NPORT-EX 2 edgar.htm EDGAR HTML
Schedule of Investments(a)  
March 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests–99.32%
Advertising–0.40%
Interpublic Group of Cos., Inc. (The)(b)
34,466
$936,097
Omnicom Group, Inc.(b)
11,351
941,111
 
 
1,877,208
Aerospace & Defense–2.40%
Axon Enterprise, Inc.(c)
1,628
856,247
Boeing Co. (The)(c)
5,719
975,375
General Dynamics Corp.
3,493
952,122
General Electric Co.(b)
4,657
932,099
Howmet Aerospace, Inc.
7,099
920,953
Huntington Ingalls Industries, Inc.
4,737
966,537
L3Harris Technologies, Inc.
4,279
895,637
Lockheed Martin Corp.(b)
1,942
867,511
Northrop Grumman Corp.(b)
1,912
978,963
RTX Corp.
7,097
940,069
Textron, Inc.
12,489
902,330
TransDigm Group, Inc.
685
947,554
 
 
11,135,397
Agricultural & Farm Machinery–0.19%
Deere & Co.(b)
1,927
904,437
Agricultural Products & Services–0.40%
Archer-Daniels-Midland Co.(b)
19,290
926,113
Bunge Global S.A.
12,419
949,060
 
 
1,875,173
Air Freight & Logistics–0.79%
C.H. Robinson Worldwide, Inc.
9,443
966,963
Expeditors International of
Washington, Inc.
7,756
932,659
FedEx Corp.
3,730
909,300
United Parcel Service, Inc., Class B(b)
7,880
866,721
 
 
3,675,643
Apparel Retail–0.40%
Ross Stores, Inc.
7,178
917,277
TJX Cos., Inc. (The)
7,723
940,661
 
 
1,857,938
Apparel, Accessories & Luxury Goods–0.56%
lululemon athletica, inc.(b)(c)
2,870
812,382
Ralph Lauren Corp.(b)
4,032
890,024
Tapestry, Inc.
12,668
891,954
 
 
2,594,360
Application Software–2.54%
Adobe, Inc.(b)(c)
2,071
794,290
ANSYS, Inc.(c)
2,848
901,563
Autodesk, Inc.(c)
3,606
944,051
Cadence Design Systems, Inc.(c)
3,796
965,436
Fair Isaac Corp.(c)
511
942,366
Intuit, Inc.
1,536
943,088
Palantir Technologies, Inc., Class A(c)
10,857
916,331
PTC, Inc.(c)
5,785
896,386
Roper Technologies, Inc.(b)
1,603
945,097
 
Shares
Value
Application Software–(continued)
Salesforce, Inc.
3,191
$856,337
Synopsys, Inc.(c)
2,100
900,585
Tyler Technologies, Inc.(c)
1,567
911,038
Workday, Inc., Class A(c)
3,758
877,606
 
 
11,794,174
Asset Management & Custody Banks–1.98%
Ameriprise Financial, Inc.
1,890
914,968
Bank of New York Mellon Corp. (The)
11,246
943,202
BlackRock, Inc.(b)
998
944,587
Blackstone, Inc., Class A
6,462
903,258
Franklin Resources, Inc.(b)
47,277
910,082
Invesco Ltd.(d)
59,554
903,434
KKR & Co., Inc., Class A
7,941
918,059
Northern Trust Corp.
9,313
918,728
State Street Corp.
10,590
948,123
T. Rowe Price Group, Inc.(b)
9,736
894,446
 
 
9,198,887
Automobile Manufacturers–0.60%
Ford Motor Co.
94,069
943,512
General Motors Co.
18,819
885,057
Tesla, Inc.(c)
3,661
948,785
 
 
2,777,354
Automotive Parts & Equipment–0.18%
Aptiv PLC (Jersey)(c)
14,244
847,518
Automotive Retail–0.63%
AutoZone, Inc.(c)
256
976,072
CarMax, Inc.(b)(c)
12,520
975,558
O’Reilly Automotive, Inc.(c)
694
994,211
 
 
2,945,841
Biotechnology–1.48%
AbbVie, Inc.(b)
4,283
897,374
Amgen, Inc.(b)
2,906
905,364
Biogen, Inc.(c)
6,478
886,450
Gilead Sciences, Inc.
7,967
892,703
Incyte Corp.(c)
13,509
817,970
Moderna, Inc.(b)(c)
25,941
735,427
Regeneron Pharmaceuticals, Inc.(b)
1,317
835,281
Vertex Pharmaceuticals, Inc.(b)(c)
1,833
888,675
 
 
6,859,244
Brewers–0.20%
Molson Coors Beverage Co., Class B(b)
15,295
931,007
Broadcasting–0.41%
Fox Corp., Class A(b)
11,125
629,675
Fox Corp., Class B
6,737
355,107
Paramount Global, Class B(b)
78,428
937,999
 
 
1,922,781
Broadline Retail–0.39%
Amazon.com, Inc.(b)(c)
4,566
868,727
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Equally-Weighted S&P 500 Fund
 
Shares
Value
Broadline Retail–(continued)
eBay, Inc.(b)
13,944
$944,427
 
 
1,813,154
Building Products–1.55%
A.O. Smith Corp.(b)
13,886
907,589
Allegion PLC
7,196
938,790
Builders FirstSource, Inc.(b)(c)
7,015
876,454
Carrier Global Corp.(b)
13,880
879,992
Johnson Controls International PLC
11,656
933,762
Lennox International, Inc.(b)
1,594
893,963
Masco Corp.(b)
12,768
887,887
Trane Technologies PLC
2,676
901,598
 
 
7,220,035
Cable & Satellite–0.41%
Charter Communications, Inc., Class A(c)
2,587
953,387
Comcast Corp., Class A
25,808
952,315
 
 
1,905,702
Cargo Ground Transportation–0.38%
J.B. Hunt Transport Services, Inc.(b)
5,880
869,946
Old Dominion Freight Line, Inc.(b)
5,520
913,284
 
 
1,783,230
Casinos & Gaming–0.73%
Caesars Entertainment, Inc.(b)(c)
33,243
831,075
Las Vegas Sands Corp.
21,224
819,883
MGM Resorts International(b)(c)
29,306
868,630
Wynn Resorts Ltd.(b)
10,619
886,686
 
 
3,406,274
Commodity Chemicals–0.39%
Dow, Inc.(b)
25,404
887,108
LyondellBasell Industries N.V., Class A
12,810
901,824
 
 
1,788,932
Communications Equipment–1.00%
Arista Networks, Inc.(c)
11,317
876,841
Cisco Systems, Inc.(b)
15,021
926,946
F5, Inc.(c)
3,413
908,780
Juniper Networks, Inc.
26,191
947,852
Motorola Solutions, Inc.
2,200
963,182
 
 
4,623,601
Computer & Electronics Retail–0.20%
Best Buy Co., Inc.
12,503
920,346
Construction & Engineering–0.20%
Quanta Services, Inc.(b)
3,646
926,740
Construction Machinery & Heavy Transportation Equipment–
0.76%
Caterpillar, Inc.(b)
2,686
885,843
Cummins, Inc.
2,746
860,706
PACCAR, Inc.
8,875
864,159
Wabtec Corp.
5,160
935,766
 
 
3,546,474
Construction Materials–0.40%
Martin Marietta Materials, Inc.
1,955
934,744
Vulcan Materials Co.
3,998
932,734
 
 
1,867,478
 
Shares
Value
Consumer Electronics–0.20%
Garmin Ltd.
4,212
$914,552
Consumer Finance–0.80%
American Express Co.(b)
3,483
937,101
Capital One Financial Corp.
5,264
943,835
Discover Financial Services
5,494
937,826
Synchrony Financial
16,941
896,857
 
 
3,715,619
Consumer Staples Merchandise Retail–1.06%
Costco Wholesale Corp.
984
930,648
Dollar General Corp.
12,269
1,078,813
Dollar Tree, Inc.(c)
14,667
1,101,052
Target Corp.(b)
8,466
883,512
Walmart, Inc.
10,660
935,841
 
 
4,929,866
Copper–0.20%
Freeport-McMoRan, Inc.(b)
24,693
934,877
Data Center REITs–0.37%
Digital Realty Trust, Inc.(b)
5,988
858,020
Equinix, Inc.
1,062
865,902
 
 
1,723,922
Data Processing & Outsourced Services–0.21%
Broadridge Financial Solutions, Inc.
4,034
978,084
Distillers & Vintners–0.39%
Brown-Forman Corp., Class B(b)
26,555
901,276
Constellation Brands, Inc., Class A
4,940
906,589
 
 
1,807,865
Distributors–0.57%
Genuine Parts Co.
7,485
891,763
LKQ Corp.(b)
21,349
908,186
Pool Corp.(b)
2,725
867,504
 
 
2,667,453
Diversified Banks–1.63%
Bank of America Corp.
22,756
949,608
Citigroup, Inc.(b)
13,608
966,032
Fifth Third Bancorp
23,571
923,983
JPMorgan Chase & Co.
4,020
986,106
KeyCorp
58,669
938,117
PNC Financial Services Group, Inc. (The)
5,311
933,515
U.S. Bancorp
21,790
919,974
Wells Fargo & Co.
13,176
945,905
 
 
7,563,240
Diversified Financial Services–0.20%
Apollo Global Management, Inc.(b)
6,731
921,743
Diversified Support Services–0.41%
Cintas Corp.
4,641
953,865
Copart, Inc.(b)(c)
17,123
968,990
 
 
1,922,855
Drug Retail–0.20%
Walgreens Boots Alliance, Inc.
81,089
905,764
Electric Utilities–3.45%
Alliant Energy Corp.(b)
14,606
939,896
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Equally-Weighted S&P 500 Fund
 
Shares
Value
Electric Utilities–(continued)
American Electric Power Co., Inc.(b)
8,821
$963,871
Constellation Energy Corp.
4,139
834,547
Duke Energy Corp.(b)
7,786
949,658
Edison International
16,370
964,520
Entergy Corp.
10,990
939,535
Evergy, Inc.
13,698
944,477
Eversource Energy(b)
15,277
948,854
Exelon Corp.
21,314
982,149
FirstEnergy Corp.
23,768
960,703
NextEra Energy, Inc.(b)
12,455
882,935
NRG Energy, Inc.
9,821
937,513
PG&E Corp.(b)
55,992
961,942
Pinnacle West Capital Corp.(b)
9,955
948,214
PPL Corp.
26,735
965,401
Southern Co. (The)
10,241
941,660
Xcel Energy, Inc.(b)
13,191
933,791
 
 
15,999,666
Electrical Components & Equipment–1.14%
AMETEK, Inc.(b)
5,125
882,218
Eaton Corp. PLC
3,110
845,391
Emerson Electric Co.
8,194
898,390
Generac Holdings, Inc.(c)
6,919
876,291
Hubbell, Inc.(b)
2,714
898,090
Rockwell Automation, Inc.
3,467
895,803
 
 
5,296,183
Electronic Components–0.40%
Amphenol Corp., Class A
14,455
948,104
Corning, Inc.
20,004
915,783
 
 
1,863,887
Electronic Equipment & Instruments–0.78%
Keysight Technologies, Inc.(c)
6,057
907,157
Teledyne Technologies, Inc.(c)
1,871
931,215
Trimble, Inc.(c)
13,240
869,206
Zebra Technologies Corp., Class A(c)
3,253
919,168
 
 
3,626,746
Electronic Manufacturing Services–0.39%
Jabil, Inc.(b)
6,772
921,466
TE Connectivity PLC (Switzerland)
6,343
896,393
 
 
1,817,859
Environmental & Facilities Services–0.81%
Republic Services, Inc.
3,938
953,626
Rollins, Inc.(b)
17,963
970,541
Veralto Corp.(b)
9,295
905,798
Waste Management, Inc.
4,075
943,403
 
 
3,773,368
Fertilizers & Agricultural Chemicals–0.62%
CF Industries Holdings, Inc.(b)
11,687
913,339
Corteva, Inc.(b)
15,393
968,681
Mosaic Co. (The)
36,581
988,053
 
 
2,870,073
Financial Exchanges & Data–1.84%
Cboe Global Markets, Inc.
4,356
985,719
CME Group, Inc., Class A
3,538
938,596
FactSet Research Systems, Inc.
2,113
960,654
 
Shares
Value
Financial Exchanges & Data–(continued)
Intercontinental Exchange, Inc.
5,373
$926,843
MarketAxess Holdings, Inc.
4,388
949,344
Moody’s Corp.
2,021
941,159
MSCI, Inc.
1,666
942,123
Nasdaq, Inc.
12,444
944,002
S&P Global, Inc.
1,897
963,866
 
 
8,552,306
Food Distributors–0.20%
Sysco Corp.(b)
12,188
914,588
Food Retail–0.20%
Kroger Co. (The)(b)
13,974
945,900
Footwear–0.35%
Deckers Outdoor Corp.(b)(c)
7,470
835,221
NIKE, Inc., Class B(b)
12,420
788,421
 
 
1,623,642
Gas Utilities–0.21%
Atmos Energy Corp.
6,171
953,913
Gold–0.22%
Newmont Corp.(b)
20,816
1,004,996
Health Care Distributors–0.82%
Cardinal Health, Inc.
7,161
986,571
Cencora, Inc.
3,576
994,450
Henry Schein, Inc.(b)(c)
12,742
872,699
McKesson Corp.(b)
1,418
954,300
 
 
3,808,020
Health Care Equipment–3.18%
Abbott Laboratories(b)
6,971
924,703
Baxter International, Inc.(b)
26,393
903,432
Becton, Dickinson and Co.
4,058
929,526
Boston Scientific Corp.(c)
9,419
950,189
DexCom, Inc.(b)(c)
12,835
876,502
Edwards Lifesciences Corp.(c)
13,268
961,665
GE HealthCare Technologies, Inc.(b)
10,839
874,816
Hologic, Inc.(c)
14,864
918,149
IDEXX Laboratories, Inc.(b)(c)
2,240
940,688
Insulet Corp.(b)(c)
3,580
940,144
Intuitive Surgical, Inc.(c)
1,801
891,981
Medtronic PLC
9,925
891,861
ResMed, Inc.(b)
4,124
923,157
STERIS PLC
4,046
917,026
Stryker Corp.(b)
2,496
929,136
Zimmer Biomet Holdings, Inc.
8,730
988,061
 
 
14,761,036
Health Care Facilities–0.44%
HCA Healthcare, Inc.(b)
2,903
1,003,132
Universal Health Services, Inc., Class B
5,451
1,024,243
 
 
2,027,375
Health Care REITs–0.79%
Alexandria Real Estate Equities, Inc.(b)
9,218
852,757
Healthpeak Properties, Inc.
46,040
930,929
Ventas, Inc.(b)
13,688
941,187
Welltower, Inc.(b)
6,162
944,080
 
 
3,668,953
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Equally-Weighted S&P 500 Fund
 
Shares
Value
Health Care Services–1.01%
Cigna Group (The)
2,920
$960,680
CVS Health Corp.(b)
14,007
948,974
DaVita, Inc.(b)(c)
6,297
963,252
Labcorp Holdings, Inc.(b)
3,835
892,558
Quest Diagnostics, Inc.(b)
5,457
923,325
 
 
4,688,789
Health Care Supplies–0.60%
Align Technology, Inc.(b)(c)
5,519
876,748
Cooper Cos., Inc. (The)(c)
11,486
968,844
Solventum Corp.(c)
12,271
933,087
 
 
2,778,679
Heavy Electrical Equipment–0.20%
GE Vernova, Inc.
3,041
928,356
Home Furnishings–0.20%
Mohawk Industries, Inc.(c)
8,008
914,353
Home Improvement Retail–0.40%
Home Depot, Inc. (The)
2,490
912,560
Lowe’s Cos., Inc.
3,978
927,789
 
 
1,840,349
Homebuilding–0.77%
D.R. Horton, Inc.
7,058
897,284
Lennar Corp., Class A
7,636
876,460
NVR, Inc.(c)
124
898,304
PulteGroup, Inc.(b)
8,772
901,762
 
 
3,573,810
Homefurnishing Retail–0.18%
Williams-Sonoma, Inc.
5,190
820,539
Hotel & Resort REITs–0.18%
Host Hotels & Resorts, Inc.(b)
60,105
854,092
Hotels, Resorts & Cruise Lines–1.56%
Airbnb, Inc., Class A(c)
7,237
864,532
Booking Holdings, Inc.(b)
206
949,024
Carnival Corp.(b)(c)
46,574
909,590
Expedia Group, Inc.(b)
5,588
939,343
Hilton Worldwide Holdings, Inc.
3,976
904,739
Marriott International, Inc., Class A
3,725
887,295
Norwegian Cruise Line Holdings Ltd.(b)(c)
47,774
905,795
Royal Caribbean Cruises Ltd.(b)
4,380
899,827
 
 
7,260,145
Household Products–0.99%
Church & Dwight Co., Inc.
8,330
917,050
Clorox Co. (The)(b)
6,157
906,618
Colgate-Palmolive Co.
10,000
937,000
Kimberly-Clark Corp.
6,488
922,723
Procter & Gamble Co. (The)(b)
5,394
919,246
 
 
4,602,637
Human Resource & Employment Services–0.83%
Automatic Data Processing, Inc.(b)
3,087
943,171
Dayforce, Inc.(b)(c)
17,030
993,360
Paychex, Inc.(b)
6,263
966,256
Paycom Software, Inc.(b)
4,397
960,656
 
 
3,863,443
 
Shares
Value
Independent Power Producers & Energy Traders–0.40%
AES Corp. (The)
77,180
$958,576
Vistra Corp.(b)
7,449
874,810
 
 
1,833,386
Industrial Conglomerates–0.39%
3M Co.
6,045
887,768
Honeywell International, Inc.
4,405
932,759
 
 
1,820,527
Industrial Gases–0.40%
Air Products and Chemicals, Inc.(b)
3,082
908,944
Linde PLC
2,013
937,333
 
 
1,846,277
Industrial Machinery & Supplies & Components–2.33%
Dover Corp.
5,019
881,738
Fortive Corp.(b)
12,510
915,482
IDEX Corp.
4,993
903,583
Illinois Tool Works, Inc.
3,587
889,612
Ingersoll Rand, Inc.(b)
11,145
891,934
Nordson Corp.(b)
4,436
894,830
Otis Worldwide Corp.
9,090
938,088
Parker-Hannifin Corp.
1,481
900,226
Pentair PLC
10,617
928,775
Snap-on, Inc.
2,752
927,452
Stanley Black & Decker, Inc.(b)
11,190
860,287
Xylem, Inc.(b)
7,393
883,168
 
 
10,815,175
Industrial REITs–0.19%
Prologis, Inc.
7,848
877,328
Insurance Brokers–1.02%
Aon PLC, Class A
2,280
909,925
Arthur J. Gallagher & Co.
2,794
964,600
Brown & Brown, Inc.(b)
7,744
963,354
Marsh & McLennan Cos., Inc.
3,952
964,406
Willis Towers Watson PLC
2,828
955,723
 
 
4,758,008
Integrated Oil & Gas–0.64%
Chevron Corp.
5,949
995,208
Exxon Mobil Corp.(b)
8,322
989,736
Occidental Petroleum Corp.
20,203
997,220
 
 
2,982,164
Integrated Telecommunication Services–0.42%
AT&T, Inc.(b)
35,311
998,595
Verizon Communications, Inc.(b)
21,324
967,257
 
 
1,965,852
Interactive Home Entertainment–0.41%
Electronic Arts, Inc.
6,672
964,237
Take-Two Interactive Software, Inc.(c)
4,423
916,667
 
 
1,880,904
Interactive Media & Services–0.56%
Alphabet, Inc., Class A
2,914
450,621
Alphabet, Inc., Class C
2,402
375,264
Match Group, Inc.
29,544
921,773
Meta Platforms, Inc., Class A(b)
1,466
844,944
 
 
2,592,602
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Equally-Weighted S&P 500 Fund
 
Shares
Value
Internet Services & Infrastructure–0.61%
Akamai Technologies, Inc.(b)(c)
11,401
$917,781
GoDaddy, Inc., Class A(c)
5,209
938,349
VeriSign, Inc.(b)(c)
3,855
978,669
 
 
2,834,799
Investment Banking & Brokerage–0.80%
Charles Schwab Corp. (The)
12,236
957,834
Goldman Sachs Group, Inc. (The)
1,701
929,239
Morgan Stanley
7,967
929,510
Raymond James Financial, Inc.(b)
6,431
893,330
 
 
3,709,913
IT Consulting & Other Services–0.92%
Accenture PLC, Class A (Ireland)
2,785
869,031
Cognizant Technology Solutions Corp.,
Class A
11,425
874,012
EPAM Systems, Inc.(b)(c)
4,800
810,432
Gartner, Inc.(c)
1,975
828,987
International Business Machines Corp.
3,638
904,625
 
 
4,287,087
Leisure Products–0.19%
Hasbro, Inc.(b)
14,681
902,735
Life & Health Insurance–1.02%
Aflac, Inc.(b)
8,675
964,573
Globe Life, Inc.(b)
7,423
977,758
MetLife, Inc.
11,470
920,926
Principal Financial Group, Inc.(b)
11,071
934,060
Prudential Financial, Inc.
8,561
956,093
 
 
4,753,410
Life Sciences Tools & Services–1.89%
Agilent Technologies, Inc.
7,578
886,474
Bio-Techne Corp.(b)
15,077
883,965
Charles River Laboratories International,
Inc.(b)(c)
5,324
801,369
Danaher Corp.
4,431
908,355
IQVIA Holdings, Inc.(c)
4,871
858,757
Mettler-Toledo International, Inc.(b)(c)
747
882,140
Revvity, Inc.(b)
8,144
861,635
Thermo Fisher Scientific, Inc.
1,772
881,747
Waters Corp.(b)(c)
2,434
897,099
West Pharmaceutical Services, Inc.(b)
4,050
906,714
 
 
8,768,255
Managed Health Care–1.04%
Centene Corp.(c)
15,538
943,312
Elevance Health, Inc.
2,209
960,827
Humana, Inc.
3,646
964,732
Molina Healthcare, Inc.(b)(c)
2,883
949,631
UnitedHealth Group, Inc.
1,888
988,840
 
 
4,807,342
Metal, Glass & Plastic Containers–0.20%
Ball Corp.
17,714
922,368
Movies & Entertainment–1.00%
Live Nation Entertainment, Inc.(b)(c)
7,271
949,447
Netflix, Inc.(c)
988
921,340
TKO Group Holdings, Inc.
6,164
941,921
Walt Disney Co. (The)
9,196
907,645
 
Shares
Value
Movies & Entertainment–(continued)
Warner Bros. Discovery, Inc.(b)(c)
87,158
$935,205
 
 
4,655,558
Multi-Family Residential REITs–1.22%
AvalonBay Communities, Inc.
4,329
929,090
Camden Property Trust
7,671
938,163
Equity Residential
13,455
963,109
Essex Property Trust, Inc.
3,101
950,674
Mid-America Apartment Communities, Inc.
5,614
940,794
UDR, Inc.(b)
21,135
954,668
 
 
5,676,498
Multi-line Insurance–0.21%
American International Group, Inc.
11,299
982,335
Multi-Sector Holdings–0.21%
Berkshire Hathaway, Inc., Class B(b)(c)
1,831
975,154
Multi-Utilities–2.04%
Ameren Corp.
9,320
935,728
CenterPoint Energy, Inc.(b)
26,286
952,342
CMS Energy Corp.
12,759
958,328
Consolidated Edison, Inc.
8,848
978,500
Dominion Energy, Inc.
16,906
947,919
DTE Energy Co.
6,914
955,999
NiSource, Inc.
23,263
932,614
Public Service Enterprise Group, Inc.
11,446
942,006
Sempra
13,172
939,954
WEC Energy Group, Inc.(b)
8,671
944,966
 
 
9,488,356
Office REITs–0.20%
BXP, Inc.(b)
13,742
923,325
Oil & Gas Equipment & Services–0.61%
Baker Hughes Co., Class A
21,379
939,607
Halliburton Co.(b)
36,754
932,449
Schlumberger N.V.(b)
22,676
947,857
 
 
2,819,913
Oil & Gas Exploration & Production–2.09%
APA Corp.(b)
46,218
971,502
ConocoPhillips
9,291
975,741
Coterra Energy, Inc.(b)
33,353
963,902
Devon Energy Corp.
26,135
977,449
Diamondback Energy, Inc.(b)
6,197
990,776
EOG Resources, Inc.
7,308
937,178
EQT Corp.
18,553
991,287
Expand Energy Corp.
9,004
1,002,325
Hess Corp.
6,306
1,007,258
Texas Pacific Land Corp.(b)
674
893,043
 
 
9,710,461
Oil & Gas Refining & Marketing–0.61%
Marathon Petroleum Corp.
6,628
965,634
Phillips 66(b)
7,325
904,491
Valero Energy Corp.(b)
7,347
970,318
 
 
2,840,443
Oil & Gas Storage & Transportation–0.84%
Kinder Morgan, Inc.
34,246
977,038
ONEOK, Inc.(b)
9,769
969,280
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Equally-Weighted S&P 500 Fund
 
Shares
Value
Oil & Gas Storage & Transportation–(continued)
Targa Resources Corp.
4,856
$973,482
Williams Cos., Inc. (The)
16,131
963,989
 
 
3,883,789
Other Specialized REITs–0.39%
Iron Mountain, Inc.
10,505
903,850
VICI Properties, Inc.
28,301
923,179
 
 
1,827,029
Other Specialty Retail–0.42%
Tractor Supply Co.(b)
17,151
945,020
Ulta Beauty, Inc.(b)(c)
2,759
1,011,284
 
 
1,956,304
Packaged Foods & Meats–2.41%
Conagra Brands, Inc.(b)
35,315
941,851
General Mills, Inc.(b)
14,951
893,920
Hershey Co. (The)(b)
5,313
908,682
Hormel Foods Corp.(b)
31,081
961,646
J.M. Smucker Co. (The)
8,180
968,594
Kellanova
11,036
910,360
Kraft Heinz Co. (The)(b)
29,973
912,078
Lamb Weston Holdings, Inc.(b)
17,700
943,410
McCormick & Co., Inc.
11,137
916,686
Mondelez International, Inc., Class A
13,976
948,272
The Campbell’s Company(b)
23,540
939,717
Tyson Foods, Inc., Class A
15,101
963,595
 
 
11,208,811
Paper & Plastic Packaging Products & Materials–0.99%
Amcor PLC(b)
91,459
887,152
Avery Dennison Corp.
5,129
912,808
International Paper Co.(b)
17,962
958,273
Packaging Corp. of America
4,603
911,486
Smurfit WestRock PLC
20,524
924,812
 
 
4,594,531
Passenger Airlines–0.59%
Delta Air Lines, Inc.
20,048
874,093
Southwest Airlines Co.
30,172
1,013,176
United Airlines Holdings, Inc.(b)(c)
12,534
865,472
 
 
2,752,741
Passenger Ground Transportation–0.20%
Uber Technologies, Inc.(b)(c)
12,755
929,329
Personal Care Products–0.40%
Estee Lauder Cos., Inc. (The), Class A
13,669
902,154
Kenvue, Inc.
39,367
944,021
 
 
1,846,175
Pharmaceuticals–1.36%
Bristol-Myers Squibb Co.(b)
15,185
926,133
Eli Lilly and Co.
1,105
912,631
Johnson & Johnson
5,577
924,890
Merck & Co., Inc.
9,817
881,174
Pfizer, Inc.
35,324
895,110
Viatris, Inc.
98,289
856,097
Zoetis, Inc.(b)
5,528
910,185
 
 
6,306,220
 
Shares
Value
Property & Casualty Insurance–2.29%
Allstate Corp. (The)
4,581
$948,587
Arch Capital Group Ltd.
10,410
1,001,234
Assurant, Inc.(b)
4,513
946,602
Chubb Ltd.
3,198
965,764
Cincinnati Financial Corp.
6,456
953,680
Erie Indemnity Co., Class A(b)
2,168
908,500
Hartford Insurance Group, Inc. (The)
7,844
970,538
Loews Corp.
10,813
993,823
Progressive Corp. (The)
3,272
926,009
Travelers Cos., Inc. (The)
3,604
953,114
W.R. Berkley Corp.
14,755
1,049,966
 
 
10,617,817
Publishing–0.20%
News Corp., Class A
25,392
691,170
News Corp., Class B
7,503
227,866
 
 
919,036
Rail Transportation–0.59%
CSX Corp.
30,734
904,501
Norfolk Southern Corp.(b)
3,961
938,163
Union Pacific Corp.
3,824
903,382
 
 
2,746,046
Real Estate Services–0.40%
CBRE Group, Inc., Class A(c)
7,114
930,369
CoStar Group, Inc.(b)(c)
11,816
936,182
 
 
1,866,551
Regional Banks–1.01%
Citizens Financial Group, Inc.
22,441
919,408
Huntington Bancshares, Inc.
62,419
936,909
M&T Bank Corp.
5,278
943,442
Regions Financial Corp.(b)
43,124
937,085
Truist Financial Corp.(b)
22,796
938,055
 
 
4,674,899
Reinsurance–0.20%
Everest Group Ltd.
2,612
949,018
Research & Consulting Services–0.79%
Equifax, Inc.
3,727
907,748
Jacobs Solutions, Inc.
7,473
903,411
Leidos Holdings, Inc.(b)
6,798
917,322
Verisk Analytics, Inc.(b)
3,153
938,396
 
 
3,666,877
Restaurants–1.40%
Chipotle Mexican Grill, Inc.(c)
18,146
911,111
Darden Restaurants, Inc.
4,784
993,924
Domino’s Pizza, Inc.(b)
2,070
951,061
DoorDash, Inc., Class A(c)
4,836
883,876
McDonald’s Corp.
3,033
947,418
Starbucks Corp.(b)
9,202
902,624
Yum! Brands, Inc.(b)
5,882
925,592
 
 
6,515,606
Retail REITs–1.00%
Federal Realty Investment Trust(b)
9,351
914,715
Kimco Realty Corp.(b)
43,517
924,301
Realty Income Corp.(b)
16,111
934,599
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Equally-Weighted S&P 500 Fund
 
Shares
Value
Retail REITs–(continued)
Regency Centers Corp.(b)
12,614
$930,409
Simon Property Group, Inc.(b)
5,545
920,913
 
 
4,624,937
Self-Storage REITs–0.39%
Extra Space Storage, Inc.
6,139
911,580
Public Storage(b)
3,029
906,549
 
 
1,818,129
Semiconductor Materials & Equipment–0.97%
Applied Materials, Inc.
6,093
884,216
Enphase Energy, Inc.(c)
15,530
963,636
KLA Corp.
1,335
907,533
Lam Research Corp.
11,858
862,077
Teradyne, Inc.
10,470
864,822
 
 
4,482,284
Semiconductors–2.65%
Advanced Micro Devices, Inc.(c)
9,011
925,790
Analog Devices, Inc.
4,510
909,532
Broadcom, Inc.
4,676
782,903
First Solar, Inc.(c)
6,676
844,047
Intel Corp.
43,916
997,332
Microchip Technology, Inc.
17,499
847,127
Micron Technology, Inc.(b)
9,596
833,796
Monolithic Power Systems, Inc.(b)
1,570
910,569
NVIDIA Corp.
7,847
850,458
NXP Semiconductors N.V. (China)
4,454
846,527
ON Semiconductor Corp.(b)(c)
21,195
862,424
QUALCOMM, Inc.
5,944
913,058
Skyworks Solutions, Inc.(b)
13,385
865,072
Texas Instruments, Inc.
5,108
917,908
 
 
12,306,543
Single-Family Residential REITs–0.21%
Invitation Homes, Inc.
27,438
956,214
Soft Drinks & Non-alcoholic Beverages–0.82%
Coca-Cola Co. (The)
12,985
929,986
Keurig Dr Pepper, Inc.
27,680
947,210
Monster Beverage Corp.(c)
16,695
976,991
PepsiCo, Inc.
6,246
936,525
 
 
3,790,712
Specialty Chemicals–1.34%
Albemarle Corp.(b)
12,473
898,305
DuPont de Nemours, Inc.
11,953
892,650
Eastman Chemical Co.(b)
9,859
868,677
Ecolab, Inc.
3,559
902,278
International Flavors & Fragrances, Inc.
11,149
865,274
PPG Industries, Inc.
7,988
873,488
Sherwin-Williams Co. (The)
2,633
919,417
 
 
6,220,089
Steel–0.38%
Nucor Corp.
7,074
851,285
Steel Dynamics, Inc.
7,332
917,087
 
 
1,768,372
Systems Software–1.33%
CrowdStrike Holdings, Inc., Class A(b)(c)
2,619
923,407
 
Shares
Value
Systems Software–(continued)
Fortinet, Inc.(b)(c)
9,274
$892,715
Gen Digital, Inc.
34,015
902,758
Microsoft Corp.
2,370
889,674
Oracle Corp.
6,019
841,517
Palo Alto Networks, Inc.(b)(c)
5,066
864,462
ServiceNow, Inc.(c)
1,077
857,443
 
 
6,171,976
Technology Distributors–0.19%
CDW Corp.(b)
5,494
880,468
Technology Hardware, Storage & Peripherals–1.50%
Apple, Inc.(e)
4,186
929,836
Dell Technologies, Inc., Class C(b)
9,602
875,222
Hewlett Packard Enterprise Co.
60,185
928,655
HP, Inc.(b)
31,900
883,311
NetApp, Inc.
9,927
871,988
Seagate Technology Holdings PLC
10,471
889,511
Super Micro Computer, Inc.(b)(c)
21,384
732,188
Western Digital Corp.(b)(c)
21,140
854,690
 
 
6,965,401
Telecom Tower REITs–0.62%
American Tower Corp.
4,394
956,134
Crown Castle, Inc.
9,531
993,416
SBA Communications Corp., Class A
4,195
922,942
 
 
2,872,492
Timber REITs–0.20%
Weyerhaeuser Co.
31,702
928,235
Tobacco–0.41%
Altria Group, Inc.
15,710
942,914
Philip Morris International, Inc.
6,002
952,698
 
 
1,895,612
Trading Companies & Distributors–0.60%
Fastenal Co.(b)
11,951
926,800
United Rentals, Inc.
1,490
933,783
W.W. Grainger, Inc.(b)
938
926,585
 
 
2,787,168
Transaction & Payment Processing Services–1.63%
Corpay, Inc.(c)
2,683
935,616
Fidelity National Information Services, Inc.
13,332
995,634
Fiserv, Inc.(c)
4,298
949,127
Global Payments, Inc.
9,776
957,266
Jack Henry & Associates, Inc.(b)
5,245
957,737
Mastercard, Inc., Class A
1,731
948,796
PayPal Holdings, Inc.(c)
13,235
863,584
Visa, Inc., Class A(b)
2,729
956,405
 
 
7,564,165
Water Utilities–0.21%
American Water Works Co., Inc.
6,447
951,061
Wireless Telecommunication Services–0.20%
T-Mobile US, Inc.
3,553
947,621
Total Common Stocks & Other Equity Interests
(Cost $249,209,307)
461,240,904
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Equally-Weighted S&P 500 Fund
 
Shares
Value
Money Market Funds–0.77%
Invesco Government & Agency Portfolio,
Institutional Class, 4.29%(d)(f)
1,253,214
$1,253,214
Invesco Treasury Portfolio, Institutional
Class, 4.25%(d)(f)
2,327,356
2,327,356
Total Money Market Funds (Cost $3,580,570)
3,580,570
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased
with cash collateral from securities
on loan)-100.09%
(Cost $252,789,877)
 
464,821,474
Investments Purchased with Cash Collateral from
Securities on Loan
Money Market Funds–28.85%
Invesco Private Government Fund,
4.34%(d)(f)(g)
36,249,487
36,249,487
 
Shares
Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 4.46%(d)(f)(g)
97,727,620
$97,756,938
Total Investments Purchased with Cash Collateral
from Securities on Loan (Cost $134,006,425)
134,006,425
TOTAL INVESTMENTS IN SECURITIES–128.94%
(Cost $386,796,302)
598,827,899
OTHER ASSETS LESS LIABILITIES—(28.94)%
(134,402,563
)
NET ASSETS–100.00%
$464,425,336
Investment Abbreviations: 
REIT
– Real Estate Investment Trust
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)
All or a portion of this security was out on loan at March 31, 2025.
(c)
Non-income producing security.
(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, 2025.
 
 
Value
December 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
(Depreciation)
Realized
Gain
(Loss)
Value
March 31, 2025
Dividend Income
Invesco Ltd.
$948,377
$97,508
$(18,655)
$(122,887)
$(909)
$903,434
$11,017
Investments in Affiliated Money Market
Funds:
Invesco Government & Agency Portfolio,
Institutional Class
1,109,483
4,955,763
(4,812,032)
-
-
1,253,214
10,517
Invesco Treasury Portfolio, Institutional Class
2,060,428
9,203,560
(8,936,632)
-
-
2,327,356
19,366
Investments Purchased with Cash Collateral
from Securities on Loan:
Invesco Private Government Fund
37,318,246
88,431,007
(89,499,766)
-
-
36,249,487
432,482*
Invesco Private Prime Fund
97,157,933
188,642,449
(188,043,444)
-
-
97,756,938
1,149,592*
Total
$138,594,467
$291,330,287
$(291,310,529)
$(122,887)
$(909)
$138,490,429
$1,622,974
 
*
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)
All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts.
(f)
The rate shown is the 7-day SEC standardized yield as of March 31, 2025.
(g)
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 Futures Contracts
Long Futures Contracts
Number of
Contracts
Expiration
Month
Notional
Value
Value
Unrealized
Appreciation
Equity Risk
E-mini S&P 500 Equal Weight
27
June-2025
$3,816,450
$13,852
$13,852
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. Equally-Weighted S&P 500 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
Common Stocks & Other Equity Interests
$461,240,904
$—
$—
$461,240,904
Money Market Funds
3,580,570
134,006,425
—
137,586,995
Total Investments in Securities
464,821,474
134,006,425
—
598,827,899
Other Investments - Assets*
Futures Contracts
13,852
—
—
13,852
Total Investments
$464,835,326
$134,006,425
$—
$598,841,751
 
*
Unrealized appreciation.
Invesco V.I. Equally-Weighted S&P 500 Fund