NPORT-EX 2 edgar.htm EDGAR HTML
Schedule of Investments  
March 31, 2025
(Unaudited)
 
 
Principal
Amount
Value
U.S. Government Sponsored Agency Mortgage-Backed
Securities–65.76%
Collateralized Mortgage Obligations–7.39%
Fannie Mae ACES, Series 2019-M5,
Class A2,
3.27%, 02/25/2029
 
$4,658,714
$4,498,681
Fannie Mae REMICs,
7.00%, 09/18/2027
 
3,401
3,403
1.50%, 01/25/2028
 
316,276
308,049
6.50%, 03/25/2032
 
161,884
169,739
5.75%, 10/25/2035
 
29,132
29,852
4.75% (30 Day Average SOFR +
0.41%), 05/25/2036(a)
 
607,713
602,519
4.90% (30 Day Average SOFR +
0.56%), 03/25/2037(a)
 
358,262
354,340
6.60%, 06/25/2039(b)
 
805,233
837,729
4.00%, 07/25/2040
 
432,578
424,452
5.00% (30 Day Average SOFR +
0.66%), 02/25/2041(a)
 
109,153
109,085
4.95% (30 Day Average SOFR +
0.61%), 05/25/2041(a)
 
167,088
166,745
4.97% (30 Day Average SOFR +
0.63%), 11/25/2041(a)
 
380,061
378,097
4.76% (30 Day Average SOFR +
0.43%), 08/25/2044(a)
 
475,372
463,424
4.92% (30 Day Average SOFR +
0.59%), 02/25/2056(a)
 
937,292
960,641
4.86% (30 Day Average SOFR +
0.53%), 12/25/2056(a)
 
1,208,755
1,181,869
IO,
2.00%, 03/25/2051(c)
 
2,376,001
310,753
Freddie Mac Multifamily Structured
Pass-Through Ctfs.,
Series KS11, Class AFX1,
2.15%, 12/25/2028
 
3,926,594
3,760,317
Series K092, Class AM,
3.02%, 04/25/2029
 
5,000,000
4,757,856
Freddie Mac REMICs,
4.96% (30 Day Average SOFR +
0.61%), 12/15/2035(a)
 
403,624
402,341
4.76% (30 Day Average SOFR +
0.41%), 03/15/2036 to
09/15/2044(a)
 
518,678
515,655
4.79% (30 Day Average SOFR +
0.46%), 11/15/2036(a)
 
651,600
642,526
4.83% (30 Day Average SOFR +
0.48%), 03/15/2037(a)
 
348,358
345,072
4.86% (30 Day Average SOFR +
0.51%), 06/15/2037(a)
 
524,584
520,640
5.32% (30 Day Average SOFR +
0.97%), 11/15/2039(a)
 
194,606
195,842
4.91% (30 Day Average SOFR +
0.56%), 03/15/2040 to
02/15/2042(a)
 
1,372,286
1,352,869
Freddie Mac STRIPS,
4.79% (30 Day Average SOFR +
0.46%), 10/15/2037(a)
 
498,916
491,951
 
 
23,784,447
 
Principal
Amount
Value
Commercial & Residential Mortgage Finance–10.99%
TBA,
2.50%, 04/01/2055(d)
 
$7,840,000
$6,520,294
3.00%, 04/01/2055(d)
 
7,370,000
6,388,298
5.00%, 04/01/2055(d)
 
13,920,000
13,644,477
6.00%, 04/01/2055(d)
 
8,670,000
8,806,971
 
 
35,360,040
Federal Home Loan Mortgage Corp. (FHLMC)–12.60%
8.00%, 12/01/2025 to
02/01/2035
 
37,918
38,421
7.00%, 01/01/2026 to
11/01/2035
 
660,693
691,686
8.50%, 12/01/2026 to
08/01/2031
 
27,508
28,121
7.05%, 05/20/2027
 
4,888
4,894
6.50%, 08/01/2028 to
12/01/2035
 
535,877
554,661
6.00%, 09/01/2029 to
12/01/2053
 
5,435,786
5,548,034
7.50%, 09/01/2030 to
06/01/2035
 
233,549
239,491
6.03%, 10/20/2030
 
194,475
196,847
3.00%, 02/01/2032 to
01/01/2050
 
7,712,012
6,855,313
2.50%, 09/01/2034 to
12/01/2050
 
10,549,201
9,545,014
5.00%, 01/01/2037 to
01/01/2040
 
290,381
293,363
4.50%, 01/01/2040 to
08/01/2041
 
1,480,504
1,461,485
5.50%, 11/01/2052 to
05/01/2053
 
12,205,709
12,311,388
ARM,
7.10% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.88%),
09/01/2035(a)
 
608,577
627,461
7.27% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.86%),
07/01/2036(a)
 
649,127
673,156
7.08% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.91%),
10/01/2036(a)
 
24,024
24,958
7.15% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.51%),
10/01/2036(a)
 
204,203
209,087
6.76% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.95%),
11/01/2037(a)
 
99,764
102,360
7.08% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks +
2.08%), 01/01/2038(a)
 
14,306
14,678
7.14% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.85%),
07/01/2038(a)
 
165,840
170,938
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Government Securities Fund
 
Principal
Amount
Value
Federal Home Loan Mortgage Corp. (FHLMC)–(continued)
7.09% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.78%),
06/01/2043(a)
 
$188,408
$195,308
6.53% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.64%),
01/01/2048(a)
 
741,244
764,114
 
 
40,550,778
Federal National Mortgage Association (FNMA)–13.35%
0.50%, 11/07/2025
 
4,000,000
3,909,451
6.50%, 07/01/2026 to
11/01/2037
 
428,786
446,476
8.00%, 09/01/2026 to
10/01/2037
 
556,047
580,586
8.50%, 10/01/2026 to
12/01/2036
 
104,132
109,226
7.50%, 12/01/2026 to
08/01/2037
 
883,770
904,894
3.50%, 05/01/2027 to
08/01/2027
 
411,457
405,122
6.00%, 06/01/2027 to
10/01/2053
 
5,703,501
5,867,320
0.75%, 10/08/2027
 
6,000,000
5,551,038
7.00%, 01/01/2028 to
02/01/2036
 
279,323
290,617
3.00%, 12/01/2031 to
03/01/2050
 
3,860,949
3,563,735
5.00%, 08/01/2033 to
04/01/2053
 
3,320,764
3,276,342
2.50%, 12/01/2034 to
07/01/2035
 
7,206,571
6,707,801
5.50%, 04/01/2035 to
05/01/2035
 
420,135
428,561
2.00%, 09/01/2035 to
03/01/2051
 
6,243,245
5,269,812
4.50%, 06/01/2039 to
08/01/2041
 
1,365,418
1,342,863
4.00%, 09/01/2043 to
12/01/2048
 
3,785,523
3,603,188
ARM,
6.80% (1 yr. U.S. Treasury Yield
Curve Rate + 2.36%),
10/01/2034(a)
 
356,269
366,801
6.91% (1 yr. U.S. Treasury Yield
Curve Rate + 2.20%),
05/01/2035(a)
 
34,300
35,507
6.82% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.72%),
03/01/2038(a)
 
10,669
10,916
6.79% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.77%),
02/01/2042(a)
 
102,223
105,128
7.27% (1 yr. Refinitiv USD IBOR
Consumer Cash Fallbacks + 1.52%),
08/01/2043(a)
 
67,898
69,555
6.88% (1 yr. U.S. Treasury Yield
Curve Rate + 1.88%),
05/01/2044(a)
 
127,004
129,778
 
 
42,974,717
 
Principal
Amount
Value
Government National Mortgage Association (GNMA)–21.43%
6.50%, 04/15/2025 to
09/15/2034
 
$492,622
$507,413
7.50%, 12/20/2025 to
10/15/2035
 
217,254
225,936
8.00%, 07/15/2026 to
01/15/2037
 
287,206
296,371
6.38%, 10/20/2027
 
19,303
19,279
7.00%, 11/15/2027 to
12/15/2036
 
236,412
240,780
6.00%, 09/15/2029 to
08/15/2033
 
139,141
142,189
6.10%, 12/20/2033
 
1,144,382
1,184,205
5.66%, 08/20/2034(b)
 
268,827
274,153
8.50%, 10/15/2036 to
01/15/2037
 
97,980
99,214
5.88%, 01/20/2039(b)
 
1,118,303
1,155,285
5.23% (1 mo. Term SOFR +
0.91%), 09/16/2039(a)
 
293,963
295,228
5.13% (1 mo. Term SOFR +
0.81%), 05/20/2040(a)
 
721,593
721,432
4.53%, 07/20/2041(b)
 
198,964
199,644
4.72%, 09/20/2041
 
623,782
628,920
4.68% (1 mo. Term SOFR +
0.36%), 01/20/2042(a)
 
8,232
8,064
3.50%, 10/20/2042 to
06/20/2050
 
4,703,855
4,326,436
4.74% (1 mo. Term SOFR +
0.41%), 08/20/2047(a)
 
1,418,236
1,377,984
3.00%, 10/20/2048 to
11/20/2049
 
7,655,681
6,847,024
2.50%, 07/20/2049
 
2,198,850
1,941,199
TBA,
2.50%, 04/01/2055(d)
 
7,620,000
6,500,442
4.50%, 04/01/2055(d)
 
10,700,000
10,266,984
5.00%, 04/01/2055(d)
 
12,200,000
12,001,119
5.50%, 04/01/2055(d)
 
13,465,000
13,494,777
6.00%, 04/01/2055(d)
 
3,900,000
3,958,685
Series 2020-137, Class A,
1.50%, 04/16/2062
 
3,026,179
2,281,794
 
 
68,994,557
Total U.S. Government Sponsored Agency
Mortgage-Backed Securities
(Cost $219,862,645)
211,664,539
U.S. Treasury Securities–22.49%
U.S. Treasury Bills–0.74%
4.23%, 05/29/2025(e)(f)
 
2,400,000
2,383,635
U.S. Treasury Bonds–1.06%
5.38%, 02/15/2031
 
3,200,000
3,426,125
U.S. Treasury Notes–20.69%
2.13%, 05/15/2025
 
6,680,000
6,662,042
2.25%, 11/15/2025
 
2,800,000
2,767,925
0.38% - 2.88%, 11/30/2025
 
10,500,000
10,282,193
0.38%, 12/31/2025
 
5,000,000
4,863,589
0.88%, 06/30/2026
 
2,000,000
1,924,687
1.50%, 08/15/2026
 
7,450,000
7,205,983
1.13%, 02/28/2027
 
9,159,000
8,693,358
2.38%, 05/15/2027
 
3,700,000
3,585,604
0.50%, 06/30/2027
 
1,900,000
1,762,881
2.25%, 11/15/2027
 
2,900,000
2,782,357
2.75%, 02/15/2028
 
1,900,000
1,842,072
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Government Securities Fund
 
Principal
Amount
Value
U.S. Treasury Notes–(continued)
1.25%, 06/30/2028
 
$4,500,000
$4,140,088
2.88%, 08/15/2028
 
7,500,000
7,259,033
2.38%, 05/15/2029
 
2,600,000
2,448,215
1.63%, 08/15/2029
 
400,000
363,703
 
 
66,583,730
Total U.S. Treasury Securities (Cost $75,110,624)
72,393,490
Commercial Paper–12.74%
Diversified Banks–7.15%
Bank of Nova Scotia (The) (Canada),
4.67% (SOFR + 0.34%),
04/11/2025(a)(g)
 
4,000,000
4,000,277
Canadian Imperial Bank of Commerce
(Canada), 4.67% (SOFR + 0.35%),
08/13/2025(a)(g)
 
4,000,000
4,002,948
Swedbank AB (Sweden), 4.71% (SOFR
+ 0.36%), 06/25/2025(a)(g)
 
6,000,000
6,003,399
UBS AG (Switzerland), 4.72% (SOFR +
0.37%), 05/01/2025(a)(g)
 
9,000,000
9,002,292
 
 
23,008,916
Diversified Financial Services–5.59%
BofA Securities, Inc., 4.67% (SOFR +
0.28%), 03/19/2026(a)
 
8,000,000
8,002,232
JP Morgan Securities LLC,
4.74% (SOFR + 0.39%),
11/26/2025(a)(g)
 
6,000,000
6,004,690
4.77% (SOFR + 0.44%),
12/10/2025(a)(g)
 
4,000,000
4,004,820
 
 
18,011,742
Total Commercial Paper (Cost $41,000,000)
41,020,658
Certificates of Deposit–11.50%
Diversified Banks–9.32%
Bank of Montreal (Canada), 4.63%
(SOFR + 0.30%), 03/19/2026(a)
 
8,000,000
8,001,686
BNP Paribas S.A. (France), 4.67%
(SOFR + 0.33%), 02/06/2026(a)
 
9,000,000
9,008,883
Credit Industriel et Commercial
(France), 4.72% (SOFR + 0.38%),
08/20/2025(a)
 
4,000,000
4,003,726
Mizuho Bank Ltd. (Japan), 4.68%
(SOFR + 0.31%), 02/25/2026(a)
 
9,000,000
9,002,322
 
 
30,016,617
Homebuilding–2.18%
Standard Chartered Bank (United
Kingdom), 4.73% (SOFR + 0.36%),
07/24/2025(a)
 
7,000,000
7,009,555
Total Certificates of Deposit (Cost $37,000,775)
37,026,172
 
Asset-Backed Securities–5.62%(h)
Banc of America Commercial Mortgage
Trust, Series 2015-UBS7, Class XA,
IO, 0.71%, 09/15/2048(i)
 
10,950,735
7,126
Bank, Series 2017-BNK5, Class AS,
3.62%, 06/15/2060
 
1,800,000
1,735,798
 
Principal
Amount
Value
 
Bear Stearns Adjustable Rate Mortgage
Trust, Series 2004-10, Class 12A1,
0.00%, 01/25/2035(b)(j)
 
$159,696
$155,053
Chase Mortgage Finance Corp.,
Series 2016-SH1, Class M3,
3.75%, 04/25/2045(b)(g)
 
691,714
627,360
Series 2016-SH2, Class M3,
3.75%, 12/25/2045(b)(g)
 
928,681
856,224
CHNGE Mortgage Trust,
Series 2023-3, Class A1, 7.10%,
07/25/2058(g)
 
1,548,105
1,566,800
FRESB Mortgage Trust, Series 2019-
SB63, Class A5, 5.17% (30 Day
Average SOFR + 0.81%),
02/25/2039(a)
 
2,296,796
2,264,046
GCAT Trust, Series 2020-NQM1,
Class A3, 3.55%, 01/25/2060(g)
 
1,653,042
1,610,932
New Residential Mortgage Loan Trust,
Series 2018-4A, Class A1S, 5.18%
(1 mo. Term SOFR + 0.86%),
01/25/2048(a)(g)
 
694,384
678,397
SMB Private Education Loan Trust,
Series 2021-D, Class A1A, 1.34%,
03/17/2053(g)
 
1,144,599
1,069,635
Textainer Marine Containers VII Ltd.
(China),
Series 2020-3A, Class A, 2.11%,
09/20/2045(g)
 
1,473,888
1,385,897
Series 2021-2A, Class B, 2.82%,
04/20/2046(g)
 
2,746,667
2,526,925
Verus Securitization Trust,
Series 2023-INV3, Class A3,
7.73%, 11/25/2068(b)(g)
 
3,540,011
3,621,202
Total Asset-Backed Securities (Cost $18,717,605)
18,105,395
U.S. Government Sponsored Agency Securities–4.50%
Federal Home Loan Bank (FHLB)–4.50%
Federal Home Loan Bank, 0.50%,
04/14/2025
(Cost $14,500,200)
 
14,500,000
14,480,624
 
Agency Credit Risk Transfer Notes–1.01%
Freddie Mac, Series 2022-HQA3,
Class M1, STACR®, 6.64% (30 Day
Average SOFR + 2.30%),
08/25/2042
(Cost $3,196,025)(a)(g)
 
3,177,278
3,236,349
 

Shares
 
Money Market Funds–1.41%
Invesco Government & Agency Portfolio,
Institutional Class, 4.29%(k)(l)
(Cost $4,539,033)
4,539,033
4,539,033
TOTAL INVESTMENTS IN SECURITIES–125.03%
(Cost $413,926,907)
402,466,260
OTHER ASSETS LESS LIABILITIES—(25.03)%
(80,572,775
)
NET ASSETS–100.00%
$321,893,485
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Government Securities Fund
Investment Abbreviations: 
ACES
– Automatically Convertible Extendable Security
ARM
– Adjustable Rate Mortgage
Ctfs.
– Certificates
IBOR
– Interbank Offered Rate
IO
– Interest Only
REMICs
– Real Estate Mortgage Investment Conduits
SOFR
– Secured Overnight Financing Rate
STACR®
– Structured Agency Credit Risk
STRIPS
– Separately Traded Registered Interest and Principal Security
TBA
– To Be Announced
USD
– U.S. Dollar
Notes to Schedule of Investments: 
(a)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on March 31, 2025.
(b)
Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is
the rate in effect on March 31, 2025.
(c)
Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.
(d)
Security purchased on a forward commitment basis. This security is subject to dollar roll transactions.
(e)
All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts.
(f)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(g)
Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be
resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at
March 31, 2025 was $50,198,147, which represented 15.59% of the Fund’s Net Assets.
(h)
Non-U.S. government sponsored securities.
(i)
Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined
periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on
March 31, 2025.
(j)
Zero coupon bond issued at a discount.
(k)
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, 2025.
 
 
Value
December 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
March 31, 2025
Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional
Class
$2,935,626
$38,839,020
$(37,235,613)
$-
$-
$4,539,033
$45,929
 
(l)
The rate shown is the 7-day SEC standardized yield as of March 31, 2025.
 
Open Futures Contracts
Long Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
(Depreciation)
Interest Rate Risk
U.S. Treasury 2 Year Notes
296
June-2025
$61,322,876
$335,534
$335,534
U.S. Treasury 5 Year Notes
875
June-2025
94,636,719
1,070,524
1,070,524
U.S. Treasury 10 Year Notes
391
June-2025
43,486,531
610,527
610,527
U.S. Treasury 10 Year Ultra Notes
54
June-2025
6,162,750
62,801
62,801
Subtotal—Long Futures Contracts
2,079,386
2,079,386
Short Futures Contracts
 
 
 
 
 
Interest Rate Risk
U.S. Treasury Long Bonds
183
June-2025
(21,462,469
)
(222,908
)
(222,908
)
U.S. Treasury Ultra Bonds
34
June-2025
(4,156,500
)
(28,766
)
(28,766
)
Subtotal—Short Futures Contracts
(251,674
)
(251,674
)
Total Futures Contracts
$1,827,712
$1,827,712
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. Government Securities Fund
Notes to Quarterly Schedule of Portfolio Holdings
March 31, 2025
(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. When market movements occur after the close of the relevant foreign securities markets, foreign securities may be fair valued utilizing an independent pricing service.
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, 2025. 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
U.S. Government Sponsored Agency Mortgage-Backed Securities
$—
$211,664,539
$—
$211,664,539
U.S. Treasury Securities
—
72,393,490
—
72,393,490
Commercial Paper
—
41,020,658
—
41,020,658
Certificates of Deposit
—
37,026,172
—
37,026,172
Asset-Backed Securities
—
18,105,395
—
18,105,395
U.S. Government Sponsored Agency Securities
—
14,480,624
—
14,480,624
Agency Credit Risk Transfer Notes
—
3,236,349
—
3,236,349
Money Market Funds
4,539,033
—
—
4,539,033
Total Investments in Securities
4,539,033
397,927,227
—
402,466,260
Other Investments - Assets*
Futures Contracts
2,079,386
—
—
2,079,386
Other Investments - Liabilities*
Futures Contracts
(251,674
)
—
—
(251,674
)
Total Other Investments
1,827,712
—
—
1,827,712
Total Investments
$6,366,745
$397,927,227
$—
$404,293,972
 
*
Unrealized appreciation (depreciation).
Invesco V.I. Government Securities Fund