NPORT-EX 2 edgar.htm EDGAR HTML
Schedule of Investments(a)  
March 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests–98.53%
Aerospace & Defense–2.63%
RTX Corp.
176,333
$23,357,069
Textron, Inc.
122,885
8,878,442
 
 
32,235,511
Air Freight & Logistics–1.26%
FedEx Corp.
63,259
15,421,279
Application Software–1.04%
Salesforce, Inc.
47,751
12,814,458
Asset Management & Custody Banks–1.06%
KKR & Co., Inc., Class A
112,246
12,976,760
Automobile Manufacturers–1.30%
General Motors Co.
340,245
16,001,722
Broadline Retail–2.26%
Amazon.com, Inc.(b)
145,921
27,762,930
Building Products–2.35%
Johnson Controls International PLC
359,602
28,807,716
Cargo Ground Transportation–0.53%
J.B. Hunt Transport Services, Inc.
43,875
6,491,306
Communications Equipment–1.30%
Cisco Systems, Inc.
259,353
16,004,674
Consumer Finance–0.20%
American Express Co.
9,307
2,504,048
Distributors–0.23%
Genuine Parts Co.(c)
23,697
2,823,261
Diversified Banks–8.39%
Bank of America Corp.
929,178
38,774,598
PNC Financial Services Group, Inc.
(The)
93,307
16,400,571
Wells Fargo & Co.
666,092
47,818,745
 
 
102,993,914
Electric Utilities–3.43%
American Electric Power Co., Inc.(c)
114,618
12,524,309
FirstEnergy Corp.
240,542
9,722,707
PPL Corp.(c)
548,572
19,808,935
 
 
42,055,951
Electrical Components & Equipment–1.39%
Emerson Electric Co.
155,808
17,082,789
Electronic Components–0.84%
Coherent Corp.(b)
158,256
10,277,145
Electronic Equipment & Instruments–0.88%
Zebra Technologies Corp., Class A(b)
38,368
10,841,262
Fertilizers & Agricultural Chemicals–0.86%
Corteva, Inc.
166,882
10,501,884
 
Shares
Value
Food Distributors–3.18%
Sysco Corp.
284,940
$21,381,898
US Foods Holding Corp.(b)
270,104
17,681,008
 
 
39,062,906
Footwear–0.39%
NIKE, Inc., Class B
75,486
4,791,851
Health Care Equipment–2.73%
GE HealthCare Technologies, Inc.
117,702
9,499,729
Medtronic PLC
266,663
23,962,337
 
 
33,462,066
Health Care Services–1.46%
CVS Health Corp.
264,189
17,898,805
Industrial Machinery & Supplies & Components–3.95%
Fortive Corp.
229,288
16,779,296
Parker-Hannifin Corp.
37,372
22,716,570
Stanley Black & Decker, Inc.(c)
117,697
9,048,545
 
 
48,544,411
Insurance Brokers–2.15%
Willis Towers Watson PLC
77,978
26,352,665
Integrated Oil & Gas–6.44%
Cenovus Energy, Inc. (Canada)
266,162
3,699,135
Chevron Corp.
130,815
21,884,041
Exxon Mobil Corp.
171,060
20,344,166
Shell PLC (United Kingdom)
595,612
21,680,448
Suncor Energy, Inc. (Canada)
294,705
11,410,974
 
 
79,018,764
Interactive Media & Services–2.62%
Alphabet, Inc., Class A
122,024
18,869,791
Meta Platforms, Inc., Class A
23,114
13,321,985
 
 
32,191,776
Investment Banking & Brokerage–3.00%
Charles Schwab Corp. (The)
276,167
21,618,353
Goldman Sachs Group, Inc. (The)
27,971
15,280,277
 
 
36,898,630
IT Consulting & Other Services–0.90%
Cognizant Technology Solutions Corp.,
Class A
145,264
11,112,696
Managed Health Care–4.74%
Centene Corp.(b)
258,758
15,709,198
Elevance Health, Inc.
27,968
12,164,961
Humana, Inc.
60,027
15,883,144
UnitedHealth Group, Inc.
27,606
14,458,643
 
 
58,215,946
Movies & Entertainment–1.67%
Walt Disney Co. (The)
207,296
20,460,115
Multi-line Insurance–1.46%
American International Group, Inc.
206,172
17,924,594
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Growth and Income Fund
 
Shares
Value
Oil & Gas Exploration & Production–2.52%
ConocoPhillips
194,005
$20,374,405
EQT Corp.
198,137
10,586,460
 
 
30,960,865
Pharmaceuticals–6.54%
Bristol-Myers Squibb Co.
234,222
14,285,200
Johnson & Johnson
165,351
27,421,810
Merck & Co., Inc.
111,923
10,046,208
Pfizer, Inc.
379,994
9,629,048
Sanofi S.A.
170,645
18,894,126
 
 
80,276,392
Property & Casualty Insurance–1.11%
Allstate Corp. (The)
65,974
13,661,236
Rail Transportation–2.10%
CSX Corp.
313,996
9,240,902
Norfolk Southern Corp.
69,916
16,559,605
 
 
25,800,507
Real Estate Services–1.81%
CBRE Group, Inc., Class A(b)
170,400
22,284,912
Regional Banks–1.54%
Citizens Financial Group, Inc.
461,902
18,924,125
Restaurants–1.22%
Starbucks Corp.
153,060
15,013,655
Semiconductor Materials & Equipment–0.92%
Lam Research Corp.
155,297
11,290,092
Semiconductors–3.52%
Marvell Technology, Inc.
206,282
12,700,783
Microchip Technology, Inc.
358,595
17,359,584
NXP Semiconductors N.V. (China)
69,299
13,170,968
 
 
43,231,335
Specialty Chemicals–1.49%
DuPont de Nemours, Inc.
125,565
9,377,194
PPG Industries, Inc.
81,370
8,897,810
 
 
18,275,004
Systems Software–3.04%
Microsoft Corp.
65,943
24,754,343
 
Shares
Value
Systems Software–(continued)
Oracle Corp.
90,268
$12,620,369
 
 
37,374,712
Tobacco–2.08%
Philip Morris International, Inc.
160,642
25,498,705
Trading Companies & Distributors–1.45%
Ferguson Enterprises, Inc.
111,164
17,811,808
Transaction & Payment Processing Services–3.30%
Fidelity National Information Services,
Inc.
211,396
15,787,053
Fiserv, Inc.(b)
112,126
24,760,785
 
 
40,547,838
Wireless Telecommunication Services–1.25%
T-Mobile US, Inc.
57,351
15,296,085
Total Common Stocks & Other Equity Interests
(Cost $858,662,523)
1,209,779,106
Money Market Funds–1.42%
Invesco Government & Agency Portfolio,
Institutional Class, 4.29%(d)(e)
6,083,007
6,083,007
Invesco Treasury Portfolio, Institutional
Class, 4.25%(d)(e)
11,297,292
11,297,292
Total Money Market Funds (Cost $17,380,299)
17,380,299
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased
with cash collateral from securities
on loan)-99.95%
(Cost $876,042,822)
 
1,227,159,405
Investments Purchased with Cash Collateral from
Securities on Loan
Money Market Funds–2.06%
Invesco Private Government Fund,
4.34%(d)(e)(f)
7,036,096
7,036,096
Invesco Private Prime Fund, 4.46%(d)(e)(f)
18,313,687
18,319,181
Total Investments Purchased with Cash Collateral
from Securities on Loan (Cost $25,355,277)
25,355,277
TOTAL INVESTMENTS IN SECURITIES–102.01%
(Cost $901,398,099)
1,252,514,682
OTHER ASSETS LESS LIABILITIES—(2.01)%
(24,643,918
)
NET ASSETS–100.00%
$1,227,870,764
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 March 31, 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 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
$7,396,188
$21,797,997
$(23,111,178)
$-
$-
$6,083,007
$69,974
Invesco Treasury Portfolio, Institutional Class
13,738,066
40,481,995
(42,922,769)
-
-
11,297,292
128,948
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Growth and Income Fund
 
Value
December 31, 2024
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
Value
March 31, 2025
Dividend Income
Investments Purchased with Cash Collateral
from Securities on Loan:
Invesco Private Government Fund
$3,843,875
$97,712,185
$(94,519,964)
$-
$-
$7,036,096
$74,759*
Invesco Private Prime Fund
10,014,865
165,995,223
(157,690,907)
-
-
18,319,181
191,883*
Total
$34,992,994
$325,987,400
$(318,244,818)
$-
$-
$42,735,576
$465,564
 
*
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 March 31, 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
 
 
 
04/07/2025
Bank of New York Mellon (The)
USD
16,321,356
GBP
12,646,332
$14,327
05/07/2025
Bank of New York Mellon (The)
CAD
15,567,699
USD
10,849,531
12,442
04/07/2025
State Street Bank & Trust Co.
CAD
3,959,546
USD
2,770,584
18,285
04/07/2025
State Street Bank & Trust Co.
EUR
225,251
USD
244,580
953
04/07/2025
State Street Bank & Trust Co.
GBP
1,103,211
USD
1,430,456
5,402
04/07/2025
State Street Bank & Trust Co.
USD
433,035
CAD
625,697
1,890
04/07/2025
State Street Bank & Trust Co.
USD
14,694,250
EUR
13,591,874
6,474
04/07/2025
State Street Bank & Trust Co.
USD
617,952
GBP
479,347
1,236
05/07/2025
State Street Bank & Trust Co.
CAD
520,931
USD
362,715
81
05/07/2025
State Street Bank & Trust Co.
EUR
248,289
USD
269,001
15
Subtotal—Appreciation
61,105
Currency Risk
 
 
 
04/07/2025
Bank of New York Mellon (The)
CAD
12,491,357
USD
8,678,989
(3,809
)
04/07/2025
Bank of New York Mellon (The)
EUR
13,521,561
USD
14,119,282
(505,393
)
04/07/2025
Bank of New York Mellon (The)
USD
10,833,472
CAD
15,567,699
(12,294
)
05/07/2025
Bank of New York Mellon (The)
GBP
12,646,332
USD
16,320,180
(14,613
)
04/07/2025
State Street Bank & Trust Co.
CAD
485,649
USD
336,510
(1,067
)
04/07/2025
State Street Bank & Trust Co.
EUR
774,305
USD
822,326
(15,149
)
04/07/2025
State Street Bank & Trust Co.
GBP
12,022,468
USD
15,187,996
(341,822
)
04/07/2025
State Street Bank & Trust Co.
USD
519,688
CAD
743,156
(3,117
)
04/07/2025
State Street Bank & Trust Co.
USD
1,011,565
EUR
929,243
(6,513
)
05/07/2025
State Street Bank & Trust Co.
EUR
12,985,231
USD
14,062,148
(5,492
)
Subtotal—Depreciation
(909,269
)
Total Forward Foreign Currency Contracts
$(848,164
)
 
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
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
$1,169,204,532
$40,574,574
$—
$1,209,779,106
Money Market Funds
17,380,299
25,355,277
—
42,735,576
Total Investments in Securities
1,186,584,831
65,929,851
—
1,252,514,682
Other Investments - Assets*
Forward Foreign Currency Contracts
—
61,105
—
61,105
Other Investments - Liabilities*
Forward Foreign Currency Contracts
—
(909,269
)
—
(909,269
)
Total Other Investments
—
(848,164
)
—
(848,164
)
Total Investments
$1,186,584,831
$65,081,687
$—
$1,251,666,518
 
*
Unrealized appreciation (depreciation).
Invesco V.I. Growth and Income Fund