Schedule of Investments(a)
March 31, 2024
(Unaudited)
Shares | Value | ||
Common Stocks & Other Equity Interests–43.02% | |||
Aerospace & Defense–0.76% | |||
Howmet Aerospace, Inc. | 13,712 | $938,312 | |
Huntington Ingalls Industries, Inc. | 1,930 | 562,537 | |
1,500,849 | |||
Air Freight & Logistics–0.38% | |||
United Parcel Service, Inc., Class B | 4,995 | 742,407 | |
Application Software–0.60% | |||
Autodesk, Inc.(b) | 2,836 | 738,551 | |
Tyler Technologies, Inc.(b) | 1,046 | 444,561 | |
1,183,112 | |||
Automobile Manufacturers–0.16% | |||
Tesla, Inc.(b) | 1,809 | 318,004 | |
Automotive Parts & Equipment–0.22% | |||
Aptiv PLC(b) | 5,289 | 421,269 | |
Automotive Retail–0.28% | |||
AutoNation, Inc.(b)(c) | 3,271 | 541,612 | |
Biotechnology–0.69% | |||
Biogen, Inc.(b) | 2,454 | 529,156 | |
Gilead Sciences, Inc. | 11,357 | 831,900 | |
1,361,056 | |||
Broadline Retail–2.22% | |||
Amazon.com, Inc.(b) | 24,154 | 4,356,899 | |
Construction Materials–0.54% | |||
CRH PLC | 12,353 | 1,065,570 | |
Consumer Finance–0.61% | |||
American Express Co. | 5,303 | 1,207,440 | |
Consumer Staples Merchandise Retail–0.57% | |||
Walmart, Inc. | 18,675 | 1,123,675 | |
Distillers & Vintners–0.46% | |||
Constellation Brands, Inc., Class A | 3,352 | 910,940 | |
Distributors–0.27% | |||
LKQ Corp. | 10,011 | 534,688 | |
Diversified Banks–1.31% | |||
JPMorgan Chase & Co. | 12,854 | 2,574,656 | |
Diversified Financial Services–0.34% | |||
Equitable Holdings, Inc. | 17,316 | 658,181 | |
Electric Utilities–0.41% | |||
American Electric Power Co., Inc. | 9,423 | 811,320 | |
Electrical Components & Equipment–1.38% | |||
Emerson Electric Co. | 8,928 | 1,012,614 | |
Hubbell, Inc. | 1,663 | 690,228 | |
Regal Rexnord Corp.(c) | 3,421 | 616,122 |
Shares | Value | ||
Electrical Components & Equipment–(continued) | |||
Rockwell Automation, Inc. | 1,317 | $383,682 | |
2,702,646 | |||
Electronic Equipment & Instruments–0.26% | |||
Keysight Technologies, Inc.(b) | 3,286 | 513,865 | |
Fertilizers & Agricultural Chemicals–0.17% | |||
Mosaic Co. (The) | 10,526 | 341,674 | |
Health Care Equipment–1.42% | |||
Becton, Dickinson and Co. | 2,342 | 579,528 | |
Boston Scientific Corp.(b) | 12,885 | 882,493 | |
DexCom, Inc.(b) | 3,334 | 462,426 | |
Zimmer Biomet Holdings, Inc. | 6,594 | 870,276 | |
2,794,723 | |||
Health Care Facilities–0.30% | |||
Tenet Healthcare Corp.(b) | 5,651 | 593,977 | |
Home Improvement Retail–0.49% | |||
Lowe’s Cos., Inc. | 3,800 | 967,974 | |
Homebuilding–0.29% | |||
D.R. Horton, Inc. | 3,494 | 574,938 | |
Hotels, Resorts & Cruise Lines–0.23% | |||
Wyndham Hotels & Resorts, Inc. | 5,899 | 452,748 | |
Household Products–0.67% | |||
Procter & Gamble Co. (The) | 8,096 | 1,313,576 | |
Human Resource & Employment Services–0.33% | |||
Paylocity Holding Corp.(b) | 3,799 | 652,896 | |
Industrial Machinery & Supplies & Components–0.28% | |||
Lincoln Electric Holdings, Inc.(c) | 2,132 | 544,598 | |
Industrial REITs–0.57% | |||
First Industrial Realty Trust, Inc. | 21,445 | 1,126,720 | |
Insurance Brokers–0.47% | |||
Arthur J. Gallagher & Co. | 3,683 | 920,897 | |
Integrated Oil & Gas–0.93% | |||
Exxon Mobil Corp. | 15,633 | 1,817,180 | |
Integrated Telecommunication Services–0.77% | |||
Verizon Communications, Inc. | 35,934 | 1,507,791 | |
Interactive Media & Services–3.68% | |||
Alphabet, Inc., Class A(b) | 27,162 | 4,099,561 | |
Meta Platforms, Inc., Class A | 6,437 | 3,125,678 | |
7,225,239 | |||
Investment Banking & Brokerage–1.42% | |||
Charles Schwab Corp. (The) | 11,603 | 839,361 | |
Morgan Stanley | 10,660 | 1,003,746 | |
Raymond James Financial, Inc.(c) | 7,427 | 953,775 | |
2,796,882 |
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
Shares | Value | ||
IT Consulting & Other Services–0.76% | |||
Amdocs Ltd. | 7,110 | $642,531 | |
International Business Machines Corp.(c) | 4,430 | 845,953 | |
1,488,484 | |||
Life Sciences Tools & Services–0.43% | |||
Lonza Group AG (Switzerland) | 1,411 | 843,211 | |
Managed Health Care–0.72% | |||
UnitedHealth Group, Inc. | 2,861 | 1,415,337 | |
Metal, Glass & Plastic Containers–0.29% | |||
Silgan Holdings, Inc. | 11,700 | 568,152 | |
Movies & Entertainment–0.77% | |||
Walt Disney Co. (The) | 12,334 | 1,509,188 | |
Multi-Family Residential REITs–0.26% | |||
Mid-America Apartment Communities, Inc. | 3,839 | 505,136 | |
Multi-line Insurance–0.64% | |||
American International Group, Inc. | 16,066 | 1,255,879 | |
Multi-Utilities–0.46% | |||
Ameren Corp. | 6,370 | 471,125 | |
CMS Energy Corp. | 7,292 | 439,999 | |
911,124 | |||
Oil & Gas Exploration & Production–0.76% | |||
APA Corp. | 11,566 | 397,639 | |
Chesapeake Energy Corp. | 5,418 | 481,281 | |
Marathon Oil Corp. | 21,936 | 621,666 | |
1,500,586 | |||
Personal Care Products–0.31% | |||
BellRing Brands, Inc.(b) | 10,348 | 610,842 | |
Pharmaceuticals–1.85% | |||
AstraZeneca PLC, ADR (United Kingdom) | 8,574 | 580,889 | |
Eli Lilly and Co. | 2,118 | 1,647,719 | |
Merck & Co., Inc. | 10,731 | 1,415,955 | |
3,644,563 | |||
Property & Casualty Insurance–0.39% | |||
Hartford Financial Services Group, Inc. (The) | 7,417 | 764,322 | |
Rail Transportation–0.43% | |||
Union Pacific Corp. | 3,399 | 835,916 | |
Regional Banks–0.42% | |||
M&T Bank Corp. | 5,647 | 821,300 | |
Restaurants–0.27% | |||
Starbucks Corp. | 5,747 | 525,218 | |
Semiconductor Materials & Equipment–0.64% | |||
Applied Materials, Inc. | 6,115 | 1,261,096 | |
Semiconductors–3.28% | |||
NVIDIA Corp. | 5,946 | 5,372,568 | |
Texas Instruments, Inc.(c) | 6,212 | 1,082,192 | |
6,454,760 | |||
Specialty Chemicals–0.40% | |||
PPG Industries, Inc. | 5,453 | 790,140 |
Shares | Value | ||
Systems Software–3.69% | |||
GitLab, Inc., Class A(b) | 7,399 | $431,510 | |
Microsoft Corp. | 16,228 | 6,827,444 | |
7,258,954 | |||
Technology Hardware, Storage & Peripherals–2.05% | |||
Apple, Inc. | 20,975 | 3,596,793 | |
Dell Technologies, Inc., Class C | 3,824 | 436,357 | |
4,033,150 | |||
Tobacco–0.49% | |||
Philip Morris International, Inc. (Switzerland) | 10,470 | 959,261 | |
Trading Companies & Distributors–0.23% | |||
Air Lease Corp., Class A | 8,838 | 454,627 | |
Total Common Stocks & Other Equity Interests (Cost $53,802,494) | 84,571,248 | ||
Principal Amount | |||
U.S. Dollar Denominated Bonds & Notes–25.33% | |||
Advertising–0.00% | |||
Interpublic Group of Cos., Inc. (The), 4.20%, 04/15/2024 | $3,000 | 2,998 | |
WPP Finance 2010 (United Kingdom), 3.75%, 09/19/2024 | 4,000 | 3,960 | |
6,958 | |||
Aerospace & Defense–0.52% | |||
BAE Systems Holdings, Inc. (United Kingdom), 3.85%, 12/15/2025(d) | 3,000 | 2,929 | |
BAE Systems PLC (United Kingdom), | |||
5.00%, 03/26/2027(d) | 311,000 | 310,457 | |
5.13%, 03/26/2029(d) | 200,000 | 200,791 | |
5.30%, 03/26/2034(d) | 200,000 | 201,078 | |
L3Harris Technologies, Inc., | |||
5.40%, 07/31/2033 | 3,000 | 3,021 | |
5.60%, 07/31/2053 | 3,000 | 3,048 | |
Lockheed Martin Corp., | |||
5.10%, 11/15/2027 | 4,000 | 4,047 | |
4.50%, 02/15/2029 | 67,000 | 66,409 | |
4.75%, 02/15/2034 | 11,000 | 10,860 | |
4.80%, 08/15/2034 | 101,000 | 99,934 | |
5.90%, 11/15/2063 | 3,000 | 3,291 | |
Northrop Grumman Corp., 4.95%, 03/15/2053 | 3,000 | 2,820 | |
RTX Corp., | |||
5.00%, 02/27/2026 | 3,000 | 2,994 | |
5.75%, 01/15/2029 | 28,000 | 28,991 | |
6.00%, 03/15/2031 | 15,000 | 15,777 | |
5.15%, 02/27/2033 | 18,000 | 18,044 | |
6.10%, 03/15/2034 | 37,000 | 39,567 | |
6.40%, 03/15/2054 | 11,000 | 12,456 | |
1,026,514 | |||
Agricultural & Farm Machinery–0.07% | |||
AGCO Corp., | |||
5.45%, 03/21/2027 | 26,000 | 26,127 | |
5.80%, 03/21/2034 | 69,000 | 69,893 | |
Cargill, Inc., 4.88%, 10/10/2025(d) | 3,000 | 2,992 | |
CNH Industrial Capital LLC, 5.45%, 10/14/2025 | 3,000 | 3,007 |
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
Principal Amount | Value | ||
Agricultural & Farm Machinery–(continued) | |||
John Deere Capital Corp., | |||
4.55%, 10/11/2024 | $7,000 | $6,969 | |
4.70%, 06/10/2030 | 25,000 | 24,883 | |
133,871 | |||
Agricultural Products & Services–0.00% | |||
Cargill, Inc., 4.75%, 04/24/2033(d) | 3,000 | 2,940 | |
Apparel, Accessories & Luxury Goods–0.02% | |||
Tapestry, Inc., 7.05%, 11/27/2025 | 39,000 | 39,820 | |
Application Software–0.06% | |||
Constellation Software, Inc. (Canada), 5.46%, 02/16/2034(d) | 52,000 | 52,365 | |
Intuit, Inc., | |||
5.20%, 09/15/2033 | 31,000 | 31,588 | |
5.50%, 09/15/2053 | 21,000 | 21,815 | |
Workday, Inc., 3.70%, 04/01/2029 | 3,000 | 2,830 | |
108,598 | |||
Asset Management & Custody Banks–0.35% | |||
Ameriprise Financial, Inc., | |||
5.70%, 12/15/2028 | 55,000 | 56,765 | |
4.50%, 05/13/2032 | 3,000 | 2,910 | |
5.15%, 05/15/2033 | 20,000 | 20,217 | |
Ares Capital Corp., 5.88%, 03/01/2029 | 52,000 | 51,871 | |
Bank of New York Mellon Corp. (The), | |||
4.41%, 07/24/2026(e) | 5,000 | 4,941 | |
4.54%, 02/01/2029(e) | 9,000 | 8,871 | |
4.98%, 03/14/2030(e) | 35,000 | 35,044 | |
5.83%, 10/25/2033(e) | 5,000 | 5,224 | |
4.71%, 02/01/2034(e) | 5,000 | 4,828 | |
5.19%, 03/14/2035(e) | 26,000 | 25,890 | |
Series J, 4.97%, 04/26/2034(e) | 12,000 | 11,785 | |
Series I, 3.75%(e)(f) | 5,000 | 4,596 | |
BlackRock, Inc., 4.75%, 05/25/2033 | 21,000 | 20,899 | |
Blackstone Secured Lending Fund, 2.13%, 02/15/2027 | 89,000 | 80,309 | |
Brookfield Corp. (Canada), 4.00%, 01/15/2025 | 3,000 | 2,962 | |
Northern Trust Corp., 6.13%, 11/02/2032 | 3,000 | 3,170 | |
State Street Corp., | |||
4.99%, 03/18/2027 | 206,000 | 206,460 | |
5.68%, 11/21/2029(e) | 89,000 | 91,434 | |
4.82%, 01/26/2034(e) | 3,000 | 2,921 | |
6.12%, 11/21/2034(e) | 50,000 | 52,151 | |
693,248 | |||
Automobile Manufacturers–1.99% | |||
American Honda Finance Corp., | |||
4.95%, 01/09/2026 | 213,000 | 212,587 | |
4.70%, 01/12/2028 | 7,000 | 6,975 | |
4.60%, 04/17/2030 | 3,000 | 2,955 | |
4.90%, 01/10/2034 | 46,000 | 45,316 | |
Daimler Truck Finance North America LLC (Germany), 5.15%, 01/16/2026(d) | 150,000 | 149,515 | |
Ford Motor Credit Co. LLC, | |||
6.80%, 11/07/2028 | 200,000 | 208,873 | |
7.12%, 11/07/2033 | 204,000 | 219,640 |
Principal Amount | Value | ||
Automobile Manufacturers–(continued) | |||
Hyundai Capital America, | |||
5.50%, 03/30/2026(d) | $11,000 | $11,022 | |
5.65%, 06/26/2026(d) | 19,000 | 19,067 | |
5.25%, 01/08/2027(d) | 120,000 | 119,926 | |
5.30%, 03/19/2027(d) | 187,000 | 187,082 | |
5.60%, 03/30/2028(d) | 16,000 | 16,189 | |
5.35%, 03/19/2029(d) | 37,000 | 37,155 | |
5.80%, 04/01/2030(d) | 3,000 | 3,072 | |
Mercedes-Benz Finance North America LLC (Germany), | |||
4.90%, 01/09/2026(d) | 523,000 | 521,926 | |
4.80%, 01/11/2027(c)(d) | 493,000 | 491,391 | |
5.10%, 08/03/2028(d) | 217,000 | 217,933 | |
4.85%, 01/11/2029(d) | 119,000 | 118,451 | |
PACCAR Financial Corp., | |||
4.95%, 10/03/2025 | 6,000 | 5,989 | |
4.60%, 01/10/2028 | 7,000 | 6,975 | |
Toyota Motor Credit Corp., 4.63%, 01/12/2028 | 3,000 | 2,989 | |
Volkswagen Group of America Finance LLC (Germany), | |||
5.40%, 03/20/2026(d) | 549,000 | 549,374 | |
5.30%, 03/22/2027(d) | 354,000 | 354,847 | |
5.25%, 03/22/2029(d) | 200,000 | 200,234 | |
5.60%, 03/22/2034(d) | 200,000 | 202,108 | |
3,911,591 | |||
Automotive Parts & Equipment–0.08% | |||
ERAC USA Finance LLC, | |||
4.60%, 05/01/2028(d) | 14,000 | 13,831 | |
5.00%, 02/15/2029(d) | 56,000 | 56,126 | |
4.90%, 05/01/2033(d) | 18,000 | 17,655 | |
5.20%, 10/30/2034(d) | 79,000 | 78,805 | |
166,417 | |||
Automotive Retail–0.04% | |||
Advance Auto Parts, Inc., 5.95%, 03/09/2028 | 39,000 | 39,015 | |
AutoZone, Inc., | |||
5.05%, 07/15/2026 | 17,000 | 17,032 | |
5.20%, 08/01/2033 | 15,000 | 15,032 | |
71,079 | |||
Biotechnology–0.49% | |||
AbbVie, Inc., | |||
4.80%, 03/15/2027 | 349,000 | 349,483 | |
4.80%, 03/15/2029 | 105,000 | 105,210 | |
5.05%, 03/15/2034 | 127,000 | 128,634 | |
5.35%, 03/15/2044 | 51,000 | 52,036 | |
5.40%, 03/15/2054 | 128,000 | 131,854 | |
5.50%, 03/15/2064 | 101,000 | 103,955 | |
Amgen, Inc., | |||
5.25%, 03/02/2025 | 25,000 | 24,931 | |
5.15%, 03/02/2028 | 15,000 | 15,103 | |
5.25%, 03/02/2030 | 3,000 | 3,047 | |
5.65%, 03/02/2053 | 12,000 | 12,236 | |
Gilead Sciences, Inc., | |||
5.25%, 10/15/2033 | 30,000 | 30,632 | |
5.55%, 10/15/2053 | 11,000 | 11,394 | |
968,515 |
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
Principal Amount | Value | ||
Brewers–0.00% | |||
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 8.20%, 01/15/2039 | $3,000 | $3,896 | |
Building Products–0.01% | |||
Carrier Global Corp., 5.90%, 03/15/2034 | 12,000 | 12,617 | |
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 2.00%, 09/16/2031 | 3,000 | 2,441 | |
15,058 | |||
Cable & Satellite–0.14% | |||
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., | |||
4.91%, 07/23/2025 | 4,000 | 3,952 | |
6.15%, 11/10/2026 | 136,000 | 137,098 | |
6.65%, 02/01/2034 | 56,000 | 57,426 | |
Comcast Corp., | |||
5.50%, 11/15/2032 | 3,000 | 3,110 | |
2.65%, 08/15/2062 | 3,000 | 1,714 | |
Cox Communications, Inc., | |||
5.70%, 06/15/2033(d) | 3,000 | 3,037 | |
5.80%, 12/15/2053(d) | 61,000 | 60,511 | |
266,848 | |||
Cargo Ground Transportation–0.14% | |||
Penske Truck Leasing Co. L.P./PTL Finance Corp., | |||
5.75%, 05/24/2026(d) | 3,000 | 3,023 | |
5.35%, 01/12/2027(d) | 9,000 | 9,011 | |
5.70%, 02/01/2028(d) | 3,000 | 3,042 | |
5.55%, 05/01/2028(d) | 12,000 | 12,135 | |
6.05%, 08/01/2028(d) | 20,000 | 20,591 | |
6.20%, 06/15/2030(d) | 3,000 | 3,121 | |
Ryder System, Inc., 6.60%, 12/01/2033 | 26,000 | 28,214 | |
SMBC Aviation Capital Finance DAC (Ireland), 5.30%, 04/03/2029(d) | 200,000 | 199,635 | |
278,772 | |||
Commercial & Residential Mortgage Finance–0.23% | |||
Aviation Capital Group LLC, 6.25%, 04/15/2028(d) | 10,000 | 10,214 | |
Nationwide Building Society (United Kingdom), | |||
6.56%, 10/18/2027(d)(e) | 200,000 | 205,260 | |
3.96%, 07/18/2030(d)(e) | 150,000 | 138,951 | |
Radian Group, Inc., 6.20%, 05/15/2029 | 95,000 | 96,475 | |
450,900 | |||
Communications Equipment–0.01% | |||
Cisco Systems, Inc., 5.30%, 02/26/2054 | 24,000 | 24,654 | |
Motorola Solutions, Inc., 4.60%, 02/23/2028 | 3,000 | 2,960 | |
27,614 | |||
Computer & Electronics Retail–0.00% | |||
Leidos, Inc., 2.30%, 02/15/2031 | 3,000 | 2,482 |
Principal Amount | Value | ||
Construction Machinery & Heavy Transportation Equipment– 0.18% | |||
Cummins, Inc., | |||
4.90%, 02/20/2029 | $31,000 | $31,196 | |
5.15%, 02/20/2034 | 46,000 | 46,446 | |
5.45%, 02/20/2054 | 65,000 | 66,502 | |
Komatsu Finance America, Inc., 5.50%, 10/06/2027(d) | 200,000 | 202,868 | |
347,012 | |||
Consumer Finance–0.05% | |||
Capital One Financial Corp., | |||
7.15%, 10/29/2027(e) | 31,000 | 32,270 | |
6.31%, 06/08/2029(e) | 16,000 | 16,455 | |
7.62%, 10/30/2031(e) | 26,000 | 28,735 | |
6.38%, 06/08/2034(e) | 13,000 | 13,509 | |
General Motors Financial Co., Inc., | |||
6.05%, 10/10/2025 | 5,000 | 5,039 | |
5.40%, 04/06/2026 | 4,000 | 4,003 | |
Synchrony Financial, 4.25%, 08/15/2024 | 3,000 | 2,981 | |
102,992 | |||
Consumer Staples Merchandise Retail–0.01% | |||
Dollar General Corp., 5.50%, 11/01/2052 | 3,000 | 2,851 | |
Target Corp., | |||
4.50%, 09/15/2032 | 3,000 | 2,941 | |
4.80%, 01/15/2053 | 3,000 | 2,825 | |
Walmart, Inc., 4.50%, 04/15/2053 | 21,000 | 19,429 | |
28,046 | |||
Distillers & Vintners–0.00% | |||
Brown-Forman Corp., 4.75%, 04/15/2033 | 4,000 | 3,962 | |
Constellation Brands, Inc., 4.90%, 05/01/2033 | 3,000 | 2,944 | |
6,906 | |||
Distributors–0.04% | |||
Genuine Parts Co., | |||
6.50%, 11/01/2028 | 23,000 | 24,307 | |
6.88%, 11/01/2033 | 40,000 | 44,257 | |
68,564 | |||
Diversified Banks–9.74% | |||
Australia and New Zealand Banking Group Ltd. (Australia), | |||
5.09%, 12/08/2025 | 250,000 | 250,119 | |
5.00%, 03/18/2026 | 551,000 | 550,870 | |
6.75%(d)(e)(f) | 425,000 | 427,529 | |
Banco Santander S.A. (Spain), | |||
6.53%, 11/07/2027(e) | 200,000 | 205,202 | |
5.55%, 03/14/2028(e) | 200,000 | 200,104 | |
5.54%, 03/14/2030(e) | 200,000 | 200,052 | |
6.35%, 03/14/2034 | 200,000 | 200,287 | |
9.63%(e)(f) | 200,000 | 213,986 | |
9.63%(e)(f) | 200,000 | 220,792 |
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
Principal Amount | Value | ||
Diversified Banks–(continued) | |||
Bank of America Corp., | |||
3.37%, 01/23/2026(e) | $3,000 | $2,946 | |
4.95%, 07/22/2028(e) | 3,000 | 2,978 | |
5.20%, 04/25/2029(e) | 24,000 | 24,030 | |
4.27%, 07/23/2029(e) | 2,000 | 1,929 | |
5.82%, 09/15/2029(e) | 47,000 | 48,208 | |
4.57%, 04/27/2033(e) | 3,000 | 2,851 | |
5.02%, 07/22/2033(e) | 3,000 | 2,954 | |
5.29%, 04/25/2034(e) | 23,000 | 22,939 | |
5.47%, 01/23/2035(e) | 37,000 | 37,255 | |
2.48%, 09/21/2036(e) | 3,000 | 2,401 | |
7.75%, 05/14/2038 | 115,000 | 139,627 | |
Bank of America N.A., 5.53%, 08/18/2026 | 458,000 | 462,754 | |
Bank of Montreal (Canada), | |||
5.30%, 06/05/2026 | 10,000 | 10,030 | |
7.70%, 05/26/2084(c)(e) | 299,000 | 303,261 | |
Bank of Nova Scotia (The) (Canada), | |||
8.63%, 10/27/2082(e) | 246,000 | 256,750 | |
8.00%, 01/27/2084(e) | 286,000 | 291,742 | |
Barclays PLC (United Kingdom), 6.69%, 09/13/2034(e) | 200,000 | 213,170 | |
BBVA Bancomer S.A. (Mexico), 8.13%, 01/08/2039(d)(e) | 200,000 | 207,339 | |
BPCE S.A. (France), | |||
5.92% (SOFR + 0.57%), 01/14/2025(d)(g) | 250,000 | 250,436 | |
4.50%, 03/15/2025(d) | 184,000 | 181,345 | |
5.20%, 01/18/2027(d) | 250,000 | 250,588 | |
5.72%, 01/18/2030(d)(e) | 253,000 | 254,323 | |
6.51%, 01/18/2035(d)(e) | 250,000 | 254,276 | |
Citigroup, Inc., | |||
5.61%, 09/29/2026(e) | 10,000 | 10,018 | |
4.08%, 04/23/2029(e) | 4,000 | 3,831 | |
5.17%, 02/13/2030(e) | 63,000 | 62,725 | |
6.17%, 05/25/2034(e) | 27,000 | 27,432 | |
5.83%, 02/13/2035(e) | 175,000 | 173,332 | |
7.38%(c)(e)(f) | 304,000 | 316,848 | |
7.63%(e)(f) | 287,000 | 302,029 | |
Series BB, 7.20%(e)(f) | 215,000 | 221,023 | |
Series V, 4.70%(e)(f) | 140,000 | 136,919 | |
Citizens Bank N.A., 6.06%, 10/24/2025(e) | 358,000 | 356,618 | |
Comerica, Inc., 5.98%, 01/30/2030(e) | 31,000 | 30,646 | |
Commonwealth Bank of Australia (Australia), 3.31%, 03/11/2041(d) | 200,000 | 146,206 | |
Credit Agricole S.A. (France), | |||
4.38%, 03/17/2025(d) | 304,000 | 299,407 | |
5.34%, 01/10/2030(d)(e) | 267,000 | 266,321 | |
6.25%, 01/10/2035(d)(e) | 250,000 | 254,284 | |
Danske Bank A/S (Denmark), 1.55%, 09/10/2027(d)(e) | 200,000 | 182,438 | |
Discover Bank, 4.65%, 09/13/2028 | 122,000 | 118,142 | |
Federation des caisses Desjardins du Quebec (Canada), 4.55%, 08/23/2027(d) | 280,000 | 276,303 |
Principal Amount | Value | ||
Diversified Banks–(continued) | |||
Fifth Third Bancorp, | |||
2.38%, 01/28/2025 | $3,000 | $2,921 | |
1.71%, 11/01/2027(e) | 3,000 | 2,731 | |
6.34%, 07/27/2029(e) | 3,000 | 3,094 | |
4.77%, 07/28/2030(e) | 4,000 | 3,852 | |
5.63%, 01/29/2032(e) | 11,000 | 11,019 | |
HSBC Holdings PLC (United Kingdom), | |||
2.25%, 11/22/2027(e) | 200,000 | 184,376 | |
4.04%, 03/13/2028(e) | 135,000 | 130,176 | |
5.21%, 08/11/2028(e) | 205,000 | 204,478 | |
4.58%, 06/19/2029(e) | 183,000 | 177,646 | |
6.33%, 03/09/2044(e) | 256,000 | 274,744 | |
4.60%(e)(f) | 225,000 | 190,908 | |
Huntington National Bank (The), 5.70%, 11/18/2025(c)(e) | 700,000 | 696,044 | |
ING Groep N.V. (Netherlands), | |||
5.34%, 03/19/2030(e) | 200,000 | 199,583 | |
5.55%, 03/19/2035(e) | 234,000 | 232,329 | |
JPMorgan Chase & Co., | |||
5.04%, 01/23/2028(e) | 62,000 | 61,806 | |
3.78%, 02/01/2028(e) | 3,000 | 2,890 | |
3.54%, 05/01/2028(e) | 3,000 | 2,867 | |
4.85%, 07/25/2028(e) | 4,000 | 3,968 | |
5.30%, 07/24/2029(e) | 25,000 | 25,196 | |
6.09%, 10/23/2029(e) | 38,000 | 39,520 | |
5.01%, 01/23/2030(e) | 21,000 | 20,923 | |
4.59%, 04/26/2033(e) | 3,000 | 2,876 | |
5.72%, 09/14/2033(e) | 3,000 | 3,061 | |
6.25%, 10/23/2034(e) | 60,000 | 64,131 | |
5.34%, 01/23/2035(e) | 18,000 | 18,077 | |
Series NN, 6.88%(e)(f) | 126,000 | 130,696 | |
JPMorgan Chase Bank N.A., 5.11%, 12/08/2026 | 345,000 | 346,079 | |
KeyCorp, 3.88%, 05/23/2025(e) | 15,000 | 14,933 | |
Manufacturers & Traders Trust Co., | |||
5.40%, 11/21/2025 | 359,000 | 355,913 | |
4.70%, 01/27/2028 | 189,000 | 182,211 | |
Mitsubishi UFJ Financial Group, Inc. (Japan), | |||
4.79%, 07/18/2025(e) | 593,000 | 590,970 | |
5.02%, 07/20/2028(e) | 200,000 | 199,365 | |
8.20%(e)(f) | 304,000 | 328,777 | |
Mizuho Financial Group, Inc. (Japan), 5.78%, 07/06/2029(e) | 200,000 | 204,481 | |
Morgan Stanley Bank N.A., | |||
5.88%, 10/30/2026 | 250,000 | 254,881 | |
4.95%, 01/14/2028(e) | 399,000 | 397,471 | |
National Securities Clearing Corp., 5.10%, 11/21/2027(d) | 250,000 | 252,131 | |
PNC Bank N.A., 2.50%, 08/27/2024 | 252,000 | 248,719 | |
PNC Financial Services Group, Inc. (The), | |||
5.67%, 10/28/2025(e) | 3,000 | 3,000 | |
6.62%, 10/20/2027(e) | 55,000 | 56,640 | |
5.58%, 06/12/2029(e) | 26,000 | 26,324 | |
4.63%, 06/06/2033(e) | 4,000 | 3,733 | |
6.04%, 10/28/2033(e) | 3,000 | 3,103 | |
5.07%, 01/24/2034(e) | 3,000 | 2,907 | |
6.88%, 10/20/2034(e) | 34,000 | 37,250 |
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
Principal Amount | Value | ||
Diversified Banks–(continued) | |||
Royal Bank of Canada (Canada), | |||
4.88%, 01/19/2027 | $43,000 | $42,920 | |
4.95%, 02/01/2029 | 14,000 | 14,042 | |
5.00%, 02/01/2033 | 3,000 | 2,991 | |
Societe Generale S.A. (France), | |||
6.07%, 01/19/2035(d)(e) | 200,000 | 201,332 | |
7.13%, 01/19/2055(d)(e) | 212,000 | 211,801 | |
Standard Chartered PLC (United Kingdom), | |||
2.68%, 06/29/2032(d)(e) | 200,000 | 164,606 | |
6.30%, 07/06/2034(d)(e) | 200,000 | 209,466 | |
Sumitomo Mitsui Financial Group, Inc. (Japan), | |||
2.14%, 09/23/2030 | 3,000 | 2,488 | |
6.60%(e)(f) | 234,000 | 234,882 | |
Sumitomo Mitsui Trust Bank Ltd. (Japan), | |||
5.65%, 09/14/2026(d) | 200,000 | 201,983 | |
5.20%, 03/07/2027(d) | 226,000 | 226,279 | |
5.55%, 09/14/2028(d) | 203,000 | 206,956 | |
5.20%, 03/07/2029(d) | 200,000 | 201,450 | |
5.35%, 03/07/2034(d) | 200,000 | 204,018 | |
Synovus Bank, 5.63%, 02/15/2028 | 250,000 | 242,917 | |
Toronto-Dominion Bank (The) (Canada), 8.13%, 10/31/2082(e) | 200,000 | 210,271 | |
U.S. Bancorp, | |||
Series W, 3.10%, 04/27/2026 | 4,000 | 3,838 | |
4.55%, 07/22/2028(e) | 5,000 | 4,903 | |
5.78%, 06/12/2029(e) | 21,000 | 21,372 | |
5.38%, 01/23/2030(e) | 47,000 | 47,220 | |
4.97%, 07/22/2033(e) | 4,000 | 3,783 | |
4.84%, 02/01/2034(e) | 17,000 | 16,151 | |
5.84%, 06/12/2034(e) | 21,000 | 21,412 | |
5.68%, 01/23/2035(e) | 29,000 | 29,294 | |
UBS AG (Switzerland), 5.65%, 09/11/2028 | 200,000 | 204,830 | |
Wells Fargo & Co., | |||
3.58%, 05/22/2028(e) | 4,000 | 3,804 | |
5.57%, 07/25/2029(e) | 19,000 | 19,231 | |
6.30%, 10/23/2029(e) | 27,000 | 28,130 | |
5.20%, 01/23/2030(e) | 25,000 | 24,955 | |
5.39%, 04/24/2034(e) | 8,000 | 7,953 | |
5.56%, 07/25/2034(e) | 48,000 | 48,206 | |
6.49%, 10/23/2034(e) | 71,000 | 76,186 | |
5.50%, 01/23/2035(e) | 40,000 | 40,109 | |
4.61%, 04/25/2053(e) | 4,000 | 3,538 | |
7.63%(e)(f) | 21,000 | 22,495 | |
Wells Fargo Bank N.A., | |||
5.55%, 08/01/2025(c) | 506,000 | 508,535 | |
4.81%, 01/15/2026 | 250,000 | 248,813 | |
Westpac Banking Corp. (Australia), 6.82%, 11/17/2033 | 91,000 | 98,998 | |
19,138,553 |
Principal Amount | Value | ||
Diversified Capital Markets–0.92% | |||
UBS Group AG (Switzerland), | |||
4.55%, 04/17/2026 | $154,000 | $151,578 | |
4.75%, 05/12/2028(d)(e) | 205,000 | 200,941 | |
5.43%, 02/08/2030(d)(e) | 200,000 | 200,360 | |
6.30%, 09/22/2034(d)(e) | 200,000 | 209,470 | |
5.70%, 02/08/2035(d)(e) | 200,000 | 201,103 | |
4.38%(d)(e)(f) | 200,000 | 164,964 | |
7.75%(d)(e)(f) | 229,000 | 236,092 | |
9.25%(d)(e)(f) | 201,000 | 227,338 | |
9.25%(d)(e)(f) | 200,000 | 217,195 | |
1,809,041 | |||
Diversified Financial Services–0.41% | |||
Apollo Debt Solutions BDC, 6.90%, 04/13/2029(d) | 20,000 | 20,204 | |
Apollo Global Management, Inc., 6.38%, 11/15/2033 | 46,000 | 49,505 | |
Aviation Capital Group LLC, 6.75%, 10/25/2028(d) | 46,000 | 47,996 | |
Avolon Holdings Funding Ltd. (Ireland), 5.75%, 03/01/2029(d) | 118,000 | 117,511 | |
Blue Owl Technology Finance Corp. II, 6.75%, 04/04/2029(d) | 377,000 | 372,557 | |
Corebridge Financial, Inc., | |||
6.05%, 09/15/2033(d) | 26,000 | 26,808 | |
5.75%, 01/15/2034 | 58,000 | 59,213 | |
Macquarie Airfinance Holdings Ltd. (United Kingdom), | |||
6.40%, 03/26/2029(d) | 47,000 | 47,779 | |
6.50%, 03/26/2031(d) | 56,000 | 57,041 | |
798,614 | |||
Diversified Metals & Mining–0.23% | |||
BHP Billiton Finance (USA) Ltd. (Australia), | |||
5.10%, 09/08/2028 | 42,000 | 42,495 | |
5.25%, 09/08/2030 | 26,000 | 26,454 | |
5.25%, 09/08/2033 | 48,000 | 48,584 | |
5.50%, 09/08/2053 | 15,000 | 15,513 | |
Glencore Funding LLC (Australia), | |||
5.37%, 04/04/2029(d) | 87,000 | 87,203 | |
5.63%, 04/04/2034(d) | 158,000 | 158,505 | |
5.89%, 04/04/2054(d) | 64,000 | 64,898 | |
443,652 | |||
Diversified REITs–0.03% | |||
CubeSmart L.P., | |||
2.25%, 12/15/2028 | 3,000 | 2,634 | |
2.50%, 02/15/2032 | 3,000 | 2,451 | |
VICI Properties L.P., | |||
5.75%, 04/01/2034 | 30,000 | 29,744 | |
6.13%, 04/01/2054 | 32,000 | 31,595 | |
66,424 | |||
Diversified Support Services–0.02% | |||
Element Fleet Management Corp. (Canada), 6.32%, 12/04/2028(d) | 37,000 | 38,236 | |
Electric Utilities–1.47% | |||
AEP Texas, Inc., 3.95%, 06/01/2028(d) | 172,000 | 164,265 | |
Alabama Power Co., 5.85%, 11/15/2033 | 9,000 | 9,483 |
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
Principal Amount | Value | ||
Electric Utilities–(continued) | |||
American Electric Power Co., Inc., | |||
5.75%, 11/01/2027 | $4,000 | $4,094 | |
5.20%, 01/15/2029 | 37,000 | 37,108 | |
Connecticut Light and Power Co. (The), 5.25%, 01/15/2053 | 3,000 | 2,983 | |
Consolidated Edison Co. of New York, Inc., | |||
5.50%, 03/15/2034 | 21,000 | 21,702 | |
5.90%, 11/15/2053 | 26,000 | 27,769 | |
Constellation Energy Generation LLC, | |||
6.13%, 01/15/2034 | 9,000 | 9,510 | |
6.50%, 10/01/2053 | 5,000 | 5,505 | |
5.75%, 03/15/2054 | 91,000 | 91,217 | |
Dominion Energy South Carolina, Inc., 6.25%, 10/15/2053 | 11,000 | 12,324 | |
Duke Energy Carolinas LLC, 5.35%, 01/15/2053 | 3,000 | 2,962 | |
Duke Energy Corp., | |||
5.00%, 12/08/2025 | 3,000 | 2,992 | |
4.85%, 01/05/2029 | 42,000 | 41,625 | |
5.00%, 08/15/2052 | 3,000 | 2,718 | |
3.25%, 01/15/2082(e) | 3,000 | 2,681 | |
Duke Energy Indiana LLC, 5.40%, 04/01/2053 | 5,000 | 4,912 | |
Enel Finance America LLC (Italy), 2.88%, 07/12/2041(d) | 200,000 | 135,981 | |
Enel Finance International N.V. (Italy), 6.80%, 10/14/2025(d) | 200,000 | 204,081 | |
Evergy Metro, Inc., 4.95%, 04/15/2033 | 3,000 | 2,958 | |
Eversource Energy, | |||
5.00%, 01/01/2027 | 79,000 | 78,816 | |
5.50%, 01/01/2034 | 37,000 | 37,029 | |
Exelon Corp., | |||
5.15%, 03/15/2029 | 51,000 | 51,137 | |
5.45%, 03/15/2034 | 49,000 | 49,350 | |
5.60%, 03/15/2053 | 50,000 | 49,948 | |
FirstEnergy Pennsylvania Electric Co., 5.20%, 04/01/2028(d) | 3,000 | 3,005 | |
Florida Power & Light Co., 4.80%, 05/15/2033 | 3,000 | 2,956 | |
Georgia Power Co., | |||
4.65%, 05/16/2028 | 3,000 | 2,972 | |
4.95%, 05/17/2033 | 3,000 | 2,960 | |
MidAmerican Energy Co., | |||
5.35%, 01/15/2034 | 3,000 | 3,090 | |
5.85%, 09/15/2054 | 12,000 | 12,814 | |
5.30%, 02/01/2055 | 46,000 | 45,537 | |
National Rural Utilities Cooperative Finance Corp., | |||
4.80%, 02/05/2027(c) | 283,000 | 283,291 | |
4.85%, 02/07/2029 | 77,000 | 77,000 | |
5.00%, 02/07/2031 | 72,000 | 71,562 | |
5.80%, 01/15/2033 | 3,000 | 3,123 | |
NextEra Energy Capital Holdings, Inc., | |||
6.05%, 03/01/2025 | 14,000 | 14,058 | |
4.95%, 01/29/2026 | 274,000 | 272,805 | |
4.63%, 07/15/2027 | 3,000 | 2,959 | |
4.90%, 03/15/2029 | 123,000 | 122,550 | |
5.25%, 03/15/2034 | 132,000 | 131,759 | |
5.55%, 03/15/2054 | 123,000 | 122,291 |
Principal Amount | Value | ||
Electric Utilities–(continued) | |||
Niagara Mohawk Power Corp., | |||
5.29%, 01/17/2034(d) | $40,000 | $39,383 | |
5.66%, 01/17/2054(d) | 17,000 | 16,928 | |
Oklahoma Gas and Electric Co., 5.60%, 04/01/2053 | 3,000 | 3,017 | |
Oncor Electric Delivery Co. LLC, 5.65%, 11/15/2033 | 37,000 | 38,513 | |
PacifiCorp, | |||
5.10%, 02/15/2029 | 42,000 | 42,335 | |
5.30%, 02/15/2031 | 35,000 | 35,124 | |
5.45%, 02/15/2034 | 52,000 | 52,194 | |
5.80%, 01/15/2055 | 39,000 | 38,496 | |
PECO Energy Co., 4.90%, 06/15/2033 | 11,000 | 11,011 | |
Public Service Co. of Colorado, 5.25%, 04/01/2053 | 3,000 | 2,851 | |
Public Service Co. of New Hampshire, 5.35%, 10/01/2033 | 9,000 | 9,183 | |
Public Service Electric and Gas Co., 5.13%, 03/15/2053 | 3,000 | 2,954 | |
San Diego Gas & Electric Co., | |||
5.35%, 04/01/2053 | 21,000 | 20,704 | |
5.55%, 04/15/2054 | 107,000 | 108,617 | |
Sierra Pacific Power Co., 5.90%, 03/15/2054(d) | 5,000 | 5,179 | |
Southern Co. (The), 5.70%, 10/15/2032 | 3,000 | 3,095 | |
Southwestern Electric Power Co., 5.30%, 04/01/2033 | 3,000 | 2,966 | |
Union Electric Co., 5.20%, 04/01/2034 | 173,000 | 173,397 | |
Virginia Electric & Power Co., | |||
5.00%, 04/01/2033 | 3,000 | 2,962 | |
5.35%, 01/15/2054 | 28,000 | 27,466 | |
Vistra Operations Co. LLC, 6.95%, 10/15/2033(d) | 23,000 | 24,571 | |
Xcel Energy, Inc., 4.60%, 06/01/2032 | 3,000 | 2,823 | |
2,891,651 | |||
Electrical Components & Equipment–0.00% | |||
Regal Rexnord Corp., 6.30%, 02/15/2030(d) | 3,000 | 3,074 | |
Environmental & Facilities Services–0.10% | |||
Republic Services, Inc., | |||
4.88%, 04/01/2029 | 43,000 | 43,085 | |
5.00%, 12/15/2033 | 39,000 | 38,749 | |
5.00%, 04/01/2034 | 3,000 | 2,979 | |
Veralto Corp., | |||
5.50%, 09/18/2026(d) | 51,000 | 51,218 | |
5.35%, 09/18/2028(d) | 40,000 | 40,542 | |
5.45%, 09/18/2033(d) | 21,000 | 21,272 | |
197,845 | |||
Financial Exchanges & Data–0.01% | |||
Intercontinental Exchange, Inc., | |||
4.60%, 03/15/2033 | 3,000 | 2,908 | |
4.95%, 06/15/2052 | 3,000 | 2,855 | |
5.20%, 06/15/2062 | 3,000 | 2,949 |
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
Principal Amount | Value | ||
Financial Exchanges & Data–(continued) | |||
Nasdaq, Inc., | |||
5.35%, 06/28/2028 | $3,000 | $3,040 | |
5.55%, 02/15/2034 | 4,000 | 4,070 | |
5.95%, 08/15/2053 | 3,000 | 3,164 | |
6.10%, 06/28/2063 | 3,000 | 3,202 | |
S&P Global, Inc., | |||
2.90%, 03/01/2032 | 3,000 | 2,616 | |
3.90%, 03/01/2062 | 3,000 | 2,349 | |
27,153 | |||
Food Retail–0.05% | |||
Alimentation Couche-Tard, Inc. (Canada), | |||
5.27%, 02/12/2034(d) | 67,000 | 66,855 | |
5.62%, 02/12/2054(d) | 23,000 | 23,235 | |
90,090 | |||
Gas Utilities–0.02% | |||
Atmos Energy Corp., | |||
5.90%, 11/15/2033 | 12,000 | 12,739 | |
6.20%, 11/15/2053 | 7,000 | 7,894 | |
Piedmont Natural Gas Co., Inc., 5.40%, 06/15/2033 | 11,000 | 11,100 | |
Southwest Gas Corp., 5.45%, 03/23/2028 | 3,000 | 3,047 | |
34,780 | |||
Health Care Distributors–0.04% | |||
Cardinal Health, Inc., 5.45%, 02/15/2034 | 37,000 | 37,422 | |
Cencora, Inc., 5.13%, 02/15/2034 | 42,000 | 41,944 | |
McKesson Corp., 5.10%, 07/15/2033 | 3,000 | 3,029 | |
82,395 | |||
Health Care Equipment–0.20% | |||
Alcon Finance Corp. (Switzerland), 5.38%, 12/06/2032(d) | 200,000 | 201,851 | |
Smith & Nephew PLC (United Kingdom), | |||
5.15%, 03/20/2027 | 55,000 | 55,007 | |
5.40%, 03/20/2034 | 137,000 | 136,375 | |
393,233 | |||
Health Care Facilities–0.02% | |||
HCA, Inc., 5.90%, 06/01/2053 | 16,000 | 16,101 | |
UPMC, | |||
5.04%, 05/15/2033 | 17,000 | 16,927 | |
5.38%, 05/15/2043 | 8,000 | 8,079 | |
41,107 | |||
Health Care REITs–0.00% | |||
Healthcare Realty Holdings L.P., | |||
3.50%, 08/01/2026 | 3,000 | 2,865 | |
2.00%, 03/15/2031 | 3,000 | 2,387 | |
5,252 | |||
Health Care Services–0.20% | |||
CommonSpirit Health, | |||
5.32%, 12/01/2034 | 133,000 | 133,277 | |
5.55%, 12/01/2054 | 43,000 | 43,542 |
Principal Amount | Value | ||
Health Care Services–(continued) | |||
CVS Health Corp., | |||
5.00%, 01/30/2029 | $10,000 | $10,032 | |
5.25%, 01/30/2031 | 3,000 | 3,024 | |
5.30%, 06/01/2033 | 12,000 | 12,033 | |
6.00%, 06/01/2063 | 3,000 | 3,100 | |
Fresenius Medical Care US Finance III, Inc. (Germany), 1.88%, 12/01/2026(d) | 150,000 | 135,752 | |
Piedmont Healthcare, Inc., 2.86%, 01/01/2052 | 18,000 | 11,857 | |
Providence St. Joseph Health Obligated Group, Series 21-A, 2.70%, 10/01/2051 | 21,000 | 12,883 | |
Quest Diagnostics, Inc., 6.40%, 11/30/2033 | 21,000 | 22,698 | |
388,198 | |||
Health Care Supplies–0.45% | |||
Medtronic Global Holdings S.C.A., 4.50%, 03/30/2033 | 6,000 | 5,825 | |
Solventum Corp., | |||
5.45%, 02/25/2027(d) | 104,000 | 104,385 | |
5.40%, 03/01/2029(d) | 199,000 | 199,455 | |
5.60%, 03/23/2034(d) | 274,000 | 275,019 | |
5.90%, 04/30/2054(d) | 163,000 | 162,732 | |
6.00%, 05/15/2064(d) | 132,000 | 130,961 | |
878,377 | |||
Home Improvement Retail–0.04% | |||
Home Depot, Inc. (The), 4.90%, 04/15/2029 | 44,000 | 44,452 | |
Lowe’s Cos., Inc., | |||
3.35%, 04/01/2027 | 3,000 | 2,867 | |
5.00%, 04/15/2033 | 3,000 | 2,990 | |
5.75%, 07/01/2053 | 3,000 | 3,099 | |
5.85%, 04/01/2063 | 21,000 | 21,681 | |
75,089 | |||
Hotels, Resorts & Cruise Lines–0.04% | |||
Marriott International, Inc., | |||
4.88%, 05/15/2029 | 25,000 | 24,763 | |
5.30%, 05/15/2034 | 44,000 | 43,536 | |
68,299 | |||
Independent Power Producers & Energy Traders–0.13% | |||
National Rural Utilities Cooperative Finance Corp., 7.13%, 09/15/2053(e) | 242,000 | 251,609 | |
Industrial Conglomerates–0.40% | |||
Honeywell International, Inc., | |||
4.88%, 09/01/2029 | 120,000 | 120,872 | |
4.95%, 09/01/2031 | 135,000 | 136,085 | |
5.00%, 03/01/2035 | 93,000 | 93,390 | |
5.25%, 03/01/2054 | 241,000 | 243,400 | |
5.35%, 03/01/2064 | 181,000 | 183,542 | |
777,289 | |||
Industrial Machinery & Supplies & Components–0.06% | |||
Caterpillar Financial Services Corp., 5.15%, 08/11/2025 | 75,000 | 75,077 |
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
Principal Amount | Value | ||
Industrial Machinery & Supplies & Components–(continued) | |||
Ingersoll Rand, Inc., | |||
5.40%, 08/14/2028 | $3,000 | $3,042 | |
5.70%, 08/14/2033 | 19,000 | 19,499 | |
Nordson Corp., | |||
5.60%, 09/15/2028 | 3,000 | 3,058 | |
5.80%, 09/15/2033 | 12,000 | 12,533 | |
nVent Finance S.a.r.l. (United Kingdom), 5.65%, 05/15/2033 | 12,000 | 12,102 | |
125,311 | |||
Industrial REITs–0.01% | |||
LXP Industrial Trust, | |||
6.75%, 11/15/2028 | 19,000 | 19,822 | |
2.38%, 10/01/2031 | 3,000 | 2,401 | |
Prologis L.P., 4.63%, 01/15/2033 | 3,000 | 2,916 | |
25,139 | |||
Insurance Brokers–0.04% | |||
Arthur J. Gallagher & Co., 6.75%, 02/15/2054 | 21,000 | 23,859 | |
Marsh & McLennan Cos., Inc., | |||
5.40%, 09/15/2033 | 24,000 | 24,641 | |
5.45%, 03/15/2053 | 3,000 | 3,022 | |
5.70%, 09/15/2053 | 22,000 | 22,857 | |
74,379 | |||
Integrated Oil & Gas–0.04% | |||
BP Capital Markets America, Inc., | |||
4.81%, 02/13/2033 | 4,000 | 3,949 | |
4.89%, 09/11/2033 | 12,000 | 11,922 | |
Gray Oak Pipeline LLC, 2.60%, 10/15/2025(d) | 4,000 | 3,815 | |
Occidental Petroleum Corp., | |||
6.45%, 09/15/2036 | 54,000 | 57,612 | |
4.63%, 06/15/2045 | 11,000 | 8,913 | |
86,211 | |||
Integrated Telecommunication Services–0.02% | |||
AT&T, Inc., | |||
2.55%, 12/01/2033 | 3,000 | 2,404 | |
5.40%, 02/15/2034 | 15,000 | 15,202 | |
T-Mobile USA, Inc., 5.65%, 01/15/2053 | 9,000 | 9,197 | |
Verizon Communications, Inc., 2.36%, 03/15/2032 | 3,000 | 2,467 | |
29,270 | |||
Interactive Home Entertainment–0.00% | |||
Electronic Arts, Inc., 1.85%, 02/15/2031 | 3,000 | 2,459 | |
Interactive Media & Services–0.01% | |||
Meta Platforms, Inc., | |||
4.65%, 08/15/2062 | 3,000 | 2,697 | |
5.75%, 05/15/2063 | 16,000 | 17,166 | |
19,863 | |||
Investment Banking & Brokerage–0.50% | |||
Blackstone Private Credit Fund, 6.25%, 01/25/2031(d) | 32,000 | 32,169 | |
Brookfield Finance, Inc. (Canada), 5.97%, 03/04/2054 | 50,000 | 51,759 |
Principal Amount | Value | ||
Investment Banking & Brokerage–(continued) | |||
Charles Schwab Corp. (The), | |||
5.64%, 05/19/2029(e) | $16,000 | $16,249 | |
5.85%, 05/19/2034(e) | 16,000 | 16,395 | |
6.14%, 08/24/2034(e) | 48,000 | 50,105 | |
Series K, 5.00%(e)(f) | 7,000 | 6,710 | |
Goldman Sachs Group, Inc. (The), | |||
5.70%, 11/01/2024 | 5,000 | 5,003 | |
6.16% (SOFR + 0.79%), 12/09/2026(g) | 19,000 | 19,044 | |
6.18% (SOFR + 0.81%), 03/09/2027(g) | 12,000 | 11,988 | |
6.27% (SOFR + 0.92%), 10/21/2027(g) | 15,000 | 15,016 | |
Series W, 7.50%(c)(e)(f) | 437,000 | 465,117 | |
Morgan Stanley, | |||
5.12%, 02/01/2029(e) | 5,000 | 4,990 | |
5.16%, 04/20/2029(e) | 28,000 | 27,986 | |
5.45%, 07/20/2029(e) | 12,000 | 12,109 | |
6.41%, 11/01/2029(e) | 34,000 | 35,666 | |
5.17%, 01/16/2030(e) | 25,000 | 25,029 | |
5.25%, 04/21/2034(e) | 29,000 | 28,784 | |
5.42%, 07/21/2034(e) | 21,000 | 21,074 | |
5.47%, 01/18/2035(e) | 25,000 | 25,233 | |
5.95%, 01/19/2038(e) | 5,000 | 5,014 | |
5.94%, 02/07/2039(e) | 108,000 | 107,404 | |
982,844 | |||
Leisure Products–0.06% | |||
Brunswick Corp., 5.85%, 03/18/2029 | 61,000 | 61,696 | |
Polaris, Inc., 6.95%, 03/15/2029 | 46,000 | 48,968 | |
110,664 | |||
Life & Health Insurance–1.41% | |||
American Equity Investment Life Holding Co., 5.00%, 06/15/2027 | 4,000 | 3,898 | |
Athene Global Funding, | |||
5.52%, 03/25/2027(d) | 180,000 | 180,258 | |
5.58%, 01/09/2029(d) | 85,000 | 85,613 | |
Athene Holding Ltd., 6.25%, 04/01/2054 | 82,000 | 83,319 | |
Corebridge Global Funding, | |||
6.67% (SOFR + 1.30%), 09/25/2026(d)(g) | 223,000 | 224,335 | |
5.90%, 09/19/2028(d) | 23,000 | 23,591 | |
5.20%, 01/12/2029(d) | 67,000 | 67,121 | |
F&G Annuities & Life, Inc., 7.40%, 01/13/2028 | 10,000 | 10,395 | |
GA Global Funding Trust, 5.50%, 01/08/2029(c)(d) | 356,000 | 357,602 | |
MAG Mutual Holding Co., 4.75%, 04/30/2041(d)(h) | 509,000 | 443,940 | |
Manulife Financial Corp. (Canada), 4.06%, 02/24/2032(e) | 3,000 | 2,876 | |
MetLife, Inc., | |||
5.00%, 07/15/2052 | 3,000 | 2,827 | |
5.25%, 01/15/2054 | 11,000 | 10,844 | |
New York Life Global Funding, 4.55%, 01/28/2033(d) | 10,000 | 9,657 | |
Northwestern Mutual Global Funding, | |||
5.07%, 03/25/2027(d) | 169,000 | 169,751 | |
4.35%, 09/15/2027(d) | 3,000 | 2,938 | |
4.71%, 01/10/2029(d) | 169,000 | 167,357 |
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
Principal Amount | Value | ||
Life & Health Insurance–(continued) | |||
Pacific Life Global Funding II, | |||
6.18% (SOFR + 0.80%), 03/30/2025(d)(g) | $50,000 | $50,219 | |
5.99% (SOFR + 0.62%), 06/04/2026(d)(g) | 9,000 | 9,004 | |
6.41% (SOFR + 1.05%), 07/28/2026(d)(g) | 142,000 | 143,144 | |
4.90%, 01/11/2029(d) | 169,000 | 168,899 | |
Principal Life Global Funding II, | |||
5.00%, 01/16/2027(d) | 49,000 | 49,029 | |
5.10%, 01/25/2029(d) | 218,000 | 217,667 | |
Reliance Standard Life Global Funding II, 2.75%, 01/21/2027(d) | 4,000 | 3,683 | |
Sumitomo Life Insurance Co. (Japan), 5.88%(d)(e)(f) | 288,000 | 287,589 | |
2,775,556 | |||
Managed Health Care–0.05% | |||
Humana, Inc., | |||
5.75%, 12/01/2028 | 20,000 | 20,507 | |
5.95%, 03/15/2034 | 52,000 | 54,017 | |
UnitedHealth Group, Inc., | |||
5.00%, 10/15/2024 | 3,000 | 2,994 | |
5.15%, 10/15/2025 | 4,000 | 4,006 | |
5.25%, 02/15/2028 | 3,000 | 3,056 | |
5.30%, 02/15/2030 | 3,000 | 3,073 | |
5.35%, 02/15/2033 | 3,000 | 3,087 | |
4.50%, 04/15/2033 | 3,000 | 2,905 | |
5.05%, 04/15/2053 | 3,000 | 2,916 | |
5.20%, 04/15/2063 | 3,000 | 2,921 | |
99,482 | |||
Marine Transportation–0.01% | |||
A.P. Moller - Maersk A/S (Denmark), 5.88%, 09/14/2033(d) | 19,000 | 19,559 | |
Movies & Entertainment–0.00% | |||
Warnermedia Holdings, Inc., | |||
5.05%, 03/15/2042 | 3,000 | 2,580 | |
5.14%, 03/15/2052 | 3,000 | 2,492 | |
5.39%, 03/15/2062 | 3,000 | 2,492 | |
7,564 | |||
Multi-Family Residential REITs–0.05% | |||
AvalonBay Communities, Inc., 5.30%, 12/07/2033 | 41,000 | 41,501 | |
Essex Portfolio, L.P., 5.50%, 04/01/2034 | 61,000 | 61,096 | |
102,597 | |||
Multi-line Insurance–0.10% | |||
Aon Corp./Aon Global Holdings PLC, 5.35%, 02/28/2033 | 3,000 | 3,018 | |
Metropolitan Life Global Funding I, 5.15%, 03/28/2033(d) | 196,000 | 196,354 | |
199,372 | |||
Multi-Utilities–0.25% | |||
Algonquin Power & Utilities Corp. (Canada), 5.37%, 06/15/2026(i) | 76,000 | 75,611 | |
Ameren Corp., 2.50%, 09/15/2024 | 3,000 | 2,957 | |
Ameren Illinois Co., 4.95%, 06/01/2033 | 4,000 | 3,962 |
Principal Amount | Value | ||
Multi-Utilities–(continued) | |||
Black Hills Corp., 6.15%, 05/15/2034 | $31,000 | $32,011 | |
Dominion Energy, Inc., 5.38%, 11/15/2032 | 5,000 | 5,032 | |
DTE Electric Co., 5.20%, 03/01/2034 | 42,000 | 42,217 | |
NiSource, Inc., | |||
5.25%, 03/30/2028 | 4,000 | 4,030 | |
5.40%, 06/30/2033 | 3,000 | 3,026 | |
5.35%, 04/01/2034 | 93,000 | 92,532 | |
Public Service Enterprise Group, Inc., | |||
5.88%, 10/15/2028 | 47,000 | 48,417 | |
6.13%, 10/15/2033 | 25,000 | 26,257 | |
Sempra, 6.88%, 10/01/2054(e) | 135,000 | 136,525 | |
WEC Energy Group, Inc., | |||
5.00%, 09/27/2025 | 7,000 | 6,963 | |
5.15%, 10/01/2027 | 6,000 | 6,013 | |
4.75%, 01/15/2028 | 5,000 | 4,967 | |
1.80%, 10/15/2030 | 4,000 | 3,299 | |
493,819 | |||
Office REITs–0.27% | |||
Alexandria Real Estate Equities, Inc., | |||
2.95%, 03/15/2034 | 3,000 | 2,466 | |
5.25%, 05/15/2036 | 25,000 | 24,547 | |
5.63%, 05/15/2054 | 122,000 | 120,135 | |
Office Properties Income Trust, | |||
4.50%, 02/01/2025 | 36,000 | 29,788 | |
2.65%, 06/15/2026 | 9,000 | 5,210 | |
2.40%, 02/01/2027 | 39,000 | 19,172 | |
Piedmont Operating Partnership L.P., 9.25%, 07/20/2028 | 308,000 | 328,265 | |
529,583 | |||
Oil & Gas Drilling–0.01% | |||
Patterson-UTI Energy, Inc., 7.15%, 10/01/2033 | 13,000 | 13,984 | |
Oil & Gas Equipment & Services–0.01% | |||
Northern Natural Gas Co., 5.63%, 02/01/2054(d) | 23,000 | 23,445 | |
Oil & Gas Exploration & Production–0.02% | |||
Canadian Natural Resources Ltd. (Canada), 2.05%, 07/15/2025 | 3,000 | 2,871 | |
ConocoPhillips Co., | |||
5.55%, 03/15/2054 | 16,000 | 16,502 | |
5.70%, 09/15/2063 | 9,000 | 9,441 | |
Pioneer Natural Resources Co., 5.10%, 03/29/2026 | 3,000 | 2,997 | |
31,811 | |||
Oil & Gas Refining & Marketing–0.01% | |||
Phillips 66 Co., 5.30%, 06/30/2033 | 11,000 | 11,073 | |
Oil & Gas Storage & Transportation–0.34% | |||
Cheniere Energy Partners L.P., 5.95%, 06/30/2033 | 12,000 | 12,278 | |
Cheniere Energy, Inc., 5.65%, 04/15/2034(d) | 55,000 | 55,427 | |
Columbia Pipelines Holding Co. LLC, 6.06%, 08/15/2026(d) | 8,000 | 8,091 | |
Enbridge, Inc. (Canada), | |||
5.70%, 03/08/2033 | 11,000 | 11,270 | |
Series NC5, 8.25%, 01/15/2084(e) | 42,000 | 43,810 |
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
Principal Amount | Value | ||
Oil & Gas Storage & Transportation–(continued) | |||
Energy Transfer L.P., | |||
6.05%, 12/01/2026 | $47,000 | $47,957 | |
6.40%, 12/01/2030 | 3,000 | 3,169 | |
5.75%, 02/15/2033 | 3,000 | 3,050 | |
6.55%, 12/01/2033 | 7,000 | 7,519 | |
5.55%, 05/15/2034 | 36,000 | 36,132 | |
5.95%, 05/15/2054 | 28,000 | 27,960 | |
GreenSaif Pipelines Bidco S.a.r.l. (Saudi Arabia), 6.51%, 02/23/2042(d) | 200,000 | 208,000 | |
Kinder Morgan, Inc., | |||
4.80%, 02/01/2033 | 3,000 | 2,869 | |
5.20%, 06/01/2033 | 9,000 | 8,868 | |
5.45%, 08/01/2052 | 4,000 | 3,779 | |
MPLX L.P., | |||
5.00%, 03/01/2033 | 3,000 | 2,914 | |
4.95%, 03/14/2052 | 3,000 | 2,637 | |
ONEOK, Inc., | |||
5.65%, 11/01/2028 | 3,000 | 3,068 | |
5.80%, 11/01/2030 | 23,000 | 23,713 | |
6.10%, 11/15/2032 | 3,000 | 3,145 | |
6.05%, 09/01/2033 | 23,000 | 23,999 | |
6.63%, 09/01/2053 | 34,000 | 37,497 | |
Sabine Pass Liquefaction LLC, 5.90%, 09/15/2037 | 6,000 | 6,236 | |
Southern Co. Gas Capital Corp., 5.75%, 09/15/2033 | 9,000 | 9,321 | |
Targa Resources Corp., 5.20%, 07/01/2027 | 3,000 | 2,997 | |
Western Midstream Operating L.P., 6.15%, 04/01/2033 | 8,000 | 8,209 | |
Williams Cos., Inc. (The), | |||
5.30%, 08/15/2028 | 43,000 | 43,388 | |
5.65%, 03/15/2033 | 11,000 | 11,290 | |
658,593 | |||
Other Specialty Retail–0.00% | |||
Tractor Supply Co., 5.25%, 05/15/2033 | 4,000 | 4,032 | |
Packaged Foods & Meats–0.14% | |||
Campbell Soup Co., | |||
5.30%, 03/20/2026 | 35,000 | 35,041 | |
5.20%, 03/19/2027 | 51,000 | 51,140 | |
5.20%, 03/21/2029 | 57,000 | 57,294 | |
5.40%, 03/21/2034 | 75,000 | 75,598 | |
Conagra Brands, Inc., 4.60%, 11/01/2025 | 3,000 | 2,963 | |
General Mills, Inc., 2.25%, 10/14/2031 | 3,000 | 2,484 | |
J.M. Smucker Co. (The), 6.20%, 11/15/2033 | 15,000 | 16,009 | |
Mars, Inc., | |||
4.55%, 04/20/2028(d) | 21,000 | 20,803 | |
4.65%, 04/20/2031(d) | 6,000 | 5,928 | |
McCormick & Co., Inc., 4.95%, 04/15/2033 | 3,000 | 2,969 | |
270,229 |
Principal Amount | Value | ||
Paper & Plastic Packaging Products & Materials–0.15% | |||
Smurfit Kappa Treasury Unlimited Co. (Ireland), | |||
5.20%, 01/15/2030(d) | $100,000 | $100,125 | |
5.44%, 04/03/2034(d) | 102,000 | 102,510 | |
5.78%, 04/03/2054(d) | 100,000 | 101,436 | |
304,071 | |||
Passenger Airlines–0.03% | |||
American Airlines Pass-Through Trust, | |||
Series 2021-1, Class B, 3.95%, 07/11/2030 | 34,600 | 31,896 | |
Series 2021-1, Class A, 2.88%, 07/11/2034 | 2,758 | 2,351 | |
British Airways Pass-Through Trust (United Kingdom), Series 2021-1, Class A, 2.90%, 03/15/2035(d) | 10,916 | 9,454 | |
Delta Air Lines, Inc./SkyMiles IP Ltd., | |||
4.50%, 10/20/2025(d) | 7,617 | 7,541 | |
4.75%, 10/20/2028(d) | 10,309 | 10,086 | |
United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 10/15/2027 | 2,995 | 2,988 | |
64,316 | |||
Personal Care Products–0.02% | |||
Kenvue, Inc., | |||
5.05%, 03/22/2028 | 3,000 | 3,034 | |
5.00%, 03/22/2030 | 11,000 | 11,120 | |
4.90%, 03/22/2033 | 15,000 | 14,998 | |
5.10%, 03/22/2043 | 3,000 | 2,985 | |
5.20%, 03/22/2063 | 3,000 | 2,971 | |
35,108 | |||
Pharmaceuticals–1.05% | |||
AstraZeneca Finance LLC (United Kingdom), | |||
4.80%, 02/26/2027 | 213,000 | 212,979 | |
4.85%, 02/26/2029 | 56,000 | 56,189 | |
4.90%, 02/26/2031 | 100,000 | 100,380 | |
5.00%, 02/26/2034 | 75,000 | 75,346 | |
Bayer US Finance LLC (Germany), | |||
6.25%, 01/21/2029(d) | 200,000 | 203,589 | |
6.38%, 11/21/2030(d) | 200,000 | 204,610 | |
6.50%, 11/21/2033(d) | 200,000 | 203,600 | |
Bristol-Myers Squibb Co., | |||
4.95%, 02/20/2026 | 90,000 | 90,026 | |
4.90%, 02/22/2027 | 26,000 | 26,066 | |
4.90%, 02/22/2029 | 28,000 | 28,139 | |
5.75%, 02/01/2031 | 40,000 | 41,999 | |
5.90%, 11/15/2033 | 22,000 | 23,522 | |
6.25%, 11/15/2053 | 15,000 | 16,909 | |
6.40%, 11/15/2063 | 21,000 | 24,021 | |
Eli Lilly and Co., | |||
4.50%, 02/09/2027 | 243,000 | 242,378 | |
4.70%, 02/27/2033 | 6,000 | 5,987 | |
4.70%, 02/09/2034 | 175,000 | 174,109 | |
4.88%, 02/27/2053 | 6,000 | 5,864 | |
5.00%, 02/09/2054 | 56,000 | 55,727 | |
4.95%, 02/27/2063 | 3,000 | 2,921 | |
5.10%, 02/09/2064 | 66,000 | 65,739 |
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
Principal Amount | Value | ||
Pharmaceuticals–(continued) | |||
Merck & Co., Inc., | |||
4.90%, 05/17/2044 | $24,000 | $23,334 | |
5.00%, 05/17/2053 | 3,000 | 2,940 | |
5.15%, 05/17/2063 | 3,000 | 2,974 | |
Pfizer Investment Enterprises Pte. Ltd., 4.75%, 05/19/2033 | 17,000 | 16,747 | |
Takeda Pharmaceutical Co. Ltd. (Japan), 5.00%, 11/26/2028 | 160,000 | 160,298 | |
2,066,393 | |||
Precious Metals & Minerals–0.04% | |||
Anglo American Capital PLC (South Africa), 3.63%, 09/11/2024(d) | 86,000 | 85,025 | |
Property & Casualty Insurance–0.05% | |||
Fairfax Financial Holdings Ltd. (Canada), 6.35%, 03/22/2054(d) | 89,000 | 90,880 | |
Travelers Cos., Inc. (The), 5.45%, 05/25/2053 | 3,000 | 3,110 | |
93,990 | |||
Rail Transportation–0.05% | |||
Norfolk Southern Corp., | |||
5.05%, 08/01/2030 | 11,000 | 11,039 | |
5.55%, 03/15/2034 | 22,000 | 22,898 | |
5.35%, 08/01/2054 | 18,000 | 17,883 | |
5.95%, 03/15/2064 | 26,000 | 27,789 | |
Union Pacific Corp., | |||
2.15%, 02/05/2027 | 4,000 | 3,721 | |
4.50%, 01/20/2033 | 5,000 | 4,875 | |
5.15%, 01/20/2063 | 7,000 | 6,803 | |
95,008 | |||
Real Estate Development–0.00% | |||
Essential Properties L.P., 2.95%, 07/15/2031 | 3,000 | 2,440 | |
Regional Banks–0.17% | |||
Citizens Financial Group, Inc., | |||
3.25%, 04/30/2030 | 3,000 | 2,644 | |
2.64%, 09/30/2032 | 3,000 | 2,300 | |
5.64%, 05/21/2037(e) | 3,000 | 2,803 | |
M&T Bank Corp., 5.05%, 01/27/2034(e) | 3,000 | 2,791 | |
Santander Holdings USA, Inc., 3.50%, 06/07/2024 | 3,000 | 2,987 | |
Santander UK Group Holdings PLC (United Kingdom), 6.83%, 11/21/2026(e) | 221,000 | 224,745 | |
Truist Financial Corp., | |||
6.05%, 06/08/2027(e) | 19,000 | 19,261 | |
4.87%, 01/26/2029(e) | 3,000 | 2,952 | |
7.16%, 10/30/2029(e) | 23,000 | 24,535 | |
5.44%, 01/24/2030(e) | 26,000 | 25,977 | |
4.92%, 07/28/2033(e) | 3,000 | 2,796 | |
6.12%, 10/28/2033(e) | 3,000 | 3,103 | |
5.87%, 06/08/2034(e) | 15,000 | 15,189 | |
332,083 | |||
Reinsurance–0.19% | |||
Berkshire Hathaway Finance Corp., 2.85%, 10/15/2050 | 3,000 | 2,027 |
Principal Amount | Value | ||
Reinsurance–(continued) | |||
Global Atlantic (Fin) Co., 6.75%, 03/15/2054(d) | $174,000 | $178,654 | |
Swiss RE Subordinated Finance PLC (United Kingdom), 5.70%, 04/05/2035(d)(e) | 200,000 | 200,189 | |
380,870 | |||
Renewable Electricity–0.00% | |||
NSTAR Electric Co., 4.55%, 06/01/2052 | 3,000 | 2,627 | |
Restaurants–0.06% | |||
McDonald’s Corp., | |||
4.80%, 08/14/2028 | 61,000 | 61,208 | |
4.95%, 08/14/2033 | 45,000 | 45,085 | |
5.15%, 09/09/2052 | 5,000 | 4,844 | |
5.45%, 08/14/2053 | 14,000 | 14,218 | |
125,355 | |||
Retail REITs–0.03% | |||
Agree L.P., 2.00%, 06/15/2028 | 3,000 | 2,640 | |
Kite Realty Group L.P., 5.50%, 03/01/2034 | 15,000 | 14,911 | |
NNN REIT, Inc., | |||
5.60%, 10/15/2033 | 6,000 | 6,078 | |
3.50%, 04/15/2051 | 3,000 | 2,183 | |
Realty Income Corp., | |||
3.20%, 01/15/2027 | 3,000 | 2,838 | |
5.63%, 10/13/2032 | 3,000 | 3,064 | |
Regency Centers L.P., | |||
2.95%, 09/15/2029 | 3,000 | 2,687 | |
5.25%, 01/15/2034 | 26,000 | 25,911 | |
60,312 | |||
Self-Storage REITs–0.17% | |||
Extra Space Storage L.P., | |||
5.70%, 04/01/2028 | 3,000 | 3,056 | |
5.40%, 02/01/2034 | 58,000 | 57,767 | |
Prologis L.P., | |||
4.88%, 06/15/2028 | 13,000 | 13,021 | |
4.75%, 06/15/2033 | 21,000 | 20,590 | |
5.13%, 01/15/2034 | 11,000 | 11,053 | |
5.00%, 03/15/2034 | 133,000 | 132,277 | |
5.25%, 06/15/2053 | 25,000 | 24,628 | |
5.25%, 03/15/2054 | 39,000 | 38,330 | |
Public Storage Operating Co., | |||
5.13%, 01/15/2029 | 4,000 | 4,068 | |
5.10%, 08/01/2033 | 23,000 | 23,113 | |
5.35%, 08/01/2053 | 13,000 | 13,069 | |
340,972 | |||
Semiconductors–0.16% | |||
Foundry JV Holdco LLC, 5.88%, 01/25/2034(d) | 272,000 | 272,712 | |
Micron Technology, Inc., 5.30%, 01/15/2031 | 34,000 | 34,209 | |
Skyworks Solutions, Inc., | |||
1.80%, 06/01/2026 | 2,000 | 1,854 | |
3.00%, 06/01/2031 | 3,000 | 2,517 | |
311,292 |
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
Principal Amount | Value | ||
Single-Family Residential REITs–0.00% | |||
Sun Communities Operating L.P., 2.70%, 07/15/2031 | $3,000 | $2,472 | |
Sovereign Debt–0.31% | |||
Saudi Government International Bond (Saudi Arabia), | |||
4.75%, 01/16/2030(d) | 200,000 | 198,701 | |
5.00%, 01/16/2034(d) | 200,000 | 199,102 | |
5.75%, 01/16/2054(d) | 220,000 | 218,350 | |
616,153 | |||
Specialized Finance–0.00% | |||
Blackstone Holdings Finance Co. LLC, 1.60%, 03/30/2031(d) | 3,000 | 2,348 | |
Systems Software–0.01% | |||
Oracle Corp., | |||
6.25%, 11/09/2032 | 9,000 | 9,634 | |
4.90%, 02/06/2033 | 11,000 | 10,775 | |
6.90%, 11/09/2052 | 4,000 | 4,607 | |
VMware LLC, 3.90%, 08/21/2027 | 2,000 | 1,916 | |
26,932 | |||
Technology Hardware, Storage & Peripherals–0.00% | |||
Leidos, Inc., 5.75%, 03/15/2033 | 3,000 | 3,077 | |
Tobacco–0.32% | |||
B.A.T Capital Corp. (United Kingdom), | |||
5.83%, 02/20/2031 | 72,000 | 72,658 | |
6.00%, 02/20/2034 | 18,000 | 18,238 | |
7.08%, 08/02/2043 | 3,000 | 3,203 | |
7.08%, 08/02/2053 | 3,000 | 3,237 | |
Philip Morris International, Inc., | |||
4.75%, 02/12/2027 | 177,000 | 176,081 | |
5.13%, 11/17/2027 | 3,000 | 3,017 | |
4.88%, 02/15/2028 | 32,000 | 31,929 | |
5.25%, 09/07/2028 | 35,000 | 35,427 | |
4.88%, 02/13/2029 | 148,000 | 147,158 | |
5.13%, 02/13/2031 | 35,000 | 34,787 | |
5.63%, 09/07/2033 | 26,000 | 26,604 | |
5.25%, 02/13/2034 | 72,000 | 71,395 | |
623,734 | |||
Trading Companies & Distributors–0.01% | |||
Avolon Holdings Funding Ltd. (Ireland), 6.38%, 05/04/2028(d) | 22,000 | 22,462 | |
Transaction & Payment Processing Services–0.13% | |||
Fiserv, Inc., | |||
5.38%, 08/21/2028 | 51,000 | 51,540 | |
5.63%, 08/21/2033 | 25,000 | 25,552 | |
5.45%, 03/15/2034 | 148,000 | 149,953 | |
Mastercard, Inc., 4.85%, 03/09/2033 | 20,000 | 20,158 | |
247,203 | |||
Wireless Telecommunication Services–0.02% | |||
T-Mobile USA, Inc., | |||
5.75%, 01/15/2034 | 31,000 | 32,300 | |
6.00%, 06/15/2054 | 5,000 | 5,348 | |
37,648 | |||
Total U.S. Dollar Denominated Bonds & Notes (Cost $49,610,944) | 49,807,332 |
Principal Amount | Value | ||
U.S. Government Sponsored Agency Mortgage-Backed Securities–17.23% | |||
Collateralized Mortgage Obligations–0.26% | |||
Fannie Mae Interest STRIPS, | |||
IO, 6.50%, 02/25/2032 to 02/25/2033(j)(k) | $71,944 | $10,030 | |
7.00%, 04/25/2032(j) | 2,532 | 424 | |
6.00%, 06/25/2033 to 09/25/2035(j)(k) | 60,998 | 8,754 | |
5.50%, 09/25/2033 to 06/25/2035(j) | 121,805 | 17,991 | |
Fannie Mae REMICs, | |||
IO, 3.00%, 11/25/2027(j) | 32,334 | 1,000 | |
1.67% (7.10% - (30 Day Average SOFR + 0.11%)), 11/25/2030(g)(j) | 15,934 | 801 | |
2.47% (7.90% - (30 Day Average SOFR + 0.11%)), 11/25/2031(g)(j) | 26,168 | 2,178 | |
2.52% (7.95% - (30 Day Average SOFR + 0.11%)), 01/25/2032(g)(j) | 5,814 | 473 | |
2.67% (8.10% - (30 Day Average SOFR + 0.11%)), 03/25/2032(g)(j) | 6,978 | 716 | |
2.57% (8.00% - (30 Day Average SOFR + 0.11%)), 04/25/2032 to 12/25/2032(g)(j) | 81,935 | 8,071 | |
2.67% (8.10% - (30 Day Average SOFR + 0.11%)), 12/18/2032(g)(j) | 6,680 | 353 | |
2.82% (8.25% - (30 Day Average SOFR + 0.11%)), 02/25/2033 to 05/25/2033(g)(j) | 38,230 | 4,939 | |
2.12% (7.55% - (30 Day Average SOFR + 0.11%)), 10/25/2033(g)(j) | 5,168 | 510 | |
0.62% (6.05% - (30 Day Average SOFR + 0.11%)), 03/25/2035 to 07/25/2038(g)(j) | 18,581 | 829 | |
1.32% (6.75% - (30 Day Average SOFR + 0.11%)), 03/25/2035(g)(j) | 2,436 | 156 | |
1.17% (6.60% - (30 Day Average SOFR + 0.11%)), 05/25/2035(g)(j) | 129,956 | 6,904 | |
1.27% (6.70% - (30 Day Average SOFR + 0.11%)), 05/25/2035(g)(j) | 51,846 | 3,609 | |
3.50%, 08/25/2035(j) | 170,274 | 19,398 | |
0.67% (6.10% - (30 Day Average SOFR + 0.11%)), 10/25/2035(g)(j) | 15,025 | 1,128 | |
1.11% (6.54% - (30 Day Average SOFR + 0.11%)), 06/25/2037(g)(j) | 24,458 | 1,791 | |
1.12% (6.55% - (30 Day Average SOFR + 0.11%)), 10/25/2041(g)(j) | 32,667 | 2,130 | |
0.72% (6.15% - (30 Day Average SOFR + 0.11%)), 12/25/2042(g)(j) | 115,378 | 12,017 | |
0.47% (5.90% - (30 Day Average SOFR + 0.11%)), 09/25/2047(g)(j) | 301,600 | 24,111 | |
6.00%, 11/25/2028 | 8,932 | 8,942 | |
5.50%, 04/25/2035 to 07/25/2046(j) | 139,192 | 97,994 | |
5.68% (30 Day Average SOFR + 0.36%), 08/25/2035(g) | 8,258 | 8,170 | |
4.64% (24.57% - (3.67 x (30 Day Average SOFR + 0.11%))), 03/25/2036(g) | 19,610 | 22,714 | |
4.27% (24.20% - (3.67 x (30 Day Average SOFR + 0.11%))), 06/25/2036(g) | 1,814 | 1,931 |
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
Principal Amount | Value | ||
Collateralized Mortgage Obligations–(continued) | |||
4.27% (24.20% - (3.67 x (30 Day Average SOFR + 0.11%))), 06/25/2036(g) | $9,347 | $10,150 | |
6.37% (30 Day Average SOFR + 1.05%), 06/25/2037(g) | 8,762 | 8,840 | |
5.00%, 04/25/2040 | 5,231 | 5,170 | |
4.00%, 03/25/2041 to 08/25/2047(j) | 85,040 | 15,320 | |
Freddie Mac Multifamily Structured Pass-Through Ctfs., | |||
Series KC03, Class X1, IO, 0.63%, 11/25/2024(k) | 2,382,728 | 6,416 | |
Series K734, Class X1, IO, 0.64%, 02/25/2026(k) | 1,970,939 | 16,890 | |
Series K735, Class X1, IO, 1.10%, 05/25/2026(k) | 1,966,404 | 30,802 | |
Series K093, Class X1, IO, 0.94%, 05/25/2029(k) | 1,588,165 | 61,419 | |
Freddie Mac REMICs, | |||
IO, 2.22% (7.65% - (30 Day Average SOFR + 0.11%)), 07/15/2026 to 03/15/2029(g)(j) | 15,402 | 410 | |
3.00%, 06/15/2027 to 05/15/2040(j) | 107,911 | 3,588 | |
2.50%, 05/15/2028(j) | 25,378 | 826 | |
1.27% (6.70% - (30 Day Average SOFR + 0.11%)), 01/15/2035(g)(j) | 108,865 | 5,130 | |
1.32% (6.75% - (30 Day Average SOFR + 0.11%)), 02/15/2035(g)(j) | 5,577 | 273 | |
1.29% (6.72% - (30 Day Average SOFR + 0.11%)), 05/15/2035(g)(j) | 37,375 | 1,818 | |
1.57% (7.00% - (30 Day Average SOFR + 0.11%)), 12/15/2037(g)(j) | 6,434 | 568 | |
0.57% (6.00% - (30 Day Average SOFR + 0.11%)), 04/15/2038(g)(j) | 3,620 | 273 | |
0.64% (6.07% - (30 Day Average SOFR + 0.11%)), 05/15/2038(g)(j) | 23,271 | 1,740 | |
0.82% (6.25% - (30 Day Average SOFR + 0.11%)), 12/15/2039(g)(j) | 11,108 | 720 | |
0.67% (6.10% - (30 Day Average SOFR + 0.11%)), 01/15/2044(g)(j) | 43,669 | 3,245 | |
4.00%, 03/15/2045(j) | 11,334 | 289 | |
6.50%, 03/15/2032 to 06/15/2032 | 32,103 | 33,049 | |
3.50%, 05/15/2032 | 7,318 | 7,056 | |
4.83% (24.75% - (3.67 x (30 Day Average SOFR + 0.11%))), 08/15/2035(g) | 3,792 | 4,443 | |
5.83% (30 Day Average SOFR + 0.51%), 09/15/2035(g) | 18,511 | 18,313 | |
Freddie Mac STRIPS, | |||
IO, 7.00%, 04/01/2027(j) | 8,807 | 597 | |
3.00%, 12/15/2027(j) | 40,919 | 1,675 | |
3.27%, 12/15/2027(k) | 10,958 | 400 | |
6.50%, 02/01/2028(j) | 2,257 | 183 | |
6.00%, 12/15/2032(j) | 10,336 | 1,170 | |
PO, 0.00%, 06/01/2026(l) | 1,451 | 1,387 | |
510,224 |
Principal Amount | Value | ||
Federal Home Loan Mortgage Corp. (FHLMC)–0.23% | |||
9.00%, 01/01/2025 to 05/01/2025 | $49 | $49 | |
6.50%, 07/01/2028 to 04/01/2034 | 5,771 | 5,970 | |
7.00%, 10/01/2031 to 10/01/2037 | 16,081 | 16,606 | |
5.00%, 12/01/2034 | 381 | 384 | |
5.50%, 09/01/2039 to 06/01/2053 | 437,987 | 438,293 | |
461,302 | |||
Federal National Mortgage Association (FNMA)–0.29% | |||
7.50%, 01/01/2033 | 11,766 | 11,963 | |
6.00%, 03/01/2037 | 36,599 | 37,930 | |
4.00%, 05/01/2052 | 548,065 | 513,015 | |
562,908 | |||
Government National Mortgage Association (GNMA)–3.90% | |||
IO, 1.11% (6.55% - (1 mo. Term SOFR + 0.11%)), 04/16/2037(g)(j) | 91,915 | 5,908 | |
1.21% (6.65% - (1 mo. Term SOFR + 0.11%)), 04/16/2041(g)(j) | 40,704 | 2,200 | |
4.50%, 09/16/2047(j) | 125,719 | 18,961 | |
0.76% (6.20% - (1 mo. Term SOFR + 0.11%)), 10/16/2047(g)(j) | 107,094 | 12,845 | |
TBA, 2.50%, 04/01/2054(m) | 4,465,000 | 3,803,515 | |
4.50%, 04/01/2054(m) | 2,206,000 | 2,119,933 | |
5.50%, 04/01/2054(m) | 1,715,000 | 1,713,657 | |
7,677,019 | |||
Uniform Mortgage-Backed Securities–12.55% | |||
TBA, 2.00%, 04/01/2054(m) | 7,935,458 | 6,279,331 | |
3.50%, 04/01/2054(m) | 2,800,000 | 2,506,094 | |
4.00%, 04/01/2054(m) | 1,039,000 | 962,278 | |
4.50%, 04/01/2054(m) | 1,039,000 | 989,521 | |
5.00%, 04/01/2054(m) | 5,082,000 | 4,959,114 | |
5.50%, 04/01/2054(m) | 3,800,000 | 3,781,732 | |
6.00%, 04/01/2054(m) | 5,142,936 | 5,190,561 | |
24,668,631 | |||
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $34,488,071) | 33,880,084 | ||
Asset-Backed Securities–11.42% | |||
AGL CLO 29 Ltd., Series 2024-29A, Class A1, 6.90% (3 mo. Term SOFR + 1.57%), 04/21/2037(d)(g) | 533,000 | 533,494 | |
Alternative Loan Trust, Series 2005-29CB, Class A4, 5.00%, 07/25/2035 | 71,637 | 39,962 | |
AMSR Trust, Series 2021-SFR3, Class B, 1.73%, 10/17/2038(d) | 235,000 | 213,638 |
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
Principal Amount | Value | ||
Angel Oak Mortgage Trust, | |||
Series 2020-1, Class A1, 2.16%, 12/25/2059(d)(n) | $22,754 | $21,591 | |
Series 2020-3, Class A1, 1.69%, 04/25/2065(d)(n) | 80,568 | 74,121 | |
Series 2021-3, Class A1, 1.07%, 05/25/2066(d)(n) | 46,414 | 39,223 | |
Series 2021-7, Class A1, 1.98%, 10/25/2066(d)(n) | 117,200 | 98,404 | |
Series 2022-1, Class A1, 2.88%, 12/25/2066(d)(i) | 215,239 | 193,556 | |
Series 2023-6, Class A1, 6.50%, 12/25/2067(d)(i) | 90,303 | 91,096 | |
Series 2024-2, Class A1, 5.99%, 01/25/2069(d)(i) | 329,933 | 329,102 | |
Apidos CLO XXV, Series 2016-25A, Class A1R2, 6.46% (3 mo. Term SOFR + 1.15%), 10/20/2031(d)(g) | 329,000 | 329,305 | |
Avis Budget Rental Car Funding (AESOP) LLC, | |||
Series 2022-1A, Class A, 3.83%, 08/21/2028(d) | 415,000 | 398,751 | |
Series 2023-1A, Class A, 5.25%, 04/20/2029(d) | 100,000 | 100,113 | |
Series 2023-4A, Class A, 5.49%, 06/20/2029(d) | 291,000 | 293,725 | |
Bain Capital Credit CLO Ltd. (Cayman Islands), | |||
Series 2017-2A, Class AR2, 6.77% (3 mo. Term SOFR + 1.44%), 07/25/2034(d)(g) | 424,000 | 424,406 | |
Series 2021-1A, Class A, 6.62% (3 mo. Term SOFR + 1.32%), 04/18/2034(d)(g) | 125,000 | 125,084 | |
Banc of America Funding Trust, | |||
Series 2007-1, Class 1A3, 6.00%, 01/25/2037 | 15,929 | 13,126 | |
Series 2007-C, Class 1A4, 4.38%, 05/20/2036(n) | 4,995 | 4,332 | |
Banc of America Mortgage Trust, Series 2004-E, Class 2A6, 4.99%, 06/25/2034(n) | 13,093 | 12,447 | |
Bank, Series 2019-BNK16, Class XA, IO, 0.94%, 02/15/2052(k) | 1,492,623 | 52,058 | |
Bayview MSR Opportunity Master Fund Trust, | |||
Series 2021-4, Class A3, 3.00%, 10/25/2051(d)(n) | 179,927 | 151,077 | |
Series 2021-4, Class A4, 2.50%, 10/25/2051(d)(n) | 179,927 | 145,021 | |
Series 2021-4, Class A8, 2.50%, 10/25/2051(d)(n) | 165,236 | 144,161 | |
Series 2021-5, Class A1, 3.00%, 11/25/2051(d)(n) | 187,705 | 157,608 | |
Series 2021-5, Class A2, 2.50%, 11/25/2051(d)(n) | 229,038 | 184,605 | |
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(g) | 82,027 | 76,447 | |
Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036(g) | 26,322 | 24,466 | |
Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.52%, 01/15/2051(k) | 1,499,016 | 23,167 |
Principal Amount | Value | ||
BRAVO Residential Funding Trust, Series 2021-NQM2, Class A1, 0.97%, 03/25/2060(d)(n) | $34,778 | $32,500 | |
BX Commercial Mortgage Trust, | |||
Series 2021-ACNT, Class A, 6.29% (1 mo. Term SOFR + 0.96%), 11/15/2038(d)(g) | 108,343 | 107,349 | |
Series 2021-VOLT, Class A, 6.14% (1 mo. Term SOFR + 0.81%), 09/15/2036(d)(g) | 210,000 | 208,577 | |
Series 2021-VOLT, Class B, 6.39% (1 mo. Term SOFR + 1.06%), 09/15/2036(d)(g) | 190,000 | 188,028 | |
BX Trust, | |||
Series 2022-CLS, Class A, 5.76%, 10/13/2027(d) | 105,000 | 105,449 | |
Series 2022-LBA6, Class A, 6.33% (1 mo. Term SOFR + 1.00%), 01/15/2039(d)(g) | 185,000 | 184,159 | |
Series 2022-LBA6, Class B, 6.63% (1 mo. Term SOFR + 1.30%), 01/15/2039(d)(g) | 110,000 | 109,151 | |
Series 2022-LBA6, Class C, 6.93% (1 mo. Term SOFR + 1.60%), 01/15/2039(d)(g) | 100,000 | 99,125 | |
Carlyle US CLO Ltd., Series 2021-1A, Class A1, 6.72% (3 mo. Term SOFR + 1.40%), 04/15/2034(d)(g) | 250,000 | 250,160 | |
CD Mortgage Trust, Series 2017-CD6, Class XA, IO, 0.87%, 11/13/2050(k) | 743,851 | 15,850 | |
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 6.56% (3 mo. Term SOFR + 1.24%), 04/20/2031(d)(g) | 218,124 | 218,308 | |
Chase Home Lending Mortgage Trust, Series 2019-ATR1, Class A15, 4.00%, 04/25/2049(d)(n) | 3,636 | 3,370 | |
Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3, 4.84%, 01/25/2036(n) | 33,911 | 30,486 | |
Citigroup Commercial Mortgage Trust, Series 2017-C4, Class XA, IO, 0.98%, 10/12/2050(k) | 1,808,560 | 50,258 | |
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(g) | 60,691 | 57,176 | |
Series 2021-INV3, Class A3, 2.50%, 05/25/2051(d)(n) | 181,987 | 146,682 | |
COLT Mortgage Loan Trust, | |||
Series 2021-5, Class A1, 1.73%, 11/26/2066(d)(n) | 82,727 | 71,061 | |
Series 2022-1, Class A1, 2.28%, 12/27/2066(d)(n) | 122,531 | 107,037 | |
Series 2022-2, Class A1, 2.99%, 02/25/2067(d)(i) | 125,553 | 114,076 | |
Series 2022-3, Class A1, 3.90%, 02/25/2067(d)(n) | 214,022 | 203,258 | |
COMM Mortgage Trust, | |||
Series 2014-CR21, Class AM, 3.99%, 12/10/2047 | 865,000 | 829,161 | |
Series 2014-UBS6, Class AM, 4.05%, 12/10/2047 | 495,000 | 475,677 | |
Commercial Mortgage Trust, Series 2014-CR20, Class ASB, 3.31%, 11/10/2047 | 8,040 | 8,004 |
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
Principal Amount | Value | ||
Countrywide Home Loans Mortgage Pass-Through Trust, | |||
Series 2005-26, Class 1A8, 5.50%, 11/25/2035 | $23,464 | $14,356 | |
Series 2006-6, Class A3, 6.00%, 04/25/2036 | 16,399 | 8,154 | |
Credit Suisse Mortgage Capital Trust, | |||
Series 2021-NQM1, Class A1, 0.81%, 05/25/2065(d)(n) | 31,686 | 26,991 | |
Series 2021-NQM2, Class A1, 1.18%, 02/25/2066(d)(n) | 42,046 | 36,553 | |
Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067(d)(n) | 150,710 | 140,540 | |
Series 2022-ATH1, Class A1B, 3.35%, 01/25/2067(d)(n) | 100,000 | 86,868 | |
Series 2022-ATH2, Class A1, 4.55%, 05/25/2067(d)(n) | 219,082 | 213,171 | |
Cross Mortgage Trust, Series 2024-H2, Class A1, 6.09%, 04/25/2069(d)(i) | 165,000 | 165,604 | |
CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053 | 571,000 | 483,010 | |
CSMC Mortgage-Backed Trust, Series 2006-6, Class 1A4, 6.00%, 07/25/2036 | 79,860 | 38,244 | |
DLLST LLC, Series 2024-1A, Class A3, 5.05%, 08/20/2027(d) | 180,000 | 179,277 | |
Dryden 93 CLO Ltd., Series 2021-93A, Class A1A, 6.66% (3 mo. Term SOFR + 1.34%), 01/15/2034(d)(g) | 100,056 | 100,121 | |
Ellington Financial Mortgage Trust, | |||
Series 2020-1, Class A1, 2.01%, 05/25/2065(d)(n) | 8,584 | 8,326 | |
Series 2021-1, Class A1, 0.80%, 02/25/2066(d)(n) | 28,014 | 23,615 | |
Series 2022-1, Class A1, 2.21%, 01/25/2067(d)(n) | 112,446 | 95,899 | |
Series 2022-3, Class A1, 5.00%, 08/25/2067(d)(i) | 212,397 | 209,054 | |
Empower CLO Ltd., Series 2024-1A, Class A1, 6.91% (3 mo. Term SOFR + 1.60%), 04/25/2037(d)(g) | 250,000 | 250,066 | |
Exeter Automobile Receivables Trust, Series 2019-4A, Class D, 2.58%, 09/15/2025(d) | 38,245 | 38,034 | |
Extended Stay America Trust, Series 2021-ESH, Class B, 6.82% (1 mo. Term SOFR + 1.49%), 07/15/2038(d)(g) | 95,997 | 96,091 | |
First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Class 1A6, 5.50% (1 mo. Term SOFR + 0.76%), 11/25/2035(g) | 35,199 | 15,184 | |
Flagstar Mortgage Trust, | |||
Series 2021-11IN, Class A6, 3.70%, 11/25/2051(d)(n) | 281,349 | 244,873 | |
Series 2021-8INV, Class A6, 2.50%, 09/25/2051(d)(n) | 74,069 | 64,652 | |
Frontier Issuer LLC, Series 2023-1, Class A2, 6.60%, 08/20/2053(d) | 266,934 | 270,173 | |
Golub Capital Partners CLO 40(B) Ltd., Series 2019-40A, Class AR, 6.68% (3 mo. Term SOFR + 1.35%), 01/25/2032(d)(g) | 275,000 | 275,190 |
Principal Amount | Value | ||
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.38%, 05/12/2053 | $225,000 | $191,937 | |
GS Mortgage-Backed Securities Trust, Series 2021-INV1, Class A6, 2.50%, 12/25/2051(d)(n) | 150,205 | 131,008 | |
GSR Mortgage Loan Trust, Series 2005-AR4, Class 6A1, 4.56%, 07/25/2035(n) | 2,596 | 2,349 | |
Hertz Vehicle Financing III L.P., Series 2021-2A, Class A, 1.68%, 12/27/2027(d) | 113,000 | 103,253 | |
HPEFS Equipment Trust, Series 2023-2A, Class A2, 6.04%, 01/21/2031(d) | 100,000 | 100,422 | |
JP Morgan Chase Commercial Mortgage Securities Trust, | |||
Series 2013-LC11, Class AS, 3.22%, 04/15/2046 | 21,585 | 19,988 | |
Series 2014-C20, Class AS, 4.04%, 07/15/2047 | 245,000 | 241,245 | |
JP Morgan Mortgage Trust, | |||
Series 2007-A1, Class 5A1, 5.04%, 07/25/2035(n) | 16,650 | 16,247 | |
Series 2021-LTV2, Class A1, 2.52%, 05/25/2052(d)(n) | 201,565 | 166,574 | |
Series 2024-VIS1, Class A1, 5.99%, 07/25/2064(d)(n) | 210,000 | 210,761 | |
JPMBB Commercial Mortgage Securities Trust, | |||
Series 2014-C24, Class B, 4.12%, 11/15/2047(n) | 270,000 | 241,852 | |
Series 2014-C25, Class AS, 4.07%, 11/15/2047 | 105,000 | 98,058 | |
Series 2015-C27, Class XA, IO, 1.14%, 02/15/2048(k) | 1,860,798 | 9,488 | |
KKR CLO 27 Ltd., Series 27A, Class AR, 6.59% (3 mo. Term SOFR + 1.28%), 10/15/2032(d)(g) | 170,000 | 170,068 | |
KKR CLO 30 Ltd., Series 30A, Class A1R, 6.60% (3 mo. Term SOFR + 1.28%), 10/17/2031(d)(g) | 268,000 | 268,140 | |
Life Mortgage Trust, | |||
Series 2021-BMR, Class A, 6.14% (1 mo. Term SOFR + 0.81%), 03/15/2038(d)(g) | 127,786 | 126,443 | |
Series 2021-BMR, Class B, 6.32% (1 mo. Term SOFR + 0.99%), 03/15/2038(d)(g) | 211,339 | 208,727 | |
Series 2021-BMR, Class C, 6.54% (1 mo. Term SOFR + 1.21%), 03/15/2038(d)(g) | 103,212 | 101,915 | |
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class A, 6.72% (3 mo. Term SOFR + 1.41%), 04/19/2033(d)(g) | 618,000 | 618,496 | |
Madison Park Funding XXXIII Ltd., Series 2019-33A, Class AR, 6.60% (3 mo. Term SOFR + 1.29%), 10/15/2032(d)(g) | 250,000 | 250,137 | |
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A2, 5.95%, 04/21/2034(n) | 7,410 | 7,113 | |
Med Trust, Series 2021-MDLN, Class A, 6.39% (1 mo. Term SOFR + 1.06%), 11/15/2038(d)(g) | 139,331 | 139,081 |
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
Principal Amount | Value | ||
Mello Mortgage Capital Acceptance Trust, | |||
Series 2021-INV2, Class A4, 2.50%, 08/25/2051(d)(n) | $117,770 | $102,580 | |
Series 2021-INV3, Class A4, 2.50%, 10/25/2051(d)(n) | 114,109 | 99,251 | |
MFA Trust, Series 2021-INV2, Class A1, 1.91%, 11/25/2056(d)(n) | 143,137 | 123,459 | |
MHP Commercial Mortgage Trust, | |||
Series 2021-STOR, Class A, 6.14% (1 mo. Term SOFR + 0.81%), 07/15/2038(d)(g) | 105,000 | 104,309 | |
Series 2021-STOR, Class B, 6.34% (1 mo. Term SOFR + 1.01%), 07/15/2038(d)(g) | 105,000 | 103,903 | |
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class AS, 3.83%, 12/15/2047 | 720,000 | 699,301 | |
Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 0.85%, 12/15/2050(k) | 612,688 | 16,259 | |
Morgan Stanley Re-REMIC Trust, Series 2012-R3, Class 1B, 6.00%, 11/26/2036(d)(n) | 109,905 | 93,293 | |
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class AR, 6.59% (3 mo. Term SOFR + 1.28%), 04/19/2030(d)(g) | 240,439 | 240,556 | |
Neuberger Berman Loan Advisers CLO 40 Ltd., Series 2021-40A, Class A, 6.64% (3 mo. Term SOFR + 1.32%), 04/16/2033(d)(g) | 250,000 | 250,226 | |
New Residential Mortgage Loan Trust, Series 2022-NQM2, Class A1, 3.08%, 03/27/2062(d)(n) | 138,379 | 125,751 | |
OBX Trust, | |||
Series 2022-NQM1, Class A1, 2.31%, 11/25/2061(d)(n) | 149,424 | 128,836 | |
Series 2022-NQM2, Class A1, 2.96%, 01/25/2062(d)(n) | 180,769 | 165,840 | |
Series 2022-NQM2, Class A1A, 2.78%, 01/25/2062(d)(i) | 107,917 | 100,221 | |
Series 2022-NQM2, Class A1B, 3.38%, 01/25/2062(d)(i) | 110,000 | 93,752 | |
Series 2022-NQM8, Class A1, 6.10%, 09/25/2062(d)(i) | 300,214 | 299,388 | |
Oceanview Mortgage Trust, Series 2021-3, Class A5, 2.50%, 07/25/2051(d)(n) | 130,055 | 113,642 | |
OCP CLO Ltd. (Cayman Islands), | |||
Series 2017-13A, Class A1AR, 6.54% (3 mo. Term SOFR + 1.22%), 07/15/2030(d)(g) | 235,582 | 235,771 | |
Series 2020-8RA, Class A1, 6.80% (3 mo. Term SOFR + 1.48%), 01/17/2032(d)(g) | 366,000 | 366,256 | |
OHA Loan Funding Ltd., Series 2016-1A, Class AR, 6.84% (3 mo. Term SOFR + 1.52%), 01/20/2033(d)(g) | 272,907 | 273,248 | |
Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.96%, 10/25/2061(d)(n) | 177,665 | 147,511 | |
PRKCM Trust, Series 2023-AFC4, Class A1, 7.23%, 11/25/2058(d)(i) | 296,142 | 301,636 |
Principal Amount | Value | ||
Progress Residential Trust, | |||
Series 2021-SFR10, Class A, 2.39%, 12/17/2040(d) | $112,615 | $100,070 | |
Series 2022-SFR5, Class A, 4.45%, 06/17/2039(d) | 206,943 | 201,851 | |
Race Point VIII CLO Ltd., Series 2013-8A, Class AR2, 6.62% (3 mo. Term SOFR + 1.30%), 02/20/2030(d)(g) | 160,333 | 160,354 | |
Residential Accredit Loans, Inc. Trust, Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036 | 3,063 | 2,292 | |
Residential Mortgage Loan Trust, Series 2020-1, Class A1, 2.38%, 01/26/2060(d)(n) | 16,236 | 15,541 | |
RUN Trust, Series 2022-NQM1, Class A1, 4.00%, 03/25/2067(d) | 122,733 | 117,240 | |
SG Residential Mortgage Trust, | |||
Series 2022-1, Class A1, 3.17%, 03/27/2062(d)(n) | 256,596 | 233,949 | |
Series 2022-1, Class A2, 3.58%, 03/27/2062(d)(n) | 113,076 | 101,766 | |
Sonic Capital LLC, | |||
Series 2021-1A, Class A2I, 2.19%, 08/20/2051(d) | 97,500 | 84,597 | |
Series 2021-1A, Class A2II, 2.64%, 08/20/2051(d) | 97,500 | 79,193 | |
STAR Trust, Series 2021-1, Class A1, 1.22%, 05/25/2065(d)(n) | 86,139 | 75,521 | |
Starwood Mortgage Residential Trust, | |||
Series 2020-1, Class A1, 2.28%, 02/25/2050(d)(n) | 5,752 | 5,402 | |
Series 2021-6, Class A1, 1.92%, 11/25/2066(d)(n) | 212,092 | 178,129 | |
Series 2022-1, Class A1, 2.45%, 12/25/2066(d)(n) | 156,113 | 134,335 | |
Symphony CLO XXII Ltd., Series 2020-22A, Class A1A, 6.85% (3 mo. Term SOFR + 1.55%), 04/18/2033(d)(g) | 250,000 | 250,118 | |
Textainer Marine Containers VII Ltd., Series 2021-2A, Class A, 2.23%, 04/20/2046(d) | 145,667 | 130,741 | |
TICP CLO XV Ltd., Series 2020-15A, Class A, 6.86% (3 mo. Term SOFR + 1.54%), 04/20/2033(d)(g) | 256,000 | 256,320 | |
Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039(d) | 236,185 | 208,082 | |
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.07%, 11/15/2050(k) | 1,159,581 | 29,075 |
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
Principal Amount | Value | ||
Verus Securitization Trust, | |||
Series 2020-1, Class A1, 3.42%, 01/25/2060(d)(i) | $33,524 | $32,096 | |
Series 2020-1, Class A2, 3.64%, 01/25/2060(d)(i) | 44,962 | 43,112 | |
Series 2020-INV1, Class A1, 0.33%, 03/25/2060(d)(n) | 1,790 | 1,781 | |
Series 2021-1, Class A1B, 1.32%, 01/25/2066(d)(n) | 39,010 | 34,204 | |
Series 2021-7, Class A1, 1.83%, 10/25/2066(d)(n) | 172,345 | 149,912 | |
Series 2021-R1, Class A1, 0.82%, 10/25/2063(d)(n) | 54,550 | 49,558 | |
Series 2022-1, Class A1, 2.72%, 01/25/2067(d)(i) | 119,177 | 107,795 | |
Series 2022-3, Class A1, 4.13%, 02/25/2067(d)(i) | 158,424 | 148,973 | |
Series 2022-7, Class A1, 5.15%, 07/25/2067(d)(i) | 85,649 | 85,081 | |
Series 2022-INV2, Class A1, 6.79%, 10/25/2067(d)(i) | 103,721 | 104,387 | |
Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055(d) | 38,253 | 35,627 | |
WaMu Mortgage Pass-Through Ctfs. Trust, | |||
Series 2003-AR10, Class A7, 5.85%, 10/25/2033(n) | 19,267 | 18,101 | |
Series 2005-AR14, Class 1A4, 4.92%, 12/25/2035(n) | 24,170 | 21,349 | |
Series 2005-AR16, Class 1A1, 4.86%, 12/25/2035(n) | 24,610 | 22,017 | |
Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA, IO, 0.86%, 12/15/2050(k) | 1,022,645 | 26,647 | |
WF Card Issuance Trust, Series 2024-A1, Class A, 4.94%, 02/15/2029 | 421,000 | 422,070 | |
WFRBS Commercial Mortgage Trust, | |||
Series 2013-C14, Class AS, 3.49%, 06/15/2046 | 36,091 | 33,971 | |
Series 2014-C20, Class AS, 4.18%, 05/15/2047 | 150,000 | 142,917 | |
Total Asset-Backed Securities (Cost $23,976,058) | 22,445,499 | ||
U.S. Treasury Securities–9.27% | |||
U.S. Treasury Bonds–2.92% | |||
4.50%, 02/15/2044(c) | 789,700 | 794,265 | |
4.75%, 11/15/2053 | 4,642,100 | 4,956,530 | |
5,750,795 | |||
U.S. Treasury Notes–6.35% | |||
4.63%, 02/28/2026 | 1,142,300 | 1,141,452 | |
4.25%, 03/15/2027 | 1,452,000 | 1,445,421 | |
4.25%, 02/28/2029(c) | 3,172,600 | 3,177,309 | |
4.25%, 02/28/2031 | 397,000 | 397,775 | |
4.00%, 02/15/2034 | 6,419,100 | 6,313,787 | |
12,475,744 | |||
Total U.S. Treasury Securities (Cost $18,149,609) | 18,226,539 |
Principal Amount | Value | ||
Agency Credit Risk Transfer Notes–0.32% | |||
Fannie Mae Connecticut Avenue Securities, | |||
Series 2022-R03, Class 1M1, 7.42% (30 Day Average SOFR + 2.10%), 03/25/2042(d)(g) | $191,952 | $194,785 | |
Series 2022-R04, Class 1M1, 7.32% (30 Day Average SOFR + 2.00%), 03/25/2042(d)(g) | 102,108 | 103,345 | |
Series 2023-R02, Class 1M1, 7.62% (30 Day Average SOFR + 2.30%), 01/25/2043(d)(g) | 71,147 | 72,883 | |
Freddie Mac, | |||
Series 2022-DNA3, Class M1A, STACR®, 7.32% (30 Day Average SOFR + 2.00%), 04/25/2042(d)(g) | 134,949 | 136,744 | |
Series 2022-DNA6, Class M1, STACR®, 7.47% (30 Day Average SOFR + 2.15%), 09/25/2042(d)(g) | 63,887 | 64,705 | |
Series 2023-DNA1, Class M1, STACR®, 7.42% (30 Day Average SOFR + 2.10%), 03/25/2043(d)(g) | 58,706 | 59,931 | |
Total Agency Credit Risk Transfer Notes (Cost $622,750) | 632,393 | ||
Shares | |||
Preferred Stocks–0.26% | |||
Diversified Banks–0.11% | |||
Citigroup, Inc., 5.00%, Series U, Pfd.(e) | 209,000 | 208,231 | |
Diversified Financial Services–0.15% | |||
Apollo Global Management, Inc., 7.63%, Pfd.(e) | 11,550 | 305,498 | |
Total Preferred Stocks (Cost $497,750) | 513,729 | ||
Principal Amount | |||
Municipal Obligations–0.19% | |||
California (State of) Health Facilities Financing Authority (Social Bonds), | |||
Series 2022, RB, 4.19%, 06/01/2037 | $100,000 | 93,074 | |
Series 2022, RB, 4.35%, 06/01/2041 | 75,000 | 68,810 | |
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB, 3.03%, 08/15/2041 | 265,000 | 202,052 | |
Total Municipal Obligations (Cost $437,951) | 363,936 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-107.04% (Cost $181,585,627) | 210,440,760 | ||
Shares | |||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–5.82% | |||
Invesco Private Government Fund, 7.57%(o)(p)(q) | 3,887,661 | 3,887,661 |
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
Shares | Value | ||
Money Market Funds–(continued) | |||
Invesco Private Prime Fund, 5.49%(o)(p)(q) | 7,547,282 | $7,551,056 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $11,438,772) | 11,438,717 | ||
TOTAL INVESTMENTS IN SECURITIES–112.86% (Cost $193,024,399) | 221,879,477 | ||
OTHER ASSETS LESS LIABILITIES—(12.86)% | (25,282,358) | ||
NET ASSETS–100.00% | $196,597,119 |
Investment Abbreviations:
ADR | – American Depositary Receipt |
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 |
TBA | – To Be Announced |
Notes to Schedule of Investments:
(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 March 31, 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 March 31, 2024 was $39,237,835, which represented 19.96% of the Fund’s Net Assets. |
(e) | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
(f) | Perpetual bond with no specified maturity date. |
(g) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on March 31, 2024. |
(h) | Security valued using significant unobservable inputs (Level 3). See Note 1. |
(i) | Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date. |
(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 March 31, 2024. |
(l) | Zero coupon bond issued at a discount. |
(m) | Security purchased on a forward commitment basis. This security is subject to dollar roll transactions. |
(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 March 31, 2024. |
(o) | 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 three months ended March 31, 2024. |
Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value March 31, 2024 | Dividend Income | |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | $1,460,352 | $13,325,735 | $(10,898,426) | $- | $- | $3,887,661 | $21,634* |
Invesco Private Prime Fund | 3,755,188 | 24,102,626 | (20,305,853) | (729) | (176) | 7,551,056 | 58,091* |
Total | $5,215,540 | $37,428,361 | $(31,204,279) | $(729) | $(176) | $11,438,717 | $79,725 |
* | Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(p) | The rate shown is the 7-day SEC standardized yield as of March 31, 2024. |
(q) | 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 accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
Open Futures Contracts(a) | |||||
Long Futures Contracts | Number of Contracts | Expiration Month | Notional Value | Value | Unrealized Appreciation (Depreciation) |
Interest Rate Risk | |||||
U.S. Treasury 2 Year Notes | 4 | June-2024 | $817,938 | $(654) | $(654) |
U.S. Treasury 5 Year Notes | 42 | June-2024 | 4,494,656 | 5,566 | 5,566 |
U.S. Treasury 10 Year Notes | 15 | June-2024 | 1,661,953 | (6,061) | (6,061) |
U.S. Treasury Long Bonds | 20 | June-2024 | 2,408,750 | 40,268 | 40,268 |
U.S. Treasury Ultra Bonds | 20 | June-2024 | 2,580,000 | 47,293 | 47,293 |
Subtotal—Long Futures Contracts | 86,412 | 86,412 | |||
Short Futures Contracts | |||||
Interest Rate Risk | |||||
U.S. Treasury 10 Year Ultra Notes | 85 | June-2024 | (9,741,797) | (39,364) | (39,364) |
Total Futures Contracts | $47,048 | $47,048 |
(a) | Futures contracts collateralized by $416,935 cash held with Merrill Lynch International, the futures commission merchant. |
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
Notes to Quarterly Schedule of Portfolio Holdings
March 31, 2024
(Unaudited)
NOTE 1—Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Advisers, Inc.’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of March 31, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Level 1 | Level 2 | Level 3 | Total | |
Investments in Securities | ||||
Common Stocks & Other Equity Interests | $83,728,037 | $843,211 | $— | $84,571,248 |
U.S. Dollar Denominated Bonds & Notes | — | 49,363,392 | 443,940 | 49,807,332 |
U.S. Government Sponsored Agency Mortgage-Backed Securities | — | 33,880,084 | — | 33,880,084 |
Asset-Backed Securities | — | 22,445,499 | — | 22,445,499 |
U.S. Treasury Securities | — | 18,226,539 | — | 18,226,539 |
Agency Credit Risk Transfer Notes | — | 632,393 | — | 632,393 |
Preferred Stocks | 305,498 | 208,231 | — | 513,729 |
Municipal Obligations | — | 363,936 | — | 363,936 |
Money Market Funds | — | 11,438,717 | — | 11,438,717 |
Total Investments in Securities | 84,033,535 | 137,402,002 | 443,940 | 221,879,477 |
Other Investments - Assets* | ||||
Futures Contracts | 93,127 | — | — | 93,127 |
Other Investments - Liabilities* | ||||
Futures Contracts | (46,079) | — | — | (46,079) |
Total Other Investments | 47,048 | — | — | 47,048 |
Total Investments | $84,080,583 | $137,402,002 | $443,940 | $221,926,525 |
* | Unrealized appreciation (depreciation). |
Invesco V.I. Conservative Balanced Fund