NPORT-EX 2 edgar.htm EDGAR HTML
Schedule of Investments(a)  
March 31, 2026
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests–97.73%
Aerospace & Defense–1.34%
Textron, Inc.
217,590
$19,052,180
Air Freight & Logistics–2.02%
FedEx Corp.
80,828
28,789,317
Asset Management & Custody Banks–2.25%
State Street Corp.(b)
253,260
32,052,586
Biotechnology–1.00%
Regeneron Pharmaceuticals, Inc.
18,393
14,211,167
Brewers–1.02%
Anheuser-Busch InBev S.A./N.V.
(Belgium)
209,516
14,495,588
Broadline Retail–1.29%
eBay, Inc.(b)
201,770
18,365,105
Building Products–1.69%
Johnson Controls International PLC
183,714
24,057,348
Cable & Satellite–1.16%
Charter Communications, Inc.,
Class A(b)(c)
76,772
16,573,540
Communications Equipment–2.82%
Cisco Systems, Inc.
419,808
32,572,903
F5, Inc.(c)
26,442
7,650,464
 
 
40,223,367
Construction Machinery & Heavy Transportation Equipment–
2.63%
Caterpillar, Inc.
27,374
19,393,384
Wabtec Corp.
72,192
18,041,503
 
 
37,434,887
Consumer Finance–0.56%
Capital One Financial Corp.
44,006
8,028,015
Diversified Banks–8.92%
Bank of America Corp.
976,292
47,594,235
Citigroup, Inc.
221,587
25,130,181
Fifth Third Bancorp(b)
454,595
21,120,484
Wells Fargo & Co.
417,708
33,253,734
 
 
127,098,634
Electric Utilities–0.92%
Evergy, Inc.(b)
159,460
13,062,963
Electrical Components & Equipment–3.16%
Eaton Corp. PLC
62,578
22,382,273
Emerson Electric Co.
172,907
22,654,275
 
 
45,036,548
Fertilizers & Agricultural Chemicals–0.71%
Corteva, Inc.
120,690
10,102,960
Food Distributors–1.20%
Sysco Corp.
240,123
17,127,974
 
Shares
Value
Footwear–1.12%
NIKE, Inc., Class B
302,460
$15,975,937
Health Care Distributors–0.75%
Henry Schein, Inc.(c)
144,333
10,637,342
Health Care Equipment–2.32%
Becton, Dickinson and Co.
70,596
11,099,809
GE HealthCare Technologies, Inc.(b)
120,673
8,589,504
Medtronic PLC
154,977
13,428,757
 
 
33,118,070
Health Care Services–2.40%
CVS Health Corp.
475,291
34,135,400
Household Products–3.05%
Clorox Co. (The)
147,246
15,259,103
Kimberly-Clark Corp.
85,923
8,288,992
Reckitt Benckiser Group PLC (United
Kingdom)
296,421
19,931,448
 
 
43,479,543
Integrated Oil & Gas–5.31%
Chevron Corp.
170,898
35,358,796
Exxon Mobil Corp.
60,015
10,182,145
Occidental Petroleum Corp.
67,458
4,384,770
Suncor Energy, Inc. (Canada)
389,979
25,781,512
 
 
75,707,223
Integrated Telecommunication Services–0.69%
Comcast Corp., Class A
340,473
9,774,980
Interactive Media & Services–4.47%
Alphabet, Inc., Class A
163,753
47,088,812
Meta Platforms, Inc., Class A
29,036
16,612,367
 
 
63,701,179
Investment Banking & Brokerage–0.59%
Goldman Sachs Group, Inc. (The)
10,005
8,464,130
IT Consulting & Other Services–1.81%
Cognizant Technology Solutions Corp.,
Class A
323,161
19,825,927
DXC Technology Co.(c)
470,749
5,917,315
 
 
25,743,242
Life & Health Insurance–0.84%
MetLife, Inc.(b)
170,228
12,038,524
Life Sciences Tools & Services–1.28%
ICON PLC(c)
83,965
9,291,567
IQVIA Holdings, Inc.(c)
52,125
8,889,397
 
 
18,180,964
Managed Health Care–2.96%
Elevance Health, Inc.
68,598
20,082,064
Humana, Inc.
32,506
5,636,215
UnitedHealth Group, Inc.
60,628
16,405,331
 
 
42,123,610
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Comstock Fund
 
Shares
Value
Movies & Entertainment–1.36%
Universal Music Group N.V. (Netherlands)
261,217
$5,070,433
Walt Disney Co. (The)
148,516
14,313,972
 
 
19,384,405
Multi-Utilities–3.27%
Dominion Energy, Inc.
299,594
18,520,901
Sempra
289,509
28,131,590
 
 
46,652,491
Oil & Gas Equipment & Services–0.84%
Tenaris S.A.
409,872
11,981,508
Oil & Gas Exploration & Production–3.47%
ConocoPhillips
188,583
24,892,956
Devon Energy Corp.
314,687
15,835,050
EQT Corp.
136,622
8,694,624
 
 
49,422,630
Paper & Plastic Packaging Products & Materials–0.99%
International Paper Co.
393,658
14,053,591
Pharmaceuticals–6.65%
AstraZeneca PLC (United Kingdom)
75,929
14,847,153
Johnson & Johnson
79,252
19,372,359
Merck & Co., Inc.
272,897
32,826,780
Novo Nordisk A/S, Class B (Denmark)
193,443
7,078,943
Sanofi S.A., ADR
429,441
20,690,467
 
 
94,815,702
Property & Casualty Insurance–1.93%
Allstate Corp. (The)
49,738
10,312,677
American International Group, Inc.
228,509
17,195,302
 
 
27,507,979
Regional Banks–4.50%
Citizens Financial Group, Inc.
385,809
23,136,966
Huntington Bancshares, Inc.
1,476,921
23,113,813
M&T Bank Corp.(b)
86,547
17,890,996
 
 
64,141,775
Research & Consulting Services–1.13%
TransUnion
233,080
16,126,805
Restaurants–3.16%
Domino’s Pizza, Inc.(b)
44,859
16,094,961
Restaurant Brands International, Inc.
(Canada)
211,437
15,646,125
Starbucks Corp.
147,795
13,240,954
 
 
44,982,040
 
Shares
Value
Semiconductors–2.55%
Intel Corp.(c)
213,319
$9,413,768
NXP Semiconductors N.V. (Netherlands)
96,987
19,092,861
QUALCOMM, Inc.
61,258
7,888,805
 
 
36,395,434
Single-Family Residential REITs–0.39%
Invitation Homes, Inc.
225,496
5,603,576
Soft Drinks & Non-alcoholic Beverages–1.15%
Coca-Cola Co. (The)
215,413
16,382,159
Specialty Chemicals–1.25%
International Flavors & Fragrances, Inc.(b)
246,127
17,856,514
Systems Software–2.42%
Microsoft Corp.
93,234
34,512,430
Telecom Tower REITs–0.68%
SBA Communications Corp., Class A
56,399
9,706,832
Tobacco–1.71%
Philip Morris International, Inc.
147,709
24,422,206
Total Common Stocks & Other Equity Interests
(Cost $909,682,896)
1,392,740,400
Money Market Funds–2.68%
Invesco Government & Agency Portfolio,
Institutional Class, 3.58%(d)(e)
13,370,299
13,370,299
Invesco Treasury Portfolio, Institutional
Class, 3.56%(d)(e)
24,829,713
24,829,713
Total Money Market Funds (Cost $38,200,012)
38,200,012
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased
with cash collateral from securities
on loan)-100.41%
(Cost $947,882,908)
 
1,430,940,412
Investments Purchased with Cash Collateral from
Securities on Loan
Money Market Funds–7.51%
Invesco Private Government Fund,
3.63%(d)(e)(f)
29,765,541
29,765,541
Invesco Private Prime Fund, 3.80%(d)(e)(f)
77,169,838
77,177,554
Total Investments Purchased with Cash Collateral
from Securities on Loan (Cost $106,943,095)
106,943,095
TOTAL INVESTMENTS IN SECURITIES–107.92%
(Cost $1,054,826,003)
1,537,883,507
OTHER ASSETS LESS LIABILITIES—(7.92)%
(112,860,729
)
NET ASSETS–100.00%
$1,425,022,778
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)
All or a portion of this security was out on loan at March 31, 2026.
(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, 2026.
 
 
Value
December 31, 2025
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation
Realized
Gain
(Loss)
Value
March 31, 2026
Dividend Income
Investments in Affiliated Money Market
Funds:
Invesco Government & Agency Portfolio,
Institutional Class
$13,321,956
$36,852,810
$(36,804,467)
$-
$-
$13,370,299
$127,444
Invesco Treasury Portfolio, Institutional Class
24,739,932
68,440,933
(68,351,152)
-
-
24,829,713
234,739
Investments Purchased with Cash Collateral
from Securities on Loan:
Invesco Private Government Fund
33,555,391
180,667,532
(184,457,383)
-
-
29,765,541
149,072*
Invesco Private Prime Fund
86,821,757
350,101,796
(359,734,543)
-
(11,455)
77,177,554
372,880*
Total
$158,439,036
$636,063,071
$(649,347,545)
$-
$(11,455)
$145,143,107
$884,135
 
*
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, 2026.
(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
 
 
 
04/30/2026
Canadian Imperial Bank of Commerce
CAD
28,887,837
USD
21,072,708
$280,020
04/30/2026
Deutsche Bank AG
GBP
14,932,057
USD
20,053,379
290,004
04/30/2026
Royal Bank of Canada
EUR
21,499,490
USD
25,016,591
133,306
04/30/2026
Royal Bank of Canada
GBP
568,788
USD
757,345
4,524
Subtotal—Appreciation
707,854
Currency Risk
 
 
 
04/30/2026
Bank of New York Mellon (The)
EUR
645,730
USD
744,588
(2,773
)
04/30/2026
Canadian Imperial Bank of Commerce
USD
624,401
GBP
467,308
(5,894
)
04/30/2026
Goldman Sachs International
USD
1,750,441
GBP
1,309,928
(16,682
)
04/30/2026
Royal Bank of Canada
USD
640,290
CAD
883,127
(4,639
)
04/30/2026
Royal Bank of Canada
USD
833,548
GBP
628,259
(2,013
)
04/30/2026
State Street Bank & Trust Co.
CAD
579,603
USD
416,713
(469
)
Subtotal—Depreciation
(32,470
)
Total Forward Foreign Currency Contracts
$675,384
 
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
March 31, 2026
(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, 2026. 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
$1,319,335,327
$73,405,073
$—
$1,392,740,400
Money Market Funds
38,200,012
106,943,095
—
145,143,107
Total Investments in Securities
1,357,535,339
180,348,168
—
1,537,883,507
Other Investments - Assets*
Forward Foreign Currency Contracts
—
707,854
—
707,854
Other Investments - Liabilities*
Forward Foreign Currency Contracts
—
(32,470
)
—
(32,470
)
Total Other Investments
—
675,384
—
675,384
Total Investments
$1,357,535,339
$181,023,552
$—
$1,538,558,891
 
*
Unrealized appreciation (depreciation).
Invesco V.I. Comstock Fund