NPORT-EX 2 edgar.htm EDGAR HTML
Schedule of Investments(a)  
September 30, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests–96.52%
Aerospace & Defense–1.31%
Textron, Inc.
228,223
$19,282,561
Air Freight & Logistics–1.71%
FedEx Corp.
106,482
25,109,520
Asset Management & Custody Banks–2.10%
State Street Corp.
265,636
30,816,432
Biotechnology–0.42%
Regeneron Pharmaceuticals, Inc.
11,061
6,219,268
Brewers–0.90%
Anheuser-Busch InBev S.A./N.V.
(Belgium)
219,754
13,136,165
Broadline Retail–1.38%
eBay, Inc.
222,391
20,226,461
Building Products–1.54%
Johnson Controls International PLC
205,840
22,632,108
Cable & Satellite–2.02%
Charter Communications, Inc.,
Class A(b)
66,928
18,412,227
Comcast Corp., Class A
357,110
11,220,396
 
 
29,632,623
Casinos & Gaming–0.62%
Las Vegas Sands Corp.
168,572
9,067,488
Communications Equipment–3.03%
Cisco Systems, Inc.
520,068
35,583,053
F5, Inc.(b)
27,732
8,962,705
 
 
44,545,758
Construction Machinery & Heavy Transportation Equipment–
2.26%
Caterpillar, Inc.
35,138
16,766,097
Wabtec Corp.
81,977
16,433,929
 
 
33,200,026
Consumer Finance–0.40%
Capital One Financial Corp.
27,574
5,861,681
Diversified Banks–9.80%
Bank of America Corp.
1,022,691
52,760,629
Citigroup, Inc.
277,333
28,149,299
Fifth Third Bancorp(c)
476,809
21,241,841
Wells Fargo & Co.
497,516
41,701,791
 
 
143,853,560
Electric Utilities–0.87%
Evergy, Inc.
167,253
12,714,573
Electrical Components & Equipment–2.73%
Eaton Corp. PLC
55,727
20,855,830
Emerson Electric Co.
146,201
19,178,647
 
 
40,034,477
 
Shares
Value
Fertilizers & Agricultural Chemicals–0.58%
Corteva, Inc.
126,589
$8,561,214
Food Distributors–1.73%
Sysco Corp.(c)
308,985
25,441,825
Footwear–0.81%
NIKE, Inc., Class B
169,554
11,823,000
Health Care Distributors–0.68%
Henry Schein, Inc.(b)(c)
151,387
10,047,555
Health Care Equipment–2.65%
Becton, Dickinson and Co.
74,047
13,859,377
GE HealthCare Technologies, Inc.
126,571
9,505,482
Medtronic PLC
162,552
15,481,453
 
 
38,846,312
Health Care Services–2.61%
CVS Health Corp.
508,668
38,348,481
Household Products–3.78%
Clorox Co. (The)
101,990
12,575,367
Kimberly-Clark Corp.
165,204
20,541,466
Reckitt Benckiser Group PLC (United
Kingdom)
291,599
22,453,688
 
 
55,570,521
Integrated Oil & Gas–4.74%
Chevron Corp.
227,928
35,394,939
Exxon Mobil Corp.
116,911
13,181,715
Suncor Energy, Inc. (Canada)
502,905
21,026,458
 
 
69,603,112
Interactive Media & Services–4.47%
Alphabet, Inc., Class A
167,775
40,786,102
Meta Platforms, Inc., Class A
33,928
24,916,045
 
 
65,702,147
Investment Banking & Brokerage–0.57%
Goldman Sachs Group, Inc. (The)
10,492
8,355,304
IT Consulting & Other Services–2.01%
Cognizant Technology Solutions Corp.,
Class A
321,616
21,570,785
DXC Technology Co.(b)
581,901
7,931,311
 
 
29,502,096
Life & Health Insurance–1.00%
MetLife, Inc.
178,547
14,706,916
Life Sciences Tools & Services–1.28%
ICON PLC(b)
53,898
9,432,150
IQVIA Holdings, Inc.(b)
49,054
9,317,317
 
 
18,749,467
Managed Health Care–2.98%
Elevance Health, Inc.
70,155
22,668,484
Humana, Inc.
34,094
8,870,236
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Comstock Fund
 
Shares
Value
Managed Health Care–(continued)
UnitedHealth Group, Inc.
35,530
$12,268,509
 
 
43,807,229
Movies & Entertainment–1.31%
Universal Music Group N.V. (Netherlands)
273,982
7,917,383
Walt Disney Co. (The)
99,353
11,375,919
 
 
19,293,302
Multi-Utilities–3.17%
Dominion Energy, Inc.(c)
314,233
19,221,633
Sempra(c)
303,657
27,323,057
 
 
46,544,690
Oil & Gas Equipment & Services–0.53%
Tenaris S.A.
429,901
7,703,014
Oil & Gas Exploration & Production–1.81%
ConocoPhillips
197,799
18,709,807
EQT Corp.
143,300
7,799,819
 
 
26,509,626
Paper & Plastic Packaging Products & Materials–1.00%
International Paper Co.(c)
317,286
14,722,070
Pharmaceuticals–5.96%
AstraZeneca PLC (United Kingdom)
132,542
20,305,566
Bristol-Myers Squibb Co.
197,100
8,889,210
Johnson & Johnson
109,398
20,284,577
Merck & Co., Inc.
217,071
18,218,769
Sanofi S.A., ADR
419,102
19,781,615
 
 
87,479,737
Property & Casualty Insurance–2.05%
Allstate Corp. (The)
52,169
11,198,076
American International Group, Inc.
239,676
18,824,153
 
 
30,022,229
Regional Banks–4.73%
Citizens Financial Group, Inc.
492,701
26,191,985
Huntington Bancshares, Inc.
1,467,666
25,346,592
M&T Bank Corp.(c)
90,777
17,939,351
 
 
69,477,928
Research & Consulting Services–0.80%
TransUnion
140,105
11,737,997
Restaurants–3.17%
Domino’s Pizza, Inc.
32,999
14,245,998
Restaurant Brands International, Inc.
(Canada)
255,282
16,376,789
 
Shares
Value
Restaurants–(continued)
Starbucks Corp.
188,915
$15,982,209
 
 
46,604,996
Semiconductors–3.53%
Intel Corp.
466,468
15,650,001
NXP Semiconductors N.V. (Netherlands)
112,226
25,557,227
QUALCOMM, Inc.
64,254
10,689,296
 
 
51,896,524
Soft Drinks & Non-alcoholic Beverages–0.71%
Coca-Cola Co. (The)
157,545
10,448,384
Specialty Chemicals–1.22%
International Flavors & Fragrances, Inc.
290,737
17,891,955
Systems Software–3.06%
Microsoft Corp.
86,640
44,875,188
Telecom Tower REITs–0.78%
SBA Communications Corp., Class A
59,157
11,438,006
Tobacco–1.71%
Philip Morris International, Inc.
154,928
25,129,322
Total Common Stocks & Other Equity Interests
(Cost $918,360,952)
1,417,172,848
Money Market Funds–3.36%
Invesco Government & Agency Portfolio,
Institutional Class, 4.05%(d)(e)
17,263,513
17,263,513
Invesco Treasury Portfolio, Institutional
Class, 3.99%(d)(e)
32,059,968
32,059,968
Total Money Market Funds (Cost $49,323,481)
49,323,481
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased
with cash collateral from securities
on loan)-99.88%
(Cost $967,684,433)
 
1,466,496,329
Investments Purchased with Cash Collateral from
Securities on Loan
Money Market Funds–5.03%
Invesco Private Government Fund,
4.14%(d)(e)(f)
20,551,340
20,551,340
Invesco Private Prime Fund, 4.26%(d)(e)(f)
53,335,369
53,351,370
Total Investments Purchased with Cash Collateral
from Securities on Loan (Cost $73,902,710)
73,902,710
TOTAL INVESTMENTS IN SECURITIES–104.91%
(Cost $1,041,587,143)
1,540,399,039
OTHER ASSETS LESS LIABILITIES—(4.91)%
(72,054,813
)
NET ASSETS–100.00%
$1,468,344,226
Investment Abbreviations: 
ADR
– American Depositary Receipt
REIT
– Real Estate Investment Trust
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Comstock 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
$10,946,450
$79,028,024
$(72,710,961)
$-
$-
$17,263,513
$384,348
Invesco Treasury Portfolio, Institutional
Class
20,328,278
146,766,331
(135,034,641)
-
-
32,059,968
707,911
Investments Purchased with Cash
Collateral from Securities on Loan:
Invesco Private Government Fund
23,751,088
553,468,651
(556,668,399)
-
-
20,551,340
790,294*
Invesco Private Prime Fund
61,891,507
1,229,388,847
(1,237,926,020)
-
(2,964)
53,351,370
2,144,919*
Total
$116,917,323
$2,008,651,853
$(2,002,340,021)
$-
$(2,964)
$123,226,191
$4,027,472
 
*
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
Barclays Bank PLC
CAD
666,965
USD
481,937
$2,530
10/08/2025
Deutsche Bank AG
USD
1,020,185
EUR
869,020
465
10/08/2025
J.P. Morgan Chase Bank, N.A.
CAD
666,965
USD
482,070
2,664
10/08/2025
Royal Bank of Canada
CAD
25,148,471
USD
18,202,926
126,510
10/08/2025
Royal Bank of Canada
USD
509,627
GBP
380,134
1,633
Subtotal—Appreciation
133,802
Currency Risk
 
 
 
10/08/2025
Canadian Imperial Bank of Commerce
USD
477,094
GBP
354,150
(781
)
10/08/2025
Deutsche Bank AG
GBP
16,095,555
USD
21,611,924
(35,767
)
10/08/2025
Deutsche Bank AG
USD
639,592
CAD
881,480
(5,995
)
10/08/2025
Goldman Sachs International
CAD
856,659
USD
614,739
(1,017
)
10/08/2025
Royal Bank of Canada
EUR
21,204,395
USD
24,729,308
(174,904
)
Subtotal—Depreciation
(218,464
)
Total Forward Foreign Currency Contracts
$(84,662
)
 
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. Comstock 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
$1,345,657,032
$71,515,816
$—
$1,417,172,848
Money Market Funds
49,323,481
73,902,710
—
123,226,191
Total Investments in Securities
1,394,980,513
145,418,526
—
1,540,399,039
Other Investments - Assets*
Forward Foreign Currency Contracts
—
133,802
—
133,802
Other Investments - Liabilities*
Forward Foreign Currency Contracts
—
(218,464
)
—
(218,464
)
Total Other Investments
—
(84,662
)
—
(84,662
)
Total Investments
$1,394,980,513
$145,333,864
$—
$1,540,314,377
 
*
Unrealized appreciation (depreciation).
Invesco V.I. Comstock Fund