NPORT-EX 2 edgar.htm EDGAR HTML
Schedule of Investments(a)  
March 31, 2025
(Unaudited)
 
 
Shares
Value
Common Stocks & Other Equity Interests–99.86%
Aerospace & Defense–1.75%
General Electric Co.
53,023
$10,612,553
Textron, Inc.
193,730
13,996,993
 
 
24,609,546
Air Freight & Logistics–1.58%
FedEx Corp.
90,890
22,157,164
Asset Management & Custody Banks–1.71%
State Street Corp.
267,613
23,959,392
Brewers–0.93%
Anheuser-Busch InBev S.A./N.V.
(Belgium)
213,339
13,116,383
Broadline Retail–1.25%
eBay, Inc.(b)
258,471
17,506,241
Building Products–1.62%
Johnson Controls International PLC
283,365
22,700,370
Cable & Satellite–1.96%
Charter Communications, Inc.,
Class A(c)
38,826
14,308,546
Comcast Corp., Class A
359,165
13,253,188
 
 
27,561,734
Casinos & Gaming–0.90%
Las Vegas Sands Corp.
327,426
12,648,466
Communications Equipment–3.26%
Cisco Systems, Inc.
566,149
34,937,055
F5, Inc.(c)
40,738
10,847,307
 
 
45,784,362
Construction Machinery & Heavy Transportation Equipment–
2.53%
Caterpillar, Inc.
48,952
16,144,370
Wabtec Corp.
107,018
19,407,714
 
 
35,552,084
Diversified Banks–8.93%
Bank of America Corp.
1,000,090
41,733,756
Citigroup, Inc.(b)
304,494
21,616,029
Fifth Third Bancorp
479,553
18,798,477
Wells Fargo & Co.
601,444
43,177,665
 
 
125,325,927
Electric Utilities–0.36%
Evergy, Inc.
74,350
5,126,433
Electrical Components & Equipment–2.75%
Eaton Corp. PLC
69,726
18,953,619
Emerson Electric Co.
178,768
19,600,123
 
 
38,553,742
Fertilizers & Agricultural Chemicals–2.22%
CF Industries Holdings, Inc.
175,063
13,681,174
 
Shares
Value
Fertilizers & Agricultural Chemicals–(continued)
Corteva, Inc.
277,427
$17,458,481
 
 
31,139,655
Food Distributors–1.83%
Sysco Corp.(b)
342,158
25,675,536
Health Care Distributors–0.90%
Henry Schein, Inc.(c)
183,657
12,578,668
Health Care Equipment–3.47%
Baxter International, Inc.
197,493
6,760,186
Becton, Dickinson and Co.
74,472
17,058,556
GE HealthCare Technologies, Inc.
127,299
10,274,302
Medtronic PLC
163,487
14,690,942
 
 
48,783,986
Health Care Services–2.33%
CVS Health Corp.(b)
482,811
32,710,445
Household Products–3.29%
Kimberly-Clark Corp.
166,154
23,630,422
Reckitt Benckiser Group PLC (United
Kingdom)
334,729
22,634,523
 
 
46,264,945
Integrated Oil & Gas–5.13%
Chevron Corp.
178,663
29,888,533
Exxon Mobil Corp.
154,203
18,339,363
Suncor Energy, Inc. (Canada)
615,937
23,849,081
 
 
72,076,977
Interactive Media & Services–3.87%
Alphabet, Inc., Class A
168,740
26,093,954
Meta Platforms, Inc., Class A
49,033
28,260,660
 
 
54,354,614
Investment Banking & Brokerage–0.69%
Goldman Sachs Group, Inc. (The)
10,552
5,764,452
Morgan Stanley
33,619
3,922,329
 
 
9,686,781
IT Consulting & Other Services–2.28%
Cognizant Technology Solutions Corp.,
Class A
287,453
21,990,155
DXC Technology Co.(b)(c)
585,248
9,978,478
 
 
31,968,633
Life & Health Insurance–1.03%
MetLife, Inc.
179,574
14,417,996
Life Sciences Tools & Services–1.10%
ICON PLC(c)
42,897
7,506,546
IQVIA Holdings, Inc.(c)
45,034
7,939,494
 
 
15,446,040
Managed Health Care–3.35%
Elevance Health, Inc.
58,782
25,567,819
Humana, Inc.
30,854
8,163,968
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.
25,464
$13,336,770
 
 
47,068,557
Movies & Entertainment–2.07%
Universal Music Group N.V. (Netherlands)
275,558
7,608,981
Walt Disney Co. (The)
134,015
13,227,281
Warner Bros. Discovery, Inc.(c)
769,390
8,255,555
 
 
29,091,817
Multi-line Insurance–1.79%
American International Group, Inc.
288,540
25,085,668
Multi-Utilities–2.81%
Dominion Energy, Inc.
316,041
17,720,419
Sempra
305,404
21,793,629
 
 
39,514,048
Oil & Gas Equipment & Services–0.60%
Tenaris S.A.
432,375
8,461,032
Oil & Gas Exploration & Production–3.00%
ConocoPhillips
189,736
19,926,074
EQT Corp.
200,044
10,688,351
Hess Corp.
72,234
11,537,937
 
 
42,152,362
Oil & Gas Storage & Transportation–0.89%
Cheniere Energy, Inc.
53,960
12,486,344
Paper & Plastic Packaging Products & Materials–0.90%
International Paper Co.(b)
237,986
12,696,553
Pharmaceuticals–7.22%
AstraZeneca PLC (United Kingdom)
143,573
21,082,927
Bristol-Myers Squibb Co.
198,234
12,090,292
Johnson & Johnson
146,509
24,297,052
Merck & Co., Inc.
203,718
18,285,728
Sanofi S.A., ADR
462,216
25,634,499
 
 
101,390,498
Property & Casualty Insurance–1.11%
Allstate Corp. (The)
74,973
15,524,659
Regional Banks–4.17%
Citizens Financial Group, Inc.
526,381
21,565,830
Huntington Bancshares, Inc.
1,378,494
20,691,195
M&T Bank Corp.
91,300
16,319,875
 
 
58,576,900
Restaurants–2.95%
Domino’s Pizza, Inc.
28,438
13,065,839
Restaurant Brands International, Inc.
(Canada)
192,890
12,858,440
 
Shares
Value
Restaurants–(continued)
Starbucks Corp.
157,861
$15,484,585
 
 
41,408,864
Semiconductors–2.97%
Intel Corp.
469,152
10,654,442
NXP Semiconductors N.V. (China)
104,884
19,934,253
QUALCOMM, Inc.
72,521
11,139,951
 
 
41,728,646
Soft Drinks & Non-alcoholic Beverages–2.80%
Coca-Cola Co. (The)
263,180
18,848,952
Keurig Dr Pepper, Inc.
596,093
20,398,302
 
 
39,247,254
Systems Software–2.33%
Microsoft Corp.
87,138
32,710,734
Telecom Tower REITs–0.40%
SBA Communications Corp., Class A
25,389
5,585,834
Tobacco–2.11%
Philip Morris International, Inc.
186,237
29,561,399
Wireless Telecommunication Services–0.72%
T-Mobile US, Inc.
37,971
10,127,245
Total Common Stocks & Other Equity Interests
(Cost $931,380,426)
1,402,124,534
Money Market Funds–1.61%
Invesco Government & Agency Portfolio,
Institutional Class, 4.29%(d)(e)
7,917,405
7,917,405
Invesco Treasury Portfolio, Institutional
Class, 4.25%(d)(e)
14,702,910
14,702,910
Total Money Market Funds (Cost $22,620,315)
22,620,315
TOTAL INVESTMENTS IN SECURITIES
(excluding investments purchased
with cash collateral from securities
on loan)-101.47%
(Cost $954,000,741)
 
1,424,744,849
Investments Purchased with Cash Collateral from
Securities on Loan
Money Market Funds–3.45%
Invesco Private Government Fund,
4.34%(d)(e)(f)
13,389,278
13,389,278
Invesco Private Prime Fund, 4.46%(d)(e)(f)
34,944,593
34,955,076
Total Investments Purchased with Cash Collateral
from Securities on Loan (Cost $48,344,354)
48,344,354
TOTAL INVESTMENTS IN SECURITIES–104.92%
(Cost $1,002,345,095)
1,473,089,203
OTHER ASSETS LESS LIABILITIES—(4.92)%
(69,020,524
)
NET ASSETS–100.00%
$1,404,068,679
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, 2025.
(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, 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
$10,946,450
$18,957,550
$(21,986,595)
$-
$-
$7,917,405
$82,429
Invesco Treasury Portfolio, Institutional Class
20,328,278
35,206,879
(40,832,247)
-
-
14,702,910
151,817
Investments Purchased with Cash Collateral
from Securities on Loan:
Invesco Private Government Fund
23,751,088
156,058,804
(166,420,614)
-
-
13,389,278
275,428*
Invesco Private Prime Fund
61,891,507
347,203,093
(374,139,524)
-
-
34,955,076
752,276*
Total
$116,917,323
$557,426,326
$(603,378,980)
$-
$-
$70,964,669
$1,261,950
 
*
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
 
 
 
04/10/2025
Canadian Imperial Bank of Commerce
CAD
743,864
USD
520,672
$3,534
04/10/2025
Deutsche Bank AG
CAD
1,355,153
USD
948,405
6,294
04/10/2025
Goldman Sachs International
CAD
2,134,486
USD
1,490,575
6,667
04/10/2025
J.P. Morgan Chase Bank, N.A.
GBP
374,397
USD
483,848
231
04/10/2025
J.P. Morgan Chase Bank, N.A.
USD
738,093
EUR
683,197
957
Subtotal—Appreciation
17,683
Currency Risk
 
 
 
04/10/2025
Barclays Bank PLC
EUR
576,993
USD
623,551
(614
)
04/10/2025
Canadian Imperial Bank of Commerce
CAD
22,028,731
USD
15,192,792
(121,720
)
04/10/2025
Canadian Imperial Bank of Commerce
GBP
17,658,249
USD
22,556,837
(252,740
)
04/10/2025
Canadian Imperial Bank of Commerce
USD
572,570
GBP
442,454
(1,042
)
04/10/2025
Deutsche Bank AG
USD
608,646
EUR
557,983
(5,045
)
04/10/2025
Deutsche Bank AG
USD
559,802
GBP
431,663
(2,213
)
04/10/2025
J.P. Morgan Chase Bank, N.A.
USD
459,037
CAD
658,963
(922
)
04/10/2025
Royal Bank of Canada
CAD
1,268,977
USD
879,402
(2,799
)
04/10/2025
Royal Bank of Canada
EUR
25,988,904
USD
27,545,847
(567,741
)
04/10/2025
Royal Bank of Canada
USD
577,998
CAD
827,349
(2,819
)
04/10/2025
State Street Bank & Trust Co.
USD
455,410
GBP
351,741
(1,058
)
Subtotal—Depreciation
(958,713
)
Total Forward Foreign Currency Contracts
$(941,030
)
 
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, 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
$1,329,220,688
$72,903,846
$—
$1,402,124,534
Money Market Funds
22,620,315
48,344,354
—
70,964,669
Total Investments in Securities
1,351,841,003
121,248,200
—
1,473,089,203
Other Investments - Assets*
Forward Foreign Currency Contracts
—
17,683
—
17,683
Other Investments - Liabilities*
Forward Foreign Currency Contracts
—
(958,713
)
—
(958,713
)
Total Other Investments
—
(941,030
)
—
(941,030
)
Total Investments
$1,351,841,003
$120,307,170
$—
$1,472,148,173
 
*
Unrealized appreciation (depreciation).
Invesco V.I. Comstock Fund