NPORT-EX 2 edgar.htm
Consolidated Schedule of Investments
March 31, 2024
(Unaudited)
  Interest
Rate 		Maturity
Date 		Principal
Amount
(000) 		Value
U.S. Treasury Securities–1.88%(a)    
U.S. Treasury Bills–1.88%
U.S. Treasury Bills (Cost 8,806,734)(b) 5.14% 07/25/2024   $      8,950 $  8,802,917
      Shares  
Money Market Funds–89.92%(c)
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(d)           133,438,353 133,438,353
Invesco Government Money Market Fund, Cash Reserve Shares, 5.14%(d)            57,550,027  57,550,027
Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio, , Institutional Class (Ireland), Agency Class, 5.52%(d)            39,066,468  39,066,468
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 5.22%(d)            71,045,645  71,045,645
Invesco Treasury Obligations Portfolio, Institutional Class, 5.15%(d)            51,505,418  51,505,418
Invesco Treasury Portfolio, Institutional Class, 5.21%(d)            58,546,699  58,546,699
Invesco V.I. Government Money Market Fund, Series I, 5.02%(d)             9,240,310   9,240,310
Total Money Market Funds (Cost $420,392,920) 420,392,920
Options Purchased–0.35%
(Cost $5,372,607)(e) 1,603,800
TOTAL INVESTMENTS IN SECURITIES–92.15% (Cost $434,572,261) 430,799,637
OTHER ASSETS LESS LIABILITIES–7.85% 36,707,108
NET ASSETS–100.00% $467,506,745
Notes to Consolidated Schedule of Investments:
(a) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b) All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts.
(c) The rate shown is the 7-day SEC standardized yield as of March 31, 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 three months ended March 31, 2024.
    
  Value
December 31, 2023 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation 		Realized
Gain 		Value
March 31, 2024 		Dividend Income
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class $125,718,356 $40,828,641 $(33,108,644) $- $- $133,438,353 $1,624,493
Invesco Government Money Market Fund, Cash Reserve Shares 57,361,998 6,346,730 (6,158,701) - - 57,550,027 750,602
Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio, , Institutional Class, Agency Class 41,173,803 34,668,720 (36,776,055) - - 39,066,468 600,469
Invesco Premier U.S. Government Money Portfolio, Institutional Class 64,694,230 18,664,128 (12,312,713) - - 71,045,645 866,733
Invesco Treasury Obligations Portfolio, Institutional Class 51,505,418 - - - - 51,505,418 662,518
Invesco Treasury Portfolio, Institutional Class 64,046,146 46,461,354 (51,960,801) - - 58,546,699 695,650
Invesco V.I. Government Money Market Fund, Series I 9,240,310 - - - - 9,240,310 115,099
Total $413,740,261 $146,969,573 $(140,316,914) $- $- $420,392,920 $5,315,564
    
(e) The table below details options purchased.
    
See accompanying notes which are an integral part of this consolidated schedule.
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 05/17/2024 30 EUR 4,200.00 EUR 1,260,000 $1,392
EURO STOXX 50 Index Put 06/21/2024 30 EUR 4,250.00 EUR 1,275,000 3,463
EURO STOXX 50 Index Put 07/19/2024 30 EUR 4,300.00 EUR 1,290,000 5,988
EURO STOXX 50 Index Put 10/18/2024 30 EUR 4,100.00 EUR 1,230,000 10,098
EURO STOXX 50 Index Put 11/15/2024 30 EUR 4,000.00 EUR 1,200,000 10,486
EURO STOXX 50 Index Put 12/20/2024 30 EUR 4,350.00 EUR 1,305,000 22,526
EURO STOXX 50 Index Put 01/17/2025 31 EUR 4,400.00 EUR 1,364,000 27,224
EURO STOXX 50 Index Put 03/21/2025 30 EUR 4,800.00 EUR 1,440,000 57,546
EURO STOXX 50 Index Put 02/21/2025 29 EUR 4,600.00 EUR 1,334,000 38,451
EURO STOXX 50 Index Put 04/19/2024 30 EUR 4,200.00 EUR 1,260,000 583
EURO STOXX 50 Index Put 08/16/2024 30 EUR 4,400.00 EUR 1,320,000 10,130
EURO STOXX 50 Index Put 09/20/2024 30 EUR 4,200.00 EUR 1,260,000 9,451
FTSE 100 Index Put 05/17/2024 19 GBP 7,800.00 GBP 1,482,000 13,789
FTSE 100 Index Put 06/21/2024 19 GBP 7,575.00 GBP 1,439,250 9,952
FTSE 100 Index Put 07/19/2024 19 GBP 7,575.00 GBP 1,439,250 14,868
FTSE 100 Index Put 09/20/2024 19 GBP 7,500.00 GBP 1,425,000 21,463
FTSE 100 Index Put 10/18/2024 19 GBP 7,500.00 GBP 1,425,000 26,379
FTSE 100 Index Put 11/15/2024 19 GBP 7,275.00 GBP 1,382,250 21,823
FTSE 100 Index Put 12/20/2024 19 GBP 7,450.00 GBP 1,415,500 33,333
FTSE 100 Index Put 01/17/2025 19 GBP 7,625.00 GBP 1,448,750 47,122
FTSE 100 Index Put 03/21/2025 19 GBP 7,625.00 GBP 1,448,750 53,477
FTSE 100 Index Put 02/21/2025 19 GBP 7,550.00 GBP 1,434,500 47,602
FTSE 100 Index Put 04/19/2024 19 GBP 7,575.00 GBP 1,439,250 1,439
FTSE 100 Index Put 08/16/2024 19 GBP 7,500.00 GBP 1,425,000 16,547
MSCI Emerging Markets Index Put 05/17/2024 24 USD 960.00 USD 2,304,000 4,380
MSCI Emerging Markets Index Put 06/21/2024 24 USD 960.00 USD 2,304,000 11,160
MSCI Emerging Markets Index Put 07/19/2024 24 USD 1,000.00 USD 2,400,000 36,360
MSCI Emerging Markets Index Put 10/18/2024 24 USD 950.00 USD 2,280,000 37,080
MSCI Emerging Markets Index Put 11/15/2024 24 USD 920.00 USD 2,208,000 35,640
MSCI Emerging Markets Index Put 12/20/2024 24 USD 990.00 USD 2,376,000 76,320
MSCI Emerging Markets Index Put 01/17/2025 24 USD 1,020.00 USD 2,448,000 103,560
MSCI Emerging Markets Index Put 03/21/2025 24 USD 1,030.00 USD 2,472,000 137,400
MSCI Emerging Markets Index Put 02/21/2025 24 USD 980.00 USD 2,352,000 82,080
MSCI Emerging Markets Index Put 04/19/2024 24 USD 975.00 USD 2,340,000 1,560
MSCI Emerging Markets Index Put 08/16/2024 24 USD 1,050.00 USD 2,520,000 89,280
MSCI Emerging Markets Index Put 09/20/2024 24 USD 990.00 USD 2,376,000 48,720
Nikkei 225 Index Put 06/14/2024 7 JPY 28,250.00 JPY 197,750,000 1,202
Nikkei 225 Index Put 06/14/2024 7 JPY 29,750.00 JPY 208,250,000 1,572
Nikkei 225 Index Put 09/13/2024 7 JPY 32,250.00 JPY 225,750,000 11,560
Nikkei 225 Index Put 09/13/2024 7 JPY 31,250.00 JPY 218,750,000 8,786
Nikkei 225 Index Put 09/13/2024 7 JPY 32,000.00 JPY 224,000,000 10,867
Nikkei 225 Index Put 12/13/2024 7 JPY 30,250.00 JPY 211,750,000 15,028
Nikkei 225 Index Put 12/13/2024 7 JPY 31,750.00 JPY 222,250,000 20,577
Nikkei 225 Index Put 12/13/2024 7 JPY 32,000.00 JPY 224,000,000 22,427
Nikkei 225 Index Put 03/14/2025 7 JPY 32,000.00 JPY 224,000,000 31,444
Nikkei 225 Index Put 03/14/2025 7 JPY 34,500.00 JPY 241,500,000 50,634
Nikkei 225 Index Put 03/14/2025 7 JPY 38,500.00 JPY 269,500,000 104,737
Nikkei 225 Index Put 06/14/2024 7 JPY 27,000.00 JPY 189,000,000 879
S&P 500 Mini Index Put 07/19/2024 22 USD 453.00 USD 996,600 4,224
S&P 500 Mini Index Put 10/18/2024 22 USD 437.00 USD 961,400 7,700
See accompanying notes which are an integral part of this consolidated schedule.
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 $8,635
S&P 500 Mini Index Put 12/20/2024 22 USD 465.00 USD 1,023,000 16,841
S&P 500 Mini Index Put 01/17/2025 23 USD 480.00 USD 1,104,000 23,725
S&P 500 Mini Index Put 03/21/2025 22 USD 520.00 USD 1,144,000 46,585
S&P 500 Mini Index Put 02/21/2025 21 USD 493.00 USD 1,035,300 28,917
S&P 500 Mini Index Put 04/19/2024 22 USD 415.00 USD 913,000 220
S&P 500 Mini Index Put 05/17/2024 22 USD 420.00 USD 924,000 638
S&P 500 Mini Index Put 06/21/2024 22 USD 425.00 USD 935,000 1,617
S&P 500 Mini Index Put 08/16/2024 22 USD 466.00 USD 1,025,200 7,403
S&P 500 Mini Index Put 09/20/2024 22 USD 460.00 USD 1,012,000 8,910
Total Index Options Purchased         $1,603,800
    
(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 129 June-2024 $11,010,150 $554,830 $554,830
Gasoline Reformulated Blendstock Oxygenate Blending 123 April-2024 14,054,620 887,638 887,638
Low Sulphur Gas Oil 50 April-2024 4,085,000 171,885 171,885
New York Harbor Ultra-Low Sulfur Diesel 120 April-2024 13,218,408 (65,585) (65,585)
Silver 26 May-2024 3,239,080 237,219 237,219
WTI Crude 89 August-2024 7,128,010 362,299 362,299
Subtotal 2,148,286 2,148,286
Equity Risk
E-Mini Russell 2000 Index 403 June-2024 43,239,885 820,396 820,396
E-Mini S&P 500 Index 7 June-2024 1,857,975 40,641 40,641
EURO STOXX 50 Index 172 June-2024 9,361,612 260,963 260,963
FTSE 100 Index 18 June-2024 1,814,769 61,252 61,252
MSCI Emerging Markets Index 986 June-2024 51,715,700 108,459 108,459
Nikkei 225 Index 80 June-2024 21,344,960 266,511 266,511
Subtotal 1,558,222 1,558,222
Interest Rate Risk
Australia 10 Year Bonds 790 June-2024 60,013,639 127,748 127,748
Canada 10 Year Bonds 558 June-2024 49,573,452 140,886 140,886
Euro-Bund 386 June-2024 55,544,242 324,470 324,470
Japan 10 year Bonds 90 June-2024 86,605,232 82,936 82,936
Long Gilt 423 June-2024 53,356,902 1,108,163 1,108,163
U.S. Treasury Long Bonds 256 June-2024 30,832,000 653,619 653,619
Subtotal 2,437,822 2,437,822
Total Futures Contracts $6,144,330 $6,144,330
    
(a) Futures contracts collateralized by $15,194,015 cash held with Goldman Sachs International, the futures commission merchant.
    
See accompanying notes which are an integral part of this consolidated schedule.
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 Dynamic Roll LME Copper Excess Return Index 2 0.27% Monthly 88,100 February—2025 USD 9,213,269 $— $272,713 $272,713
Canadian Imperial Bank of Commerce Receive Canadian Imperial Bank of Commerce Seasonally Enhanced Bean Oil Commodity Index 0.26 Monthly 12,800 February—2025 USD 1,488,453 — 42,961 42,961
Canadian Imperial Bank of Commerce Receive Canadian Imperial Bank of Commerce Seasonally Enhanced Cotton Commodity Excess Return Index 0.28 Monthly 18,800 February—2025 USD 3,170,861 — 27,416 27,416
Canadian Imperial Bank of Commerce Receive Canadian Imperial Bank of Commerce Soybean Meal 1 Excess Return Commodity Index 0.14 Monthly 17,900 February—2025 USD 3,822,531 — 5,669 5,669
Cargill, Inc. Receive Single Commodity Index Excess Return 0.24 Monthly 20,300 February—2025 USD 3,193,898 — 192,064 192,064
Cargill, Inc. Receive Single Commodity Index Excess Return 0.20 Monthly 10,630 February—2025 USD 5,223,617 — 160,726 160,726
Cargill, Inc. Receive Single Commodity Index Excess Return 0.22 Monthly 30,500 December—2024 USD 1,342,250 — 82,271 82,271
Cargill, Inc. Receive Single Commodity Index Excess Return 0.20 Monthly 11,400 July—2024 USD 2,141,740 — 29,313 29,313
Cargill, Inc. Receive Single Commodity Index Excess Return 0.12 Monthly 720 December—2024 USD 937,892 — 25,656 25,656
Goldman Sachs International Receive Enhanced Strategy AB42 on the S&P GSCI Soybeans Excess Return 0.14 Monthly 8,200 February—2025 USD 3,473,427 — 86,394 86,394
Goldman Sachs International Receive S&P GSCI Soybean Oil Excess Return Index 0.25 Monthly 27,000 February—2025 USD 3,260,307 — 163,831 163,831
J.P. Morgan Chase Bank, N.A. Receive S&P GSCI Gold Index Excess Return 0.09 Monthly 46,000 October—2024 USD 6,676,813 — 173,834 173,834
Macquarie Bank Ltd. Receive Macquarie Aluminium Dynamic Selection Index 0.30 Monthly 129,500 February—2025 USD 6,630,115 — 33,437 33,437
Macquarie Bank Ltd. Receive Macquarie Aluminum Dynamic Selection Index 0.15 Monthly 20,000 February—2025 USD 2,530,028 — 932 932
Merrill Lynch International Receive Merrill Lynch Gold Excess Return Index 0.12 Monthly 36,700 July—2024 USD 8,565,809 — 0 0
Merrill Lynch International Receive MLCISCE Excess Return Index 0.12 Monthly 33,000 February—2025 USD 1,567,606 — 0 0
Merrill Lynch International Receive MLCX Aluminum Annual Excess Return Index 0.28 Monthly 9,500 September—2024 USD 1,083,364 — 0 0
Merrill Lynch International Receive MLCX Natural Gas Annual Excess Return Index 0.25 Monthly 24,000 June—2024 USD 1,611,521 — 0 0
Merrill Lynch International Receive MLCX6CTE Excess Return Index 0.18 Monthly 25,000 February—2025 USD 2,560,067 — 0 0
Morgan Stanley and Co. International PLC Receive S&P GSCI Aluminum Dynamic Index Excess Return 0.30 Monthly 64,700 July—2024 USD 6,510,502 — 150,525 150,525
Royal Bank of Canada Receive RBC Commodity CT01 Excess Return Custom Index 0.28 Monthly 32,200 February—2025 USD 5,004,758 — 0 0
Royal Bank of Canada Receive RBC Commodity SO01 Excess Return Custom Index 0.18 Monthly 26,400 February—2025 USD 3,338,655 — 0 0
Subtotal                 — 1,447,742 1,447,742
See accompanying notes which are an integral part of this consolidated schedule.
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)
Equity Risk                      
BNP Paribas S.A. Receive BNP Paribas AIR VAR Intraday US Calendar Excess Return Index 0.10% Monthly 11,500 February—2025 USD 2,591,409 $— $15,036 $15,036
Goldman Sachs International Receive Systematic Volatility Carry DO Series 04 Excess Return Strategy 0.00 Monthly 24,000 February—2025 USD 2,554,601 — 10,759 10,759
Morgan Stanley and Co. International PLC Receive Morgan Stanley Volatility Relative Value SPX 0.00 Monthly 15,000 February—2025 USD 2,593,690 — 7,609 7,609
Subtotal                 — 33,404 33,404
Subtotal — Appreciation         — 1,481,146 1,481,146
Commodity Risk                      
Barclays Bank PLC Receive Barclays Commodity Strategy 1452 Excess Return Index 0.17 Monthly 7,600 June—2024 USD 5,550,823 — (107,303) (107,303)
Barclays Bank PLC Receive Barclays Soybeans Seasonal Index Excess Return 0.19 Monthly 9,200 February—2025 USD 3,364,870 — (20,120) (20,120)
Cargill, Inc. Receive Single Commodity Index Excess Return 0.21 Monthly 11,600 November—2024 USD 1,200,577 — (21,425) (21,425)
J.P. Morgan Chase Bank, N.A. Receive J.P. Morgan Contag Beta Gas Oil Excess Return Index 0.25 Monthly 26,700 February—2025 USD 10,916,853 — (37,028) (37,028)
Macquarie Bank Ltd. Receive Macquarie Single Commodity Soymeal type A Excess Return 0.17 Monthly 11,250 February—2025 USD 4,301,750 — (50,356) (50,356)
Subtotal                 — (236,232) (236,232)
Equity Risk                      
Citibank, N.A. Receive Citi EQ US Volatility Carry Series 5 Index 0.00 Monthly 15,000 February—2025 USD 2,572,669 — (2,420) (2,420)
Subtotal — Depreciation         — (238,652) (238,652)
Total — Total Return Swap Agreements         $— $1,242,494 $1,242,494
    
(a) Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $110,000.
(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.
    
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
Equity Risk                      
Barclays Bank PLC Receive MSCI Japan Quality Index TONAR - 0.200% Monthly 123,065 August—2024 JPY 469,154,546 $30 $71,979 $71,949
BNP Paribas S.A. Receive MSCI EMU Minimum Volatility Index 1 mo. EURIBOR - 0.335% Monthly 2,230 September—2024 EUR 7,613,644 — 62,191 62,191
BNP Paribas S.A. Receive MSCI EMU Quality Index 1mo. EURIBOR - 0.320% Monthly 2,020 July—2024 EUR 9,709,231 — 112,624 112,624
BNP Paribas S.A. Receive MSCI Japan Minimum Volatility Index TONAR - 0.285% Monthly 268,750 July—2024 JPY 953,987,250 — 170,379 170,379
BNP Paribas S.A. Receive MSCI Japan Minimum Volatility Index TONAR - 0.288% Monthly 252,593 August—2024 JPY 896,634,424 — 160,136 160,136
See accompanying notes which are an integral part of this consolidated schedule.
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
BNP Paribas S.A. Receive MSCI Japan Minimum Volatility Index TONAR - 0.298% Monthly 56,780 August—2024 JPY 201,553,102 $— $35,997 $35,997
BNP Paribas S.A. Receive MSCI Japan Quality Index TONAR - 0.145% Monthly 32,000 June—2024 JPY 121,992,000 — 18,716 18,716
BNP Paribas S.A. Receive MSCI Japan Quality Index TONAR - 0.170% Monthly 244,891 July—2024 JPY 933,585,715 — 143,233 143,233
BNP Paribas S.A. Receive MSCI Japan Quality Index TONAR - 0.185% Monthly 312,044 August—2024 JPY 1,189,589,739 — 182,510 182,510
Citibank, N.A. Receive Invesco UK Broad Low Volatility Net Total Return Index SONIA + 0.190% Monthly 450 May—2024 GBP 2,427,529 — 76,640 76,640
Citibank, N.A. Receive Invesco UK Broad Low Volatility Net Total Return Index SONIA + 0.355% Monthly 170 August—2024 GBP 906,977 — 41,688 41,688
Citibank, N.A. Receive Invesco UK Broad Price Momentum Net Total Return Index SONIA + 0.325% Monthly 290 August—2024 GBP 1,955,012 — 80,141 80,141
Citibank, N.A. Receive Invesco UK Broad Price Momentum Net Total Return Index SONIA + 0.355% Monthly 110 August—2024 GBP 729,034 — 46,203 46,203
Citibank, N.A. Receive Invesco UK Broad Quality Net Total Return Index SONIA + 0.325% Monthly 538 June—2024 GBP 4,028,517 — 116,944 116,944
Citibank, N.A. Receive MSCI EMU Minimum Volatility Index 1 mo. EURIBOR - 0.575% Monthly 200 June—2024 EUR 675,478 — 13,518 13,518
Citibank, N.A. Receive MSCI EMU Momentum Index 1 mo. EURIBOR - 0.520% Monthly 80 June—2024 EUR 502,092 — 15,886 15,886
Citibank, N.A. Receive MSCI EMU Momentum Index 1mo. EURIBOR - 0.525% Monthly 1,450 June—2024 EUR 9,100,412 — 287,939 287,939
Citibank, N.A. Receive MSCI Japan Minimum Volatility Index TONAR - 0.20% Monthly 40,000 August—2024 JPY 143,691,200 — 0 0
Citibank, N.A. Receive MSCI Japan Minimum Volatility Index TONAR - 0.200% Monthly 40,000 August—2024 JPY 143,691,200 — 14,113 14,113
Citibank, N.A. Receive MSCI Japan Minimum Volatility Index TONAR - 0.260% Monthly 85,627 June—2024 JPY 303,951,875 — 54,285 54,285
Citibank, N.A. Receive MSCI Japan Minimum Volatility Index TONAR - 0.280% Monthly 26,250 June—2024 JPY 93,180,150 — 16,642 16,642
Goldman Sachs International Receive MSCI Japan Minimum Volatility Index TONAR - 0.300% Monthly 50,000 June—2024 JPY 177,486,000 — 31,698 31,698
See accompanying notes which are an integral part of this consolidated schedule.
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
J.P. Morgan Chase Bank, N.A. Receive Invesco U.S. Large Cap Broad Price Momentum Total Return Index SOFR + 0.420% Monthly 760 June—2024 USD 7,076,421 $— $117,633 $117,633
J.P. Morgan Chase Bank, N.A. Receive Invesco U.S. Large Cap Broad Quality Total Return Index SOFR + 0.440% Monthly 580 April—2024 USD 7,331,855 — 124,897 124,897
J.P. Morgan Chase Bank, N.A. Receive Invesco U.S. Low Volatility Total Return Index SOFR + 0.415% Monthly 950 June—2024 USD 6,781,432 — 122,597 122,597
J.P. Morgan Chase Bank, N.A. Receive Invesco U.S. Low Volatility Total Return Index SOFR + 0.415% Monthly 70 June—2024 USD 499,684 — 9,033 9,033
J.P. Morgan Chase Bank, N.A. Receive Invesco UK Broad Low Volatility Net Total Return Index SONIA + 0.240% Monthly 950 May—2024 GBP 5,124,784 — 161,797 161,797
J.P. Morgan Chase Bank, N.A. Receive Invesco UK Broad Low Volatility Net Total Return Index SONIA + 0.350% Monthly 170 May—2024 GBP 917,067 — 28,953 28,953
J.P. Morgan Chase Bank, N.A. Receive Invesco UK Broad Price Momentum Net Total Return Index SONIA + 0.310% Monthly 880 May—2024 GBP 5,932,450 — 243,186 243,186
J.P. Morgan Chase Bank, N.A. Receive Invesco UK Broad Price Momentum Net Total Return Index SONIA + 0.350% Monthly 120 May—2024 GBP 808,970 — 33,162 33,162
J.P. Morgan Chase Bank, N.A. Receive Invesco UK Broad Quality Net Total Return Index SONIA + 0.370% Monthly 130 April—2024 GBP 973,433 — 28,258 28,258
J.P. Morgan Chase Bank, N.A. Receive MSCI EMU Minimum Volatility Index 1 mo. EURIBOR - 0.585% Monthly 320 July—2024 EUR 1,080,765 — 21,629 21,629
Merrill Lynch International Receive Invesco UK Broad Quality Net Total Return Index SONIA + 0.325% Monthly 532 July—2024 GBP 3,983,589 — 115,639 115,639
Total — Total Return Swap Agreements         $30 $2,760,246 $2,760,216
    
(a) Open Over-The-Counter Total Return Swap Agreements are collateralized by cash held with the swap Counterparties in the amount of $110,000.
(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 Dynamic Roll LME Copper Excess Return Index 2    
  Long Futures Contracts  
  Copper 100%
See accompanying notes which are an integral part of this consolidated schedule.
Invesco V.I. Balanced-Risk Allocation Fund
Reference Entity Components—(continued)
Reference Entity Underlying Components Percentage
Canadian Imperial Bank of Commerce Seasonally Enhanced Bean Oil Commodity Index    
  Long Futures Contracts  
  Soybean Oil 100%
Canadian Imperial Bank of Commerce Seasonally Enhanced Cotton Commodity Excess Return Index    
  Long Futures Contracts  
  Cotton 100%
Canadian Imperial Bank of Commerce Soybean Meal 1 Excess Return Commodity Index    
  Long Futures Contracts  
  Soybean Meal 100%
Single Commodity Index Excess Return    
  Long Futures Contracts  
  Coffee 100%
Enhanced Strategy AB42 on the S&P GSCI Soybeans Excess Return    
  Long Futures Contracts  
  Soybean 100%
S&P GSCI Soybean Oil Excess Return Index    
  Long Futures Contracts  
  Soybean Oil 100%
S&P GSCI Gold Index Excess Return    
  Long Futures Contracts  
  Gold 100%
Macquarie Aluminium Dynamic Selection Index    
  Long Futures Contracts  
  Aluminium 100%
Merrill Lynch Gold Excess Return Index    
  Long Futures Contracts  
  Gold 100%
MLCISCE Excess Return Index    
  Long Futures Contracts  
  Corn 100%
MLCX Aluminum Annual Excess Return Index    
  Long Futures Contracts  
  Aluminium 100%
MLCX Natural Gas Annual Excess Return Index    
  Long Futures Contracts  
  Natural Gas 100%
MLCX6CTE Excess Return Index    
  Long Futures Contracts  
  Cotton 100%
See accompanying notes which are an integral part of this consolidated schedule.
Invesco V.I. Balanced-Risk Allocation Fund
Reference Entity Components—(continued)
Reference Entity Underlying Components Percentage
S&P GSCI Aluminum Dynamic Index Excess Return    
  Long Futures Contracts  
  Aluminium 100%
RBC Commodity CT01 Excess Return Custom Index    
  Long Futures Contracts  
  Cotton 100%
RBC Commodity SO01 Excess Return Custom Index    
  Long Futures Contracts  
  Soybean 100%
Barclays Commodity Strategy 1452 Excess Return Index    
  Long Futures Contracts  
  Copper 100%
Barclays Soybeans Seasonal Index Excess Return    
  Long Futures Contracts  
  Soybean 100%
Single Commodity Index Excess Return    
  Long Futures Contracts  
  Soybean Oil 100%
J.P. Morgan Contag Beta Gas Oil Excess Return Index    
  Long Futures Contracts  
  Gas Oil 100%
Macquarie Single Commodity Soymeal type A Excess Return    
  Long Futures Contracts  
  Soybean Meal 100%
    
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
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 consolidated schedule.
Invesco V.I. Balanced-Risk Allocation Fund
Notes to Quarterly Consolidated 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 consolidated 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        
U.S. Treasury Securities $— $8,802,917 $— $8,802,917
Money Market Funds 420,392,920 — — 420,392,920
Options Purchased 1,603,800 — — 1,603,800
Total Investments in Securities 421,996,720 8,802,917 — 430,799,637
Other Investments - Assets*        
Futures Contracts 6,209,915 — — 6,209,915
Swap Agreements — 4,241,362 — 4,241,362
  6,209,915 4,241,362 — 10,451,277
Other Investments - Liabilities*        
Futures Contracts (65,585) — — (65,585)
Swap Agreements — (238,652) — (238,652)
  (65,585) (238,652) — (304,237)
Total Other Investments 6,144,330 4,002,710 — 10,147,040
Total Investments $428,141,050 $12,805,627 $— $440,946,677
    
* Unrealized appreciation (depreciation).
Invesco V.I. Balanced-Risk Allocation Fund