 | ||
Vistra Corp., Series C, 8.88%(b)(c)(e) | 280,000 | 290,244 | ||
Vistra Operations Co. LLC, | ||||
5.63%, 02/15/2027(b) | 300,000 | 295,187 | ||
7.75%, 10/15/2031(b) | 545,000 | 567,986 | ||
Walgreens Boots Alliance, Inc., | ||||
3.80%, 11/18/2024 | 2,178,000 | 2,154,095 | ||
4.50%, 11/18/2034 | 325,000 | 275,051 | ||
132,784,497 | ||||
Uzbekistan–0.09% | ||||
National Bank of Uzbekistan, 8.50%, 07/05/2029(b) | 650,000 | 642,850 | ||
Zambia–0.21% | ||||
First Quantum Minerals Ltd., 6.88%, 10/15/2027(b) | 1,500,000 | 1,467,084 | ||
Total U.S. Dollar Denominated Bonds & Notes (Cost $252,276,595) | 244,692,808 | |||
Non-U.S. Dollar Denominated Bonds & Notes–24.29%(h) | ||||
Belgium–0.24% | ||||
KBC Group N.V., 4.25%(b)(c)(e) | EUR | 1,600,000 | 1,663,687 | |
Brazil–5.33% | ||||
Brazil Notas do Tesouro Nacional, | ||||
Series B, 6.00%, 05/15/2055 | BRL | 2,300,000 | 1,670,049 | |
Series F, 10.00%, 01/01/2027 | BRL | 205,000,000 | 35,293,252 | |
36,963,301 | ||||
Canada–0.73% | ||||
Province of Ontario, 5.85%, 03/08/2033 | CAD | 6,200,000 | 5,083,234 |
7 | Invesco V.I. Global Strategic Income Fund |
Principal Amount | Value | ||
China–0.58% | |||
China Government Bond, 3.32%, 04/15/2052 | CNY | 25,000,000 | $4,005,897 |
Colombia–3.34% | |||
Colombian TES, | |||
Series B, 7.50%, 08/26/2026 | COP | 13,500,000,000 | 3,134,186 |
Series B, 6.00%, 04/28/2028 | COP | 15,450,000,000 | 3,261,241 |
Series B, 7.75%, 09/18/2030 | COP | 31,000,000,000 | 6,632,428 |
Series B, 7.00%, 06/30/2032 | COP | 30,000,000,000 | 5,865,564 |
Series B, 9.25%, 05/28/2042 | COP | 4,875,000,000 | 980,040 |
Series B, 7.25%, 10/26/2050 | COP | 21,000,000,000 | 3,291,274 |
23,164,733 | |||
Czech Republic–0.13% | |||
CPI Property Group S.A., 4.88%(b)(c)(e) | EUR | 1,300,000 | 876,064 |
Egypt–0.93% | |||
Egypt Government Bond, 0.00%, 09/30/2025(f) | EGP | 80,000,000 | 1,253,156 |
Egypt Treasury Bills, | |||
Series 364D, 25.90%, 03/18/2025(i) | EGP | 74,400,000 | 1,312,425 |
Series 364D, 25.75%, 04/01/2025(i) | EGP | 100,000,000 | 1,749,323 |
Series 364D, 25.95%, 04/29/2025(i) | EGP | 124,000,000 | 2,133,629 |
6,448,533 | |||
France–0.61% | |||
BPCE S.A., Series NC5, 1.50%, 01/13/2042(b)(c) | EUR | 2,000,000 | 1,975,141 |
Electricite de France S.A., 5.38%(b)(c)(e) | EUR | 2,100,000 | 2,248,636 |
4,223,777 | |||
Germany–0.08% | |||
Volkswagen International Finance N.V., 4.63%(b)(c)(e) | EUR | 520,000 | 554,970 |
Greece–0.13% | |||
Eurobank S.A., 4.88%, 04/30/2031(b)(c) | EUR | 775,000 | 833,284 |
Hellenic Republic Government Bond, 0.00%, 10/15/2042(f) | EUR | 23,730,000 | 74,970 |
908,254 | |||
India–1.12% | |||
India Government Bond, | |||
6.54%, 01/17/2032 | INR | 300,000,000 | 3,496,567 |
7.26%, 08/22/2032 | INR | 350,000,000 | 4,251,078 |
7,747,645 |
Principal Amount | Value | ||
Indonesia–0.91% | |||
Indonesia Treasury Bond, | |||
Series FR95, 6.38%, 08/15/2028 | IDR | 60,000,000,000 | $3,608,087 |
Series FR96, 7.00%, 02/15/2033 | IDR | 45,000,000,000 | 2,736,550 |
6,344,637 | |||
Italy–0.24% | |||
UniCredit S.p.A., 1.20%, 01/20/2026(b)(c) | EUR | 1,600,000 | 1,688,380 |
Ivory Coast–0.14% | |||
Ivory Coast Government International Bond, 5.25%, 03/22/2030(b) | EUR | 1,000,000 | 976,975 |
Malaysia–0.23% | |||
Malaysia Government Bond, Series 115, 3.96%, 09/15/2025 | MYR | 7,500,000 | 1,602,152 |
Mexico–0.16% | |||
Mexican Bonos, Series M, 7.75%, 05/29/2031 | MXN | 22,400,000 | 1,092,329 |
Netherlands–0.38% | |||
ABN AMRO Bank N.V., 4.38%(b)(c)(e) | EUR | 2,500,000 | 2,614,034 |
Peru–2.07% | |||
Credicorp Capital Sociedad Titulizadora S.A., 10.10%, 12/15/2043(b) | PEN | 3,050,000 | 813,355 |
Peru Government Bond, 6.15%, 08/12/2032 | PEN | 54,000,000 | 13,545,257 |
14,358,612 | |||
South Africa–2.94% | |||
Republic of South Africa Government Bond, | |||
Series 2032, 8.25%, 03/31/2032 | ZAR | 181,200,000 | 8,689,632 |
Series 2040, 9.00%, 01/31/2040 | ZAR | 270,000,000 | 11,704,514 |
20,394,146 | |||
Spain–0.33% | |||
Repsol International Finance B.V., 3.75%(b)(c)(e) | EUR | 750,000 | 793,547 |
Telefonica Europe B.V., 2.88%(b)(c)(e) | EUR | 1,500,000 | 1,523,224 |
2,316,771 | |||
Supranational–0.51% | |||
African Development Bank, 0.00%, 01/17/2050(f) | ZAR | 78,000,000 | 321,783 |
Corp. Andina de Fomento, 6.82%, 02/22/2031(b) | MXN | 56,700,000 | 2,531,433 |
International Bank for Reconstruction & Development, 0.00%, 09/30/2052(f) | MXN | 180,000,000 | 668,543 |
International Finance Corp., 0.00%, 02/15/2029(b)(f) | TRY | 3,700,000 | 34,050 |
3,555,809 |
8 | Invesco V.I. Global Strategic Income Fund |
Principal Amount | Value | ||
United Kingdom–2.05% | |||
Barclays PLC, 7.13%(c)(e) | GBP | 1,800,000 | $2,258,473 |
Lloyds Banking Group PLC, | |||
8.50%(c)(e) | GBP | 930,000 | 1,204,133 |
8.50%(c)(e) | GBP | 950,000 | 1,230,166 |
Nationwide Building Society, 5.75%(b)(c)(e) | GBP | 2,900,000 | 3,453,547 |
NatWest Group PLC, 5.13%(c)(e) | GBP | 900,000 | 1,058,051 |
NGG Finance PLC, 5.63%, 06/18/2073(b)(c) | GBP | 4,000,000 | 5,032,140 |
14,236,510 | |||
United States–0.98% | |||
BP Capital Markets PLC, 3.25%(b)(c)(e) | EUR | 3,050,000 | 3,195,980 |
Citigroup, Inc., 4.25%, 02/25/2030(b)(c) | EUR | 1,550,000 | 1,658,502 |
Morgan Stanley, 2.10%, 05/08/2026(c) | EUR | 1,600,000 | 1,689,451 |
MPT Operating Partnership L.P./MPT Finance Corp., 3.33%, 03/24/2025 | EUR | 225,000 | 228,918 |
6,772,851 | |||
Uruguay–0.13% | |||
Uruguay Government International Bond, 9.75%, 07/20/2033 | UYU | 34,725,100 | 890,906 |
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $173,312,091) | 168,484,207 | ||
U.S. Government Sponsored Agency Mortgage-Backed Securities–19.59% | |||
Fannie Mae Interest STRIPS, | |||
IO, 6.50%, 04/25/2029 - 07/25/2032(j) | $144,104 | 18,244 | |
6.00%, 12/25/2032 - 08/25/2035(j)(k) | 430,073 | 59,877 | |
5.50%, 01/25/2034 - 06/25/2035(j) | 140,073 | 20,772 | |
Fannie Mae REMICs, | |||
5.50%, 12/25/2025 | 1,026 | 1,021 | |
6.00%, 01/25/2032 | 15,714 | 15,882 | |
6.45%, 04/25/2032 - 12/25/2032(l) | 99,133 | 100,287 | |
5.95% (30 Day Average SOFR + 0.61%), 09/25/2032(l) | 24,056 | 23,936 | |
5.95% (30 Day Average SOFR + 0.61%), 10/18/2032(l) | 7,352 | 7,321 | |
5.85% (30 Day Average SOFR + 0.51%), 11/25/2033(l) | 4,354 | 4,340 | |
4.58% (24.57% - (3.67 x (30 Day Average SOFR + 0.11%))), 03/25/2036(l) | 29,136 | 33,564 | |
4.22% (24.20% - (3.67 x (30 Day Average SOFR + 0.11%))), 06/25/2036(l) | 31,946 | 34,615 | |
6.39% (30 Day Average SOFR + 1.05%), 06/25/2037(l) | 6,261 | 6,336 | |
4.00%, 03/25/2041 | 17,940 | 16,736 |
Principal Amount | Value | ||
IO, 1.25%, 10/25/2031 - 05/25/2035(j)(l) | $107,355 | $7,342 | |
2.45%, 11/18/2031 - 12/18/2031(j)(l) | 13,945 | 1,140 | |
2.45% (7.90% - (30 Day Average SOFR + 0.11%)), 11/25/2031(j)(l) | 2,202 | 191 | |
2.50% (7.95% - (30 Day Average SOFR + 0.11%)), 01/25/2032(j)(l) | 2,205 | 182 | |
2.65% (8.10% - (30 Day Average SOFR + 0.11%)), 03/25/2032(j)(l) | 3,494 | 347 | |
1.55% (7.00% - (30 Day Average SOFR + 0.11%)), 04/25/2032(j)(l) | 13,286 | 837 | |
2.35% (7.80% - (30 Day Average SOFR + 0.11%)), 04/25/2032(j)(l) | 1,694 | 165 | |
2.55%, 07/25/2032 - 09/25/2032(j)(l) | 7,700 | 794 | |
2.65%, 12/18/2032(j)(l) | 25,188 | 2,034 | |
2.80%, 02/25/2033 - 05/25/2033(j)(l) | 24,869 | 3,266 | |
7.00%, 03/25/2033 - 04/25/2033(j) | 72,533 | 9,193 | |
2.10% (7.55% - (30 Day Average SOFR + 0.11%)), 10/25/2033(j)(l) | 100,414 | 9,723 | |
0.60%, 03/25/2035 - 07/25/2038(j)(l) | 124,822 | 7,448 | |
1.30%, 03/25/2035 - 05/25/2035(j)(l) | 114,472 | 3,629 | |
1.15% (6.60% - (30 Day Average SOFR + 0.11%)), 05/25/2035(j)(l) | 60,122 | 3,089 | |
1.78% (7.23% - (30 Day Average SOFR + 0.11%)), 09/25/2036(j)(l) | 117,263 | 4,668 | |
1.09% (6.54% - (30 Day Average SOFR + 0.11%)), 06/25/2037(j)(l) | 109,615 | 7,713 | |
4.00%, 04/25/2041(j) | 184,986 | 17,599 | |
1.10% (6.55% - (30 Day Average SOFR + 0.11%)), 10/25/2041(j)(l) | 46,157 | 2,955 | |
0.70% (6.15% - (30 Day Average SOFR + 0.11%)), 12/25/2042(j)(l) | 143,417 | 12,793 | |
Federal Home Loan Mortgage Corp., | |||
6.50%, 08/01/2031 | 26,383 | 27,243 | |
5.00%, 09/01/2033 - 03/01/2053 | 13,679,032 | 13,250,959 | |
7.00%, 10/01/2037 | 5,934 | 6,112 | |
4.50%, 10/01/2052 | 6,656,398 | 6,333,704 |
9 | Invesco V.I. Global Strategic Income Fund |
Principal Amount | Value | ||
Federal National Mortgage Association, | |||
7.50%, 10/01/2029 - 03/01/2033 | $90,263 | $92,034 | |
7.00%, 07/01/2032 - 04/01/2033 | 12,230 | 12,585 | |
5.00%, 07/01/2033 | 63,934 | 63,091 | |
5.50%, 02/01/2035 - 03/01/2053 | 13,777,662 | 13,637,721 | |
4.50%, 07/01/2052 | 7,530,629 | 7,154,036 | |
Freddie Mac Multifamily Structured Pass-Through Ctfs., | |||
Series K734, Class X1, IO, 0.78%, 02/25/2026(k) | 1,594,694 | 11,468 | |
Series K735, Class X1, IO, 1.10%, 05/25/2026(k) | 2,835,419 | 38,248 | |
Series K093, Class X1, IO, 1.08%, 05/25/2029(k) | 19,265,813 | 714,345 | |
Freddie Mac REMICs, | |||
7.00%, 09/15/2026 | 25,404 | 25,349 | |
5.90%, 12/15/2028 - 02/15/2029(l) | 54,499 | 54,314 | |
6.00%, 04/15/2029 | 27,183 | 27,183 | |
6.50%, 10/15/2029 - 06/15/2032 | 85,417 | 86,933 | |
6.00%, 06/15/2031 - 01/15/2032(l) | 53,782 | 53,617 | |
6.45%, 02/15/2032 - 03/15/2032(l) | 37,706 | 37,925 | |
3.50%, 05/15/2032 | 10,352 | 9,954 | |
4.78% (24.75% - (3.67 x (30 Day Average SOFR + 0.11%))), 08/15/2035(l) | 24,206 | 28,300 | |
4.00%, 06/15/2038 | 13,941 | 13,019 | |
3.00%, 05/15/2040 | 45 | 45 | |
IO, 2.50% (7.95% - (30 Day Average SOFR + 0.11%)), 12/15/2026(j)(l) | 18,539 | 324 | |
3.25% (8.70% - (30 Day Average SOFR + 0.11%)), 07/17/2028(j)(l) | 3 | 0 | |
2.20% (7.65% - (30 Day Average SOFR + 0.11%)), 03/15/2029(j)(l) | 64,186 | 2,725 | |
2.65% (8.10% - (30 Day Average SOFR + 0.11%)), 06/15/2029(j)(l) | 2,787 | 149 | |
2.55% (8.00% - (30 Day Average SOFR + 0.11%)), 04/15/2032(j)(l) | 115,699 | 3,526 | |
1.60% (7.05% - (30 Day Average SOFR + 0.11%)), 10/15/2033(j)(l) | 40,367 | 2,169 | |
1.25% (6.70% - (30 Day Average SOFR + 0.11%)), 01/15/2035(j)(l) | 42,976 | 1,995 | |
1.30% (6.75% - (30 Day Average SOFR + 0.11%)), 02/15/2035(j)(l) | 6,267 | 297 | |
1.27%, 05/15/2035(j)(l) | 132,664 | 7,785 | |
1.55% (7.00% - (30 Day Average SOFR + 0.11%)), 12/15/2037(j)(l) | 26,558 | 2,312 |
Principal Amount | Value | ||
0.55% (6.00% - (30 Day Average SOFR + 0.11%)), 04/15/2038(j)(l) | $12,342 | $895 | |
0.62% (6.07% - (30 Day Average SOFR + 0.11%)), 05/15/2038(j)(l) | 58,805 | 4,312 | |
0.80% (6.25% - (30 Day Average SOFR + 0.11%)), 12/15/2039(j)(l) | 15,091 | 989 | |
Freddie Mac STRIPS, | |||
IO, 6.50%, 02/01/2028(j) | 744 | 57 | |
7.00%, 09/01/2029(j) | 5,653 | 634 | |
6.00%, 12/15/2032(j) | 15,936 | 1,760 | |
Government National Mortgage Association, | |||
ARM, 3.75% (1 yr. U.S. Treasury Yield Curve Rate + 1.50%), 11/20/2025(l) | 191 | 189 | |
8.00%, 05/15/2026 | 2,459 | 2,461 | |
7.00%, 04/15/2028 - 07/15/2028 | 13,431 | 13,480 | |
IO, 1.11% (6.55% - (1 mo. Term SOFR + 0.11%)), 04/16/2037(j)(l) | 65,171 | 4,027 | |
1.21% (6.65% - (1 mo. Term SOFR + 0.11%)), 04/16/2041(j)(l) | 98,390 | 5,134 | |
TBA, 5.50%, 07/01/2054(m) | 19,100,000 | 18,952,083 | |
6.00%, 07/01/2054(m) | 54,250,000 | 54,483,777 | |
Uniform Mortgage-Backed Securities, TBA, 6.00%, 07/01/2054(m) | 20,274,000 | 20,333,397 | |
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $138,237,924) | 135,940,701 | ||
Asset-Backed Securities–6.35% | |||
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036(l) | 7,136 | 6,568 | |
Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.66%, 01/15/2051(k) | 3,891,046 | 56,460 | |
CD Mortgage Trust, Series 2017-CD6, Class XA, IO, 1.01%, 11/13/2050(k) | 1,938,823 | 38,055 | |
Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3, 4.83%, 01/25/2036(n) | 3,661 | 3,261 | |
Citigroup Commercial Mortgage Trust, Series 2017-C4, Class XA, IO, 1.13%, 10/12/2050(k) | 4,659,223 | 119,427 | |
Citigroup Mortgage Loan Trust, Inc., | |||
Series 2005-2, Class 1A3, 2.82%, 05/25/2035(n) | 140,027 | 132,145 | |
Series 2006-AR1, Class 1A1, 7.20% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035(l) | 28,731 | 26,845 |
10 | Invesco V.I. Global Strategic Income Fund |
Principal Amount | Value | ||
COMM Mortgage Trust, | |||
Series 2014-UBS6, Class AM, 4.05%, 12/10/2047 | $1,600,000 | $1,560,280 | |
Series 2014-CR21, Class AM, 3.99%, 12/10/2047 | 25,000 | 24,087 | |
Series 2019-GC44, Class AM, 3.26%, 08/15/2057 | 1,000,000 | 878,202 | |
Countrywide Home Loans Mortgage Pass-Through Trust, | |||
Series 2005-17, Class 1A8, 5.50%, 09/25/2035 | 90,803 | 85,314 | |
Series 2005-J4, Class A7, 5.50%, 11/25/2035 | 170,371 | 136,385 | |
CWHEQ Revolving Home Equity Loan Trust, Series 2006-H, Class 2A1A, 8.43% (1 mo. Term SOFR + 0.26%), 11/15/2036(l) | 6,995 | 6,563 | |
Deutsche Alt-B Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Class A1, 5.89%, 06/25/2036(n) | 20,335 | 17,713 | |
Exeter Automobile Receivables Trust, Series 2019-4A, Class D, 2.58%, 09/15/2025(b) | 200,406 | 200,117 | |
FREMF Mortgage Trust, | |||
Series 2017-K62, Class B, 4.01%, 01/25/2050(b)(n) | 280,000 | 268,877 | |
Series 2016-K54, Class C, 4.19%, 04/25/2048(b)(n) | 1,810,000 | 1,748,865 | |
Frontier Issuer LLC, Series 2023-1, Class A2, 6.60%, 08/20/2053(b) | 325,500 | 328,117 | |
GSR Mortgage Loan Trust, Series 2005-AR4, Class 6A1, 5.43%, 07/25/2035(n) | 1,523 | 1,362 | |
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2013-LC11, Class AS, 3.22%, 04/15/2046 | 62,643 | 57,778 | |
JP Morgan Mortgage Trust, Series 2007-A1, Class 5A1, 5.04%, 07/25/2035(n) | 9,377 | 9,092 | |
JPMBB Commercial Mortgage Securities Trust, Series 2014-C24, Class B, 4.12%, 11/15/2047(n) | 680,000 | 614,866 | |
MASTR Asset Backed Securities Trust, Series 2006-WMC3, Class A3, 5.66% (1 mo. Term SOFR + 0.31%), 08/25/2036(l) | 651,128 | 229,184 | |
Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 0.99%, 12/15/2050(k) | 1,596,847 | 39,441 | |
OBX Trust, | |||
Series 2022-NQM7, Class A3, 5.70%, 08/25/2062(a)(b) | 325,157 | 321,397 | |
Series 2022-NQM7, Class A2, 5.70%, 08/25/2062(a)(b) | 625,302 | 618,580 | |
Residential Accredit Loans, Inc. Trust, Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036 | 4,734 | 3,626 |
Principal Amount | Value | ||
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.21%, 11/15/2050(k) | $2,896,943 | $67,350 | |
Verus Securitization Trust, Series 2022-7, Class A3, 5.35%, 07/25/2067(b)(n) | 433,336 | 426,968 | |
WaMu Mortgage Pass-Through Ctfs. Trust, | |||
Series 2005-AR16, Class 1A1, 4.82%, 12/25/2035(n) | 2,508 | 2,218 | |
Series 2003-AR10, Class A7, 5.82%, 10/25/2033(n) | 13,563 | 12,669 | |
Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA, IO, 1.00%, 12/15/2050(k) | 2,651,134 | 64,184 | |
WFRBS Commercial Mortgage Trust, | |||
Series 2013-C14, Class AS, 3.49%, 06/15/2046 | 125,195 | 120,014 | |
Series 2014-C20, Class AS, 4.18%, 05/15/2047 | 157,534 | 152,244 | |
Alba PLC, | |||
Series 2007-1, Class F, 8.60% (SONIA + 3.37%), 03/17/2039(b)(h)(l) | GBP | 656,535 | 797,849 |
Series 2007-1, Class E, 6.55% (SONIA + 1.32%), 03/17/2039(b)(h)(l) | GBP | 1,859,550 | 2,189,916 |
Series 2006-2, Class F, 8.60% (SONIA + 3.37%), 12/15/2038(b)(h)(l) | GBP | 469,504 | 552,367 |
Auburn 15 PLC, | |||
Series E, 0.00% (SONIA + 2.00%), 07/20/2045(b)(f)(h)(l) | GBP | 629,000 | 767,198 |
Series F, 0.00% (SONIA + 2.50%), 07/20/2045(b)(f)(h)(l) | GBP | 749,000 | 915,533 |
Eurosail PLC, | |||
Series 2006-2X, Class E1C, 8.60% (SONIA + 3.37%), 12/15/2044(b)(h)(l) | GBP | 1,830,000 | 2,077,644 |
Series 2006-4X, Class E1C, 8.35% (SONIA + 3.12%), 12/10/2044(b)(h)(l) | GBP | 1,608,337 | 1,936,911 |
Series 2006-2X, Class D1A, 4.52% (3 mo. EURIBOR + 0.80%), 12/15/2044(b)(h)(l) | EUR | 2,700,000 | 2,681,326 |
Eurosail-UK NC PLC, Series 2007-1X, Class D1C, 6.24% (SONIA + 1.01%), 03/13/2045(b)(h)(l) | GBP | 750,000 | 817,800 |
Eurosail-UK NP PLC, Series 2007-2X, Class D1A, 4.54% (3 mo. EURIBOR + 0.80%), 03/13/2045(b)(h)(l) | EUR | 3,600,000 | 3,378,494 |
Great Hall Mortgages No. 1 PLC, Series 2007-2X, Class EB, 7.47% (3 mo. EURIBOR + 3.75%), 06/18/2039(b)(h)(l) | EUR | 1,780,000 | 1,865,139 |
Ludgate Funding PLC, Series 2007-1, Class MA, 5.59% (SONIA + 0.36%), 01/01/2061(b)(h)(l) | GBP | 808,329 | 947,798 |
11 | Invesco V.I. Global Strategic Income Fund |
Principal Amount | Value | ||
Mortgage Funding PLC, Series 2008-1, Class B2, 8.55% (SONIA + 3.32%), 03/13/2046(b)(l) | GBP | 4,925,496 | $5,985,209 |
Towd Point Mortgage Funding 2024 - Granite 6 PLC, Series 2024-GR6X, Class F, 0.00% (SONIA + 4.50%), 07/20/2053(b)(f)(h)(l) | GBP | 620,000 | 785,958 |
Prosil Acquisition S.A., Series 2019-1, Class A, 5.91% (3 mo. EURIBOR + 2.00%), 10/31/2039(b)(h)(l) | EUR | 1,275,279 | 1,143,033 |
SC Germany S.A. Compartment Consumer, Series 2021-1, Class E, 6.43% (1 mo. EURIBOR + 2.80%), 11/14/2035(b)(h)(l) | EUR | 2,913,710 | 3,052,741 |
Alhambra SME Funding DAC, Series 2019-1, Class D, 12.90% (1 mo. EURIBOR + 9.25%), 11/30/2028(b)(h)(l) | EUR | 141,425 | 129,026 |
Lusitano Mortgages No. 5 PLC, Series D, 4.87% (3 mo. EURIBOR + 0.96%), 07/15/2059(b)(h)(l) | EUR | 626,445 | 572,191 |
Futura S.r.l., Series 2019-1, Class A, 6.87% (6 mo. EURIBOR + 3.00%), 07/31/2044(b)(h)(l) | EUR | 213,863 | 230,003 |
Fideicomiso Dorrego Y Libertador, | |||
2.00%, 12/31/2043(o) | $3,144,648 | 2,987,416 | |
0.00%, 12/31/2043(f)(h)(o) | ARS | 33,994,486 | 35,430 |
Fideicomiso Financiero Invernea Proteina 2, Serie II, 0.00%, 08/25/2032(f)(h)(n)(o) | ARS | 133,500,000 | 802,320 |
Ares XXXVII CLO Ltd., Series 2015-4A, Class DR, 11.74% (3 mo. Term SOFR + 6.41%), 10/15/2030(b)(l) | $1,010,000 | 1,015,627 | |
Total Asset-Backed Securities (Cost $47,335,382) | 44,045,183 |
Principal Amount | Value | ||
Agency Credit Risk Transfer Notes–4.33% | |||
United States–4.33% | |||
Fannie Mae Connecticut Avenue Securities, | |||
Series 2022-R04, Class 1M2, 8.44% (30 Day Average SOFR + 3.10%), 03/25/2042(b)(l) | $770,000 | $803,039 | |
Series 2022-R05, Class 2M1, 7.24% (30 Day Average SOFR + 1.90%), 04/25/2042(b)(l) | 2,085,781 | 2,104,430 | |
Series 2022-R08, Class 1M2, 8.94% (30 Day Average SOFR + 3.60%), 07/25/2042(b)(l) | 1,350,000 | 1,431,958 | |
Series 2023-R02, Class 1M1, 7.64% (30 Day Average SOFR + 2.30%), 01/25/2043(b)(l) | 461,948 | 474,042 | |
Series 2023-R03, Class 2M1, 7.84% (30 Day Average SOFR + 2.50%), 04/25/2043(b)(l) | 887,704 | 908,681 | |
Series 2023-R04, Class 1M1, 7.64% (30 Day Average SOFR + 2.30%), 05/25/2043(b)(l) | 985,996 | 1,013,743 | |
Series 2023-R06, Class 1M1, 7.04% (30 Day Average SOFR + 1.70%), 07/25/2043(b)(l) | 500,603 | 505,429 | |
Series 2023-R06, Class 1M2, 8.04% (30 Day Average SOFR + 2.70%), 07/25/2043(b)(l) | 490,000 | 512,685 | |
Series 2023-R06, Class 1B1, 9.24% (30 Day Average SOFR + 3.90%), 07/25/2043(b)(l) | 565,000 | 600,671 | |
Series 2023-R08, Class 1M2, 7.84% (30 Day Average SOFR + 2.50%), 10/25/2043(b)(l) | 280,000 | 289,122 | |
Series 2023-R08, Class 1M1, 6.84% (30 Day Average SOFR + 1.50%), 10/25/2043(b)(l) | 405,308 | 408,060 | |
Series 2024-R03, Class 2M2, 7.29% (30 Day Average SOFR + 1.95%), 03/25/2044(b)(l) | 700,000 | 704,815 |
12 | Invesco V.I. Global Strategic Income Fund |
Principal Amount | Value | |||
United States–(continued) | ||||
Freddie Mac, | ||||
Series 2022-DNA2, Class M1B, STACR®, 7.74% (30 Day Average SOFR + 2.40%), 02/25/2042(b)(l) | $1,500,000 | $1,539,064 | ||
Series 2022-DNA3, Class M1B, STACR®, 8.24% (30 Day Average SOFR + 2.90%), 04/25/2042(b)(l) | 3,000,000 | 3,121,550 | ||
Series 2022-DNA3, Class M1A, STACR®, 7.34% (30 Day Average SOFR + 2.00%), 04/25/2042(b)(l) | 1,519,920 | 1,543,128 | ||
Series 2022-HQA2, Class M1, STACR®, 9.34% (30 Day Average SOFR + 4.00%), 07/25/2042(b)(l) | 1,500,000 | 1,603,938 | ||
Series 2022-HQA3, Class M1, STACR®, 8.89% (30 Day Average SOFR + 3.55%), 08/25/2042(b)(l) | 1,500,000 | 1,586,428 | ||
Series 2022-HQA3, Class M2, STACR®, 10.69% (30 Day Average SOFR + 5.35%), 08/25/2042(b)(l) | 1,605,000 | 1,764,337 | ||
Series 2023-DNA1, Class M1, STACR®, 7.44% (30 Day Average SOFR + 2.10%), 03/25/2043(b)(l) | 950,039 | 967,714 | ||
Series 2023-HQA1, Class M1, STACR®, 8.84% (30 Day Average SOFR + 3.50%), 05/25/2043(b)(l) | 2,534,425 | 2,691,320 | ||
Series 2023-HQA2, Class M1, STACR®, 7.34% (30 Day Average SOFR + 2.00%), 06/25/2043(b)(l) | 897,073 | 905,222 | ||
Series 2023-HQA2, Class M1, STACR®, 8.69% (30 Day Average SOFR + 3.35%), 06/25/2043(b)(l) | 900,000 | 953,068 | ||
Series 2024-DNA1, Class M2, STACR®, 7.29% (30 Day Average SOFR + 1.95%), 02/25/2044(b)(l) | 1,550,000 | 1,567,849 | ||
Series 2024-HQA1, Class M2, STACR®, 7.34% (30 Day Average SOFR + 2.00%), 03/25/2044(b)(l) | 1,670,900 | 1,682,986 | ||
Series 2024-DNA2, Class M2, STACR®, 7.04% (30 Day Average SOFR + 1.70%), 05/25/2044(b)(l) | 387,500 | 390,363 | ||
Total Agency Credit Risk Transfer Notes (Cost $29,203,805) | 30,073,642 | |||
U.S. Treasury Securities–2.22% | ||||
U.S. Treasury Bills–2.22% | ||||
5.31%, 08/15/2024 (Cost $15,398,397)(i)(p) | 15,398,397 | 15,398,397 | ||
Shares | ||||
Common Stocks & Other Equity Interests–1.54% | ||||
Argentina–1.50% | ||||
Banco BBVA Argentina S.A. | 80,000 | 368,185 | ||
Banco Macro S.A., Class B | 170,000 | 1,432,368 |
Shares | Value | ||
Argentina–(continued) | |||
Grupo Financiero Galicia S.A., Class B | 535,000 | $2,424,734 | |
Pampa Energia S.A.(q) | 400,000 | 1,053,651 | |
YPF S.A., ADR(q) | 22,500 | 452,700 | |
YPF S.A., Class D(q) | 157,100 | 4,694,667 | |
10,426,305 | |||
United States–0.04% | |||
ACNR Holdings, Inc. | 911 | 75,158 | |
Claire’s Holdings LLC, Class S | 235 | 3,525 | |
Endo, Inc.(b)(q) | 106 | 2,981 | |
Endo, Inc.(q) | 5,188 | 145,912 | |
McDermott International Ltd.(q) | 39,024 | 11,317 | |
McDermott International Ltd., Series A, Wts., expiring 06/30/2027(o)(q) | 31,946 | 958 | |
McDermott International Ltd., Series B, Wts., expiring 06/30/2027(o)(q) | 35,496 | 1,065 | |
Sabine Oil & Gas Holdings, Inc.(o)(q) | 837 | 126 | |
Windstream Services LLC, Wts. | 176 | 2,389 | |
243,431 | |||
Total Common Stocks & Other Equity Interests (Cost $9,667,329) | 10,669,736 | ||
Principal Amount | |||
Variable Rate Senior Loan Interests–0.64%(r)(s) | |||
United States–0.64% | |||
Boost Newco Borrower LLC (WorldPay), Term Loan, 8.33% (1 mo. Term SOFR+ 3.00%), 01/31/2031 | $295,000 | 295,779 | |
Camelot Finance L.P., Term Loan, 8.09% (1 mo. Term SOFR + 2.75%), 01/31/2031 | 294,262 | 295,145 | |
Carnival Corp., Term Loan B, 8.09% (1 mo. Term SOFR + 2.75%), 10/18/2028 | 230,512 | 231,412 | |
Claire’s Stores, Inc., Term Loan, 11.94% (1 mo. Term SOFR + 6.50%), 12/18/2026 | 69,695 | 64,241 | |
Clear Channel Outdoor Holdings, Inc., Term Loan B, 9.46% (1 mo. Term SOFR + 4.00%), 08/23/2028 | 285,646 | 286,420 | |
Concentra Health Services, Term Loan B, 7.59% (1 mo. Term SOFR + 2.25%), 06/26/2031(o) | 90,000 | 90,450 | |
DTZ U.S. Borrower LLC, Term Loan B, 9.09% (1 mo. Term SOFR + 4.25%), 01/31/2030(o) | 302,242 | 304,509 | |
Dun & Bradstreet Corp. (The), Incremental Term Loan B-2, 8.10% (1 mo. Term SOFR + 2.75%), 01/18/2029 | 291,216 | 291,762 | |
Greystar Real Estate Partners LLC, Term Loan B, 8.58% (1 mo. Term SOFR + 3.25%), 08/21/2030(o) | 156,023 | 156,998 | |
IRB Holding Corp., Term Loan B, 8.19% (1 mo. Term SOFR + 2.75%), 12/15/2027 | 297,953 | 298,177 |
13 | Invesco V.I. Global Strategic Income Fund |
Principal Amount | Value | ||
United States–(continued) | |||
Jane Street Group LLC, Term Loan, 7.96% (1 mo. Term SOFR + 2.50%), 01/26/2028 | $288,505 | $288,579 | |
Mozart Debt Merger Sub, Inc. (Medline Industries), Term Loan B, 8.09% (1 mo. Term SOFR + 2.75%), 10/23/2028 | 262,395 | 263,216 | |
Prairie ECI Acquiror L.P., Term Loan B-2, 10.09% (1 mo. Term SOFR + 4.75%), 08/01/2029 | 319,200 | 319,800 | |
Schweitzer-Mauduit International, Inc. (SWM International), Term Loan B, 9.21% (1 mo. Term SOFR + 3.75%), 04/20/2028 | 156,954 | 156,757 | |
Scientific Games Lottery, First Lien Term Loan, 8.31% (3 mo. Term SOFR + 3.50%), 04/04/2029 | 299,417 | 299,167 | |
Syneos Health, Inc., Term Loan, 9.08% (3 mo. Term SOFR + 4.00%), 09/27/2030 | 299,250 | 299,368 | |
Uber Technologies, Inc., Term Loan B, 8.09% (3 mo. Term SOFR + 2.75%), 03/03/2030 | 175,881 | 176,930 | |
Victoria’s Secret & Co., First Lien Term Loan, 8.85% (3 mo. Term SOFR + 3.36%), 08/02/2028 | 295,894 | 296,080 | |
Total Variable Rate Senior Loan Interests (Cost $4,392,532) | 4,414,790 | ||
Shares | |||
Preferred Stocks–0.00% | |||
United States–0.00% | |||
Claire’s Holdings LLC, Series A, Pfd. (Cost $36,875) | 71 | 14,910 |
Shares | Value | ||
Money Market Funds–12.57% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(t)(u) | 30,521,977 | $30,521,977 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(t)(u) | 21,794,873 | 21,801,412 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(t)(u) | 34,882,259 | 34,882,259 | |
Total Money Market Funds (Cost $87,205,648) | 87,205,648 | ||
Options Purchased–1.54% | |||
(Cost $12,621,804)(v) | 10,693,313 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-108.34% (Cost $769,688,382) | 751,633,335 | ||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–3.57% | |||
Invesco Private Government Fund, 5.31%(t)(u)(w) | 6,932,800 | 6,932,800 | |
Invesco Private Prime Fund, 5.48%(t)(u)(w) | 17,815,141 | 17,820,486 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $24,753,286) | 24,753,286 | ||
TOTAL INVESTMENTS IN SECURITIES—111.91% (Cost $794,441,668) | 776,386,621 | ||
OTHER ASSETS LESS LIABILITIES–(11.91)% | (82,616,946) | ||
NET ASSETS–100.00% | $693,769,675 |
14 | Invesco V.I. Global Strategic Income Fund |
ADR | – American Depositary Receipt |
ARM | – Adjustable Rate Mortgage |
ARS | – Argentina Peso |
BRL | – Brazilian Real |
CAD | – Canadian Dollar |
CLO | – Collateralized Loan Obligation |
CNY | – Chinese Yuan Renminbi |
COP | – Colombia Peso |
Ctfs. | – Certificates |
EGP | – Egypt Pound |
EUR | – Euro |
EURIBOR | – Euro Interbank Offered Rate |
GBP | – British Pound Sterling |
IDR | – Indonesian Rupiah |
INR | – Indian Rupee |
IO | – Interest Only |
MXN | – Mexican Peso |
MYR | – Malaysian Ringgit |
PEN | – Peruvian Sol |
Pfd. | – Preferred |
REMICs | – Real Estate Mortgage Investment Conduits |
SOFR | – Secured Overnight Financing Rate |
SONIA | – Sterling Overnight Index Average |
STACR® | – Structured Agency Credit Risk |
STRIPS | – Separately Traded Registered Interest and Principal Security |
TBA | – To Be Announced |
TRY | – Turkish Lira |
UYU | – Uruguay Peso |
Wts. | – Warrants |
ZAR | – South African Rand |
15 | Invesco V.I. Global Strategic Income Fund |
(a) | Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2024 was $240,134,496, which represented 34.61% of the Fund’s Net Assets. |
(c) | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
(d) | All or a portion of this security was out on loan at June 30, 2024. |
(e) | Perpetual bond with no specified maturity date. |
(f) | Zero coupon bond issued at a discount. |
(g) | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at June 30, 2024 represented less than 1% of the Fund’s Net Assets. |
(h) | Foreign denominated security. Principal amount is denominated in the currency indicated. |
(i) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(j) | Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. |
(k) | Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on June 30, 2024. |
(l) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2024. |
(m) | Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1R. |
(n) | Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on June 30, 2024. |
(o) | Security valued using significant unobservable inputs (Level 3). See Note 3. |
(p) | All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1N. |
(q) | Non-income producing security. |
(r) | Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years. |
(s) | Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the Secured Overnight Financing Rate ("SOFR"), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank. |
(t) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $16,078,518 | $109,167,474 | $(94,724,015) | $- | $- | $30,521,977 | $386,893 |
Invesco Liquid Assets Portfolio, Institutional Class | 12,328,173 | 77,976,767 | (68,498,807) | (2,380) | (2,341) | 21,801,412 | 297,709 |
Invesco Treasury Portfolio, Institutional Class | 18,375,449 | 124,762,828 | (108,256,018) | - | - | 34,882,259 | 441,181 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | 7,429,657 | 56,206,442 | (56,703,299) | - | - | 6,932,800 | 226,866* |
Invesco Private Prime Fund | 20,083,316 | 109,694,968 | (111,949,092) | (1,156) | (7,550) | 17,820,486 | 613,238* |
Total | $74,295,113 | $477,808,479 | $(440,131,231) | $(3,536) | $(9,891) | $111,958,934 | $1,965,887 |
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Consolidated Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(u) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(v) | The table below details options purchased. |
(w) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1K. |
16 | Invesco V.I. Global Strategic Income Fund |
Open Over-The-Counter Foreign Currency Options Purchased(a) | ||||||||
Description | Type of Contract | Counterparty | Expiration Date | Exercise Price | Notional Value | Value | ||
Currency Risk | ||||||||
AUD versus JPY | Call | Goldman Sachs International | 06/26/2025 | JPY | 120.00 | AUD | 2,795,000 | $ 86,974 |
AUD versus NZD | Call | Merrill Lynch International | 09/27/2024 | NZD | 1.14 | AUD | 1,865,000 | 63,378 |
USD versus JPY | Call | Goldman Sachs International | 02/13/2026 | JPY | 175.00 | USD | 4,650,000 | 365,420 |
USD versus JPY | Call | J.P. Morgan Chase Bank, N.A. | 02/13/2026 | JPY | 175.00 | USD | 4,650,000 | 365,420 |
Subtotal — Foreign Currency Call Options Purchased | 881,192 | |||||||
Currency Risk | ||||||||
EUR versus HUF | Put | J.P. Morgan Chase Bank, N.A. | 10/29/2024 | HUF | 385.00 | EUR | 1,162,500 | 90,200 |
EUR versus INR | Put | Goldman Sachs International | 09/11/2024 | INR | 89.75 | EUR | 1,860,000 | 130,139 |
EUR versus INR | Put | Morgan Stanley and Co. International PLC | 08/20/2024 | INR | 89.00 | EUR | 930,000 | 137,813 |
EUR versus MXN | Put | Morgan Stanley and Co. International PLC | 07/02/2024 | MXN | 17.75 | EUR | 1,162,500 | 1 |
EUR versus NOK | Put | Merrill Lynch International | 08/12/2024 | NOK | 11.40 | EUR | 1,235,000 | 339,305 |
USD versus BRL | Put | Goldman Sachs International | 08/20/2024 | BRL | 4.78 | USD | 12,400,000 | 409 |
USD versus BRL | Put | Merrill Lynch International | 10/08/2024 | BRL | 4.90 | USD | 900,000 | 14,934 |
USD versus BRL | Put | Morgan Stanley and Co. International PLC | 07/08/2024 | BRL | 4.60 | USD | 900,000 | 1 |
USD versus COP | Put | Goldman Sachs International | 07/05/2024 | COP | 3,750.00 | USD | 18,530,000 | 19 |
USD versus COP | Put | Morgan Stanley and Co. International PLC | 07/02/2024 | COP | 3,810.00 | USD | 15,500,000 | 16 |
USD versus IDR | Put | Standard Chartered Bank PLC | 08/23/2024 | IDR | 15,400.00 | USD | 15,500,000 | 2,387 |
USD versus JPY | Put | Deutsche Bank AG | 07/18/2024 | JPY | 129.40 | USD | 750,000 | 118 |
USD versus JPY | Put | Goldman Sachs International | 09/17/2024 | JPY | 122.00 | USD | 1,525,000 | 1,164 |
USD versus MXN | Put | Goldman Sachs International | 08/08/2024 | MXN | 16.30 | USD | 1,067,500 | 2,110 |
USD versus MXN | Put | Goldman Sachs International | 08/22/2024 | MXN | 16.40 | USD | 1,860,000 | 4,481 |
USD versus MXN | Put | Goldman Sachs International | 03/31/2025 | MXN | 16.75 | USD | 25,575,000 | 122,811 |
USD versus MXN | Put | Merrill Lynch International | 07/05/2024 | MXN | 16.40 | USD | 2,492,400 | 12 |
USD versus MXN | Put | Merrill Lynch International | 09/09/2024 | MXN | 17.70 | USD | 12,415,000 | 79,953 |
USD versus ZAR | Put | Goldman Sachs International | 10/16/2024 | ZAR | 18.15 | USD | 11,250,000 | 283,601 |
USD versus ZAR | Put | J.P. Morgan Chase Bank, N.A. | 08/27/2024 | ZAR | 18.50 | USD | 1,860,000 | 200,346 |
USD versus ZAR | Put | J.P. Morgan Chase Bank, N.A. | 09/20/2024 | ZAR | 17.90 | USD | 1,067,500 | 200,222 |
Subtotal — Foreign Currency Put Options Purchased | 1,610,042 | |||||||
Total Foreign Currency Options Purchased | $2,491,234 |
(a) | Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $19,162,000. |
Open Over-The-Counter Interest Rate Swaptions Purchased(a) | ||||||||||
Description | Type of Contract | Counterparty | Exercise Rate | Pay/ Receive Exercise Rate | Floating Rate Index | Payment Frequency | Expiration Date | Notional Value | Value | |
Interest Rate Risk | ||||||||||
5 Year Interest Rate Swap | Call | Morgan Stanley and Co. International PLC | 3.30% | Receive | KWCDC | Quarterly | 11/08/2028 | KRW | 9,150,000,000 | $148,992 |
Interest Rate Risk | ||||||||||
30 Year Interest Rate Swap | Put | Deutsche Bank AG | 3.64 | Pay | SOFR | Annually | 01/11/2027 | USD | 9,300,000 | 815,485 |
50 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, N.A. | 2.40 | Pay | 6 Month EURIBOR | Semi-Annually | 08/15/2024 | EUR | 18,600,000 | 194,558 |
15 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, N.A. | 1.76 | Pay | 6 Month EURIBOR | Semi-Annually | 03/15/2039 | EUR | 46,500,000 | 7,043,044 |
Subtotal — Interest Rate Put Swaptions Purchased | 8,053,087 | |||||||||
Total Interest Rate Swaptions Purchased | $8,202,079 |
(a) | Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $19,162,000. |
17 | Invesco V.I. Global Strategic Income Fund |
Open Over-The-Counter Credit Default Swaptions Written(a) | ||||||||||||||
Counterparty | Type of Contract | Exercise Rate | Reference Entity | (Pay)/ Receive Fixed Rate | Payment Frequency | Expiration Date | Implied Credit Spread(b) | Notional Value | Value | |||||
Credit Risk | ||||||||||||||
Goldman Sachs International | Put | 387.50% | Markit iTraxx Europe Crossover Index, Series 41, Version 1 | 5.00% | Quarterly | 09/18/2024 | 3.205% | EUR | 15,570,000 | $(99,504) | ||||
Goldman Sachs International | Put | 400.00 | Markit iTraxx Europe Crossover Index, Series 41, Version 1 | 5.00 | Quarterly | 10/16/2024 | 3.205 | EUR | 15,570,000 | (121,682) | ||||
J.P. Morgan Chase Bank, N.A. | Put | 105.00 | Markit CDX North America High Yield Index, Series 42, Version 1 | 5.00 | Quarterly | 08/21/2024 | 3.439 | USD | 50,762,500 | (262,001) | ||||
J.P. Morgan Chase Bank, N.A. | Put | 400.00 | Markit iTraxx Europe Crossover Index, Series 41, Version 1 | 5.00 | Quarterly | 09/18/2024 | 3.205 | EUR | 50,250,000 | (276,982) | ||||
J.P. Morgan Chase Bank, N.A. | Put | 105.00 | Markit CDX North America High Yield Index, Series 42, Version 1 | 5.00 | Quarterly | 09/18/2024 | 3.439 | USD | 40,610,000 | (331,134) | ||||
Total Credit Default Swaptions Written | $(1,091,303) |
(a) | Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $19,162,000. |
(b) | Implied credit spreads represent the current level, as of June 30, 2024, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally. |
Open Over-The-Counter Foreign Currency Options Written(a) | ||||||||||||
Description | Type of Contract | Counterparty | Expiration Date | Exercise Price | Notional Value | Value | ||||||
Currency Risk | ||||||||||||
EUR versus INR | Call | J.P. Morgan Chase Bank, N.A. | 12/11/2024 | INR | 93.00 | EUR | 18,625,000 | $(132,285) | ||||
EUR versus PLN | Call | Goldman Sachs International | 11/12/2024 | PLN | 4.40 | EUR | 18,560,000 | (211,092) | ||||
USD versus BRL | Call | Goldman Sachs International | 02/20/2025 | BRL | 5.30 | USD | 1,240,000 | (906,857) | ||||
USD versus BRL | Call | Goldman Sachs International | 03/20/2025 | BRL | 5.50 | USD | 1,220,000 | (737,444) | ||||
USD versus BRL | Call | Goldman Sachs International | 04/16/2025 | BRL | 5.75 | USD | 15,465,000 | (771,441) | ||||
USD versus BRL | Call | Merrill Lynch International | 09/17/2024 | BRL | 5.30 | USD | 20,150,000 | (1,279,102) | ||||
USD versus COP | Call | Goldman Sachs International | 06/13/2025 | COP | 4,350.00 | USD | 18,530,000 | (954,147) | ||||
USD versus COP | Call | Morgan Stanley and Co. International PLC | 07/02/2024 | COP | 4,030.00 | USD | 15,500,000 | (456,800) | ||||
USD versus IDR | Call | Standard Chartered Bank PLC | 08/23/2024 | IDR | 16,290.00 | USD | 11,625,000 | (136,489) | ||||
USD versus MXN | Call | Goldman Sachs International | 06/12/2025 | MXN | 20.00 | USD | 46,887,500 | (1,890,363) | ||||
USD versus MXN | Call | Merrill Lynch International | 04/30/2025 | MXN | 19.00 | USD | 2,492,400 | (1,180,588) | ||||
USD versus MXN | Call | Merrill Lynch International | 06/13/2025 | MXN | 20.00 | USD | 12,415,000 | (501,864) | ||||
USD versus TRY | Call | Goldman Sachs International | 08/22/2024 | TRY | 36.00 | USD | 7,735,000 | (100,586) | ||||
USD versus TRY | Call | Goldman Sachs International | 09/13/2024 | TRY | 38.00 | USD | 13,950,000 | (194,826) | ||||
USD versus TRY | Call | Goldman Sachs International | 09/20/2024 | TRY | 37.00 | USD | 7,760,000 | (172,194) | ||||
USD versus TRY | Call | Goldman Sachs International | 05/02/2025 | TRY | 50.00 | USD | 620,000 | (156,686) | ||||
USD versus TRY | Call | Goldman Sachs International | 05/07/2025 | TRY | 50.00 | USD | 9,300,000 | (502,600) | ||||
USD versus TRY | Call | Goldman Sachs International | 06/13/2025 | TRY | 45.40 | USD | 13,965,000 | (1,326,675) | ||||
USD versus ZAR | Call | Goldman Sachs International | 10/16/2024 | ZAR | 19.40 | USD | 775,000 | (165,962) | ||||
USD versus ZAR | Call | J.P. Morgan Chase Bank, N.A. | 10/21/2024 | ZAR | 22.00 | USD | 18,600,000 | (39,916) | ||||
Subtotal — Foreign Currency Call Options Written | (11,817,917) |
18 | Invesco V.I. Global Strategic Income Fund |
Open Over-The-Counter Foreign Currency Options Written(a)—(continued) | ||||||||||||
Description | Type of Contract | Counterparty | Expiration Date | Exercise Price | Notional Value | Value | ||||||
Currency Risk | ||||||||||||
AUD versus USD | Put | Goldman Sachs International | 01/02/2025 | USD | 0.64 | AUD | 38,125,000 | $(279,714) | ||||
AUD versus USD | Put | Goldman Sachs International | 01/02/2025 | USD | 0.64 | AUD | 24,218,750 | (177,687) | ||||
EUR versus PLN | Put | Goldman Sachs International | 11/12/2024 | PLN | 4.23 | EUR | 18,560,000 | (78,752) | ||||
USD versus CNH | Put | Goldman Sachs International | 04/28/2025 | CNH | 6.89 | USD | 465,000 | (167,622) | ||||
USD versus CNH | Put | J.P. Morgan Chase Bank, N.A. | 05/05/2025 | CNH | 6.85 | USD | 1,162,500 | (367,071) | ||||
USD versus COP | Put | Goldman Sachs International | 07/05/2024 | COP | 3,650.00 | USD | 18,530,000 | (18) | ||||
USD versus COP | Put | Morgan Stanley and Co. International PLC | 07/02/2024 | COP | 3,660.00 | USD | 15,500,000 | (15) | ||||
USD versus IDR | Put | Standard Chartered Bank PLC | 08/23/2024 | IDR | 14,925.00 | USD | 23,250,000 | (721) | ||||
USD versus MXN | Put | Goldman Sachs International | 03/31/2025 | MXN | 16.00 | USD | 25,575,000 | (43,708) | ||||
USD versus ZAR | Put | Goldman Sachs International | 10/16/2024 | ZAR | 17.15 | USD | 11,250,000 | (76,792) | ||||
Subtotal — Foreign Currency Put Options Written | (1,192,100) | |||||||||||
Total – Foreign Currency Options Written | $(13,010,017) |
(a) | Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $19,162,000. |
Open Over-The-Counter Interest Rate Swaptions Written(a) | |||||||||||||||
Description | Type of Contract | Counterparty | Exercise Rate | Floating Rate Index | Pay/ Receive Exercise Rate | Payment Frequency | Expiration Date | Notional Value | Value | ||||||
Interest Rate Risk | |||||||||||||||
30 Year Interest Rate Swap | Call | Goldman Sachs International | 3.35% | SOFR | Receive | Annually | 09/25/2024 | USD | 23,280,000 | $(259,502) | |||||
10 Year Interest Rate Swap | Call | J.P. Morgan Chase Bank, N.A. | 3.70 | SOFR | Receive | Annually | 09/26/2024 | USD | 37,265,000 | (375,295) | |||||
30 Year Interest Rate Swap | Call | Morgan Stanley and Co. International PLC | 2.30 | 6 Month EURIBOR | Receive | Semi-Annually | 12/18/2024 | EUR | 18,625,000 | (499,196) | |||||
30 Year Interest Rate Swap | Call | Morgan Stanley and Co. International PLC | 2.30 | 6 Month EURIBOR | Receive | Semi-Annually | 12/20/2024 | EUR | 16,945,000 | (459,291) | |||||
10 Year Interest Rate Swap | Call | Morgan Stanley and Co. International PLC | 3.60 | SOFR | Receive | Annually | 09/25/2024 | USD | 31,040,000 | (230,011) | |||||
30 Year Interest Rate Swap | Call | Toronto-Dominion Bank (The) | 3.45 | SOFR | Receive | Annually | 09/24/2024 | USD | 23,280,000 | (362,312) | |||||
Subtotal—Interest Rate Call Swaptions Written | (2,185,607) | ||||||||||||||
Interest Rate Risk | |||||||||||||||
10 Year Interest Rate Swap | Put | Barclays Bank PLC | 4.13 | SOFR | Pay | Annually | 08/06/2024 | USD | 20,274,000 | (79,065) | |||||
2 Year Interest Rate Swap | Put | Deutsche Bank AG | 3.99 | SOFR | Pay | Annually | 01/11/2027 | USD | 83,700,000 | (841,689) | |||||
10 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, N.A. | 2.95 | 6 Month EURIBOR | Pay | Semi-Annually | 08/15/2024 | EUR | 46,500,000 | (260,021) | |||||
2 Year Interest Rate Swap | Put | J.P. Morgan Chase Bank, N.A. | 2.26 | 6 Month EURIBOR | Pay | Semi-Annually | 03/15/2039 | EUR | 93,000,000 | (2,610,343) | |||||
Subtotal—Interest Rate Put Swaptions Written | (3,791,118) | ||||||||||||||
Total Interest Rate Swaptions Written | $(5,976,725) |
(a) | Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $19,162,000. |
Open Futures Contracts | |||||
Long Futures Contracts | Number of Contracts | Expiration Month | Notional Value | Value | Unrealized Appreciation (Depreciation) |
Interest Rate Risk | |||||
U.S. Treasury 2 Year Notes | 62 | September-2024 | $12,661,563 | $33,781 | $33,781 |
U.S. Treasury 10 Year Notes | 320 | September-2024 | 35,195,000 | 306,805 | 306,805 |
Subtotal—Long Futures Contracts | 340,586 | 340,586 |
19 | Invesco V.I. Global Strategic Income Fund |
Open Futures Contracts—(continued) | |||||
Short Futures Contracts | Number of Contracts | Expiration Month | Notional Value | Value | Unrealized Appreciation (Depreciation) |
Interest Rate Risk | |||||
U.S. Treasury 5 Year Notes | 78 | September-2024 | $(8,313,094) | $(83,696) | $(83,696) |
U.S. Treasury Long Bonds | 15 | September-2024 | (1,774,688) | (36,127) | (36,127) |
U.S. Treasury Ultra Bonds | 26 | September-2024 | (3,258,937) | (78,060) | (78,060) |
Subtotal—Short Futures Contracts | (197,883) | (197,883) | |||
Total Futures Contracts | $142,703 | $142,703 |
Open Forward Foreign Currency Contracts | ||||||
Settlement Date | Counterparty | Contract to | Unrealized Appreciation (Depreciation) | |||
Deliver | Receive | |||||
Currency Risk | ||||||
09/18/2024 | Barclays Bank PLC | JPY | 2,187,039,343 | USD | 14,117,778 | $363,268 |
09/18/2024 | Citibank, N.A. | USD | 309,396 | AUD | 466,890 | 2,691 |
07/02/2024 | Deutsche Bank AG | BRL | 219,516,070 | USD | 39,573,581 | 304,862 |
07/22/2024 | Deutsche Bank AG | JPY | 214,755,000 | USD | 1,500,000 | 161,145 |
08/02/2024 | Deutsche Bank AG | BRL | 407,878,000 | USD | 75,325,816 | 2,628,066 |
09/18/2024 | Deutsche Bank AG | COP | 99,443,440,000 | USD | 24,766,085 | 1,093,486 |
09/18/2024 | Deutsche Bank AG | PEN | 51,306,000 | USD | 13,565,659 | 217,601 |
09/18/2024 | Deutsche Bank AG | USD | 872,239 | INR | 73,122,000 | 2,635 |
04/03/2025 | Deutsche Bank AG | USD | 8,535,000 | INR | 721,887,398 | 25,792 |
07/09/2024 | Goldman Sachs International | USD | 9,125,000 | COP | 38,005,625,000 | 18,348 |
07/12/2024 | Goldman Sachs International | EUR | 8,895,000 | ZAR | 181,382,393 | 431,626 |
08/02/2024 | Goldman Sachs International | USD | 6,325,000 | TRY | 217,200,500 | 105,759 |
09/18/2024 | Goldman Sachs International | USD | 3,844,452 | MXN | 72,033,882 | 45,882 |
02/21/2025 | Goldman Sachs International | CNY | 126,211,252 | USD | 17,785,000 | 52,253 |
04/02/2025 | Goldman Sachs International | USD | 9,974,250 | MXN | 196,791,953 | 335,525 |
09/18/2024 | HSBC Bank USA | JPY | 123,040,000 | USD | 793,620 | 19,809 |
09/18/2024 | J.P. Morgan Chase Bank, N.A. | EUR | 43,297,248 | USD | 46,819,868 | 277,728 |
09/18/2024 | J.P. Morgan Chase Bank, N.A. | GBP | 33,307,310 | USD | 42,453,673 | 325,919 |
09/18/2024 | J.P. Morgan Chase Bank, N.A. | IDR | 111,934,220,000 | USD | 6,849,272 | 17,033 |
09/18/2024 | J.P. Morgan Chase Bank, N.A. | USD | 7,035,000 | HUF | 2,609,106,329 | 20,143 |
09/18/2024 | J.P. Morgan Chase Bank, N.A. | USD | 3,414,437 | NOK | 36,486,000 | 9,375 |
09/18/2024 | J.P. Morgan Chase Bank, N.A. | USD | 7,209,186 | PLN | 29,372,795 | 80,515 |
09/18/2024 | J.P. Morgan Chase Bank, N.A. | USD | 248,796 | THB | 9,096,000 | 624 |
09/19/2024 | J.P. Morgan Chase Bank, N.A. | USD | 10,632,008 | CNY | 76,750,000 | 120,196 |
07/02/2024 | Merrill Lynch International | BRL | 219,516,070 | USD | 42,255,608 | 2,986,888 |
07/05/2024 | Merrill Lynch International | EUR | 10,230,000 | CLP | 10,319,001,000 | 7,631 |
08/02/2024 | Merrill Lynch International | COP | 5,473,980,000 | USD | 1,395,000 | 82,983 |
09/18/2024 | Morgan Stanley and Co. International PLC | EUR | 3,250,000 | USD | 3,503,591 | 10,021 |
09/18/2024 | Morgan Stanley and Co. International PLC | USD | 583,764 | MXN | 11,226,288 | 22,534 |
09/18/2024 | Morgan Stanley and Co. International PLC | USD | 14,638,276 | ZAR | 274,876,077 | 381,649 |
09/23/2024 | Morgan Stanley and Co. International PLC | CLP | 1,153,275,000 | USD | 1,247,769 | 22,908 |
09/18/2024 | Royal Bank of Canada | NZD | 603,000 | USD | 369,205 | 1,921 |
09/18/2024 | Royal Bank of Canada | USD | 687,151 | CAD | 943,366 | 3,680 |
04/03/2025 | Standard Chartered Bank PLC | USD | 8,535,000 | CNY | 60,786,270 | 16,793 |
09/18/2024 | UBS AG | EUR | 625,000 | USD | 673,845 | 2,005 |
Subtotal—Appreciation | 10,199,294 | |||||
Currency Risk | ||||||
07/02/2024 | Deutsche Bank AG | USD | 40,594,912 | BRL | 219,516,070 | (1,326,193) |
20 | Invesco V.I. Global Strategic Income Fund |
Open Forward Foreign Currency Contracts—(continued) | ||||||
Settlement Date | Counterparty | Contract to | Unrealized Appreciation (Depreciation) | |||
Deliver | Receive | |||||
08/02/2024 | Deutsche Bank AG | USD | 2,876,731 | BRL | 15,577,070 | $(100,367) |
09/18/2024 | Deutsche Bank AG | INR | 646,990,350 | USD | 7,717,655 | (23,315) |
09/19/2024 | Deutsche Bank AG | USD | 5,143,034 | KRW | 7,057,374,223 | (7,546) |
04/03/2025 | Deutsche Bank AG | CNY | 60,764,932 | USD | 8,535,000 | (13,792) |
07/12/2024 | Goldman Sachs International | ZAR | 181,899,415 | EUR | 8,895,000 | (460,023) |
09/18/2024 | Goldman Sachs International | MXN | 173,402,000 | USD | 9,254,474 | (110,449) |
11/08/2024 | Goldman Sachs International | USD | 3,255,000 | JPY | 470,673,000 | (272,340) |
03/19/2025 | Goldman Sachs International | INR | 5,926,139,750 | USD | 70,150,000 | (182,795) |
03/19/2027 | Goldman Sachs International | USD | 76,250,000 | INR | 6,778,237,500 | (8,732) |
09/18/2024 | HSBC Bank USA | USD | 46,090,804 | JPY | 7,145,756,857 | (1,150,423) |
09/18/2024 | J.P. Morgan Chase Bank, N.A. | PLN | 2,803,123 | USD | 691,594 | (4,081) |
09/18/2024 | J.P. Morgan Chase Bank, N.A. | THB | 13,372,691 | USD | 365,773 | (918) |
09/18/2024 | J.P. Morgan Chase Bank, N.A. | USD | 23,811,742 | EUR | 22,020,201 | (141,247) |
09/18/2024 | J.P. Morgan Chase Bank, N.A. | USD | 9,382,627 | GBP | 7,376,000 | (53,314) |
09/18/2024 | J.P. Morgan Chase Bank, N.A. | USD | 9,523,864 | IDR | 155,643,752,900 | (23,684) |
09/19/2024 | J.P. Morgan Chase Bank, N.A. | CNY | 24,860,000 | USD | 3,443,801 | (38,932) |
09/19/2024 | J.P. Morgan Chase Bank, N.A. | USD | 2,516,038 | KRW | 3,421,283,646 | (26,449) |
12/13/2024 | J.P. Morgan Chase Bank, N.A. | INR | 509,184,450 | EUR | 5,585,000 | (41,782) |
07/02/2024 | Merrill Lynch International | USD | 39,700,428 | BRL | 219,516,070 | (431,708) |
07/05/2024 | Merrill Lynch International | CLP | 10,681,143,000 | EUR | 10,230,000 | (392,443) |
09/11/2024 | Merrill Lynch International | MXN | 110,445,431 | USD | 5,957,143 | (14,195) |
10/04/2024 | Merrill Lynch International | CLP | 10,372,708,503 | EUR | 10,230,000 | (10,597) |
10/09/2024 | Merrill Lynch International | USD | 2,492,400 | MXN | 43,816,392 | (133,759) |
09/18/2024 | Morgan Stanley and Co. International PLC | IDR | 156,449,504,000 | USD | 9,452,000 | (97,362) |
09/18/2024 | Morgan Stanley and Co. International PLC | USD | 236,324 | CZK | 5,369,269 | (6,390) |
09/18/2024 | Morgan Stanley and Co. International PLC | USD | 11,903,326 | EUR | 11,044,000 | (31,638) |
09/18/2024 | Morgan Stanley and Co. International PLC | USD | 5,451,298 | HUF | 2,009,893,438 | (16,453) |
09/18/2024 | Morgan Stanley and Co. International PLC | ZAR | 358,090,000 | USD | 19,089,403 | (477,542) |
09/19/2024 | Morgan Stanley and Co. International PLC | KRW | 13,558,228,200 | USD | 9,850,500 | (15,510) |
09/23/2024 | Morgan Stanley and Co. International PLC | USD | 20,696,841 | CLP | 19,129,469,383 | (379,985) |
04/02/2025 | Morgan Stanley and Co. International PLC | MXN | 196,235,888 | USD | 9,974,250 | (306,393) |
09/18/2024 | Royal Bank of Canada | CAD | 7,380,000 | USD | 5,375,620 | (28,790) |
09/18/2024 | Royal Bank of Canada | USD | 1,407,766 | NZD | 2,299,219 | (7,324) |
09/18/2024 | Standard Chartered Bank PLC | USD | 80,835 | CZK | 1,860,731 | (1,151) |
04/03/2025 | Standard Chartered Bank PLC | INR | 721,719,600 | USD | 8,535,000 | (23,802) |
Subtotal—Depreciation | (6,361,424) | |||||
Total Forward Foreign Currency Contracts | $3,837,870 |
Open Centrally Cleared Credit Default Swap Agreements(a) | ||||||||||
Reference Entity | Buy/Sell Protection | (Pay)/ Receive Fixed Rate | Payment Frequency | Maturity Date | Implied Credit Spread(b) | Notional Value | Upfront Payments Paid (Received) | Value | Unrealized Appreciation (Depreciation) | |
Credit Risk | ||||||||||
Markit iTraxx Europe Crossover Index, Series 41, Version 1 | Buy | (5.00)% | Quarterly | 06/20/2029 | 3.205% | EUR | 37,770,000 | $(3,487,618) | $(2,997,371) | $490,247 |
Markit CDX North America High Yield Index, Series 42, Version 1 | Buy | (5.00) | Quarterly | 06/20/2029 | 3.439 | USD | 43,315,000 | (3,022,824) | (2,716,933) | 305,891 |
UBS AG | Sell | 1.00 | Quarterly | 12/20/2028 | 0.603 | EUR | 2,330,000 | 32,342 | 41,342 | 9,000 |
Subtotal - Appreciation | (6,478,100) | (5,672,962) | 805,138 |
21 | Invesco V.I. Global Strategic Income Fund |
Open Centrally Cleared Credit Default Swap Agreements(a)—(continued) | ||||||||||
Reference Entity | Buy/Sell Protection | (Pay)/ Receive Fixed Rate | Payment Frequency | Maturity Date | Implied Credit Spread(b) | Notional Value | Upfront Payments Paid (Received) | Value | Unrealized Appreciation (Depreciation) | |
Credit Risk | ||||||||||
Brazil Government International Bonds | Buy | (1.00)% | Quarterly | 12/20/2027 | 1.250% | USD | 1,500,000 | $57,810 | $10,884 | $(46,926) |
Intesa Sanpaolo S.p.A. | Buy | (1.00) | Quarterly | 12/20/2028 | 0.630 | EUR | 2,330,000 | (22,728) | (39,633) | (16,905) |
South Africa Government International Bonds | Buy | (1.00) | Quarterly | 06/20/2029 | 2.083 | USD | 1,550,000 | 77,088 | 73,083 | (4,005) |
Subtotal - Depreciation | 112,170 | 44,334 | (67,836) | |||||||
Total Centrally Cleared Credit Default Swap Agreements | $(6,365,930) | $(5,628,628) | $737,302 |
(a) | Centrally cleared swap agreements collateralized by $14,458,936 cash held with Counterparties. |
(b) | Implied credit spreads represent the current level, as of June 30, 2024, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally. |
Open Centrally Cleared Interest Rate Swap Agreements(a) | ||||||||||
Pay/ Receive Floating Rate | Floating Rate Index | Payment Frequency | (Pay)/ Receive Fixed Rate | Payment Frequency | Maturity Date | Notional Value | Upfront Payments Paid (Received) | Value | Unrealized Appreciation (Depreciation) | |
Interest Rate Risk | ||||||||||
Receive | MIBOR | Semi-Annually | (6.37)% | Semi-Annually | 03/19/2027 | INR | 2,850,000,000 | $— | $25,860 | $25,860 |
Receive | SOFR | Annually | (3.81) | Annually | 08/19/2034 | USD | 3,880,000 | — | 30,111 | 30,111 |
Pay | SOFR | Annually | 3.94 | Annually | 07/10/2034 | USD | 23,820,000 | 385 | 37,341 | 36,956 |
Pay | SONIA | Annually | 3.99 | Annually | 05/03/2054 | GBP | 6,702,200 | — | 39,109 | 39,109 |
Pay | 3 Month CZK PRIBOR | Quarterly | 6.06 | Annually | 09/20/2024 | CZK | 499,500,000 | — | 39,903 | 39,903 |
Pay | 3 Month CZK PRIBOR | Quarterly | 5.36 | Annually | 01/05/2025 | CZK | 349,500,000 | — | 40,480 | 40,480 |
Receive | SOFR | Annually | (3.83) | Annually | 09/30/2034 | USD | 11,925,000 | — | 45,362 | 45,362 |
Pay | 28 Day MXN TIIE | 28 days | 9.65 | 28 days | 04/12/2029 | MXN | 257,300,000 | — | 45,604 | 45,604 |
Pay | COOVIBR | Quarterly | 9.44 | Quarterly | 10/24/2026 | COP | 15,000,000,000 | — | 64,383 | 64,383 |
Receive | TONAR | Annually | (0.53) | Annually | 03/12/2029 | JPY | 1,859,998,031 | — | 71,713 | 71,713 |
Pay | 28 Day MXN TIIE | 28 days | 10.85 | 28 days | 06/11/2026 | MXN | 146,725,071 | — | 79,714 | 79,714 |
Pay | 28 Day MXN TIIE | 28 days | 9.71 | 28 days | 04/23/2029 | MXN | 270,000,000 | — | 87,329 | 87,329 |
Receive | SOFR | Annually | (3.62) | Annually | 07/26/2054 | USD | 6,440,000 | — | 93,136 | 93,136 |
Pay | 28 Day MXN TIIE | 28 days | 10.88 | 28 days | 06/11/2026 | MXN | 176,069,929 | — | 100,809 | 100,809 |
Pay | 6 Month EURIBOR | Semi-Annually | 3.01 | Annually | 06/04/2029 | EUR | 17,000,000 | (2,796) | 107,980 | 110,776 |
Pay | 6 Month EURIBOR | Semi-Annually | 3.01 | Annually | 07/04/2029 | EUR | 22,000,000 | — | 138,391 | 138,391 |
Pay | 6 Month BBSW | Semi-Annually | 4.70 | Semi-Annually | 05/02/2034 | AUD | 17,670,000 | — | 154,654 | 154,654 |
Pay | SOFR | Annually | 3.82 | Annually | 06/12/2028 | USD | 74,645,000 | (3,398) | 169,465 | 172,863 |
Pay | SOFR | Annually | 4.38 | Annually | 03/19/2027 | USD | 33,300,000 | — | 198,298 | 198,298 |
Receive | SOFR | Annually | (3.60) | Annually | 07/19/2054 | USD | 11,795,000 | — | 207,845 | 207,845 |
Pay | SOFR | Annually | 3.83 | Annually | 06/12/2028 | USD | 121,050,000 | 27,720 | 276,948 | 249,228 |
Receive | 6 Month EURIBOR | Semi-Annually | (2.38) | Annually | 12/20/2054 | EUR | 8,940,000 | — | 251,950 | 251,950 |
Pay | SOFR | Annually | 3.99 | Annually | 04/10/2028 | USD | 85,250,000 | 9,688 | 411,699 | 402,011 |
Pay | 28 Day MXN TIIE | 28 days | 10.36 | 28 days | 09/16/2026 | MXN | 1,420,000,000 | — | 421,401 | 421,401 |
Receive | BZDIOVRA | At Maturity | (11.23) | At Maturity | 01/02/2029 | BRL | 72,911,643 | — | 493,798 | 493,798 |
Pay | SOFR | Annually | 3.85 | Annually | 04/08/2028 | USD | 241,800,000 | (28,833) | 567,254 | 596,087 |
Pay | SOFR | Annually | 4.04 | Annually | 04/13/2028 | USD | 190,386,500 | (43,991) | 1,098,309 | 1,142,300 |
Pay | SOFR | Annually | 4.34 | Annually | 05/31/2029 | USD | 119,350,000 | (87,363) | 1,474,112 | 1,561,475 |
Subtotal — Appreciation | (128,588) | 6,772,958 | 6,901,546 |
22 | Invesco V.I. Global Strategic Income Fund |
Open Centrally Cleared Interest Rate Swap Agreements(a)—(continued) | ||||||||||
Pay/ Receive Floating Rate | Floating Rate Index | Payment Frequency | (Pay)/ Receive Fixed Rate | Payment Frequency | Maturity Date | Notional Value | Upfront Payments Paid (Received) | Value | Unrealized Appreciation (Depreciation) | |
Interest Rate Risk | ||||||||||
Pay | EFFR | Annually | 3.67% | Annually | 08/09/2039 | USD | 90,000,000 | $(65,422) | $(1,834,642) | $(1,769,220) |
Pay | BZDIOVRA | At Maturity | 9.93 | At Maturity | 01/04/2027 | BRL | 119,354,303 | — | (991,718) | (991,718) |
Receive | SOFR | Annually | (3.87) | Annually | 04/08/2036 | USD | 70,935,750 | 24,639 | (582,974) | (607,613) |
Pay | 28 Day MXN TIIE | 28 days | 8.86 | 28 days | 03/14/2029 | MXN | 371,365,000 | — | (550,665) | (550,665) |
Receive | 28 Day MXN TIIE | 28 days | (9.69) | 28 days | 09/06/2034 | MXN | 405,995,000 | — | (523,672) | (523,672) |
Receive | SOFR | Annually | (3.86) | Annually | 04/01/2055 | USD | 7,800,000 | — | (306,914) | (306,914) |
Receive | 3 Month JIBAR | Quarterly | (10.00) | Quarterly | 10/26/2033 | ZAR | 87,000,000 | — | (265,708) | (265,708) |
Pay | BZDIOVRA | At Maturity | 9.77 | At Maturity | 01/04/2027 | BRL | 27,883,036 | — | (260,921) | (260,921) |
Pay | 6 Month EURIBOR | Semi-Annually | 2.38 | Annually | 12/20/2054 | EUR | 8,940,000 | — | (256,771) | (256,771) |
Pay | 6 Month EURIBOR | Semi-Annually | 2.71 | Annually | 07/24/2034 | EUR | 21,135,000 | — | (231,093) | (231,093) |
Receive | COOVIBR | Quarterly | (9.91) | Quarterly | 01/17/2028 | COP | 18,255,000,000 | — | (212,745) | (212,745) |
Pay | 28 Day MXN TIIE | 28 days | 9.65 | 28 days | 04/06/2027 | MXN | 500,000,000 | — | (209,819) | (209,819) |
Pay | 6 Month EURIBOR | Semi-Annually | 2.62 | Annually | 01/15/2029 | EUR | 15,004,000 | — | (193,459) | (193,459) |
Pay | 28 Day MXN TIIE | 28 days | 8.87 | 28 days | 03/14/2029 | MXN | 124,500,000 | — | (182,661) | (182,661) |
Receive | CORRA | Semi-Annually | (3.51) | Semi-Annually | 03/26/2034 | CAD | 36,865,000 | — | (162,369) | (162,369) |
Receive | SOFR | Annually | (3.91) | Annually | 06/11/2036 | USD | 17,127,500 | (42,271) | (185,877) | (143,606) |
Receive | SOFR | Annually | (3.61) | Annually | 04/13/2056 | USD | 20,580,000 | (17,244) | (141,439) | (124,195) |
Pay | 6 Month EURIBOR | Semi-Annually | 2.70 | Annually | 05/09/2034 | EUR | 9,858,000 | — | (123,068) | (123,068) |
Receive | 3 Month JIBAR | Quarterly | (9.87) | Quarterly | 06/15/2033 | ZAR | 42,300,000 | — | (115,829) | (115,829) |
Receive | COOVIBR | Quarterly | (9.06) | Quarterly | 05/16/2032 | COP | 11,100,000,000 | — | (115,787) | (115,787) |
Pay | 6 Month BBSW | Semi-Annually | 4.39 | Semi-Annually | 06/07/2034 | AUD | 12,719,032 | — | (97,359) | (97,359) |
Receive | 28 Day MXN TIIE | 28 days | (9.55) | 28 days | 04/17/2034 | MXN | 162,000,000 | — | (93,622) | (93,622) |
Receive | COOVIBR | Quarterly | (8.88) | Quarterly | 05/09/2032 | COP | 11,600,000,000 | — | (91,830) | (91,830) |
Receive | SOFR | Annually | (4.11) | Annually | 08/07/2034 | USD | 4,754,694 | — | (79,784) | (79,784) |
Pay | 6 Month BBSW | Semi-Annually | 4.42 | Semi-Annually | 06/07/2034 | AUD | 13,035,612 | — | (75,778) | (75,778) |
Pay | 28 Day MXN TIIE | 28 days | 9.13 | 28 days | 02/11/2028 | MXN | 69,900,000 | — | (72,253) | (72,253) |
Receive | 6 Month MIBOR | Semi-Annually | (6.52) | Semi-Annually | 03/19/2027 | INR | 2,942,800,000 | — | (69,343) | (69,343) |
Pay | BZDIOVRA | At Maturity | 11.57 | At Maturity | 01/04/2027 | BRL | 68,013,252 | — | (68,239) | (68,239) |
Receive | 3 Month BBSW | Quarterly | (4.33) | Quarterly | 06/28/2027 | AUD | 50,124,000 | — | (62,111) | (62,111) |
Pay | SOFR | Annually | 3.82 | Annually | 08/19/2034 | USD | 5,275,000 | (310) | (35,777) | (35,467) |
Pay | SOFR | Annually | 3.90 | Annually | 07/10/2034 | USD | 11,407,500 | — | (23,624) | (23,624) |
Pay | SONIA | At Maturity | 4.29 | At Maturity | 03/24/2026 | GBP | 79,190,000 | — | (18,107) | (18,107) |
Pay | SOFR | Annually | 3.91 | Annually | 07/10/2034 | USD | 11,407,500 | — | (15,217) | (15,217) |
Pay | SOFR | Annually | 3.91 | Annually | 07/08/2034 | USD | 23,250,000 | — | (14,516) | (14,516) |
Receive | COOVIBR | Quarterly | (8.54) | Quarterly | 05/27/2032 | COP | 4,050,000,000 | — | (14,397) | (14,397) |
Pay | SOFR | Annually | 4.05 | Annually | 03/19/2027 | USD | 34,500,000 | — | (2,472) | (2,472) |
Subtotal — Depreciation | (100,608) | (8,282,560) | (8,181,952) | |||||||
Total Centrally Cleared Interest Rate Swap Agreements | $(229,196) | $(1,509,602) | $(1,280,406) |
(a) | Centrally cleared swap agreements collateralized by $14,458,936 cash held with Counterparties. |
23 | Invesco V.I. Global Strategic Income Fund |
Open Over-The-Counter Credit Default Swap Agreements(a) | |||||||||||
Counterparty | Reference Entity | Buy/Sell Protection | (Pay)/ Receive Fixed Rate | Payment Frequency | Maturity Date | Implied Credit Spread(b) | Notional Value | Upfront Payments Paid (Received) | Value | Unrealized Appreciation (Depreciation) | |
Credit Risk | |||||||||||
Citibank, N.A. | Assicurazioni Generali S.p.A. | Sell | 1.00% | Quarterly | 12/20/2024 | 0.254% | EUR | 1,250,000 | $2,336 | $4,786 | $2,450 |
Goldman Sachs International | Markit iTraxx Europe Crossover Index, Series 32, Version 6 | Sell | 5.00 | Quarterly | 12/20/2024 | 0.123 | EUR | 2,900,000 | 51,147 | 72,616 | 21,469 |
J.P. Morgan Chase Bank, N.A. | Markit CDX Investment Grade Index, Series 33, Version 1 | Sell | 1.00 | Quarterly | 12/20/2024 | 2.632 | USD | 3,000,000 | (103,489) | (23,176) | 80,313 |
Subtotal—Appreciation | (50,006) | 54,226 | 104,232 | ||||||||
Credit Risk | |||||||||||
Citibank, N.A. | Assicurazioni Generali S.p.A. | Buy | (1.00) | Quarterly | 12/20/2024 | 0.363 | EUR | 1,250,000 | 1,517 | (4,085) | (5,602) |
Goldman Sachs International | Markit CDX North America High Yield Index, Series 37, Version 4 | Buy | (5.00) | Quarterly | 12/20/2026 | 0.118 | USD | 34,602,884 | (3,511,635) | (3,930,289) | (418,654) |
J.P. Morgan Chase Bank, N.A. | Markit CDX North America High Yield Index, Series 39, Version 3 | Buy | (5.00) | Quarterly | 12/20/2027 | 0.264 | USD | 8,997,577 | (1,149,663) | (1,342,364) | (192,701) |
J.P. Morgan Chase Bank, N.A. | Markit iTraxx Europe Crossover Index, Series 40, Version 1 | Sell | 5.00 | Quarterly | 12/20/2028 | 6.584 | EUR | 7,750,000 | (325,912) | (508,850) | (182,938) |
Subtotal—Depreciation | (4,985,693) | (5,785,588) | (799,895) | ||||||||
Total Open Over-The-Counter Credit Default Swap Agreements | $(5,035,699) | $(5,731,362) | $(695,663) |
(a) | Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $19,162,000. |
(b) | Implied credit spreads represent the current level, as of June 30, 2024, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally. |
Open Over-The-Counter Interest Rate Swap Agreements(a) | |||||||||||
Counterparty | Pay/ Receive Floating Rate | Floating Rate Index | Payment Frequency | (Pay)/ Received Fixed Rate | Payment Frequency | Maturity Date | Notional Value | Upfront Payments Paid (Received) | Value | Unrealized Appreciation | |
Interest Rate Risk | |||||||||||
Morgan Stanley and Co. International PLC | Receive | EFFR | Annually | (3.67)% | Annually | 08/09/2039 | USD | $90,000,000 | $— | $1,834,641 | $1,834,641 |
(a) | Over-The-Counter options purchased, options written and swap agreements are collateralized by cash held with Counterparties in the amount of $19,162,000. |
24 | Invesco V.I. Global Strategic Income Fund |
Abbreviations: | |
AUD | —Australian Dollar |
BBSW | —Bank Bill Swap Rate |
BRL | —Brazilian Real |
BZDIOVRA | —Brazil Ceptip DI Interbank Deposit Rate |
CAD | —Canadian Dollar |
CLP | —Chile Peso |
CNH | —Chinese Renminbi |
CNY | —Chinese Yuan Renminbi |
COOVIBR | —Colombia IBR Overnight Nominal Interbank Reference Rate |
COP | —Colombia Peso |
CORRA | —Canadian Overnight Repo Rate Average |
CZK | —Czech Koruna |
EFFR | —Effective Federal Funds Rate |
EUR | —Euro |
EURIBOR | —Euro Interbank Offered Rate |
GBP | —British Pound Sterling |
HUF | —Hungarian Forint |
IDR | —Indonesian Rupiah |
INR | —Indian Rupee |
JIBAR | —Johannesburg Interbank Average Rate |
JPY | —Japanese Yen |
KRW | —South Korean Won |
KWCDC | —South Korean Won Certificate of Deposit |
MIBOR | —Mumbai Interbank Offered Rate |
MXN | —Mexican Peso |
NOK | —Norwegian Krone |
NZD | —New Zealand Dollar |
PEN | —Peruvian Sol |
PLN | —Polish Zloty |
PRIBOR | —Prague Interbank Offerred Rate |
SOFR | —Secured Overnight Financing Rate |
SONIA | —Sterling Overnight Index Average |
THB | —Thai Baht |
TIIE | —Interbank Equilibrium Interest Rate |
TONAR | —Tokyo Overnight Average Rate |
TRY | —Turkish Lira |
USD | —U.S. Dollar |
ZAR | —South African Rand |
25 | Invesco V.I. Global Strategic Income Fund |
Assets: | |
Investments in unaffiliated securities, at value (Cost $682,482,734)* | $664,427,687 |
Investments in affiliated money market funds, at value (Cost $111,958,934) | 111,958,934 |
Other investments: | |
Swaps receivable — OTC | 18,749 |
Unrealized appreciation on swap agreements — OTC | 1,938,873 |
Unrealized appreciation on forward foreign currency contracts outstanding | 10,199,294 |
Deposits with brokers: | |
Cash collateral — centrally cleared swap agreements | 14,458,936 |
Cash collateral — OTC Derivatives | 19,162,000 |
Cash | 13,784,036 |
Foreign currencies, at value (Cost $6,497,041) | 6,462,853 |
Receivable for: | |
Investments sold | 3,908,413 |
Fund shares sold | 83,189 |
Dividends | 283,607 |
Interest | 9,978,206 |
Principal paydowns | 126,321 |
Investment for trustee deferred compensation and retirement plans | 145,417 |
Other assets | 127 |
Total assets | 856,936,642 |
Liabilities: | |
Other investments: | |
Options written, at value (premiums received $19,998,369) | 20,078,045 |
Variation margin payable — futures contracts | 19,798 |
Variation margin payable — centrally cleared swap agreements | 13,279 |
Premiums received on swap agreements — OTC | 5,035,699 |
Unrealized depreciation on forward foreign currency contracts outstanding | 6,361,424 |
Swaps payable — OTC | 67,017 |
Unrealized depreciation on swap agreements—OTC | 799,895 |
Payable for: | |
Investments purchased | 104,862,657 |
Fund shares reacquired | 445,707 |
Accrued foreign taxes | 6,581 |
Collateral upon return of securities loaned | 24,753,286 |
Accrued fees to affiliates | 402,550 |
Accrued other operating expenses | 153,751 |
Trustee deferred compensation and retirement plans | 145,417 |
Collateral due to broker - OTC Derivatives | 21,861 |
Total liabilities | 163,166,967 |
Net assets applicable to shares outstanding | $693,769,675 |
Net assets consist of: | |
Shares of beneficial interest | $965,505,090 |
Distributable earnings (loss) | (271,735,415) |
$693,769,675 |
Net Assets: | |
Series I | $251,668,466 |
Series II | $442,101,209 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 58,849,100 |
Series II | 100,494,032 |
Series I: | |
Net asset value per share | $4.28 |
Series II: | |
Net asset value per share | $4.40 |
* | At June 30, 2024, securities with an aggregate value of $23,965,826 were on loan to brokers. |
26 | Invesco V.I. Global Strategic Income Fund |
Investment income: | |
Interest (net of foreign withholding taxes of $124,079) | $20,313,246 |
Dividends (net of foreign withholding taxes of $18,419) | 262,519 |
Dividends from affiliates (includes net securities lending income of $23,373) | 1,149,156 |
Total investment income | 21,724,921 |
Expenses: | |
Advisory fees | 2,447,233 |
Administrative services fees | 576,723 |
Custodian fees | 103,520 |
Distribution fees - Series II | 559,462 |
Transfer agent fees | 17,495 |
Trustees’ and officers’ fees and benefits | 12,348 |
Reports to shareholders | 157,517 |
Professional services fees | 58,345 |
Other | 2,839 |
Total expenses | 3,935,482 |
Less: Fees waived | (22,496) |
Net expenses | 3,912,986 |
Net investment income | 17,811,935 |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities (net of foreign taxes of $19,497) | (8,143,948) |
Affiliated investment securities | (9,891) |
Foreign currencies | (267,848) |
Forward foreign currency contracts | (2,715,297) |
Futures contracts | (272,054) |
Option contracts written | 7,125,175 |
Swap agreements | (11,678,613) |
(15,962,476) | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities (net of foreign taxes of $26,314) | (8,850,503) |
Affiliated investment securities | (3,536) |
Foreign currencies | (408,679) |
Forward foreign currency contracts | 5,422,147 |
Futures contracts | (4,019,636) |
Option contracts written | 1,346,481 |
Swap agreements | 2,945,105 |
(3,568,621) | |
Net realized and unrealized gain (loss) | (19,531,097) |
Net increase (decrease) in net assets resulting from operations | $(1,719,162) |
27 | Invesco V.I. Global Strategic Income Fund |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income | $17,811,935 | $35,445,133 |
Net realized gain (loss) | (15,962,476) | (42,039,051) |
Change in net unrealized appreciation (depreciation) | (3,568,621) | 63,266,384 |
Net increase (decrease) in net assets resulting from operations | (1,719,162) | 56,672,466 |
Share transactions–net: | ||
Series I | (9,547,367) | (18,599,060) |
Series II | (16,372,533) | (57,125,101) |
Net increase (decrease) in net assets resulting from share transactions | (25,919,900) | (75,724,161) |
Net increase (decrease) in net assets | (27,639,062) | (19,051,695) |
Net assets: | ||
Beginning of period | 721,408,737 | 740,460,432 |
End of period | $693,769,675 | $721,408,737 |
28 | Invesco V.I. Global Strategic Income Fund |
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c) | Ratio of net investment income to average net assets | Portfolio turnover (d)(e) | |
Series I | ||||||||||||
Six months ended 06/30/24 | $4.28 | $0.11 | $(0.11) | $0.00 | $— | $4.28 | 0.00% | $251,668 | 0.95%(f) | 0.96%(f) | 5.23%(f) | 108% |
Year ended 12/31/23 | 3.95 | 0.21 | 0.12 | 0.33 | — | 4.28 | 8.35 | 261,650 | 0.91 | 0.92 | 5.05 | 85 |
Year ended 12/31/22 | 4.46 | 0.14 | (0.65) | (0.51) | — | 3.95 | (11.44) | 259,461 | 0.87 | 0.89 | 3.49 | 85 |
Year ended 12/31/21 | 4.83 | 0.12 | (0.27) | (0.15) | (0.22) | 4.46 | (3.00) | 336,327 | 0.82 | 0.86 | 2.59 | 209 |
Year ended 12/31/20 | 4.97 | 0.15 | (0.01) | 0.14 | (0.28) | 4.83 | 3.19 | 363,404 | 0.82 | 0.87 | 3.10 | 324 |
Year ended 12/31/19 | 4.66 | 0.24 | 0.26 | 0.50 | (0.19) | 4.97 | 10.80 | 395,324 | 0.77(g) | 0.82(g) | 4.86(h) | 134 |
Series II | ||||||||||||
Six months ended 06/30/24 | 4.41 | 0.11 | (0.12) | (0.01) | — | 4.40 | (0.23) | 442,101 | 1.20(f) | 1.21(f) | 4.98(f) | 108 |
Year ended 12/31/23 | 4.08 | 0.20 | 0.13 | 0.33 | — | 4.41 | 8.09 | 459,758 | 1.16 | 1.17 | 4.80 | 85 |
Year ended 12/31/22 | 4.61 | 0.13 | (0.66) | (0.53) | — | 4.08 | (11.50) | 480,999 | 1.12 | 1.14 | 3.24 | 85 |
Year ended 12/31/21 | 4.99 | 0.11 | (0.28) | (0.17) | (0.21) | 4.61 | (3.37) | 612,996 | 1.07 | 1.11 | 2.34 | 209 |
Year ended 12/31/20 | 5.13 | 0.14 | (0.01) | 0.13 | (0.27) | 4.99 | 2.79 | 661,276 | 1.07 | 1.12 | 2.85 | 324 |
Year ended 12/31/19 | 4.80 | 0.23 | 0.27 | 0.50 | (0.17) | 5.13 | 10.61 | 736,339 | 1.02(g) | 1.08(g) | 4.60(h) | 134 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Does not include indirect expenses from affiliated fund fees and expenses of 0.04% for the year ended December 31, 2019. |
(d) | The portfolio turnover rate excludes purchase and sale transactions of To Be Announced (TBA) mortgage-related securities of $2,177,497,748 and $2,279,114,634 for the year ended December 31, 2019. |
(e) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(f) | Annualized. |
(g) | Includes the Fund’s share of the allocated expenses from Invesco Oppenheimer Master Event-Linked Bond Fund and Invesco Oppenheimer Master Loan Fund. |
(h) | Includes the Fund’s share of the allocated net investment income from Invesco Oppenheimer Master Event-Linked Bond Fund and Invesco Oppenheimer Master Loan Fund. |
29 | Invesco V.I. Global Strategic Income Fund |
A. | Security Valuations – Securities, including restricted securities, are valued according to the following policy. |
30 | Invesco V.I. Global Strategic Income Fund |
B. | Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the consolidated financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The financial statements are prepared on a consolidated basis in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. The accompanying financial statements reflect the financial position of the Fund and its Subsidiary and the results of operations on a consolidated basis. All inter-company accounts and transactions have been eliminated in consolidation. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Securities Purchased on a When-Issued and Delayed Delivery Basis — The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date. |
J. | Structured Securities — The Fund may invest in structured securities. Structured securities are a type of derivative security whose value is determined by reference to changes in the value of underlying securities, currencies, interest rates, commodities, indices or other financial indicators (“reference instruments”). Most structured securities are fixed-income securities that have maturities of three years or less. Structured securities may be positively or negatively indexed |
31 | Invesco V.I. Global Strategic Income Fund |
(i.e., their principal value or interest rates may increase or decrease if the underlying reference instrument appreciates) and may have return characteristics similar to direct investments in the underlying reference instrument. |
K. | Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Consolidated Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Consolidated Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Consolidated Statement of Assets and Liabilities. |
L. | Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Consolidated Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
M. | Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk. |
N. | Futures Contracts — The Fund may enter into futures contracts to equitize the Fund’s cash holdings or to manage exposure to interest rate, equity, commodity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are |
32 | Invesco V.I. Global Strategic Income Fund |
incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities. |
O. | Call Options Purchased and Written – The Fund may write covered call options and/or buy call options. A covered call option gives the purchaser of such option the right to buy, and the writer the obligation to sell, the underlying security or foreign currency at the stated exercise price during the option period. Options written by the Fund normally will have expiration dates between three and nine months from the date written. The exercise price of a call option may be below, equal to, or above the current market value of the underlying security at the time the option is written. |
P. | Put Options Purchased and Written – The Fund may purchase and write put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract. |
Q. | Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency, commodity or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s net asset value ("NAV") per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any. |
33 | Invesco V.I. Global Strategic Income Fund |
R. | Dollar Rolls and Forward Commitment Transactions - The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date. |
S. | LIBOR Transition Risk -The Fund may have investments in financial instruments that recently transitioned from, or continue to be tied to, the London Interbank Offered Rate ("LIBOR") as the reference or benchmark rate for variable interest rate calculations. LIBOR was a common benchmark interest rate index historically used to make adjustments to variable-rate debt instruments, to determine interest rates for a variety of financial instruments and borrowing arrangements and as a reference rate in derivative contracts. |
34 | Invesco V.I. Global Strategic Income Fund |
T. | Leverage Risk — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction. |
U. | Collateral —To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions. |
V. | Other Risks - Investments in high yield debt securities (“junk bonds”) and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer’s ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile. |
Average Daily Net Assets | Rate* |
First $200 million | 0.750% |
Next $200 million | 0.720% |
Next $200 million | 0.690% |
Next $200 million | 0.660% |
Next $200 million | 0.600% |
Next $4 billion | 0.500% |
Over $5 billion | 0.480% |
* | The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser. |
35 | Invesco V.I. Global Strategic Income Fund |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
U.S. Dollar Denominated Bonds & Notes | $— | $244,692,808 | $— | $244,692,808 |
Non-U.S. Dollar Denominated Bonds & Notes | — | 168,484,207 | — | 168,484,207 |
U.S. Government Sponsored Agency Mortgage-Backed Securities | — | 135,940,701 | — | 135,940,701 |
Asset-Backed Securities | — | 40,220,017 | 3,825,166 | 44,045,183 |
Agency Credit Risk Transfer Notes | — | 30,073,642 | — | 30,073,642 |
U.S. Treasury Securities | — | 15,398,397 | — | 15,398,397 |
Common Stocks & Other Equity Interests | 10,437,622 | 229,965 | 2,149 | 10,669,736 |
Variable Rate Senior Loan Interests | — | 3,862,833 | 551,957 | 4,414,790 |
Preferred Stocks | — | 14,910 | — | 14,910 |
Money Market Funds | 87,205,648 | 24,753,286 | — | 111,958,934 |
Options Purchased | — | 10,693,313 | — | 10,693,313 |
Total Investments in Securities | 97,643,270 | 674,364,079 | 4,379,272 | 776,386,621 |
Other Investments - Assets* | ||||
Futures Contracts | 340,586 | — | — | 340,586 |
Forward Foreign Currency Contracts | — | 10,199,294 | — | 10,199,294 |
Swap Agreements | — | 9,645,557 | — | 9,645,557 |
340,586 | 19,844,851 | — | 20,185,437 | |
Other Investments - Liabilities* | ||||
Futures Contracts | (197,883) | — | — | (197,883) |
Forward Foreign Currency Contracts | — | (6,361,424) | — | (6,361,424) |
Options Written | — | (20,078,045) | — | (20,078,045) |
Swap Agreements | — | (9,049,683) | — | (9,049,683) |
(197,883) | (35,489,152) | — | (35,687,035) | |
Total Other Investments | 142,703 | (15,644,301) | — | (15,501,598) |
Total Investments | $97,785,973 | $658,719,778 | $4,379,272 | $760,885,023 |
* | Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Options written are shown at value. |
36 | Invesco V.I. Global Strategic Income Fund |
Value | ||||
Derivative Assets | Credit Risk | Currency Risk | Interest Rate Risk | Total |
Unrealized appreciation on futures contracts —Exchange-Traded(a) | $— | $— | $340,586 | $340,586 |
Unrealized appreciation on swap agreements — Centrally Cleared(a) | 805,138 | — | 6,901,546 | 7,706,684 |
Unrealized appreciation on forward foreign currency contracts outstanding | — | 10,199,294 | — | 10,199,294 |
Unrealized appreciation on swap agreements — OTC | 104,232 | — | 1,834,641 | 1,938,873 |
Options purchased, at value — OTC(b) | — | 2,491,234 | 8,202,079 | 10,693,313 |
Total Derivative Assets | 909,370 | 12,690,528 | 17,278,852 | 30,878,750 |
Derivatives not subject to master netting agreements | (805,138) | — | (7,242,132) | (8,047,270) |
Total Derivative Assets subject to master netting agreements | $104,232 | $12,690,528 | $10,036,720 | $22,831,480 |
Value | ||||
Derivative Liabilities | Credit Risk | Currency Risk | Interest Rate Risk | Total |
Unrealized depreciation on futures contracts —Exchange-Traded(a) | $— | $— | $(197,883) | $(197,883) |
Unrealized depreciation on swap agreements — Centrally Cleared(a) | (67,836) | — | (8,181,952) | (8,249,788) |
Unrealized depreciation on forward foreign currency contracts outstanding | — | (6,361,424) | — | (6,361,424) |
Unrealized depreciation on swap agreements — OTC | (799,895) | — | — | (799,895) |
Options written, at value — OTC | (1,091,303) | (13,010,017) | (5,976,725) | (20,078,045) |
Total Derivative Liabilities | (1,959,034) | (19,371,441) | (14,356,560) | (35,687,035) |
Derivatives not subject to master netting agreements | 67,836 | — | 8,379,835 | 8,447,671 |
Total Derivative Liabilities subject to master netting agreements | $(1,891,198) | $(19,371,441) | $(5,976,725) | $(27,239,364) |
(a) | The daily variation margin receivable (payable) at period-end is recorded in the Consolidated Statement of Assets and Liabilities. |
(b) | Options purchased, at value as reported in the Consolidated Schedule of Investments. |
Financial Derivative Assets | Financial Derivative Liabilities | Collateral (Received)/Pledged | |||||||||||
Counterparty | Forward Foreign Currency Contracts | Options Purchased | Swap Agreements | Total Assets | Forward Foreign Currency Contracts | Options Written | Swap Agreements | Total Liabilities | Net Value of Derivatives | Non-Cash | Cash | Net Amount | |
Barclays Bank PLC | $363,268 | $— | $— | $363,268 | $− | $(79,065) | $— | $(79,065) | $284,203 | $— | $(100,000) | $184,203 | |
Citibank, N.A. | 2,691 | — | 2,450 | 5,141 | − | — | (5,602) | (5,602) | (461) | — | — | (461) | |
Deutsche Bank AG | 4,433,587 | 815,603 | — | 5,249,190 | (1,471,213) | (841,689) | — | (2,312,902) | 2,936,288 | — | (1,530,000) | 1,406,288 | |
Goldman Sachs International | 989,393 | 997,128 | 21,469 | 2,007,990 | (1,034,339) | (9,395,854) | (418,653) | (10,848,846) | (8,840,856) | — | 8,840,856 | — | |
HSBC Bank USA | 19,809 | — | — | 19,809 | (1,150,423) | — | — | (1,150,423) | (1,130,614) | — | 1,040,000 | (90,614) | |
J.P. Morgan Chase Bank, N.A. | 851,533 | 8,093,790 | 99,062 | 9,044,385 | (330,407) | (4,655,048) | (442,657) | (5,428,112) | 3,616,273 | — | — | 3,616,273 | |
Merrill Lynch International | 3,077,502 | 497,582 | — | 3,575,084 | (982,702) | (2,961,554) | — | (3,944,256) | (369,172) | — | 320,000 | (49,172) | |
Morgan Stanley and Co. International PLC | 437,112 | 286,823 | 1,834,641 | 2,558,576 | (1,331,273) | (1,645,313) | — | (2,976,586) | (418,010) | — | 418,010 | — | |
Royal Bank of Canada | 5,601 | — | — | 5,601 | (36,114) | — | — | (36,114) | (30,513) | — | — | (30,513) | |
Standard Chartered Bank PLC | 16,793 | 2,387 | — | 19,180 | (24,953) | (137,210) | — | (162,163) | (142,983) | — | 142,983 | — | |
Toronto-Dominion Bank (The) | — | — | — | — | — | (362,312) | — | (362,312) | (362,312) | — | 362,312 | — | |
UBS AG | 2,005 | — | — | 2,005 | − | — | — | — | 2,005 | — | — | 2,005 | |
Total | $10,199,294 | $10,693,313 | $1,957,622 | $22,850,229 | $(6,361,424) | $(20,078,045) | $(866,912) | $(27,306,381) | $(4,456,152) | $— | $9,494,161 | $5,038,009 |
37 | Invesco V.I. Global Strategic Income Fund |
Location of Gain (Loss) on Consolidated Statement of Operations | ||||
Credit Risk | Currency Risk | Interest Rate Risk | Total | |
Realized Gain (Loss): | ||||
Forward foreign currency contracts | $- | $(2,715,297) | $- | $(2,715,297) |
Futures contracts | - | - | (272,054) | (272,054) |
Options purchased(a) | - | (3,699,852) | (1,295,767) | (4,995,619) |
Options written | - | 5,624,919 | 1,500,256 | 7,125,175 |
Swap agreements | (7,014,542) | - | (4,664,071) | (11,678,613) |
Change in Net Unrealized Appreciation (Depreciation): | ||||
Forward foreign currency contracts | - | 5,422,147 | - | 5,422,147 |
Futures contracts | - | - | (4,019,636) | (4,019,636) |
Options purchased(a) | 720,222 | (1,641,901) | 338,283 | (583,396) |
Options written | (435,723) | (4,455,669) | 6,237,873 | 1,346,481 |
Swap agreements | 4,293,965 | - | (1,348,860) | 2,945,105 |
Total | $(2,436,078) | $(1,465,653) | $(3,523,976) | $(7,425,707) |
(a) | Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on investment securities. |
Forward Foreign Currency Contracts | Futures Contracts | Swaptions Purchased | Foreign Currency Options Purchased | Swaptions Written | Foreign Currency Options Written | Swap Agreements | |
Average notional value | $878,059,974 | $133,687,118 | $174,051,916 | $342,594,659 | $1,273,222,781 | $509,200,769 | $1,469,781,647 |
Capital Loss Carryforward* | |||
Expiration | Short-Term | Long-Term | Total |
Not subject to expiration | $122,942,328 | $147,831,524 | $270,773,852 |
* | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
38 | Invesco V.I. Global Strategic Income Fund |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $34,845,265 |
Aggregate unrealized (depreciation) of investments | (56,931,309) |
Net unrealized appreciation (depreciation) of investments | $(22,086,044) |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 2,300,990 | $9,828,940 | 6,491,969 | $26,269,171 | |
Series II | 2,336,421 | 10,245,340 | 2,223,985 | 9,409,173 | |
Reacquired: | |||||
Series I | (4,544,508) | (19,376,307) | (11,020,468) | (44,868,231) | |
Series II | (6,068,333) | (26,617,873) | (15,808,167) | (66,534,274) | |
Net increase (decrease) in share activity | (5,975,430) | $(25,919,900) | (18,112,681) | $(75,724,161) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 74% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
39 | Invesco V.I. Global Strategic Income Fund |
40 | Invesco V.I. Global Strategic Income Fund |
41 | Invesco V.I. Global Strategic Income Fund |
42 | Invesco V.I. Global Strategic Income Fund |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
43 | Invesco V.I. Global Strategic Income Fund |
44 | Invesco V.I. Global Strategic Income Fund |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/img85250e341.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | VIGMKT-NCSRS |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
U.S. Government Sponsored Agency Securities-21.55% | |||||
Federal Farm Credit Bank (FFCB)-8.35% | |||||
Federal Farm Credit Bank | 5.38% | 09/13/2024 | $ 10,000 | $ 9,999,205 | |
Federal Farm Credit Bank (SOFR + 0.12%)(a) | 5.45% | 05/30/2025 | 3,000 | 3,000,000 | |
Federal Farm Credit Bank (SOFR + 0.10%)(a) | 5.43% | 12/12/2025 | 8,000 | 8,000,000 | |
Federal Farm Credit Bank (SOFR + 0.14%)(a) | 5.49% | 12/29/2025 | 4,000 | 4,000,000 | |
Federal Farm Credit Bank (SOFR + 0.16%)(a) | 5.50% | 01/23/2026 | 1,000 | 1,000,000 | |
Federal Farm Credit Bank (SOFR + 0.09%)(a) | 5.42% | 02/02/2026 | 4,000 | 4,000,000 | |
Federal Farm Credit Bank (1 mo. EFFR + 0.12%)(a) | 5.45% | 03/06/2026 | 3,000 | 3,000,000 | |
Federal Farm Credit Bank (SOFR + 0.11%)(a) | 5.45% | 03/18/2026 | 3,000 | 3,000,000 | |
Federal Farm Credit Bank (SOFR + 0.11%)(a) | 5.45% | 03/26/2026 | 3,000 | 3,000,000 | |
Federal Farm Credit Bank (SOFR + 0.11%)(a) | 5.44% | 04/09/2026 | 3,000 | 3,000,000 | |
Federal Farm Credit Bank (SOFR + 0.09%)(a) | 5.42% | 05/14/2026 | 15,000 | 15,000,000 | |
Federal Farm Credit Bank (SOFR + 0.09%)(a) | 5.42% | 05/21/2026 | 4,000 | 4,000,000 | |
Federal Farm Credit Bank (SOFR + 0.10%)(a) | 5.43% | 06/03/2026 | 2,000 | 2,000,000 | |
Federal Farm Credit Bank (SOFR + 0.10%)(a) | 5.43% | 06/18/2026 | 3,000 | 3,000,000 | |
Federal Farm Credit Bank (SOFR + 0.10%)(a) | 5.43% | 06/24/2026 | 5,000 | 5,000,000 | |
Federal Farm Credit Bank (SOFR + 0.10%)(a) | 5.43% | 07/01/2026 | 3,000 | 3,000,000 | |
73,999,205 | |||||
Federal Home Loan Bank (FHLB)-11.94% | |||||
Federal Home Loan Bank | 5.50% | 08/12/2024 | 5,000 | 4,999,789 | |
Federal Home Loan Bank | 5.38% | 09/13/2024 | 20,000 | 19,998,435 | |
Federal Home Loan Bank(b) | 5.27% | 11/01/2024 | 5,000 | 4,914,242 | |
Federal Home Loan Bank(b) | 4.86% | 01/10/2025 | 6,000 | 5,850,425 | |
Federal Home Loan Bank | 5.03% | 01/10/2025 | 10,000 | 10,000,000 | |
Federal Home Loan Bank(b) | 5.00% | 02/10/2025 | 8,000 | 7,763,058 | |
Federal Home Loan Bank (SOFR + 0.14%)(a) | 5.47% | 07/24/2025 | 2,000 | 2,000,000 | |
Federal Home Loan Bank (SOFR + 0.16%)(a) | 5.49% | 08/08/2025 | 3,295 | 3,297,258 | |
Federal Home Loan Bank (SOFR + 0.16%)(a) | 5.50% | 11/20/2025 | 15,000 | 15,014,965 | |
Federal Home Loan Bank (SOFR + 0.21%)(a) | 5.55% | 11/25/2025 | 8,000 | 8,002,775 | |
Federal Home Loan Bank (SOFR + 0.19%)(a) | 5.53% | 01/14/2026 | 5,000 | 5,000,000 | |
Federal Home Loan Bank (SOFR + 0.13%)(a) | 5.46% | 02/09/2026 | 10,000 | 10,000,000 | |
Federal Home Loan Bank (SOFR + 0.10%)(a) | 5.44% | 05/13/2026 | 9,000 | 9,000,000 | |
105,840,947 | |||||
U.S. International Development Finance Corp. (DFC)-1.26% | |||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c) | 5.50% | 06/15/2025 | 600 | 600,000 | |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c) | 5.50% | 07/15/2025 | 65 | 64,722 | |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c) | 5.50% | 02/15/2028 | 4,167 | 4,166,667 | |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c) | 5.49% | 07/07/2040 | 6,360 | 6,359,670 | |
11,191,059 | |||||
Total U.S. Government Sponsored Agency Securities (Cost $191,031,211) | 191,031,211 | ||||
U.S. Treasury Securities-10.38% | |||||
U.S. Treasury Bills-1.63%(b) | |||||
U.S. Treasury Bills | 4.79% | 01/23/2025 | 5,000 | 4,869,247 | |
U.S. Treasury Bills | 5.20% | 04/17/2025 | 10,000 | 9,601,250 | |
14,470,497 | |||||
U.S. Treasury Floating Rate Notes-2.59% | |||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.13%)(a) | 5.43% | 07/31/2025 | 15,000 | 14,992,521 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(a) | 5.50% | 10/31/2025 | 5,000 | 5,000,000 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.25%)(a) | 5.55% | 01/31/2026 | 3,000 | 3,001,957 | |
22,994,478 |
2 | Invesco V.I. Government Money Market Fund |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
U.S. Treasury Notes-6.16% | |||||
U.S. Treasury Notes | 2.38% | 08/15/2024 | $ 20,000 | $ 19,925,891 | |
U.S. Treasury Notes | 1.50% | 10/31/2024 | 15,000 | 14,831,147 | |
U.S. Treasury Notes | 2.25% | 11/15/2024 | 20,000 | 19,791,522 | |
54,548,560 | |||||
Total U.S. Treasury Securities (Cost $92,013,535) | 92,013,535 | ||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-31.93% (Cost $283,044,746) | 283,044,746 | ||||
Repurchase Amount | |||||
Repurchase Agreements-70.25%(d) | |||||
Bank of Nova Scotia, joint agreement dated 06/28/2024, aggregate maturing value of $1,500,666,250 (collateralized by agency mortgage-backed securities valued at $1,530,000,001; 2.00% - 7.00%; 08/01/2025 - 08/20/2062) | 5.33% | 07/01/2024 | 45,019,988 | 45,000,000 | |
BMO Capital Markets Corp., joint term agreement dated 06/03/2024, aggregate maturing value of $502,225,000 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,003; 2.38% - 6.38%; 01/15/2025 - 07/16/2065)(e) | 5.34% | 07/03/2024 | 10,044,500 | 10,000,000 | |
BNP Paribas Securities Corp., joint term agreement dated 01/26/2024, aggregate maturing value of $2,075,985,000 (collateralized by agency mortgage-backed securities, U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $2,040,000,000; 0.00% - 7.50%; 07/16/2024 - 01/15/2065)(e) | 5.01% | 10/28/2024 | 31,139,775 | 30,000,000 | |
BNP Paribas Securities Corp., joint term agreement dated 01/30/2024, aggregate maturing value of $4,000,606,667 (collateralized by U.S. Treasury obligations valued at $4,080,000,140; 0.00% - 6.88%; 07/05/2024 - 02/15/2054)(e)(f) | 5.46% | 07/01/2024 | 30,004,550 | 30,000,000 | |
BNP Paribas Securities Corp., joint term agreement dated 02/08/2024, aggregate maturing value of $1,400,211,556 (collateralized by U.S. Treasury obligations valued at $1,428,000,063; 0.00% - 7.50%; 07/05/2024 - 08/15/2053)(e)(f) | 5.44% | 07/01/2024 | 10,001,511 | 10,000,000 | |
BofA Securities, Inc., joint term agreement dated 04/01/2024, aggregate maturing value of $1,000,149,722 (collateralized by U.S. Treasury obligations valued at $974,100,123; 0.00% - 4.63%; 09/03/2024 - 11/15/2051)(e)(f) | 5.39% | 07/01/2024 | 5,000,749 | 5,000,000 | |
BofA Securities, Inc., joint term agreement dated 04/03/2024, aggregate maturing value of $1,500,225,000 (collateralized by agency mortgage-backed securities valued at $1,530,000,007; 1.00% - 6.73%; 03/25/2027 - 09/20/2070)(e)(f) | 5.40% | 07/01/2024 | 10,001,500 | 10,000,000 | |
BofA Securities, Inc., joint term agreement dated 04/23/2024, aggregate maturing value of $1,000,149,167 (collateralized by U.S. Treasury obligations valued at $1,020,000,179; 0.00% - 7.63%; 12/05/2024 - 11/15/2042)(e)(f) | 5.37% | 07/01/2024 | 10,001,492 | 10,000,000 | |
BofA Securities, Inc., joint term agreement dated 04/24/2024, aggregate maturing value of $1,000,149,167 (collateralized by U.S. Treasury obligations valued at $1,020,000,134; 0.13% - 4.88%; 07/15/2024 - 11/15/2053)(e)(f) | 5.37% | 07/01/2024 | 40,005,967 | 40,000,000 | |
BofA Securities, Inc., joint term agreement dated 04/25/2024, aggregate maturing value of $1,500,223,750 (collateralized by U.S. Treasury obligations valued at $1,575,900,324; 0.00% - 5.48%; 06/30/2024 - 05/15/2048)(e)(f) | 5.37% | 07/01/2024 | 10,001,492 | 10,000,000 | |
CIBC World Markets Corp., joint term agreement dated 06/13/2024, aggregate maturing value of $954,500,889 (collateralized by agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $969,000,001; 1.50% - 7.00%; 07/01/2028 - 08/20/2069)(e) | 5.33% | 07/15/2024 | 13,061,591 | 13,000,000 | |
CIBC World Markets Corp., joint term agreement dated 06/20/2024, aggregate maturing value of $452,132,000 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $459,000,000; 2.00% - 7.00%; 03/31/2031 - 09/01/2061)(e) | 5.33% | 07/22/2024 | 10,047,378 | 10,000,000 | |
Citigroup Global Markets, Inc., joint term agreement dated 06/27/2024, aggregate maturing value of $1,201,072,000 (collateralized by U.S. Treasury obligations valued at $1,224,000,081; 0.25% - 4.88%; 05/31/2025 - 10/31/2028)(e) | 5.36% | 07/03/2024 | 40,035,733 | 40,000,000 | |
Credit Agricole Corporate & Investment Bank, joint agreement dated 06/28/2024, aggregate maturing value of $500,222,083 (collateralized by U.S. Treasury obligations valued at $510,000,085; 0.38% - 4.75%; 07/31/2025 - 09/30/2030) | 5.33% | 07/01/2024 | 25,011,104 | 25,000,000 | |
Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 06/28/2024, aggregate maturing value of $8,003,546,667 (collateralized by U.S. Treasury obligations valued at $8,160,000,174; 0.13% - 4.63%; 12/31/2025 - 02/15/2054) | 5.32% | 07/01/2024 | 50,022,167 | 50,000,000 | |
ING Financial Markets, LLC, joint term agreement dated 06/13/2024, aggregate maturing value of $251,823,889 (collateralized by agency mortgage-backed securities valued at $255,000,001; 1.50% - 6.50%; 06/01/2047 - 06/01/2054) | 5.36% | 08/01/2024 | 10,072,956 | 10,000,000 | |
J.P. Morgan Securities LLC, joint agreement dated 06/28/2024, aggregate maturing value of $1,000,444,167 (collateralized by agency mortgage-backed securities valued at $1,020,000,000; 1.33% - 7.50%; 08/01/2026 - 09/01/2056) | 5.33% | 07/01/2024 | 45,019,988 | 45,000,000 |
3 | Invesco V.I. Government Money Market Fund |
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
J.P. Morgan Securities LLC, joint open agreement dated 05/02/2023 (collateralized by agency mortgage-backed securities valued at $918,000,001; 0.13% - 6.83%; 12/20/2029 - 07/16/2064)(g) | 5.32% | 07/01/2024 | $10,041,378 | $ 10,000,000 | |
Metropolitan Life Insurance Co., joint term agreement dated 06/25/2024, aggregate maturing value of $350,370,810 (collateralized by U.S. Treasury obligations valued at $365,414,003; 0.00%; 02/15/2043 - 08/15/2046)(e) | 5.35% | 07/02/2024 | 15,017,256 | 15,001,650 | |
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 06/26/2024, aggregate maturing value of $3,938,200,206 (collateralized by U.S. Treasury obligations valued at $4,023,085,458; 0.50% - 2.63%; 05/31/2027 - 11/15/2040)(e) | 5.36% | 07/03/2024 | 27,628,765 | 27,600,000 | |
RBC Dominion Securities Inc., joint term agreement dated 06/13/2024, aggregate maturing value of $2,966,405,242 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $3,003,900,000; 0.00% - 8.00%; 07/15/2024 - 06/20/2063)(e) | 5.34% | 08/01/2024 | 45,327,075 | 45,000,000 | |
Royal Bank of Canada, joint term agreement dated 03/21/2024, aggregate maturing value of $1,575,429,947 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,536,529,506; 0.00% - 7.00%; 07/18/2024 - 06/01/2054)(e) | 5.06% | 02/12/2025 | 13,599,329 | 13,000,000 | |
Royal Bank of Canada, joint term agreement dated 06/13/2024, aggregate maturing value of $3,692,889,960 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $3,586,362,111; 0.00% - 7.50%; 07/11/2024 - 07/01/2054)(e) | 5.16% | 05/30/2025 | 31,509,300 | 30,000,000 | |
Standard Chartered Bank, joint agreement dated 06/28/2024, aggregate maturing value of $1,000,445,000 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,020,453,970; 0.00% - 7.00%; 12/26/2024 - 06/01/2054) | 5.34% | 07/01/2024 | 30,013,350 | 30,000,000 | |
Sumitomo Mitsui Banking Corp., joint agreement dated 06/28/2024, aggregate maturing value of $5,402,403,000 (collateralized by agency mortgage-backed securities valued at $5,512,708,210; 3.00% - 6.50%; 10/20/2042 - 06/20/2054) | 5.34% | 07/01/2024 | 44,018,164 | 43,998,585 | |
Wells Fargo Securities, LLC, joint term agreement dated 05/23/2024, aggregate maturing value of $506,737,500 (collateralized by U.S. government sponsored agency obligations valued at $510,003,512; 0.00% - 5.55%; 07/15/2024 - 03/07/2039) | 5.39% | 08/21/2024 | 5,067,375 | 5,000,000 | |
Wells Fargo Securities, LLC, joint term agreement dated 06/05/2024, aggregate maturing value of $623,931,679 (collateralized by agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $627,300,077; 0.00% - 7.25%; 07/02/2024 - 07/01/2054) | 5.39% | 09/10/2024 | 10,145,231 | 10,000,000 | |
Total Repurchase Agreements (Cost $622,600,235) | 622,600,235 | ||||
TOTAL INVESTMENTS IN SECURITIES(h)-102.18% (Cost $905,644,981) | 905,644,981 | ||||
OTHER ASSETS LESS LIABILITIES-(2.18)% | (19,310,940) | ||||
NET ASSETS-100.00% | $886,334,041 |
EFFR | -Effective Federal Funds Rate |
SOFR | -Secured Overnight Financing Rate |
VRD | -Variable Rate Demand |
(a) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2024. |
(b) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(c) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on June 30, 2024. |
(d) | Principal amount equals value at period end. See Note 1I. |
(e) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(f) | Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date. |
(g) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date. |
(h) | Also represents cost for federal income tax purposes. |
4 | Invesco V.I. Government Money Market Fund |
Assets: | |
Investments in unaffiliated securities, excluding repurchase agreements, at value and cost | $283,044,746 |
Repurchase agreements, at value and cost | 622,600,235 |
Receivable for: | |
Fund shares sold | 43,590 |
Interest | 5,316,125 |
Investment for trustee deferred compensation and retirement plans | 28,806 |
Other assets | 8,442 |
Total assets | 911,041,944 |
Liabilities: | |
Payable for: | |
Investments purchased | 3,000,000 |
Fund shares reacquired | 21,183,416 |
Amount due custodian | 55,846 |
Dividends | 38,002 |
Accrued fees to affiliates | 389,485 |
Accrued operating expenses | 6,508 |
Trustee deferred compensation and retirement plans | 34,646 |
Total liabilities | 24,707,903 |
Net assets applicable to shares outstanding | $886,334,041 |
Net assets consist of: | |
Shares of beneficial interest | $886,634,075 |
Distributable earnings (loss) | (300,034) |
$886,334,041 | |
Net Assets: | |
Series I | $753,730,788 |
Series II | $132,603,253 |
Shares outstanding, no par value, unlimited number of shares authorized: | |
Series I | 753,946,944 |
Series II | 132,641,269 |
Series I: | |
Net asset value and offering price per share | $1.00 |
Series II: | |
Net asset value and offering price per share | $1.00 |
Investment income: | |
Interest | $24,340,178 |
Expenses: | |
Advisory fees | 677,709 |
Administrative services fees | 819,992 |
Custodian fees | 14,762 |
Distribution fees - Series II | 153,964 |
Transfer agent fees | 22,588 |
Trustees’ and officers’ fees and benefits | 13,498 |
Reports to shareholders | 10,450 |
Professional services fees | 39,064 |
Other | 23,093 |
Total expenses | 1,775,120 |
Net investment income | 22,565,058 |
Net realized gain from unaffiliated investment securities | 44,241 |
Net increase in net assets resulting from operations | $22,609,299 |
5 | Invesco V.I. Government Money Market Fund |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income | $22,565,058 | $45,641,857 |
Net realized gain | 44,241 | 22,779 |
Net increase in net assets resulting from operations | 22,609,299 | 45,664,636 |
Distributions to shareholders from distributable earnings: | ||
Series I | (19,622,324) | (40,718,660) |
Series II | (2,942,734) | (4,923,197) |
Total distributions from distributable earnings | (22,565,058) | (45,641,857) |
Share transactions-net: | ||
Series I | (30,719,870) | (183,861,514) |
Series II | 14,173,938 | 10,480,664 |
Net increase (decrease) in net assets resulting from share transactions | (16,545,932) | (173,380,850) |
Net increase (decrease) in net assets | (16,501,691) | (173,358,071) |
Net assets: | ||
Beginning of period | 902,835,732 | 1,076,193,803 |
End of period | $886,334,041 | $902,835,732 |
6 | Invesco V.I. Government Money Market Fund |
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (realized) | Total from investment operations | Dividends from net investment income | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Ratio of net investment income to average net assets | |
Series I | |||||||||||
Six months ended 06/30/24 | $1.00 | $0.02 | $0.00 | $0.02 | $(0.02) | $1.00 | 2.53% | $753,731 | 0.36%(c) | 0.36%(c) | 5.03%(c) |
Year ended 12/31/23 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) | 1.00 | 4.86 | 784,405 | 0.36 | 0.36 | 4.75 |
Year ended 12/31/22 | 1.00 | 0.01 | (0.00) | 0.01 | (0.01) | 1.00 | 1.45 | 968,240 | 0.28 | 0.28 | 1.50 |
Year ended 12/31/21 | 1.00 | 0.00 | - | 0.00 | (0.00) | 1.00 | 0.01 | 688,779 | 0.07 | 0.34 | 0.01 |
Year ended 12/31/20 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | 1.00 | 0.29 | 711,648 | 0.29 | 0.35 | 0.26 |
Year ended 12/31/19 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) | 1.00 | 1.90 | 598,670 | 0.36 | 0.36 | 1.90 |
Series II | |||||||||||
Six months ended 06/30/24 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) | 1.00 | 2.40 | 132,603 | 0.61(c) | 0.61(c) | 4.78(c) |
Year ended 12/31/23 | 1.00 | 0.05 | 0.00 | 0.05 | (0.05) | 1.00 | 4.60 | 118,430 | 0.61 | 0.61 | 4.50 |
Year ended 12/31/22 | 1.00 | 0.01 | (0.00) | 0.01 | (0.01) | 1.00 | 1.25 | 107,954 | 0.48 | 0.53 | 1.30 |
Year ended 12/31/21 | 1.00 | 0.00 | - | 0.00 | (0.00) | 1.00 | 0.01 | 78,539 | 0.07 | 0.59 | 0.01 |
Year ended 12/31/20 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | 1.00 | 0.21 | 90,846 | 0.36 | 0.60 | 0.19 |
Year ended 12/31/19 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) | 1.00 | 1.64 | 71,978 | 0.61 | 0.61 | 1.65 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America. Total returns are not annualized for periods less than one year, if applicable and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Annualized. |
7 | Invesco V.I. Government Money Market Fund |
A. | Security Valuations - The Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by the Rule. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts. |
B. | Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. |
C. | Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions - Distributions from net investment income, if any, are declared daily and paid monthly to separate accounts of participating insurance companies. Distributions from net realized gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial |
8 | Invesco V.I. Government Money Market Fund |
statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Repurchase Agreements - The Fund may enter into repurchase agreements. Collateral on repurchase agreements, including the Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by the Fund upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is typically at least 102% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment adviser or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Fund might incur expenses in enforcing its rights, and could experience losses, including a decline in the value of the collateral and loss of income. |
J. | Other Risks - Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. |
9 | Invesco V.I. Government Money Market Fund |
Capital Loss Carryforward* | |||
Expiration | Short-Term | Long-Term | Total |
Not subject to expiration | $345,750 | $- | $345,750 |
* | Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 792,679,879 | $792,679,879 | 1,217,146,223 | $1,217,146,223 | |
Series II | 34,058,389 | 34,058,389 | 64,747,552 | 64,747,552 | |
Issued as reinvestment of dividends: | |||||
Series I | 19,392,728 | 19,392,728 | 40,068,628 | 40,068,628 | |
Series II | 2,942,734 | 2,942,734 | 4,923,197 | 4,923,197 | |
Reacquired: | |||||
Series I | (842,792,477) | (842,792,477) | (1,441,076,365) | (1,441,076,365) | |
Series II | (22,827,185) | (22,827,185) | (59,190,085) | (59,190,085) | |
Net increase (decrease) in share activity | (16,545,932) | $(16,545,932) | (173,380,850) | $(173,380,850) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 90% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
10 | Invesco V.I. Government Money Market Fund |
11 | Invesco V.I. Government Money Market Fund |
12 | Invesco V.I. Government Money Market Fund |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
13 | Invesco V.I. Government Money Market Fund |
14 | Invesco V.I. Government Money Market Fund |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/img694a1abc1.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | VIGOV-NCSRS |
Principal Amount | Value | ||
U.S. Government Sponsored Agency Mortgage-Backed Securities–68.14% | |||
Collateralized Mortgage Obligations–7.90% | |||
Fannie Mae ACES, 3.27%, 02/25/2029 | $4,848,443 | $4,554,425 | |
Fannie Mae REMICs, | |||
7.00%, 09/18/2027 | 12,188 | 12,172 | |
1.50%, 01/25/2028 | 485,041 | 462,513 | |
6.50%, 03/25/2032 | 190,347 | 195,377 | |
5.75%, 10/25/2035 | 38,765 | 39,104 | |
5.75% (30 Day Average SOFR + 0.41%), 05/25/2036(a) | 655,753 | 647,065 | |
5.90% (30 Day Average SOFR + 0.56%), 03/25/2037(a) | 376,413 | 372,469 | |
6.60%, 06/25/2039(b) | 908,196 | 930,291 | |
4.00%, 07/25/2040 | 508,113 | 489,817 | |
6.00% (30 Day Average SOFR + 0.66%), 02/25/2041(a) | 201,269 | 201,067 | |
5.95% (30 Day Average SOFR + 0.61%), 05/25/2041(a) | 217,002 | 216,363 | |
5.97% (30 Day Average SOFR + 0.63%), 11/25/2041(a) | 400,376 | 396,096 | |
5.76% (30 Day Average SOFR + 0.43%), 08/25/2044(a) | 571,503 | 555,559 | |
5.92% (30 Day Average SOFR + 0.59%), 02/25/2056(a) | 1,055,130 | 1,077,526 | |
5.86% (30 Day Average SOFR + 0.53%), 12/25/2056(a) | 1,350,656 | 1,317,311 | |
IO, 2.00%, 03/25/2051(c) | 2,475,067 | 324,060 | |
Freddie Mac Multifamily Structured Pass-Through Ctfs., | |||
Series KS11, Class AFX1, 2.15%, 12/25/2028 | 4,655,830 | 4,353,278 | |
Series K092, Class AM, 3.02%, 04/25/2029 | 5,000,000 | 4,626,338 | |
Freddie Mac REMICs, | |||
5.95% (30 Day Average SOFR + 0.61%), 12/15/2035(a) | 461,355 | 459,187 | |
5.75% (30 Day Average SOFR + 0.41%), 03/15/2036 to 09/15/2044(a) | 676,470 | 672,114 | |
5.79% (30 Day Average SOFR + 0.46%), 11/15/2036(a) | 782,357 | 769,206 | |
5.82% (30 Day Average SOFR + 0.48%), 03/15/2037(a) | 388,942 | 382,715 | |
5.85% (30 Day Average SOFR + 0.51%), 06/15/2037(a) | 604,999 | 597,091 | |
6.31% (30 Day Average SOFR + 0.97%), 11/15/2039(a) | 209,893 | 211,649 | |
5.90% (30 Day Average SOFR + 0.56%), 03/15/2040 to 02/15/2042(a) | 1,622,290 | 1,605,145 | |
Freddie Mac STRIPS, 5.79%(30 Day Average SOFR + 0.46%), 10/15/2037(a) | 590,410 | 580,434 | |
26,048,372 |
Principal Amount | Value | ||
Federal Home Loan Mortgage Corp. (FHLMC)–13.35% | |||
8.00%, 08/01/2024 to 02/01/2035 | $76,100 | $76,705 | |
7.00%, 01/01/2026 to 11/01/2035 | 790,208 | 815,245 | |
8.50%, 05/01/2026 to 08/01/2031 | 39,370 | 40,016 | |
7.05%, 05/20/2027 | 8,947 | 8,931 | |
6.50%, 08/01/2028 to 12/01/2035 | 608,588 | 622,365 | |
6.00%, 09/01/2029 to 12/01/2053 | 6,109,690 | 6,153,382 | |
7.50%, 09/01/2030 to 06/01/2035 | 266,267 | 270,337 | |
6.03%, 10/20/2030 | 239,229 | 239,406 | |
3.00%, 02/01/2032 to 01/01/2050 | 8,383,496 | 7,329,369 | |
2.50%, 09/01/2034 to 12/01/2050 | 11,626,646 | 10,308,741 | |
5.00%, 01/01/2037 to 01/01/2040 | 317,706 | 314,646 | |
4.50%, 01/01/2040 to 08/01/2041 | 1,559,752 | 1,516,758 | |
5.50%, 11/01/2052 to 05/01/2053 | 13,114,908 | 12,998,603 | |
ARM, 6.13% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.88%), 09/01/2035(a) | 745,749 | 768,107 | |
6.75% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.86%), 07/01/2036(a) | 708,086 | 727,726 | |
5.82% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.57%), 10/01/2036(a) | 304,580 | 311,906 | |
6.16% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.91%), 10/01/2036(a) | 29,666 | 30,632 | |
6.26% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.98%), 11/01/2037(a) | 178,001 | 180,613 | |
6.45% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 2.08%), 01/01/2038(a) | 14,931 | 15,107 | |
6.78% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.85%), 07/01/2038(a) | 185,032 | 191,000 | |
6.33% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.78%), 06/01/2043(a) | 229,180 | 235,540 | |
2.89% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.64%), 01/01/2048(a) | 868,336 | 872,656 | |
44,027,791 |
2 | Invesco V.I. Government Securities Fund |
Principal Amount | Value | ||
Federal National Mortgage Association (FNMA)–14.45% | |||
4.50%, 11/01/2024 to 08/01/2041 | $1,510,254 | $1,463,337 | |
8.50%, 01/01/2025 to 12/01/2036 | 135,524 | 140,488 | |
7.00%, 09/01/2025 to 02/01/2036 | 325,626 | 334,148 | |
0.50%, 11/07/2025 | 4,000,000 | 3,769,477 | |
6.50%, 07/01/2026 to 11/01/2037 | 486,262 | 501,881 | |
8.00%, 09/01/2026 to 10/01/2037 | 644,580 | 666,867 | |
7.50%, 12/01/2026 to 08/01/2037 | 1,068,253 | 1,082,821 | |
3.50%, 05/01/2027 to 08/01/2027 | 663,594 | 643,193 | |
6.00%, 06/01/2027 to 10/01/2053 | 6,388,404 | 6,475,377 | |
0.75%, 10/08/2027 | 6,000,000 | 5,311,865 | |
3.00%, 12/01/2031 to 03/01/2050 | 4,321,307 | 3,920,717 | |
5.00%, 08/01/2033 to 04/01/2053 | 3,450,216 | 3,344,477 | |
2.50%, 12/01/2034 to 07/01/2035 | 10,081,200 | 9,179,424 | |
5.50%, 04/01/2035 to 05/01/2035 | 469,958 | 471,860 | |
2.00%, 09/01/2035 to 03/01/2051 | 6,607,043 | 5,487,729 | |
4.00%, 09/01/2043 to 12/01/2048 | 4,085,214 | 3,834,649 | |
ARM, 6.55% (1 yr. U.S. Treasury Yield Curve Rate + 2.36%), 10/01/2034(a) | 444,998 | 459,368 | |
6.74% (1 yr. U.S. Treasury Yield Curve Rate + 2.20%), 05/01/2035(a) | 46,099 | 47,422 | |
6.36% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.71%), 03/01/2038(a) | 12,067 | 12,174 | |
6.19% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.77%), 02/01/2042(a) | 105,738 | 106,460 | |
5.77% (1 yr. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.52%), 08/01/2043(a) | 135,550 | 136,648 | |
5.94% (1 yr. U.S. Treasury Yield Curve Rate + 1.88%), 05/01/2044(a) | 255,221 | 258,881 | |
47,649,263 |
Principal Amount | Value | ||
Government National Mortgage Association (GNMA)–20.18% | |||
6.50%, 07/15/2024 to 09/15/2034 | $690,025 | $711,626 | |
7.50%, 08/15/2024 to 10/15/2035 | 313,741 | 322,789 | |
5.00%, 02/15/2025 | 6,007 | 5,983 | |
8.00%, 07/15/2026 to 01/15/2037 | 330,542 | 339,158 | |
6.38%, 10/20/2027 | 24,329 | 24,231 | |
7.00%, 11/15/2027 to 12/15/2036 | 263,765 | 266,259 | |
6.00%, 09/15/2029 to 08/15/2033 | 157,315 | 159,879 | |
6.10%, 12/20/2033 | 1,355,923 | 1,391,058 | |
5.67%, 08/20/2034(b) | 328,368 | 330,090 | |
8.50%, 10/15/2036 to 01/15/2037 | 102,301 | 102,764 | |
5.88%, 01/20/2039(b) | 1,314,138 | 1,334,851 | |
6.24% (1 mo. Term SOFR + 0.91%), 09/16/2039(a) | 335,175 | 337,399 | |
6.15% (1 mo. Term SOFR + 0.81%), 05/20/2040(a) | 785,881 | 784,826 | |
4.52%, 07/20/2041(b) | 213,183 | 209,117 | |
3.96%, 09/20/2041 | 717,470 | 700,200 | |
5.70% (1 mo. Term SOFR + 0.36%), 01/20/2042(a) | 8,787 | 8,611 | |
3.50%, 10/20/2042 to 06/20/2050 | 5,072,602 | 4,577,269 | |
5.74% (1 mo. Term SOFR + 0.41%), 08/20/2047(a) | 1,481,876 | 1,441,648 | |
3.00%, 10/20/2048 to 11/20/2049 | 8,258,011 | 7,275,776 | |
2.50%, 07/20/2049 | 2,450,622 | 2,112,988 | |
TBA, 4.00%, 07/01/2054(d) | 3,840,000 | 3,548,850 | |
4.50%, 07/01/2054(d) | 10,700,000 | 10,173,302 | |
5.00%, 07/01/2054(d) | 12,200,000 | 11,880,511 | |
5.50%, 07/01/2054(d) | 12,385,000 | 12,289,086 | |
6.00%, 07/01/2054(d) | 3,900,000 | 3,916,806 | |
Series 2020-137, Class A, 1.50%, 04/16/2062 | 3,075,604 | 2,304,215 | |
66,549,292 | |||
Uniform Mortgage-Backed Securities–12.26% | |||
TBA, 4.00%, 07/01/2054(d) | 7,500,000 | 6,863,379 | |
5.00%, 07/01/2054(d) | 13,920,001 | 13,454,551 | |
5.50%, 07/01/2054(d) | 4,200,000 | 4,142,742 | |
6.00%, 07/01/2054(d) | 9,700,000 | 9,728,418 | |
3.00%, 08/01/2054(d) | 7,370,000 | 6,269,682 | |
40,458,772 | |||
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $236,890,937) | 224,733,490 | ||
U.S. Treasury Securities–23.31% | |||
U.S. Treasury Bills–1.48% | |||
5.29%, 08/06/2024(e) | 3,000,000 | 2,984,338 | |
5.22% - 5.27%, 09/05/2024(e)(f) | 1,930,000 | 1,911,577 | |
4,895,915 | |||
U.S. Treasury Bonds–1.03% | |||
5.38%, 02/15/2031 | 3,200,000 | 3,405,250 |
3 | Invesco V.I. Government Securities Fund |
Principal Amount | Value | ||
U.S. Treasury Notes–20.80% | |||
2.25%, 11/15/2024 | $3,200,000 | $3,163,058 | |
2.13%, 05/15/2025 | 7,680,000 | 7,481,417 | |
2.25%, 11/15/2025 | 2,800,000 | 2,700,359 | |
0.38% - 2.88%, 11/30/2025 | 10,500,000 | 9,936,904 | |
0.38%, 12/31/2025 | 5,000,000 | 4,676,465 | |
0.88%, 06/30/2026 | 2,000,000 | 1,855,625 | |
1.50%, 08/15/2026 | 7,450,000 | 6,972,734 | |
1.13%, 02/28/2027 | 9,159,000 | 8,376,192 | |
2.38%, 05/15/2027 | 3,700,000 | 3,485,226 | |
0.50%, 06/30/2027 | 1,900,000 | 1,688,551 | |
2.25%, 11/15/2027 | 2,900,000 | 2,698,246 | |
2.75%, 02/15/2028 | 1,900,000 | 1,791,678 | |
1.25%, 06/30/2028 | 4,500,000 | 3,981,973 | |
2.88%, 08/15/2028 | 7,500,000 | 7,067,432 | |
2.38%, 05/15/2029 | 2,600,000 | 2,374,836 | |
1.63%, 08/15/2029 | 400,000 | 350,609 | |
68,601,305 | |||
Total U.S. Treasury Securities (Cost $81,966,712) | 76,902,470 | ||
Commercial Paper–9.07% | |||
Diversified Banks–6.64% | |||
Bank of Montreal (Canada), 5.80%, 12/13/2024 | 2,900,000 | 2,904,327 | |
Bank of Nova Scotia (The) (Canada), 5.66%, 04/11/2025(g) | 4,000,000 | 4,001,678 | |
Swedbank AB (Sweden), 5.72% (SOFR + 3.60%), 06/25/2025(a)(g) | 6,000,000 | 6,000,000 | |
UBS AG (Switzerland), 5.74% (SOFR + 3.70%), 05/01/2025(a)(g) | 9,000,000 | 9,007,830 | |
21,913,835 | |||
Investment Banking & Brokerage–2.43% | |||
BofA Securities, Inc., 5.72%, 03/18/2025 | 8,000,000 | 8,001,504 | |
Total Commercial Paper (Cost $29,900,000) | 29,915,339 | ||
Certificates of Deposit–8.80% | |||
Diversified Banks–8.80% | |||
Banco Santander S.A. (Spain), 5.75% , 11/27/2024 | 5,000,000 | 5,001,952 | |
Barclays Bank PLC (United Kingdom), 5.76% (SOFR + 0.40%), 01/31/2025(a) | 2,000,000 | 2,002,584 | |
Mitsubishi UFJ Trust & Banking Corp. (Japan), 5.69% (SOFR + 0.34%), 03/07/2025(a) | 9,000,000 | 9,009,009 | |
Mizuho Bank Ltd. (Japan), 5.71% (SOFR + 0.35%), 01/31/2025(a) | 5,000,000 | 5,003,860 | |
Sumitomo Mitsui Banking Corp. (Japan), 5.67% (SOFR + 0.34%), 03/18/2025(a) | 8,000,000 | 8,005,820 | |
Total Certificates of Deposit (Cost $29,000,278) | 29,023,225 | ||
Asset-Backed Securities–8.58%(h) | |||
Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class XA, IO, 0.88%, 09/15/2048(i) | 11,776,423 | 69,838 | |
Bank, Series 2017-BNK5, Class AS, 3.62%, 06/15/2060 | 1,800,000 | 1,684,713 | |
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class 12A1, 0.00%, 01/25/2035(b)(j) | 173,019 | 163,071 |
Principal Amount | Value | ||
Chase Mortgage Finance Corp., | |||
Series 2016-SH1, Class M3, 3.75%, 04/25/2045(b)(g) | $766,484 | $679,831 | |
Series 2016-SH2, Class M3, 3.75%, 12/25/2045(b)(g) | 1,020,508 | 902,788 | |
CHNGE Mortgage Trust, Series 2023-3, Class A1, 7.10%, 07/25/2058(g)(k) | 2,185,701 | 2,182,496 | |
COLT Mortgage Loan Trust, Series 2021-4, Class A1, 1.40%, 10/25/2066(b)(g) | 3,649,149 | 3,000,137 | |
FRESB Mortgage Trust, Series 2019-SB63, Class A5, 6.14% (30 Day Average SOFR + 0.81%), 02/25/2039(a) | 2,552,500 | 2,517,628 | |
GCAT Trust, Series 2020-NQM1, Class A3, 3.55%, 01/25/2060(g)(k) | 2,131,077 | 2,017,610 | |
Mello Mortgage Capital Acceptance Trust, Series 2021-INV1, Class A4, 2.50%, 06/25/2051(b)(g) | 475,491 | 411,235 | |
New Residential Mortgage Loan Trust, Series 2018-4A, Class A1S, 6.21% (1 mo. Term SOFR + 0.86%), 01/25/2048(a)(g) | 805,132 | 784,981 | |
NextGear Floorplan Master Owner Trust, Series 2021-1A, Class A, 0.85%, 07/15/2026(g) | 2,000,000 | 1,995,540 | |
SGR Residential Mortgage Trust, Series 2021-2, Class A1, 1.74%, 12/25/2061(b)(g) | 2,980,299 | 2,435,528 | |
SMB Private Education Loan Trust, Series 2021-D, Class A1A, 1.34%, 03/17/2053(g) | 1,356,524 | 1,228,071 | |
Textainer Marine Containers VII Ltd. (China), | |||
Series 2020-3A, Class A, 2.11%, 09/20/2045(g) | 1,644,240 | 1,495,714 | |
Series 2021-2A, Class B, 2.82%, 04/20/2046(g) | 2,986,667 | 2,635,059 | |
Verus Securitization Trust, Series 2023-INV3, Class A3, 7.73%, 11/25/2068(b)(g) | 4,040,096 | 4,101,048 | |
Total Asset-Backed Securities (Cost $30,667,704) | 28,305,288 | ||
U.S. Government Sponsored Agency Securities–4.24% | |||
Federal Home Loan Bank (FHLB)–4.24% | |||
Federal Home Loan Bank, 0.50%, 04/14/2025 (Cost $14,504,392) | 14,500,000 | 13,978,438 | |
Agency Credit Risk Transfer Notes–1.17% | |||
Freddie Mac, Series 2022-HQA3, Class M1, STACR®, 7.64% (30 Day Average SOFR + 2.30%), 08/25/2042 (Cost $3,774,017)(a)(g) | 3,751,391 | 3,846,704 | |
U.S. Dollar Denominated Bonds & Notes–1.15% | |||
Sovereign Debt–1.15% | |||
Israel Government AID Bond, 5.13%, 11/01/2024 (Cost $3,800,989) | 3,800,000 | 3,791,793 |
4 | Invesco V.I. Government Securities Fund |
Shares | Value | ||
Money Market Funds–1.90% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(l)(m) (Cost $6,265,766) | 6,265,766 | $6,265,766 | |
TOTAL INVESTMENTS IN SECURITIES–126.36% (Cost $436,770,795) | 416,762,513 | ||
OTHER ASSETS LESS LIABILITIES—(26.36)% | (86,939,470) | ||
NET ASSETS–100.00% | $329,823,043 |
ACES | – Automatically Convertible Extendable Security |
ARM | – Adjustable Rate Mortgage |
Ctfs. | – Certificates |
IBOR | – Interbank Offered Rate |
IO | – Interest Only |
REMICs | – Real Estate Mortgage Investment Conduits |
SOFR | – Secured Overnight Financing Rate |
STACR® | – Structured Agency Credit Risk |
STRIPS | – Separately Traded Registered Interest and Principal Security |
TBA | – To Be Announced |
USD | – U.S. Dollar |
(a) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2024. |
(b) | Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on June 30, 2024. |
(c) | Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. |
(d) | Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. See Note 1L. |
(e) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(f) | All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1K. |
(g) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2024 was $46,726,250, which represented 14.17% of the Fund’s Net Assets. |
(h) | Non-U.S. government sponsored securities. |
(i) | Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on June 30, 2024. |
(j) | Zero coupon bond issued at a discount. |
(k) | Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date. |
(l) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation | Realized Gain | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $1,926,814 | $91,512,314 | $(87,173,362) | $- | $- | $6,265,766 | $116,848 |
(m) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
Open Futures Contracts | |||||
Long Futures Contracts | Number of Contracts | Expiration Month | Notional Value | Value | Unrealized Appreciation (Depreciation) |
Interest Rate Risk | |||||
U.S. Treasury 2 Year Notes | 422 | September-2024 | $86,180,312 | $227,497 | $227,497 |
U.S. Treasury 5 Year Notes | 677 | September-2024 | 72,153,391 | 396,786 | 396,786 |
U.S. Treasury 10 Year Notes | 453 | September-2024 | 49,822,922 | 433,433 | 433,433 |
U.S. Treasury 10 Year Ultra Notes | 33 | September-2024 | 3,746,531 | 36,213 | 36,213 |
Subtotal—Long Futures Contracts | 1,093,929 | 1,093,929 |
5 | Invesco V.I. Government Securities Fund |
Open Futures Contracts—(continued) | |||||
Short Futures Contracts | Number of Contracts | Expiration Month | Notional Value | Value | Unrealized Appreciation (Depreciation) |
Interest Rate Risk | |||||
U.S. Treasury Long Bonds | 216 | September-2024 | $(25,555,500) | $(520,234) | $(520,234) |
U.S. Treasury Ultra Bonds | 31 | September-2024 | (3,885,656) | (93,072) | (93,072) |
Subtotal—Short Futures Contracts | (613,306) | (613,306) | |||
Total Futures Contracts | $480,623 | $480,623 |
6 | Invesco V.I. Government Securities Fund |
Assets: | |
Investments in unaffiliated securities, at value (Cost $430,505,029) | $410,496,747 |
Investments in affiliated money market funds, at value (Cost $6,265,766) | 6,265,766 |
Other investments: | |
Variation margin receivable — futures contracts | 56,355 |
Receivable for: | |
TBA sales commitment | 22,218,093 |
Fund shares sold | 134,263 |
Dividends | 12,971 |
Interest | 1,600,661 |
Principal paydowns | 278,042 |
Investment for trustee deferred compensation and retirement plans | 163,803 |
Other assets | 381 |
Total assets | 441,227,082 |
Liabilities: | |
Payable for: | |
TBA sales commitment | 104,953,044 |
Fund shares reacquired | 105,911 |
Amount due custodian | 5,969,029 |
Accrued fees to affiliates | 176,030 |
Accrued other operating expenses | 29,144 |
Trustee deferred compensation and retirement plans | 170,881 |
Total liabilities | 111,404,039 |
Net assets applicable to shares outstanding | $329,823,043 |
Net assets consist of: | |
Shares of beneficial interest | $373,073,003 |
Distributable earnings (loss) | (43,249,960) |
$329,823,043 | |
Net Assets: | |
Series I | $177,438,662 |
Series II | $152,384,381 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 17,272,483 |
Series II | 14,989,483 |
Series I: | |
Net asset value per share | $10.27 |
Series II: | |
Net asset value per share | $10.17 |
Investment income: | |
Interest | $5,559,071 |
Dividends from affiliated money market funds | 116,848 |
Total investment income | 5,675,919 |
Expenses: | |
Advisory fees | 804,937 |
Administrative services fees | 272,397 |
Custodian fees | 15,754 |
Distribution fees - Series II | 190,116 |
Transfer agent fees | 8,258 |
Trustees’ and officers’ fees and benefits | 10,639 |
Reports to shareholders | 17,567 |
Professional services fees | 23,849 |
Other | 2,358 |
Total expenses | 1,345,875 |
Less: Fees waived | (2,041) |
Net expenses | 1,343,834 |
Net investment income | 4,332,085 |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | (372,441) |
Futures contracts | (2,377,806) |
(2,750,247) | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | (2,343,666) |
Futures contracts | (1,113,189) |
(3,456,855) | |
Net realized and unrealized gain (loss) | (6,207,102) |
Net increase (decrease) in net assets resulting from operations | $(1,875,017) |
7 | Invesco V.I. Government Securities Fund |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income | $4,332,085 | $6,991,366 |
Net realized gain (loss) | (2,750,247) | (6,014,397) |
Change in net unrealized appreciation (depreciation) | (3,456,855) | 13,927,473 |
Net increase (decrease) in net assets resulting from operations | (1,875,017) | 14,904,442 |
Distributions to shareholders from distributable earnings: | ||
Series I | — | (3,794,821) |
Series II | — | (2,792,461) |
Total distributions from distributable earnings | — | (6,587,282) |
Share transactions–net: | ||
Series I | (2,384,254) | (923,384) |
Series II | (2,223,185) | (8,210,066) |
Net increase (decrease) in net assets resulting from share transactions | (4,607,439) | (9,133,450) |
Net increase (decrease) in net assets | (6,482,456) | (816,290) |
Net assets: | ||
Beginning of period | 336,305,499 | 337,121,789 |
End of period | $329,823,043 | $336,305,499 |
8 | Invesco V.I. Government Securities Fund |
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Ratio of net investment income to average net assets | Portfolio turnover (c) | |
Series I | ||||||||||||
Six months ended 06/30/24 | $10.32 | $0.14 | $(0.19) | $(0.05) | $— | $10.27 | (0.48)% | $177,439 | 0.70%(d) | 0.70%(d) | 2.74%(d) | 147% |
Year ended 12/31/23 | 10.08 | 0.22 | 0.23 | 0.45 | (0.21) | 10.32 | 4.62 | 180,715 | 0.69 | 0.69 | 2.18 | 233 |
Year ended 12/31/22 | 11.48 | 0.15 | (1.33) | (1.18) | (0.22) | 10.08 | (10.29) | 177,203 | 0.68 | 0.68 | 1.38 | 168 |
Year ended 12/31/21 | 12.04 | 0.11 | (0.38) | (0.27) | (0.29) | 11.48 | (2.27) | 235,924 | 0.68 | 0.68 | 0.92 | 170 |
Year ended 12/31/20 | 11.61 | 0.20 | 0.53 | 0.73 | (0.30) | 12.04 | 6.27 | 257,369 | 0.67 | 0.67 | 1.64 | 346 |
Year ended 12/31/19 | 11.22 | 0.25 | 0.43 | 0.68 | (0.29) | 11.61 | 6.07 | 251,440 | 0.68 | 0.68 | 2.18 | 35 |
Series II | ||||||||||||
Six months ended 06/30/24 | 10.23 | 0.13 | (0.19) | (0.06) | — | 10.17 | (0.59) | 152,384 | 0.95(d) | 0.95(d) | 2.49(d) | 147 |
Year ended 12/31/23 | 9.98 | 0.19 | 0.24 | 0.43 | (0.18) | 10.23 | 4.46 | 155,590 | 0.94 | 0.94 | 1.93 | 233 |
Year ended 12/31/22 | 11.37 | 0.12 | (1.32) | (1.20) | (0.19) | 9.98 | (10.58) | 159,919 | 0.93 | 0.93 | 1.13 | 168 |
Year ended 12/31/21 | 11.92 | 0.08 | (0.37) | (0.29) | (0.26) | 11.37 | (2.43) | 196,932 | 0.93 | 0.93 | 0.67 | 170 |
Year ended 12/31/20 | 11.50 | 0.17 | 0.52 | 0.69 | (0.27) | 11.92 | 5.97 | 185,071 | 0.92 | 0.92 | 1.39 | 346 |
Year ended 12/31/19 | 11.12 | 0.22 | 0.42 | 0.64 | (0.26) | 11.50 | 5.75 | 174,828 | 0.93 | 0.93 | 1.93 | 35 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Annualized. |
9 | Invesco V.I. Government Securities Fund |
A. | Security Valuations – Securities, including restricted securities, are valued according to the following policy. |
10 | Invesco V.I. Government Securities Fund |
B. | Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Treasury Inflation-Protected Securities — The Fund may invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be shown as Treasury Inflation-Protected Securities inflation adjustments in the Statement of Operations, even though investors do not receive their principal until maturity. |
J. | Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could |
11 | Invesco V.I. Government Securities Fund |
experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities. |
K. | Futures Contracts — The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties ("Counterparties") to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities. |
L. | Dollar Rolls and Forward Commitment Transactions - The Fund may enter into dollar roll transactions to enhance the Fund’s performance. The Fund executes its dollar roll transactions in the to be announced (“TBA”) market whereby the Fund makes a forward commitment to purchase a security and, instead of accepting delivery, the position is offset by the sale of the security with a simultaneous agreement to repurchase at a future date. |
M. | Leverage Risk — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction. |
N. | Collateral —To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions. |
O. | Other Risks - Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. |
Average Daily Net Assets | Rate |
First $250 million | 0.500% |
Over $250 million | 0.450% |
12 | Invesco V.I. Government Securities Fund |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
U.S. Government Sponsored Agency Mortgage-Backed Securities | $— | $224,733,490 | $— | $224,733,490 |
U.S. Treasury Securities | — | 76,902,470 | — | 76,902,470 |
Commercial Paper | — | 29,915,339 | — | 29,915,339 |
Certificates of Deposit | — | 29,023,225 | — | 29,023,225 |
Asset-Backed Securities | — | 28,305,288 | — | 28,305,288 |
U.S. Government Sponsored Agency Securities | — | 13,978,438 | — | 13,978,438 |
Agency Credit Risk Transfer Notes | — | 3,846,704 | — | 3,846,704 |
U.S. Dollar Denominated Bonds & Notes | — | 3,791,793 | — | 3,791,793 |
Money Market Funds | 6,265,766 | — | — | 6,265,766 |
Total Investments in Securities | 6,265,766 | 410,496,747 | — | 416,762,513 |
Other Investments - Assets* | ||||
Futures Contracts | 1,093,929 | — | — | 1,093,929 |
Other Investments - Liabilities* | ||||
Futures Contracts | (613,306) | — | — | (613,306) |
Total Other Investments | 480,623 | — | — | 480,623 |
Total Investments | $6,746,389 | $410,496,747 | $— | $417,243,136 |
* | Unrealized appreciation (depreciation). |
13 | Invesco V.I. Government Securities Fund |
Value | |
Derivative Assets | Interest Rate Risk |
Unrealized appreciation on futures contracts —Exchange-Traded(a) | $1,093,929 |
Derivatives not subject to master netting agreements | (1,093,929) |
Total Derivative Assets subject to master netting agreements | $— |
Value | |
Derivative Liabilities | Interest Rate Risk |
Unrealized depreciation on futures contracts —Exchange-Traded(a) | $(613,306) |
Derivatives not subject to master netting agreements | 613,306 |
Total Derivative Liabilities subject to master netting agreements | $— |
(a) | The daily variation margin receivable (payable) at period end is recorded in the Statement of Assets and Liabilities. |
Location of Gain (Loss) on Statement of Operations | |
Interest Rate Risk | |
Realized Gain (Loss): | |
Futures contracts | $(2,377,806) |
Change in Net Unrealized Appreciation (Depreciation): | |
Futures contracts | (1,113,189) |
Total | $(3,490,995) |
Futures Contracts | |
Average notional value | $217,875,026 |
14 | Invesco V.I. Government Securities Fund |
Capital Loss Carryforward* | |||
Expiration | Short-Term | Long-Term | Total |
Not subject to expiration | $15,568,355 | $15,815,601 | $31,383,956 |
* | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $1,706,585 |
Aggregate unrealized (depreciation) of investments | (23,050,631) |
Net unrealized appreciation (depreciation) of investments | $(21,344,046) |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 1,156,209 | $11,787,407 | 2,933,239 | $29,836,965 | |
Series II | 1,073,887 | 10,863,075 | 1,172,342 | 11,813,552 | |
Issued as reinvestment of dividends: | |||||
Series I | - | - | 389,612 | 3,794,821 | |
Series II | - | - | 289,374 | 2,792,461 | |
Reacquired: | |||||
Series I | (1,388,216) | (14,171,661) | (3,399,336) | (34,555,170) | |
Series II | (1,294,747) | (13,086,260) | (2,267,788) | (22,816,079) | |
Net increase (decrease) in share activity | (452,867) | $(4,607,439) | (882,557) | $(9,133,450) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 82% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
15 | Invesco V.I. Government Securities Fund |
16 | Invesco V.I. Government Securities Fund |
F. | Collateral Benefits to Invesco Advisers and its Affiliates |
17 | Invesco V.I. Government Securities Fund |
18 | Invesco V.I. Government Securities Fund |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
19 | Invesco V.I. Government Securities Fund |
20 | Invesco V.I. Government Securities Fund |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/img2a018a7a1.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | VK-VIGRI-NCSRS |
Shares | Value | ||
Common Stocks & Other Equity Interests–97.51% | |||
Aerospace & Defense–2.39% | |||
RTX Corp. | 203,249 | $20,404,167 | |
Textron, Inc. | 126,350 | 10,848,411 | |
31,252,578 | |||
Air Freight & Logistics–1.48% | |||
FedEx Corp.(b) | 64,849 | 19,444,324 | |
Apparel Retail–0.72% | |||
TJX Cos., Inc. (The) | 85,751 | 9,441,185 | |
Application Software–1.12% | |||
Salesforce, Inc. | 56,934 | 14,637,731 | |
Asset Management & Custody Banks–1.14% | |||
KKR & Co., Inc., Class A | 141,754 | 14,918,191 | |
Automobile Manufacturers–1.22% | |||
General Motors Co. | 344,251 | 15,993,901 | |
Broadline Retail–2.11% | |||
Amazon.com, Inc.(c) | 142,697 | 27,576,195 | |
Building Products–2.01% | |||
Johnson Controls International PLC | 395,099 | 26,262,231 | |
Cable & Satellite–0.77% | |||
Comcast Corp., Class A | 257,497 | 10,083,582 | |
Cargo Ground Transportation–0.89% | |||
J.B. Hunt Transport Services, Inc. | 72,538 | 11,606,080 | |
Casinos & Gaming–0.86% | |||
Las Vegas Sands Corp. | 253,136 | 11,201,268 | |
Communications Equipment–1.03% | |||
Cisco Systems, Inc. | 284,952 | 13,538,069 | |
Consumer Finance–0.90% | |||
American Express Co. | 51,182 | 11,851,192 | |
Distributors–0.91% | |||
Genuine Parts Co. | 86,612 | 11,980,172 | |
Diversified Banks–8.30% | |||
Bank of America Corp. | 1,119,886 | 44,537,866 | |
PNC Financial Services Group, Inc. (The) | 126,954 | 19,738,808 | |
Wells Fargo & Co. | 747,178 | 44,374,902 | |
108,651,576 | |||
Electric Utilities–3.00% | |||
American Electric Power Co., Inc. | 148,522 | 13,031,320 | |
FirstEnergy Corp. | 283,996 | 10,868,527 | |
PPL Corp. | 558,051 | 15,430,110 | |
39,329,957 | |||
Electrical Components & Equipment–1.01% | |||
Emerson Electric Co. | 120,380 | 13,261,061 |
Shares | Value | ||
Electronic Equipment & Instruments–1.06% | |||
Zebra Technologies Corp., Class A(c) | 45,044 | $13,915,443 | |
Electronic Manufacturing Services–0.97% | |||
TE Connectivity Ltd. | 84,362 | 12,690,576 | |
Fertilizers & Agricultural Chemicals–0.67% | |||
Corteva, Inc. | 163,474 | 8,817,788 | |
Food Distributors–2.38% | |||
Sysco Corp. | 246,910 | 17,626,905 | |
US Foods Holding Corp.(c) | 254,844 | 13,501,635 | |
31,128,540 | |||
Gold–0.68% | |||
Barrick Gold Corp. (Canada) | 531,349 | 8,862,901 | |
Health Care Equipment–2.36% | |||
GE HealthCare Technologies, Inc. | 129,320 | 10,076,615 | |
Medtronic PLC | 263,989 | 20,778,574 | |
30,855,189 | |||
Health Care Services–1.52% | |||
Cigna Group (The) | 31,640 | 10,459,235 | |
CVS Health Corp. | 160,015 | 9,450,486 | |
19,909,721 | |||
Industrial Machinery & Supplies & Components–2.70% | |||
Parker-Hannifin Corp. | 49,376 | 24,974,875 | |
Stanley Black & Decker, Inc. | 129,315 | 10,330,975 | |
35,305,850 | |||
Insurance Brokers–1.72% | |||
Willis Towers Watson PLC | 85,678 | 22,459,631 | |
Integrated Oil & Gas–6.21% | |||
Chevron Corp. | 132,648 | 20,748,800 | |
Exxon Mobil Corp. | 269,804 | 31,059,837 | |
Shell PLC (United Kingdom) | 381,153 | 13,671,181 | |
Suncor Energy, Inc. (Canada) | 413,959 | 15,780,097 | |
81,259,915 | |||
Interactive Media & Services–3.69% | |||
Alphabet, Inc., Class A | 179,659 | 32,724,887 | |
Meta Platforms, Inc., Class A | 30,945 | 15,603,088 | |
48,327,975 | |||
Investment Banking & Brokerage–3.05% | |||
Charles Schwab Corp. (The) | 267,830 | 19,736,393 | |
Goldman Sachs Group, Inc. (The) | 44,769 | 20,249,914 | |
39,986,307 | |||
IT Consulting & Other Services–0.97% | |||
Cognizant Technology Solutions Corp., Class A | 186,040 | 12,650,720 | |
Managed Health Care–2.94% | |||
Centene Corp.(c) | 168,051 | 11,141,781 | |
Elevance Health, Inc. | 18,639 | 10,099,729 | |
Humana, Inc. | 42,702 | 15,955,602 |
2 | Invesco V.I. Growth and Income Fund |
Shares | Value | ||
Managed Health Care–(continued) | |||
UnitedHealth Group, Inc. | 2,665 | $1,357,178 | |
38,554,290 | |||
Movies & Entertainment–1.21% | |||
Walt Disney Co. (The) | 159,683 | 15,854,925 | |
Multi-line Insurance–1.67% | |||
American International Group, Inc. | 295,146 | 21,911,639 | |
Oil & Gas Exploration & Production–1.82% | |||
ConocoPhillips | 208,874 | 23,891,008 | |
Oil & Gas Refining & Marketing–0.75% | |||
Phillips 66 | 70,054 | 9,889,523 | |
Packaged Foods & Meats–0.97% | |||
Kraft Heinz Co. (The) | 395,236 | 12,734,504 | |
Pharmaceuticals–6.98% | |||
Bristol-Myers Squibb Co. | 290,838 | 12,078,502 | |
GSK PLC | 475,446 | 9,144,828 | |
Johnson & Johnson | 181,226 | 26,487,992 | |
Merck & Co., Inc. | 117,748 | 14,577,203 | |
Pfizer, Inc. | 356,587 | 9,977,304 | |
Sanofi S.A. | 197,656 | 19,062,564 | |
91,328,393 | |||
Property & Casualty Insurance–0.97% | |||
Allstate Corp. (The) | 79,474 | 12,688,819 | |
Rail Transportation–2.46% | |||
CSX Corp. | 488,274 | 16,332,765 | |
Norfolk Southern Corp. | 73,978 | 15,882,337 | |
32,215,102 | |||
Real Estate Services–2.11% | |||
CBRE Group, Inc., Class A(c) | 310,064 | 27,629,803 | |
Regional Banks–1.40% | |||
Citizens Financial Group, Inc. | 507,501 | 18,285,261 | |
Semiconductor Materials & Equipment–0.98% | |||
Lam Research Corp. | 12,004 | 12,782,459 | |
Semiconductors–4.40% | |||
Intel Corp. | 413,112 | 12,794,079 | |
Microchip Technology, Inc. | 86,918 | 7,952,997 | |
Micron Technology, Inc. | 149,021 | 19,600,732 | |
NXP Semiconductors N.V. (China) | 64,094 | 17,247,054 | |
57,594,862 |
Shares | Value | ||
Specialty Chemicals–1.83% | |||
DuPont de Nemours, Inc. | 179,456 | $14,444,413 | |
PPG Industries, Inc. | 75,776 | 9,539,441 | |
23,983,854 | |||
Systems Software–1.84% | |||
Oracle Corp.(b) | 170,981 | 24,142,517 | |
Tobacco–1.77% | |||
Philip Morris International, Inc. | 228,651 | 23,169,206 | |
Trading Companies & Distributors–1.67% | |||
Ferguson PLC | 112,727 | 21,829,584 | |
Transaction & Payment Processing Services–2.55% | |||
Fidelity National Information Services, Inc. | 147,743 | 11,133,912 | |
Fiserv, Inc.(c) | 149,040 | 22,212,922 | |
33,346,834 | |||
Wireless Telecommunication Services–1.35% | |||
T-Mobile US, Inc. | 100,011 | 17,619,938 | |
Total Common Stocks & Other Equity Interests (Cost $912,412,593) | 1,276,652,370 | ||
Money Market Funds–1.71% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(d)(e) | 7,846,495 | 7,846,495 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(d)(e) | 5,605,246 | 5,606,928 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(d)(e) | 8,967,423 | 8,967,423 | |
Total Money Market Funds (Cost $22,420,846) | 22,420,846 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.22% (Cost $934,833,439) | 1,299,073,216 | ||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–0.17% | |||
Invesco Private Government Fund, 5.31%(d)(e)(f) | 626,771 | 626,771 | |
Invesco Private Prime Fund, 5.48%(d)(e)(f) | 1,609,648 | 1,610,131 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $2,236,902) | 2,236,902 | ||
TOTAL INVESTMENTS IN SECURITIES–99.39% (Cost $937,070,341) | 1,301,310,118 | ||
OTHER ASSETS LESS LIABILITIES—0.61% | 7,938,752 | ||
NET ASSETS–100.00% | $1,309,248,870 |
3 | Invesco V.I. Growth and Income Fund |
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at June 30, 2024. |
(c) | Non-income producing security. |
(d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $10,966,804 | $30,713,358 | $(33,833,667) | $- | $- | $7,846,495 | $202,494 |
Invesco Liquid Assets Portfolio, Institutional Class | 7,837,982 | 21,938,114 | (24,166,906) | (2,995) | 733 | 5,606,928 | 150,581 |
Invesco Treasury Portfolio, Institutional Class | 12,533,491 | 35,100,980 | (38,667,048) | - | - | 8,967,423 | 230,897 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | 11,295,557 | 177,041,076 | (187,709,862) | - | - | 626,771 | 180,991* |
Invesco Private Prime Fund | 29,045,715 | 390,051,324 | (417,473,538) | (1,501) | (11,869) | 1,610,131 | 491,508* |
Total | $71,679,549 | $654,844,852 | $(701,851,021) | $(4,496) | $(11,136) | $24,657,748 | $1,256,471 |
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I. |
Open Forward Foreign Currency Contracts | ||||||
Settlement Date | Counterparty | Contract to | Unrealized Appreciation (Depreciation) | |||
Deliver | Receive | |||||
Currency Risk | ||||||
08/06/2024 | Bank of New York Mellon (The) | GBP | 14,454,094 | USD | 18,293,680 | $18,311 |
07/05/2024 | State Street Bank & Trust Co. | CAD | 2,226,349 | USD | 1,630,674 | 3,170 |
07/05/2024 | State Street Bank & Trust Co. | EUR | 14,114,763 | USD | 15,285,822 | 167,528 |
07/05/2024 | State Street Bank & Trust Co. | GBP | 15,382,282 | USD | 19,553,818 | 108,735 |
07/05/2024 | State Street Bank & Trust Co. | USD | 12,733,419 | CAD | 17,432,531 | 10,091 |
07/05/2024 | State Street Bank & Trust Co. | USD | 218,347 | EUR | 203,866 | 14 |
08/06/2024 | State Street Bank & Trust Co. | EUR | 13,395,148 | USD | 14,369,310 | 78 |
Subtotal—Appreciation | 307,927 | |||||
Currency Risk | ||||||
07/05/2024 | Bank of New York Mellon (The) | USD | 18,290,211 | GBP | 14,454,094 | (18,470) |
07/05/2024 | State Street Bank & Trust Co. | CAD | 16,462,935 | USD | 12,015,947 | (18,771) |
07/05/2024 | State Street Bank & Trust Co. | EUR | 349,129 | USD | 373,878 | (74) |
07/05/2024 | State Street Bank & Trust Co. | USD | 919,363 | CAD | 1,256,753 | (652) |
07/05/2024 | State Street Bank & Trust Co. | USD | 15,279,622 | EUR | 14,260,026 | (5,739) |
07/05/2024 | State Street Bank & Trust Co. | USD | 1,185,754 | GBP | 928,188 | (12,411) |
08/06/2024 | State Street Bank & Trust Co. | CAD | 16,072,994 | USD | 11,750,321 | (7,933) |
4 | Invesco V.I. Growth and Income Fund |
Open Forward Foreign Currency Contracts—(continued) | ||||||
Settlement Date | Counterparty | Contract to | Unrealized Appreciation (Depreciation) | |||
Deliver | Receive | |||||
08/06/2024 | State Street Bank & Trust Co. | USD | 1,226,402 | GBP | 969,810 | $(200) |
Subtotal—Depreciation | (64,250) | |||||
Total Forward Foreign Currency Contracts | $243,677 |
Abbreviations: | |
CAD | – Canadian Dollar |
EUR | – Euro |
GBP | – British Pound Sterling |
USD | – U.S. Dollar |
5 | Invesco V.I. Growth and Income Fund |
Assets: | |
Investments in unaffiliated securities, at value (Cost $912,412,593)* | $1,276,652,370 |
Investments in affiliated money market funds, at value (Cost $24,657,748) | 24,657,748 |
Other investments: | |
Unrealized appreciation on forward foreign currency contracts outstanding | 307,927 |
Foreign currencies, at value (Cost $263,411) | 263,248 |
Receivable for: | |
Investments sold | 3,251,298 |
Fund shares sold | 9,149,374 |
Dividends | 1,704,906 |
Investment for trustee deferred compensation and retirement plans | 170,171 |
Other assets | 457 |
Total assets | 1,316,157,499 |
Liabilities: | |
Other investments: | |
Unrealized depreciation on forward foreign currency contracts outstanding | 64,250 |
Payable for: | |
Investments purchased | 3,368,606 |
Fund shares reacquired | 264,847 |
Collateral upon return of securities loaned | 2,236,902 |
Accrued fees to affiliates | 771,537 |
Accrued other operating expenses | 21,105 |
Trustee deferred compensation and retirement plans | 181,382 |
Total liabilities | 6,908,629 |
Net assets applicable to shares outstanding | $1,309,248,870 |
Net assets consist of: | |
Shares of beneficial interest | $840,728,407 |
Distributable earnings | 468,520,463 |
$1,309,248,870 | |
Net Assets: | |
Series I | $196,237,314 |
Series II | $1,113,011,556 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 9,668,409 |
Series II | 54,881,214 |
Series I: | |
Net asset value per share | $20.30 |
Series II: | |
Net asset value per share | $20.28 |
* | At June 30, 2024, securities with an aggregate value of $2,214,861 were on loan to brokers. |
Investment income: | |
Dividends (net of foreign withholding taxes of $204,781) | $14,193,752 |
Dividends from affiliated money market funds (includes net securities lending income of $26,692) | 610,664 |
Total investment income | 14,804,416 |
Expenses: | |
Advisory fees | 3,765,654 |
Administrative services fees | 1,083,955 |
Custodian fees | 10,467 |
Distribution fees - Series II | 1,416,648 |
Transfer agent fees | 30,701 |
Trustees’ and officers’ fees and benefits | 14,227 |
Reports to shareholders | 127,531 |
Professional services fees | 26,472 |
Other | 6,282 |
Total expenses | 6,481,937 |
Less: Fees waived | (13,538) |
Net expenses | 6,468,399 |
Net investment income | 8,336,017 |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | 51,677,019 |
Affiliated investment securities | (11,136) |
Foreign currencies | 6,935 |
Forward foreign currency contracts | 410,854 |
52,083,672 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | 36,261,455 |
Affiliated investment securities | (4,496) |
Foreign currencies | (8,950) |
Forward foreign currency contracts | 577,118 |
36,825,127 | |
Net realized and unrealized gain | 88,908,799 |
Net increase in net assets resulting from operations | $97,244,816 |
6 | Invesco V.I. Growth and Income Fund |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income | $8,336,017 | $16,060,446 |
Net realized gain | 52,083,672 | 74,106,671 |
Change in net unrealized appreciation | 36,825,127 | 35,041,165 |
Net increase in net assets resulting from operations | 97,244,816 | 125,208,282 |
Distributions to shareholders from distributable earnings: | ||
Series I | — | (24,825,649) |
Series II | — | (135,038,754) |
Total distributions from distributable earnings | — | (159,864,403) |
Share transactions–net: | ||
Series I | (764,239) | 18,698,615 |
Series II | (107,858,135) | 140,313,952 |
Net increase (decrease) in net assets resulting from share transactions | (108,622,374) | 159,012,567 |
Net increase (decrease) in net assets | (11,377,558) | 124,356,446 |
Net assets: | ||
Beginning of period | 1,320,626,428 | 1,196,269,982 |
End of period | $1,309,248,870 | $1,320,626,428 |
7 | Invesco V.I. Growth and Income Fund |
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Ratio of net investment income to average net assets | Portfolio turnover (c) | |
Series I | ||||||||||||||
Six months ended 06/30/24 | $18.86 | $0.15 | $1.29 | $1.44 | $— | $— | $— | $20.30 | 7.63% | $196,237 | 0.76%(d) | 0.76%(d) | 1.48%(d) | 10% |
Year ended 12/31/23 | 19.77 | 0.30 | 1.80 | 2.10 | (0.34) | (2.67) | (3.01) | 18.86 | 12.72 | 183,178 | 0.75 | 0.75 | 1.51 | 70 |
Year ended 12/31/22 | 23.70 | 0.31 | (1.72) | (1.41) | (0.38) | (2.14) | (2.52) | 19.77 | (5.80) | 168,516 | 0.75 | 0.75 | 1.42 | 36 |
Year ended 12/31/21 | 18.72 | 0.26 | 5.07 | 5.33 | (0.35) | — | (0.35) | 23.70 | 28.51 | 186,508 | 0.74 | 0.74 | 1.17 | 29 |
Year ended 12/31/20 | 19.09 | 0.31 | (0.01) | 0.30 | (0.39) | (0.28) | (0.67) | 18.72 | 2.09 | 157,478 | 0.75 | 0.75 | 1.90 | 46 |
Year ended 12/31/19 | 17.51 | 0.37 | 3.84 | 4.21 | (0.38) | (2.25) | (2.63) | 19.09 | 25.19 | 187,097 | 0.73 | 0.74 | 1.91 | 62 |
Series II | ||||||||||||||
Six months ended 06/30/24 | 18.87 | 0.12 | 1.29 | 1.41 | — | — | — | 20.28 | 7.47 | 1,113,012 | 1.01(d) | 1.01(d) | 1.23(d) | 10 |
Year ended 12/31/23 | 19.77 | 0.25 | 1.79 | 2.04 | (0.27) | (2.67) | (2.94) | 18.87 | 12.41 | 1,137,448 | 1.00 | 1.00 | 1.26 | 70 |
Year ended 12/31/22 | 23.66 | 0.26 | (1.72) | (1.46) | (0.29) | (2.14) | (2.43) | 19.77 | (6.00) | 1,027,754 | 1.00 | 1.00 | 1.17 | 36 |
Year ended 12/31/21 | 18.70 | 0.20 | 5.07 | 5.27 | (0.31) | — | (0.31) | 23.66 | 28.19 | 1,475,584 | 0.99 | 0.99 | 0.92 | 29 |
Year ended 12/31/20 | 19.06 | 0.27 | (0.01) | 0.26 | (0.34) | (0.28) | (0.62) | 18.70 | 1.85 | 1,415,923 | 1.00 | 1.00 | 1.65 | 46 |
Year ended 12/31/19 | 17.48 | 0.32 | 3.83 | 4.15 | (0.32) | (2.25) | (2.57) | 19.06 | 24.85 | 1,513,105 | 0.98 | 0.99 | 1.66 | 62 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Annualized. |
8 | Invesco V.I. Growth and Income Fund |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
9 | Invesco V.I. Growth and Income Fund |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities. |
10 | Invesco V.I. Growth and Income Fund |
J. | Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
K. | Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk. |
Average Daily Net Assets | Rate |
First $500 million | 0.600% |
Over $500 million | 0.550% |
11 | Invesco V.I. Growth and Income Fund |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Common Stocks & Other Equity Interests | $1,234,773,797 | $41,878,573 | $— | $1,276,652,370 |
Money Market Funds | 22,420,846 | 2,236,902 | — | 24,657,748 |
Total Investments in Securities | 1,257,194,643 | 44,115,475 | — | 1,301,310,118 |
Other Investments - Assets* | ||||
Forward Foreign Currency Contracts | — | 307,927 | — | 307,927 |
Other Investments - Liabilities* | ||||
Forward Foreign Currency Contracts | — | (64,250) | — | (64,250) |
Total Other Investments | — | 243,677 | — | 243,677 |
Total Investments | $1,257,194,643 | $44,359,152 | $— | $1,301,553,795 |
* | Unrealized appreciation (depreciation). |
Value | |
Derivative Assets | Currency Risk |
Unrealized appreciation on forward foreign currency contracts outstanding | $307,927 |
Derivatives not subject to master netting agreements | — |
Total Derivative Assets subject to master netting agreements | $307,927 |
12 | Invesco V.I. Growth and Income Fund |
Value | |
Derivative Liabilities | Currency Risk |
Unrealized depreciation on forward foreign currency contracts outstanding | $(64,250) |
Derivatives not subject to master netting agreements | — |
Total Derivative Liabilities subject to master netting agreements | $(64,250) |
Financial Derivative Assets | Financial Derivative Liabilities | Collateral (Received)/Pledged | |||||
Counterparty | Forward Foreign Currency Contracts | Forward Foreign Currency Contracts | Net Value of Derivatives | Non-Cash | Cash | Net Amount | |
Bank of New York Mellon (The) | $18,311 | $(18,470) | $(159) | $— | $— | $(159) | |
State Street Bank & Trust Co. | 289,616 | (45,780) | 243,836 | — | — | 243,836 | |
Total | $307,927 | $(64,250) | $243,677 | $— | $— | $243,677 |
Location of Gain on Statement of Operations | |
Currency Risk | |
Realized Gain: | |
Forward foreign currency contracts | $410,854 |
Change in Net Unrealized Appreciation: | |
Forward foreign currency contracts | 577,118 |
Total | $987,972 |
Forward Foreign Currency Contracts | |
Average notional value | $119,113,857 |
13 | Invesco V.I. Growth and Income Fund |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $330,627,244 |
Aggregate unrealized (depreciation) of investments | (17,469,885) |
Net unrealized appreciation of investments | $313,157,359 |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 461,683 | $9,306,038 | 587,739 | $11,783,370 | |
Series II | 530,019 | 10,721,707 | 31,933,302 | 624,536,436 | |
Issued as reinvestment of dividends: | |||||
Series I | - | - | 1,500,039 | 24,825,649 | |
Series II | - | - | 8,154,514 | 135,038,754 | |
Reacquired: | |||||
Series I | (506,853) | (10,070,277) | (896,225) | (17,910,404) | |
Series II | (5,939,588) | (118,579,842) | (31,792,386) | (619,261,238) | |
Net increase (decrease) in share activity | (5,454,739) | $(108,622,374) | 9,486,983 | $159,012,567 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 75% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
14 | Invesco V.I. Growth and Income Fund |
15 | Invesco V.I. Growth and Income Fund |
16 | Invesco V.I. Growth and Income Fund |
17 | Invesco V.I. Growth and Income Fund |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
18 | Invesco V.I. Growth and Income Fund |
19 | Invesco V.I. Growth and Income Fund |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/imgc24fb4681.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | I-VIGHC-NCSRS |
Shares | Value | ||
Common Stocks & Other Equity Interests–96.67% | |||
Biotechnology–20.02% | |||
AbbVie, Inc.(b) | 21,301 | $3,653,547 | |
ADMA Biologics, Inc.(c) | 30,103 | 336,552 | |
Alnylam Pharmaceuticals, Inc.(c) | 3,512 | 853,416 | |
Amgen, Inc. | 9,732 | 3,040,763 | |
argenx SE, ADR (Netherlands)(b)(c) | 1,222 | 525,509 | |
Ascendis Pharma A/S, ADR (Denmark)(c) | 8,501 | 1,159,366 | |
Blueprint Medicines Corp.(b)(c) | 9,366 | 1,009,467 | |
BridgeBio Pharma, Inc.(c) | 11,498 | 291,244 | |
CSL Ltd. (Australia) | 1,419 | 278,262 | |
Cytokinetics, Inc.(c) | 11,489 | 622,474 | |
Exelixis, Inc.(c) | 16,231 | 364,711 | |
Halozyme Therapeutics, Inc.(c) | 10,085 | 528,051 | |
Ideaya Biosciences, Inc.(b)(c) | 7,665 | 269,118 | |
Immunovant, Inc.(c) | 10,417 | 275,009 | |
Insmed, Inc.(c) | 12,422 | 832,274 | |
Krystal Biotech, Inc.(b)(c) | 4,484 | 823,442 | |
Merus N.V. (Netherlands)(c) | 8,965 | 530,459 | |
Natera, Inc.(c) | 18,525 | 2,006,072 | |
Neurocrine Biosciences, Inc.(c) | 10,050 | 1,383,583 | |
Regeneron Pharmaceuticals, Inc.(c) | 6,071 | 6,380,803 | |
Sarepta Therapeutics, Inc.(b)(c) | 7,555 | 1,193,690 | |
SpringWorks Therapeutics, Inc.(b)(c) | 12,191 | 459,235 | |
Twist Bioscience Corp.(b)(c) | 18,640 | 918,579 | |
Ultragenyx Pharmaceutical, Inc.(c) | 6,846 | 281,371 | |
United Therapeutics Corp.(c) | 3,263 | 1,039,429 | |
Vaxcyte, Inc.(c) | 12,006 | 906,573 | |
Vericel Corp.(b)(c) | 11,337 | 520,142 | |
Vertex Pharmaceuticals, Inc.(c) | 14,772 | 6,923,932 | |
Viking Therapeutics, Inc.(b)(c) | 5,855 | 310,374 | |
37,717,447 | |||
Health Care Distributors–6.06% | |||
Cencora, Inc. | 14,491 | 3,264,822 | |
McKesson Corp. | 13,961 | 8,153,783 | |
11,418,605 | |||
Health Care Equipment–18.13% | |||
Boston Scientific Corp.(c) | 147,282 | 11,342,187 | |
DexCom, Inc.(c) | 28,262 | 3,204,346 | |
Edwards Lifesciences Corp.(c) | 12,120 | 1,119,524 | |
Glaukos Corp.(c) | 10,496 | 1,242,202 | |
IDEXX Laboratories, Inc.(c) | 2,994 | 1,458,677 | |
Inspire Medical Systems, Inc.(b)(c) | 2,657 | 355,586 | |
Insulet Corp.(c) | 4,508 | 909,714 | |
Integer Holdings Corp.(b)(c) | 8,846 | 1,024,278 | |
Intuitive Surgical, Inc.(c) | 17,163 | 7,634,961 | |
iRhythm Technologies, Inc.(b)(c) | 3,572 | 384,490 | |
Stryker Corp. | 13,326 | 4,534,172 | |
TransMedics Group, Inc.(b)(c) | 6,294 | 948,002 | |
34,158,139 | |||
Health Care Facilities–6.05% | |||
Acadia Healthcare Co., Inc.(c) | 5,792 | 391,192 | |
Brookdale Senior Living, Inc.(c) | 38,326 | 261,766 |
Shares | Value | ||
Health Care Facilities–(continued) | |||
Encompass Health Corp. | 29,185 | $2,503,781 | |
HCA Healthcare, Inc. | 12,864 | 4,132,946 | |
Select Medical Holdings Corp. | 19,612 | 687,597 | |
Tenet Healthcare Corp.(c) | 25,738 | 3,423,926 | |
11,401,208 | |||
Health Care REITs–0.23% | |||
Alexandria Real Estate Equities, Inc.(b) | 3,724 | 435,596 | |
Health Care Services–0.84% | |||
BrightSpring Health Services, Inc.(c) | 35,672 | 405,234 | |
RadNet, Inc.(c) | 19,912 | 1,173,215 | |
1,578,449 | |||
Health Care Supplies–2.12% | |||
Alcon, Inc. (Switzerland) | 10,853 | 964,743 | |
ConvaTec Group PLC (United Kingdom)(d) | 110,563 | 327,567 | |
Cooper Cos., Inc. (The) | 17,278 | 1,508,369 | |
Lantheus Holdings, Inc.(c) | 4,017 | 322,525 | |
RxSight, Inc.(c) | 14,364 | 864,282 | |
3,987,486 | |||
Life Sciences Tools & Services–11.72% | |||
Bio-Techne Corp. | 11,808 | 846,043 | |
Bruker Corp. | 6,647 | 424,145 | |
Charles River Laboratories International, Inc.(c) | 2,037 | 420,803 | |
Danaher Corp. | 26,847 | 6,707,723 | |
ICON PLC(c) | 11,480 | 3,598,636 | |
Lonza Group AG (Switzerland) | 2,171 | 1,181,903 | |
Medpace Holdings, Inc.(c) | 5,440 | 2,240,464 | |
Repligen Corp.(c) | 3,517 | 443,353 | |
Thermo Fisher Scientific, Inc. | 11,226 | 6,207,978 | |
22,071,048 | |||
Managed Health Care–8.52% | |||
Elevance Health, Inc. | 11,270 | 6,106,762 | |
HealthEquity, Inc.(c) | 16,233 | 1,399,285 | |
UnitedHealth Group, Inc. | 16,785 | 8,547,929 | |
16,053,976 | |||
Pharmaceuticals–22.98% | |||
AstraZeneca PLC (United Kingdom) | 6,170 | 960,255 | |
AstraZeneca PLC, ADR (United Kingdom) | 88,189 | 6,877,860 | |
Axsome Therapeutics, Inc.(c) | 3,021 | 243,191 | |
Collegium Pharmaceutical, Inc.(c) | 7,590 | 244,398 | |
Eli Lilly and Co. | 20,609 | 18,658,976 | |
Intra-Cellular Therapies, Inc.(c) | 16,149 | 1,106,045 | |
Merck & Co., Inc. | 61,358 | 7,596,120 | |
Novo Nordisk A/S, Class B (Denmark) | 43,232 | 6,185,840 | |
Tarsus Pharmaceuticals, Inc.(b)(c) | 16,161 | 439,256 | |
Zoetis, Inc.(b) | 5,660 | 981,218 | |
43,293,159 | |||
Total Common Stocks & Other Equity Interests (Cost $111,025,871) | 182,115,113 |
2 | Invesco V.I. Health Care Fund |
Shares | Value | ||
Money Market Funds–3.28% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(e)(f) | 2,123,672 | $2,123,672 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(e)(f) | 1,632,654 | 1,633,144 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(e)(f) | 2,427,053 | 2,427,053 | |
Total Money Market Funds (Cost $6,183,534) | 6,183,869 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.95% (Cost $117,209,405) | 188,298,982 | ||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–6.14% | |||
Invesco Private Government Fund, 5.31%(e)(f)(g) | 3,241,005 | 3,241,005 |
Shares | Value | ||
Money Market Funds–(continued) | |||
Invesco Private Prime Fund, 5.48%(e)(f)(g) | 8,331,141 | $8,333,640 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $11,574,645) | 11,574,645 | ||
TOTAL INVESTMENTS IN SECURITIES–106.09% (Cost $128,784,050) | 199,873,627 | ||
OTHER ASSETS LESS LIABILITIES—(6.09)% | (11,482,274) | ||
NET ASSETS–100.00% | $188,391,353 |
ADR | – American Depositary Receipt |
REIT | – Real Estate Investment Trust |
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | All or a portion of this security was out on loan at June 30, 2024. |
(c) | Non-income producing security. |
(d) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at June 30, 2024 represented less than 1% of the Fund’s Net Assets. |
(e) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $1,827,833 | $10,408,307 | $(10,112,468) | $- | $- | $2,123,672 | $43,707 |
Invesco Liquid Assets Portfolio, Institutional Class | 1,422,411 | 7,434,505 | (7,223,191) | (927) | 346 | 1,633,144 | 35,734 |
Invesco Treasury Portfolio, Institutional Class | 2,088,953 | 11,895,207 | (11,557,107) | - | - | 2,427,053 | 49,843 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | 2,980,753 | 32,305,416 | (32,045,164) | - | - | 3,241,005 | 75,293* |
Invesco Private Prime Fund | 7,664,795 | 71,078,082 | (70,405,486) | (1,512) | (2,239) | 8,333,640 | 201,159* |
Total | $15,984,745 | $133,121,517 | $(131,343,416) | $(2,439) | $(1,893) | $17,758,514 | $405,736 |
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(f) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(g) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I. |
3 | Invesco V.I. Health Care Fund |
Assets: | |
Investments in unaffiliated securities, at value (Cost $111,025,871)* | $182,115,113 |
Investments in affiliated money market funds, at value (Cost $17,758,179) | 17,758,514 |
Foreign currencies, at value (Cost $15,974) | 16,278 |
Receivable for: | |
Fund shares sold | 225,002 |
Dividends | 211,387 |
Investment for trustee deferred compensation and retirement plans | 52,364 |
Total assets | 200,378,658 |
Liabilities: | |
Payable for: | |
Fund shares reacquired | 230,357 |
Amount due custodian | 2,803 |
Collateral upon return of securities loaned | 11,574,645 |
Accrued fees to affiliates | 95,083 |
Accrued other operating expenses | 27,427 |
Trustee deferred compensation and retirement plans | 56,990 |
Total liabilities | 11,987,305 |
Net assets applicable to shares outstanding | $188,391,353 |
Net assets consist of: | |
Shares of beneficial interest | $117,076,379 |
Distributable earnings | 71,314,974 |
$188,391,353 | |
Net Assets: | |
Series I | $126,773,203 |
Series II | $61,618,150 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 4,333,021 |
Series II | 2,298,064 |
Series I: | |
Net asset value per share | $29.26 |
Series II: | |
Net asset value per share | $26.81 |
* | At June 30, 2024, securities with an aggregate value of $11,441,515 were on loan to brokers. |
Investment income: | |
Dividends (net of foreign withholding taxes of $7,140) | $630,769 |
Dividends from affiliated money market funds (includes net securities lending income of $6,752) | 136,036 |
Total investment income | 766,805 |
Expenses: | |
Advisory fees | 690,036 |
Administrative services fees | 151,132 |
Custodian fees | 2,755 |
Distribution fees - Series II | 76,537 |
Transfer agent fees | 4,183 |
Trustees’ and officers’ fees and benefits | 10,028 |
Reports to shareholders | 42,649 |
Professional services fees | 28,496 |
Other | 116 |
Total expenses | 1,005,932 |
Less: Fees waived | (2,632) |
Net expenses | 1,003,300 |
Net investment income (loss) | (236,495) |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | 5,571,653 |
Affiliated investment securities | (1,893) |
Foreign currencies | 3,311 |
5,573,071 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | 16,759,831 |
Affiliated investment securities | (2,439) |
Foreign currencies | (4,179) |
16,753,213 | |
Net realized and unrealized gain | 22,326,284 |
Net increase in net assets resulting from operations | $22,089,789 |
4 | Invesco V.I. Health Care Fund |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income (loss) | $(236,495) | $(108,912) |
Net realized gain | 5,573,071 | 4,106,091 |
Change in net unrealized appreciation | 16,753,213 | 593,608 |
Net increase in net assets resulting from operations | 22,089,789 | 4,590,787 |
Share transactions–net: | ||
Series I | (3,787,956) | (17,954,331) |
Series II | (4,458,917) | (8,046,722) |
Net increase (decrease) in net assets resulting from share transactions | (8,246,873) | (26,001,053) |
Net increase (decrease) in net assets | 13,842,916 | (21,410,266) |
Net assets: | ||
Beginning of period | 174,548,437 | 195,958,703 |
End of period | $188,391,353 | $174,548,437 |
5 | Invesco V.I. Health Care Fund |
Net asset value, beginning of period | Net investment income (loss)(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Ratio of net investment income (loss) to average net assets | Portfolio turnover (c) | |
Series I | ||||||||||||||
Six months ended 06/30/24 | $25.91 | $(0.02) | $3.37 | $3.35 | $— | $— | $— | $29.26 | 12.93% | $126,773 | 1.01%(d) | 1.01%(d) | (0.18)%(d) | 26% |
Year ended 12/31/23 | 25.15 | 0.01 | 0.75 | 0.76 | — | — | — | 25.91 | 3.02 | 115,851 | 0.97 | 0.97 | 0.02 | 57 |
Year ended 12/31/22 | 33.86 | 0.01 | (4.68) | (4.67) | — | (4.04) | (4.04) | 25.15 | (13.32) | 130,673 | 0.96 | 0.96 | 0.04 | 47 |
Year ended 12/31/21 | 33.69 | (0.08) | 4.17 | 4.09 | (0.07) | (3.85) | (3.92) | 33.86 | 12.30 | 158,669 | 0.97 | 0.97 | (0.25) | 55 |
Year ended 12/31/20 | 30.23 | 0.04 | 4.26 | 4.30 | (0.10) | (0.74) | (0.84) | 33.69 | 14.46 | 155,598 | 0.98 | 0.98 | 0.13 | 46 |
Year ended 12/31/19 | 23.41 | 0.08 | 7.40 | 7.48 | (0.01) | (0.65) | (0.66) | 30.23 | 32.50 | 149,954 | 0.97 | 0.97 | 0.32 | 8 |
Series II | ||||||||||||||
Six months ended 06/30/24 | 23.78 | (0.05) | 3.08 | 3.03 | — | — | — | 26.81 | 12.74 | 61,618 | 1.26(d) | 1.26(d) | (0.43)(d) | 26 |
Year ended 12/31/23 | 23.14 | (0.05) | 0.69 | 0.64 | — | — | — | 23.78 | 2.77 | 58,698 | 1.22 | 1.22 | (0.23) | 57 |
Year ended 12/31/22 | 31.62 | (0.05) | (4.39) | (4.44) | — | (4.04) | (4.04) | 23.14 | (13.54) | 65,285 | 1.21 | 1.21 | (0.21) | 47 |
Year ended 12/31/21 | 31.70 | (0.16) | 3.93 | 3.77 | (0.00)(e) | (3.85) | (3.85) | 31.62 | 12.05 | 81,524 | 1.22 | 1.22 | (0.50) | 55 |
Year ended 12/31/20 | 28.49 | (0.03) | 4.01 | 3.98 | (0.03) | (0.74) | (0.77) | 31.70 | 14.20 | 75,986 | 1.23 | 1.23 | (0.12) | 46 |
Year ended 12/31/19 | 22.14 | 0.02 | 6.98 | 7.00 | — | (0.65) | (0.65) | 28.49 | 32.18 | 70,763 | 1.22 | 1.22 | 0.07 | 8 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Annualized. |
(e) | Amount represents less than $(0.005) per share. |
6 | Invesco V.I. Health Care Fund |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
7 | Invesco V.I. Health Care Fund |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities. |
8 | Invesco V.I. Health Care Fund |
J. | Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
K. | Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk. |
L. | Other Risks - The Fund’s performance is vulnerable to factors affecting the health care industry, including government regulation, obsolescence caused by scientific advances and technological innovations. |
Average Daily Net Assets | Rate |
First $250 million | 0.750% |
Next $250 million | 0.740% |
Next $500 million | 0.730% |
Next $1.5 billion | 0.720% |
Next $2.5 billion | 0.710% |
Next $2.5 billion | 0.700% |
Next $2.5 billion | 0.690% |
Over $10 billion | 0.680% |
9 | Invesco V.I. Health Care Fund |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Common Stocks & Other Equity Interests | $172,216,543 | $9,898,570 | $— | $182,115,113 |
Money Market Funds | 6,183,869 | 11,574,645 | — | 17,758,514 |
Total Investments | $178,400,412 | $21,473,215 | $— | $199,873,627 |
10 | Invesco V.I. Health Care Fund |
Capital Loss Carryforward* | |||
Expiration | Short-Term | Long-Term | Total |
Not subject to expiration | $4,639,907 | $— | $4,639,907 |
* | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $71,804,463 |
Aggregate unrealized (depreciation) of investments | (1,149,597) |
Net unrealized appreciation of investments | $70,654,866 |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 356,363 | $9,912,930 | 356,709 | $8,923,373 | |
Series II | 117,849 | 2,946,519 | 147,277 | 3,369,520 | |
Reacquired: | |||||
Series I | (494,002) | (13,700,886) | (1,080,961) | (26,877,704) | |
Series II | (288,355) | (7,405,436) | (500,153) | (11,416,242) | |
Net increase (decrease) in share activity | (308,145) | $(8,246,873) | (1,077,128) | $(26,001,053) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 44% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
11 | Invesco V.I. Health Care Fund |
A. | Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers |
12 | Invesco V.I. Health Care Fund |
E. | Profitability and Financial Resources |
F. | Collateral Benefits to Invesco Advisers and its Affiliates |
13 | Invesco V.I. Health Care Fund |
14 | Invesco V.I. Health Care Fund |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
15 | Invesco V.I. Health Care Fund |
16 | Invesco V.I. Health Care Fund |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/img3c1177741.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | VIHYI-NCSRS |
Principal Amount | Value | |||
U.S. Dollar Denominated Bonds & Notes–84.15% | ||||
Advertising–0.09% | ||||
Clear Channel Outdoor Holdings, Inc., | ||||
7.75%, 04/15/2028(b) | $76,000 | $66,587 | ||
7.50%, 06/01/2029(b) | 85,000 | 71,113 | ||
137,700 | ||||
Aerospace & Defense–1.38% | ||||
TransDigm, Inc., | ||||
6.75%, 08/15/2028(b) | 689,000 | 698,284 | ||
7.13%, 12/01/2031(b) | 1,345,000 | 1,387,538 | ||
2,085,822 | ||||
Alternative Carriers–0.11% | ||||
Lumen Technologies, Inc., 4.00%, 02/15/2027(b) | 142,000 | 73,197 | ||
Zayo Group Holdings, Inc., 4.00%, 03/01/2027(b) | 119,000 | 95,318 | ||
168,515 | ||||
Aluminum–0.47% | ||||
Novelis Corp., 4.75%, 01/30/2030(b) | 766,000 | 711,365 | ||
Application Software–1.28% | ||||
Cloud Software Group, Inc., | ||||
6.50%, 03/31/2029(b) | 387,000 | 371,930 | ||
9.00%, 09/30/2029(b) | 380,000 | 368,978 | ||
Rocket Software, Inc., 6.50%, 02/15/2029(b) | 83,000 | 72,443 | ||
SS&C Technologies, Inc., | ||||
5.50%, 09/30/2027(b) | 644,000 | 634,582 | ||
6.50%, 06/01/2032(b) | 486,000 | 490,584 | ||
1,938,517 | ||||
Automobile Manufacturers–1.42% | ||||
Allison Transmission, Inc., 3.75%, 01/30/2031(b) | 2,444,000 | 2,144,969 | ||
Automotive Parts & Equipment–2.40% | ||||
Cougar JV Subsidiary LLC, 8.00%, 05/15/2032(b) | 733,000 | 758,565 | ||
NESCO Holdings II, Inc., 5.50%, 04/15/2029(b) | 371,000 | 344,044 | ||
Phinia, Inc., 6.75%, 04/15/2029(b) | 1,069,000 | 1,086,201 | ||
ZF North America Capital, Inc. (Germany), | ||||
6.88%, 04/14/2028(b) | 838,000 | 854,933 | ||
7.13%, 04/14/2030(b) | 552,000 | 572,078 | ||
3,615,821 | ||||
Automotive Retail–4.15% | ||||
Carvana Co., | ||||
12.00% PIK Rate, 0.00% Cash Rate, 12/01/2028(b)(c) | 74,000 | 79,639 | ||
13.00% PIK Rate, 0.00% Cash Rate, 06/01/2030(b)(c) | 140,000 | 153,385 | ||
14.00% PIK Rate, 9.00% Cash Rate, 06/01/2031(b)(c) | 204,306 | 229,988 | ||
Group 1 Automotive, Inc., 4.00%, 08/15/2028(b) | 1,607,000 | 1,485,827 |
Principal Amount | Value | |||
Automotive Retail–(continued) | ||||
LCM Investments Holdings II LLC, | ||||
4.88%, 05/01/2029(b) | $737,000 | $689,969 | ||
8.25%, 08/01/2031(b) | 1,386,000 | 1,447,509 | ||
Lithia Motors, Inc., | ||||
3.88%, 06/01/2029(b) | 733,000 | 659,051 | ||
4.38%, 01/15/2031(b) | 863,000 | 769,266 | ||
Velocity Vehicle Group LLC, 8.00%, 06/01/2029(b) | 735,000 | 756,708 | ||
6,271,342 | ||||
Broadcasting–0.39% | ||||
AMC Networks, Inc., 10.25%, 01/15/2029(b) | 70,000 | 69,029 | ||
Gray Television, Inc., | ||||
10.50%, 07/15/2029(b) | 75,000 | 75,477 | ||
5.38%, 11/15/2031(b) | 135,000 | 76,639 | ||
Sinclair Television Group, Inc., 4.13%, 12/01/2030(b) | 119,000 | 79,841 | ||
Univision Communications, Inc., | ||||
6.63%, 06/01/2027(b) | 150,000 | 143,748 | ||
8.00%, 08/15/2028(b) | 150,000 | 146,420 | ||
591,154 | ||||
Broadline Retail–1.09% | ||||
Kohl’s Corp., 4.63%, 05/01/2031 | 844,000 | 706,848 | ||
Macy’s Retail Holdings LLC, | ||||
6.70%, 07/15/2034(b) | 419,000 | 359,370 | ||
4.50%, 12/15/2034 | 210,000 | 181,672 | ||
5.13%, 01/15/2042 | 230,000 | 186,705 | ||
Rakuten Group, Inc. (Japan), 11.25%, 02/15/2027(b) | 200,000 | 213,972 | ||
1,648,567 | ||||
Building Products–0.18% | ||||
MasterBrand, Inc., 7.00%, 07/15/2032(b) | 273,000 | 276,269 | ||
Cable & Satellite–2.41% | ||||
Altice Financing S.A. (Luxembourg), 5.75%, 08/15/2029(b) | 200,000 | 145,536 | ||
CCO Holdings LLC/CCO Holdings Capital Corp., | ||||
5.38%, 06/01/2029(b) | 341,000 | 310,545 | ||
4.75%, 03/01/2030(b) | 468,000 | 405,647 | ||
7.38%, 03/01/2031(b) | 372,000 | 367,026 | ||
4.25%, 01/15/2034(b) | 468,000 | 355,623 | ||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.25%, 04/01/2053 | 470,000 | 369,097 | ||
CSC Holdings LLC, | ||||
11.75%, 01/31/2029(b) | 265,000 | 226,172 | ||
6.50%, 02/01/2029(b) | 214,000 | 156,384 | ||
5.75%, 01/15/2030(b) | 346,000 | 130,884 | ||
4.63%, 12/01/2030(b) | 290,000 | 105,891 | ||
4.50%, 11/15/2031(b) | 243,000 | 157,004 | ||
Directv Financing LLC, 8.88%, 02/01/2030(b) | 75,000 | 73,465 |
2 | Invesco V.I. High Yield Fund |
Principal Amount | Value | |||
Cable & Satellite–(continued) | ||||
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/2027(b) | $155,000 | $145,920 | ||
DISH DBS Corp., | ||||
7.38%, 07/01/2028 | 161,000 | 68,649 | ||
5.75%, 12/01/2028(b) | 198,000 | 137,647 | ||
5.13%, 06/01/2029 | 178,000 | 70,680 | ||
DISH Network Corp., 11.75%, 11/15/2027(b) | 370,000 | 363,135 | ||
Scripps Escrow, Inc., 5.88%, 07/15/2027(b) | 76,000 | 45,999 | ||
3,635,304 | ||||
Casinos & Gaming–2.58% | ||||
Codere Finance 2 (Luxembourg) S.A. (Spain), 11.63% PIK Rate, 2.00% Cash Rate, 11/30/2027(b)(c) | 51,959 | 909 | ||
Melco Resorts Finance Ltd. (Hong Kong), | ||||
5.38%, 12/04/2029(b) | 1,422,000 | 1,276,986 | ||
7.63%, 04/17/2032(b) | 261,000 | 259,215 | ||
Mohegan Tribal Gaming Authority, 8.00%, 02/01/2026(b) | 71,000 | 67,381 | ||
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.63%, 09/01/2029(b) | 92,000 | 66,234 | ||
Sabre GLBL, Inc., 8.63%, 06/01/2027(b) | 83,000 | 76,544 | ||
Studio City Finance Ltd. (Macau), 5.00%, 01/15/2029(b) | 1,657,000 | 1,459,790 | ||
Wynn Macau Ltd. (Macau), 5.63%, 08/26/2028(b) | 737,000 | 691,671 | ||
3,898,730 | ||||
Commodity Chemicals–1.46% | ||||
Mativ Holdings, Inc., 6.88%, 10/01/2026(b) | 2,219,000 | 2,207,212 | ||
Communications Equipment–0.04% | ||||
Viasat, Inc., 7.50%, 05/30/2031(b) | 91,000 | 60,564 | ||
Construction Materials–0.05% | ||||
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028(b) | 69,000 | 67,725 | ||
Consumer Finance–1.62% | ||||
FirstCash, Inc., 6.88%, 03/01/2032(b) | 1,065,000 | 1,066,189 | ||
Navient Corp., | ||||
5.00%, 03/15/2027 | 485,000 | 463,481 | ||
9.38%, 07/25/2030 | 216,000 | 227,333 | ||
OneMain Finance Corp., | ||||
3.50%, 01/15/2027 | 506,000 | 474,525 | ||
5.38%, 11/15/2029 | 222,000 | 208,375 | ||
2,439,903 | ||||
Copper–0.25% | ||||
First Quantum Minerals Ltd. (Zambia), 8.63%, 06/01/2031(b) | 375,000 | 374,839 | ||
Diversified Banks–0.09% | ||||
Freedom Mortgage Corp., | ||||
6.63%, 01/15/2027(b) | 72,000 | 69,605 | ||
12.00%, 10/01/2028(b) | 63,000 | 67,713 | ||
137,318 |
Principal Amount | Value | |||
Diversified Capital Markets–0.48% | ||||
UBS Group AG (Switzerland), 31/UND, 7.75%(b)(d)(e) | $709,000 | $724,986 | ||
Diversified Chemicals–0.09% | ||||
SCIH Salt Holdings, Inc., 6.63%, 05/01/2029(b) | 148,000 | 139,380 | ||
Diversified Financial Services–2.51% | ||||
Freedom Mortgage Holdings LLC, | ||||
9.25%, 02/01/2029(b) | 86,000 | 86,019 | ||
9.13%, 05/15/2031(b) | 150,000 | 146,152 | ||
GGAM Finance Ltd. (Ireland), 6.88%, 04/15/2029(b) | 715,000 | 729,300 | ||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 9.00%, 06/15/2030(b) | 704,000 | 701,053 | ||
Jane Street Group/JSG Finance, Inc., 7.13%, 04/30/2031(b) | 547,000 | 561,375 | ||
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/2028(b) | 862,000 | 796,070 | ||
Nationstar Mortgage Holdings, Inc., 7.13%, 02/01/2032(b) | 690,000 | 694,808 | ||
VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland), 6.38%, 02/01/2030(b) | 100,000 | 78,687 | ||
3,793,464 | ||||
Diversified Metals & Mining–0.68% | ||||
Hudbay Minerals, Inc. (Canada), 6.13%, 04/01/2029(b) | 1,023,000 | 1,018,925 | ||
Diversified REITs–0.19% | ||||
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC, | ||||
10.50%, 02/15/2028(b) | 219,000 | 214,697 | ||
6.50%, 02/15/2029(b) | 105,000 | 67,071 | ||
281,768 | ||||
Diversified Support Services–1.57% | ||||
Hertz Corp. (The), 12.63%, 07/15/2029(b) | 75,000 | 77,619 | ||
Ritchie Bros. Holdings, Inc. (Canada), | ||||
6.75%, 03/15/2028(b) | 367,000 | 374,080 | ||
7.75%, 03/15/2031(b) | 707,000 | 739,244 | ||
Stena International S.A. (Sweden), | ||||
7.25%, 01/15/2031(b) | 690,000 | 705,991 | ||
7.63%, 02/15/2031(b) | 387,000 | 396,507 | ||
TKC Holdings, Inc., 10.50%, 05/15/2029(b) | 70,000 | 69,117 | ||
2,362,558 | ||||
Electric Utilities–2.08% | ||||
Entergy Corp., 7.13%, 12/01/2054(d) | 748,000 | 743,241 | ||
Talen Energy Supply LLC, 8.63%, 06/01/2030(b) | 594,000 | 633,815 | ||
Vistra Operations Co. LLC, 7.75%, 10/15/2031(b) | 1,686,000 | 1,757,109 | ||
3,134,165 | ||||
Electrical Components & Equipment–0.47% | ||||
EnerSys, 6.63%, 01/15/2032(b) | 703,000 | 715,433 |
3 | Invesco V.I. High Yield Fund |
Principal Amount | Value | |||
Electronic Components–0.73% | ||||
Sensata Technologies, Inc., | ||||
3.75%, 02/15/2031(b) | $744,000 | $649,013 | ||
6.63%, 07/15/2032(b) | 456,000 | 459,576 | ||
1,108,589 | ||||
Electronic Manufacturing Services–0.99% | ||||
EMRLD Borrower L.P./Emerald Co-Issuer, Inc., 6.63%, 12/15/2030(b) | 1,478,000 | 1,491,379 | ||
Environmental & Facilities Services–0.49% | ||||
GFL Environmental, Inc., 6.75%, 01/15/2031(b) | 491,000 | 501,524 | ||
Wrangler Holdco Corp. (Canada), 6.63%, 04/01/2032(b) | 235,000 | 234,149 | ||
735,673 | ||||
Fertilizers & Agricultural Chemicals–0.04% | ||||
CVR Partners L.P./CVR Nitrogen Finance Corp., 6.13%, 06/15/2028(b) | 58,000 | 55,774 | ||
Food Retail–0.47% | ||||
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/2029(b) | 722,000 | 703,823 | ||
Gold–0.42% | ||||
New Gold, Inc. (Canada), 7.50%, 07/15/2027(b) | 633,000 | 637,825 | ||
Health Care Facilities–1.00% | ||||
Encompass Health Corp., 4.50%, 02/01/2028 | 723,000 | 688,346 | ||
LifePoint Health, Inc., 5.38%, 01/15/2029(b) | 172,000 | 151,322 | ||
Tenet Healthcare Corp., 6.75%, 05/15/2031 | 665,000 | 675,532 | ||
1,515,200 | ||||
Health Care REITs–0.85% | ||||
Diversified Healthcare Trust, 0.00%, 01/15/2026(b)(f) | 1,301,000 | 1,135,886 | ||
MPT Operating Partnership L.P./MPT Finance Corp., 3.50%, 03/15/2031 | 214,000 | 139,691 | ||
1,275,577 | ||||
Health Care Services–1.63% | ||||
Catalent Pharma Solutions, Inc., 3.50%, 04/01/2030(b) | 730,000 | 699,707 | ||
Community Health Systems, Inc., | ||||
8.00%, 12/15/2027(b) | 276,000 | 273,919 | ||
5.25%, 05/15/2030(b) | 703,000 | 580,265 | ||
4.75%, 02/15/2031(b) | 307,000 | 241,665 | ||
Concentra Escrow Issuer Corp., 6.88%, 07/15/2032(b) | 347,000 | 352,000 | ||
DaVita, Inc., 3.75%, 02/15/2031(b) | 373,000 | 318,532 | ||
2,466,088 | ||||
Health Care Supplies–0.59% | ||||
Medline Borrower L.P., 5.25%, 10/01/2029(b) | 746,000 | 712,506 |
Principal Amount | Value | |||
Health Care Supplies–(continued) | ||||
Medline Borrower L.P./Medline Co-Issuer, Inc., 6.25%, 04/01/2029(b) | $178,000 | $180,237 | ||
892,743 | ||||
Health Care Technology–0.13% | ||||
athenahealth Group, Inc., 6.50%, 02/15/2030(b) | 218,000 | 200,904 | ||
Hotel & Resort REITs–2.08% | ||||
RHP Hotel Properties L.P./RHP Finance Corp., 6.50%, 04/01/2032(b) | 714,000 | 714,637 | ||
RLJ Lodging Trust L.P., 4.00%, 09/15/2029(b) | 751,000 | 664,140 | ||
Service Properties Trust, | ||||
4.75%, 10/01/2026 | 1,459,000 | 1,368,324 | ||
5.50%, 12/15/2027 | 428,000 | 397,982 | ||
3,145,083 | ||||
Hotels, Resorts & Cruise Lines–1.00% | ||||
Carnival Corp., 6.00%, 05/01/2029(b) | 418,000 | 413,170 | ||
Royal Caribbean Cruises Ltd., 6.25%, 03/15/2032(b) | 1,090,000 | 1,099,838 | ||
1,513,008 | ||||
Household Products–0.51% | ||||
Kronos Acquisition Holdings, Inc. (Canada), | ||||
8.25%, 06/30/2031(b) | 460,000 | 461,035 | ||
10.75%, 06/30/2032(b) | 325,000 | 312,105 | ||
773,140 | ||||
Independent Power Producers & Energy Traders–1.28% | ||||
Clearway Energy Operating LLC, | ||||
4.75%, 03/15/2028(b) | 327,000 | 312,690 | ||
3.75%, 02/15/2031(b) | 487,000 | 425,278 | ||
Vistra Corp., Series C, 8.88%(b)(d)(e) | 1,150,000 | 1,192,075 | ||
1,930,043 | ||||
Industrial Machinery & Supplies & Components–1.64% | ||||
Enpro, Inc., 5.75%, 10/15/2026 | 715,000 | 705,722 | ||
ESAB Corp., 6.25%, 04/15/2029(b) | 684,000 | 688,957 | ||
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029(b) | 1,173,000 | 1,080,905 | ||
2,475,584 | ||||
Insurance Brokers–0.87% | ||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7.00%, 01/15/2031(b) | 651,000 | 658,190 | ||
USI, Inc., 7.50%, 01/15/2032(b) | 646,000 | 656,913 | ||
1,315,103 | ||||
Integrated Oil & Gas–0.94% | ||||
Delek Logistics Partners L.P./Delek Logistics Finance Corp., | ||||
7.13%, 06/01/2028(b) | 1,068,000 | 1,055,559 | ||
8.63%, 03/15/2029(b) | 351,000 | 361,493 | ||
1,417,052 | ||||
Integrated Telecommunication Services–2.44% | ||||
Altice France Holding S.A. (Luxembourg), 6.00%, 02/15/2028(b) | 200,000 | 65,237 |
4 | Invesco V.I. High Yield Fund |
Principal Amount | Value | |||
Integrated Telecommunication Services–(continued) | ||||
Altice France S.A. (France), | ||||
8.13%, 02/01/2027(b) | $134,000 | $100,608 | ||
5.50%, 01/15/2028(b) | 565,000 | 387,602 | ||
Frontier Communications Holdings LLC, | ||||
6.75%, 05/01/2029(b) | 378,000 | 347,100 | ||
6.00%, 01/15/2030(b) | 80,000 | 69,714 | ||
Iliad Holding S.A.S. (France), | ||||
7.00%, 10/15/2028(b) | 675,000 | 669,923 | ||
8.50%, 04/15/2031(b) | 822,000 | 833,145 | ||
Level 3 Financing, Inc., | ||||
4.63%, 09/15/2027(b) | 120,000 | 62,637 | ||
10.50%, 04/15/2029(b) | 74,000 | 74,185 | ||
11.00%, 11/15/2029(b) | 143,000 | 146,511 | ||
4.50%, 04/01/2030(b) | 128,000 | 70,212 | ||
10.50%, 05/15/2030(b) | 75,000 | 74,656 | ||
10.75%, 12/15/2030(b) | 75,000 | 75,188 | ||
Telecom Italia Capital S.A. (Italy), 7.72%, 06/04/2038 | 653,000 | 637,824 | ||
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/2028(b) | 73,000 | 68,846 | ||
3,683,388 | ||||
Internet Services & Infrastructure–0.11% | ||||
Arches Buyer, Inc., 6.13%, 12/01/2028(b) | 88,000 | 73,090 | ||
B2W Digital Lux S.a.r.l. (Brazil), 4.38%, 12/20/2030(b) | 429,000 | 86,873 | ||
159,963 | ||||
Leisure Facilities–2.59% | ||||
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028(b) | 590,000 | 639,131 | ||
NCL Corp. Ltd., | ||||
8.13%, 01/15/2029(b) | 754,000 | 790,582 | ||
7.75%, 02/15/2029(b) | 357,000 | 371,414 | ||
NCL Finance Ltd., 6.13%, 03/15/2028(b) | 683,000 | 675,019 | ||
Six Flags Entertainment Corp./Six Flags Theme Parks, Inc., 6.63%, 05/01/2032(b) | 704,000 | 715,874 | ||
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/2029(b) | 730,000 | 714,617 | ||
3,906,637 | ||||
Leisure Products–0.47% | ||||
Amer Sports Co. (Finland), 6.75%, 02/16/2031(b) | 704,000 | 702,647 | ||
Marine Transportation–1.47% | ||||
Viking Cruises Ltd., | ||||
7.00%, 02/15/2029(b) | 1,057,000 | 1,063,429 | ||
9.13%, 07/15/2031(b) | 1,072,000 | 1,161,914 | ||
2,225,343 | ||||
Metal, Glass & Plastic Containers–1.61% | ||||
Clydesdale Acquisition Holdings, Inc., | ||||
6.63%, 04/15/2029(b) | 673,000 | 662,167 | ||
8.75%, 04/15/2030(b) | 75,000 | 73,500 | ||
Mauser Packaging Solutions Holding Co., 9.25%, 04/15/2027(b) | 204,000 | 204,382 | ||
OI European Group B.V., 4.75%, 02/15/2030(b) | 1,160,000 | 1,061,946 |
Principal Amount | Value | |||
Metal, Glass & Plastic Containers–(continued) | ||||
Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031(b) | $423,000 | $422,795 | ||
2,424,790 | ||||
Multi-line Insurance–0.60% | ||||
Acrisure LLC/Acrisure Finance, Inc., | ||||
8.50%, 06/15/2029(b) | 250,000 | 252,794 | ||
6.00%, 08/01/2029(b) | 221,000 | 204,086 | ||
7.50%, 11/06/2030(b) | 455,000 | 455,666 | ||
912,546 | ||||
Office REITs–0.95% | ||||
Brandywine Operating Partnership L.P., 8.88%, 04/12/2029 | 681,000 | 710,086 | ||
Office Properties Income Trust, 9.00%, 03/31/2029(b) | 786,000 | 720,780 | ||
1,430,866 | ||||
Oil & Gas Drilling–1.63% | ||||
Transocean, Inc., | ||||
8.75%, 02/15/2030(b) | 669,600 | 703,540 | ||
8.50%, 05/15/2031(b) | 708,000 | 708,870 | ||
Valaris Ltd., 8.38%, 04/30/2030(b) | 1,007,000 | 1,043,331 | ||
2,455,741 | ||||
Oil & Gas Exploration & Production–3.49% | ||||
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(b) | 1,800,000 | 1,821,127 | ||
Ascent Resources Utica Holdings LLC/ARU Finance Corp., | ||||
7.00%, 11/01/2026(b) | 344,000 | 344,600 | ||
5.88%, 06/30/2029(b) | 372,000 | 363,821 | ||
Baytex Energy Corp. (Canada), 7.38%, 03/15/2032(b) | 1,064,000 | 1,082,043 | ||
Hilcorp Energy I L.P./Hilcorp Finance Co., | ||||
6.00%, 04/15/2030(b) | 193,000 | 186,558 | ||
6.00%, 02/01/2031(b) | 632,000 | 605,573 | ||
6.25%, 04/15/2032(b) | 180,000 | 173,238 | ||
8.38%, 11/01/2033(b) | 74,000 | 78,921 | ||
Venture Global LNG, Inc., 8.13%, 06/01/2028(b) | 596,000 | 614,480 | ||
5,270,361 | ||||
Oil & Gas Refining & Marketing–1.18% | ||||
CVR Energy, Inc., 8.50%, 01/15/2029(b) | 1,052,000 | 1,057,247 | ||
Sunoco L.P., | ||||
7.00%, 05/01/2029(b) | 308,000 | 315,883 | ||
7.25%, 05/01/2032(b) | 395,000 | 408,864 | ||
1,781,994 | ||||
Oil & Gas Storage & Transportation–8.42% | ||||
Blue Racer Midstream LLC/Blue Racer Finance Corp., | ||||
7.00%, 07/15/2029(b) | 654,000 | 666,436 | ||
7.25%, 07/15/2032(b) | 460,000 | 473,247 | ||
EQM Midstream Partners L.P., 6.50%, 07/15/2048 | 1,465,000 | 1,480,106 |
5 | Invesco V.I. High Yield Fund |
Principal Amount | Value | |||
Oil & Gas Storage & Transportation–(continued) | ||||
Genesis Energy L.P./Genesis Energy Finance Corp., | ||||
7.75%, 02/01/2028 | $669,000 | $676,648 | ||
8.88%, 04/15/2030 | 540,000 | 568,523 | ||
7.88%, 05/15/2032 | 977,000 | 986,996 | ||
Howard Midstream Energy Partners LLC, 7.38%, 07/15/2032(b) | 1,127,000 | 1,145,235 | ||
Martin Midstream Partners L.P./Martin Midstream Finance Corp., 11.50%, 02/15/2028(b) | 588,000 | 636,457 | ||
NGL Energy Operating LLC/NGL Energy Finance Corp., | ||||
8.13%, 02/15/2029(b) | 330,000 | 336,493 | ||
8.38%, 02/15/2032(b) | 695,000 | 706,252 | ||
Northriver Midstream Finance L.P. (Canada), 6.75%, 07/15/2032(b) | 756,000 | 757,796 | ||
Prairie Acquiror L.P., 9.00%, 08/01/2029(b) | 713,000 | 735,511 | ||
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 10.00%, 10/15/2026(b)(g) | 725,000 | 745,991 | ||
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp., 7.38%, 02/15/2029(b) | 1,021,000 | 1,026,760 | ||
Venture Global LNG, Inc., | ||||
9.50%, 02/01/2029(b) | 648,000 | 710,027 | ||
9.88%, 02/01/2032(b) | 977,000 | 1,064,002 | ||
12,716,480 | ||||
Other Specialty Retail–0.06% | ||||
Michaels Cos., Inc. (The), 7.88%, 05/01/2029(b) | 141,000 | 90,645 | ||
Paper & Plastic Packaging Products & Materials–0.14% | ||||
LABL, Inc., | ||||
10.50%, 07/15/2027(b) | 138,000 | 135,189 | ||
8.25%, 11/01/2029(b) | 80,000 | 68,573 | ||
203,762 | ||||
Passenger Airlines–1.41% | ||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/2029(b) | 2,180,000 | 2,122,892 | ||
Passenger Ground Transportation–0.18% | ||||
Uber Technologies, Inc., 4.50%, 08/15/2029(b) | 282,000 | 269,216 | ||
Personal Care Products–0.47% | ||||
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 4.75%, 01/15/2029(b) | 751,000 | 714,330 | ||
Pharmaceuticals–0.64% | ||||
Bausch Health Cos., Inc., | ||||
5.50%, 11/01/2025(b) | 397,000 | 370,185 | ||
5.75%, 08/15/2027(b) | 210,000 | 167,550 | ||
4.88%, 06/01/2028(b) | 203,000 | 152,158 | ||
6.25%, 02/15/2029(b) | 144,000 | 73,800 | ||
5.25%, 01/30/2030(b) | 284,000 | 133,403 |
Principal Amount | Value | |||
Pharmaceuticals–(continued) | ||||
HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 12.25%, 04/15/2029(b) | $70,000 | $69,841 | ||
966,937 | ||||
Real Estate Development–0.18% | ||||
Greystar Real Estate Partners LLC, 7.75%, 09/01/2030(b) | 255,000 | 268,739 | ||
Research & Consulting Services–0.53% | ||||
Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029(b) | 865,000 | 804,069 | ||
Restaurants–0.13% | ||||
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/2030(b) | 223,000 | 196,005 | ||
Security & Alarm Services–0.29% | ||||
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 06/01/2029(b) | 355,000 | 311,106 | ||
Garda World Security Corp. (Canada), 9.50%, 11/01/2027(b) | 133,000 | 133,744 | ||
444,850 | ||||
Semiconductor Materials & Equipment–0.47% | ||||
Entegris, Inc., 5.95%, 06/15/2030(b) | 709,000 | 702,420 | ||
Single-Family Residential REITs–0.43% | ||||
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.63%, 01/15/2028(b) | 653,000 | 652,730 | ||
Specialized Consumer Services–2.11% | ||||
Allwyn Entertainment Financing (UK) PLC (Czech Republic), 7.88%, 04/30/2029(b) | 1,014,000 | 1,048,339 | ||
Carriage Services, Inc., 4.25%, 05/15/2029(b) | 2,386,000 | 2,134,266 | ||
3,182,605 | ||||
Specialized Finance–0.23% | ||||
Jefferson Capital Holdings LLC, 9.50%, 02/15/2029(b) | 342,000 | 352,879 | ||
Specialty Chemicals–0.17% | ||||
Olympus Water US Holding Corp., 6.25%, 10/01/2029(b) | 200,000 | 182,790 | ||
WR Grace Holdings LLC, 5.63%, 08/15/2029(b) | 78,000 | 71,975 | ||
254,765 | ||||
Steel–0.74% | ||||
Cleveland-Cliffs, Inc., | ||||
6.75%, 04/15/2030(b) | 437,000 | 432,907 | ||
7.00%, 03/15/2032(b) | 351,000 | 347,465 | ||
6.25%, 10/01/2040 | 397,000 | 333,016 | ||
1,113,388 | ||||
Systems Software–0.49% | ||||
CrowdStrike Holdings, Inc., 3.00%, 02/15/2029 | 653,000 | 589,307 | ||
McAfee Corp., 7.38%, 02/15/2030(b) | 157,000 | 145,152 | ||
734,459 |
6 | Invesco V.I. High Yield Fund |
Principal Amount | Value | |||
Technology Hardware, Storage & Peripherals–0.46% | ||||
Seagate HDD Cayman, 9.63%, 12/01/2032 | $614,000 | $700,893 | ||
Tires & Rubber–0.05% | ||||
FXI Holdings, Inc., 12.25%, 11/15/2026(b) | 69,000 | 68,544 | ||
Trading Companies & Distributors–3.43% | ||||
Air Lease Corp., Series B, 4.65%(d)(e) | 755,000 | 718,547 | ||
Aircastle Ltd., 5.25%(b)(d)(e) | 1,548,000 | 1,500,230 | ||
BlueLinx Holdings, Inc., 6.00%, 11/15/2029(b) | 365,000 | 339,760 | ||
Fortress Transportation and Infrastructure Investors LLC, | ||||
5.50%, 05/01/2028(b) | 785,000 | 761,871 | ||
7.88%, 12/01/2030(b) | 1,059,000 | 1,109,370 | ||
7.00%, 06/15/2032(b) | 744,000 | 755,206 | ||
5,184,984 | ||||
Wireless Telecommunication Services–1.39% | ||||
VMED O2 UK Financing I PLC (United Kingdom), 4.75%, 07/15/2031(b) | 873,000 | 737,458 | ||
Vodafone Group PLC (United Kingdom), 4.13%, 06/04/2081(d) | 1,588,000 | 1,355,747 | ||
2,093,205 | ||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $125,456,249) | 127,027,976 | |||
Variable Rate Senior Loan Interests–7.33%(h)(i) | ||||
Advertising–0.30% | ||||
Clear Channel Outdoor Holdings, Inc., Term Loan B, 9.46% (1 mo. Term SOFR + 4.00%), 08/23/2028 | 461,188 | 462,437 | ||
Apparel Retail–0.42% | ||||
Victoria’s Secret & Co., First Lien Term Loan, 8.85% (3 mo. Term SOFR + 3.51%), 08/02/2028 | 632,543 | 632,941 | ||
Cable & Satellite–0.22% | ||||
CSC Holdings LLC, Term Loan, 0.00% (1 mo. Term SOFR + 2.50%), 04/15/2027 | 400,000 | 333,438 | ||
Commodity Chemicals–0.18% | ||||
Schweitzer-Mauduit International, Inc. (SWM International), Term Loan B, 9.21% (1 mo. Term SOFR + 3.86%), 04/20/2028 | 271,888 | 271,549 | ||
Diversified Financial Services–0.47% | ||||
Boost Newco Borrower LLC (WorldPay), Term Loan, 8.33% (1 mo. Term SOFR + 3.00%), 01/31/2031 | 705,000 | 706,861 | ||
Health Care Services–0.15% | ||||
Concentra Health Services, Term Loan B, 7.59% (1 mo. Term SOFR + 2.25%), 06/26/2031(j) | 225,000 | 226,125 | ||
Health Care Supplies–0.40% | ||||
Mozart Debt Merger Sub, Inc. (Medline Industries), Term Loan B, 8.09% (1 mo. Term SOFR + 2.75%), 10/23/2028 | 605,043 | 606,933 |
Principal Amount | Value | ||
Hotel & Resort REITs–0.47% | |||
IRB Holding Corp., Term Loan B, 8.19% (1 mo. Term SOFR + 2.75%), 12/15/2027 | $703,869 | $704,397 | |
Hotels, Resorts & Cruise Lines–0.83% | |||
Carnival Corp., Term Loan B, 8.09% (1 mo. Term SOFR + 2.75%), 10/18/2028 | 539,659 | 541,767 | |
Scientific Games Lottery, First Lien Term Loan, 8.31% (3 mo. Term SOFR + 3.50%), 04/04/2029 | 709,346 | 708,753 | |
1,250,520 | |||
Interactive Media & Services–0.47% | |||
Camelot Finance L.P., Term Loan, 8.09% (1 mo. Term SOFR + 2.75%), 01/31/2031 | 703,238 | 705,347 | |
Life Sciences Tools & Services–0.45% | |||
Syneos Health, Inc., Term Loan, 9.08% (3 mo. Term SOFR + 4.00%), 09/27/2030 | 687,277 | 687,549 | |
Oil & Gas Exploration & Production–0.49% | |||
Prairie ECI Acquiror L.P., Term Loan B-2, 10.09% (1 mo. Term SOFR + 4.75%), 08/01/2029 | 743,137 | 744,535 | |
Passenger Ground Transportation–0.28% | |||
Uber Technologies, Inc., Term Loan B, 8.09% (3 mo. Term SOFR + 2.75%), 03/03/2030 | 420,326 | 422,833 | |
Pharmaceuticals–0.50% | |||
Endo Finance Holdings, Inc., Term Loan B, 0.00% (3 mo. Term SOFR + 4.50%), 04/23/2031 | 750,000 | 750,004 | |
Real Estate Development–0.31% | |||
Greystar Real Estate Partners LLC, Term Loan B, 8.58% (3 mo. Term SOFR + 3.25%), 08/21/2030(j) | 468,466 | 471,394 | |
Real Estate Services–0.46% | |||
DTZ U.S. Borrower LLC, Term Loan B, 9.09% (1 mo. Term SOFR + 3.75%), 01/31/2030(j) | 686,280 | 691,427 | |
Research & Consulting Services–0.47% | |||
Dun & Bradstreet Corp. (The), Incremental Term Loan B-2, 8.10% (1 mo. Term SOFR + 2.75%), 01/18/2029 | 704,737 | 706,059 | |
Trading Companies & Distributors–0.46% | |||
Jane Street Group LLC, Term Loan, 7.96% (1 mo. Term SOFR + 2.50%), 01/26/2028 | 691,418 | 691,594 | |
Total Variable Rate Senior Loan Interests (Cost $11,001,702) | 11,065,943 | ||
Shares | |||
Exchange-Traded Funds–3.35% | |||
iShares iBoxx High Yield Corporate Bond ETF (Cost $5,058,565)(k) | 65,500 | 5,052,670 |
7 | Invesco V.I. High Yield Fund |
Principal Amount | Value | ||
Non-U.S. Dollar Denominated Bonds & Notes–1.61%(l) | |||
Casinos & Gaming–0.09% | |||
Codere Finance 2 (Luxembourg) S.A. (Spain), 3.00% PIK Rate, 8.00% Cash Rate, 09/30/2026(b)(c) | EUR | 259,599 | $137,619 |
Diversified Banks–0.83% | |||
Banco Bilbao Vizcaya Argentaria S.A. (Spain), 6.00%(b)(d)(e) | EUR | 400,000 | 427,031 |
Cooperatieve Rabobank U.A. (Netherlands), 4.38%(b)(d)(e) | EUR | 400,000 | 407,764 |
Lloyds Banking Group PLC (United Kingdom), 4.95%(b)(d)(e) | EUR | 400,000 | 422,771 |
1,257,566 | |||
Diversified Capital Markets–0.31% | |||
Deutsche Bank AG (Germany), 10.00%(b)(d)(e) | EUR | 400,000 | 461,323 |
Health Care REITs–0.38% | |||
MPT Operating Partnership L.P./MPT Finance Corp., 3.33%, 03/24/2025 | EUR | 561,000 | 570,768 |
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $2,429,776) | 2,427,276 | ||
Shares | |||
Common Stocks & Other Equity Interests–0.22% | |||
Food Retail–0.01% | |||
Casino Guichard-Perrachon S.A. (France)(k)(m) | 3,370 | 13,035 | |
Casino Guichard-Perrachon S.A., Wts., expiring 04/27/2029 (France)(m) | 184,690 | 99 | |
13,134 | |||
Pharmaceuticals–0.21% | |||
Endo, Inc.(b)(m) | 239 | 6,722 |
Shares | Value | ||
Pharmaceuticals–(continued) | |||
Endo, Inc.(m) | 10,974 | $308,644 | |
315,366 | |||
Total Common Stocks & Other Equity Interests (Cost $278,281) | 328,500 | ||
Money Market Funds–3.55% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(n)(o) | 1,874,913 | 1,874,913 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(n)(o) | 1,349,756 | 1,350,161 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(n)(o) | 2,142,758 | 2,142,758 | |
Total Money Market Funds (Cost $5,367,822) | 5,367,832 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.21% (Cost $149,592,395) | 151,270,197 | ||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–3.40% | |||
Invesco Private Government Fund, 5.31%(n)(o)(p) | 1,438,069 | 1,438,069 | |
Invesco Private Prime Fund, 5.48%(n)(o)(p) | 3,696,355 | 3,697,463 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $5,135,532) | 5,135,532 | ||
TOTAL INVESTMENTS IN SECURITIES–103.61% (Cost $154,727,927) | 156,405,729 | ||
OTHER ASSETS LESS LIABILITIES—(3.61)% | (5,451,998) | ||
NET ASSETS–100.00% | $150,953,731 |
ETF | – Exchange-Traded Fund |
EUR | – Euro |
PIK | – Pay-in-Kind |
REIT | – Real Estate Investment Trust |
SOFR | – Secured Overnight Financing Rate |
Wts. | – Warrants |
8 | Invesco V.I. High Yield Fund |
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at June 30, 2024 was $112,457,310, which represented 74.50% of the Fund’s Net Assets. |
(c) | All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities. |
(d) | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
(e) | Perpetual bond with no specified maturity date. |
(f) | Zero coupon bond issued at a discount. |
(g) | Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date. |
(h) | Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years. |
(i) | Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the Secured Overnight Financing Rate ("SOFR"), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank. |
(j) | Security valued using significant unobservable inputs (Level 3). See Note 3. |
(k) | All or a portion of this security was out on loan at June 30, 2024. |
(l) | Foreign denominated security. Principal amount is denominated in the currency indicated. |
(m) | Non-income producing security. |
(n) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Invesco AT1 Capital Bond UCITS ETF | $704,529 | $1,688,473 | $(2,396,296) | $(60,005) | $63,299 | $- | $- |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | 112,903 | 17,365,087 | (15,603,077) | - | - | 1,874,913 | 31,617 |
Invesco Liquid Assets Portfolio, Institutional Class | 100,530 | 12,403,634 | (11,153,671) | (14) | (318) | 1,350,161 | 23,846 |
Invesco Treasury Portfolio, Institutional Class | 129,032 | 19,845,814 | (17,832,088) | - | - | 2,142,758 | 36,056 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | - | 9,123,358 | (7,685,289) | - | - | 1,438,069 | 7,804* |
Invesco Private Prime Fund | - | 21,700,240 | (18,002,777) | - | - | 3,697,463 | 21,197* |
Total | $1,046,994 | $82,126,606 | $(72,673,198) | $(60,019) | $62,981 | $10,503,364 | $120,520 |
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(o) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(p) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1K. |
Open Forward Foreign Currency Contracts | ||||||
Settlement Date | Counterparty | Contract to | Unrealized Appreciation | |||
Deliver | Receive | |||||
Currency Risk | ||||||
08/22/2024 | Citibank, N.A. | EUR | 4,596,000 | USD | 4,974,615 | $40,612 |
08/22/2024 | UBS AG | USD | 1,835,267 | EUR | 1,714,000 | 4,785 |
Total Forward Foreign Currency Contracts | $45,397 |
Open Centrally Cleared Credit Default Swap Agreements(a) | ||||||||||
Reference Entity | Buy/Sell Protection | (Pay)/ Receive Fixed Rate | Payment Frequency | Maturity Date | Implied Credit Spread | Notional Value | Upfront Payments Paid (Received) | Value | Unrealized Appreciation (Depreciation) | |
Credit Risk | ||||||||||
Markit CDX North America High Yield Index, Series 41, Version 1 | Sell | 5.00% | Quarterly | 12/20/2028 | 3.280% | USD | 5,445,000 | $167,270 | $346,808 | $179,538 |
9 | Invesco V.I. High Yield Fund |
Open Centrally Cleared Credit Default Swap Agreements(a)—(continued) | ||||||||||
Reference Entity | Buy/Sell Protection | (Pay)/ Receive Fixed Rate | Payment Frequency | Maturity Date | Implied Credit Spread | Notional Value | Upfront Payments Paid (Received) | Value | Unrealized Appreciation (Depreciation) | |
Credit Risk | ||||||||||
Markit CDX North America High Yield Index, Series 42, Version 1 | Sell | 5.00% | Quarterly | 06/20/2029 | 3.439% | USD | 1,500,000 | $96,582 | $94,088 | $(2,494) |
Total Centrally Cleared Credit Default Swap Agreements | $263,852 | $440,896 | $177,044 |
(a) | Centrally cleared swap agreements collateralized by $532,526 cash held with Bank of America. |
Abbreviations: | |
EUR | —Euro |
USD | —U.S. Dollar |
10 | Invesco V.I. High Yield Fund |
Assets: | |
Investments in unaffiliated securities, at value (Cost $144,224,573)* | $145,902,365 |
Investments in affiliated money market funds, at value (Cost $10,503,354) | 10,503,364 |
Other investments: | |
Variation margin receivable—centrally cleared swap agreements | 179,260 |
Unrealized appreciation on forward foreign currency contracts outstanding | 45,397 |
Deposits with brokers: | |
Cash collateral — centrally cleared swap agreements | 532,526 |
Foreign currencies, at value (Cost $866,294) | 867,272 |
Receivable for: | |
Investments sold | 160,027 |
Fund shares sold | 17,281 |
Dividends | 14,165 |
Interest | 2,513,191 |
Investment for trustee deferred compensation and retirement plans | 37,894 |
Total assets | 160,772,742 |
Liabilities: | |
Payable for: | |
Investments purchased | 4,464,798 |
Fund shares reacquired | 43,080 |
Amount due custodian | 4,644 |
Collateral upon return of securities loaned | 5,135,532 |
Accrued fees to affiliates | 95,749 |
Accrued other operating expenses | 32,961 |
Trustee deferred compensation and retirement plans | 42,247 |
Total liabilities | 9,819,011 |
Net assets applicable to shares outstanding | $150,953,731 |
Net assets consist of: | |
Shares of beneficial interest | $177,484,153 |
Distributable earnings (loss) | (26,530,422) |
$150,953,731 | |
Net Assets: | |
Series I | $39,096,608 |
Series II | $111,857,123 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 8,105,279 |
Series II | 23,518,028 |
Series I: | |
Net asset value per share | $4.82 |
Series II: | |
Net asset value per share | $4.76 |
* | At June 30, 2024, securities with an aggregate value of $5,014,889 were on loan to brokers. |
Investment income: | |
Interest | $5,276,673 |
Dividends | 23,455 |
Dividends from affiliated money market funds (includes net securities lending income of $2,451) | 93,970 |
Total investment income | 5,394,098 |
Expenses: | |
Advisory fees | 449,017 |
Administrative services fees | 118,167 |
Custodian fees | 5,636 |
Distribution fees - Series II | 135,495 |
Transfer agent fees | 3,415 |
Trustees’ and officers’ fees and benefits | 9,855 |
Reports to shareholders | 58,154 |
Professional services fees | 36,172 |
Other | (32) |
Total expenses | 815,879 |
Less: Fees waived | (1,699) |
Net expenses | 814,180 |
Net investment income | 4,579,918 |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | (1,148,389) |
Affiliated investment securities | 62,981 |
Foreign currencies | (45,415) |
Forward foreign currency contracts | (53,077) |
Futures contracts | (30,158) |
Swap agreements | 209,329 |
(1,004,729) | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | 176,942 |
Affiliated investment securities | (60,019) |
Foreign currencies | (32,340) |
Forward foreign currency contracts | 299,212 |
Swap agreements | 21,387 |
405,182 | |
Net realized and unrealized gain (loss) | (599,547) |
Net increase in net assets resulting from operations | $3,980,371 |
11 | Invesco V.I. High Yield Fund |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income | $4,579,918 | $8,652,848 |
Net realized gain (loss) | (1,004,729) | (10,667,024) |
Change in net unrealized appreciation | 405,182 | 14,699,462 |
Net increase in net assets resulting from operations | 3,980,371 | 12,685,286 |
Distributions to shareholders from distributable earnings: | ||
Series I | — | (1,376,801) |
Series II | — | (5,260,625) |
Total distributions from distributable earnings | — | (6,637,426) |
Share transactions–net: | ||
Series I | 3,989,433 | (14,058,055) |
Series II | 851,541 | 4,040,548 |
Net increase (decrease) in net assets resulting from share transactions | 4,840,974 | (10,017,507) |
Net increase (decrease) in net assets | 8,821,345 | (3,969,647) |
Net assets: | ||
Beginning of period | 142,132,386 | 146,102,033 |
End of period | $150,953,731 | $142,132,386 |
12 | Invesco V.I. High Yield Fund |
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Ratio of net investment income to average net assets | Portfolio turnover (c) | |
Series I | ||||||||||||
Six months ended 06/30/24 | $4.69 | $0.15 | $(0.02) | $0.13 | $— | $4.82 | 2.77% | $39,097 | 0.95%(d) | 0.95%(d) | 6.56%(d) | 71% |
Year ended 12/31/23 | 4.50 | 0.31 | 0.13 | 0.44 | (0.25) | 4.69 | 10.18 | 34,106 | 0.88 | 0.88 | 6.58 | 151 |
Year ended 12/31/22 | 5.23 | 0.23 | (0.73) | (0.50) | (0.23) | 4.50 | (9.55) | 46,466 | 0.86 | 0.86 | 4.92 | 89 |
Year ended 12/31/21 | 5.26 | 0.20 | 0.03 | 0.23 | (0.26) | 5.23 | 4.38 | 40,989 | 0.94 | 0.94 | 3.83 | 103 |
Year ended 12/31/20 | 5.41 | 0.28 | (0.12) | 0.16 | (0.31) | 5.26 | 3.32 | 44,543 | 0.93 | 0.94 | 5.39 | 89 |
Year ended 12/31/19 | 5.06 | 0.29 | 0.39 | 0.68 | (0.33) | 5.41 | 13.51 | 50,190 | 0.88 | 0.89 | 5.45 | 54 |
Series II | ||||||||||||
Six months ended 06/30/24 | 4.63 | 0.15 | (0.02) | 0.13 | — | 4.76 | 2.81 | 111,857 | 1.20(d) | 1.20(d) | 6.31(d) | 71 |
Year ended 12/31/23 | 4.45 | 0.29 | 0.13 | 0.42 | (0.24) | 4.63 | 9.77 | 108,026 | 1.13 | 1.13 | 6.33 | 151 |
Year ended 12/31/22 | 5.16 | 0.22 | (0.72) | (0.50) | (0.21) | 4.45 | (9.55) | 99,637 | 1.11 | 1.11 | 4.67 | 89 |
Year ended 12/31/21 | 5.20 | 0.19 | 0.02 | 0.21 | (0.25) | 5.16 | 4.00 | 113,869 | 1.19 | 1.19 | 3.58 | 103 |
Year ended 12/31/20 | 5.36 | 0.26 | (0.12) | 0.14 | (0.30) | 5.20 | 2.90 | 103,568 | 1.18 | 1.19 | 5.14 | 89 |
Year ended 12/31/19 | 5.02 | 0.28 | 0.37 | 0.65 | (0.31) | 5.36 | 13.16 | 104,929 | 1.13 | 1.14 | 5.20 | 54 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Annualized. |
13 | Invesco V.I. High Yield Fund |
A. | Security Valuations – Securities, including restricted securities, are valued according to the following policy. |
14 | Invesco V.I. High Yield Fund |
B. | Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Securities Purchased on a When-Issued and Delayed Delivery Basis — The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date. |
J. | Lower-Rated Securities – The Fund normally invests at least 80% of its net assets in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. |
K. | Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. |
15 | Invesco V.I. High Yield Fund |
Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities. |
L. | Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
M. | Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk. |
N. | Swap Agreements — The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (“OTC”) between two parties (“uncleared/ OTC”) or, in some instances, must be transacted through a future commission merchant (“FCM”) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/ or provide limits regarding the decline of the Fund’s net asset value ("NAV") per share over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any. |
16 | Invesco V.I. High Yield Fund |
O. | Bank Loan Risk — Although the resale, or secondary market for floating rate loans has grown substantially over the past decade, both in overall size and number of market participants, there is no organized exchange or board of trade on which floating rate loans are traded. Instead, the secondary market for floating rate loans is a private, unregulated interdealer or interbank resale market. Such a market may therefore be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may impair the Fund’s ability to sell bank loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. Similar to other asset classes, bank loan funds may be exposed to counterparty credit risk, or the risk than an entity with which the Fund has unsettled or open transactions may fail to or be unable to perform on its commitments. The Fund seeks to manage counterparty credit risk by entering into transactions only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. |
P. | Other Risks - The Fund invests in corporate loans from U.S. or non-U.S. companies (the “Borrowers”). The investment of the Fund in a corporate loan may take the form of participation interests or assignments. If the Fund purchases a participation interest from a syndicate of lenders (“Lenders”) or one of the participants in the syndicate (“Participant”), one or more of which administers the loan on behalf of all the Lenders (the “Agent Bank”), the Fund would be required to rely on the Lender that sold the participation interest not only for the enforcement of the Fund’s rights against the Borrower but also for the receipt and processing of payments due to the Fund under the corporate loans. As such, the Fund is subject to the credit risk of the Borrower and the Participant. Lenders and Participants interposed between the Fund and a Borrower, together with Agent Banks, are referred to as “Intermediate Participants”. |
17 | Invesco V.I. High Yield Fund |
Average Daily Net Assets | Rate |
First $200 million | 0.625% |
Next $300 million | 0.550% |
Next $500 million | 0.500% |
Over $1 billion | 0.450% |
18 | Invesco V.I. High Yield Fund |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
U.S. Dollar Denominated Bonds & Notes | $— | $127,027,976 | $— | $127,027,976 |
Variable Rate Senior Loan Interests | — | 9,676,997 | 1,388,946 | 11,065,943 |
Exchange-Traded Funds | 5,052,670 | — | — | 5,052,670 |
Non-U.S. Dollar Denominated Bonds & Notes | — | 2,427,276 | — | 2,427,276 |
Common Stocks & Other Equity Interests | 99 | 328,401 | — | 328,500 |
Money Market Funds | 5,367,832 | 5,135,532 | — | 10,503,364 |
Total Investments in Securities | 10,420,601 | 144,596,182 | 1,388,946 | 156,405,729 |
Other Investments - Assets* | ||||
Forward Foreign Currency Contracts | — | 45,397 | — | 45,397 |
Swap Agreements | — | 179,538 | — | 179,538 |
— | 224,935 | — | 224,935 | |
Other Investments - Liabilities* | ||||
Swap Agreements | — | (2,494) | — | (2,494) |
Total Other Investments | — | 222,441 | — | 222,441 |
Total Investments | $10,420,601 | $144,818,623 | $1,388,946 | $156,628,170 |
* | Unrealized appreciation (depreciation). |
Value | |||
Derivative Assets | Credit Risk | Currency Risk | Total |
Unrealized appreciation on swap agreements — Centrally Cleared(a) | $179,538 | $— | $179,538 |
Unrealized appreciation on forward foreign currency contracts outstanding | — | 45,397 | 45,397 |
Total Derivative Assets | 179,538 | 45,397 | 224,935 |
Derivatives not subject to master netting agreements | (179,538) | — | (179,538) |
Total Derivative Assets subject to master netting agreements | $— | $45,397 | $45,397 |
Value | |
Derivative Liabilities | Credit Risk |
Unrealized depreciation on swap agreements — Centrally Cleared(a) | $(2,494) |
Derivatives not subject to master netting agreements | 2,494 |
Total Derivative Liabilities subject to master netting agreements | $— |
(a) | The daily variation margin receivable (payable) at period-end is recorded in the Statement of Assets and Liabilities. |
Financial Derivative Assets | Collateral (Received)/Pledged | ||||
Counterparty | Forward Foreign Currency Contracts | Net Value of Derivatives | Non-Cash | Cash | Net Amount |
Citibank, N.A. | $40,612 | $40,612 | $— | $— | $40,612 |
UBS AG | 4,785 | 4,785 | — | — | 4,785 |
Total | $45,397 | $45,397 | $— | $— | $45,397 |
19 | Invesco V.I. High Yield Fund |
Location of Gain (Loss) on Statement of Operations | ||||
Credit Risk | Currency Risk | Equity Risk | Total | |
Realized Gain (Loss): | ||||
Forward foreign currency contracts | $- | $(53,077) | $- | $(53,077) |
Futures contracts | - | - | (30,158) | (30,158) |
Swap agreements | 209,329 | - | - | 209,329 |
Change in Net Unrealized Appreciation: | ||||
Forward foreign currency contracts | - | 299,212 | - | 299,212 |
Swap agreements | 21,387 | - | - | 21,387 |
Total | $230,716 | $246,135 | $(30,158) | $446,693 |
Forward Foreign Currency Contracts | Futures Contracts | Swap Agreements | |
Average notional value | $8,351,551 | $2,743,794 | $7,267,500 |
Capital Loss Carryforward* | |||
Expiration | Short-Term | Long-Term | Total |
Not subject to expiration | $10,173,849 | $30,268,029 | $40,441,878 |
* | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $2,971,055 |
Aggregate unrealized (depreciation) of investments | (1,224,419) |
Net unrealized appreciation of investments | $1,746,636 |
20 | Invesco V.I. High Yield Fund |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 2,313,301 | $10,999,426 | 5,318,573 | $24,320,625 | |
Series II | 1,386,922 | 6,497,914 | 1,954,684 | 8,927,865 | |
Issued as reinvestment of dividends: | |||||
Series I | - | - | 315,058 | 1,376,801 | |
Series II | - | - | 1,217,737 | 5,260,625 | |
Reacquired: | |||||
Series I | (1,483,238) | (7,009,993) | (8,673,899) | (39,755,481) | |
Series II | (1,209,030) | (5,646,373) | (2,228,220) | (10,147,942) | |
Net increase (decrease) in share activity | 1,007,955 | $4,840,974 | (2,096,067) | $(10,017,507) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 76% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
21 | Invesco V.I. High Yield Fund |
22 | Invesco V.I. High Yield Fund |
23 | Invesco V.I. High Yield Fund |
24 | Invesco V.I. High Yield Fund |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
25 | Invesco V.I. High Yield Fund |
26 | Invesco V.I. High Yield Fund |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/imga66780141.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | O-VIMST-NCSRS |
Shares | Value | ||
Common Stocks & Other Equity Interests–99.71% | |||
Aerospace & Defense–0.57% | |||
Huntington Ingalls Industries, Inc. | 16,528 | $4,071,342 | |
Air Freight & Logistics–1.30% | |||
United Parcel Service, Inc., Class B | 67,435 | 9,228,480 | |
Application Software–1.15% | |||
Tyler Technologies, Inc.(b) | 16,291 | 8,190,789 | |
Asset Management & Custody Banks–0.40% | |||
Ares Management Corp., Class A | 21,507 | 2,866,453 | |
Automobile Manufacturers–0.40% | |||
Tesla, Inc.(b)(c) | 14,288 | 2,827,309 | |
Automotive Parts & Equipment–0.93% | |||
Aptiv PLC(b) | 50,186 | 3,534,098 | |
Mobileye Global, Inc., Class A (Israel)(b)(c) | 110,720 | 3,109,571 | |
6,643,669 | |||
Automotive Retail–0.99% | |||
Valvoline, Inc.(b)(c) | 162,323 | 7,012,354 | |
Biotechnology–0.67% | |||
Gilead Sciences, Inc. | 69,934 | 4,798,172 | |
Broadline Retail–4.32% | |||
Amazon.com, Inc.(b) | 159,108 | 30,747,621 | |
Construction Materials–0.50% | |||
CRH PLC | 47,205 | 3,539,431 | |
Consumer Finance–1.89% | |||
American Express Co. | 58,015 | 13,433,373 | |
Consumer Staples Merchandise Retail–1.56% | |||
Walmart, Inc. | 163,951 | 11,101,122 | |
Distillers & Vintners–1.99% | |||
Constellation Brands, Inc., Class A | 55,155 | 14,190,278 | |
Diversified Banks–3.65% | |||
JPMorgan Chase & Co. | 90,147 | 18,233,132 | |
Wells Fargo & Co. | 130,511 | 7,751,048 | |
25,984,180 | |||
Diversified Financial Services–1.42% | |||
Equitable Holdings, Inc. | 246,979 | 10,091,562 | |
Electric Utilities–0.48% | |||
FirstEnergy Corp. | 88,803 | 3,398,491 | |
Electrical Components & Equipment–2.90% | |||
Emerson Electric Co. | 93,503 | 10,300,291 | |
Hubbell, Inc. | 22,010 | 8,044,215 | |
Rockwell Automation, Inc. | 8,398 | 2,311,801 | |
20,656,307 | |||
Gas Utilities–0.82% | |||
Atmos Energy Corp.(c) | 49,793 | 5,808,353 |
Shares | Value | ||
Health Care Equipment–3.98% | |||
Becton, Dickinson and Co. | 39,469 | $9,224,300 | |
Boston Scientific Corp.(b) | 103,619 | 7,979,699 | |
Zimmer Biomet Holdings, Inc. | 102,685 | 11,144,403 | |
28,348,402 | |||
Health Care Facilities–2.12% | |||
HCA Healthcare, Inc. | 25,347 | 8,143,484 | |
Tenet Healthcare Corp.(b) | 52,164 | 6,939,377 | |
15,082,861 | |||
Health Care Supplies–0.49% | |||
Cooper Cos., Inc. (The) | 40,316 | 3,519,587 | |
Industrial Machinery & Supplies & Components–0.73% | |||
Otis Worldwide Corp.(c) | 54,027 | 5,200,639 | |
Industrial REITs–1.50% | |||
Prologis, Inc. | 94,986 | 10,667,878 | |
Insurance Brokers–0.66% | |||
Arthur J. Gallagher & Co. | 18,062 | 4,683,657 | |
Integrated Oil & Gas–3.36% | |||
Chevron Corp. | 29,776 | 4,657,562 | |
Exxon Mobil Corp. | 167,040 | 19,229,645 | |
23,887,207 | |||
Integrated Telecommunication Services–1.84% | |||
Verizon Communications, Inc. | 318,223 | 13,123,517 | |
Interactive Media & Services–7.78% | |||
Alphabet, Inc., Class A | 189,835 | 34,578,445 | |
Meta Platforms, Inc., Class A | 41,150 | 20,748,653 | |
55,327,098 | |||
Internet Services & Infrastructure–0.45% | |||
MongoDB, Inc.(b) | 12,856 | 3,213,486 | |
Investment Banking & Brokerage–1.49% | |||
Charles Schwab Corp. (The) | 144,238 | 10,628,898 | |
IT Consulting & Other Services–0.78% | |||
Amdocs Ltd. | 70,229 | 5,542,473 | |
Life Sciences Tools & Services–1.02% | |||
Lonza Group AG (Switzerland) | 13,304 | 7,242,762 | |
Managed Health Care–2.39% | |||
UnitedHealth Group, Inc. | 33,355 | 16,986,367 | |
Movies & Entertainment–0.88% | |||
Walt Disney Co. (The) | 62,950 | 6,250,305 | |
Multi-line Insurance–1.63% | |||
American International Group, Inc. | 156,414 | 11,612,175 | |
Multi-Utilities–0.32% | |||
Ameren Corp. | 32,183 | 2,288,533 | |
Oil & Gas Exploration & Production–0.55% | |||
Marathon Oil Corp. | 136,459 | 3,912,280 |
2 | Invesco V.I. Main Street Fund® |
Shares | Value | ||
Passenger Ground Transportation–1.16% | |||
Uber Technologies, Inc.(b) | 113,967 | $8,283,122 | |
Personal Care Products–0.45% | |||
Coty, Inc., Class A(b)(c) | 321,448 | 3,220,909 | |
Pharmaceuticals–3.70% | |||
Eli Lilly and Co. | 15,964 | 14,453,486 | |
Merck & Co., Inc. | 95,689 | 11,846,298 | |
26,299,784 | |||
Research & Consulting Services–1.23% | |||
Equifax, Inc. | 36,147 | 8,764,202 | |
Semiconductor Materials & Equipment–2.15% | |||
Applied Materials, Inc. | 64,918 | 15,319,999 | |
Semiconductors–9.36% | |||
Broadcom, Inc. | 3,729 | 5,987,021 | |
NVIDIA Corp. | 433,872 | 53,600,547 | |
Texas Instruments, Inc. | 35,954 | 6,994,132 | |
66,581,700 | |||
Specialty Chemicals–1.10% | |||
DuPont de Nemours, Inc. | 97,036 | 7,810,428 | |
Systems Software–10.18% | |||
Microsoft Corp. | 134,153 | 59,959,683 | |
ServiceNow, Inc.(b) | 15,823 | 12,447,480 | |
72,407,163 | |||
Technology Hardware, Storage & Peripherals–6.03% | |||
Apple, Inc. | 187,322 | 39,453,760 | |
Dell Technologies, Inc., Class C | 24,832 | 3,424,581 | |
42,878,341 | |||
Tobacco–2.48% | |||
Philip Morris International, Inc. | 174,188 | 17,650,470 |
Shares | Value | ||
Trading Companies & Distributors–0.50% | |||
AerCap Holdings N.V. (Ireland) | 38,524 | $3,590,437 | |
Transaction & Payment Processing Services–2.81% | |||
Fiserv, Inc.(b) | 70,642 | 10,528,484 | |
Mastercard, Inc., Class A | 21,475 | 9,473,911 | |
20,002,395 | |||
Wireless Telecommunication Services–0.65% | |||
T-Mobile US, Inc.(c) | 26,144 | 4,606,050 | |
Total Common Stocks & Other Equity Interests (Cost $449,400,031) | 709,522,411 | ||
Money Market Funds–0.11% | |||
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(d)(e) (Cost $764,193) | 763,964 | 764,193 | |
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.82% (Cost $450,164,224) | 710,286,604 | ||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–1.74% | |||
Invesco Private Government Fund, 5.31%(d)(e)(f) | 3,462,201 | 3,462,201 | |
Invesco Private Prime Fund, 5.48%(d)(e)(f) | 8,900,132 | 8,902,802 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $12,365,003) | 12,365,003 | ||
TOTAL INVESTMENTS IN SECURITIES–101.56% (Cost $462,529,227) | 722,651,607 | ||
OTHER ASSETS LESS LIABILITIES—(1.56)% | (11,113,430) | ||
NET ASSETS–100.00% | $711,538,177 |
REIT | – Real Estate Investment Trust |
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at June 30, 2024. |
(d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Liquid Assets Portfolio, Institutional Class | $9,454,041 | $50,957,675 | $(59,645,156) | $(344) | $(2,023) | $764,193 | $92,907 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | 12,022,501 | 110,774,833 | (119,335,133) | - | - | 3,462,201 | 172,029* |
Invesco Private Prime Fund | 30,915,002 | 239,672,334 | (261,671,822) | (2,557) | (10,155) | 8,902,802 | 462,260* |
Total | $52,391,544 | $401,404,842 | $(440,652,111) | $(2,901) | $(12,178) | $13,129,196 | $727,196 |
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
3 | Invesco V.I. Main Street Fund® |
(e) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I. |
4 | Invesco V.I. Main Street Fund® |
Assets: | |
Investments in unaffiliated securities, at value (Cost $449,400,031)* | $709,522,411 |
Investments in affiliated money market funds, at value (Cost $13,129,196) | 13,129,196 |
Cash | 733,805 |
Foreign currencies, at value (Cost $419) | 403 |
Receivable for: | |
Fund shares sold | 976,396 |
Dividends | 420,616 |
Investment for trustee deferred compensation and retirement plans | 147,372 |
Other assets | 159 |
Total assets | 724,930,358 |
Liabilities: | |
Payable for: | |
Fund shares reacquired | 511,102 |
Collateral upon return of securities loaned | 12,365,003 |
Accrued fees to affiliates | 346,886 |
Accrued other operating expenses | 21,818 |
Trustee deferred compensation and retirement plans | 147,372 |
Total liabilities | 13,392,181 |
Net assets applicable to shares outstanding | $711,538,177 |
Net assets consist of: | |
Shares of beneficial interest | $359,548,061 |
Distributable earnings | 351,990,116 |
$711,538,177 | |
Net Assets: | |
Series I | $380,815,509 |
Series II | $330,722,668 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 17,959,483 |
Series II | 16,006,764 |
Series I: | |
Net asset value per share | $21.20 |
Series II: | |
Net asset value per share | $20.66 |
* | At June 30, 2024, securities with an aggregate value of $12,142,211 were on loan to brokers. |
Investment income: | |
Dividends (net of foreign withholding taxes of $4,521) | $4,657,886 |
Dividends from affiliated money market funds (includes net securities lending income of $30,106) | 123,013 |
Total investment income | 4,780,899 |
Expenses: | |
Advisory fees | 2,408,115 |
Administrative services fees | 502,172 |
Custodian fees | 3,110 |
Distribution fees - Series II | 409,987 |
Transfer agent fees | 15,114 |
Trustees’ and officers’ fees and benefits | 11,926 |
Reports to shareholders | 102,167 |
Professional services fees | 23,076 |
Other | 2,958 |
Total expenses | 3,478,625 |
Less: Fees waived | (307,624) |
Net expenses | 3,171,001 |
Net investment income | 1,609,898 |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | 20,041,942 |
Affiliated investment securities | (12,178) |
Foreign currencies | (1,017) |
20,028,747 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | 82,935,349 |
Affiliated investment securities | (2,901) |
Foreign currencies | (557) |
82,931,891 | |
Net realized and unrealized gain | 102,960,638 |
Net increase in net assets resulting from operations | $104,570,536 |
5 | Invesco V.I. Main Street Fund® |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income | $1,609,898 | $3,674,400 |
Net realized gain | 20,028,747 | 86,767,121 |
Change in net unrealized appreciation | 82,931,891 | 57,569,869 |
Net increase in net assets resulting from operations | 104,570,536 | 148,011,390 |
Distributions to shareholders from distributable earnings: | ||
Series I | — | (25,219,796) |
Series II | — | (23,237,211) |
Total distributions from distributable earnings | — | (48,457,007) |
Share transactions–net: | ||
Series I | (19,205,845) | (10,832,367) |
Series II | (41,486,159) | (118,163,961) |
Net increase (decrease) in net assets resulting from share transactions | (60,692,004) | (128,996,328) |
Net increase (decrease) in net assets | 43,878,532 | (29,441,945) |
Net assets: | ||
Beginning of period | 667,659,645 | 697,101,590 |
End of period | $711,538,177 | $667,659,645 |
6 | Invesco V.I. Main Street Fund® |
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c) | Ratio of net investment income to average net assets | Portfolio turnover (d) | |
Series I | ||||||||||||||
Six months ended 06/30/24 | $18.22 | $0.06 | $2.92 | $2.98 | $— | $— | $— | $21.20 | 16.36% | $380,816 | 0.80%(e) | 0.89%(e) | 0.58%(e) | 14% |
Year ended 12/31/23 | 16.12 | 0.12 | 3.40 | 3.52 | (0.16) | (1.26) | (1.42) | 18.22 | 23.22 | 344,992 | 0.80 | 0.87 | 0.66 | 63 |
Year ended 12/31/22 | 35.83 | 0.20 | (7.70) | (7.50) | (0.46) | (11.75) | (12.21) | 16.12 | (20.13) | 312,361 | 0.80 | 0.86 | 0.74 | 58 |
Year ended 12/31/21 | 29.91 | 0.25 | 7.93 | 8.18 | (0.25) | (2.01) | (2.26) | 35.83 | 27.57 | 428,274 | 0.79 | 0.79 | 0.73 | 55 |
Year ended 12/31/20 | 29.44 | 0.22 | 3.63 | 3.85 | (0.45) | (2.93) | (3.38) | 29.91 | 13.94 | 505,877 | 0.80 | 0.84 | 0.78 | 46 |
Year ended 12/31/19 | 26.82 | 0.32 | 7.73 | 8.05 | (0.34) | (5.09) | (5.43) | 29.44 | 32.03 | 570,821 | 0.80 | 0.82 | 1.11 | 43 |
Series II | ||||||||||||||
Six months ended 06/30/24 | 17.77 | 0.03 | 2.86 | 2.89 | — | — | — | 20.66 | 16.26 | 330,723 | 1.05(e) | 1.14(e) | 0.33(e) | 14 |
Year ended 12/31/23 | 15.74 | 0.07 | 3.31 | 3.38 | (0.09) | (1.26) | (1.35) | 17.77 | 22.83 | 322,668 | 1.05 | 1.12 | 0.41 | 63 |
Year ended 12/31/22 | 35.28 | 0.13 | (7.58) | (7.45) | (0.34) | (11.75) | (12.09) | 15.74 | (20.31) | 384,741 | 1.05 | 1.11 | 0.49 | 58 |
Year ended 12/31/21 | 29.49 | 0.16 | 7.82 | 7.98 | (0.18) | (2.01) | (2.19) | 35.28 | 27.28 | 592,530 | 1.04 | 1.04 | 0.48 | 55 |
Year ended 12/31/20 | 29.05 | 0.15 | 3.57 | 3.72 | (0.35) | (2.93) | (3.28) | 29.49 | 13.65 | 596,736 | 1.05 | 1.09 | 0.53 | 46 |
Year ended 12/31/19 | 26.51 | 0.25 | 7.64 | 7.89 | (0.26) | (5.09) | (5.35) | 29.05 | 31.74 | 731,463 | 1.05 | 1.07 | 0.86 | 43 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America. Total returns are not annualized for periods less than one year, if applicable and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the year ended December 31, 2019. |
(d) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(e) | Annualized. |
7 | Invesco V.I. Main Street Fund® |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
8 | Invesco V.I. Main Street Fund® |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities. |
9 | Invesco V.I. Main Street Fund® |
J. | Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
K. | Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk. |
Average Daily Net Assets | Rate* |
Up to $200 million | 0.750% |
Next $200 million | 0.720% |
Next $200 million | 0.690% |
Next $200 million | 0.660% |
Next $200 million | 0.600% |
Next $4 billion | 0.580% |
Over $5 billion | 0.560% |
* | The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser. |
10 | Invesco V.I. Main Street Fund® |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Common Stocks & Other Equity Interests | $702,279,649 | $7,242,762 | $— | $709,522,411 |
Money Market Funds | 764,193 | 12,365,003 | — | 13,129,196 |
Total Investments | $703,043,842 | $19,607,765 | $— | $722,651,607 |
11 | Invesco V.I. Main Street Fund® |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $260,877,587 |
Aggregate unrealized (depreciation) of investments | (7,171,226) |
Net unrealized appreciation of investments | $253,706,361 |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 190,194 | $3,861,324 | 435,877 | $7,758,872 | |
Series II | 139,950 | 2,735,785 | 1,614,598 | 27,249,052 | |
Issued as reinvestment of dividends: | |||||
Series I | - | - | 1,602,274 | 25,219,796 | |
Series II | - | - | 1,511,855 | 23,237,211 | |
Reacquired: | |||||
Series I | (1,166,316) | (23,067,169) | (2,479,412) | (43,811,035) | |
Series II | (2,286,216) | (44,221,944) | (9,423,897) | (168,650,224) | |
Net increase (decrease) in share activity | (3,122,388) | $(60,692,004) | (6,738,705) | $(128,996,328) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 68% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
12 | Invesco V.I. Main Street Fund® |
A. | Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers |
B. | Fund Investment Performance |
13 | Invesco V.I. Main Street Fund® |
C. | Advisory and Sub-Advisory Fees and Fund Expenses |
D. | Economies of Scale and Breakpoints |
E. | Profitability and Financial Resources |
F. | Collateral Benefits to Invesco Advisers and its Affiliates |
14 | Invesco V.I. Main Street Fund® |
15 | Invesco V.I. Main Street Fund® |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
16 | Invesco V.I. Main Street Fund® |
17 | Invesco V.I. Main Street Fund® |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/img002388871.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | VIMCCE-NCSRS |
Shares | Value | ||
Common Stocks & Other Equity Interests–98.30% | |||
Advertising–1.68% | |||
Trade Desk, Inc. (The), Class A(b) | 34,042 | $3,324,882 | |
Aerospace & Defense–3.88% | |||
Curtiss-Wright Corp.(c) | 11,822 | 3,203,526 | |
Howmet Aerospace, Inc. | 44,939 | 3,488,615 | |
Huntington Ingalls Industries, Inc. | 4,053 | 998,375 | |
7,690,516 | |||
Application Software–3.27% | |||
Manhattan Associates, Inc.(b) | 11,817 | 2,915,018 | |
Tyler Technologies, Inc.(b) | 7,109 | 3,574,263 | |
6,489,281 | |||
Asset Management & Custody Banks–1.03% | |||
Blue Owl Capital, Inc.(c) | 114,998 | 2,041,214 | |
Automotive Parts & Equipment–1.84% | |||
Aptiv PLC(b) | 28,272 | 1,990,914 | |
Visteon Corp.(b) | 15,456 | 1,649,155 | |
3,640,069 | |||
Biotechnology–1.26% | |||
Ascendis Pharma A/S, ADR (Denmark)(b) | 12,588 | 1,716,751 | |
Natera, Inc.(b) | 7,305 | 791,059 | |
2,507,810 | |||
Building Products–1.50% | |||
Fortune Brands Innovations, Inc. | 20,979 | 1,362,376 | |
Johnson Controls International PLC | 24,362 | 1,619,342 | |
2,981,718 | |||
Cargo Ground Transportation–0.56% | |||
J.B. Hunt Transport Services, Inc. | 6,908 | 1,105,280 | |
Communications Equipment–1.40% | |||
Motorola Solutions, Inc. | 7,183 | 2,772,997 | |
Construction Machinery & Heavy Transportation Equipment– 1.25% | |||
Allison Transmission Holdings, Inc. | 32,580 | 2,472,822 | |
Construction Materials–1.31% | |||
Summit Materials, Inc., Class A(b) | 70,992 | 2,599,017 | |
Consumer Staples Merchandise Retail–1.43% | |||
BJ’s Wholesale Club Holdings, Inc.(b)(c) | 32,189 | 2,827,482 | |
Distillers & Vintners–0.94% | |||
Constellation Brands, Inc., Class A | 7,261 | 1,868,110 | |
Distributors–0.95% | |||
LKQ Corp. | 45,157 | 1,878,080 | |
Diversified Financial Services–1.29% | |||
Equitable Holdings, Inc. | 62,543 | 2,555,507 | |
Electric Utilities–1.07% | |||
PPL Corp. | 77,001 | 2,129,078 |
Shares | Value | ||
Electrical Components & Equipment–4.20% | |||
Hubbell, Inc. | 9,139 | $3,340,122 | |
Regal Rexnord Corp.(c) | 9,909 | 1,339,895 | |
Rockwell Automation, Inc. | 7,848 | 2,160,397 | |
Vertiv Holdings Co., Class A | 17,117 | 1,481,819 | |
8,322,233 | |||
Electronic Equipment & Instruments–0.88% | |||
Keysight Technologies, Inc.(b) | 12,836 | 1,755,323 | |
Environmental & Facilities Services–0.75% | |||
Casella Waste Systems, Inc., Class A(b)(c) | 14,931 | 1,481,454 | |
Financial Exchanges & Data–0.87% | |||
Cboe Global Markets, Inc. | 10,204 | 1,735,292 | |
Food Distributors–0.73% | |||
Sysco Corp. | 20,392 | 1,455,785 | |
Footwear–1.06% | |||
Deckers Outdoor Corp.(b) | 2,176 | 2,106,259 | |
Health Care Equipment–1.14% | |||
Zimmer Biomet Holdings, Inc. | 20,869 | 2,264,912 | |
Health Care Facilities–4.01% | |||
Acadia Healthcare Co., Inc.(b)(c) | 27,833 | 1,879,841 | |
Encompass Health Corp.(c) | 27,809 | 2,385,734 | |
Tenet Healthcare Corp.(b)(c) | 27,744 | 3,690,784 | |
7,956,359 | |||
Health Care Supplies–1.11% | |||
Cooper Cos., Inc. (The) | 25,209 | 2,200,746 | |
Homebuilding–3.12% | |||
D.R. Horton, Inc. | 20,737 | 2,922,466 | |
TopBuild Corp.(b)(c) | 8,457 | 3,258,228 | |
6,180,694 | |||
Hotels, Resorts & Cruise Lines–2.75% | |||
Choice Hotels International, Inc.(c) | 19,149 | 2,278,731 | |
Royal Caribbean Cruises Ltd.(b) | 19,904 | 3,173,295 | |
5,452,026 | |||
Household Products–1.03% | |||
Church & Dwight Co., Inc. | 19,643 | 2,036,586 | |
Human Resource & Employment Services–2.18% | |||
Korn Ferry | 39,973 | 2,683,787 | |
Paylocity Holding Corp.(b)(c) | 12,454 | 1,642,060 | |
4,325,847 | |||
Industrial Machinery & Supplies & Components–2.77% | |||
Lincoln Electric Holdings, Inc.(c) | 11,273 | 2,126,539 | |
Xylem, Inc. | 24,749 | 3,356,707 | |
5,483,246 | |||
Industrial REITs–1.45% | |||
First Industrial Realty Trust, Inc.(c) | 60,509 | 2,874,783 |
2 | Invesco V.I. Main Street Mid Cap Fund® |
Shares | Value | ||
Insurance Brokers–1.49% | |||
Arthur J. Gallagher & Co. | 11,422 | $2,961,839 | |
Interactive Home Entertainment–1.31% | |||
Electronic Arts, Inc.(c) | 18,637 | 2,596,693 | |
Interactive Media & Services–1.37% | |||
Pinterest, Inc., Class A(b)(c) | 61,773 | 2,722,336 | |
Internet Services & Infrastructure–1.07% | |||
MongoDB, Inc.(b)(c) | 8,498 | 2,124,160 | |
Investment Banking & Brokerage–1.80% | |||
Raymond James Financial, Inc. | 28,841 | 3,565,036 | |
IT Consulting & Other Services–0.70% | |||
Amdocs Ltd. | 17,642 | 1,392,307 | |
Life Sciences Tools & Services–1.61% | |||
Bio-Techne Corp.(c) | 22,827 | 1,635,555 | |
Lonza Group AG (Switzerland) | 2,866 | 1,560,264 | |
3,195,819 | |||
Managed Health Care–0.57% | |||
Molina Healthcare, Inc.(b) | 3,787 | 1,125,875 | |
Metal, Glass & Plastic Containers–1.21% | |||
Silgan Holdings, Inc. | 56,585 | 2,395,243 | |
Multi-Family Residential REITs–1.31% | |||
Mid-America Apartment Communities, Inc. | 18,196 | 2,594,931 | |
Multi-line Insurance–1.61% | |||
American International Group, Inc. | 42,910 | 3,185,638 | |
Multi-Utilities–2.51% | |||
Ameren Corp. | 30,866 | 2,194,881 | |
CMS Energy Corp. | 46,714 | 2,780,885 | |
4,975,766 | |||
Oil & Gas Equipment & Services–0.79% | |||
NOV, Inc. | 82,415 | 1,566,709 | |
Oil & Gas Exploration & Production–2.87% | |||
Chesapeake Energy Corp.(c) | 32,318 | 2,656,216 | |
Marathon Oil Corp. | 106,128 | 3,042,690 | |
5,698,906 | |||
Oil & Gas Storage & Transportation–1.47% | |||
Cheniere Energy, Inc. | 16,706 | 2,920,710 | |
Other Specialized REITs–1.30% | |||
Lamar Advertising Co., Class A(c) | 21,566 | 2,577,784 | |
Other Specialty Retail–1.18% | |||
Tractor Supply Co.(c) | 8,644 | 2,333,880 | |
Personal Care Products–0.96% | |||
BellRing Brands, Inc.(b)(c) | 33,463 | 1,912,076 | |
Pharmaceuticals–0.70% | |||
Intra-Cellular Therapies, Inc.(b) | 20,282 | 1,389,114 | |
Property & Casualty Insurance–1.38% | |||
Hartford Financial Services Group, Inc. (The) | 27,179 | 2,732,577 |
Shares | Value | ||
Regional Banks–3.64% | |||
M&T Bank Corp. | 18,779 | $2,842,389 | |
Webster Financial Corp. | 56,767 | 2,474,474 | |
Wintrust Financial Corp.(c) | 19,265 | 1,898,758 | |
7,215,621 | |||
Reinsurance–0.62% | |||
Reinsurance Group of America, Inc.(c) | 6,007 | 1,233,057 | |
Research & Consulting Services–2.43% | |||
CACI International, Inc., Class A(b) | 6,697 | 2,880,580 | |
TransUnion(c) | 26,254 | 1,946,997 | |
4,827,577 | |||
Retail REITs–0.87% | |||
Kimco Realty Corp.(c) | 88,980 | 1,731,551 | |
Semiconductor Materials & Equipment–1.72% | |||
KLA Corp. | 1,620 | 1,335,706 | |
MKS Instruments, Inc. | 15,900 | 2,076,222 | |
3,411,928 | |||
Semiconductors–3.05% | |||
Astera Labs, Inc.(b)(c) | 14,437 | 873,583 | |
Marvell Technology, Inc. | 46,335 | 3,238,816 | |
Microchip Technology, Inc. | 21,141 | 1,934,402 | |
6,046,801 | |||
Single-Family Residential REITs–1.46% | |||
American Homes 4 Rent, Class A(c) | 77,935 | 2,896,065 | |
Specialty Chemicals–2.54% | |||
DuPont de Nemours, Inc. | 34,922 | 2,810,872 | |
PPG Industries, Inc. | 17,615 | 2,217,552 | |
5,028,424 | |||
Systems Software–0.96% | |||
GitLab, Inc., Class A(b) | 38,221 | 1,900,348 | |
Telecom Tower REITs–0.55% | |||
SBA Communications Corp., Class A | 5,534 | 1,086,324 | |
Trading Companies & Distributors–0.54% | |||
Air Lease Corp., Class A | 22,511 | 1,069,948 | |
Total Common Stocks & Other Equity Interests (Cost $151,351,907) | 194,930,451 | ||
Money Market Funds–1.72% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(d)(e) | 1,194,821 | 1,194,821 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(d)(e) | 853,127 | 853,383 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(d)(e) | 1,365,510 | 1,365,510 | |
Total Money Market Funds (Cost $3,413,714) | 3,413,714 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.02% (Cost $154,765,621) | 198,344,165 | ||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–13.70% | |||
Invesco Private Government Fund, 5.31%(d)(e)(f) | 7,644,438 | 7,644,438 |
3 | Invesco V.I. Main Street Mid Cap Fund® |
Shares | Value | ||
Money Market Funds–(continued) | |||
Invesco Private Prime Fund, 5.48%(d)(e)(f) | 19,512,659 | $19,518,513 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $27,162,951) | 27,162,951 | ||
TOTAL INVESTMENTS IN SECURITIES–113.72% (Cost $181,928,572) | 225,507,116 | ||
OTHER ASSETS LESS LIABILITIES—(13.72)% | (27,213,710) | ||
NET ASSETS–100.00% | $198,293,406 |
ADR | – American Depositary Receipt |
REIT | – Real Estate Investment Trust |
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at June 30, 2024. |
(d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $1,180,666 | $7,433,457 | $(7,419,302) | $- | $- | $1,194,821 | $16,845 |
Invesco Liquid Assets Portfolio, Institutional Class | 843,458 | 5,309,613 | (5,299,547) | (360) | 219 | 853,383 | 12,750 |
Invesco Treasury Portfolio, Institutional Class | 1,349,333 | 8,495,380 | (8,479,203) | - | - | 1,365,510 | 19,210 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | 7,404,703 | 67,358,617 | (67,118,882) | - | - | 7,644,438 | 172,638* |
Invesco Private Prime Fund | 17,944,145 | 146,188,569 | (144,604,757) | (3,187) | (6,257) | 19,518,513 | 457,105* |
Total | $28,722,305 | $234,785,636 | $(232,921,691) | $(3,547) | $(6,038) | $30,576,665 | $678,548 |
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I. |
4 | Invesco V.I. Main Street Mid Cap Fund® |
Assets: | |
Investments in unaffiliated securities, at value (Cost $151,351,907)* | $194,930,451 |
Investments in affiliated money market funds, at value (Cost $30,576,665) | 30,576,665 |
Foreign currencies, at value (Cost $149) | 150 |
Receivable for: | |
Fund shares sold | 7,910 |
Dividends | 105,495 |
Investment for trustee deferred compensation and retirement plans | 80,001 |
Other assets | 20,735 |
Total assets | 225,721,407 |
Liabilities: | |
Payable for: | |
Fund shares reacquired | 46,312 |
Collateral upon return of securities loaned | 27,162,951 |
Accrued fees to affiliates | 112,856 |
Accrued other operating expenses | 21,065 |
Trustee deferred compensation and retirement plans | 84,817 |
Total liabilities | 27,428,001 |
Net assets applicable to shares outstanding | $198,293,406 |
Net assets consist of: | |
Shares of beneficial interest | $139,019,421 |
Distributable earnings | 59,273,985 |
$198,293,406 | |
Net Assets: | |
Series I | $115,570,713 |
Series II | $82,722,693 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 11,263,417 |
Series II | 8,410,342 |
Series I: | |
Net asset value per share | $10.26 |
Series II: | |
Net asset value per share | $9.84 |
* | At June 30, 2024, securities with an aggregate value of $26,659,448 were on loan to brokers. |
Investment income: | |
Dividends (net of foreign withholding taxes of $948) | $1,224,077 |
Dividends from affiliated money market funds (includes net securities lending income of $22,881) | 71,686 |
Total investment income | 1,295,763 |
Expenses: | |
Advisory fees | 730,261 |
Administrative services fees | 165,702 |
Custodian fees | 1,518 |
Distribution fees - Series II | 104,526 |
Transfer agent fees | 4,784 |
Trustees’ and officers’ fees and benefits | 10,107 |
Reports to shareholders | 34,058 |
Professional services fees | 22,566 |
Other | 204 |
Total expenses | 1,073,726 |
Less: Fees waived | (1,132) |
Net expenses | 1,072,594 |
Net investment income | 223,169 |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | 10,549,874 |
Affiliated investment securities | (6,038) |
Foreign currencies | 649 |
10,544,485 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | (1,279,650) |
Affiliated investment securities | (3,547) |
Foreign currencies | 13 |
(1,283,184) | |
Net realized and unrealized gain | 9,261,301 |
Net increase in net assets resulting from operations | $9,484,470 |
5 | Invesco V.I. Main Street Mid Cap Fund® |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income | $223,169 | $566,831 |
Net realized gain | 10,544,485 | 8,539,526 |
Change in net unrealized appreciation (depreciation) | (1,283,184) | 17,333,693 |
Net increase in net assets resulting from operations | 9,484,470 | 26,440,050 |
Distributions to shareholders from distributable earnings: | ||
Series I | — | (328,923) |
Series II | — | (31,675) |
Total distributions from distributable earnings | — | (360,598) |
Share transactions–net: | ||
Series I | (8,050,558) | (13,501,855) |
Series II | (6,106,087) | (3,745,908) |
Net increase (decrease) in net assets resulting from share transactions | (14,156,645) | (17,247,763) |
Net increase (decrease) in net assets | (4,672,175) | 8,831,689 |
Net assets: | ||
Beginning of period | 202,965,581 | 194,133,892 |
End of period | $198,293,406 | $202,965,581 |
6 | Invesco V.I. Main Street Mid Cap Fund® |
Net asset value, beginning of period | Net investment income (loss)(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Ratio of net investment income (loss) to average net assets | Portfolio turnover (c) | |
Series I | ||||||||||||||
Six months ended 06/30/24 | $9.79 | $0.02 | $0.45 | $0.47 | $— | $— | $— | $10.26 | 4.80% | $115,571 | 0.96%(d) | 0.96%(d) | 0.33%(d) | 20% |
Year ended 12/31/23 | 8.58 | 0.04 | 1.20 | 1.24 | (0.03) | — | (0.03) | 9.79 | 14.47 | 117,983 | 0.94 | 0.94 | 0.39 | 34 |
Year ended 12/31/22 | 12.97 | 0.06 | (1.97) | (1.91) | (0.04) | (2.44) | (2.48) | 8.58 | (14.26) | 116,146 | 0.93 | 0.93 | 0.51 | 60 |
Year ended 12/31/21 | 10.57 | 0.00 | 2.46 | 2.46 | (0.06) | — | (0.06) | 12.97 | 23.24 | 155,200 | 0.93 | 0.93 | 0.01 | 58 |
Year ended 12/31/20 | 12.18 | 0.05 | 0.80 | 0.85 | (0.08) | (2.38) | (2.46) | 10.57 | 9.25 | 150,990 | 0.94 | 0.94 | 0.49 | 75 |
Year ended 12/31/19 | 10.97 | 0.09 | 2.57 | 2.66 | (0.06) | (1.39) | (1.45) | 12.18 | 25.28 | 157,959 | 0.93 | 0.94 | 0.70 | 114 |
Series II | ||||||||||||||
Six months ended 06/30/24 | 9.39 | 0.00 | 0.45 | 0.45 | — | — | — | 9.84 | 4.79 | 82,723 | 1.21(d) | 1.21(d) | 0.08(d) | 20 |
Year ended 12/31/23 | 8.23 | 0.01 | 1.15 | 1.16 | (0.00) | — | — | 9.39 | 14.14 | 84,983 | 1.19 | 1.19 | 0.14 | 34 |
Year ended 12/31/22 | 12.55 | 0.03 | (1.90) | (1.87) | (0.01) | (2.44) | (2.45) | 8.23 | (14.45) | 77,988 | 1.18 | 1.18 | 0.26 | 60 |
Year ended 12/31/21 | 10.24 | (0.03) | 2.37 | 2.34 | (0.03) | — | (0.03) | 12.55 | 22.86 | 99,770 | 1.18 | 1.18 | (0.24) | 58 |
Year ended 12/31/20 | 11.88 | 0.02 | 0.78 | 0.80 | (0.06) | (2.38) | (2.44) | 10.24 | 8.94 | 90,788 | 1.19 | 1.19 | 0.24 | 75 |
Year ended 12/31/19 | 10.72 | 0.05 | 2.53 | 2.58 | (0.03) | (1.39) | (1.42) | 11.88 | 25.04 | 89,057 | 1.18 | 1.19 | 0.45 | 114 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Annualized. |
7 | Invesco V.I. Main Street Mid Cap Fund® |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
8 | Invesco V.I. Main Street Mid Cap Fund® |
B. | Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of |
9 | Invesco V.I. Main Street Mid Cap Fund® |
compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities. |
J. | Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
K. | Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk. |
Average Daily Net Assets | Rate |
First $500 million | 0.725% |
Next $500 million | 0.700% |
Next $500 million | 0.675% |
Over $1.5 billion | 0.650% |
10 | Invesco V.I. Main Street Mid Cap Fund® |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Common Stocks & Other Equity Interests | $193,370,187 | $1,560,264 | $— | $194,930,451 |
Money Market Funds | 3,413,714 | 27,162,951 | — | 30,576,665 |
Total Investments | $196,783,901 | $28,723,215 | $— | $225,507,116 |
11 | Invesco V.I. Main Street Mid Cap Fund® |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $49,707,070 |
Aggregate unrealized (depreciation) of investments | (6,533,151) |
Net unrealized appreciation of investments | $43,173,919 |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 122,558 | $1,256,015 | 204,326 | $1,835,098 | |
Series II | 311,182 | 3,056,264 | 949,188 | 8,245,524 | |
Issued as reinvestment of dividends: | |||||
Series I | - | - | 39,251 | 328,923 | |
Series II | - | - | 3,935 | 31,675 | |
Reacquired: | |||||
Series I | (912,811) | (9,306,573) | (1,726,582) | (15,665,876) | |
Series II | (946,840) | (9,162,351) | (1,379,647) | (12,023,107) | |
Net increase (decrease) in share activity | (1,425,911) | $(14,156,645) | (1,909,529) | $(17,247,763) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 62% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
12 | Invesco V.I. Main Street Mid Cap Fund® |
A. | Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers |
B. | Fund Investment Performance |
13 | Invesco V.I. Main Street Mid Cap Fund® |
C. | Advisory and Sub-Advisory Fees and Fund Expenses |
D. | Economies of Scale and Breakpoints |
E. | Profitability and Financial Resources |
F. | Collateral Benefits to Invesco Advisers and its Affiliates |
14 | Invesco V.I. Main Street Mid Cap Fund® |
15 | Invesco V.I. Main Street Mid Cap Fund® |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
16 | Invesco V.I. Main Street Mid Cap Fund® |
17 | Invesco V.I. Main Street Mid Cap Fund® |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/imgeae7c41b1.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | O-VIMSS-NCSRS |
Shares | Value | ||
Common Stocks & Other Equity Interests–98.22% | |||
Aerospace & Defense–1.59% | |||
BWX Technologies, Inc. | 73,635 | $6,995,325 | |
Curtiss-Wright Corp. | 24,700 | 6,693,206 | |
13,688,531 | |||
Air Freight & Logistics–1.43% | |||
Hub Group, Inc., Class A | 286,369 | 12,328,186 | |
Aluminum–1.22% | |||
Century Aluminum Co.(b) | 265,270 | 4,443,272 | |
Kaiser Aluminum Corp.(c) | 68,861 | 6,052,882 | |
10,496,154 | |||
Application Software–1.88% | |||
Envestnet, Inc.(b)(c) | 154,112 | 9,645,870 | |
HashiCorp, Inc., Class A(b) | 196,061 | 6,605,295 | |
16,251,165 | |||
Asset Management & Custody Banks–1.23% | |||
Federated Hermes, Inc., Class B | 321,782 | 10,580,192 | |
Automotive Parts & Equipment–2.68% | |||
Dorman Products, Inc.(b) | 128,345 | 11,741,001 | |
Visteon Corp.(b) | 106,459 | 11,359,175 | |
23,100,176 | |||
Automotive Retail–1.71% | |||
AutoNation, Inc.(b)(c) | 92,386 | 14,724,481 | |
Biotechnology–6.04% | |||
ADMA Biologics, Inc.(b) | 1,631,905 | 18,244,698 | |
Ascendis Pharma A/S, ADR (Denmark)(b) | 67,115 | 9,153,144 | |
BridgeBio Pharma, Inc.(b)(c) | 195,752 | 4,958,398 | |
Immunovant, Inc.(b) | 92,798 | 2,449,867 | |
Merus N.V. (Netherlands)(b) | 53,400 | 3,159,678 | |
Twist Bioscience Corp.(b)(c) | 236,891 | 11,673,988 | |
Ultragenyx Pharmaceutical, Inc.(b) | 60,707 | 2,495,058 | |
52,134,831 | |||
Building Products–1.66% | |||
Zurn Elkay Water Solutions Corp. | 488,283 | 14,355,520 | |
Commercial & Residential Mortgage Finance–1.52% | |||
PennyMac Financial Services, Inc. | 138,212 | 13,074,855 | |
Construction Machinery & Heavy Transportation Equipment– 1.50% | |||
Allison Transmission Holdings, Inc. | 170,568 | 12,946,111 | |
Construction Materials–1.93% | |||
Summit Materials, Inc., Class A(b) | 455,038 | 16,658,941 | |
Consumer Staples Merchandise Retail–1.17% | |||
BJ’s Wholesale Club Holdings, Inc.(b) | 114,706 | 10,075,775 | |
Diversified Banks–0.59% | |||
Bank of N.T. Butterfield & Son Ltd. (The) (Bermuda) | 145,683 | 5,116,387 |
Shares | Value | ||
Electric Utilities–1.04% | |||
Portland General Electric Co. | 206,654 | $8,935,719 | |
Electrical Components & Equipment–2.51% | |||
Atkore, Inc.(c) | 122,183 | 16,486,152 | |
Regal Rexnord Corp. | 38,036 | 5,143,228 | |
21,629,380 | |||
Electronic Components–2.39% | |||
Belden, Inc. | 118,003 | 11,068,681 | |
Vishay Intertechnology, Inc.(c) | 429,515 | 9,578,185 | |
20,646,866 | |||
Electronic Equipment & Instruments–1.72% | |||
Itron, Inc.(b)(c) | 149,919 | 14,835,984 | |
Environmental & Facilities Services–2.28% | |||
ABM Industries, Inc. | 137,552 | 6,956,005 | |
Casella Waste Systems, Inc., Class A(b)(c) | 127,969 | 12,697,084 | |
19,653,089 | |||
Footwear–1.11% | |||
Steven Madden Ltd.(c) | 226,462 | 9,579,343 | |
Gas Utilities–0.94% | |||
Chesapeake Utilities Corp.(c) | 76,063 | 8,077,891 | |
Health Care Equipment–2.98% | |||
Inspire Medical Systems, Inc.(b) | 31,584 | 4,226,887 | |
Integer Holdings Corp.(b)(c) | 80,659 | 9,339,506 | |
TransMedics Group, Inc.(b)(c) | 80,733 | 12,160,004 | |
25,726,397 | |||
Health Care Facilities–2.77% | |||
Acadia Healthcare Co., Inc.(b) | 162,984 | 11,007,940 | |
Encompass Health Corp. | 76,846 | 6,592,618 | |
Tenet Healthcare Corp.(b) | 47,069 | 6,261,589 | |
23,862,147 | |||
Health Care Services–2.06% | |||
Addus HomeCare Corp.(b) | 49,852 | 5,788,316 | |
BrightSpring Health Services, Inc.(b)(c) | 408,632 | 4,642,059 | |
Guardant Health, Inc.(b) | 253,287 | 7,314,929 | |
17,745,304 | |||
Health Care Technology–0.64% | |||
Evolent Health, Inc., Class A(b)(c) | 287,009 | 5,487,612 | |
Homebuilding–2.41% | |||
KB Home(c) | 205,358 | 14,412,024 | |
TopBuild Corp.(b) | 16,584 | 6,389,318 | |
20,801,342 | |||
Hotel & Resort REITs–1.49% | |||
DiamondRock Hospitality Co.(c) | 1,520,973 | 12,852,222 | |
Human Resource & Employment Services–2.32% | |||
Korn Ferry | 195,317 | 13,113,583 | |
Paycor HCM, Inc.(b)(c) | 544,432 | 6,914,287 | |
20,027,870 |
2 | Invesco V.I. Main Street Small Cap Fund® |
Shares | Value | ||
Industrial Machinery & Supplies & Components–3.38% | |||
Enpro, Inc.(c) | 74,323 | $10,819,199 | |
ESAB Corp. | 122,578 | 11,575,041 | |
Gates Industrial Corp. PLC(b) | 426,025 | 6,735,455 | |
29,129,695 | |||
Industrial REITs–1.32% | |||
Terreno Realty Corp.(c) | 192,263 | 11,378,124 | |
Interactive Media & Services–0.99% | |||
Ziff Davis, Inc.(b)(c) | 155,780 | 8,575,689 | |
Investment Banking & Brokerage–0.77% | |||
Stifel Financial Corp. | 79,242 | 6,668,214 | |
IT Consulting & Other Services–1.14% | |||
ASGN, Inc.(b) | 111,542 | 9,834,658 | |
Life Sciences Tools & Services–1.62% | |||
BioLife Solutions, Inc.(b)(c) | 301,427 | 6,459,581 | |
CryoPort, Inc.(b)(c) | 136,919 | 946,110 | |
Repligen Corp.(b) | 51,779 | 6,527,261 | |
13,932,952 | |||
Metal, Glass & Plastic Containers–1.05% | |||
Silgan Holdings, Inc. | 213,178 | 9,023,825 | |
Oil & Gas Drilling–1.44% | |||
Helmerich & Payne, Inc.(c) | 343,367 | 12,409,283 | |
Oil & Gas Equipment & Services–0.69% | |||
NOV, Inc. | 315,108 | 5,990,203 | |
Oil & Gas Exploration & Production–3.43% | |||
Chesapeake Energy Corp.(c) | 94,851 | 7,795,804 | |
CNX Resources Corp.(b)(c) | 461,208 | 11,207,354 | |
Northern Oil and Gas, Inc.(c) | 284,086 | 10,559,477 | |
29,562,635 | |||
Other Specialized REITs–2.75% | |||
Four Corners Property Trust, Inc.(c) | 498,633 | 12,301,276 | |
Outfront Media, Inc.(c) | 799,929 | 11,438,985 | |
23,740,261 | |||
Personal Care Products–1.49% | |||
BellRing Brands, Inc.(b) | 224,776 | 12,843,701 | |
Pharmaceuticals–2.39% | |||
Collegium Pharmaceutical, Inc.(b)(c) | 271,389 | 8,738,726 | |
Intra-Cellular Therapies, Inc.(b) | 144,298 | 9,882,970 | |
Structure Therapeutics, Inc., ADR(b)(c) | 51,809 | 2,034,539 | |
20,656,235 | |||
Property & Casualty Insurance–1.44% | |||
Definity Financial Corp. (Canada) | 266,288 | 8,755,261 | |
Skyward Specialty Insurance Group, Inc.(b) | 101,589 | 3,675,490 | |
12,430,751 | |||
Real Estate Operating Companies–0.97% | |||
DigitalBridge Group, Inc.(c) | 610,579 | 8,364,932 | |
Regional Banks–7.75% | |||
Berkshire Hills Bancorp, Inc. | 191,829 | 4,373,701 | |
Cathay General Bancorp | 249,738 | 9,420,117 |
Shares | Value | ||
Regional Banks–(continued) | |||
Columbia Banking System, Inc. | 387,037 | $7,698,166 | |
OceanFirst Financial Corp. | 289,886 | 4,606,289 | |
Pacific Premier Bancorp, Inc. | 371,340 | 8,529,680 | |
United Community Banks, Inc. | 208,092 | 5,298,022 | |
Webster Financial Corp. | 182,390 | 7,950,380 | |
Wintrust Financial Corp. | 129,896 | 12,802,550 | |
WSFS Financial Corp. | 130,770 | 6,146,190 | |
66,825,095 | |||
Research & Consulting Services–1.04% | |||
CACI International, Inc., Class A(b) | 20,948 | 9,010,363 | |
Restaurants–0.80% | |||
Texas Roadhouse, Inc. | 40,274 | 6,915,449 | |
Semiconductor Materials & Equipment–1.29% | |||
MKS Instruments, Inc. | 84,893 | 11,085,328 | |
Semiconductors–3.87% | |||
Allegro MicroSystems, Inc. (Japan)(b)(c) | 310,753 | 8,775,665 | |
Astera Labs, Inc.(b)(c) | 30,281 | 1,832,303 | |
MACOM Technology Solutions Holdings, Inc.(b)(c) | 132,360 | 14,754,169 | |
Silicon Laboratories, Inc.(b)(c) | 72,438 | 8,013,816 | |
33,375,953 | |||
Steel–2.38% | |||
ATI, Inc.(b)(c) | 211,817 | 11,745,252 | |
Commercial Metals Co.(c) | 159,631 | 8,778,109 | |
20,523,361 | |||
Systems Software–1.84% | |||
GitLab, Inc., Class A(b) | 162,079 | 8,058,568 | |
Progress Software Corp.(c) | 144,585 | 7,845,182 | |
15,903,750 | |||
Trading Companies & Distributors–0.96% | |||
Air Lease Corp., Class A | 173,355 | 8,239,563 | |
Transaction & Payment Processing Services–0.61% | |||
Marqeta, Inc., Class A(b) | 967,334 | 5,300,990 | |
Total Common Stocks & Other Equity Interests (Cost $621,633,578) | 847,113,481 | ||
Money Market Funds–1.63% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(d)(e) | 4,936,009 | 4,936,009 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(d)(e) | 3,520,497 | 3,521,554 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(d)(e) | 5,641,153 | 5,641,153 | |
Total Money Market Funds (Cost $14,098,635) | 14,098,716 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.85% (Cost $635,732,213) | 861,212,197 | ||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–24.79% | |||
Invesco Private Government Fund, 5.31%(d)(e)(f) | 59,428,631 | 59,428,631 |
3 | Invesco V.I. Main Street Small Cap Fund® |
Shares | Value | ||
Money Market Funds–(continued) | |||
Invesco Private Prime Fund, 5.48%(d)(e)(f) | 154,295,268 | $154,341,557 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $213,770,188) | 213,770,188 | ||
TOTAL INVESTMENTS IN SECURITIES–124.64% (Cost $849,502,401) | 1,074,982,385 | ||
OTHER ASSETS LESS LIABILITIES—(24.64)% | (212,484,680) | ||
NET ASSETS–100.00% | $862,497,705 |
ADR | – American Depositary Receipt |
REIT | – Real Estate Investment Trust |
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at June 30, 2024. |
(d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $3,294,388 | $34,634,889 | $(32,993,268) | $- | $- | $4,936,009 | $119,613 |
Invesco Liquid Assets Portfolio, Institutional Class | 2,350,526 | 24,739,208 | (23,566,620) | (456) | (1,104) | 3,521,554 | 88,213 |
Invesco Treasury Portfolio, Institutional Class | 3,765,014 | 39,582,732 | (37,706,593) | - | - | 5,641,153 | 136,375 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | 39,245,776 | 164,657,412 | (144,474,557) | - | - | 59,428,631 | 1,018,376* |
Invesco Private Prime Fund | 100,917,711 | 391,223,562 | (337,765,051) | (39,833) | 5,168 | 154,341,557 | 2,738,743* |
Total | $149,573,415 | $654,837,803 | $(576,506,089) | $(40,289) | $4,064 | $227,868,904 | $4,101,320 |
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I. |
4 | Invesco V.I. Main Street Small Cap Fund® |
Assets: | |
Investments in unaffiliated securities, at value (Cost $621,633,578)* | $847,113,481 |
Investments in affiliated money market funds, at value (Cost $227,868,823) | 227,868,904 |
Cash | 1,004,194 |
Foreign currencies, at value (Cost $26,877) | 26,917 |
Receivable for: | |
Investments sold | 414,280 |
Fund shares sold | 311,667 |
Dividends | 756,032 |
Investment for trustee deferred compensation and retirement plans | 83,003 |
Other assets | 190 |
Total assets | 1,077,578,668 |
Liabilities: | |
Payable for: | |
Fund shares reacquired | 679,840 |
Collateral upon return of securities loaned | 213,770,188 |
Accrued fees to affiliates | 523,945 |
Accrued other operating expenses | 23,987 |
Trustee deferred compensation and retirement plans | 83,003 |
Total liabilities | 215,080,963 |
Net assets applicable to shares outstanding | $862,497,705 |
Net assets consist of: | |
Shares of beneficial interest | $554,229,048 |
Distributable earnings | 308,268,657 |
$862,497,705 | |
Net Assets: | |
Series I | $187,526,291 |
Series II | $674,971,414 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 6,780,983 |
Series II | 25,001,959 |
Series I: | |
Net asset value per share | $27.65 |
Series II: | |
Net asset value per share | $27.00 |
* | At June 30, 2024, securities with an aggregate value of $210,849,023 were on loan to brokers. |
Investment income: | |
Dividends (net of foreign withholding taxes of $9,113) | $5,535,888 |
Dividends from affiliated money market funds (includes net securities lending income of $108,596) | 452,797 |
Total investment income | 5,988,685 |
Expenses: | |
Advisory fees | 2,901,444 |
Administrative services fees | 697,127 |
Custodian fees | 4,126 |
Distribution fees - Series II | 833,917 |
Transfer agent fees | 19,500 |
Trustees’ and officers’ fees and benefits | 12,377 |
Reports to shareholders | 118,248 |
Professional services fees | 21,856 |
Other | 3,272 |
Total expenses | 4,611,867 |
Less: Fees waived | (6,863) |
Net expenses | 4,605,004 |
Net investment income | 1,383,681 |
Realized and unrealized gain (loss) from: | |
Net realized gain from: | |
Unaffiliated investment securities | 51,220,934 |
Affiliated investment securities | 4,064 |
Foreign currencies | 140 |
51,225,138 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | (30,250,493) |
Affiliated investment securities | (40,289) |
Foreign currencies | 125 |
(30,290,657) | |
Net realized and unrealized gain | 20,934,481 |
Net increase in net assets resulting from operations | $22,318,162 |
5 | Invesco V.I. Main Street Small Cap Fund® |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income | $1,383,681 | $1,835,030 |
Net realized gain | 51,225,138 | 62,032,381 |
Change in net unrealized appreciation (depreciation) | (30,290,657) | 63,246,989 |
Net increase in net assets resulting from operations | 22,318,162 | 127,114,400 |
Distributions to shareholders from distributable earnings: | ||
Series I | — | (1,849,665) |
Series II | — | (5,700,796) |
Total distributions from distributable earnings | — | (7,550,461) |
Share transactions–net: | ||
Series I | 8,417,908 | 6,807,397 |
Series II | (8,492,928) | 8,425,063 |
Net increase (decrease) in net assets resulting from share transactions | (75,020) | 15,232,460 |
Net increase in net assets | 22,243,142 | 134,796,399 |
Net assets: | ||
Beginning of period | 840,254,563 | 705,458,164 |
End of period | $862,497,705 | $840,254,563 |
6 | Invesco V.I. Main Street Small Cap Fund® |
Net asset value, beginning of period | Net investment income (loss)(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c) | Ratio of net investment income (loss) to average net assets | Portfolio turnover (d) | |
Series I | ||||||||||||||
Six months ended 06/30/24 | $26.91 | $0.07 | $0.67 | $0.74 | $— | $— | $— | $27.65 | 2.75% | $187,526 | 0.89%(e) | 0.89%(e) | 0.52%(e) | 23% |
Year ended 12/31/23 | 23.08 | 0.11 | 4.01 | 4.12 | (0.29) | — | (0.29) | 26.91 | 18.13 | 174,202 | 0.88 | 0.88 | 0.44 | 42 |
Year ended 12/31/22 | 31.47 | 0.11 | (5.12) | (5.01) | (0.15) | (3.23) | (3.38) | 23.08 | (15.83) | 142,703 | 0.84 | 0.87 | 0.41 | 32 |
Year ended 12/31/21 | 27.42 | 0.01 | 6.19 | 6.20 | (0.12) | (2.03) | (2.15) | 31.47 | 22.55 | 158,060 | 0.80 | 0.84 | 0.03 | 32 |
Year ended 12/31/20 | 23.32 | 0.09 | 4.47 | 4.56 | (0.14) | (0.32) | (0.46) | 27.42 | 19.93 | 119,377 | 0.80 | 0.91 | 0.41 | 35 |
Year ended 12/31/19 | 20.36 | 0.11 | 5.06 | 5.17 | (0.05) | (2.16) | (2.21) | 23.32 | 26.47 | 109,695 | 0.80 | 0.86 | 0.49 | 36 |
Series II | ||||||||||||||
Six months ended 06/30/24 | 26.30 | 0.04 | 0.66 | 0.70 | — | — | — | 27.00 | 2.66 | 674,971 | 1.14(e) | 1.14(e) | 0.27(e) | 23 |
Year ended 12/31/23 | 22.56 | 0.05 | 3.92 | 3.97 | (0.23) | — | (0.23) | 26.30 | 17.82 | 666,053 | 1.13 | 1.13 | 0.19 | 42 |
Year ended 12/31/22 | 30.83 | 0.04 | (5.01) | (4.97) | (0.07) | (3.23) | (3.30) | 22.56 | (16.04) | 562,756 | 1.09 | 1.12 | 0.16 | 32 |
Year ended 12/31/21 | 26.91 | (0.07) | 6.08 | 6.01 | (0.06) | (2.03) | (2.09) | 30.83 | 22.26 | 709,699 | 1.05 | 1.09 | (0.22) | 32 |
Year ended 12/31/20 | 22.89 | 0.03 | 4.39 | 4.42 | (0.08) | (0.32) | (0.40) | 26.91 | 19.63 | 650,386 | 1.05 | 1.16 | 0.16 | 35 |
Year ended 12/31/19 | 20.03 | 0.05 | 4.97 | 5.02 | 0.00 | (2.16) | (2.16) | 22.89 | 26.13 | 605,327 | 1.05 | 1.11 | 0.25 | 36 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the year ended December 31, 2019. |
(d) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(e) | Annualized. |
7 | Invesco V.I. Main Street Small Cap Fund® |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
8 | Invesco V.I. Main Street Small Cap Fund® |
B. | Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of |
9 | Invesco V.I. Main Street Small Cap Fund® |
compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities. |
J. | Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
K. | Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk. |
Average Daily Net Assets | Rate* |
Up to $200 million | 0.750% |
Next $200 million | 0.720% |
Next $200 million | 0.690% |
Next $200 million | 0.660% |
Next $200 million | 0.600% |
Next $4 billion | 0.580% |
Over $5 billion | 0.560% |
* | The advisory fee paid by the Fund shall be reduced by any amounts paid by the Fund under the administrative services agreement with the Adviser. |
10 | Invesco V.I. Main Street Small Cap Fund® |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Common Stocks & Other Equity Interests | $847,113,481 | $— | $— | $847,113,481 |
Money Market Funds | 14,098,716 | 213,770,188 | — | 227,868,904 |
Total Investments | $861,212,197 | $213,770,188 | $— | $1,074,982,385 |
11 | Invesco V.I. Main Street Small Cap Fund® |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $249,833,480 |
Aggregate unrealized (depreciation) of investments | (27,632,604) |
Net unrealized appreciation of investments | $222,200,876 |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 786,006 | $21,527,690 | 1,153,496 | $28,424,788 | |
Series II | 1,583,998 | 42,529,328 | 3,777,631 | 89,873,092 | |
Issued as reinvestment of dividends: | |||||
Series I | - | - | 84,344 | 1,849,665 | |
Series II | - | - | 265,895 | 5,700,796 | |
Reacquired: | |||||
Series I | (479,262) | (13,109,782) | (947,179) | (23,467,056) | |
Series II | (1,907,778) | (51,022,256) | (3,666,178) | (87,148,825) | |
Net increase (decrease) in share activity | (17,036) | $(75,020) | 668,009 | $15,232,460 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 52% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
12 | Invesco V.I. Main Street Small Cap Fund® |
A. | Nature, Extent and Quality of Services Provided by Invesco Advisers and the Affiliated Sub-Advisers |
B. | Fund Investment Performance |
13 | Invesco V.I. Main Street Small Cap Fund® |
C. | Advisory and Sub-Advisory Fees and Fund Expenses |
D. | Economies of Scale and Breakpoints |
E. | Profitability and Financial Resources |
F. | Collateral Benefits to Invesco Advisers and its Affiliates |
14 | Invesco V.I. Main Street Small Cap Fund® |
15 | Invesco V.I. Main Street Small Cap Fund® |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
16 | Invesco V.I. Main Street Small Cap Fund® |
17 | Invesco V.I. Main Street Small Cap Fund® |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/img90cbb5821.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | VINDQD-NCSRS |
Shares | Value | ||
Money Market Funds–2.98% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(a)(b) | 124,651 | $124,651 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(a)(b) | 88,369 | 88,396 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(a)(b) | 141,443 | 141,443 | |
Total Money Market Funds (Cost $354,484) | 354,490 |
Shares | Value | ||
Options Purchased–104.81% | |||
(Cost $11,266,028)(c) | $12,449,437 | ||
TOTAL INVESTMENTS IN SECURITIES–107.79% (Cost $11,620,512) | 12,803,927 | ||
OTHER ASSETS LESS LIABILITIES—(7.79)% | (925,805) | ||
NET ASSETS–100.00% | $11,878,122 |
(a) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $108,518 | $1,796,195 | $(1,780,062) | $- | $- | $124,651 | $3,879 |
Invesco Liquid Assets Portfolio, Institutional Class | 76,931 | 1,282,995 | (1,271,472) | (12) | (46) | 88,396 | 2,858 |
Invesco Treasury Portfolio, Institutional Class | 123,005 | 2,052,794 | (2,034,356) | - | - | 141,443 | 4,397 |
Total | $308,454 | $5,131,984 | $(5,085,890) | $(12) | $(46) | $354,490 | $11,134 |
(b) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(c) | The table below details options purchased. |
Open Equity Options Purchased | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
Invesco QQQ Trust, Series 1 | Call | 12/31/2024 | 140 | USD | 12.29 | USD | 172,060 | $ 6,545,617 |
Equity Risk | ||||||||
Invesco QQQ Trust, Series 1 | Put | 12/31/2024 | 140 | USD | 409.52 | USD | 5,733,280 | 69,837 |
Total Open Equity Options Purchased | $6,615,454 |
(a) | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Open Index Options Purchased | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
NASDAQ 100 Index | Call | 12/31/2024 | 3 | USD | 504.78 | USD | 151,434 | $ 5,772,339 |
Equity Risk | ||||||||
NASDAQ 100 Index | Put | 12/31/2024 | 3 | USD | 16,825.93 | USD | 5,047,779 | 61,644 |
Total Open Index Options Purchased | $5,833,983 |
(a) | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Open Equity Options Written | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
Invesco QQQ Trust, Series 1 | Call | 12/31/2024 | 140 | USD | 480.16 | USD | 6,722,240 | $ (441,679) |
2 | Invesco® V.I. Nasdaq 100 Buffer Fund - December |
Open Equity Options Written—(continued) | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
Invesco QQQ Trust, Series 1 | Put | 12/31/2024 | 140 | USD | 368.57 | USD | 5,159,980 | $(32,382) |
Total Open Equity Options Written | $(474,061) |
(a) | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Open Index Options Written | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
NASDAQ 100 Index | Call | 12/31/2024 | 3 | USD | 19,728.40 | USD | 5,918,520 | $ (399,754) |
Equity Risk | ||||||||
NASDAQ 100 Index | Put | 12/31/2024 | 3 | USD | 15,143.34 | USD | 4,543,002 | (27,782) |
Total Open Index Options Written | $(427,536) |
(a) | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Abbreviations: | |
USD | —U.S. Dollar |
3 | Invesco® V.I. Nasdaq 100 Buffer Fund - December |
Assets: | |
Investments in unaffiliated securities, at value (Cost $11,266,028) | $12,449,437 |
Investments in affiliated money market funds, at value (Cost $354,484) | 354,490 |
Cash | 8 |
Receivable for: | |
Fund expenses absorbed | 73,660 |
Dividends | 1,751 |
Investment for trustee deferred compensation and retirement plans | 8,167 |
Total assets | 12,887,513 |
Liabilities: | |
Other investments: | |
Options written, at value (premiums received $657,157) | 901,597 |
Payable for: | |
Fund shares reacquired | 1,391 |
Accrued fees to affiliates | 71,635 |
Accrued trustees’ and officers’ fees and benefits | 6 |
Accrued other operating expenses | 26,595 |
Trustee deferred compensation and retirement plans | 8,167 |
Total liabilities | 1,009,391 |
Net assets applicable to shares outstanding | $11,878,122 |
Net assets consist of: | |
Shares of beneficial interest | $11,079,384 |
Distributable earnings | 798,738 |
$11,878,122 | |
Net Assets: | |
Series I | $522,631 |
Series II | $11,355,491 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 50,960 |
Series II | 1,113,810 |
Series I: | |
Net asset value per share | $10.26 |
Series II: | |
Net asset value per share | $10.20 |
Investment income: | |
Dividends from affiliated money market funds | $11,134 |
Expenses: | |
Advisory fees | 20,915 |
Administrative services fees | 6,352 |
Custodian fees | 1,077 |
Distribution fees - Series II | 11,749 |
Transfer agent fees | 157 |
Trustees’ and officers’ fees and benefits | 12,054 |
Licensing fees | 1,649 |
Reports to shareholders | 3,905 |
Professional services fees | 25,276 |
Other | (608) |
Total expenses | 82,526 |
Less: Fees waived and/or expenses reimbursed | (36,122) |
Net expenses | 46,404 |
Net investment income (loss) | (35,270) |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | 17,672 |
Affiliated investment securities | (46) |
Option contracts written | 166 |
17,792 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | 1,183,199 |
Affiliated investment securities | (12) |
Option contracts written | (247,197) |
935,990 | |
Net realized and unrealized gain | 953,782 |
Net increase in net assets resulting from operations | $918,512 |
4 | Invesco® V.I. Nasdaq 100 Buffer Fund - December |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income (loss) | $(35,270) | $(39,647) |
Net realized gain | 17,792 | 1,183,068 |
Change in net unrealized appreciation (depreciation) | 935,990 | (5,514) |
Net increase in net assets resulting from operations | 918,512 | 1,137,907 |
Share transactions–net: | ||
Series I | (393,311) | (196,738) |
Series II | 4,129,479 | 1,960,925 |
Net increase in net assets resulting from share transactions | 3,736,168 | 1,764,187 |
Net increase in net assets | 4,654,680 | 2,902,094 |
Net assets: | ||
Beginning of period | 7,223,442 | 4,321,348 |
End of period | $11,878,122 | $7,223,442 |
5 | Invesco® V.I. Nasdaq 100 Buffer Fund - December |
Net asset value, beginning of period | Net investment income (loss)(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Ratio of net investment income (loss) to average net assets | Portfolio turnover (c) | |
Series I | |||||||||||
Six months ended 06/30/24 | $9.35 | $(0.02) | $0.93 | $0.91 | $10.26 | 9.73% | $523 | 0.70%(d) | 1.42%(d) | (0.48)%(d) | 0% |
Year ended 12/31/23 | 7.57 | (0.04) | 1.82 | 1.78 | 9.35 | 23.51 | 861 | 0.70 | 1.48 | (0.51) | 0 |
Year ended 12/31/22 | 10.00 | (0.05) | (2.38) | (2.43) | 7.57 | (24.30) | 864 | 0.70 | 2.92 | (0.64) | 0 |
Period ended 12/31/21(e) | 10.00 | (0.00) | - | (0.00) | 10.00 | - | 1,500 | 0.70(d) | 428.89(d) | (0.70)(d) | 0 |
Series II | |||||||||||
Six months ended 06/30/24 | 9.30 | (0.03) | 0.93 | 0.90 | 10.20 | 9.68 | 11,355 | 0.95(d) | 1.67(d) | (0.73)(d) | 0 |
Year ended 12/31/23 | 7.56 | (0.07) | 1.81 | 1.74 | 9.30 | 23.02 | 6,362 | 0.95 | 1.73 | (0.76) | 0 |
Year ended 12/31/22 | 10.00 | (0.07) | (2.37) | (2.44) | 7.56 | (24.40) | 3,458 | 0.95 | 3.17 | (0.89) | 0 |
Period ended 12/31/21(e) | 10.00 | (0.00) | - | (0.00) | 10.00 | - | 1,500 | 0.95(d) | 429.14(d) | (0.95)(d) | 0 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Annualized. |
(e) | Commencement date of December 31, 2021. |
6 | Invesco® V.I. Nasdaq 100 Buffer Fund - December |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
7 | Invesco® V.I. Nasdaq 100 Buffer Fund - December |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Flex Options Purchased and Written - The Fund invests primarily in FLexible EXchange® Options (“FLEX® Options”), which are non-standard Options that allow users to negotiate key contract terms, including exercise prices, exercise styles, and expiration dates, on major stock indexes as well as individual equities. Other benefits of FLEX® Options, include guarantee for settlement by the Options Clearing Corporation (the “OCC”), a market clearinghouse that guarantees performance by two parties ("Counterparties") to certain derivatives contracts and protection from Counterparty risk that is associated with Over-the-counter trading. |
8 | Invesco® V.I. Nasdaq 100 Buffer Fund - December |
J. | Leverage Risk — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction. |
K. | Buffered Loss Risk - The term “buffer” is a generic term that is widely used in the investment management and financial services industries to describe an investment product or strategy that is designed to mitigate or alleviate downside risk. The Buffer for the Fund is designed to limit downside losses for shares purchased at the beginning and held until the end of the Outcome Period; however, there is no guarantee that the Fund will be successful in implementing its stated Buffer strategy in an Outcome Period or that the Buffer will effectively protect against any or all losses. If the Underlying Index declines over an Outcome Period by more than the Buffer, shareholders will bear the amount of the loss in excess of the Buffer at the end of the Outcome Period (plus Fund fees and expenses). If an investor purchases shares of the Fund during an Outcome Period after the Underlying Index’s value has decreased, the investor may receive less, or none, of the intended benefit of the Buffer. The Fund does not provide principal protection or protection of gains and shareholders could experience significant losses, including loss of their entire investment. |
L. | Capped Return Risk - If the Underlying Index experiences returns over the Outcome Period in excess of the Cap, the Fund will not participate in such returns beyond the Cap. In this way, the Fund is unlike other investment companies that seek to replicate the performance of the Underlying Index in all cases. If shares are purchased after the beginning of the Outcome Period, and the Fund’s net asset value has already achieved returns at or near the Cap, there may be no ability to experience any return on investment, but such purchaser remains vulnerable to risk of loss. Additionally, the Fund’s Defined Outcome strategy may not be successful in replicating the returns (before Fund fees and expenses) of the Underlying Index up to the level of the Cap. |
M. | Cap Level Change Risk - At the end of the trading day immediately preceding the first day of each Outcome Period, a new Cap is established, depending on the market conditions and the prices for options contracts on the Underlying Index at the time. Therefore, the level of the Cap may rise or fall for subsequent Outcome Periods and is unlikely to remain the same. If the Caps for future Outcome Periods of the Fund were to decrease, shareholders in the Fund would have less opportunity to participate in any future positive returns of the Underlying Index. |
N. | Non-Diversification Risk - Under the 1940 Act, a fund designated as “diversified” must limit its holdings such that the securities of issuers which individually represent more than 5% of its total assets must in the aggregate represent less than 25% of its total assets. The Fund is classified as “diversified” for purposes of the 1940 Act. However, the Fund may be “non-diversified,” as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. A non-diversified fund can invest a greater portion of its assets in the securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers’ securities will therefore affect the value of the Fund more than if it was a diversified fund. As such, the Fund’s performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund’s shares may experience significant fluctuations in value. |
Average Daily Net Assets | Rate |
First $2 billion | 0.420% |
Over $2 billion | 0.400% |
9 | Invesco® V.I. Nasdaq 100 Buffer Fund - December |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Money Market Funds | $354,490 | $— | $— | $354,490 |
Options Purchased | — | 12,449,437 | — | 12,449,437 |
Total Investments in Securities | 354,490 | 12,449,437 | — | 12,803,927 |
Other Investments - Liabilities* | ||||
Options Written | — | (901,597) | — | (901,597) |
Total Investments | $354,490 | $11,547,840 | $— | $11,902,330 |
* | Options written are shown at value. |
10 | Invesco® V.I. Nasdaq 100 Buffer Fund - December |
Value | |
Derivative Assets | Equity Risk |
Options purchased, at value(a) | $12,449,437 |
Derivatives not subject to master netting agreements | (12,449,437) |
Total Derivative Assets subject to master netting agreements | $— |
Value | |
Derivative Liabilities | Equity Risk |
Options written, at value | $(901,597) |
Derivatives not subject to master netting agreements | 901,597 |
Total Derivative Liabilities subject to master netting agreements | $— |
(a) | Options purchased, at value as reported in the Schedule of Investments. |
Location of Gain (Loss) on Statement of Operations | |
Equity Risk | |
Realized Gain: | |
Options purchased(a) | $17,672 |
Options written | 166 |
Change in Net Unrealized Appreciation (Depreciation): | |
Options purchased(a) | 1,183,199 |
Options written | (247,197) |
Total | $953,840 |
(a) | Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on investment securities. |
Equity Options Purchased | Index Options Purchased | Equity Options Written | Index Options Written | |
Average notional value | $4,942,207 | $5,199,213 | $9,944,287 | $10,461,522 |
Average contracts | 234 | 6 | 234 | 6 |
11 | Invesco® V.I. Nasdaq 100 Buffer Fund - December |
Capital Loss Carryforward* | |||
Expiration | Short-Term | Long-Term | Total |
Not subject to expiration | $39,980 | $125,988 | $165,968 |
* | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $1,829,210 |
Aggregate unrealized (depreciation) of investments | (893,209) |
Net unrealized appreciation of investments | $936,001 |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | - | $- | 6,097 | $56,617 | |
Series II | 573,118 | 5,508,150 | 423,220 | 3,657,832 | |
Reacquired: | |||||
Series I | (41,145) | (393,311) | (28,026) | (253,355) | |
Series II | (143,063) | (1,378,671) | (196,660) | (1,696,907) | |
Net increase in share activity | 388,910 | $3,736,168 | 204,631 | $1,764,187 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 93% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
In addition, 7% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
12 | Invesco® V.I. Nasdaq 100 Buffer Fund - December |
13 | Invesco® V.I. Nasdaq 100 Buffer Fund - December |
14 | Invesco® V.I. Nasdaq 100 Buffer Fund - December |
15 | Invesco® V.I. Nasdaq 100 Buffer Fund - December |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
16 | Invesco® V.I. Nasdaq 100 Buffer Fund - December |
17 | Invesco® V.I. Nasdaq 100 Buffer Fund - December |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/img29752ce91.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | VINDQJ-NCSRS |
Shares | Value | ||
Money Market Funds–5.07% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(a)(b) | 184,413 | $184,413 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(a)(b) | 131,653 | 131,692 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(a)(b) | 210,757 | 210,757 | |
Total Money Market Funds (Cost $526,862) | 526,862 |
Shares | Value | ||
Options Purchased–99.24% | |||
(Cost $10,296,239)(c) | $10,300,733 | ||
TOTAL INVESTMENTS IN SECURITIES–104.31% (Cost $10,823,101) | 10,827,595 | ||
OTHER ASSETS LESS LIABILITIES—(4.31)% | (447,792) | ||
NET ASSETS–100.00% | $10,379,803 |
(a) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $133,170 | $1,203,592 | $(1,152,349) | $- | $- | $184,413 | $3,082 |
Invesco Liquid Assets Portfolio, Institutional Class | 95,176 | 859,708 | (823,168) | (8) | (16) | 131,692 | 2,285 |
Invesco Treasury Portfolio, Institutional Class | 152,194 | 1,375,533 | (1,316,970) | - | - | 210,757 | 3,515 |
Total | $380,540 | $3,438,833 | $(3,292,487) | $(8) | $(16) | $526,862 | $8,882 |
(b) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(c) | The table below details options purchased. |
Open Equity Options Purchased | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
Invesco QQQ Trust, Series 1 | Call | 06/30/2025 | 45 | USD | 14.37 | USD | 64,665 | $ 2,098,836 |
Equity Risk | ||||||||
Invesco QQQ Trust, Series 1 | Put | 06/30/2025 | 45 | USD | 479.11 | USD | 2,155,995 | 116,138 |
Total Open Equity Options Purchased | $2,214,974 |
(a) | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Open Index Options Purchased | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
NASDAQ 100 Index | Call | 06/30/2025 | 4 | USD | 590.49 | USD | 236,196 | $ 7,651,608 |
Equity Risk | ||||||||
NASDAQ 100 Index | Put | 06/30/2025 | 4 | USD | 19,682.87 | USD | 7,873,148 | 434,151 |
Total Open Index Options Purchased | $8,085,759 |
(a) | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Open Equity Options Written | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
Invesco QQQ Trust, Series 1 | Call | 06/30/2025 | 45 | USD | 561.04 | USD | 2,524,680 | $ (62,980) |
2 | Invesco® V.I. Nasdaq 100 Buffer Fund - June |
Open Equity Options Written—(continued) | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
Invesco QQQ Trust, Series 1 | Put | 06/30/2025 | 45 | USD | 431.20 | USD | 1,940,400 | $(61,556) |
Total Open Equity Options Written | $(124,536) |
(a) | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Open Index Options Written | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
NASDAQ 100 Index | Call | 06/30/2025 | 4 | USD | 23,048.64 | USD | 9,219,456 | $ (230,954) |
Equity Risk | ||||||||
NASDAQ 100 Index | Put | 06/30/2025 | 4 | USD | 17,714.58 | USD | 7,085,832 | (231,655) |
Total Open Index Options Written | $(462,609) |
(a) | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Abbreviations: | |
USD | —U.S. Dollar |
3 | Invesco® V.I. Nasdaq 100 Buffer Fund - June |
Assets: | |
Investments in unaffiliated securities, at value (Cost $10,296,239) | $10,300,733 |
Investments in affiliated money market funds, at value (Cost $526,862) | 526,862 |
Receivable for: | |
Investments sold | 13,025,533 |
Fund shares sold | 103,340 |
Fund expenses absorbed | 78,482 |
Dividends | 2,174 |
Investment for trustee deferred compensation and retirement plans | 5,756 |
Total assets | 24,042,880 |
Liabilities: | |
Other investments: | |
Options written, at value (premiums received $607,447) | 587,145 |
Payable for: | |
Investments purchased | 11,539,116 |
Fund shares reacquired | 1,431,693 |
Accrued fees to affiliates | 67,219 |
Accrued other operating expenses | 32,148 |
Trustee deferred compensation and retirement plans | 5,756 |
Total liabilities | 13,663,077 |
Net assets applicable to shares outstanding | $10,379,803 |
Net assets consist of: | |
Shares of beneficial interest | $8,825,293 |
Distributable earnings | 1,554,510 |
$10,379,803 | |
Net Assets: | |
Series I | $1,426,598 |
Series II | $8,953,205 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 111,344 |
Series II | 702,571 |
Series I: | |
Net asset value per share | $12.81 |
Series II: | |
Net asset value per share | $12.74 |
Investment income: | |
Dividends from affiliated money market funds | $8,882 |
Expenses: | |
Advisory fees | 18,854 |
Administrative services fees | 5,143 |
Custodian fees | 1,052 |
Distribution fees - Series II | 9,169 |
Transfer agent fees | 227 |
Trustees’ and officers’ fees and benefits | 11,982 |
Licensing fees | 1,858 |
Reports to shareholders | 3,921 |
Professional services fees | 29,594 |
Other | (596) |
Total expenses | 81,204 |
Less: Fees waived and/or expenses reimbursed | (40,773) |
Net expenses | 40,431 |
Net investment income (loss) | (31,549) |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | 1,959,480 |
Affiliated investment securities | (16) |
Option contracts written | (565,571) |
1,393,893 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | (554,280) |
Affiliated investment securities | (8) |
Option contracts written | (118,254) |
(672,542) | |
Net realized and unrealized gain | 721,351 |
Net increase in net assets resulting from operations | $689,802 |
4 | Invesco® V.I. Nasdaq 100 Buffer Fund - June |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income (loss) | $(31,549) | $(50,116) |
Net realized gain | 1,393,893 | 1,316,267 |
Change in net unrealized appreciation (depreciation) | (672,542) | 872,816 |
Net increase in net assets resulting from operations | 689,802 | 2,138,967 |
Distributions to shareholders from distributable earnings: | ||
Series I | — | (206,624) |
Series II | — | (877,415) |
Total distributions from distributable earnings | — | (1,084,039) |
Share transactions–net: | ||
Series I | (288,844) | (211,327) |
Series II | 1,068,726 | 2,079,347 |
Net increase in net assets resulting from share transactions | 779,882 | 1,868,020 |
Net increase in net assets | 1,469,684 | 2,922,948 |
Net assets: | ||
Beginning of period | 8,910,119 | 5,987,171 |
End of period | $10,379,803 | $8,910,119 |
5 | Invesco® V.I. Nasdaq 100 Buffer Fund - June |
Net asset value, beginning of period | Net investment income (loss)(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Distributions from net realized gains | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Ratio of net investment income (loss) to average net assets | Portfolio turnover (c) | |
Series I | ||||||||||||
Six months ended 06/30/24 | $11.84 | $(0.03) | $1.00 | $0.97 | $— | $12.81 | 8.19% | $1,427 | 0.70%(d) | 1.60%(d) | (0.50)%(d) | 0% |
Year ended 12/31/23 | 9.78 | (0.06) | 3.69 | 3.63 | (1.57) | 11.84 | 37.24 | 1,586 | 0.70 | 2.31 | (0.50) | 0 |
Period ended 12/31/22(e) | 10.00 | (0.03) | (0.19) | (0.22) | — | 9.78 | (2.20) | 1,467 | 0.70(d) | 3.31(d) | (0.60)(d) | 0 |
Series II | ||||||||||||
Six months ended 06/30/24 | 11.79 | (0.05) | 1.00 | 0.95 | — | 12.74 | 8.06 | 8,953 | 0.95(d) | 1.85(d) | (0.75)(d) | 0 |
Year ended 12/31/23 | 9.77 | (0.09) | 3.68 | 3.59 | (1.57) | 11.79 | 36.87 | 7,324 | 0.95 | 2.56 | (0.75) | 0 |
Period ended 12/31/22(e) | 10.00 | (0.04) | (0.19) | (0.23) | — | 9.77 | (2.30) | 4,520 | 0.95(d) | 3.56(d) | (0.85)(d) | 0 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Annualized. |
(e) | Commencement date of June 30, 2022. |
6 | Invesco® V.I. Nasdaq 100 Buffer Fund - June |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
7 | Invesco® V.I. Nasdaq 100 Buffer Fund - June |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Flex Options Purchased and Written - The Fund invests primarily in FLexible EXchange® Options (“FLEX® Options”), which are non-standard Options that allow users to negotiate key contract terms, including exercise prices, exercise styles, and expiration dates, on major stock indexes as well as individual equities. Other benefits of FLEX® Options, include guarantee for settlement by the Options Clearing Corporation (the “OCC”), a market clearinghouse that guarantees performance by two parties ("Counterparties") to certain derivatives contracts and protection from Counterparty risk that is associated with Over-the-counter trading. |
8 | Invesco® V.I. Nasdaq 100 Buffer Fund - June |
J. | Leverage Risk — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction. |
K. | Buffered Loss Risk - The term “buffer” is a generic term that is widely used in the investment management and financial services industries to describe an investment product or strategy that is designed to mitigate or alleviate downside risk. The Buffer for the Fund is designed to limit downside losses for shares purchased at the beginning and held until the end of the Outcome Period; however, there is no guarantee that the Fund will be successful in implementing its stated Buffer strategy in an Outcome Period or that the Buffer will effectively protect against any or all losses. If the Underlying Index declines over an Outcome Period by more than the Buffer, shareholders will bear the amount of the loss in excess of the Buffer at the end of the Outcome Period (plus Fund fees and expenses). If an investor purchases shares of the Fund during an Outcome Period after the Underlying Index’s value has decreased, the investor may receive less, or none, of the intended benefit of the Buffer. The Fund does not provide principal protection or protection of gains and shareholders could experience significant losses, including loss of their entire investment. |
L. | Capped Return Risk - If the Underlying Index experiences returns over the Outcome Period in excess of the Cap, the Fund will not participate in such returns beyond the Cap. In this way, the Fund is unlike other investment companies that seek to replicate the performance of the Underlying Index in all cases. If shares are purchased after the beginning of the Outcome Period, and the Fund’s net asset value has already achieved returns at or near the Cap, there may be no ability to experience any return on investment, but such purchaser remains vulnerable to risk of loss. Additionally, the Fund’s Defined Outcome strategy may not be successful in replicating the returns (before Fund fees and expenses) of the Underlying Index up to the level of the Cap. |
M. | Cap Level Change Risk - At the end of the trading day immediately preceding the first day of each Outcome Period, a new Cap is established, depending on the market conditions and the prices for options contracts on the Underlying Index at the time. Therefore, the level of the Cap may rise or fall for subsequent Outcome Periods and is unlikely to remain the same. If the Caps for future Outcome Periods of the Fund were to decrease, shareholders in the Fund would have less opportunity to participate in any future positive returns of the Underlying Index. |
N. | Non-Diversification Risk - Under the 1940 Act, a fund designated as “diversified” must limit its holdings such that the securities of issuers which individually represent more than 5% of its total assets must in the aggregate represent less than 25% of its total assets. The Fund is classified as “diversified” for purposes of the 1940 Act. However, the Fund may be “non-diversified,” as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. A non-diversified fund can invest a greater portion of its assets in the securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers’ securities will therefore affect the value of the Fund more than if it was a diversified fund. As such, the Fund’s performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund’s shares may experience significant fluctuations in value. |
Average Daily Net Assets | Rate |
First $2 billion | 0.420% |
Over $2 billion | 0.400% |
9 | Invesco® V.I. Nasdaq 100 Buffer Fund - June |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Money Market Funds | $526,862 | $— | $— | $526,862 |
Options Purchased | — | 10,300,733 | — | 10,300,733 |
Total Investments in Securities | 526,862 | 10,300,733 | — | 10,827,595 |
Other Investments - Liabilities* | ||||
Options Written | — | (587,145) | — | (587,145) |
Total Investments | $526,862 | $9,713,588 | $— | $10,240,450 |
* | Options written are shown at value. |
10 | Invesco® V.I. Nasdaq 100 Buffer Fund - June |
Value | |
Derivative Assets | Equity Risk |
Options purchased, at value(a) | $10,300,733 |
Derivatives not subject to master netting agreements | (10,300,733) |
Total Derivative Assets subject to master netting agreements | $— |
Value | |
Derivative Liabilities | Equity Risk |
Options written, at value | $(587,145) |
Derivatives not subject to master netting agreements | 587,145 |
Total Derivative Liabilities subject to master netting agreements | $— |
(a) | Options purchased, at value as reported in the Schedule of Investments. |
Location of Gain (Loss) on Statement of Operations | |
Equity Risk | |
Realized Gain (Loss): | |
Options purchased(a) | $1,959,480 |
Options written | (565,571) |
Change in Net Unrealized Appreciation (Depreciation): | |
Options purchased(a) | (554,280) |
Options written | (118,254) |
Total | $721,375 |
(a) | Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on investment securities. |
Equity Options Purchased | Index Options Purchased | Equity Options Written | Index Options Written | |
Average notional value | $1,809,668 | $6,563,087 | $3,637,295 | $13,191,205 |
Average contracts | 91 | 8 | 91 | 8 |
11 | Invesco® V.I. Nasdaq 100 Buffer Fund - June |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $(614,663) |
Aggregate unrealized (depreciation) of investments | (57,872) |
Net unrealized appreciation (depreciation) of investments | $(672,535) |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | - | $- | 19,101 | $228,408 | |
Series II | 264,047 | 3,310,745 | 331,885 | 4,068,129 | |
Issued as reinvestment of dividends: | |||||
Series I | - | - | 2,535 | 29,808 | |
Series II | - | - | 59,829 | 700,599 | |
Reacquired: | |||||
Series I | (22,605) | (288,844) | (37,687) | (469,543) | |
Series II | (182,572) | (2,242,019) | (233,331) | (2,689,381) | |
Net increase in share activity | 58,870 | $779,882 | 142,332 | $1,868,020 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 81% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
In addition, 14% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
12 | Invesco® V.I. Nasdaq 100 Buffer Fund - June |
13 | Invesco® V.I. Nasdaq 100 Buffer Fund - June |
14 | Invesco® V.I. Nasdaq 100 Buffer Fund - June |
15 | Invesco® V.I. Nasdaq 100 Buffer Fund - June |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
16 | Invesco® V.I. Nasdaq 100 Buffer Fund - June |
17 | Invesco® V.I. Nasdaq 100 Buffer Fund - June |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/img01c8d2311.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | VINDQM-NCSRS |
Shares | Value | ||
Money Market Funds–4.50% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(a)(b) | 179,030 | $179,030 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(a)(b) | 162,674 | 162,723 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(a)(b) | 204,606 | 204,606 | |
Total Money Market Funds (Cost $546,359) | 546,359 |
Shares | Value | ||
Options Purchased–100.95% | |||
(Cost $11,657,226)(c) | $12,264,391 | ||
TOTAL INVESTMENTS IN SECURITIES–105.45% (Cost $12,203,585) | 12,810,750 | ||
OTHER ASSETS LESS LIABILITIES—(5.45)% | (661,659) | ||
NET ASSETS–100.00% | $12,149,091 |
(a) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $175,896 | $1,594,849 | $(1,591,715) | $- | $- | $179,030 | $3,399 |
Invesco Liquid Assets Portfolio, Institutional Class | 125,708 | 1,139,179 | (1,102,132) | (21) | (11) | 162,723 | 3,003 |
Invesco Treasury Portfolio, Institutional Class | 201,024 | 1,822,685 | (1,819,103) | - | - | 204,606 | 3,878 |
Total | $502,628 | $4,556,713 | $(4,512,950) | $(21) | $(11) | $546,359 | $10,280 |
(b) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(c) | The table below details options purchased. |
Open Equity Options Purchased | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
Invesco QQQ Trust, Series 1 | Call | 03/31/2025 | 91 | USD | 13.32 | USD | 121,212 | $ 4,250,007 |
Equity Risk | ||||||||
Invesco QQQ Trust, Series 1 | Put | 03/31/2025 | 91 | USD | 444.01 | USD | 4,040,491 | 119,928 |
Total Open Equity Options Purchased | $4,369,935 |
(a) | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Open Index Options Purchased | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
NASDAQ 100 Index | Call | 03/31/2025 | 4 | USD | 547.64 | USD | 219,056 | $ 7,673,186 |
Equity Risk | ||||||||
NASDAQ 100 Index | Put | 03/31/2025 | 4 | USD | 18,254.69 | USD | 7,301,876 | 221,270 |
Total Open Index Options Purchased | $7,894,456 |
(a) | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Open Equity Options Written | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
Invesco QQQ Trust, Series 1 | Call | 03/31/2025 | 91 | USD | 526.82 | USD | 4,794,062 | $ (163,716) |
2 | Invesco® V.I. Nasdaq 100 Buffer Fund - March |
Open Equity Options Written—(continued) | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
Invesco QQQ Trust, Series 1 | Put | 03/31/2025 | 91 | USD | 399.61 | USD | 3,636,451 | $(59,465) |
Total Open Equity Options Written | $(223,181) |
(a) | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Open Index Options Written | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
NASDAQ 100 Index | Call | 03/31/2025 | 4 | USD | 21,659.19 | USD | 8,663,676 | $ (294,634) |
Equity Risk | ||||||||
NASDAQ 100 Index | Put | 03/31/2025 | 4 | USD | 16,429.22 | USD | 6,571,688 | (110,213) |
Total Open Index Options Written | $(404,847) |
(a) | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Abbreviations: | |
USD | —U.S. Dollar |
3 | Invesco® V.I. Nasdaq 100 Buffer Fund - March |
Assets: | |
Investments in unaffiliated securities, at value (Cost $11,657,226) | $12,264,391 |
Investments in affiliated money market funds, at value (Cost $546,359) | 546,359 |
Receivable for: | |
Fund shares sold | 4,809 |
Fund expenses absorbed | 84,344 |
Dividends | 2,188 |
Investment for trustee deferred compensation and retirement plans | 6,960 |
Total assets | 12,909,051 |
Liabilities: | |
Other investments: | |
Options written, at value (premiums received $653,733) | 628,028 |
Payable for: | |
Fund shares reacquired | 17,876 |
Accrued fees to affiliates | 76,817 |
Accrued trustees’ and officers’ fees and benefits | 18 |
Accrued other operating expenses | 30,261 |
Trustee deferred compensation and retirement plans | 6,960 |
Total liabilities | 759,960 |
Net assets applicable to shares outstanding | $12,149,091 |
Net assets consist of: | |
Shares of beneficial interest | $10,763,406 |
Distributable earnings | 1,385,685 |
$12,149,091 | |
Net Assets: | |
Series I | $1,131,586 |
Series II | $11,017,505 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 103,974 |
Series II | 1,018,412 |
Series I: | |
Net asset value per share | $10.88 |
Series II: | |
Net asset value per share | $10.82 |
Investment income: | |
Dividends from affiliated money market funds | $10,280 |
Expenses: | |
Advisory fees | 20,765 |
Administrative services fees | 6,396 |
Custodian fees | 978 |
Distribution fees - Series II | 10,957 |
Transfer agent fees | 256 |
Trustees’ and officers’ fees and benefits | 12,070 |
Licensing fees | 2,059 |
Reports to shareholders | 4,129 |
Professional services fees | 27,600 |
Other | (644) |
Total expenses | 84,566 |
Less: Fees waived and/or expenses reimbursed | (39,191) |
Net expenses | 45,375 |
Net investment income (loss) | (35,095) |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | 2,777,355 |
Affiliated investment securities | (11) |
Option contracts written | (977,433) |
1,799,911 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | (1,291,002) |
Affiliated investment securities | (21) |
Option contracts written | 352,478 |
(938,545) | |
Net realized and unrealized gain | 861,366 |
Net increase in net assets resulting from operations | $826,271 |
4 | Invesco® V.I. Nasdaq 100 Buffer Fund - March |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income (loss) | $(35,095) | $(63,778) |
Net realized gain | 1,799,911 | 115,258 |
Change in net unrealized appreciation (depreciation) | (938,545) | 2,199,987 |
Net increase in net assets resulting from operations | 826,271 | 2,251,467 |
Distributions to shareholders from distributable earnings: | ||
Series I | — | (123,822) |
Series II | — | (916,335) |
Total distributions from distributable earnings | — | (1,040,157) |
Share transactions–net: | ||
Series I | (132,786) | (368,224) |
Series II | 807,385 | 6,192,303 |
Net increase in net assets resulting from share transactions | 674,599 | 5,824,079 |
Net increase in net assets | 1,500,870 | 7,035,389 |
Net assets: | ||
Beginning of period | 10,648,221 | 3,612,832 |
End of period | $12,149,091 | $10,648,221 |
5 | Invesco® V.I. Nasdaq 100 Buffer Fund - March |
Net asset value, beginning of period | Net investment income (loss)(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Distributions from net realized gains | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Ratio of net investment income (loss) to average net assets | Portfolio turnover (c) | |
Series I | ||||||||||||
Six months ended 06/30/24 | $10.08 | $(0.03) | $0.83 | $0.80 | $— | $10.88 | 7.94% | $1,132 | 0.70%(d) | 1.49%(d) | (0.49)%(d) | 0% |
Year ended 12/31/23 | 8.17 | (0.05) | 3.03 | 2.98 | (1.07) | 10.08 | 36.49 | 1,175 | 0.70 | 1.18 | (0.52) | 0 |
Period ended 12/31/22(e) | 10.00 | (0.04) | (1.79) | (1.83) | — | 8.17 | (18.30) | 1,239 | 0.70(d) | 4.32(d) | (0.63)(d) | 0 |
Series II | ||||||||||||
Six months ended 06/30/24 | 10.03 | (0.04) | 0.83 | 0.79 | — | 10.82 | 7.88 | 11,018 | 0.95(d) | 1.74(d) | (0.74)(d) | 0 |
Year ended 12/31/23 | 8.16 | (0.08) | 3.02 | 2.94 | (1.07) | 10.03 | 36.03 | 9,473 | 0.95 | 1.43 | (0.77) | 0 |
Period ended 12/31/22(e) | 10.00 | (0.06) | (1.78) | (1.84) | — | 8.16 | (18.40) | 2,374 | 0.95(d) | 4.57(d) | (0.88)(d) | 0 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Annualized. |
(e) | Commencement date of March 31, 2022. |
6 | Invesco® V.I. Nasdaq 100 Buffer Fund - March |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
7 | Invesco® V.I. Nasdaq 100 Buffer Fund - March |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Flex Options Purchased and Written - The Fund invests primarily in FLexible EXchange® Options (“FLEX® Options”), which are non-standard Options that allow users to negotiate key contract terms, including exercise prices, exercise styles, and expiration dates, on major stock indexes as well as individual equities. Other benefits of FLEX® Options, include guarantee for settlement by the Options Clearing Corporation (the “OCC”), a market clearinghouse that guarantees performance by two parties ("Counterparties") to certain derivatives contracts and protection from Counterparty risk that is associated with Over-the-counter trading. |
8 | Invesco® V.I. Nasdaq 100 Buffer Fund - March |
J. | Leverage Risk — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction. |
K. | Buffered Loss Risk - The term “buffer” is a generic term that is widely used in the investment management and financial services industries to describe an investment product or strategy that is designed to mitigate or alleviate downside risk. The Buffer for the Fund is designed to limit downside losses for shares purchased at the beginning and held until the end of the Outcome Period; however, there is no guarantee that the Fund will be successful in implementing its stated Buffer strategy in an Outcome Period or that the Buffer will effectively protect against any or all losses. If the Underlying Index declines over an Outcome Period by more than the Buffer, shareholders will bear the amount of the loss in excess of the Buffer at the end of the Outcome Period (plus Fund fees and expenses). If an investor purchases shares of the Fund during an Outcome Period after the Underlying Index’s value has decreased, the investor may receive less, or none, of the intended benefit of the Buffer. The Fund does not provide principal protection or protection of gains and shareholders could experience significant losses, including loss of their entire investment. |
L. | Capped Return Risk - If the Underlying Index experiences returns over the Outcome Period in excess of the Cap, the Fund will not participate in such returns beyond the Cap. In this way, the Fund is unlike other investment companies that seek to replicate the performance of the Underlying Index in all cases. If shares are purchased after the beginning of the Outcome Period, and the Fund’s net asset value has already achieved returns at or near the Cap, there may be no ability to experience any return on investment, but such purchaser remains vulnerable to risk of loss. Additionally, the Fund’s Defined Outcome strategy may not be successful in replicating the returns (before Fund fees and expenses) of the Underlying Index up to the level of the Cap. |
M. | Cap Level Change Risk - At the end of the trading day immediately preceding the first day of each Outcome Period, a new Cap is established, depending on the market conditions and the prices for options contracts on the Underlying Index at the time. Therefore, the level of the Cap may rise or fall for subsequent Outcome Periods and is unlikely to remain the same. If the Caps for future Outcome Periods of the Fund were to decrease, shareholders in the Fund would have less opportunity to participate in any future positive returns of the Underlying Index. |
N. | Non-Diversification Risk - Under the 1940 Act, a fund designated as “diversified” must limit its holdings such that the securities of issuers which individually represent more than 5% of its total assets must in the aggregate represent less than 25% of its total assets. The Fund is classified as “diversified” for purposes of the 1940 Act. However, the Fund may be “non-diversified,” as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. A non-diversified fund can invest a greater portion of its assets in the securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers’ securities will therefore affect the value of the Fund more than if it was a diversified fund. As such, the Fund’s performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund’s shares may experience significant fluctuations in value. |
Average Daily Net Assets | Rate |
First $2 billion | 0.420% |
Over $2 billion | 0.400% |
9 | Invesco® V.I. Nasdaq 100 Buffer Fund - March |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Money Market Funds | $546,359 | $— | $— | $546,359 |
Options Purchased | — | 12,264,391 | — | 12,264,391 |
Total Investments in Securities | 546,359 | 12,264,391 | — | 12,810,750 |
Other Investments - Liabilities* | ||||
Options Written | — | (628,028) | — | (628,028) |
Total Investments | $546,359 | $11,636,363 | $— | $12,182,722 |
* | Options written are shown at value. |
10 | Invesco® V.I. Nasdaq 100 Buffer Fund - March |
Value | |
Derivative Assets | Equity Risk |
Options purchased, at value(a) | $12,264,391 |
Derivatives not subject to master netting agreements | (12,264,391) |
Total Derivative Assets subject to master netting agreements | $— |
Value | |
Derivative Liabilities | Equity Risk |
Options written, at value | $(628,028) |
Derivatives not subject to master netting agreements | 628,028 |
Total Derivative Liabilities subject to master netting agreements | $— |
(a) | Options purchased, at value as reported in the Schedule of Investments. |
Location of Gain (Loss) on Statement of Operations | |
Equity Risk | |
Realized Gain (Loss): | |
Options purchased(a) | $2,777,355 |
Options written | (977,433) |
Change in Net Unrealized Appreciation (Depreciation): | |
Options purchased(a) | (1,291,002) |
Options written | 352,478 |
Total | $861,398 |
(a) | Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on investment securities. |
Equity Options Purchased | Index Options Purchased | Equity Options Written | Index Options Written | |
Average notional value | $2,182,372 | $7,276,753 | $4,422,996 | $14,752,808 |
Average contracts | 102 | 9 | 102 | 9 |
11 | Invesco® V.I. Nasdaq 100 Buffer Fund - March |
Capital Loss Carryforward* | |||
Expiration | Short-Term | Long-Term | Total |
Not subject to expiration | $— | $159,469 | $159,469 |
* | Capital loss carryforward is reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $(464,143) |
Aggregate unrealized (depreciation) of investments | (474,391) |
Net unrealized appreciation (depreciation) of investments | $(938,534) |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 12,009 | $120,698 | 2,220 | $21,469 | |
Series II | 400,361 | 4,137,842 | 744,664 | 7,161,533 | |
Issued as reinvestment of dividends: | |||||
Series I | - | - | 394 | 3,953 | |
Series II | - | - | 79,726 | 796,467 | |
Reacquired: | |||||
Series I | (24,634) | (253,484) | (37,526) | (393,646) | |
Series II | (326,303) | (3,330,457) | (171,006) | (1,765,697) | |
Net increase in share activity | 61,433 | $674,599 | 618,472 | $5,824,079 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 90% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
In addition, 10% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
12 | Invesco® V.I. Nasdaq 100 Buffer Fund - March |
13 | Invesco® V.I. Nasdaq 100 Buffer Fund - March |
14 | Invesco® V.I. Nasdaq 100 Buffer Fund - March |
15 | Invesco® V.I. Nasdaq 100 Buffer Fund - March |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
16 | Invesco® V.I. Nasdaq 100 Buffer Fund - March |
17 | Invesco® V.I. Nasdaq 100 Buffer Fund - March |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/img5fd3de501.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | VINDQS-NCSRS |
Shares | Value | ||
Money Market Funds–1.79% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(a)(b) | 62,410 | $62,410 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(a)(b) | 44,335 | 44,348 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(a)(b) | 70,961 | 70,961 | |
Total Money Market Funds (Cost $177,717) | 177,719 |
Shares | Value | ||
Options Purchased–113.48% | |||
(Cost $9,264,396)(c) | $11,278,850 | ||
TOTAL INVESTMENTS IN SECURITIES–115.27% (Cost $9,442,113) | 11,456,569 | ||
OTHER ASSETS LESS LIABILITIES—(15.27)% | (1,517,567) | ||
NET ASSETS–100.00% | $9,939,002 |
(a) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $132,163 | $395,191 | $(464,944) | $- | $- | $62,410 | $3,175 |
Invesco Liquid Assets Portfolio, Institutional Class | 94,207 | 282,280 | (332,104) | (13) | (22) | 44,348 | 2,348 |
Invesco Treasury Portfolio, Institutional Class | 150,679 | 451,647 | (531,365) | - | - | 70,961 | 3,610 |
Total | $377,049 | $1,129,118 | $(1,328,413) | $(13) | $(22) | $177,719 | $9,133 |
(b) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(c) | The table below details options purchased. |
Open Equity Options Purchased | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
Invesco QQQ Trust, Series 1 | Call | 09/30/2024 | 76 | USD | 10.75 | USD | 81,700 | $ 3,565,650 |
Equity Risk | ||||||||
Invesco QQQ Trust, Series 1 | Put | 09/30/2024 | 76 | USD | 358.27 | USD | 2,722,852 | 3,513 |
Total Open Equity Options Purchased | $3,569,163 |
(a) | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Open Index Options Purchased | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
NASDAQ 100 Index | Call | 09/30/2024 | 4 | USD | 441.46 | USD | 176,584 | $ 7,702,390 |
Equity Risk | ||||||||
NASDAQ 100 Index | Put | 09/30/2024 | 4 | USD | 14,715.24 | USD | 5,886,096 | 7,297 |
Total Open Index Options Purchased | $7,709,687 |
(a) | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Open Equity Options Written | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
Invesco QQQ Trust, Series 1 | Call | 09/30/2024 | 76 | USD | 425.98 | USD | 3,237,448 | $ (473,995) |
2 | Invesco® V.I. Nasdaq 100 Buffer Fund - September |
Open Equity Options Written—(continued) | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
Invesco QQQ Trust, Series 1 | Put | 09/30/2024 | 76 | USD | 322.44 | USD | 2,450,544 | $(1,707) |
Total Open Equity Options Written | $(475,702) |
(a) | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Open Index Options Written | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
NASDAQ 100 Index | Call | 09/30/2024 | 4 | USD | 17,496.42 | USD | 6,998,568 | $ (1,017,818) |
Equity Risk | ||||||||
NASDAQ 100 Index | Put | 09/30/2024 | 4 | USD | 13,243.72 | USD | 5,297,488 | (2,954) |
Total Open Index Options Written | $(1,020,772) |
(a) | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Abbreviations: | |
USD | —U.S. Dollar |
3 | Invesco® V.I. Nasdaq 100 Buffer Fund - September |
Assets: | |
Investments in unaffiliated securities, at value (Cost $9,264,396) | $11,278,850 |
Investments in affiliated money market funds, at value (Cost $177,717) | 177,719 |
Receivable for: | |
Fund expenses absorbed | 82,816 |
Dividends | 1,590 |
Investment for trustee deferred compensation and retirement plans | 9,642 |
Total assets | 11,550,617 |
Liabilities: | |
Other investments: | |
Options written, at value (premiums received $660,015) | 1,496,474 |
Payable for: | |
Fund shares reacquired | 1,166 |
Accrued fees to affiliates | 74,198 |
Accrued trustees’ and officers’ fees and benefits | 8 |
Accrued other operating expenses | 30,127 |
Trustee deferred compensation and retirement plans | 9,642 |
Total liabilities | 1,611,615 |
Net assets applicable to shares outstanding | $9,939,002 |
Net assets consist of: | |
Shares of beneficial interest | $8,537,584 |
Distributable earnings | 1,401,418 |
$9,939,002 | |
Net Assets: | |
Series I | $1,754,125 |
Series II | $8,184,877 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 151,536 |
Series II | 712,058 |
Series I: | |
Net asset value per share | $11.58 |
Series II: | |
Net asset value per share | $11.49 |
Investment income: | |
Dividends from affiliated money market funds | $9,133 |
Expenses: | |
Advisory fees | 20,013 |
Administrative services fees | 6,555 |
Custodian fees | 966 |
Distribution fees - Series II | 9,808 |
Transfer agent fees | 215 |
Trustees’ and officers’ fees and benefits | 12,060 |
Licensing fees | 2,020 |
Reports to shareholders | 4,434 |
Professional services fees | 27,699 |
Other | (609) |
Total expenses | 83,161 |
Less: Fees waived and/or expenses reimbursed | (40,172) |
Net expenses | 42,989 |
Net investment income (loss) | (33,856) |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | 280,556 |
Affiliated investment securities | (22) |
Option contracts written | (60,449) |
220,085 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | 1,192,858 |
Affiliated investment securities | (13) |
Option contracts written | (696,507) |
496,338 | |
Net realized and unrealized gain | 716,423 |
Net increase in net assets resulting from operations | $682,567 |
4 | Invesco® V.I. Nasdaq 100 Buffer Fund - September |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income (loss) | $(33,856) | $(44,452) |
Net realized gain | 220,085 | 1,225,030 |
Change in net unrealized appreciation | 496,338 | 629,117 |
Net increase in net assets resulting from operations | 682,567 | 1,809,695 |
Distributions to shareholders from distributable earnings: | ||
Series I | — | (70,967) |
Series II | — | (301,082) |
Total distributions from distributable earnings | — | (372,049) |
Share transactions–net: | ||
Series I | (49) | (71,869) |
Series II | 252,086 | 2,902,553 |
Net increase in net assets resulting from share transactions | 252,037 | 2,830,684 |
Net increase in net assets | 934,604 | 4,268,330 |
Net assets: | ||
Beginning of period | 9,004,398 | 4,736,068 |
End of period | $9,939,002 | $9,004,398 |
5 | Invesco® V.I. Nasdaq 100 Buffer Fund - September |
Net asset value, beginning of period | Net investment income (loss)(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Distributions from net realized gains | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Ratio of net investment income (loss) to average net assets | Portfolio turnover (c) | |
Series I | ||||||||||||
Six months ended 06/30/24 | $10.77 | $(0.03) | $0.84 | $0.81 | $— | $11.58 | 7.52% | $1,754 | 0.70%(d) | 1.54%(d) | (0.51)%(d) | 0% |
Year ended 12/31/23 | 8.37 | (0.05) | 2.92 | 2.87 | (0.47) | 10.77 | 34.30 | 1,632 | 0.70 | 1.24 | (0.53) | 0 |
Year ended 12/31/22 | 10.60 | (0.06) | (2.17) | (2.23) | — | 8.37 | (21.04) | 1,336 | 0.70 | 2.89 | (0.64) | 0 |
Period ended 12/31/21(e) | 10.00 | (0.02) | 0.62 | 0.60 | — | 10.60 | 6.00 | 1,589 | 0.70(d) | 7.73(d) | (0.70)(d) | 0 |
Series II | ||||||||||||
Six months ended 06/30/24 | 10.71 | (0.04) | 0.82 | 0.78 | — | 11.49 | 7.28 | 8,185 | 0.95(d) | 1.79(d) | (0.76)(d) | 0 |
Year ended 12/31/23 | 8.35 | (0.08) | 2.91 | 2.83 | (0.47) | 10.71 | 33.90 | 7,372 | 0.95 | 1.49 | (0.78) | 0 |
Year ended 12/31/22 | 10.59 | (0.08) | (2.16) | (2.24) | — | 8.35 | (21.15) | 3,400 | 0.95 | 3.14 | (0.89) | 0 |
Period ended 12/31/21(e) | 10.00 | (0.03) | 0.62 | 0.59 | — | 10.59 | 5.90 | 2,072 | 0.95(d) | 7.98(d) | (0.95)(d) | 0 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Annualized. |
(e) | Commencement date of September 30, 2021. |
6 | Invesco® V.I. Nasdaq 100 Buffer Fund - September |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
7 | Invesco® V.I. Nasdaq 100 Buffer Fund - September |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Flex Options Purchased and Written - The Fund invests primarily in FLexible EXchange® Options (“FLEX® Options”), which are non-standard Options that allow users to negotiate key contract terms, including exercise prices, exercise styles, and expiration dates, on major stock indexes as well as individual equities. Other benefits of FLEX® Options, include guarantee for settlement by the Options Clearing Corporation (the “OCC”), a market clearinghouse that guarantees performance by two parties ("Counterparties") to certain derivatives contracts and protection from Counterparty risk that is associated with Over-the-counter trading. |
8 | Invesco® V.I. Nasdaq 100 Buffer Fund - September |
J. | Leverage Risk — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction. |
K. | Buffered Loss Risk - The term “buffer” is a generic term that is widely used in the investment management and financial services industries to describe an investment product or strategy that is designed to mitigate or alleviate downside risk. The Buffer for the Fund is designed to limit downside losses for shares purchased at the beginning and held until the end of the Outcome Period; however, there is no guarantee that the Fund will be successful in implementing its stated Buffer strategy in an Outcome Period or that the Buffer will effectively protect against any or all losses. If the Underlying Index declines over an Outcome Period by more than the Buffer, shareholders will bear the amount of the loss in excess of the Buffer at the end of the Outcome Period (plus Fund fees and expenses). If an investor purchases shares of the Fund during an Outcome Period after the Underlying Index’s value has decreased, the investor may receive less, or none, of the intended benefit of the Buffer. The Fund does not provide principal protection or protection of gains and shareholders could experience significant losses, including loss of their entire investment. |
L. | Capped Return Risk - If the Underlying Index experiences returns over the Outcome Period in excess of the Cap, the Fund will not participate in such returns beyond the Cap. In this way, the Fund is unlike other investment companies that seek to replicate the performance of the Underlying Index in all cases. If shares are purchased after the beginning of the Outcome Period, and the Fund’s net asset value has already achieved returns at or near the Cap, there may be no ability to experience any return on investment, but such purchaser remains vulnerable to risk of loss. Additionally, the Fund’s Defined Outcome strategy may not be successful in replicating the returns (before Fund fees and expenses) of the Underlying Index up to the level of the Cap. |
M. | Cap Level Change Risk - At the end of the trading day immediately preceding the first day of each Outcome Period, a new Cap is established, depending on the market conditions and the prices for options contracts on the Underlying Index at the time. Therefore, the level of the Cap may rise or fall for subsequent Outcome Periods and is unlikely to remain the same. If the Caps for future Outcome Periods of the Fund were to decrease, shareholders in the Fund would have less opportunity to participate in any future positive returns of the Underlying Index. |
N. | Non-Diversification Risk - Under the 1940 Act, a fund designated as “diversified” must limit its holdings such that the securities of issuers which individually represent more than 5% of its total assets must in the aggregate represent less than 25% of its total assets. The Fund is classified as “diversified” for purposes of the 1940 Act. However, the Fund may be “non-diversified,” as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. A non-diversified fund can invest a greater portion of its assets in the securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers’ securities will therefore affect the value of the Fund more than if it was a diversified fund. As such, the Fund’s performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund’s shares may experience significant fluctuations in value. |
Average Daily Net Assets | Rate |
First $2 billion | 0.420% |
Over $2 billion | 0.400% |
9 | Invesco® V.I. Nasdaq 100 Buffer Fund - September |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Money Market Funds | $177,719 | $— | $— | $177,719 |
Options Purchased | — | 11,278,850 | — | 11,278,850 |
Total Investments in Securities | 177,719 | 11,278,850 | — | 11,456,569 |
Other Investments - Liabilities* | ||||
Options Written | — | (1,496,474) | — | (1,496,474) |
Total Investments | $177,719 | $9,782,376 | $— | $9,960,095 |
* | Options written are shown at value. |
10 | Invesco® V.I. Nasdaq 100 Buffer Fund - September |
Value | |
Derivative Assets | Equity Risk |
Options purchased, at value(a) | $11,278,850 |
Derivatives not subject to master netting agreements | (11,278,850) |
Total Derivative Assets subject to master netting agreements | $— |
Value | |
Derivative Liabilities | Equity Risk |
Options written, at value | $(1,496,474) |
Derivatives not subject to master netting agreements | 1,496,474 |
Total Derivative Liabilities subject to master netting agreements | $— |
(a) | Options purchased, at value as reported in the Schedule of Investments. |
Location of Gain (Loss) on Statement of Operations | |
Equity Risk | |
Realized Gain (Loss): | |
Options purchased(a) | $280,556 |
Options written | (60,449) |
Change in Net Unrealized Appreciation (Depreciation): | |
Options purchased(a) | 1,192,858 |
Options written | (696,507) |
Total | $716,458 |
(a) | Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities. |
Equity Options Purchased | Index Options Purchased | Equity Options Written | Index Options Written | |
Average notional value | $2,699,996 | $6,062,680 | $5,475,940 | $12,296,056 |
Average contracts | 146 | 8 | 146 | 8 |
11 | Invesco® V.I. Nasdaq 100 Buffer Fund - September |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $2,036,042 |
Aggregate unrealized (depreciation) of investments | (1,539,692) |
Net unrealized appreciation of investments | $496,350 |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series II | 91,631 | $1,013,427 | 333,921 | $3,434,725 | |
Issued as reinvestment of dividends: | |||||
Series I | - | - | 65 | 692 | |
Series II | - | - | 21,672 | 230,806 | |
Reacquired: | |||||
Series I | (5) | (49) | (8,087) | (72,561) | |
Series II | (68,080) | (761,341) | (74,390) | (762,978) | |
Net increase in share activity | 23,546 | $252,037 | 273,181 | $2,830,684 |
(a) | There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 61% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with the entity whereby the entity sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to the entity, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by the entity are also owned beneficially. |
In addition, 35% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
12 | Invesco® V.I. Nasdaq 100 Buffer Fund - September |
13 | Invesco® V.I. Nasdaq 100 Buffer Fund - September |
14 | Invesco® V.I. Nasdaq 100 Buffer Fund - September |
15 | Invesco® V.I. Nasdaq 100 Buffer Fund - September |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
16 | Invesco® V.I. Nasdaq 100 Buffer Fund - September |
17 | Invesco® V.I. Nasdaq 100 Buffer Fund - September |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/imgaf28c6fd1.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | VISP500D-NCSRS |
Shares | Value | ||
Money Market Funds–3.64% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(a)(b) | 421,455 | $421,455 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(a)(b) | 300,466 | 300,556 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(a)(b) | 481,840 | 481,840 | |
Total Money Market Funds (Cost $1,203,836) | 1,203,851 |
Shares | Value | ||
Options Purchased–102.63% | |||
(Cost $30,733,884)(c) | $33,986,541 | ||
TOTAL INVESTMENTS IN SECURITIES–106.27% (Cost $31,937,720) | 35,190,392 | ||
OTHER ASSETS LESS LIABILITIES—(6.27)% | (2,075,698) | ||
NET ASSETS–100.00% | $33,114,694 |
(a) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $547,226 | $3,925,966 | $(4,051,737) | $- | $- | $421,455 | $11,421 |
Invesco Liquid Assets Portfolio, Institutional Class | 390,520 | 2,804,260 | (2,894,097) | (37) | (90) | 300,556 | 8,474 |
Invesco Treasury Portfolio, Institutional Class | 625,579 | 4,486,817 | (4,630,556) | - | - | 481,840 | 13,026 |
Total | $1,563,325 | $11,217,043 | $(11,576,390) | $(37) | $(90) | $1,203,851 | $32,921 |
(b) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(c) | The table below details options purchased. |
Open Index Options Purchased | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
S&P 500® Mini Index | Call | 12/31/2024 | 635 | USD | 14.31 | USD | 908,685 | $ 33,709,746 |
Equity Risk | ||||||||
S&P 500® Mini Index | Put | 12/31/2024 | 635 | USD | 476.98 | USD | 30,288,230 | 276,795 |
Total Open Index Options Purchased | $33,986,541 |
(a) | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Open Index Options Written | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
S&P 500® Mini Index | Call | 12/31/2024 | 635 | USD | 546.14 | USD | 34,679,890 | $ (1,885,061) |
Equity Risk | ||||||||
S&P 500® Mini Index | Put | 12/31/2024 | 635 | USD | 429.28 | USD | 27,259,280 | (137,518) |
Total Open Index Options Written | $(2,022,579) |
(a) | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Abbreviations: | |
USD | —U.S. Dollar |
2 | Invesco® V.I. S&P 500 Buffer Fund - December |
Assets: | |
Investments in unaffiliated securities, at value (Cost $30,733,884) | $33,986,541 |
Investments in affiliated money market funds, at value (Cost $1,203,836) | 1,203,851 |
Receivable for: | |
Dividends | 5,378 |
Investment for trustee deferred compensation and retirement plans | 8,184 |
Total assets | 35,203,954 |
Liabilities: | |
Other investments: | |
Options written, at value (premiums received $1,210,936) | 2,022,579 |
Payable for: | |
Fund shares reacquired | 4,581 |
Accrued fees to affiliates | 17,074 |
Accrued other operating expenses | 36,842 |
Trustee deferred compensation and retirement plans | 8,184 |
Total liabilities | 2,089,260 |
Net assets applicable to shares outstanding | $33,114,694 |
Net assets consist of: | |
Shares of beneficial interest | $29,693,584 |
Distributable earnings | 3,421,110 |
$33,114,694 | |
Net Assets: | |
Series I | $419,977 |
Series II | $32,694,717 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 36,741 |
Series II | 2,877,403 |
Series I: | |
Net asset value per share | $11.43 |
Series II: | |
Net asset value per share | $11.36 |
Investment income: | |
Dividends from affiliated money market funds | $32,921 |
Expenses: | |
Advisory fees | 61,331 |
Administrative services fees | 23,515 |
Custodian fees | 1,154 |
Distribution fees - Series II | 35,998 |
Transfer agent fees | 362 |
Trustees’ and officers’ fees and benefits | 9,387 |
Licensing fees | 5,649 |
Reports to shareholders | 4,132 |
Professional services fees | 27,268 |
Other | (579) |
Total expenses | 168,217 |
Less: Fees waived | (30,592) |
Net expenses | 137,625 |
Net investment income (loss) | (104,704) |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | (30,203) |
Affiliated investment securities | (90) |
Option contracts written | (6,825) |
(37,118) | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | 3,252,799 |
Affiliated investment securities | (37) |
Option contracts written | (813,909) |
2,438,853 | |
Net realized and unrealized gain | 2,401,735 |
Net increase in net assets resulting from operations | $2,297,031 |
3 | Invesco® V.I. S&P 500 Buffer Fund - December |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income (loss) | $(104,704) | $(92,956) |
Net realized gain (loss) | (37,118) | 2,224,554 |
Change in net unrealized appreciation (depreciation) | 2,438,853 | (17,570) |
Net increase in net assets resulting from operations | 2,297,031 | 2,114,028 |
Distributions to shareholders from distributable earnings: | ||
Series I | — | (3,678) |
Series II | — | (140,491) |
Total distributions from distributable earnings | — | (144,169) |
Share transactions–net: | ||
Series I | 35,686 | (199,288) |
Series II | 11,618,846 | 8,168,398 |
Net increase in net assets resulting from share transactions | 11,654,532 | 7,969,110 |
Net increase in net assets | 13,951,563 | 9,938,969 |
Net assets: | ||
Beginning of period | 19,163,131 | 9,224,162 |
End of period | $33,114,694 | $19,163,131 |
4 | Invesco® V.I. S&P 500 Buffer Fund - December |
Net asset value, beginning of period | Net investment income (loss)(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Distributions from net realized gains | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Ratio of net investment income (loss) to average net assets | Portfolio turnover (c) | |
Series I | ||||||||||||
Six months ended 06/30/24 | $10.48 | $(0.03) | $0.98 | $0.95 | $— | $11.43 | 9.07% | $420 | 0.70%(d) | 0.91%(d) | (0.47)%(d) | 0% |
Year ended 12/31/23 | 8.96 | (0.05) | 1.68 | 1.63 | (0.11) | 10.48 | 18.17 | 359 | 0.70 | 1.03 | (0.53) | 0 |
Year ended 12/31/22 | 10.00 | (0.06) | (0.98) | (1.04) | — | 8.96 | (10.40) | 477 | 0.70 | 1.90 | (0.64) | 0 |
Period ended 12/31/21(e) | 10.00 | (0.00) | - | (0.00) | — | 10.00 | - | 1,000 | 0.70(d) | 643.01(d) | (0.70)(d) | 0 |
Series II | ||||||||||||
Six months ended 06/30/24 | 10.50 | (0.04) | 0.90 | 0.86 | — | 11.36 | 8.19 | 32,695 | 0.95(d) | 1.16(d) | (0.72)(d) | 0 |
Year ended 12/31/23 | 8.93 | (0.08) | 1.76 | 1.68 | (0.11) | 10.50 | 18.80 | 18,804 | 0.95 | 1.28 | (0.78) | 0 |
Year ended 12/31/22 | 10.00 | (0.08) | (0.99) | (1.07) | — | 8.93 | (10.70) | 8,748 | 0.95 | 2.15 | (0.89) | 0 |
Period ended 12/31/21(e) | 10.00 | (0.00) | - | (0.00) | — | 10.00 | - | 1,000 | 0.95(d) | 643.26(d) | (0.95)(d) | 0 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Annualized. |
(e) | Commencement date of December 31, 2021. |
5 | Invesco® V.I. S&P 500 Buffer Fund - December |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
6 | Invesco® V.I. S&P 500 Buffer Fund - December |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Flex Options Purchased and Written - The Fund invests primarily in FLexible EXchange® Options (“FLEX® Options”), which are non-standard Options that allow users to negotiate key contract terms, including exercise prices, exercise styles, and expiration dates, on major stock indexes as well as individual equities. Other benefits of FLEX® Options, include guarantee for settlement by the Options Clearing Corporation (the “OCC”), a market clearinghouse that guarantees performance by two parties ("Counterparties") to certain derivatives contracts and protection from Counterparty risk that is associated with Over-the-counter trading. |
7 | Invesco® V.I. S&P 500 Buffer Fund - December |
J. | Leverage Risk — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction. |
K. | Buffered Loss Risk - The term “buffer” is a generic term that is widely used in the investment management and financial services industries to describe an investment product or strategy that is designed to mitigate or alleviate downside risk. The Buffer for the Fund is designed to limit downside losses for shares purchased at the beginning and held until the end of the Outcome Period; however, there is no guarantee that the Fund will be successful in implementing its stated Buffer strategy in an Outcome Period or that the Buffer will effectively protect against any or all losses. If the Underlying Index declines over an Outcome Period by more than the Buffer, shareholders will bear the amount of the loss in excess of the Buffer at the end of the Outcome Period (plus Fund fees and expenses). If an investor purchases shares of the Fund during an Outcome Period after the Underlying Index’s value has decreased, the investor may receive less, or none, of the intended benefit of the Buffer. The Fund does not provide principal protection or protection of gains and shareholders could experience significant losses, including loss of their entire investment. |
L. | Capped Return Risk - If the Underlying Index experiences returns over the Outcome Period in excess of the Cap, the Fund will not participate in such returns beyond the Cap. In this way, the Fund is unlike other investment companies that seek to replicate the performance of the Underlying Index in all cases. If shares are purchased after the beginning of the Outcome Period, and the Fund’s net asset value has already achieved returns at or near the Cap, there may be no ability to experience any return on investment, but such purchaser remains vulnerable to risk of loss. Additionally, the Fund’s Defined Outcome strategy may not be successful in replicating the returns (before Fund fees and expenses) of the Underlying Index up to the level of the Cap. |
M. | Cap Level Change Risk - At the end of the trading day immediately preceding the first day of each Outcome Period, a new Cap is established, depending on the market conditions and the prices for options contracts on the Underlying Index at the time. Therefore, the level of the Cap may rise or fall for subsequent Outcome Periods and is unlikely to remain the same. If the Caps for future Outcome Periods of the Fund were to decrease, shareholders in the Fund would have less opportunity to participate in any future positive returns of the Underlying Index. |
N. | Non-Diversification Risk - Under the 1940 Act, a fund designated as “diversified” must limit its holdings such that the securities of issuers which individually represent more than 5% of its total assets must in the aggregate represent less than 25% of its total assets. The Fund is classified as “diversified” for purposes of the 1940 Act. However, the Fund may be “non-diversified,” as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. A non-diversified fund can invest a greater portion of its assets in the securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers’ securities will therefore affect the value of the Fund more than if it was a diversified fund. As such, the Fund’s performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund’s shares may experience significant fluctuations in value. |
Average Daily Net Assets | Rate |
First $2 billion | 0.420% |
Over $2 billion | 0.400% |
8 | Invesco® V.I. S&P 500 Buffer Fund - December |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Money Market Funds | $1,203,851 | $— | $— | $1,203,851 |
Options Purchased | — | 33,986,541 | — | 33,986,541 |
Total Investments in Securities | 1,203,851 | 33,986,541 | — | 35,190,392 |
Other Investments - Liabilities* | ||||
Options Written | — | (2,022,579) | — | (2,022,579) |
Total Investments | $1,203,851 | $31,963,962 | $— | $33,167,813 |
* | Options written are shown at value. |
9 | Invesco® V.I. S&P 500 Buffer Fund - December |
Value | |
Derivative Assets | Equity Risk |
Options purchased, at value(a) | $33,986,541 |
Derivatives not subject to master netting agreements | (33,986,541) |
Total Derivative Assets subject to master netting agreements | $— |
Value | |
Derivative Liabilities | Equity Risk |
Options written, at value | $(2,022,579) |
Derivatives not subject to master netting agreements | 2,022,579 |
Total Derivative Liabilities subject to master netting agreements | $— |
(a) | Options purchased, at value as reported in the Schedule of Investments. |
Location of Gain (Loss) on Statement of Operations | |
Equity Risk | |
Realized Gain (Loss): | |
Options purchased(a) | $(30,203) |
Options written | (6,825) |
Change in Net Unrealized Appreciation (Depreciation): | |
Options purchased(a) | 3,252,799 |
Options written | (813,909) |
Total | $2,401,862 |
(a) | Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) of investment securities. |
Index Options Purchased | Index Options Written | |
Average notional value | $29,862,244 | $59,289,279 |
Average contracts | 1,216 | 1,216 |
10 | Invesco® V.I. S&P 500 Buffer Fund - December |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $4,811,153 |
Aggregate unrealized (depreciation) of investments | (2,372,265) |
Net unrealized appreciation of investments | $2,438,888 |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 41,621 | $461,481 | 32,773 | $323,726 | |
Series II | 1,218,035 | 13,082,713 | 1,133,923 | 11,389,877 | |
Issued as reinvestment of dividends: | |||||
Series I | - | - | 338 | 3,549 | |
Series II | - | - | 13,420 | 140,373 | |
Reacquired: | |||||
Series I | (39,099) | (425,795) | (52,083) | (526,563) | |
Series II | (132,177) | (1,463,867) | (334,989) | (3,361,852) | |
Net increase in share activity | 1,088,380 | $11,654,532 | 793,382 | $7,969,110 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 100% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
11 | Invesco® V.I. S&P 500 Buffer Fund - December |
12 | Invesco® V.I. S&P 500 Buffer Fund - December |
13 | Invesco® V.I. S&P 500 Buffer Fund - December |
14 | Invesco® V.I. S&P 500 Buffer Fund - December |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
15 | Invesco® V.I. S&P 500 Buffer Fund - December |
16 | Invesco® V.I. S&P 500 Buffer Fund - December |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/img68df96961.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | VISP500J-NCSRS |
Shares | Value | ||
Money Market Funds–5.94% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(a)(b) | 487,182 | $487,182 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(a)(b) | 347,859 | 347,963 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(a)(b) | 556,780 | 556,780 | |
Total Money Market Funds (Cost $1,391,925) | 1,391,925 |
Shares | Value | ||
Options Purchased–98.45% | |||
(Cost $22,821,983)(c) | $23,076,664 | ||
TOTAL INVESTMENTS IN SECURITIES–104.39% (Cost $24,213,908) | 24,468,589 | ||
OTHER ASSETS LESS LIABILITIES—(4.39)% | (1,028,688) | ||
NET ASSETS–100.00% | $23,439,901 |
(a) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $424,515 | $1,692,056 | $(1,629,389) | $- | $- | $487,182 | $8,483 |
Invesco Liquid Assets Portfolio, Institutional Class | 303,380 | 1,208,612 | (1,163,943) | (129) | 43 | 347,963 | 6,309 |
Invesco Treasury Portfolio, Institutional Class | 485,160 | 1,933,778 | (1,862,158) | - | - | 556,780 | 9,674 |
Total | $1,213,055 | $4,834,446 | $(4,655,490) | $(129) | $43 | $1,391,925 | $24,466 |
(b) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(c) | The table below details options purchased. |
Open Index Options Purchased | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
S&P 500® Mini Index | Call | 06/30/2025 | 420 | USD | 16.38 | USD | 687,960 | $ 22,138,725 |
Equity Risk | ||||||||
S&P 500® Mini Index | Put | 06/30/2025 | 420 | USD | 546.05 | USD | 22,934,100 | 937,939 |
Total Open Index Options Purchased | $23,076,664 |
(a) | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Open Index Options Written | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
S&P 500® Mini Index | Call | 06/30/2025 | 420 | USD | 627.96 | USD | 26,374,320 | $ (324,971) |
Equity Risk | ||||||||
S&P 500® Mini Index | Put | 06/30/2025 | 420 | USD | 491.45 | USD | 20,640,900 | (482,081) |
Total Open Index Options Written | $(807,052) |
(a) | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Abbreviations: | |
USD | —U.S. Dollar |
2 | Invesco® V.I. S&P 500 Buffer Fund – June |
Assets: | |
Investments in unaffiliated securities, at value (Cost $22,821,983) | $23,076,664 |
Investments in affiliated money market funds, at value (Cost $1,391,925) | 1,391,925 |
Receivable for: | |
Investments sold | 24,504,597 |
Fund shares sold | 65,066 |
Fund expenses absorbed | 833 |
Dividends | 4,183 |
Investment for trustee deferred compensation and retirement plans | 5,770 |
Total assets | 49,049,038 |
Liabilities: | |
Other investments: | |
Options written, at value (premiums received $639,637) | 807,052 |
Payable for: | |
Investments purchased | 24,735,390 |
Fund shares reacquired | 402 |
Accrued fees to affiliates | 13,987 |
Accrued other operating expenses | 46,536 |
Trustee deferred compensation and retirement plans | 5,770 |
Total liabilities | 25,609,137 |
Net assets applicable to shares outstanding | $23,439,901 |
Net assets consist of: | |
Shares of beneficial interest | $19,186,474 |
Distributable earnings | 4,253,427 |
$23,439,901 | |
Net Assets: | |
Series I | $1,317,711 |
Series II | $22,122,190 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 102,713 |
Series II | 1,732,961 |
Series I: | |
Net asset value per share | $12.83 |
Series II: | |
Net asset value per share | $12.77 |
Investment income: | |
Dividends from affiliated money market funds | $24,466 |
Expenses: | |
Advisory fees | 57,536 |
Administrative services fees | 22,708 |
Custodian fees | 1,680 |
Distribution fees - Series II | 32,334 |
Transfer agent fees | 737 |
Trustees’ and officers’ fees and benefits | 9,445 |
Licensing fees | 12,647 |
Reports to shareholders | 4,514 |
Professional services fees | 27,362 |
Other | (635) |
Total expenses | 168,328 |
Less: Fees waived | (40,579) |
Net expenses | 127,749 |
Net investment income (loss) | (103,283) |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | 3,930,236 |
Affiliated investment securities | 43 |
Option contracts written | (306,785) |
3,623,494 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | (97,322) |
Affiliated investment securities | (129) |
Option contracts written | (1,490,930) |
(1,588,381) | |
Net realized and unrealized gain | 2,035,113 |
Net increase in net assets resulting from operations | $1,931,830 |
3 | Invesco® V.I. S&P 500 Buffer Fund – June |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income (loss) | $(103,283) | $(125,759) |
Net realized gain | 3,623,494 | 1,265,399 |
Change in net unrealized appreciation (depreciation) | (1,588,381) | 1,576,259 |
Net increase in net assets resulting from operations | 1,931,830 | 2,715,899 |
Distributions to shareholders from distributable earnings: | ||
Series I | — | (22,366) |
Series II | — | (382,785) |
Total distributions from distributable earnings | — | (405,151) |
Share transactions–net: | ||
Series I | (355,624) | 308,209 |
Series II | (6,294,681) | 15,200,623 |
Net increase (decrease) in net assets resulting from share transactions | (6,650,305) | 15,508,832 |
Net increase (decrease) in net assets | (4,718,475) | 17,819,580 |
Net assets: | ||
Beginning of period | 28,158,376 | 10,338,796 |
End of period | $23,439,901 | $28,158,376 |
4 | Invesco® V.I. S&P 500 Buffer Fund – June |
Net asset value, beginning of period | Net investment income (loss)(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Distributions from net realized gains | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Ratio of net investment income (loss) to average net assets | Portfolio turnover (c) | |
Series I | ||||||||||||
Six months ended 06/30/24 | $11.96 | $(0.03) | $0.90 | $0.87 | $— | $12.83 | 7.27% | $1,318 | 0.70%(d) | 0.99%(d) | (0.52)%(d) | 0% |
Year ended 12/31/23 | 10.18 | (0.05) | 2.00 | 1.95 | (0.17) | 11.96 | 19.20 | 1,565 | 0.70 | 1.03 | (0.47) | 0 |
Period ended 12/31/22(e) | 10.00 | (0.03) | 0.29 | 0.26 | (0.08) | 10.18 | 2.56 | 1,018 | 0.70(d) | 2.52(d) | (0.59)(d) | 0 |
Series II | ||||||||||||
Six months ended 06/30/24 | 11.91 | (0.05) | 0.91 | 0.86 | — | 12.77 | 7.22 | 22,122 | 0.95(d) | 1.24(d) | (0.77)(d) | 0 |
Year ended 12/31/23 | 10.16 | (0.08) | 2.00 | 1.92 | (0.17) | 11.91 | 18.95 | 26,594 | 0.95 | 1.28 | (0.72) | 0 |
Period ended 12/31/22(e) | 10.00 | (0.04) | 0.28 | 0.24 | (0.08) | 10.16 | 2.36 | 9,321 | 0.95(d) | 2.77(d) | (0.84)(d) | 0 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Annualized. |
(e) | Commencement date of June 30, 2022. |
5 | Invesco® V.I. S&P 500 Buffer Fund – June |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
6 | Invesco® V.I. S&P 500 Buffer Fund – June |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Flex Options Purchased and Written - The Fund invests primarily in FLexible EXchange® Options (“FLEX® Options”), which are non-standard Options that allow users to negotiate key contract terms, including exercise prices, exercise styles, and expiration dates, on major stock indexes as well as individual equities. Other benefits of FLEX® Options, include guarantee for settlement by the Options Clearing Corporation (the “OCC”), a market clearinghouse that guarantees performance by two parties ("Counterparties") to certain derivatives contracts and protection from Counterparty risk that is associated with Over-the-counter trading. |
7 | Invesco® V.I. S&P 500 Buffer Fund – June |
J. | Leverage Risk — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction. |
K. | Buffered Loss Risk - The term “buffer” is a generic term that is widely used in the investment management and financial services industries to describe an investment product or strategy that is designed to mitigate or alleviate downside risk. The Buffer for the Fund is designed to limit downside losses for shares purchased at the beginning and held until the end of the Outcome Period; however, there is no guarantee that the Fund will be successful in implementing its stated Buffer strategy in an Outcome Period or that the Buffer will effectively protect against any or all losses. If the Underlying Index declines over an Outcome Period by more than the Buffer, shareholders will bear the amount of the loss in excess of the Buffer at the end of the Outcome Period (plus Fund fees and expenses). If an investor purchases shares of the Fund during an Outcome Period after the Underlying Index’s value has decreased, the investor may receive less, or none, of the intended benefit of the Buffer. The Fund does not provide principal protection or protection of gains and shareholders could experience significant losses, including loss of their entire investment. |
L. | Capped Return Risk - If the Underlying Index experiences returns over the Outcome Period in excess of the Cap, the Fund will not participate in such returns beyond the Cap. In this way, the Fund is unlike other investment companies that seek to replicate the performance of the Underlying Index in all cases. If shares are purchased after the beginning of the Outcome Period, and the Fund’s net asset value has already achieved returns at or near the Cap, there may be no ability to experience any return on investment, but such purchaser remains vulnerable to risk of loss. Additionally, the Fund’s Defined Outcome strategy may not be successful in replicating the returns (before Fund fees and expenses) of the Underlying Index up to the level of the Cap. |
M. | Cap Level Change Risk - At the end of the trading day immediately preceding the first day of each Outcome Period, a new Cap is established, depending on the market conditions and the prices for options contracts on the Underlying Index at the time. Therefore, the level of the Cap may rise or fall for subsequent Outcome Periods and is unlikely to remain the same. If the Caps for future Outcome Periods of the Fund were to decrease, shareholders in the Fund would have less opportunity to participate in any future positive returns of the Underlying Index. |
N. | Non-Diversification Risk - Under the 1940 Act, a fund designated as “diversified” must limit its holdings such that the securities of issuers which individually represent more than 5% of its total assets must in the aggregate represent less than 25% of its total assets. The Fund is classified as “diversified” for purposes of the 1940 Act. However, the Fund may be “non-diversified,” as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. A non-diversified fund can invest a greater portion of its assets in the securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers’ securities will therefore affect the value of the Fund more than if it was a diversified fund. As such, the Fund’s performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund’s shares may experience significant fluctuations in value. |
Average Daily Net Assets | Rate |
First $2 billion | 0.420% |
Over $2 billion | 0.400% |
8 | Invesco® V.I. S&P 500 Buffer Fund – June |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Money Market Funds | $1,391,925 | $— | $— | $1,391,925 |
Options Purchased | — | 23,076,664 | — | 23,076,664 |
Total Investments in Securities | 1,391,925 | 23,076,664 | — | 24,468,589 |
Other Investments - Liabilities* | ||||
Options Written | — | (807,052) | — | (807,052) |
Total Investments | $1,391,925 | $22,269,612 | $— | $23,661,537 |
* | Options written are shown at value. |
9 | Invesco® V.I. S&P 500 Buffer Fund – June |
Value | |
Derivative Assets | Equity Risk |
Options purchased, at value(a) | $23,076,664 |
Derivatives not subject to master netting agreements | (23,076,664) |
Total Derivative Assets subject to master netting agreements | $— |
Value | |
Derivative Liabilities | Equity Risk |
Options written, at value | $(807,052) |
Derivatives not subject to master netting agreements | 807,052 |
Total Derivative Liabilities subject to master netting agreements | $— |
(a) | Options purchased, at value as reported in the Schedule of Investments. |
Location of Gain (Loss) on Statement of Operations | |
Equity Risk | |
Realized Gain (Loss): | |
Options purchased(a) | $3,930,236 |
Options written | (306,785) |
Change in Net Unrealized Appreciation (Depreciation): | |
Options purchased(a) | (97,322) |
Options written | (1,490,930) |
Total | $2,035,199 |
(a) | Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on investment securities. |
Index Options Purchased | Index Options Written | |
Average notional value | $26,016,128 | $51,372,757 |
Average contracts | 1,103 | 1,103 |
10 | Invesco® V.I. S&P 500 Buffer Fund – June |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $258,394 |
Aggregate unrealized (depreciation) of investments | (1,846,684) |
Net unrealized appreciation (depreciation) of investments | $(1,588,290) |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 1,858 | $23,073 | 155,742 | $1,748,172 | |
Series II | 223,812 | 2,804,449 | 1,895,865 | 21,592,471 | |
Issued as reinvestment of dividends: | |||||
Series I | - | - | 1,873 | 22,193 | |
Series II | - | - | 32,454 | 382,611 | |
Reacquired: | |||||
Series I | (29,966) | (378,697) | (126,794) | (1,462,156) | |
Series II | (724,129) | (9,099,130) | (612,251) | (6,774,459) | |
Net increase (decrease) in share activity | (528,425) | $(6,650,305) | 1,346,889 | $15,508,832 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 99% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
11 | Invesco® V.I. S&P 500 Buffer Fund – June |
12 | Invesco® V.I. S&P 500 Buffer Fund – June |
13 | Invesco® V.I. S&P 500 Buffer Fund – June |
14 | Invesco® V.I. S&P 500 Buffer Fund – June |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
15 | Invesco® V.I. S&P 500 Buffer Fund – June |
16 | Invesco® V.I. S&P 500 Buffer Fund – June |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/img2810be881.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | VISP500M-NCSRS |
Shares | Value | ||
Money Market Funds–4.05% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(a)(b) | 458,488 | $458,488 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(a)(b) | 398,372 | 398,492 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(a)(b) | 523,986 | 523,986 | |
Total Money Market Funds (Cost $1,380,966) | 1,380,966 |
Shares | Value | ||
Options Purchased–99.24% | |||
(Cost $32,893,090)(c) | $33,870,795 | ||
TOTAL INVESTMENTS IN SECURITIES–103.29% (Cost $34,274,056) | 35,251,761 | ||
OTHER ASSETS LESS LIABILITIES—(3.29)% | (1,122,022) | ||
NET ASSETS–100.00% | $34,129,739 |
(a) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $271,951 | $4,154,230 | $(3,967,693) | $- | $- | $458,488 | $8,347 |
Invesco Liquid Assets Portfolio, Institutional Class | 194,389 | 2,967,307 | (2,763,144) | (74) | 14 | 398,492 | 7,185 |
Invesco Treasury Portfolio, Institutional Class | 310,801 | 4,747,692 | (4,534,507) | - | - | 523,986 | 9,520 |
Total | $777,141 | $11,869,229 | $(11,265,344) | $(74) | $14 | $1,380,966 | $25,052 |
(b) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(c) | The table below details options purchased. |
Open Index Options Purchased | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
S&P 500® Index | Call | 03/31/2025 | 624 | USD | 15.76 | USD | 983,424 | $ 33,008,789 |
Equity Risk | ||||||||
S&P 500® Index | Put | 03/31/2025 | 624 | USD | 525.44 | USD | 32,787,456 | 862,006 |
Total Open Index Options Purchased | $33,870,795 |
(a) | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Open Index Options Written | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
S&P 500® Index | Call | 03/31/2025 | 624 | USD | 609.51 | USD | 38,033,424 | $ (601,586) |
Equity Risk | ||||||||
S&P 500® Index | Put | 03/31/2025 | 624 | USD | 472.90 | USD | 29,508,960 | (405,772) |
Total Open Index Options Written | $(1,007,358) |
(a) | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Abbreviations: | |
USD | —U.S. Dollar |
2 | Invesco® V.I. S&P 500 Buffer Fund - March |
Assets: | |
Investments in unaffiliated securities, at value (Cost $32,893,090) | $33,870,795 |
Investments in affiliated money market funds, at value (Cost $1,380,966) | 1,380,966 |
Receivable for: | |
Fund shares sold | 4,274 |
Dividends | 6,299 |
Investment for trustee deferred compensation and retirement plans | 6,986 |
Total assets | 35,269,320 |
Liabilities: | |
Other investments: | |
Options written, at value (premiums received $1,117,857) | 1,007,358 |
Payable for: | |
Fund shares reacquired | 66,018 |
Accrued fees to affiliates | 17,373 |
Accrued trustees’ and officers’ fees and benefits | 36 |
Accrued other operating expenses | 41,810 |
Trustee deferred compensation and retirement plans | 6,986 |
Total liabilities | 1,139,581 |
Net assets applicable to shares outstanding | $34,129,739 |
Net assets consist of: | |
Shares of beneficial interest | $30,717,189 |
Distributable earnings | 3,412,550 |
$34,129,739 | |
Net Assets: | |
Series I | $193,972 |
Series II | $33,935,767 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 17,001 |
Series II | 2,992,185 |
Series I: | |
Net asset value per share | $11.41 |
Series II: | |
Net asset value per share | $11.34 |
Investment income: | |
Dividends from affiliated money market funds | $25,052 |
Expenses: | |
Advisory fees | 48,704 |
Administrative services fees | 18,748 |
Custodian fees | 981 |
Distribution fees - Series II | 28,895 |
Transfer agent fees | 531 |
Trustees’ and officers’ fees and benefits | 12,159 |
Licensing fees | 4,481 |
Reports to shareholders | 4,587 |
Professional services fees | 27,989 |
Other | (603) |
Total expenses | 146,472 |
Less: Fees waived and/or expenses reimbursed | (36,827) |
Net expenses | 109,645 |
Net investment income (loss) | (84,593) |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | 4,004,157 |
Affiliated investment securities | 14 |
Option contracts written | (847,698) |
3,156,473 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | (1,313,456) |
Affiliated investment securities | (74) |
Option contracts written | (224,266) |
(1,537,796) | |
Net realized and unrealized gain | 1,618,677 |
Net increase in net assets resulting from operations | $1,534,084 |
3 | Invesco® V.I. S&P 500 Buffer Fund - March |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income (loss) | $(84,593) | $(150,291) |
Net realized gain | 3,156,473 | 80,142 |
Change in net unrealized appreciation (depreciation) | (1,537,796) | 3,439,558 |
Net increase in net assets resulting from operations | 1,534,084 | 3,369,409 |
Distributions to shareholders from distributable earnings: | ||
Series I | — | (491) |
Series II | — | (674,661) |
Total distributions from distributable earnings | — | (675,152) |
Share transactions–net: | ||
Series I | 168,065 | (974,165) |
Series II | 11,798,154 | 7,847,229 |
Net increase in net assets resulting from share transactions | 11,966,219 | 6,873,064 |
Net increase in net assets | 13,500,303 | 9,567,321 |
Net assets: | ||
Beginning of period | 20,629,436 | 11,062,115 |
End of period | $34,129,739 | $20,629,436 |
4 | Invesco® V.I. S&P 500 Buffer Fund - March |
Net asset value, beginning of period | Net investment income (loss)(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Distributions from net realized gains | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Ratio of net investment income (loss) to average net assets | Portfolio turnover (c) | |
Series I | ||||||||||||
Six months ended 06/30/24 | $10.76 | $(0.03) | $0.68 | $0.65 | $— | $11.41 | 6.04% | $194 | 0.70%(d) | 1.01%(d) | (0.48)%(d) | 0% |
Year ended 12/31/23 | 9.20 | (0.05) | 1.94 | 1.89 | (0.33) | 10.76 | 20.54 | 16 | 0.70 | 0.91 | (0.54) | 0 |
Period ended 12/31/22(e) | 10.00 | (0.04) | (0.76) | (0.80) | — | 9.20 | (8.00) | 920 | 0.70(d) | 1.96(d) | (0.64)(d) | 0 |
Series II | ||||||||||||
Six months ended 06/30/24 | 10.71 | (0.04) | 0.67 | 0.63 | — | 11.34 | 5.88 | 33,936 | 0.95(d) | 1.26(d) | (0.73)(d) | 0 |
Year ended 12/31/23 | 9.18 | (0.08) | 1.94 | 1.86 | (0.33) | 10.71 | 20.25 | 20,613 | 0.95 | 1.16 | (0.79) | 0 |
Period ended 12/31/22(e) | 10.00 | (0.06) | (0.76) | (0.82) | — | 9.18 | (8.20) | 10,142 | 0.95(d) | 2.21(d) | (0.89)(d) | 0 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Annualized. |
(e) | Commencement date of March 31, 2022. |
5 | Invesco® V.I. S&P 500 Buffer Fund - March |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
6 | Invesco® V.I. S&P 500 Buffer Fund - March |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Flex Options Purchased and Written - The Fund invests primarily in FLexible EXchange® Options (“FLEX® Options”), which are non-standard Options that allow users to negotiate key contract terms, including exercise prices, exercise styles, and expiration dates, on major stock indexes as well as individual equities. Other benefits of FLEX® Options, include guarantee for settlement by the Options Clearing Corporation (the “OCC”), a market clearinghouse that guarantees performance by two parties ("Counterparties") to certain derivatives contracts and protection from Counterparty risk that is associated with Over-the-counter trading. |
7 | Invesco® V.I. S&P 500 Buffer Fund - March |
J. | Leverage Risk — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction. |
K. | Buffered Loss Risk - The term “buffer” is a generic term that is widely used in the investment management and financial services industries to describe an investment product or strategy that is designed to mitigate or alleviate downside risk. The Buffer for the Fund is designed to limit downside losses for shares purchased at the beginning and held until the end of the Outcome Period; however, there is no guarantee that the Fund will be successful in implementing its stated Buffer strategy in an Outcome Period or that the Buffer will effectively protect against any or all losses. If the Underlying Index declines over an Outcome Period by more than the Buffer, shareholders will bear the amount of the loss in excess of the Buffer at the end of the Outcome Period (plus Fund fees and expenses). If an investor purchases shares of the Fund during an Outcome Period after the Underlying Index’s value has decreased, the investor may receive less, or none, of the intended benefit of the Buffer. The Fund does not provide principal protection or protection of gains and shareholders could experience significant losses, including loss of their entire investment. |
L. | Capped Return Risk - If the Underlying Index experiences returns over the Outcome Period in excess of the Cap, the Fund will not participate in such returns beyond the Cap. In this way, the Fund is unlike other investment companies that seek to replicate the performance of the Underlying Index in all cases. If shares are purchased after the beginning of the Outcome Period, and the Fund’s net asset value has already achieved returns at or near the Cap, there may be no ability to experience any return on investment, but such purchaser remains vulnerable to risk of loss. Additionally, the Fund’s Defined Outcome strategy may not be successful in replicating the returns (before Fund fees and expenses) of the Underlying Index up to the level of the Cap. |
M. | Cap Level Change Risk - At the end of the trading day immediately preceding the first day of each Outcome Period, a new Cap is established, depending on the market conditions and the prices for options contracts on the Underlying Index at the time. Therefore, the level of the Cap may rise or fall for subsequent Outcome Periods and is unlikely to remain the same. If the Caps for future Outcome Periods of the Fund were to decrease, shareholders in the Fund would have less opportunity to participate in any future positive returns of the Underlying Index. |
N. | Non-Diversification Risk - Under the 1940 Act, a fund designated as “diversified” must limit its holdings such that the securities of issuers which individually represent more than 5% of its total assets must in the aggregate represent less than 25% of its total assets. The Fund is classified as “diversified” for purposes of the 1940 Act. However, the Fund may be “non-diversified,” as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. A non-diversified fund can invest a greater portion of its assets in the securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers’ securities will therefore affect the value of the Fund more than if it was a diversified fund. As such, the Fund’s performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund’s shares may experience significant fluctuations in value. |
Average Daily Net Assets | Rate |
First $2 billion | 0.420% |
Over $2 billion | 0.400% |
8 | Invesco® V.I. S&P 500 Buffer Fund - March |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Money Market Funds | $1,380,966 | $— | $— | $1,380,966 |
Options Purchased | — | 33,870,795 | — | 33,870,795 |
Total Investments in Securities | 1,380,966 | 33,870,795 | — | 35,251,761 |
Other Investments - Liabilities* | ||||
Options Written | — | (1,007,358) | — | (1,007,358) |
Total Investments | $1,380,966 | $32,863,437 | $— | $34,244,403 |
* | Options written are shown at value. |
9 | Invesco® V.I. S&P 500 Buffer Fund - March |
Value | |
Derivative Assets | Equity Risk |
Options purchased, at value(a) | $33,870,795 |
Derivatives not subject to master netting agreements | (33,870,795) |
Total Derivative Assets subject to master netting agreements | $— |
Value | |
Derivative Liabilities | Equity Risk |
Options written, at value | $(1,007,358) |
Derivatives not subject to master netting agreements | 1,007,358 |
Total Derivative Liabilities subject to master netting agreements | $— |
(a) | Options purchased, at value as reported in the Schedule of Investments. |
Location of Gain (Loss) on Statement of Operations | |
Equity Risk | |
Realized Gain (Loss): | |
Options purchased(a) | $4,004,157 |
Options written | (847,698) |
Change in Net Unrealized Appreciation (Depreciation): | |
Options purchased(a) | (1,313,456) |
Options written | (224,266) |
Total | $1,618,737 |
(a) | Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on investment securities. |
Equity Options Purchased | Index Options Purchased | Equity Options Written | Index Options Written | |
Average notional value | $1,033,092 | $23,241,219 | $2,064,174 | $46,473,324 |
Average contracts | 49 | 702 | 49 | 702 |
10 | Invesco® V.I. S&P 500 Buffer Fund - March |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $(779,239) |
Aggregate unrealized (depreciation) of investments | (758,518) |
Net unrealized appreciation (depreciation) of investments | $(1,537,757) |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 15,530 | $168,386 | - | $- | |
Series II | 1,893,364 | 20,808,453 | 1,444,002 | 14,316,865 | |
Issued as reinvestment of dividends: | |||||
Series II | - | - | 63,362 | 674,171 | |
Reacquired: | |||||
Series I | (29) | (321) | (98,500) | (974,165) | |
Series II | (825,474) | (9,010,299) | (687,761) | (7,143,807) | |
Net increase in share activity | 1,083,391 | $11,966,219 | 721,103 | $6,873,064 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 100% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
11 | Invesco® V.I. S&P 500 Buffer Fund - March |
12 | Invesco® V.I. S&P 500 Buffer Fund - March |
13 | Invesco® V.I. S&P 500 Buffer Fund - March |
14 | Invesco® V.I. S&P 500 Buffer Fund - March |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
15 | Invesco® V.I. S&P 500 Buffer Fund - March |
16 | Invesco® V.I. S&P 500 Buffer Fund - March |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/imge0046f4c1.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | VISP500S-NCSRS |
Shares | Value | ||
Money Market Funds–2.89% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(a)(b) | 371,983 | $371,983 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(a)(b) | 265,692 | 265,772 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(a)(b) | 425,330 | 425,330 | |
Total Money Market Funds (Cost $1,063,079) | 1,063,085 |
Shares | Value | ||
Options Purchased–109.18% | |||
(Cost $32,570,384)(c) | $40,095,366 | ||
TOTAL INVESTMENTS IN SECURITIES–112.07% (Cost $33,633,463) | 41,158,451 | ||
OTHER ASSETS LESS LIABILITIES—(12.07)% | (4,433,615) | ||
NET ASSETS–100.00% | $36,724,836 |
(a) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $457,584 | $717,359 | $(802,960) | $- | $- | $371,983 | $10,611 |
Invesco Liquid Assets Portfolio, Institutional Class | 327,047 | 512,399 | (573,542) | (124) | (8) | 265,772 | 7,891 |
Invesco Treasury Portfolio, Institutional Class | 523,159 | 819,839 | (917,668) | - | - | 425,330 | 12,105 |
Total | $1,307,790 | $2,049,597 | $(2,294,170) | $(124) | $(8) | $1,063,085 | $30,607 |
(b) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(c) | The table below details options purchased. |
Open Index Options Purchased | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
S&P 500® Index | Call | 09/30/2024 | 751 | USD | 12.86 | USD | 965,786 | $ 40,046,930 |
Equity Risk | ||||||||
S&P 500® Index | Put | 09/30/2024 | 751 | USD | 428.81 | USD | 32,203,631 | 48,436 |
Total Open Index Options Purchased | $40,095,366 |
(a) | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Open Index Options Written | ||||||||
Description | Type of Contract | Expiration Date | Number of Contracts | Exercise Price | Notional Value(a) | Value | ||
Equity Risk | ||||||||
S&P 500® Index | Call | 09/30/2024 | 751 | USD | 497.42 | USD | 37,356,242 | $ (4,349,029) |
Equity Risk | ||||||||
S&P 500® Index | Put | 09/30/2024 | 751 | USD | 385.93 | USD | 28,983,343 | (22,165) |
Total Open Index Options Written | $(4,371,194) |
(a) | Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier. |
Abbreviations: | |
USD | —U.S. Dollar |
2 | Invesco® V.I. S&P 500 Buffer Fund - September |
Assets: | |
Investments in unaffiliated securities, at value (Cost $32,570,384) | $40,095,366 |
Investments in affiliated money market funds, at value (Cost $1,063,079) | 1,063,085 |
Receivable for: | |
Dividends | 5,699 |
Investment for trustee deferred compensation and retirement plans | 9,668 |
Total assets | 41,173,818 |
Liabilities: | |
Other investments: | |
Options written, at value (premiums received $1,414,685) | 4,371,194 |
Payable for: | |
Fund shares reacquired | 5,199 |
Accrued fees to affiliates | 21,785 |
Accrued other operating expenses | 41,136 |
Trustee deferred compensation and retirement plans | 9,668 |
Total liabilities | 4,448,982 |
Net assets applicable to shares outstanding | $36,724,836 |
Net assets consist of: | |
Shares of beneficial interest | $32,004,621 |
Distributable earnings | 4,720,215 |
$36,724,836 | |
Net Assets: | |
Series I | $500,594 |
Series II | $36,224,242 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 43,309 |
Series II | 3,155,219 |
Series I: | |
Net asset value per share | $11.56 |
Series II: | |
Net asset value per share | $11.48 |
Investment income: | |
Dividends from affiliated money market funds | $30,607 |
Expenses: | |
Advisory fees | 75,840 |
Administrative services fees | 33,079 |
Custodian fees | 1,057 |
Distribution fees - Series II | 44,556 |
Transfer agent fees | 825 |
Trustees’ and officers’ fees and benefits | 12,186 |
Licensing fees | 6,774 |
Reports to shareholders | 5,170 |
Professional services fees | 25,766 |
Other | (569) |
Total expenses | 204,684 |
Less: Fees waived | (34,340) |
Net expenses | 170,344 |
Net investment income (loss) | (139,737) |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | 87,512 |
Affiliated investment securities | (8) |
Option contracts written | (76,954) |
10,550 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | 4,858,183 |
Affiliated investment securities | (124) |
Option contracts written | (2,531,156) |
2,326,903 | |
Net realized and unrealized gain | 2,337,453 |
Net increase in net assets resulting from operations | $2,197,716 |
3 | Invesco® V.I. S&P 500 Buffer Fund - September |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income (loss) | $(139,737) | $(141,450) |
Net realized gain | 10,550 | 2,574,813 |
Change in net unrealized appreciation | 2,326,903 | 1,371,958 |
Net increase in net assets resulting from operations | 2,197,716 | 3,805,321 |
Distributions to shareholders from distributable earnings: | ||
Series I | — | (10,910) |
Series II | — | (886,325) |
Total distributions from distributable earnings | — | (897,235) |
Share transactions–net: | ||
Series I | 38,995 | (957,481) |
Series II | (1,132,425) | 18,941,296 |
Net increase (decrease) in net assets resulting from share transactions | (1,093,430) | 17,983,815 |
Net increase in net assets | 1,104,286 | 20,891,901 |
Net assets: | ||
Beginning of period | 35,620,550 | 14,728,649 |
End of period | $36,724,836 | $35,620,550 |
4 | Invesco® V.I. S&P 500 Buffer Fund - September |
Net asset value, beginning of period | Net investment income (loss)(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Distributions from net realized gains | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Ratio of net investment income (loss) to average net assets | Portfolio turnover (c) | |
Series I | ||||||||||||
Six months ended 06/30/24 | $10.86 | $(0.03) | $0.73 | $0.70 | $— | $11.56 | 6.45% | $501 | 0.70%(d) | 0.89%(d) | (0.53)%(d) | 0% |
Year ended 12/31/23 | 9.27 | (0.05) | 1.92 | 1.87 | (0.28) | 10.86 | 20.20 | 433 | 0.70 | 0.84 | (0.51) | 0 |
Year ended 12/31/22 | 10.29 | (0.06) | (0.92) | (0.98) | (0.04) | 9.27 | (9.53) | 1,311 | 0.70 | 1.60 | (0.63) | 0 |
Period ended 12/31/21(e) | 10.00 | (0.02) | 0.60 | 0.58 | (0.29) | 10.29 | 5.84 | 1,048 | 0.70(d) | 7.68(d) | (0.70)(d) | 0 |
Series II | ||||||||||||
Six months ended 06/30/24 | 10.80 | (0.04) | 0.72 | 0.68 | — | 11.48 | 6.30 | 36,224 | 0.95(d) | 1.14(d) | (0.78)(d) | 0 |
Year ended 12/31/23 | 9.24 | (0.08) | 1.92 | 1.84 | (0.28) | 10.80 | 19.93 | 35,188 | 0.95 | 1.09 | (0.76) | 0 |
Year ended 12/31/22 | 10.29 | (0.08) | (0.93) | (1.01) | (0.04) | 9.24 | (9.82) | 13,418 | 0.95 | 1.85 | (0.88) | 0 |
Period ended 12/31/21(e) | 10.00 | (0.02) | 0.60 | 0.58 | (0.29) | 10.29 | 5.84 | 5,332 | 0.95(d) | 7.93(d) | (0.95)(d) | 0 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Annualized. |
(e) | Commencement date of September 30, 2021. |
5 | Invesco® V.I. S&P 500 Buffer Fund - September |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
6 | Invesco® V.I. S&P 500 Buffer Fund - September |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Flex Options Purchased and Written - The Fund invests primarily in FLexible EXchange® Options (“FLEX® Options”), which are non-standard Options that allow users to negotiate key contract terms, including exercise prices, exercise styles, and expiration dates, on major stock indexes as well as individual equities. Other benefits of FLEX® Options, include guarantee for settlement by the Options Clearing Corporation (the “OCC”), a market clearinghouse that guarantees performance by two parties ("Counterparties") to certain derivatives contracts and protection from Counterparty risk that is associated with Over-the-counter trading. |
7 | Invesco® V.I. S&P 500 Buffer Fund - September |
J. | Leverage Risk — Leverage exists when the Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction. |
K. | Buffered Loss Risk - The term “buffer” is a generic term that is widely used in the investment management and financial services industries to describe an investment product or strategy that is designed to mitigate or alleviate downside risk. The Buffer for the Fund is designed to limit downside losses for shares purchased at the beginning and held until the end of the Outcome Period; however, there is no guarantee that the Fund will be successful in implementing its stated Buffer strategy in an Outcome Period or that the Buffer will effectively protect against any or all losses. If the Underlying Index declines over an Outcome Period by more than the Buffer, shareholders will bear the amount of the loss in excess of the Buffer at the end of the Outcome Period (plus Fund fees and expenses). If an investor purchases shares of the Fund during an Outcome Period after the Underlying Index’s value has decreased, the investor may receive less, or none, of the intended benefit of the Buffer. The Fund does not provide principal protection or protection of gains and shareholders could experience significant losses, including loss of their entire investment. |
L. | Capped Return Risk - If the Underlying Index experiences returns over the Outcome Period in excess of the Cap, the Fund will not participate in such returns beyond the Cap. In this way, the Fund is unlike other investment companies that seek to replicate the performance of the Underlying Index in all cases. If shares are purchased after the beginning of the Outcome Period, and the Fund’s net asset value has already achieved returns at or near the Cap, there may be no ability to experience any return on investment, but such purchaser remains vulnerable to risk of loss. Additionally, the Fund’s Defined Outcome strategy may not be successful in replicating the returns (before Fund fees and expenses) of the Underlying Index up to the level of the Cap. |
M. | Cap Level Change Risk - At the end of the trading day immediately preceding the first day of each Outcome Period, a new Cap is established, depending on the market conditions and the prices for options contracts on the Underlying Index at the time. Therefore, the level of the Cap may rise or fall for subsequent Outcome Periods and is unlikely to remain the same. If the Caps for future Outcome Periods of the Fund were to decrease, shareholders in the Fund would have less opportunity to participate in any future positive returns of the Underlying Index. |
N. | Non-Diversification Risk - Under the 1940 Act, a fund designated as “diversified” must limit its holdings such that the securities of issuers which individually represent more than 5% of its total assets must in the aggregate represent less than 25% of its total assets. The Fund is classified as “diversified” for purposes of the 1940 Act. However, the Fund may be “non-diversified,” as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. A non-diversified fund can invest a greater portion of its assets in the securities of a small number of issuers or any single issuer than a diversified fund can. In such circumstances, a change in the value of one or a few issuers’ securities will therefore affect the value of the Fund more than if it was a diversified fund. As such, the Fund’s performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund’s shares may experience significant fluctuations in value. |
Average Daily Net Assets | Rate |
First $2 billion | 0.420% |
Over $2 billion | 0.400% |
8 | Invesco® V.I. S&P 500 Buffer Fund - September |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Money Market Funds | $1,063,085 | $— | $— | $1,063,085 |
Options Purchased | — | 40,095,366 | — | 40,095,366 |
Total Investments in Securities | 1,063,085 | 40,095,366 | — | 41,158,451 |
Other Investments - Liabilities* | ||||
Options Written | — | (4,371,194) | — | (4,371,194) |
Total Investments | $1,063,085 | $35,724,172 | $— | $36,787,257 |
* | Options written are shown at value. |
9 | Invesco® V.I. S&P 500 Buffer Fund - September |
Value | |
Derivative Assets | Equity Risk |
Options purchased, at value(a) | $40,095,366 |
Derivatives not subject to master netting agreements | (40,095,366) |
Total Derivative Assets subject to master netting agreements | $— |
Value | |
Derivative Liabilities | Equity Risk |
Options written, at value | $(4,371,194) |
Derivatives not subject to master netting agreements | 4,371,194 |
Total Derivative Liabilities subject to master netting agreements | $— |
(a) | Options purchased, at value as reported in the Schedule of Investments. |
Location of Gain (Loss) on Statement of Operations | |
Equity Risk | |
Realized Gain (Loss): | |
Options purchased(a) | $87,512 |
Options written | (76,954) |
Change in Net Unrealized Appreciation (Depreciation): | |
Options purchased(a) | 4,858,183 |
Options written | (2,531,156) |
Total | $2,337,585 |
(a) | Options purchased are included in the net realized gain (loss) from investment securities and the change in net unrealized appreciation (depreciation) on investment securities. |
Index Options Purchased | Index Options Written | |
Average notional value | $33,625,809 | $67,252,380 |
Average contracts | 1,523 | 1,523 |
10 | Invesco® V.I. S&P 500 Buffer Fund - September |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $7,700,480 |
Aggregate unrealized (depreciation) of investments | (5,373,467) |
Net unrealized appreciation of investments | $2,327,013 |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 3,776 | $42,314 | 8,633 | $89,696 | |
Series II | 99,677 | 1,108,105 | 2,148,499 | 22,393,357 | |
Issued as reinvestment of dividends: | |||||
Series I | - | - | 972 | 10,489 | |
Series II | - | - | 82,486 | 885,904 | |
Reacquired: | |||||
Series I | (298) | (3,319) | (111,190) | (1,057,666) | |
Series II | (201,083) | (2,240,530) | (426,832) | (4,337,965) | |
Net increase (decrease) in share activity | (97,928) | $(1,093,430) | 1,702,568 | $17,983,815 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 100% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
11 | Invesco® V.I. S&P 500 Buffer Fund - September |
12 | Invesco® V.I. S&P 500 Buffer Fund - September |
13 | Invesco® V.I. S&P 500 Buffer Fund - September |
14 | Invesco® V.I. S&P 500 Buffer Fund - September |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
15 | Invesco® V.I. S&P 500 Buffer Fund - September |
16 | Invesco® V.I. S&P 500 Buffer Fund - September |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/imgef2fc81f1.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | VISCE-NCSRS |
Shares | Value | ||
Common Stocks & Other Equity Interests–98.78% | |||
Aerospace & Defense–2.47% | |||
Curtiss-Wright Corp. | 9,477 | $2,568,077 | |
Leonardo DRS, Inc.(b)(c) | 109,170 | 2,784,927 | |
5,353,004 | |||
Apparel, Accessories & Luxury Goods–2.00% | |||
Kontoor Brands, Inc.(c) | 35,424 | 2,343,298 | |
Oxford Industries, Inc.(c) | 19,757 | 1,978,663 | |
4,321,961 | |||
Application Software–2.51% | |||
Descartes Systems Group, Inc. (The) (Canada)(b) | 25,898 | 2,507,963 | |
Q2 Holdings, Inc.(b)(c) | 48,610 | 2,932,641 | |
5,440,604 | |||
Automotive Parts & Equipment–2.01% | |||
Modine Manufacturing Co.(b)(c) | 21,896 | 2,193,760 | |
Patrick Industries, Inc.(c) | 19,894 | 2,159,494 | |
4,353,254 | |||
Biotechnology–3.43% | |||
ADMA Biologics, Inc.(b) | 115,112 | 1,286,952 | |
Ascendis Pharma A/S, ADR (Denmark)(b) | 11,136 | 1,518,728 | |
Natera, Inc.(b) | 24,245 | 2,625,491 | |
Vaxcyte, Inc.(b)(c) | 14,354 | 1,083,871 | |
Xenon Pharmaceuticals, Inc. (Canada)(b) | 23,261 | 906,946 | |
7,421,988 | |||
Broadline Retail–1.55% | |||
Ollie’s Bargain Outlet Holdings, Inc.(b) | 34,217 | 3,359,083 | |
Building Products–2.03% | |||
Griffon Corp. | 38,898 | 2,484,026 | |
Janus International Group, Inc.(b)(c) | 150,947 | 1,906,461 | |
4,390,487 | |||
Cargo Ground Transportation–2.24% | |||
Knight-Swift Transportation Holdings, Inc. | 39,332 | 1,963,453 | |
XPO, Inc.(b) | 27,113 | 2,878,045 | |
4,841,498 | |||
Commercial & Residential Mortgage Finance–1.39% | |||
Mr. Cooper Group, Inc.(b) | 37,061 | 3,010,465 | |
Communications Equipment–0.93% | |||
Lumentum Holdings, Inc.(b)(c) | 39,550 | 2,013,886 | |
Construction & Engineering–0.98% | |||
Comfort Systems USA, Inc. | 6,976 | 2,121,541 | |
Construction Materials–1.84% | |||
Summit Materials, Inc., Class A(b) | 108,998 | 3,990,417 | |
Electrical Components & Equipment–1.16% | |||
EnerSys | 24,373 | 2,523,093 |
Shares | Value | ||
Electronic Components–1.07% | |||
Coherent Corp.(b) | 31,856 | $2,308,286 | |
Electronic Manufacturing Services–2.23% | |||
Celestica, Inc. (Canada)(b) | 45,395 | 2,602,495 | |
Flex Ltd.(b) | 75,294 | 2,220,420 | |
4,822,915 | |||
Environmental & Facilities Services–1.86% | |||
Casella Waste Systems, Inc., Class A(b)(c) | 24,926 | 2,473,158 | |
Montrose Environmental Group, Inc.(b)(c) | 34,766 | 1,549,173 | |
4,022,331 | |||
Financial Exchanges & Data–1.52% | |||
TMX Group Ltd. (Canada) | 118,384 | 3,295,247 | |
Food Distributors–1.07% | |||
Chefs’ Warehouse, Inc. (The)(b) | 59,062 | 2,309,915 | |
Food Retail–2.03% | |||
Sprouts Farmers Market, Inc.(b)(c) | 52,591 | 4,399,763 | |
Gas Utilities–0.69% | |||
ONE Gas, Inc.(c) | 23,484 | 1,499,453 | |
Health Care Equipment–1.97% | |||
CONMED Corp.(c) | 21,041 | 1,458,562 | |
Enovis Corp.(b)(c) | 32,532 | 1,470,446 | |
iRhythm Technologies, Inc.(b)(c) | 12,514 | 1,347,007 | |
4,276,015 | |||
Health Care Facilities–3.69% | |||
Encompass Health Corp. | 33,356 | 2,861,611 | |
Tenet Healthcare Corp.(b) | 38,571 | 5,131,100 | |
7,992,711 | |||
Health Care Services–0.68% | |||
BrightSpring Health Services, Inc.(b) | 129,869 | 1,475,312 | |
Health Care Technology–0.94% | |||
Simulations Plus, Inc.(c) | 42,094 | 2,046,610 | |
Homebuilding–2.02% | |||
Taylor Morrison Home Corp., Class A(b) | 79,007 | 4,380,148 | |
Homefurnishing Retail–1.12% | |||
Arhaus, Inc.(c) | 142,747 | 2,418,134 | |
Hotels, Resorts & Cruise Lines–1.18% | |||
Travel + Leisure Co. | 56,685 | 2,549,691 | |
Industrial Machinery & Supplies & Components–3.74% | |||
Gates Industrial Corp. PLC(b) | 151,161 | 2,389,856 | |
ITT, Inc. | 27,968 | 3,612,906 | |
Timken Co. (The) | 26,115 | 2,092,595 | |
8,095,357 | |||
Industrial REITs–2.16% | |||
EastGroup Properties, Inc.(c) | 14,458 | 2,459,306 | |
STAG Industrial, Inc.(c) | 61,655 | 2,223,279 | |
4,682,585 |
2 | Invesco V.I. Small Cap Equity Fund |
Shares | Value | ||
Investment Banking & Brokerage–4.02% | |||
BGC Group, Inc., Class A(c) | 264,873 | $2,198,446 | |
Jefferies Financial Group, Inc. | 55,440 | 2,758,695 | |
Piper Sandler Cos. | 16,278 | 3,746,707 | |
8,703,848 | |||
Leisure Products–1.36% | |||
Acushnet Holdings Corp.(c) | 46,452 | 2,948,773 | |
Life Sciences Tools & Services–0.68% | |||
CryoPort, Inc.(b) | 45,889 | 317,093 | |
Quanterix Corp.(b)(c) | 87,139 | 1,151,106 | |
1,468,199 | |||
Oil & Gas Equipment & Services–2.65% | |||
Cactus, Inc., Class A(c) | 47,150 | 2,486,691 | |
Weatherford International PLC(b) | 26,534 | 3,249,088 | |
5,735,779 | |||
Oil & Gas Exploration & Production–3.17% | |||
Antero Resources Corp.(b) | 68,812 | 2,245,336 | |
Matador Resources Co. | 40,279 | 2,400,628 | |
Permian Resources Corp. | 138,073 | 2,229,879 | |
6,875,843 | |||
Other Specialized REITs–1.15% | |||
Gaming and Leisure Properties, Inc. | 55,061 | 2,489,308 | |
Packaged Foods & Meats–0.83% | |||
Simply Good Foods Co. (The)(b)(c) | 49,564 | 1,790,747 | |
Paper & Plastic Packaging Products & Materials–1.20% | |||
Graphic Packaging Holding Co.(c) | 99,263 | 2,601,683 | |
Pharmaceuticals–1.02% | |||
Axsome Therapeutics, Inc.(b)(c) | 13,978 | 1,125,230 | |
Intra-Cellular Therapies, Inc.(b) | 15,805 | 1,082,484 | |
2,207,714 | |||
Property & Casualty Insurance–2.14% | |||
RLI Corp. | 18,038 | 2,537,766 | |
Skyward Specialty Insurance Group, Inc.(b) | 57,937 | 2,096,161 | |
4,633,927 | |||
Regional Banks–10.45% | |||
Banc of California, Inc.(c) | 162,386 | 2,075,293 | |
Bancorp, Inc. (The)(b)(c) | 69,229 | 2,614,087 | |
Cullen/Frost Bankers, Inc. | 23,712 | 2,409,851 | |
First Financial Bankshares, Inc.(c) | 80,097 | 2,365,264 | |
Glacier Bancorp, Inc.(c) | 49,647 | 1,852,826 | |
Pacific Premier Bancorp, Inc. | 74,131 | 1,702,789 | |
Pinnacle Financial Partners, Inc.(c) | 36,761 | 2,942,350 | |
SouthState Corp. | 29,528 | 2,256,530 | |
Webster Financial Corp. | 53,911 | 2,349,981 | |
Western Alliance Bancorporation | 32,815 | 2,061,438 | |
22,630,409 | |||
Research & Consulting Services–2.19% | |||
CACI International, Inc., Class A(b) | 5,749 | 2,472,817 | |
ICF International, Inc. | 15,299 | 2,271,290 | |
4,744,107 | |||
Restaurants–0.77% | |||
Bloomin’ Brands, Inc.(c) | 86,307 | 1,659,684 |
Shares | Value | ||
Semiconductor Materials & Equipment–3.21% | |||
FormFactor, Inc.(b) | 38,978 | $2,359,338 | |
Ichor Holdings Ltd.(b) | 42,857 | 1,652,137 | |
MKS Instruments, Inc. | 22,442 | 2,930,477 | |
6,941,952 | |||
Semiconductors–2.87% | |||
Allegro MicroSystems, Inc. (Japan)(b)(c) | 74,302 | 2,098,289 | |
Diodes, Inc.(b)(c) | 27,799 | 1,999,582 | |
Rambus, Inc.(b) | 35,921 | 2,110,718 | |
6,208,589 | |||
Specialty Chemicals–2.06% | |||
Ashland, Inc. | 24,440 | 2,309,336 | |
Innospec, Inc. | 17,504 | 2,163,319 | |
4,472,655 | |||
Steel–1.06% | |||
ATI, Inc.(b)(c) | 41,335 | 2,292,026 | |
Systems Software–1.15% | |||
Commvault Systems, Inc.(b) | 20,437 | 2,484,526 | |
Trading Companies & Distributors–2.74% | |||
Applied Industrial Technologies, Inc. | 18,773 | 3,641,962 | |
Core & Main, Inc., Class A(b)(c) | 46,781 | 2,289,462 | |
5,931,424 | |||
Transaction & Payment Processing Services–0.90% | |||
Shift4 Payments, Inc., Class A(b)(c) | 26,685 | 1,957,345 | |
Water Utilities–0.65% | |||
SJW Group | 25,866 | 1,402,455 | |
Total Common Stocks & Other Equity Interests (Cost $166,236,929) | 213,896,747 | ||
Money Market Funds–1.27% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(d)(e) | 966,104 | 966,104 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(d)(e) | 691,582 | 691,789 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(d)(e) | 1,104,119 | 1,104,119 | |
Total Money Market Funds (Cost $2,761,997) | 2,762,012 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.05% (Cost $168,998,926) | 216,658,759 | ||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–21.73% | |||
Invesco Private Government Fund, 5.31%(d)(e)(f) | 13,093,558 | 13,093,558 | |
Invesco Private Prime Fund, 5.48%(d)(e)(f) | 33,945,217 | 33,955,400 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $47,048,958) | 47,048,958 | ||
TOTAL INVESTMENTS IN SECURITIES–121.78% (Cost $216,047,884) | 263,707,717 | ||
OTHER ASSETS LESS LIABILITIES—(21.78)% | (47,160,347) | ||
NET ASSETS–100.00% | $216,547,370 |
3 | Invesco V.I. Small Cap Equity Fund |
ADR | – American Depositary Receipt |
REIT | – Real Estate Investment Trust |
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at June 30, 2024. |
(d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $2,132,909 | $9,245,575 | $(10,412,380) | $- | $- | $966,104 | $42,359 |
Invesco Liquid Assets Portfolio, Institutional Class | 1,525,715 | 6,603,982 | (7,437,415) | (543) | 50 | 691,789 | 31,245 |
Invesco Treasury Portfolio, Institutional Class | 2,437,610 | 10,566,372 | (11,899,863) | - | - | 1,104,119 | 48,310 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | 18,370,225 | 63,441,187 | (68,717,854) | - | - | 13,093,558 | 332,891* |
Invesco Private Prime Fund | 47,697,724 | 145,822,284 | (159,553,612) | (9,880) | (1,116) | 33,955,400 | 889,994* |
Total | $72,164,183 | $235,679,400 | $(258,021,124) | $(10,423) | $(1,066) | $49,810,970 | $1,344,799 |
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I. |
4 | Invesco V.I. Small Cap Equity Fund |
Assets: | |
Investments in unaffiliated securities, at value (Cost $166,236,929)* | $213,896,747 |
Investments in affiliated money market funds, at value (Cost $49,810,955) | 49,810,970 |
Foreign currencies, at value and cost | 150 |
Receivable for: | |
Investments sold | 60,844 |
Fund shares sold | 55,050 |
Dividends | 95,971 |
Investment for trustee deferred compensation and retirement plans | 50,107 |
Total assets | 263,969,839 |
Liabilities: | |
Payable for: | |
Fund shares reacquired | 176,125 |
Collateral upon return of securities loaned | 47,048,958 |
Accrued fees to affiliates | 121,367 |
Accrued other operating expenses | 21,322 |
Trustee deferred compensation and retirement plans | 54,697 |
Total liabilities | 47,422,469 |
Net assets applicable to shares outstanding | $216,547,370 |
Net assets consist of: | |
Shares of beneficial interest | $153,412,151 |
Distributable earnings | 63,135,219 |
$216,547,370 | |
Net Assets: | |
Series I | $105,145,570 |
Series II | $111,401,800 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 5,787,872 |
Series II | 6,813,862 |
Series I: | |
Net asset value per share | $18.17 |
Series II: | |
Net asset value per share | $16.35 |
* | At June 30, 2024, securities with an aggregate value of $46,402,285 were on loan to brokers. |
Investment income: | |
Dividends (net of foreign withholding taxes of $4,847) | $1,125,397 |
Dividends from affiliated money market funds (includes net securities lending income of $26,025) | 147,939 |
Total investment income | 1,273,336 |
Expenses: | |
Advisory fees | 804,478 |
Administrative services fees | 176,578 |
Custodian fees | 2,397 |
Distribution fees - Series II | 137,746 |
Transfer agent fees | 5,017 |
Trustees’ and officers’ fees and benefits | 10,136 |
Reports to shareholders | 45,570 |
Professional services fees | 22,594 |
Other | 251 |
Total expenses | 1,204,767 |
Less: Fees waived | (2,994) |
Net expenses | 1,201,773 |
Net investment income | 71,563 |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | 5,021,391 |
Affiliated investment securities | (1,066) |
Foreign currencies | (134) |
5,020,191 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | 6,752,038 |
Affiliated investment securities | (10,423) |
Foreign currencies | (4) |
6,741,611 | |
Net realized and unrealized gain | 11,761,802 |
Net increase in net assets resulting from operations | $11,833,365 |
5 | Invesco V.I. Small Cap Equity Fund |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income | $71,563 | $122,965 |
Net realized gain | 5,020,191 | 11,030,315 |
Change in net unrealized appreciation | 6,741,611 | 19,522,185 |
Net increase in net assets resulting from operations | 11,833,365 | 30,675,465 |
Distributions to shareholders from distributable earnings: | ||
Series I | — | (1,863,628) |
Series II | — | (2,020,122) |
Total distributions from distributable earnings | — | (3,883,750) |
Share transactions–net: | ||
Series I | (6,585,150) | (8,371,653) |
Series II | (4,247,977) | 3,051,553 |
Net increase (decrease) in net assets resulting from share transactions | (10,833,127) | (5,320,100) |
Net increase in net assets | 1,000,238 | 21,471,615 |
Net assets: | ||
Beginning of period | 215,547,132 | 194,075,517 |
End of period | $216,547,370 | $215,547,132 |
6 | Invesco V.I. Small Cap Equity Fund |
Net asset value, beginning of period | Net investment income (loss)(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Ratio of net investment income (loss) to average net assets | Portfolio turnover (c) | |
Series I | ||||||||||||||
Six months ended 06/30/24 | $17.20 | $0.02 | $0.95 | $0.97 | $— | $— | $— | $18.17 | 5.64% | $105,146 | 0.99%(d) | 0.99%(d) | 0.19%(d) | 22% |
Year ended 12/31/23 | 15.06 | 0.03 | 2.42 | 2.45 | — | (0.31) | (0.31) | 17.20 | 16.57 | 105,838 | 0.95 | 0.95 | 0.18 | 43 |
Year ended 12/31/22 | 23.49 | 0.03 | (4.85) | (4.82) | — | (3.61) | (3.61) | 15.06 | (20.51) | 100,267 | 0.95 | 0.95 | 0.14 | 33 |
Year ended 12/31/21 | 20.62 | 0.01 | 4.19 | 4.20 | (0.04) | (1.29) | (1.33) | 23.49 | 20.41 | 142,095 | 0.95 | 0.95 | 0.04 | 21 |
Year ended 12/31/20 | 17.73 | 0.04 | 4.48 | 4.52 | (0.06) | (1.57) | (1.63) | 20.62 | 27.25 | 129,881 | 0.96 | 0.96 | 0.21 | 45 |
Year ended 12/31/19 | 15.93 | 0.06 | 4.03 | 4.09 | — | (2.29) | (2.29) | 17.73 | 26.60 | 118,208 | 0.96 | 0.96 | 0.34 | 44 |
Series II | ||||||||||||||
Six months ended 06/30/24 | 15.49 | (0.00) | 0.86 | 0.86 | — | — | — | 16.35 | 5.55 | 111,402 | 1.24(d) | 1.24(d) | (0.06)(d) | 22 |
Year ended 12/31/23 | 13.63 | (0.01) | 2.18 | 2.17 | — | (0.31) | (0.31) | 15.49 | 16.26 | 109,709 | 1.20 | 1.20 | (0.07) | 43 |
Year ended 12/31/22 | 21.75 | (0.02) | (4.49) | (4.51) | — | (3.61) | (3.61) | 13.63 | (20.73) | 93,808 | 1.20 | 1.20 | (0.11) | 33 |
Year ended 12/31/21 | 19.19 | (0.04) | 3.89 | 3.85 | (0.00) | (1.29) | (1.29) | 21.75 | 20.09 | 127,285 | 1.20 | 1.20 | (0.21) | 21 |
Year ended 12/31/20 | 16.60 | (0.01) | 4.17 | 4.16 | (0.00) | (1.57) | (1.57) | 19.19 | 26.87 | 114,407 | 1.21 | 1.21 | (0.04) | 45 |
Year ended 12/31/19 | 15.07 | 0.02 | 3.80 | 3.82 | — | (2.29) | (2.29) | 16.60 | 26.32 | 98,043 | 1.21 | 1.21 | 0.09 | 44 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Annualized. |
7 | Invesco V.I. Small Cap Equity Fund |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
8 | Invesco V.I. Small Cap Equity Fund |
B. | Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of |
9 | Invesco V.I. Small Cap Equity Fund |
compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities. |
J. | Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
K. | Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk. |
Average Daily Net Assets | Rate |
First $250 million | 0.745% |
Next $250 million | 0.730% |
Next $500 million | 0.715% |
Next $1.5 billion | 0.700% |
Next $2.5 billion | 0.685% |
Next $2.5 billion | 0.670% |
Next $2.5 billion | 0.655% |
Over $10 billion | 0.640% |
10 | Invesco V.I. Small Cap Equity Fund |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Common Stocks & Other Equity Interests | $213,896,747 | $— | $— | $213,896,747 |
Money Market Funds | 2,762,012 | 47,048,958 | — | 49,810,970 |
Total Investments | $216,658,759 | $47,048,958 | $— | $263,707,717 |
11 | Invesco V.I. Small Cap Equity Fund |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $54,308,272 |
Aggregate unrealized (depreciation) of investments | (6,995,569) |
Net unrealized appreciation of investments | $47,312,703 |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 218,752 | $3,837,567 | 453,126 | $7,254,111 | |
Series II | 368,856 | 5,923,235 | 1,595,575 | 23,309,830 | |
Issued as reinvestment of dividends: | |||||
Series I | - | - | 126,519 | 1,863,628 | |
Series II | - | - | 152,118 | 2,020,122 | |
Reacquired: | |||||
Series I | (585,767) | (10,422,717) | (1,084,415) | (17,489,392) | |
Series II | (635,393) | (10,171,212) | (1,549,391) | (22,278,399) | |
Net increase (decrease) in share activity | (633,552) | $(10,833,127) | (306,468) | $(5,320,100) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 63% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
12 | Invesco V.I. Small Cap Equity Fund |
B. | Fund Investment Performance |
13 | Invesco V.I. Small Cap Equity Fund |
C. | Advisory and Sub-Advisory Fees and Fund Expenses |
F. | Collateral Benefits to Invesco Advisers and its Affiliates |
14 | Invesco V.I. Small Cap Equity Fund |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
15 | Invesco V.I. Small Cap Equity Fund |
16 | Invesco V.I. Small Cap Equity Fund |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/imge51596a11.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | I-VITEC-NCSRS |
Shares | Value | ||
Common Stocks & Other Equity Interests–98.13% | |||
Advertising–1.32% | |||
Trade Desk, Inc. (The), Class A(b) | 26,356 | $2,574,191 | |
Aerospace & Defense–2.24% | |||
Axon Enterprise, Inc.(b) | 6,927 | 2,038,200 | |
TransDigm Group, Inc. | 1,836 | 2,345,692 | |
4,383,892 | |||
Application Software–8.29% | |||
Autodesk, Inc.(b) | 5,980 | 1,479,751 | |
Cadence Design Systems, Inc.(b) | 14,288 | 4,397,132 | |
Datadog, Inc., Class A(b) | 20,972 | 2,719,859 | |
Guidewire Software, Inc.(b) | 7,991 | 1,101,879 | |
HubSpot, Inc.(b) | 3,799 | 2,240,612 | |
Manhattan Associates, Inc.(b) | 7,001 | 1,727,007 | |
Nutanix, Inc., Class A(b) | 25,849 | 1,469,516 | |
Samsara, Inc., Class A(b)(c) | 31,392 | 1,057,910 | |
16,193,666 | |||
Asset Management & Custody Banks–1.00% | |||
KKR & Co., Inc., Class A | 18,600 | 1,957,464 | |
Broadline Retail–5.39% | |||
Amazon.com, Inc.(b) | 43,608 | 8,427,246 | |
MercadoLibre, Inc. (Brazil)(b) | 1,278 | 2,100,265 | |
10,527,511 | |||
Casinos & Gaming–0.86% | |||
DraftKings, Inc., Class A(b) | 43,913 | 1,676,159 | |
Communications Equipment–3.22% | |||
Arista Networks, Inc.(b) | 13,826 | 4,845,736 | |
Motorola Solutions, Inc. | 3,753 | 1,448,846 | |
6,294,582 | |||
Construction & Engineering–1.38% | |||
Comfort Systems USA, Inc. | 4,715 | 1,433,926 | |
Quanta Services, Inc. | 4,987 | 1,267,147 | |
2,701,073 | |||
Electrical Components & Equipment–1.87% | |||
Eaton Corp. PLC | 5,197 | 1,629,519 | |
Vertiv Holdings Co., Class A | 23,245 | 2,012,320 | |
3,641,839 | |||
Electronic Components–2.42% | |||
Amphenol Corp., Class A | 27,650 | 1,862,780 | |
Coherent Corp.(b) | 39,526 | 2,864,054 | |
4,726,834 | |||
Electronic Manufacturing Services–0.65% | |||
Flex Ltd.(b) | 43,097 | 1,270,931 | |
Health Care Equipment–1.61% | |||
Boston Scientific Corp.(b) | 20,338 | 1,566,229 | |
Intuitive Surgical, Inc.(b) | 3,533 | 1,571,655 | |
3,137,884 |
Shares | Value | ||
Interactive Home Entertainment–1.24% | |||
Take-Two Interactive Software, Inc.(b) | 15,585 | $2,423,312 | |
Interactive Media & Services–7.50% | |||
Alphabet, Inc., Class A | 42,273 | 7,700,027 | |
Meta Platforms, Inc., Class A | 13,766 | 6,941,093 | |
14,641,120 | |||
Life Sciences Tools & Services–0.89% | |||
Danaher Corp. | 6,970 | 1,741,455 | |
Movies & Entertainment–3.32% | |||
Netflix, Inc.(b) | 5,909 | 3,987,866 | |
Spotify Technology S.A. (Sweden)(b) | 7,937 | 2,490,551 | |
6,478,417 | |||
Passenger Ground Transportation–1.07% | |||
Uber Technologies, Inc.(b) | 28,753 | 2,089,768 | |
Pharmaceuticals–0.86% | |||
Eli Lilly and Co. | 1,851 | 1,675,858 | |
Semiconductor Materials & Equipment–8.58% | |||
Applied Materials, Inc. | 16,675 | 3,935,133 | |
ASML Holding N.V., New York Shares (Netherlands) | 4,921 | 5,032,854 | |
Lam Research Corp. | 5,339 | 5,685,234 | |
Teradyne, Inc. | 14,237 | 2,111,205 | |
16,764,426 | |||
Semiconductors–25.87% | |||
Advanced Micro Devices, Inc.(b) | 24,854 | 4,031,567 | |
Allegro MicroSystems, Inc. (Japan)(b)(c) | 61,567 | 1,738,652 | |
Analog Devices, Inc. | 5,445 | 1,242,876 | |
Astera Labs, Inc.(b)(c) | 7,793 | 471,554 | |
Broadcom, Inc. | 5,503 | 8,835,232 | |
Microchip Technology, Inc. | 28,061 | 2,567,581 | |
Micron Technology, Inc. | 13,268 | 1,745,140 | |
Monolithic Power Systems, Inc. | 5,541 | 4,552,929 | |
NVIDIA Corp. | 152,753 | 18,871,106 | |
NXP Semiconductors N.V. (China) | 13,147 | 3,537,726 | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | 16,817 | 2,922,963 | |
50,517,326 | |||
Systems Software–10.93% | |||
CrowdStrike Holdings, Inc., Class A(b) | 5,884 | 2,254,690 | |
CyberArk Software Ltd.(b)(c) | 8,670 | 2,370,551 | |
Microsoft Corp. | 28,136 | 12,575,385 | |
ServiceNow, Inc.(b) | 5,262 | 4,139,458 | |
21,340,084 | |||
Technology Hardware, Storage & Peripherals–7.17% | |||
Apple, Inc. | 59,917 | 12,619,719 | |
Pure Storage, Inc., Class A(b)(c) | 21,672 | 1,391,559 | |
14,011,278 |
2 | Invesco V.I. Technology Fund |
Shares | Value | ||
Transaction & Payment Processing Services–0.45% | |||
Fiserv, Inc.(b) | 5,879 | $876,206 | |
Total Common Stocks & Other Equity Interests (Cost $116,258,548) | 191,645,276 | ||
Money Market Funds–2.01% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.23%(d)(e) | 1,372,717 | 1,372,717 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.26%(d)(e) | 980,336 | 980,630 | |
Invesco Treasury Portfolio, Institutional Class, 5.21%(d)(e) | 1,568,819 | 1,568,819 | |
Total Money Market Funds (Cost $3,922,156) | 3,922,166 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.14% (Cost $120,180,704) | 195,567,442 |
Shares | Value | ||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–3.08% | |||
Invesco Private Government Fund, 5.31%(d)(e)(f) | 1,683,965 | $1,683,965 | |
Invesco Private Prime Fund, 5.48%(d)(e)(f) | 4,328,102 | 4,329,400 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $6,013,365) | 6,013,365 | ||
TOTAL INVESTMENTS IN SECURITIES–103.22% (Cost $126,194,069) | 201,580,807 | ||
OTHER ASSETS LESS LIABILITIES—(3.22)% | (6,290,317) | ||
NET ASSETS–100.00% | $195,290,490 |
ADR | – American Depositary Receipt |
(a) | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was out on loan at June 30, 2024. |
(d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the six months ended June 30, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value June 30, 2024 | Dividend Income | |
Investments in Affiliated Money Market Funds: | |||||||
Invesco Government & Agency Portfolio, Institutional Class | $482,787 | $12,563,770 | $(11,673,840) | $- | $- | $1,372,717 | $25,211 |
Invesco Liquid Assets Portfolio, Institutional Class | 345,231 | 8,974,122 | (8,338,456) | (210) | (57) | 980,630 | 18,702 |
Invesco Treasury Portfolio, Institutional Class | 551,757 | 14,358,594 | (13,341,532) | - | - | 1,568,819 | 28,751 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | 4,626,081 | 41,757,700 | (44,699,816) | - | - | 1,683,965 | 87,149* |
Invesco Private Prime Fund | 16,183,496 | 84,095,255 | (95,944,421) | (1,079) | (3,851) | 4,329,400 | 231,508* |
Total | $22,189,352 | $161,749,441 | $(173,998,065) | $(1,289) | $(3,908) | $9,935,531 | $391,321 |
* | Represents the income earned on the investment of cash collateral, which is included in securities lending income on the Statement of Operations. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of June 30, 2024. |
(f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. See Note 1I. |
3 | Invesco V.I. Technology Fund |
Assets: | |
Investments in unaffiliated securities, at value (Cost $116,258,548)* | $191,645,276 |
Investments in affiliated money market funds, at value (Cost $9,935,521) | 9,935,531 |
Foreign currencies, at value (Cost $302) | 274 |
Receivable for: | |
Fund shares sold | 4,509 |
Dividends | 66,863 |
Investment for trustee deferred compensation and retirement plans | 40,853 |
Total assets | 201,693,306 |
Liabilities: | |
Payable for: | |
Fund shares reacquired | 237,558 |
Collateral upon return of securities loaned | 6,013,365 |
Accrued fees to affiliates | 90,519 |
Accrued other operating expenses | 16,075 |
Trustee deferred compensation and retirement plans | 45,299 |
Total liabilities | 6,402,816 |
Net assets applicable to shares outstanding | $195,290,490 |
Net assets consist of: | |
Shares of beneficial interest | $98,153,068 |
Distributable earnings | 97,137,422 |
$195,290,490 | |
Net Assets: | |
Series I | $178,943,048 |
Series II | $16,347,442 |
Shares outstanding, no par value, with an unlimited number of shares authorized: | |
Series I | 8,075,507 |
Series II | 862,058 |
Series I: | |
Net asset value per share | $22.16 |
Series II: | |
Net asset value per share | $18.96 |
* | At June 30, 2024, securities with an aggregate value of $5,931,476 were on loan to brokers. |
Investment income: | |
Dividends (net of foreign withholding taxes of $5,249) | $281,844 |
Dividends from affiliated money market funds (includes net securities lending income of $11,694) | 84,358 |
Total investment income | 366,202 |
Expenses: | |
Advisory fees | 669,197 |
Administrative services fees | 145,581 |
Custodian fees | 1,672 |
Distribution fees - Series II | 18,615 |
Transfer agent fees | 3,866 |
Trustees’ and officers’ fees and benefits | 9,935 |
Reports to shareholders | 25,124 |
Professional services fees | 22,382 |
Other | (80) |
Total expenses | 896,292 |
Less: Fees waived | (1,381) |
Net expenses | 894,911 |
Net investment income (loss) | (528,709) |
Realized and unrealized gain (loss) from: | |
Net realized gain (loss) from: | |
Unaffiliated investment securities | 14,563,424 |
Affiliated investment securities | (3,908) |
14,559,516 | |
Change in net unrealized appreciation (depreciation) of: | |
Unaffiliated investment securities | 18,509,138 |
Affiliated investment securities | (1,289) |
Foreign currencies | (345) |
18,507,504 | |
Net realized and unrealized gain | 33,067,020 |
Net increase in net assets resulting from operations | $32,538,311 |
4 | Invesco V.I. Technology Fund |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income (loss) | $(528,709) | $(516,929) |
Net realized gain | 14,559,516 | 17,779,587 |
Change in net unrealized appreciation | 18,507,504 | 34,867,309 |
Net increase in net assets resulting from operations | 32,538,311 | 52,129,967 |
Share transactions–net: | ||
Series I | 875,993 | (4,345,370) |
Series II | 679,724 | 1,996,912 |
Net increase (decrease) in net assets resulting from share transactions | 1,555,717 | (2,348,458) |
Net increase in net assets | 34,094,028 | 49,781,509 |
Net assets: | ||
Beginning of period | 161,196,462 | 111,414,953 |
End of period | $195,290,490 | $161,196,462 |
5 | Invesco V.I. Technology Fund |
Net asset value, beginning of period | Net investment income (loss)(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Distributions from net realized gains | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed | Ratio of net investment income (loss) to average net assets | Portfolio turnover (c) | |
Series I | ||||||||||||
Six months ended 06/30/24 | $18.50 | $(0.06) | $3.72 | $3.66 | $— | $22.16 | 19.78% | $178,943 | 0.98%(d) | 0.98%(d) | (0.57)%(d) | 50% |
Year ended 12/31/23 | 12.59 | (0.06) | 5.97 | 5.91 | — | 18.50 | 46.94 | 148,139 | 0.98 | 0.98 | (0.36) | 137 |
Year ended 12/31/22 | 38.08 | (0.10) | (14.84) | (14.94) | (10.55) | 12.59 | (39.95) | 104,076 | 0.98 | 0.98 | (0.42) | 104 |
Year ended 12/31/21 | 36.55 | (0.27) | 5.62 | 5.35 | (3.82) | 38.08 | 14.41 | 185,270 | 0.98 | 0.98 | (0.68) | 90 |
Year ended 12/31/20 | 27.23 | (0.17) | 12.49 | 12.32 | (3.00) | 36.55 | 46.11 | 187,801 | 0.98 | 0.98 | (0.53) | 56 |
Year ended 12/31/19 | 21.92 | (0.09) | 7.71 | 7.62 | (2.31) | 27.23 | 35.88 | 127,308 | 0.99 | 0.99 | (0.36) | 46 |
Series II | ||||||||||||
Six months ended 06/30/24 | 15.86 | (0.07) | 3.17 | 3.10 | — | 18.96 | 19.55 | 16,347 | 1.23(d) | 1.23(d) | (0.82)(d) | 50 |
Year ended 12/31/23 | 10.81 | (0.08) | 5.13 | 5.05 | — | 15.86 | 46.72 | 13,057 | 1.23 | 1.23 | (0.61) | 137 |
Year ended 12/31/22 | 35.20 | (0.15) | (13.69) | (13.84) | (10.55) | 10.81 | (40.11) | 7,339 | 1.23 | 1.23 | (0.67) | 104 |
Year ended 12/31/21 | 34.13 | (0.34) | 5.23 | 4.89 | (3.82) | 35.20 | 14.08 | 13,061 | 1.23 | 1.23 | (0.93) | 90 |
Year ended 12/31/20 | 25.63 | (0.23) | 11.73 | 11.50 | (3.00) | 34.13 | 45.79 | 13,215 | 1.23 | 1.23 | (0.78) | 56 |
Year ended 12/31/19 | 20.79 | (0.15) | 7.30 | 7.15 | (2.31) | 25.63 | 35.56 | 10,184 | 1.24 | 1.24 | (0.61) | 46 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Total returns are not annualized for periods less than one year, if applicable, and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable. |
(d) | Annualized. |
6 | Invesco V.I. Technology Fund |
A. | Security Valuations — Securities, including restricted securities, are valued according to the following policy. |
7 | Invesco V.I. Technology Fund |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. |
C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions – Distributions from net investment income and net realized capital gain, if any, are generally declared and paid to separate accounts of participating insurance companies annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses – Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities. |
8 | Invesco V.I. Technology Fund |
J. | Foreign Currency Translations — Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. |
K. | Forward Foreign Currency Contracts — The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk. |
L. | Other Risks - Active trading of portfolio securities may result in added expenses, a lower return and increased tax liability. |
Average Daily Net Assets | Rate |
First $250 million | 0.750% |
Next $250 million | 0.740% |
Next $500 million | 0.730% |
Next $1.5 billion | 0.720% |
Next $2.5 billion | 0.710% |
Next $2.5 billion | 0.700% |
Next $2.5 billion | 0.690% |
Over $10 billion | 0.680% |
9 | Invesco V.I. Technology Fund |
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Common Stocks & Other Equity Interests | $191,645,276 | $— | $— | $191,645,276 |
Money Market Funds | 3,922,166 | 6,013,365 | — | 9,935,531 |
Total Investments | $195,567,442 | $6,013,365 | $— | $201,580,807 |
10 | Invesco V.I. Technology Fund |
Unrealized Appreciation (Depreciation) of Investments on a Tax Basis | |
Aggregate unrealized appreciation of investments | $75,729,267 |
Aggregate unrealized (depreciation) of investments | (955,555) |
Net unrealized appreciation of investments | $74,773,712 |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 1,090,896 | $21,676,433 | 1,745,766 | $27,098,126 | |
Series II | 132,854 | 2,344,190 | 278,323 | 3,754,314 | |
Reacquired: | |||||
Series I | (1,020,761) | (20,800,440) | (2,006,922) | (31,443,496) | |
Series II | (94,257) | (1,664,466) | (133,471) | (1,757,402) | |
Net increase (decrease) in share activity | 108,732 | $1,555,717 | (116,304) | $(2,348,458) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 59% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
11 | Invesco V.I. Technology Fund |
B. | Fund Investment Performance |
12 | Invesco V.I. Technology Fund |
13 | Invesco V.I. Technology Fund |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
14 | Invesco V.I. Technology Fund |
15 | Invesco V.I. Technology Fund |
![](https://capedge.com/proxy/N-CSRS/0000898430-24-000421/img0d1446051.jpg)
Semi-Annual Financial Statements and Other Information | June 30, 2024 |
Invesco Distributors, Inc. | O-VIGMKT-NCSRS |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
U.S. Government Sponsored Agency Securities-24.41% | |||||
Federal Farm Credit Bank (FFCB)-16.36% | |||||
Federal Farm Credit Bank (SOFR + 0.10%)(a) | 5.43% | 08/08/2024 | $ 15,000 | $ 15,000,000 | |
Federal Farm Credit Bank (SOFR + 0.06%)(a) | 5.39% | 08/27/2024 | 2,000 | 2,000,000 | |
Federal Farm Credit Bank (SOFR + 0.08%)(a) | 5.41% | 11/22/2024 | 5,000 | 5,000,000 | |
Federal Farm Credit Bank (SOFR + 0.08%)(a) | 5.41% | 12/30/2024 | 1,000 | 1,000,000 | |
Federal Farm Credit Bank (SOFR + 0.09%)(a) | 5.42% | 03/07/2025 | 1,000 | 1,000,000 | |
Federal Farm Credit Bank (SOFR + 0.12%)(a) | 5.45% | 05/28/2025 | 500 | 500,000 | |
Federal Farm Credit Bank (SOFR + 0.12%)(a) | 5.45% | 05/30/2025 | 1,000 | 1,000,000 | |
Federal Farm Credit Bank (SOFR + 0.05%)(a) | 5.39% | 07/18/2025 | 2,000 | 2,000,000 | |
Federal Farm Credit Bank (SOFR + 0.13%)(a) | 5.46% | 08/13/2025 | 750 | 750,000 | |
Federal Farm Credit Bank (SOFR + 0.17%)(a) | 5.50% | 08/14/2025 | 777 | 776,978 | |
Federal Farm Credit Bank (SOFR + 0.14%)(a) | 5.47% | 08/22/2025 | 2,000 | 2,000,000 | |
Federal Farm Credit Bank (SOFR + 0.13%)(a) | 5.46% | 11/28/2025 | 500 | 499,982 | |
Federal Farm Credit Bank (SOFR + 0.16%)(a) | 5.49% | 11/28/2025 | 2,000 | 2,000,000 | |
Federal Farm Credit Bank (SOFR + 0.15%)(a) | 5.48% | 12/15/2025 | 1,000 | 1,000,000 | |
Federal Farm Credit Bank (1 mo. EFFR + 0.06%)(a) | 5.39% | 01/16/2026 | 1,000 | 1,000,000 | |
Federal Farm Credit Bank (SOFR + 0.15%)(a) | 5.49% | 01/29/2026 | 1,500 | 1,500,000 | |
Federal Farm Credit Bank (SOFR + 0.09%)(a) | 5.42% | 02/02/2026 | 2,500 | 2,500,000 | |
Federal Farm Credit Bank (SOFR + 0.09%)(a) | 5.42% | 02/12/2026 | 2,000 | 2,000,000 | |
Federal Farm Credit Bank (SOFR + 0.12%)(a) | 5.46% | 03/12/2026 | 1,000 | 1,000,000 | |
Federal Farm Credit Bank (SOFR + 0.09%)(a) | 5.42% | 05/21/2026 | 2,500 | 2,500,000 | |
Federal Farm Credit Bank (SOFR + 0.10%)(a) | 5.43% | 06/03/2026 | 2,000 | 2,000,000 | |
47,026,960 | |||||
Federal Home Loan Bank (FHLB)-7.70% | |||||
Federal Home Loan Bank | 5.50% | 08/12/2024 | 1,500 | 1,499,937 | |
Federal Home Loan Bank(b) | 5.27% | 11/01/2024 | 2,000 | 1,965,697 | |
Federal Home Loan Bank (SOFR + 0.12%)(a) | 5.45% | 01/03/2025 | 300 | 299,997 | |
Federal Home Loan Bank | 5.03% | 01/10/2025 | 2,000 | 2,000,000 | |
Federal Home Loan Bank(b) | 5.00% | 02/10/2025 | 2,000 | 1,940,764 | |
Federal Home Loan Bank (SOFR + 0.13%)(a) | 5.46% | 03/24/2025 | 295 | 294,978 | |
Federal Home Loan Bank (SOFR + 0.14%)(a) | 5.47% | 07/24/2025 | 2,000 | 2,000,000 | |
Federal Home Loan Bank (SOFR + 0.16%)(a) | 5.49% | 08/21/2025 | 645 | 644,912 | |
Federal Home Loan Bank (SOFR + 0.14%)(a) | 5.47% | 08/22/2025 | 2,000 | 2,000,000 | |
Federal Home Loan Bank (SOFR + 0.16%)(a) | 5.49% | 08/22/2025 | 760 | 759,898 | |
Federal Home Loan Bank (SOFR + 0.08%)(a) | 5.41% | 09/19/2025 | 1,000 | 1,000,000 | |
Federal Home Loan Bank (SOFR + 0.20%)(a) | 5.54% | 11/14/2025 | 2,000 | 2,000,246 | |
Federal Home Loan Bank (SOFR + 0.15%)(a) | 5.48% | 12/08/2025 | 1,000 | 1,000,000 | |
Federal Home Loan Bank (SOFR + 0.15%)(a) | 5.48% | 12/11/2025 | 750 | 750,000 | |
Federal Home Loan Bank (SOFR + 0.19%)(a) | 5.53% | 01/14/2026 | 1,000 | 1,000,000 | |
Federal Home Loan Bank (SOFR + 0.13%)(a) | 5.46% | 02/09/2026 | 1,500 | 1,500,000 | |
Federal Home Loan Bank (SOFR + 0.10%)(a) | 5.44% | 05/13/2026 | 1,500 | 1,500,000 | |
22,156,429 | |||||
Federal National Mortgage Association (FNMA)-0.35% | |||||
Federal National Mortgage Association (SOFR + 0.10%)(a) | 5.43% | 06/18/2026 | 1,000 | 1,000,000 | |
Total U.S. Government Sponsored Agency Securities (Cost $70,183,389) | 70,183,389 | ||||
U.S. Treasury Securities-20.61% | |||||
U.S. Treasury Bills-16.11%(b) | |||||
U.S. Treasury Bills | 5.10% | 07/18/2024 | 3,000 | 2,992,952 | |
U.S. Treasury Bills | 5.25% | 07/23/2024 | 15,000 | 14,952,016 | |
U.S. Treasury Bills | 5.11% | 08/01/2024 | 3,000 | 2,987,122 | |
U.S. Treasury Bills | 5.30% | 08/20/2024 | 15,000 | 14,890,417 | |
U.S. Treasury Bills | 5.04% | 11/29/2024 | 3,000 | 2,939,619 |
2 | Invesco V.I. U.S. Government Money Portfolio |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
U.S. Treasury Bills(b)-(continued) | |||||
U.S. Treasury Bills | 4.78%-4.82% | 12/26/2024 | $ 2,500 | $ 2,443,305 | |
U.S. Treasury Bills | 4.79% | 01/23/2025 | 4,000 | 3,895,398 | |
U.S. Treasury Bills | 4.93% | 02/20/2025 | 1,000 | 969,482 | |
U.S. Treasury Bills | 4.99% | 03/20/2025 | 250 | 241,330 | |
46,311,641 | |||||
U.S. Treasury Floating Rate Notes-2.26% | |||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(a) | 5.48% | 04/30/2025 | 1,000 | 999,999 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(a) | 5.50% | 10/31/2025 | 5,500 | 5,500,000 | |
6,499,999 | |||||
U.S. Treasury Notes-2.24% | |||||
U.S. Treasury Notes | 0.38% | 08/15/2024 | 2,000 | 1,987,594 | |
U.S. Treasury Notes | 1.50% | 10/31/2024 | 1,500 | 1,482,941 | |
U.S. Treasury Notes | 0.75% | 11/15/2024 | 1,500 | 1,476,084 | |
U.S. Treasury Notes | 2.25% | 11/15/2024 | 1,500 | 1,484,364 | |
6,430,983 | |||||
Total U.S. Treasury Securities (Cost $59,242,623) | 59,242,623 | ||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-45.02% (Cost $129,426,012) | 129,426,012 | ||||
Repurchase Amount | |||||
Repurchase Agreements-54.96%(c) | |||||
Bank of Montreal, joint agreement dated 06/28/2024, aggregate maturing value of $500,222,500 (collateralized by agency mortgage-backed securities valued at $510,000,001; 2.50% - 4.50%; 07/01/2033 - 11/01/2052) | 5.34% | 07/01/2024 | 15,006,675 | 15,000,000 | |
BMO Capital Markets Corp., joint term agreement dated 06/13/2024, aggregate maturing value of $655,795,833 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $663,000,079; 0.00% - 7.50%; 07/09/2024 - 11/20/2073)(d) | 5.35% | 08/12/2024 | 25,222,917 | 25,000,000 | |
Citigroup Global Markets, Inc., joint term agreement dated 06/27/2024, aggregate maturing value of $1,201,072,000 (collateralized by U.S. Treasury obligations valued at $1,224,000,081; 0.25% - 4.88%; 05/31/2025 - 10/31/2028)(d) | 5.36% | 07/03/2024 | 15,013,400 | 15,000,000 | |
Credit Agricole Corporate & Investment Bank, joint agreement dated 06/28/2024, aggregate maturing value of $500,222,083 (collateralized by U.S. Treasury obligations valued at $510,000,085; 0.38% - 4.75%; 07/31/2025 - 09/30/2030) | 5.33% | 07/01/2024 | 17,007,551 | 17,000,000 | |
ING Financial Markets, LLC, joint agreement dated 06/28/2024, aggregate maturing value of $250,111,250 (collateralized by agency mortgage-backed securities valued at $255,000,000; 1.50% - 6.54%; 11/01/2032 - 06/01/2054) | 5.34% | 07/01/2024 | 15,006,675 | 15,000,000 | |
Mizuho Securities (USA) LLC, joint agreement dated 06/28/2024, aggregate maturing value of $750,333,750 (collateralized by agency mortgage-backed securities valued at $765,000,001; 2.00% - 7.50%; 11/01/2026 - 06/01/2063) | 5.34% | 07/01/2024 | 15,006,675 | 15,000,000 | |
Royal Bank of Canada, joint term agreement dated 03/21/2024, aggregate maturing value of $1,575,429,947 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,536,529,506; 0.00% - 7.00%; 07/18/2024 - 06/01/2054)(d) | 5.06% | 02/12/2025 | 4,184,409 | 4,000,000 | |
Royal Bank of Canada, joint term agreement dated 06/13/2024, aggregate maturing value of $3,692,889,960 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $3,586,362,111; 0.00% - 7.50%; 07/11/2024 - 07/01/2054)(d) | 5.16% | 05/30/2025 | 10,503,100 | 10,000,000 | |
Sumitomo Mitsui Banking Corp., joint agreement dated 06/28/2024, aggregate maturing value of $5,402,403,000 (collateralized by agency mortgage-backed securities valued at $5,512,708,210; 3.00% - 6.50%; 10/20/2042 - 06/20/2054) | 5.34% | 07/01/2024 | 17,007,565 | 17,000,000 | |
TD Securities (USA) LLC, joint term agreement dated 06/27/2024, aggregate maturing value of $500,445,833 (collateralized by agency mortgage-backed securities valued at $510,000,000; 1.50% - 8.00%; 08/01/2024 - 07/01/2054)(d) | 5.35% | 07/03/2024 | 25,022,292 | 25,000,000 | |
Total Repurchase Agreements (Cost $158,000,000) | 158,000,000 | ||||
TOTAL INVESTMENTS IN SECURITIES(e)-99.98% (Cost $287,426,012) | 287,426,012 | ||||
OTHER ASSETS LESS LIABILITIES-0.02% | 57,362 | ||||
NET ASSETS-100.00% | $287,483,374 |
3 | Invesco V.I. U.S. Government Money Portfolio |
EFFR | -Effective Federal Funds Rate |
SOFR | -Secured Overnight Financing Rate |
(a) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on June 30, 2024. |
(b) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(c) | Principal amount equals value at period end. See Note 1I. |
(d) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(e) | Also represents cost for federal income tax purposes. |
4 | Invesco V.I. U.S. Government Money Portfolio |
Assets: | |
Investments in unaffiliated securities, excluding repurchase agreements, at value and cost | $129,426,012 |
Repurchase agreements, at value and cost | 158,000,000 |
Cash | 230,404 |
Receivable for: | |
Fund shares sold | 12,579 |
Interest | 804,766 |
Investment for trustee deferred compensation and retirement plans | 56,674 |
Other assets | 51,173 |
Total assets | 288,581,608 |
Liabilities: | |
Payable for: | |
Fund shares reacquired | 838,058 |
Dividends | 81 |
Accrued fees to affiliates | 159,565 |
Accrued operating expenses | 43,856 |
Trustee deferred compensation and retirement plans | 56,674 |
Total liabilities | 1,098,234 |
Net assets applicable to shares outstanding | $287,483,374 |
Net assets consist of: | |
Shares of beneficial interest | $287,806,603 |
Distributable earnings (loss) | (323,229) |
$287,483,374 | |
Net Assets: | |
Series I | $287,463,384 |
Series II | $19,990 |
Shares outstanding, no par value, unlimited number of shares authorized: | |
Series I | 287,609,295 |
Series II | 20,000 |
Series I: | |
Net asset value and offering price per share | $1.00 |
Series II: | |
Net asset value and offering price per share | $1.00 |
5 | Invesco V.I. U.S. Government Money Portfolio |
Investment income: | |
Interest | $7,786,880 |
Expenses: | |
Advisory fees | 628,218 |
Administrative services fees | 257,865 |
Custodian fees | 3,051 |
Distribution fees - Series II | 19 |
Transfer agent fees | 7,211 |
Trustees’ and officers’ fees and benefits | 10,774 |
Reports to shareholders | 468 |
Professional services fees | 43,183 |
Other | 80,558 |
Total expenses | 1,031,347 |
Net investment income | 6,755,533 |
Net realized gain from unaffiliated investment securities | 3,015 |
Net increase in net assets resulting from operations | $6,758,548 |
6 | Invesco V.I. U.S. Government Money Portfolio |
June 30, 2024 | December 31, 2023 | |
Operations: | ||
Net investment income | $6,755,533 | $32,808,540 |
Net realized gain | 3,015 | 30,424 |
Net increase in net assets resulting from operations | 6,758,548 | 32,838,964 |
Distributions to shareholders from distributable earnings: | ||
Series I | (6,755,203) | (32,808,121) |
Series II | (330) | (419) |
Total distributions from distributable earnings | (6,755,533) | (32,808,540) |
Share transactions-net: | ||
Series I | (9,999,061) | (1,520,726,256) |
Series II | 10,000 | - |
Net increase (decrease) in net assets resulting from share transactions | (9,989,061) | (1,520,726,256) |
Net increase (decrease) in net assets | (9,986,046) | (1,520,695,832) |
Net assets: | ||
Beginning of period | 297,469,420 | 1,818,165,252 |
End of period | $287,483,374 | $297,469,420 |
7 | Invesco V.I. U.S. Government Money Portfolio |
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (realized) | Total from investment operations | Dividends from net investment income | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expenses absorbed | Ratio of expenses to average net assets without fee waivers and/or expenses absorbed(c) | Ratio of net investment income to average net assets | |
Series I | |||||||||||
Six months ended 06/30/24 | $1.00 | $0.02 | $0.00 | $0.02 | $(0.02) | $1.00 | 2.35% | $287,463 | 0.72%(d) | 0.72%(d) | 4.67%(d) |
Year ended 12/31/23 | 1.00 | 0.04 | 0.00 | 0.04 | (0.04) | 1.00 | 4.53 | 297,459 | 0.63 | 0.63 | 4.34 |
Year ended 12/31/22 | 1.00 | 0.01 | (0.00) | 0.01 | (0.01) | 1.00 | 1.26 | 1,818,155 | 0.49 | 0.54 | 1.42 |
Year ended 12/31/21 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | 1.00 | 0.01 | 460,685 | 0.10 | 0.52 | 0.00 |
Year ended 12/31/20 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | 1.00 | 0.22 | 364,605 | 0.24 | 0.48 | 0.09 |
Year ended 12/31/19 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) | 1.00 | 1.71 | 369,759 | 0.50 | 0.54 | 1.82 |
Series II | |||||||||||
Six months ended 06/30/24 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) | 1.00 | 2.23 | 20 | 0.97(d) | 0.97(d) | 4.42(d) |
Year ended 12/31/23 | 1.00 | 0.04 | 0.00 | 0.04 | (0.04) | 1.00 | 4.28 | 10 | 0.88 | 0.88 | 4.09 |
Year ended 12/31/22 | 1.00 | 0.01 | (0.00) | 0.01 | (0.01) | 1.00 | 1.10 | 10 | 0.65 | 0.79 | 1.25 |
Year ended 12/31/21 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | 1.00 | 0.01 | 10 | 0.10 | 0.77 | 0.00 |
Year ended 12/31/20 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | 1.00 | 0.17 | 10 | 0.29 | 0.73 | 0.04 |
Period ended 12/31/19(e) | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | 1.00 | 0.78 | 10 | 0.72(d) | 0.72(d) | 1.61(d) |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America. Total returns are not annualized for periods less than one year, if applicable and do not reflect charges assessed in connection with a variable product, which if included would reduce total returns. |
(c) | Does not include indirect expenses from affiliated fund fees and expenses of 0.00% for the year ended December 31, 2019. |
(d) | Annualized. |
(e) | Commencement date after the close of business on May 24, 2019. |
8 | Invesco V.I. U.S. Government Money Portfolio |
A. | Security Valuations - The Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by the Rule. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts. |
B. | Securities Transactions and Investment Income - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. |
C. | Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions - Distributions from net investment income, if any, are declared daily and paid monthly to separate accounts of participating insurance companies. Distributions from net realized gain, if any, are generally declared and paid annually and recorded on the ex-dividend date. |
E. | Federal Income Taxes - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets. |
G. | Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial |
9 | Invesco V.I. U.S. Government Money Portfolio |
statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Repurchase Agreements - The Fund may enter into repurchase agreements. Collateral on repurchase agreements, including the Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by the Fund upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is typically at least 102% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment adviser or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Fund might incur expenses in enforcing its rights, and could experience losses, including a decline in the value of the collateral and loss of income. |
J. | Other Risks - Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. |
Average Daily Net Assets | Rate* |
First $500 million | 0.450% |
Next $500 million | 0.425% |
Next $500 million | 0.400% |
Over $1.5 billion | 0.375% |
10 | Invesco V.I. U.S. Government Money Portfolio |
Capital Loss Carryforward* | |||
Expiration | Short-Term | Long-Term | Total |
Not subject to expiration | $275,526 | $- | $275,526 |
* | Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. |
Summary of Share Activity | |||||
Six months ended June 30, 2024(a) | Year ended December 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Series I | 36,895,375 | $36,895,375 | 2,062,216,237 | $2,062,216,237 | |
Series II | 10,000 | 10,000 | - | - | |
Issued as reinvestment of dividends: | |||||
Series I | 6,755,203 | 6,755,203 | 32,808,121 | 32,808,121 | |
Reacquired: | |||||
Series I | (53,649,639) | (53,649,639) | (3,615,750,614) | (3,615,750,614) | |
Net increase (decrease) in share activity | (9,989,061) | $(9,989,061) | (1,520,726,256) | $(1,520,726,256) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 87% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
11 | Invesco V.I. U.S. Government Money Portfolio |
12 | Invesco V.I. U.S. Government Money Portfolio |
13 | Invesco V.I. U.S. Government Money Portfolio |
Matter | Votes For | Votes Against/Withheld | Abstain | |
(1)* | Beth Ann Brown | 1,550,443,327.01 | 53,463,783.67 | 72.16 |
Carol Deckbar | 1,548,851,074.95 | 55,056,035.73 | 5.46 | |
Cynthia Hostetler | 1,549,516,753.58 | 54,390,357.10 | 5.46 | |
Dr. Eli Jones | 1,551,019,929.33 | 52,887,181.35 | 0.00 | |
Elizabeth Krentzman | 1,549,925,122.65 | 53,981,988.04 | 5.46 | |
Jeffrey H. Kupor | 1,549,687,226.80 | 54,219,883.88 | 24,704.76 | |
Anthony J. LaCava, Jr. | 1,548,947,748.31 | 54,959,362.37 | 24,704.76 | |
James Liddy | 1,548,375,192.65 | 55,531,918.04 | 24,704.76 | |
Dr. Prema Mathai-Davis | 1,547,393,262.81 | 56,513,847.87 | 5.46 | |
Joel W. Motley | 1,544,770,791.69 | 59,136,318.99 | 24,704.76 | |
Teresa M. Ressel | 1,547,757,051.25 | 56,150,059.42 | 12.15 | |
Douglas Sharp | 1,548,838,981.16 | 55,068,129.52 | 24,711.43 | |
Robert C. Troccoli | 1,548,240,196.84 | 55,666,913.84 | 24,704.76 | |
Daniel S. Vandivort | 1,546,986,806.29 | 56,920,304.39 | 24,704.76 |
14 | Invesco V.I. U.S. Government Money Portfolio |
15 | Invesco V.I. U.S. Government Money Portfolio |
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies
Matters submitted during the period covered by this report to a vote of shareholders are filed under Item 7 of this Form.
Item 10. Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies
The aggregate renumeration paid to directors, officers and others is filed under Item 7 of this Form.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
The statement regarding basis of approval for investment advisory contracts is filed under Item 7 of this Form.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders
None.
Item 16. Controls and Procedures
(a) As of a date within 90 days of the filing date of this report, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"), to assess the effectiveness of the Registrant's disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act"), as amended. Based on that evaluation, the Registrant's officers, including the PEO and PFO, concluded that the Registrant's disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.
(b) There have been no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activity for Closed-End Management Investment Companies
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.
Item 19. Exhibits
19(a)(1) Not applicable.
19(a)(2) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: AIM Variable Insurance Funds (Invesco Variable Insurance Funds)
By: | /s/ Glenn Brightman |
| Glenn Brightman |
| Principal Executive Officer |
|
|
Date: | August 23, 2024 |
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Glenn Brightman |
| Glenn Brightman |
| Principal Executive Officer |
|
|
Date: | August 23, 2024 |
By: | /s/ Adrien Deberghes |
| Adrien Deberghes |
| Principal Financial Officer |
|
|
Date: | August 23, 2024 |