Invesco V.I. High Yield Fund
Data updated: 2026-08-25
C000000408 — Invesco V.I. High Yield Fund. Intermediate Corporate Bond · $38.85M AUM · 0.92% expense ratio. Holdings, fees, performance and SEC filings.
C000000408 Fund Overview
Invesco V.I. High Yield Fund is a US mutual fund managed by AIM Variable Insurance Funds (Invesco Variable Insurance Funds), categorised as Intermediate Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: AIM Variable Insurance Funds (Invesco Variable Insurance Funds)
- Category: Intermediate Corporate Bond
- Assets under management: $38.85M
- 1-year return: 5.2%
- SEC CIK: 0000896435
- SEC series ID: S000000181
- Share class ID: C000000408
C000000408 Investment Objective and Strategy
Invesco V.I. High Yield Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by AIM Variable Insurance Funds (Invesco Variable Insurance Funds).
Investment objective
The Funds investment objective is total return, comprised of current income and capital appreciation.
Principal investment strategy
The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in debt securities that are determined to be below investment grade quality and in derivatives and other instruments that have economic characteristics similar to such securities. These types of securities are commonly referred to as junk bonds. Investment grade securities are: (i) securities rated BBB- or higher by S&P Global Ratings (S&P) or Baa3 or higher by Moodys Ratings (Moodys) or an equivalent rating by another nationally recognized statistical rating organization (NRSRO), (ii) securities with comparable short-term NRSRO ratings, or (iii) unrated securities determined by Invesco Advisers, Inc. (Invesco or the Adviser) to be of comparable quality, each at the time of purchase.
If two or more NRSROs have assigned different ratings to a security, the Adviser uses the lowest rating assigned. The Fund will principally invest in junk bonds rated B - or above by an NRSRO at the time of investment or, if unrated, deemed to be of comparable quality by the Adviser. The Fund may invest in preferred stocks and convertible securities, which are securities that generally pay interest and may be converted into common stock. The Fund may invest up to 25% of its net assets in foreign securities. With regard to foreign security holdings, up to 15% of the Funds net assets may be in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles. The Fund may also invest in securities not considered foreign securities that carry foreign credit exposure.
The Fund may purchase mortgage-backed and asset-backed securities such as collateralized mortgage obligations (CMOs), collateralized loan obligations (CLOs) and collateralized debt obligations (CDOs) of any rating. The Fund may invest up to 15% of its net assets in illiquid or thinly traded investments. The Fund also may invest in securities that are subject to resale restrictions such as those contained in Rule 144A promulgated under the Securities Act of 1933, as amended. The Fund may also purchase municipal securities. The Funds investments may include securities that do not produce immediate cash income, such as zero coupon securities and payment-in-kind securities. The Fund may also invest, subject to an overall 15% limit on loans, in loan participations or assignments. The Fund may also invest in real estate investment trusts (REITs) and in the securities of other investment companies, including ETFs.
The Fund can invest in derivative instruments, including swap contracts, options, futures contracts and forward foreign currency contracts. The Fund can use swap contracts, including interest rate swaps, to seek to hedge or adjust its exposure to interest rates. The Fund can also use swap contracts, including credit default swaps, to gain or reduce exposure to an asset class or a particular issue. The Fund can further use swap contracts, including credit default index swaps, to seek to hedge credit risk or take a position on a basket of credit entities and to gain or reduce exposure to an asset class or a particular issue; and use total return swaps to gain exposure to a reference asset. The Fund can use options, including credit default swap options, to gain the right to enter into a credit default swap at a specified future date.
The Fund can further use swaptions (options on swaps) to manage interest rate risk; currency options to manage currency exposure; and options on bond or rate futures to manage interest rate exposure. The Fund can use futures contracts, including interest rate futures, to increase or reduce its exposure to interest rate changes. The Fund can also use currency futures contracts and/or forward foreign currency contracts to seek to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated. In selecting securities for the Funds portfolio, the Adviser focuses on securities that it believes have favorable prospects for high current income and the possibility of growth of capital. The Adviser conducts a bottom-up fundamental analysis of an issuer before its securities are purchased by the Fund.
The fundamental analysis involves an evaluation by a team of credit analysts of an issuers financial statements in order to assess its financial condition. The credit analysts also assess the ability of an issuer to reduce its leverage (i.e., the amount of borrowed debt). The bottom-up fundamental analysis is supplemented by an ongoing review of the securities relative value compared with other junk bonds, and a top-down analysis of sector and macro-economic trends, such as changes in interest rates. The portfolio managers attempt to control the Funds risk by limiting the portfolios assets that are invested in any one security, and by diversifying the portfolios holdings over a number of different industries. Although the Fund is actively managed, it is reviewed regularly against its style-specific benchmark index (the Bloomberg U.S.
Corporate High Yield 2% Issuer Cap Index) to assess the portfolios relative risk and its positioning. Decisions to purchase or sell securities are determined by the relative value considerations of the portfolio managers that factor in economic and credit-related fundamentals, market supply and demand, market dislocations and situation-specific opportunities. The purchase or sale of securities may be related to a decision to alter the Funds macro risk exposure (such as duration, yield, curve positioning and sector exposure), a need to limit or reduce the Funds exposure to a particular security or issuer, degradation of an issuers credit quality, or general liquidity needs of the Fund. In attempting to meet its investment objective or to manage subscription and redemption requests, the Fund may engage in active and frequent trading of portfolio securities.
The credit research process utilized by the Fund to implement its investment strategy in pursuit of its investment objective considers factors that may include, but are not limited to, an issuers operations, capital structure and environmental, social and governance (ESG) considerations. Credit quality analysis for certain issuers therefore may consider whether any ESG factors pose a material financial risk or opportunity to an issuer. The portfolio managers may determine that ESG considerations are not material to certain issuers or types of investments held by the Fund. In addition, not all issuers or investments in the Fund may undergo a credit quality analysis that considers ESG factors, and not all investments held by the Fund will rate strongly on ESG criteria.
C000000408 Holdings
Top 10 holdings of Invesco V.I. High Yield Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| iShares Broad USD High Yield Corporate Bond ETF | 3.75% |
| Invesco Treasury Portfolio | 3.03% |
| Invesco Government & Agency Portfolio | 1.63% |
| Invesco Private Prime Fund | 1.37% |
| Clear Channel Outdoor Holdings, Inc. | 1.19% |
| TransDigm, Inc. | 0.99% |
| American Axle & Manufacturing, Inc. | 0.96% |
| DISH DBS Corp. | 0.96% |
| 1261229 B.C. Ltd. | 0.94% |
| iShares iBoxx High Yield Corporate Bond ETF | 0.94% |
C000000408 Portfolio Allocation
Asset-class allocation of Invesco V.I. High Yield Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 81.0% |
| Equity | 7.0% |
| Cash & Equivalents | 6.5% |
| Loans | 6.3% |
| Derivatives | 0.1% |
C000000408 Performance
Total returns for C000000408 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 1.9% |
| 1 year | 5.2% |
| 3 years (annualised) | 7.6% |
| 5 years (annualised) | 3.4% |
C000000408 Risk Information
Risk metrics for C000000408, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 2.4%
C000000408 Costs and Fees
C000000408 costs about $92 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.92%
- Gross expense ratio: 0.92%
- Portfolio turnover: 191%
- Brokerage commissions: 0.03 bps of average net assets (SEC N-CEN)
C000000408 Cashflows
Over the 12 months to 2026-06, Invesco V.I. High Yield Fund had net outflows of $106.42M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | $3.40M |
| 2026-05 | $3.21K |
| 2026-04 | $1.20M |
| 2026-03 | −$3.06M |
| 2026-02 | $152.49K |
| 2026-01 | −$244.95K |
C000000408 Debt Constituents
Largest debt holdings of Invesco V.I. High Yield Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| American Axle & Manufacturing, Inc. | 0.96% |
| DISH DBS Corp. | 0.96% |
| 1261229 B.C. Ltd. | 0.94% |
| CCO Holdings, LLC/CCO Holdings Capital Corp. | 0.90% |
| Starz Capital Holdings 1, Inc. | 0.89% |
| VoltaGrid LLC | 0.88% |
| TrueNoord Capital DAC | 0.87% |
| EZCORP, Inc. | 0.87% |
| United Airlines Holdings, Inc. | 0.84% |
| Melco Resorts Finance Ltd. | 0.82% |
C000000408 Prospectus and SEC Filings
Official Invesco V.I. High Yield Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-04-29
- Prospectus (485BPOS) — filed 2025-04-29
- Prospectus (485BPOS) — filed 2024-04-25
- Portfolio holdings (N-PORT) — filed 2026-08-25
- Portfolio holdings (N-PORT) — filed 2026-05-29
- Portfolio holdings (N-PORT) — filed 2026-02-27
- Annual census (N-CEN) — filed 2026-03-16
- Annual census (N-CEN) — filed 2025-03-17
Related Funds
Other Intermediate Corporate Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.