NPORT-EX 2 edgar.htm EDGAR HTML
Schedule of Investments(a)  
September 30, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests–97.50%
Aerospace & Defense–2.05%
RTX Corp.
96,368
$16,125,258
Textron, Inc.
122,707
10,367,514
 
 
26,492,772
Air Freight & Logistics–1.15%
FedEx Corp.
63,165
14,894,939
Application Software–1.16%
Salesforce, Inc.
63,244
14,988,828
Asset Management & Custody Banks–1.10%
KKR & Co., Inc., Class A
109,573
14,239,011
Automobile Manufacturers–0.91%
General Motors Co.
192,899
11,761,052
Biotechnology–0.70%
Regeneron Pharmaceuticals, Inc.
16,049
9,023,871
Broadline Retail–2.23%
Amazon.com, Inc.(b)
131,443
28,860,940
Building Products–1.90%
Johnson Controls International PLC
223,290
24,550,735
Communications Equipment–1.20%
Cisco Systems, Inc.
226,027
15,464,767
Consumer Finance–0.71%
Capital One Financial Corp.
42,933
9,126,697
Diversified Banks–8.48%
Bank of America Corp.
912,027
47,051,473
PNC Financial Services Group, Inc.
(The)
77,911
15,654,657
Wells Fargo & Co.
559,749
46,918,161
 
 
109,624,291
Electric Utilities–3.26%
American Electric Power Co., Inc.
91,616
10,306,800
FirstEnergy Corp.
223,828
10,255,799
PPL Corp.
580,089
21,556,107
 
 
42,118,706
Electrical Components & Equipment–2.20%
Emerson Electric Co.
125,980
16,526,056
Vertiv Holdings Co., Class A
79,310
11,964,707
 
 
28,490,763
Electronic Components–1.26%
Coherent Corp.(b)
151,089
16,275,307
Electronic Equipment & Instruments–1.63%
Ralliant Corp.
222,089
9,711,952
Zebra Technologies Corp., Class A(b)
38,313
11,385,091
 
 
21,097,043
Fertilizers & Agricultural Chemicals–0.63%
Corteva, Inc.
120,478
8,147,927
 
Shares
Value
Food Distributors–3.51%
Sysco Corp.
300,392
$24,734,277
US Foods Holding Corp.(b)
269,707
20,664,951
 
 
45,399,228
Footwear–1.30%
NIKE, Inc., Class B
240,158
16,746,217
Health Care Equipment–1.74%
Medtronic PLC
236,571
22,531,022
Health Care Services–1.60%
CVS Health Corp.
273,498
20,619,014
Household Products–1.50%
Procter & Gamble Co. (The)
126,141
19,381,565
Industrial Gases–0.65%
Air Products and Chemicals, Inc.(c)
30,690
8,369,777
Industrial Machinery & Supplies & Components–3.03%
Fortive Corp.
275,574
13,500,370
Parker-Hannifin Corp.
33,863
25,673,234
 
 
39,173,604
Insurance Brokers–2.03%
Willis Towers Watson PLC
76,099
26,288,400
Integrated Oil & Gas–4.93%
Chevron Corp.
117,932
18,313,660
Exxon Mobil Corp.
148,249
16,715,075
Shell PLC (United Kingdom)
481,318
17,154,651
Suncor Energy, Inc. (Canada)
275,744
11,539,363
 
 
63,722,749
Interactive Media & Services–2.68%
Alphabet, Inc., Class A
94,790
23,043,449
Meta Platforms, Inc., Class A
15,710
11,537,110
 
 
34,580,559
Investment Banking & Brokerage–3.31%
Charles Schwab Corp. (The)
275,763
26,327,094
Goldman Sachs Group, Inc. (The)
20,687
16,474,092
 
 
42,801,186
IT Consulting & Other Services–0.62%
Cognizant Technology Solutions Corp.,
Class A
119,061
7,985,421
Life Sciences Tools & Services–1.37%
IQVIA Holdings, Inc.(b)
40,514
7,695,229
Thermo Fisher Scientific, Inc.(b)
20,601
9,991,897
 
 
17,687,126
Managed Health Care–2.62%
Elevance Health, Inc.
30,908
9,986,993
Humana, Inc.
35,969
9,358,055
UnitedHealth Group, Inc.
42,065
14,525,044
 
 
33,870,092
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Growth and Income Fund
 
Shares
Value
Movies & Entertainment–1.88%
Walt Disney Co. (The)
212,639
$24,347,166
Multi-Utilities–1.03%
Sempra(c)
147,962
13,313,621
Oil & Gas Exploration & Production–2.18%
ConocoPhillips
202,101
19,116,734
EQT Corp.
165,994
9,035,053
 
 
28,151,787
Pharmaceuticals–6.02%
Bristol-Myers Squibb Co.
233,877
10,547,853
Johnson & Johnson
141,436
26,225,063
Merck & Co., Inc.
196,043
16,453,889
Pfizer, Inc.
329,099
8,385,443
Sanofi S.A.
170,397
16,135,566
 
 
77,747,814
Property & Casualty Insurance–1.97%
Allstate Corp. (The)
43,363
9,307,868
American International Group, Inc.
205,871
16,169,108
 
 
25,476,976
Rail Transportation–1.32%
Norfolk Southern Corp.
56,851
17,078,609
Real Estate Services–1.68%
CBRE Group, Inc., Class A(b)
137,393
21,647,641
Regional Banks–1.90%
Citizens Financial Group, Inc.
461,227
24,518,827
Restaurants–1.11%
Starbucks Corp.
169,016
14,298,754
Semiconductor Materials & Equipment–1.08%
Lam Research Corp.
103,779
13,896,008
Semiconductors–4.19%
Microchip Technology, Inc.
369,874
23,753,308
NVIDIA Corp.
78,503
14,647,090
NXP Semiconductors N.V. (Netherlands)
69,198
15,758,461
 
 
54,158,859
Specialty Chemicals–1.42%
DuPont de Nemours, Inc.
125,382
9,767,258
PPG Industries, Inc.
81,251
8,540,292
 
 
18,307,550
 
Shares
Value
Systems Software–3.41%
Microsoft Corp.
61,214
$31,705,791
Oracle Corp.
43,874
12,339,124
 
 
44,044,915
Tobacco–2.05%
Philip Morris International, Inc.
163,299
26,487,098
Trading Companies & Distributors–1.57%
Ferguson Enterprises, Inc.
90,328
20,285,862
Transaction & Payment Processing Services–2.17%
Fidelity National Information Services,
Inc.
211,090
13,919,275
Fiserv, Inc.(b)
109,357
14,099,398
 
 
28,018,673
Wireless Telecommunication Services–1.06%
T-Mobile US, Inc.
57,267
13,708,574
Total Common Stocks & Other Equity Interests
(Cost $843,539,508)
1,259,802,343
Money Market Funds–2.29%
Invesco Government & Agency Portfolio,
Institutional Class, 4.05%(d)(e)
10,363,742
10,363,742
Invesco Treasury Portfolio, Institutional
Class, 3.99%(d)(e)
19,247,048
19,247,048
Total Money Market Funds (Cost $29,610,790)
29,610,790
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased
with cash collateral from securities
on loan)-99.79%
(Cost $873,150,298)
 
1,289,413,133
Investments Purchased with Cash Collateral from
Securities on Loan
Money Market Funds–1.63%
Invesco Private Government Fund,
4.14%(d)(e)(f)
5,828,454
5,828,454
Invesco Private Prime Fund, 4.26%(d)(e)(f)
15,159,158
15,163,706
Total Investments Purchased with Cash Collateral
from Securities on Loan (Cost $20,992,160)
20,992,160
TOTAL INVESTMENTS IN SECURITIES–101.42%
(Cost $894,142,458)
1,310,405,293
OTHER ASSETS LESS LIABILITIES—(1.42)%
(18,311,986
)
NET ASSETS–100.00%
$1,292,093,307
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Growth and Income Fund
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 September 30, 2025.
(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 nine months ended September 30, 2025.
 
 
Value
December 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
September 30, 2025
Dividend Income
Investments in Affiliated Money
Market Funds:
Invesco Government & Agency Portfolio,
Institutional Class
$7,396,188
$109,983,747
$(107,016,193)
$-
$-
$10,363,742
$342,443
Invesco Treasury Portfolio, Institutional
Class
13,738,066
204,255,530
(198,746,548)
-
-
19,247,048
631,729
Investments Purchased with Cash
Collateral from Securities on Loan:
Invesco Private Government Fund
3,843,875
237,614,685
(235,630,106)
-
-
5,828,454
225,588*
Invesco Private Prime Fund
10,014,865
484,415,323
(479,265,267)
-
(1,215)
15,163,706
607,602*
Total
$34,992,994
$1,036,269,285
$(1,020,658,114)
$-
$(1,215)
$50,602,950
$1,807,362
 
*
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.
 
(e)
The rate shown is the 7-day SEC standardized yield as of September 30, 2025.
(f)
The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of
the securities loaned.
 
Open Forward Foreign Currency Contracts
Settlement
Date
Counterparty
Contract to
Unrealized
Appreciation
(Depreciation)
Deliver
Receive
Currency Risk
 
 
 
10/08/2025
Bank of New York Mellon (The)
CAD
12,015,943
USD
8,722,843
$85,929
10/08/2025
State Street Bank & Trust Co.
CAD
1,203,622
USD
870,733
5,584
10/08/2025
State Street Bank & Trust Co.
EUR
167,415
USD
196,881
255
10/08/2025
State Street Bank & Trust Co.
USD
1,484,187
EUR
1,265,242
1,819
10/08/2025
State Street Bank & Trust Co.
USD
179,769
GBP
133,792
174
Subtotal—Appreciation
93,761
Currency Risk
 
 
 
10/08/2025
Bank of New York Mellon (The)
EUR
10,989,988
USD
12,844,197
(63,363
)
10/08/2025
Bank of New York Mellon (The)
GBP
9,867,580
USD
13,265,264
(6,121
)
10/08/2025
State Street Bank & Trust Co.
CAD
210,945
USD
151,424
(200
)
10/08/2025
State Street Bank & Trust Co.
EUR
185,568
USD
216,585
(1,362
)
10/08/2025
State Street Bank & Trust Co.
GBP
527,381
USD
707,037
(2,263
)
10/08/2025
State Street Bank & Trust Co.
USD
968,846
CAD
1,338,447
(6,787
)
10/08/2025
State Street Bank & Trust Co.
USD
202,461
EUR
170,847
(1,804
)
10/08/2025
State Street Bank & Trust Co.
USD
717,057
GBP
528,919
(5,688
)
Subtotal—Depreciation
(87,588
)
Total Forward Foreign Currency Contracts
$6,173
 
Abbreviations:
CAD
– Canadian Dollar
EUR
– Euro
GBP
– British Pound Sterling
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 schedule.
Invesco V.I. Growth and Income Fund
Notes to Quarterly Schedule of Portfolio Holdings
September 30, 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 September 30, 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
Common Stocks & Other Equity Interests
$1,226,512,126
$33,290,217
$—
$1,259,802,343
Money Market Funds
29,610,790
20,992,160
—
50,602,950
Total Investments in Securities
1,256,122,916
54,282,377
—
1,310,405,293
Other Investments - Assets*
Forward Foreign Currency Contracts
—
93,761
—
93,761
Other Investments - Liabilities*
Forward Foreign Currency Contracts
—
(87,588
)
—
(87,588
)
Total Other Investments
—
6,173
—
6,173
Total Investments
$1,256,122,916
$54,288,550
$—
$1,310,411,466
 
*
Unrealized appreciation (depreciation).
Invesco V.I. Growth and Income Fund