NPORT-EX 2 edgar.htm EDGAR HTML
Schedule of Investments  
March 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests–99.99%
Canada–1.23%
Canadian Pacific Kansas City Ltd.
68,760
$4,827,640
Shopify, Inc., Class A(a)
187,360
17,871,333
 
 
22,698,973
China–4.02%
JD.com, Inc., ADR(b)
1,436,101
59,052,473
Tencent Holdings Ltd.
236,100
15,085,823
 
 
74,138,296
Denmark–1.19%
Novo Nordisk A/S, Class B
319,537
21,849,396
France–7.10%
Airbus SE
347,732
61,230,598
Dassault Systemes SE
196,477
7,480,408
EssilorLuxottica S.A.
77,550
22,347,464
LVMH Moet Hennessy Louis Vuitton SE
64,288
39,812,154
 
 
130,870,624
Germany–5.43%
Allianz SE
39,664
15,179,793
SAP SE
316,969
84,931,715
 
 
100,111,508
India–6.40%
DLF Ltd.
9,202,213
72,738,530
HDFC Bank Ltd.
478,189
10,193,175
ICICI Bank Ltd., ADR(b)
1,111,961
35,049,011
 
 
117,980,716
Israel–0.96%
Nice Ltd., ADR(a)
115,314
17,777,960
Italy–1.68%
Brunello Cucinelli S.p.A.
170,357
19,570,992
Ferrari N.V.
16,919
7,225,432
Moncler S.p.A.
69,010
4,250,812
 
 
31,047,236
Japan–3.73%
Capcom Co. Ltd.
453,300
11,188,144
Hoya Corp.
76,200
8,599,810
Keyence Corp.
76,544
30,097,856
TDK Corp.
1,809,900
18,966,095
 
 
68,851,905
Netherlands–2.02%
Adyen N.V.(a)(c)
12,067
18,496,239
ASML Holding N.V.
10,591
7,008,839
BE Semiconductor Industries N.V.
63,127
6,597,175
Universal Music Group N.V.
185,472
5,121,437
 
 
37,223,690
Spain–1.58%
Amadeus IT Group S.A.
380,805
29,163,181
 
Shares
Value
Sweden–4.31%
Assa Abloy AB, Class B
1,077,424
$32,345,602
Atlas Copco AB, Class A
2,674,137
42,715,136
Spotify Technology S.A.(a)
8,013
4,407,390
 
 
79,468,128
Switzerland–1.07%
Lonza Group AG
31,947
19,735,889
Taiwan–0.58%
Taiwan Semiconductor Manufacturing Co.
Ltd.
376,000
10,589,281
United States–58.69%
Alphabet, Inc., Class A
1,154,689
178,561,107
Amazon.com, Inc.(a)
161,693
30,763,710
Analog Devices, Inc.
351,893
70,966,261
Boston Scientific Corp.(a)
158,469
15,986,353
Broadcom, Inc.(b)
145,218
24,313,850
Ecolab, Inc.
37,419
9,486,465
Eli Lilly and Co.
74,671
61,671,526
Equifax, Inc.
115,333
28,090,506
IDEXX Laboratories, Inc.(a)
15,872
6,665,446
Intuit, Inc.
92,056
56,521,463
Intuitive Surgical, Inc.(a)
57,927
28,689,505
IQVIA Holdings, Inc.(a)
88,682
15,634,637
Lam Research Corp.
137,053
9,963,753
Linde PLC
14,126
6,577,631
Marriott International, Inc., Class A
75,031
17,872,384
Marvell Technology, Inc.(b)
657,565
40,486,277
Mastercard, Inc., Class A
11,192
6,134,559
Meta Platforms, Inc., Class A
282,415
162,772,709
Microsoft Corp.
117,132
43,970,182
Netflix, Inc.(a)
24,865
23,187,358
NVIDIA Corp.
562,148
60,925,600
Phathom Pharmaceuticals, Inc.(a)
437,914
2,745,721
QUALCOMM, Inc.(b)
24,029
3,691,095
S&P Global, Inc.
172,811
87,805,269
Synopsys, Inc.(a)
16,677
7,151,931
Thermo Fisher Scientific, Inc.
14,228
7,079,853
TJX Cos., Inc. (The)
47,183
5,746,889
Visa, Inc., Class A
186,215
65,260,909
Zoetis, Inc.
21,123
3,477,902
 
 
1,082,200,851
Total Common Stocks & Other Equity Interests
(Cost $760,601,084)
1,843,707,634
TOTAL INVESTMENTS IN SECURITIES
(excluding Investments purchased
with cash collateral from securities
on loan)-99.99%
(Cost $760,601,084)
 
1,843,707,634
Investments Purchased with Cash Collateral from
Securities on Loan
Money Market Funds–2.31%
Invesco Private Government Fund,
4.34%(d)(e)(f)
11,299,521
11,299,522
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Global Fund
 
Shares
Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 4.46%(d)(e)(f)
31,243,659
$31,253,032
Total Investments Purchased with Cash Collateral
from Securities on Loan (Cost $42,552,554)
42,552,554
TOTAL INVESTMENTS IN SECURITIES—102.30%
(Cost $803,153,638)
1,886,260,188
OTHER ASSETS LESS LIABILITIES–(2.30)%
(42,373,846
)
NET ASSETS–100.00%
$1,843,886,342
Investment Abbreviations: 
ADR
– American Depositary Receipt
Notes to Schedule of Investments: 
(a)
Non-income producing security.
(b)
All or a portion of this security was out on loan at March 31, 2025.
(c)
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 $18,496,239, which represented less than 1% of the Fund’s Net Assets.
(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
$148,021
$18,728,666
$(18,876,687)
$-
$-
$-
$18,087
Invesco Treasury Portfolio, Institutional Class
274,895
34,781,808
(35,056,703)
-
-
-
33,345
Investments Purchased with Cash Collateral
from Securities on Loan:
Invesco Private Government Fund
444,192
88,507,058
(77,651,728)
-
-
11,299,522
64,248*
Invesco Private Prime Fund
1,157,778
226,020,113
(195,924,859)
-
-
31,253,032
171,968*
Total
$2,024,886
$368,037,645
$(327,509,977)
$-
$-
$42,552,554
$287,648
 
*
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.
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. Global 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
Canada
$22,698,973
$—
$—
$22,698,973
China
59,052,473
15,085,823
—
74,138,296
Denmark
—
21,849,396
—
21,849,396
France
—
130,870,624
—
130,870,624
Germany
—
100,111,508
—
100,111,508
India
35,049,011
82,931,705
—
117,980,716
Israel
17,777,960
—
—
17,777,960
Italy
—
31,047,236
—
31,047,236
Japan
—
68,851,905
—
68,851,905
Netherlands
—
37,223,690
—
37,223,690
Spain
—
29,163,181
—
29,163,181
Sweden
4,407,390
75,060,738
—
79,468,128
Switzerland
—
19,735,889
—
19,735,889
Taiwan
—
10,589,281
—
10,589,281
United States
1,082,200,851
—
—
1,082,200,851
Money Market Funds
—
42,552,554
—
42,552,554
Total Investments
$1,221,186,658
$665,073,530
$—
$1,886,260,188
Invesco V.I. Global Fund