NPORT-EX 2 edgar.htm EDGAR HTML
Schedule of Investments(a)  
March 31, 2025
(Unaudited)
 
 
Principal
Amount
Value
U.S. Dollar Denominated Bonds & Notes–87.01%
Advertising–0.19%
Clear Channel Outdoor Holdings, Inc.,
5.13%, 08/15/2027(b)
 
$300,000
$290,233
Aerospace & Defense–0.25%
TransDigm, Inc., 6.38%,
03/01/2029(b)
 
372,000
376,258
Alternative Carriers–0.30%
Lumen Technologies, Inc.,
4.50%, 01/15/2029(b)
 
45,000
36,548
5.38%, 06/15/2029(b)
 
26,000
21,104
10.00%, 10/15/2032(b)
 
72,000
71,968
Series P, 7.60%, 09/15/2039
 
45,000
35,475
Series U, 7.65%, 03/15/2042
 
39,000
30,871
Zayo Group Holdings, Inc.,
4.00%, 03/01/2027(b)
 
180,000
164,131
6.13%, 03/01/2028(b)
 
110,000
91,637
 
 
451,734
Apparel Retail–0.49%
Victoria’s Secret & Co., 4.63%,
07/15/2029(b)
 
844,000
738,974
Application Software–1.24%
Cloud Software Group, Inc.,
9.00%, 09/30/2029(b)
 
484,000
483,056
8.25%, 06/30/2032(b)
 
635,000
646,338
SS&C Technologies, Inc.,
5.50%, 09/30/2027(b)
 
261,000
259,231
6.50%, 06/01/2032(b)
 
486,000
491,771
 
 
1,880,396
Automobile Manufacturers–0.99%
Allison Transmission, Inc.,
4.75%, 10/01/2027(b)
 
760,000
742,029
3.75%, 01/30/2031(b)
 
842,000
749,294
 
 
1,491,323
Automotive Parts & Equipment–2.84%
Clarios Global L.P./Clarios US Finance
Co., 6.75%, 02/15/2030(b)
 
59,000
59,614
Cougar JV Subsidiary LLC, 8.00%,
05/15/2032(b)
 
771,000
795,791
Forvia SE (France), 8.00%,
06/15/2030(b)
 
568,000
561,386
NESCO Holdings II, Inc., 5.50%,
04/15/2029(b)
 
1,702,000
1,573,245
PHINIA, Inc.,
6.75%, 04/15/2029(b)
 
300,000
304,144
6.63%, 10/15/2032(b)
 
437,000
429,220
ZF North America Capital, Inc.
(Germany), 6.88%, 04/14/2028(b)
 
580,000
570,410
 
 
4,293,810
Automotive Retail–2.74%
Carvana Co., 14.00% PIK Rate, 9.00%
Cash Rate, 06/01/2031(b)(c)
 
692,460
770,027
 
Principal
Amount
Value
Automotive Retail–(continued)
Group 1 Automotive, Inc., 6.38%,
01/15/2030(b)
 
$753,000
$756,500
LCM Investments Holdings II LLC,
4.88%, 05/01/2029(b)
 
389,000
365,400
8.25%, 08/01/2031(b)
 
723,000
751,165
Lithia Motors, Inc., 4.38%,
01/15/2031(b)
 
830,000
752,625
Velocity Vehicle Group LLC, 8.00%,
06/01/2029(b)
 
735,000
754,871
 
 
4,150,588
Broadcasting–0.62%
Gray Media, Inc.,
4.75%, 10/15/2030(b)
 
138,000
87,665
5.38%, 11/15/2031(b)
 
143,000
89,451
Univision Communications, Inc.,
6.63%, 06/01/2027(b)
 
309,000
306,698
7.38%, 06/30/2030(b)
 
237,000
226,672
8.50%, 07/31/2031(b)
 
233,000
227,898
 
 
938,384
Broadline Retail–0.23%
Kohl’s Corp., 4.63%, 05/01/2031
 
495,000
346,288
Building Products–0.05%
Park River Holdings, Inc., 6.75%,
08/01/2029(b)
 
88,000
68,916
Cable & Satellite–4.22%
Altice Financing S.A. (Luxembourg),
5.75%, 08/15/2029(b)
 
300,000
219,871
CCO Holdings LLC/CCO Holdings Capital
Corp.,
5.38%, 06/01/2029(b)
 
1,131,000
1,095,327
4.75%, 02/01/2032(b)
 
859,000
763,728
4.50%, 05/01/2032
 
918,000
797,557
4.25%, 01/15/2034(b)
 
504,000
414,916
CSC Holdings LLC,
11.75%, 01/31/2029(b)
 
265,000
257,174
6.50%, 02/01/2029(b)
 
214,000
177,264
5.75%, 01/15/2030(b)
 
346,000
183,838
4.13%, 12/01/2030(b)
 
200,000
145,085
4.63%, 12/01/2030(b)
 
290,000
141,499
4.50%, 11/15/2031(b)
 
443,000
321,799
Directv Financing LLC/Directv Financing
Co-Obligor, Inc., 10.00%,
02/15/2031(b)
 
393,000
377,693
DISH DBS Corp.,
5.75%, 12/01/2028(b)
 
260,000
219,758
5.13%, 06/01/2029
 
231,000
151,012
EchoStar Corp., 6.75% PIK Rate,
2.00% Cash Rate, 11/30/2030(c)
 
1,225,000
1,113,058
 
 
6,379,579
Casinos & Gaming–2.04%
Melco Resorts Finance Ltd.
(Hong Kong), 5.38%,
12/04/2029(b)
 
1,722,000
1,586,893
See accompanying notes which are an integral part of this schedule.
Invesco V.I. High Yield Fund
 
Principal
Amount
Value
Casinos & Gaming–(continued)
Studio City Finance Ltd. (Macau),
5.00%, 01/15/2029(b)
 
$1,657,000
$1,493,294
 
 
3,080,187
Commercial & Residential Mortgage Finance–1.17%
Freedom Mortgage Holdings LLC,
8.38%, 04/01/2032(b)
 
312,000
305,119
Nationstar Mortgage Holdings, Inc.,
5.50%, 08/15/2028(b)
 
175,000
173,696
7.13%, 02/01/2032(b)
 
753,000
782,850
PennyMac Financial Services, Inc.,
4.25%, 02/15/2029(b)
 
161,000
150,522
Walker & Dunlop, Inc., 6.63%,
04/01/2033(b)
 
362,000
361,426
 
 
1,773,613
Commodity Chemicals–0.61%
Mativ Holdings, Inc., 8.00%,
10/01/2029(b)
 
799,000
689,641
Olin Corp., 6.63%, 04/01/2033(b)
 
237,000
230,569
 
 
920,210
Communications Equipment–0.26%
CommScope LLC, 9.50%,
12/15/2031(b)
 
375,000
386,595
Construction Machinery & Heavy Transportation Equipment–
0.49%
Northriver Midstream Finance L.P.
(Canada), 6.75%, 07/15/2032(b)
 
731,000
738,424
Consumer Finance–2.48%
EZCORP, Inc., 7.38%, 04/01/2032(b)
 
775,000
788,220
FirstCash, Inc., 6.88%,
03/01/2032(b)
 
1,124,000
1,139,402
Navient Corp.,
5.00%, 03/15/2027
 
485,000
474,987
9.38%, 07/25/2030
 
216,000
230,329
OneMain Finance Corp.,
6.63%, 05/15/2029
 
318,000
318,992
4.00%, 09/15/2030
 
510,000
449,888
6.75%, 03/15/2032
 
360,000
353,783
 
 
3,755,601
Copper–0.73%
First Quantum Minerals Ltd. (Zambia),
8.63%, 06/01/2031(b)
 
750,000
768,724
8.00%, 03/01/2033(b)
 
325,000
329,714
 
 
1,098,438
Diversified Capital Markets–1.02%
Icahn Enterprises L.P./Icahn Enterprises
Finance Corp.,
10.00%, 11/15/2029(b)
 
847,000
842,127
9.00%, 06/15/2030(d)
 
744,000
704,327
 
 
1,546,454
Diversified Financial Services–4.74%
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust (Ireland),
6.95%, 03/10/2055(e)
 
1,073,000
1,098,657
Avation Capital S.A. (Singapore), 9%
PIK Rate, 8.25% Cash Rate,
10/31/2026(b)(c)
 
1,555,000
1,520,347
 
Principal
Amount
Value
Diversified Financial Services–(continued)
Avolon Holdings Funding Ltd. (Ireland),
5.38%, 05/30/2030(b)
 
$765,000
$766,267
GGAM Finance Ltd. (Ireland), 6.88%,
04/15/2029(b)
 
1,127,000
1,143,223
Jane Street Group/JSG Finance, Inc.,
7.13%, 04/30/2031(b)
 
416,000
427,654
6.13%, 11/01/2032(b)
 
1,107,000
1,090,044
Provident Funding Associates L.P./PFG
Finance Corp., 9.75%,
09/15/2029(b)
 
1,090,000
1,116,599
 
 
7,162,791
Diversified REITs–0.99%
Iron Mountain Information Management
Services, Inc., 5.00%,
07/15/2032(b)
 
856,000
791,577
Uniti Group L.P./Uniti Fiber Holdings,
Inc./CSL Capital LLC, 6.00%,
01/15/2030(b)
 
165,000
143,018
Uniti Group L.P./Uniti Group Finance,
Inc./CSL Capital LLC,
10.50%, 02/15/2028(b)
 
395,000
419,904
6.50%, 02/15/2029(b)
 
162,000
145,745
 
 
1,500,244
Diversified Support Services–1.46%
RB Global Holdings, Inc. (Canada),
6.75%, 03/15/2028(b)
 
1,082,000
1,106,392
7.75%, 03/15/2031(b)
 
1,048,000
1,098,090
 
 
2,204,482
Electric Utilities–2.22%
Brookfield Infrastructure Finance ULC
(Canada), 6.75%, 03/15/2055(e)
 
807,000
797,218
Duke Energy Corp., 6.45%,
09/01/2054(e)
 
780,000
780,633
Entergy Corp., 7.13%, 12/01/2054(e)
 
743,000
753,953
Vistra Operations Co. LLC,
7.75%, 10/15/2031(b)
 
490,000
513,586
6.88%, 04/15/2032(b)
 
501,000
511,066
 
 
3,356,456
Electrical Components & Equipment–0.49%
EnerSys, 6.63%, 01/15/2032(b)
 
734,000
746,281
Electronic Components–0.51%
Sensata Technologies, Inc.,
3.75%, 02/15/2031(b)
 
367,000
320,920
6.63%, 07/15/2032(b)
 
456,000
452,018
 
 
772,938
Environmental & Facilities Services–1.00%
GFL Environmental, Inc.,
4.00%, 08/01/2028(b)
 
797,000
758,299
3.50%, 09/01/2028(b)
 
437,000
413,369
Wrangler Holdco Corp. (Canada),
6.63%, 04/01/2032(b)
 
332,000
338,360
 
 
1,510,028
Food Retail–0.24%
PetSmart, Inc./PetSmart Finance Corp.,
7.75%, 02/15/2029(b)
 
400,000
367,646
See accompanying notes which are an integral part of this schedule.
Invesco V.I. High Yield Fund
 
Principal
Amount
Value
Gold–1.01%
New Gold, Inc. (Canada), 6.88%,
04/01/2032(b)
 
$1,511,000
$1,527,128
Health Care Facilities–1.25%
Select Medical Corp., 6.25%,
12/01/2032(b)
 
755,000
736,456
Tenet Healthcare Corp.,
4.25%, 06/01/2029
 
925,000
872,358
6.75%, 05/15/2031
 
280,000
284,268
 
 
1,893,082
Health Care REITs–0.55%
Diversified Healthcare Trust, 0.00%,
01/15/2026(b)(f)
 
887,000
837,055
Health Care Services–2.25%
Community Health Systems, Inc.,
8.00%, 12/15/2027(b)
 
276,000
273,378
6.88%, 04/15/2029(b)
 
375,000
243,558
5.25%, 05/15/2030(b)
 
703,000
580,839
4.75%, 02/15/2031(b)
 
457,000
361,794
CVS Health Corp.,
6.75%, 12/10/2054(e)
 
385,000
384,267
7.00%, 03/10/2055(e)
 
385,000
389,000
DaVita, Inc., 6.88%, 09/01/2032(b)
 
775,000
779,964
MPH Acquisition Holdings LLC,
5.75%, 12/31/2030(b)
 
320,000
232,374
5% PIK Rate, 6.5% Cash Rate,
12/31/2030(b)(c)
 
181,000
157,381
 
 
3,402,555
Health Care Supplies–0.74%
Medline Borrower L.P./Medline
Co-Issuer, Inc., 6.25%,
04/01/2029(b)
 
1,096,000
1,111,321
Home Improvement Retail–0.05%
LBM Acquisition LLC, 6.25%,
01/15/2029(b)
 
85,000
72,486
Hotel & Resort REITs–2.98%
RHP Hotel Properties L.P./RHP Finance
Corp., 6.50%, 04/01/2032(b)
 
749,000
748,254
RLJ Lodging Trust L.P., 4.00%,
09/15/2029(b)
 
847,000
760,590
Service Properties Trust,
4.75%, 10/01/2026
 
795,000
780,865
4.95%, 10/01/2029(d)
 
830,000
686,423
4.38%, 02/15/2030
 
1,973,000
1,526,083
 
 
4,502,215
Hotels, Resorts & Cruise Lines–1.01%
Carnival Corp., 6.13%,
02/15/2033(b)
 
785,000
774,159
Hilton Domestic Operating Co., Inc.,
5.88%, 03/15/2033(b)
 
761,000
754,225
 
 
1,528,384
Household Products–0.73%
Energizer Holdings, Inc., 4.38%,
03/31/2029(b)
 
799,000
744,847
Kronos Acquisition Holdings, Inc.
(Canada), 8.25%, 06/30/2031(b)
 
411,000
365,086
 
 
1,109,933
 
Principal
Amount
Value
Independent Power Producers & Energy Traders–1.36%
Vistra Corp.,
8.00%(b)(e)(g)
 
$390,000
$401,539
Series C, 8.88%(b)(e)(g)
 
1,538,000
1,648,352
 
 
2,049,891
Industrial Machinery & Supplies & Components–1.20%
ESAB Corp., 6.25%, 04/15/2029(b)
 
741,000
752,740
GrafTech Finance, Inc., 4.63%,
12/23/2029(b)
 
438,000
302,768
Roller Bearing Co. of America, Inc.,
4.38%, 10/15/2029(b)
 
803,000
754,845
 
 
1,810,353
Insurance Brokers–1.78%
Alliant Holdings Intermediate LLC/
Alliant Holdings Co-Issuer, 7.00%,
01/15/2031(b)
 
769,000
771,967
HUB International Ltd.,
7.25%, 06/15/2030(b)
 
333,000
343,215
7.38%, 01/31/2032(b)
 
769,000
783,463
USI, Inc., 7.50%, 01/15/2032(b)
 
770,000
786,499
 
 
2,685,144
Integrated Telecommunication Services–4.10%
Altice France Holding S.A.
(Luxembourg), 6.00%,
02/15/2028(b)
 
200,000
58,751
Altice France S.A. (France),
5.50%, 01/15/2028(b)
 
765,000
612,276
5.50%, 10/15/2029(b)
 
600,000
476,280
Iliad Holding S.A.S. (France),
8.50%, 04/15/2031(b)
 
853,000
895,464
7.00%, 04/15/2032(b)
 
233,000
233,599
Level 3 Financing, Inc.,
3.63%, 01/15/2029(b)
 
45,000
33,638
4.88%, 06/15/2029(b)
 
180,000
153,065
3.75%, 07/15/2029(b)
 
78,000
57,133
4.50%, 04/01/2030(b)
 
172,000
138,460
3.88%, 10/15/2030(b)
 
99,000
75,220
4.00%, 04/15/2031(b)
 
72,000
54,360
Telecom Italia Capital S.A. (Italy),
6.38%, 11/15/2033
 
381,000
379,674
7.72%, 06/04/2038
 
1,120,000
1,162,377
Windstream Services LLC/Windstream
Escrow Finance Corp., 8.25%,
10/01/2031(b)
 
717,000
730,671
Zegona Finance PLC (United Kingdom),
8.63%, 07/15/2029(b)
 
1,078,000
1,143,871
 
 
6,204,839
Investment Banking & Brokerage–0.45%
Saks Global Enterprises LLC, 11.00%,
12/15/2029(b)
 
835,000
677,593
Leisure Facilities–0.47%
Six Flags Entertainment Corp. /Six Flags
Theme Parks, Inc./ Canada’s
Wonderland Co., 6.63%,
05/01/2032(b)
 
704,000
710,401
Leisure Products–0.75%
Amer Sports Co. (Finland), 6.75%,
02/16/2031(b)
 
1,111,000
1,138,265
See accompanying notes which are an integral part of this schedule.
Invesco V.I. High Yield Fund
 
Principal
Amount
Value
Marine Transportation–0.50%
NCL Corp. Ltd.,
6.25%, 03/01/2030(b)
 
$377,000
$370,402
6.75%, 02/01/2032(b)
 
385,000
380,572
 
 
750,974
Metal, Glass & Plastic Containers–0.75%
LABL, Inc., 10.50%, 07/15/2027(b)
 
403,000
359,623
OI European Group B.V., 4.75%,
02/15/2030(b)
 
850,000
778,902
 
 
1,138,525
Movies & Entertainment–1.04%
AMC Entertainment Holdings, Inc.,
7.50%, 02/15/2029(b)
 
490,000
366,441
Lions Gate Capital Holdings 1, Inc.,
5.50%, 04/15/2029(b)
 
1,297,000
1,206,592
 
 
1,573,033
Multi-line Insurance–0.51%
Acrisure LLC/Acrisure Finance, Inc.,
7.50%, 11/06/2030(b)
 
753,000
766,595
Multi-Utilities–0.76%
CenterPoint Energy, Inc., 6.70%,
05/15/2055(e)
 
1,161,000
1,147,647
Office REITs–0.50%
Office Properties Income Trust, 9.00%,
03/31/2029(b)
 
786,000
752,302
Oil & Gas Drilling–2.59%
Delek Logistics Partners L.P./Delek Logistics
Finance Corp.,
7.13%, 06/01/2028(b)
 
790,000
792,274
8.63%, 03/15/2029(b)
 
313,000
324,571
Summit Midstream Holdings LLC,
8.63%, 10/31/2029(b)
 
1,058,000
1,080,591
Transocean, Inc.,
8.75%, 02/15/2030(b)
 
134,400
139,671
8.50%, 05/15/2031(b)
 
1,025,000
996,893
Valaris Ltd., 8.38%, 04/30/2030(b)
 
582,000
583,113
 
 
3,917,113
Oil & Gas Exploration & Production–2.74%
Aethon United BR L.P./Aethon United
Finance Corp., 7.50%,
10/01/2029(b)
 
1,108,000
1,127,707
Comstock Resources, Inc., 6.75%,
03/01/2029(b)
 
762,000
746,086
Hilcorp Energy I L.P./Hilcorp Finance Co.,
6.00%, 02/01/2031(b)
 
366,000
342,391
6.25%, 04/15/2032(b)
 
180,000
168,394
8.38%, 11/01/2033(b)
 
74,000
75,909
7.25%, 02/15/2035(b)
 
562,000
537,431
Kimmeridge Texas Gas LLC, 8.50%,
02/15/2030(b)
 
762,000
762,152
Transocean Titan Financing Ltd.,
8.38%, 02/01/2028(b)
 
381,809
390,314
 
 
4,150,384
Oil & Gas Refining & Marketing–0.52%
Sunoco L.P., 6.25%, 07/01/2033(b)
 
790,000
791,372
 
Principal
Amount
Value
Oil & Gas Storage & Transportation–5.87%
Antero Midstream Partners L.P./Antero
Midstream Finance Corp., 6.63%,
02/01/2032(b)
 
$732,000
$744,834
Genesis Energy L.P./Genesis Energy Finance
Corp.,
8.25%, 01/15/2029
 
148,000
152,917
8.88%, 04/15/2030
 
1,089,000
1,132,014
7.88%, 05/15/2032
 
977,000
984,821
8.00%, 05/15/2033
 
552,000
556,762
Howard Midstream Energy
Partners LLC, 7.38%,
07/15/2032(b)
 
725,000
743,342
NGL Energy Operating LLC/NGL Energy
Finance Corp.,
8.13%, 02/15/2029(b)
 
466,000
469,634
8.38%, 02/15/2032(b)
 
695,000
697,335
Prairie Acquiror L.P., 9.00%,
08/01/2029(b)
 
425,000
433,011
Tallgrass Energy Partners
L.P./Tallgrass Energy Finance Corp.,
7.38%, 02/15/2029(b)
 
768,000
772,413
Venture Global LNG, Inc.,
9.88%, 02/01/2032(b)
 
701,000
744,960
9.00%(b)(e)(g)
 
1,517,500
1,441,289
 
 
8,873,332
Other Specialized REITs–0.49%
Iron Mountain, Inc., 4.50%,
02/15/2031(b)
 
812,000
745,122
Other Specialty Retail–0.56%
Macy’s Retail Holdings LLC, 6.70%,
07/15/2034(b)
 
913,000
777,925
Michaels Cos., Inc. (The), 7.88%,
05/01/2029(b)
 
130,000
69,613
 
 
847,538
Packaged Foods & Meats–0.51%
Lamb Weston Holdings, Inc., 4.38%,
01/31/2032(b)
 
850,000
777,259
Paper & Plastic Packaging Products & Materials–0.47%
Clydesdale Acquisition Holdings, Inc.,
6.75%, 04/15/2032(b)
 
710,000
715,487
Passenger Airlines–1.21%
American Airlines, Inc./AAdvantage
Loyalty IP Ltd., 5.75%,
04/20/2029(b)
 
1,872,000
1,833,384
Passenger Ground Transportation–0.06%
Hertz Corp. (The),
4.63%, 12/01/2026(b)
 
75,000
52,380
5.00%, 12/01/2029(b)
 
90,000
45,388
 
 
97,768
Pharmaceuticals–0.98%
1261229 BC Ltd., 10.00%,
04/15/2032(b)
 
535,000
532,300
Bausch Health Americas, Inc., 9.25%,
04/01/2026(b)
 
535,000
524,300
See accompanying notes which are an integral part of this schedule.
Invesco V.I. High Yield Fund
 
Principal
Amount
Value
Pharmaceuticals–(continued)
Bausch Health Cos., Inc.,
5.00%, 02/15/2029(b)
 
$130,000
$83,587
6.25%, 02/15/2029(b)
 
144,000
96,368
5.25%, 01/30/2030(b)
 
284,000
168,635
5.25%, 02/15/2031(b)
 
142,000
81,828
Par Pharmaceutical, Inc., 0.00%,
04/01/2027(f)(h)
 
329,000
0
 
 
1,487,018
Reinsurance–0.52%
Global Atlantic (Fin) Co., 4.70%,
10/15/2051(b)(e)
 
812,000
782,698
Renewable Electricity–0.48%
California Buyer Ltd./Atlantica
Sustainable Infrastructure PLC
(United Kingdom), 6.38%,
02/15/2032(b)
 
745,000
723,218
Research & Consulting Services–0.50%
Dun & Bradstreet Corp. (The), 5.00%,
12/15/2029(b)
 
751,000
752,778
Semiconductor Materials & Equipment–0.51%
Entegris, Inc., 5.95%, 06/15/2030(b)
 
775,000
771,952
Single-Family Residential REITs–0.51%
Ashton Woods USA LLC/Ashton Woods
Finance Co., 6.63%,
01/15/2028(b)
 
779,000
775,912
Specialized Consumer Services–0.74%
Carriage Services, Inc., 4.25%,
05/15/2029(b)
 
1,215,000
1,111,210
Specialized Finance–1.26%
Jefferson Capital Holdings LLC, 9.50%,
02/15/2029(b)
 
694,000
739,228
TrueNoord Capital DAC (Ireland),
8.75%, 03/01/2030(b)
 
1,147,000
1,165,320
 
 
1,904,548
Specialty Chemicals–1.23%
Celanese US Holdings LLC, 6.95%,
11/15/2033
 
1,079,000
1,128,592
Cerdia Finanz GmbH (Germany),
9.38%, 10/03/2031(b)
 
716,000
734,337
 
 
1,862,929
Steel–0.73%
Cleveland-Cliffs, Inc.,
5.88%, 06/01/2027
 
371,000
368,731
7.00%, 03/15/2032(b)
 
644,000
618,767
6.25%, 10/01/2040
 
144,000
117,624
 
 
1,105,122
Technology Hardware, Storage & Peripherals–0.56%
Seagate HDD Cayman, 9.63%,
12/01/2032
 
669,000
753,165
Xerox Corp.,
4.80%, 03/01/2035
 
33,000
15,383
6.75%, 12/15/2039
 
29,000
14,870
Xerox Holdings Corp., 5.50%,
08/15/2028(b)
 
100,000
70,465
 
 
853,883
 
Principal
Amount
Value
Trading Companies & Distributors–2.58%
Air Lease Corp., Series B, 4.65%(e)(g)
 
$1,165,000
$1,136,166
Aircastle Ltd., 5.25%(b)(e)(g)
 
2,042,000
2,008,764
BlueLinx Holdings, Inc., 6.00%,
11/15/2029(b)
 
802,000
756,084
 
 
3,901,014
Transaction & Payment Processing Services–0.51%
WEX, Inc., 6.50%, 03/15/2033(b)
 
786,000
778,003
Wireless Telecommunication Services–1.53%
VMED O2 UK Financing I PLC (United
Kingdom), 4.75%, 07/15/2031(b)
 
1,348,000
1,173,219
Vodafone Group PLC (United Kingdom),
4.13%, 06/04/2081(e)
 
1,286,000
1,143,487
 
 
2,316,706
Total U.S. Dollar Denominated Bonds & Notes
(Cost $131,424,289)
131,592,342
Variable Rate Senior Loan Interests–10.24%(i)(j)
Advertising–0.30%
Clear Channel Outdoor Holdings, Inc.,
Term Loan B, 8.44% (1 mo. Term
SOFR + 4.10%), 08/23/2028
 
461,187
458,939
Aerospace & Defense–1.00%
TransDigm, Inc., Term Loan L, -%,
01/19/2032(k)
 
1,513,050
1,506,945
Automobile Manufacturers–0.46%
Clarios Global L.P., Term Loan B,
7.07% (1 mo. Term SOFR +
2.75%), 01/15/2032
 
710,000
700,532
Broadcasting–0.26%
Gray Media, Inc., Term Loan D, -%,
12/01/2028(k)
 
422,709
388,409
Building Products–0.75%
EMRLD Borrower L.P. (Copeland),
Incremental Term Loan B, -%,
08/04/2031(k)
 
1,145,000
1,135,903
Cable & Satellite–0.46%
CSC Holdings LLC,
Term Loan, 9.00% (3 mo. PRIME +
1.50%), 04/15/2027
 
396,867
373,975
Term Loan B, 8.82% (1 mo. Term
SOFR + 4.50%), 01/15/2028
 
325,000
314,844
 
 
688,819
Casinos & Gaming–0.52%
Scientific Games Holdings L.P., Term
Loan B, 7.30% (3 mo. Term SOFR +
3.00%), 04/04/2029
 
790,374
786,750
Communications Equipment–0.51%
CommScope, Inc., Term Loan, 9.57% (
1 mo. Term SOFR + 5.25%),
12/17/2029
 
769,460
767,375
Diversified REITs–0.44%
Cushman & Wakefield U.S. Borrower
LLC, Term Loan, 7.57% (1 mo. Term
SOFR + 3.25%), 01/31/2030
 
669,080
669,358
See accompanying notes which are an integral part of this schedule.
Invesco V.I. High Yield Fund
 
Principal
Amount
Value
Health Care Services–0.52%
MPH Acquisition Holdings LLC, Term
Loan, -%, 12/31/2030(k)
 
$795,000
$789,181
Hotels, Resorts & Cruise Lines–0.25%
Carnival Corp., First Lien Term Loan B,
-%, 10/18/2028(k)
 
375,000
375,234
Integrated Telecommunication Services–0.38%
Level 3 Financing, Inc., Term Loan B-2,
-%, 04/15/2030(k)
 
575,000
580,031
Interactive Media & Services–0.43%
Camelot US Acquisition LLC, Term Loan,
7.07% (1 mo. Term SOFR +
2.75%), 01/31/2031
 
655,568
647,508
Internet Services & Infrastructure–0.51%
Arches Buyer, Inc., Term Loan B,
7.67% (1 mo. Term SOFR +
3.35%), 12/06/2027
 
782,956
767,543
Life Sciences Tools & Services–0.43%
Star Parent, Inc., Term Loan, 8.30% (3
mo. Term SOFR + 4.00%),
09/27/2030
 
682,110
653,120
Movies & Entertainment–0.25%
AMC Entertainment Holdings, Inc., Term
Loan B, -%, 01/04/2029(k)
 
379,052
378,958
Oil & Gas Storage & Transportation–0.49%
Prairie Acquiror L.P., Term Loan B,
8.57% (1 mo. Term SOFR +
4.25%), 08/01/2029
 
737,569
739,298
Other Specialty Retail–0.50%
Petco Health & Wellness Co., Inc., First
Lien Term Loan, 7.81% (3 mo. Term
SOFR + 3.25%), 03/02/2028
 
825,000
752,697
Pharmaceuticals–0.49%
Endo Finance Holdings, Inc., Term Loan
B, 8.32% (1 mo. Term SOFR +
4.00%), 04/23/2031
 
746,250
740,840
Real Estate Development–0.51%
Greystar Real Estate Partners LLC,
Term Loan B, 7.05% (3 mo. Term
SOFR + 2.75%), 08/21/2030
 
764,199
765,635
Wireless Telecommunication Services–0.78%
X Corp.,
Term Loan B,
10.95% (3 mo. Term SOFR +
6.65%), 10/27/2029
 
463,814
461,495
9.50%, 10/27/2029
 
705,000
724,137
 
 
1,185,632
Total Variable Rate Senior Loan Interests
(Cost $15,562,653)
15,478,707
 

Shares
 
Exchange-Traded Funds–1.05%
Invesco Short Term Treasury ETF
(Cost $1,583,100)(l)
15,000
1,583,025
 
Principal
Amount
Value
Non-U.S. Dollar Denominated Bonds & Notes–0.42%(m)
Integrated Telecommunication Services–0.23%
Eutelsat S.A. (France), 9.75%,
04/13/2029(b)
EUR
325,000
$346,065
Personal Care Products–0.19%
Opal Bidco SAS (France), 6.50%,
03/31/2032(b)
EUR
283,000
283,000
Total Non-U.S. Dollar Denominated Bonds & Notes
(Cost $634,107)
629,065
 

Shares
 
Common Stocks & Other Equity Interests–0.29%
Alternative Carriers–0.01%
Lumen Technologies, Inc.(n)
5,000
19,600
Broadline Retail–0.01%
Americanas S.A. (Brazil)(n)
7,833
7,824
Americanas S.A., Wts., expiring
03/19/2027 (Brazil)(n)
2,611
1,885
 
 
9,709
Casinos & Gaming–0.05%
Codere New Topco S.A. (Luxembourg)(h)
4,068
74,778
Codere Online Luxembourg S.A., Wts.,
expiring 10/15/2034 (Luxembourg)(h)
3
13
 
 
74,791
Electrical Components & Equipment–0.03%
GrafTech International Ltd.(n)
45,000
39,348
Food Retail–0.00%
Casino Guichard-Perrachon S.A. (France)(n)
3,370
2,207
Casino Guichard-Perrachon S.A., Wts.,
expiring 04/27/2029 (France)(n)
184,690
100
 
 
2,307
Pharmaceuticals–0.19%
Endo, Inc.(n)
11,213
290,137
Total Common Stocks & Other Equity Interests
(Cost $583,064)
435,892
Money Market Funds–4.48%
Invesco Government & Agency Portfolio,
Institutional Class, 4.29%(l)(o)
2,370,187
2,370,187
Invesco Treasury Portfolio, Institutional
Class, 4.25%(l)(o)
4,405,604
4,405,604
Total Money Market Funds (Cost $6,775,791)
6,775,791
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased
with cash collateral from securities
on loan)-103.49%
(Cost $156,563,004)
 
156,494,822
Investments Purchased with Cash Collateral from
Securities on Loan
Money Market Funds–0.60%
Invesco Private Government Fund,
4.34%(l)(o)(p)
253,694
253,694
See accompanying notes which are an integral part of this schedule.
Invesco V.I. High Yield Fund
 
 
Shares
Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 4.46%(l)(o)(p)
660,458
$660,658
Total Investments Purchased with Cash Collateral
from Securities on Loan (Cost $914,352)
914,352
TOTAL INVESTMENTS IN SECURITIES–104.09%
(Cost $157,477,356)
157,409,174
OTHER ASSETS LESS LIABILITIES—(4.09)%
(6,180,049
)
NET ASSETS–100.00%
$151,229,125
Investment Abbreviations: 
ETF
– Exchange-Traded Fund
EUR
– Euro
PIK
– Pay-in-Kind
REIT
– Real Estate Investment Trust
SOFR
– Secured Overnight Financing Rate
Wts.
– Warrants
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)
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 $108,666,885, which represented 71.86% of the Fund’s Net Assets.
(c)
All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.
(d)
All or a portion of this security was out on loan at March 31, 2025.
(e)
Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(f)
Zero coupon bond issued at a discount.
(g)
Perpetual bond with no specified maturity date.
(h)
Security valued using significant unobservable inputs (Level 3). See Note 1.
(i)
Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers
repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be
substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three
to five years.
(j)
Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal
restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the Secured Overnight
Financing Rate ("SOFR"), on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely
recognized base lending rate such as the Prime Rate of a designated U.S. bank.
(k)
This variable rate interest will settle after March 31, 2025, at which time the interest rate will be determined.
(l)
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
Value
March 31, 2025
Dividend Income
Invesco Short Term Treasury ETF
$-
$1,583,100
$-
$(75)
$-
$1,583,025
$-
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional
Class
1,236,437
9,943,780
(8,810,030)
-
-
2,370,187
17,864
Invesco Treasury Portfolio, Institutional Class
2,300,069
18,467,020
(16,361,485)
-
-
4,405,604
32,946
Investments Purchased with Cash Collateral from
Securities on Loan:
Invesco Private Government Fund
1,290
7,660,789
(7,408,385)
-
-
253,694
6,083*
Invesco Private Prime Fund
2,507
18,483,379
(17,825,228)
-
-
660,658
15,697*
Total
$3,540,303
$56,138,068
$(50,405,128)
$(75)
$-
$9,273,168
$72,590
 
*
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.
 
(m)
Foreign denominated security. Principal amount is denominated in the currency indicated.
(n)
Non-income producing security.
(o)
The rate shown is the 7-day SEC standardized yield as of March 31, 2025.
(p)
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.
 
See accompanying notes which are an integral part of this schedule.
Invesco V.I. High Yield Fund
Open Forward Foreign Currency Contracts
Settlement
Date
Counterparty
Contract to
Unrealized
Appreciation
(Depreciation)
Deliver
Receive
Currency Risk
 
 
 
04/30/2025
Citibank, N.A.
EUR
1,993,000
USD
2,086,395
$(71,888
)
04/30/2025
Deutsche Bank AG
USD
1,423,931
EUR
1,300,000
(16,119
)
04/30/2025
UBS AG
EUR
255,000
USD
275,774
(374
)
Total Forward Foreign Currency Contracts
$(88,381
)
 
Open Centrally Cleared Credit Default Swap Agreements(a)
Reference Entity
Buy/Sell
Protection
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity Date
Implied
Credit
Spread(b)
Notional Value
Upfront
Payments Paid
(Received)
Value
Unrealized
Appreciation
(Depreciation)
Credit Risk
Markit CDX North America High Yield Index,
Series 43, Version 1
Sell
5.00%
Quarterly
12/20/2029
3.637%
USD
6,000,000
$349,330
$320,958
$(28,372
)
 
(a)
Centrally cleared swap agreements collateralized by $187,726 cash held with Bank of America.
(b)
Implied credit spreads represent the current level, as of March 31, 2025, at which protection could be bought or sold given the terms of the existing credit
default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit
spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the
reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit
spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.
 
Abbreviations:
EUR
—Euro
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. High Yield 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. Dollar Denominated Bonds & Notes
$—
$131,592,342
$0
$131,592,342
Variable Rate Senior Loan Interests
—
15,478,707
—
15,478,707
Exchange-Traded Funds
1,583,025
—
—
1,583,025
Non-U.S. Dollar Denominated Bonds & Notes
—
629,065
—
629,065
Common Stocks & Other Equity Interests
68,757
292,344
74,791
435,892
Money Market Funds
6,775,791
914,352
—
7,690,143
Total Investments in Securities
8,427,573
148,906,810
74,791
157,409,174
Other Investments - Liabilities*
Forward Foreign Currency Contracts
—
(88,381
)
—
(88,381
)
Swap Agreements
—
(28,372
)
—
(28,372
)
Total Other Investments
—
(116,753
)
—
(116,753
)
Total Investments
$8,427,573
$148,790,057
$74,791
$157,292,421
 
*
Unrealized appreciation (depreciation).
Invesco V.I. High Yield Fund