NPORT-EX 2 VIManagedVol.htm
Schedule of Investments(a)
September 30, 2019
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–59.03%
Aerospace & Defense–1.36%
General Dynamics Corp.     2,798    $511,279
Apparel, Accessories & Luxury Goods–1.08%
Capri Holdings Ltd.(b)    12,224    405,348
Automobile Manufacturers–1.67%
General Motors Co.    16,794    629,439
Biotechnology–0.59%
Celgene Corp.(b)     2,250    223,425
Broadcasting–0.23%
CBS Corp., Class B     2,111     85,221
Building Products–1.08%
Johnson Controls International PLC     9,308    408,528
Cable & Satellite–2.20%
Charter Communications, Inc., Class A(b)     1,327    546,883
Comcast Corp., Class A     6,247    281,615
      828,498
Commodity Chemicals–0.52%
Dow, Inc.     4,138    197,176
Communications Equipment–0.82%
Cisco Systems, Inc.     6,279    310,245
Diversified Banks–5.42%
Bank of America Corp.    23,679    690,716
Citigroup, Inc.     9,585    662,132
JPMorgan Chase & Co.     2,958    348,127
Wells Fargo & Co.     6,825    344,253
      2,045,228
Electric Utilities–1.33%
Duke Energy Corp.     1,403    134,492
Exelon Corp.     3,898    188,312
FirstEnergy Corp.     3,703    178,596
      501,400
Fertilizers & Agricultural Chemicals–1.07%
Corteva, Inc.     7,456    208,768
Nutrien Ltd. (Canada)     3,905    194,781
      403,549
Food Distributors–0.99%
US Foods Holding Corp.(b)     9,106    374,257
Health Care Distributors–0.83%
McKesson Corp.     2,296    313,771
  Shares Value
Health Care Equipment–1.66%
Medtronic PLC     2,630    $285,671
Zimmer Biomet Holdings, Inc.     2,486    341,253
      626,924
Health Care Services–0.99%
CVS Health Corp.     5,890    371,482
Health Care Supplies–0.41%
Alcon, Inc. (Switzerland)(b)     2,679    156,353
Home Improvement Retail–0.49%
Kingfisher PLC (United Kingdom)    73,326    186,402
Hotels, Resorts & Cruise Lines–1.09%
Carnival Corp.     9,414    411,486
Industrial Machinery–0.94%
Ingersoll-Rand PLC     2,889    355,954
Insurance Brokers–1.03%
Willis Towers Watson PLC     2,021    389,992
Integrated Oil & Gas–3.01%
BP PLC (United Kingdom)    58,128    367,520
Chevron Corp.     2,680    317,848
Royal Dutch Shell PLC, Class A (United Kingdom)    15,442    451,358
      1,136,726
Internet & Direct Marketing Retail–0.85%
eBay, Inc.     8,258    321,897
Investment Banking & Brokerage–2.46%
Goldman Sachs Group, Inc. (The)     1,817    376,537
Morgan Stanley    12,869    549,120
      925,657
IT Consulting & Other Services–0.67%
Cognizant Technology Solutions Corp., Class A     4,214    253,957
Managed Health Care–0.52%
Anthem, Inc.       821    197,122
Multi-line Insurance–2.19%
American International Group, Inc.    14,807    824,750
Oil & Gas Equipment & Services–0.84%
TechnipFMC PLC (United Kingdom)    13,131    316,982
Oil & Gas Exploration & Production–2.22%
Canadian Natural Resources Ltd. (Canada)     7,896    210,087
Devon Energy Corp.    14,432    347,234
 
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Managed Volatility Fund
  Shares Value
Oil & Gas Exploration & Production–(continued)
Marathon Oil Corp.    22,711    $278,664
      835,985
Other Diversified Financial Services–1.27%
AXA Equitable Holdings, Inc.     8,400    186,144
Voya Financial, Inc.     5,353    291,417
      477,561
Packaged Foods & Meats–2.17%
Kellogg Co.     3,567    229,536
Mondelez International, Inc., Class A    10,609    586,890
      816,426
Pharmaceuticals–4.85%
Bristol-Myers Squibb Co.     6,929    351,370
Johnson & Johnson     5,667    733,197
Novartis AG (Switzerland)     2,456    213,218
Pfizer, Inc.     6,695    240,551
Sanofi (France)     3,117    289,035
      1,827,371
Railroads–0.93%
CSX Corp.     5,061    350,575
Regional Banks–3.38%
BB&T Corp.     5,038    268,878
Citizens Financial Group, Inc.    11,968    423,308
PNC Financial Services Group, Inc. (The)     4,155    582,365
      1,274,551
Semiconductors–2.29%
Intel Corp.     7,732    398,430
NXP Semiconductors N.V. (Netherlands)     1,433    156,369
QUALCOMM, Inc.     4,063    309,926
      864,725
Specialty Chemicals–0.58%
DuPont de Nemours, Inc.     3,053    217,709
Systems Software–1.55%
Oracle Corp.    10,596    583,098
Technology Hardware, Storage & Peripherals–0.94%
Apple, Inc.     1,582    354,321
Tobacco–1.86%
Philip Morris International, Inc.     9,216    699,771
Wireless Telecommunication Services–0.65%
Vodafone Group PLC (United Kingdom)   122,189    243,338
Total Common Stocks & Other Equity Interests (Cost $19,021,812) 22,258,479
  Principal
Amount 		Value
U.S. Dollar Denominated Bonds & Notes–25.55%
Aerospace & Defense–0.06%
General Dynamics Corp., 2.88%, 05/11/2020      $10,000     $10,053
United Technologies Corp., 4.45%, 11/16/2038       9,000     10,735
      20,788
Air Freight & Logistics–0.01%
United Parcel Service, Inc., 3.40%, 11/15/2046       4,000      4,085
Airlines–0.16%
American Airlines Pass Through Trust, Series 2014-1, Class A, 3.70%, 04/01/2028      18,798     19,764
United Airlines Pass Through Trust,                     
Series 2014-2, Class A, 3.75%, 09/03/2026      23,208     24,496
Series 2018-1, Class AA, 3.50%, 03/01/2030      16,283     17,068
      61,328
Alternative Carriers–0.28%
GCI Liberty, Inc., Conv., 1.75%, 10/05/2023(c)(d)      85,000    103,806
Application Software–0.81%
Nuance Communications, Inc.,                     
Conv.,
1.00%, 12/15/2022(d) 		    127,000    120,650
1.25%, 04/01/2025      49,000     48,265
RealPage, Inc., Conv., 1.50%, 11/15/2022      24,000     37,980
Workday, Inc., Conv., 0.25%, 10/01/2022      75,000     98,691
      305,586
Asset Management & Custody Banks–0.94%
Apollo Management Holdings L.P., 4.00%, 05/30/2024(c)      40,000     42,230
Blackstone Holdings Finance Co. LLC, 5.00%, 06/15/2044(c)     150,000    181,125
Brookfield Asset Management, Inc. (Canada), 4.00%, 01/15/2025      25,000     26,616
Carlyle Holdings Finance LLC, 3.88%, 02/01/2023(c)       5,000      5,184
KKR Group Finance Co. III LLC, 5.13%, 06/01/2044(c)      85,000     99,789
      354,944
Automobile Manufacturers–0.63%
Ford Motor Credit Co. LLC, 4.13%, 08/04/2025     200,000    198,065
General Motors Co., 6.60%, 04/01/2036      16,000     18,365
General Motors Financial Co., Inc., 5.25%, 03/01/2026      21,000     22,817
      239,247
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Managed Volatility Fund
  Principal
Amount 		Value
Biotechnology–1.29%
AbbVie, Inc., 4.50%, 05/14/2035      $38,000     $41,030
BioMarin Pharmaceutical, Inc., Conv., 1.50%, 10/15/2020     117,000    120,783
Celgene Corp., 4.63%, 05/15/2044     100,000    119,032
Gilead Sciences, Inc.,                     
2.55%, 09/01/2020      50,000     50,249
4.40%, 12/01/2021      25,000     26,087
Medicines Co. (The), Conv., 2.75%, 07/15/2023      37,000     44,770
Neurocrine Biosciences, Inc., Conv., 2.25%, 05/15/2024      62,000     85,046
      486,997
Brewers–0.43%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),                     
4.70%, 02/01/2036      45,000     52,125
4.90%, 02/01/2046      47,000     55,999
Heineken N.V. (Netherlands), 3.50%, 01/29/2028(c)      35,000     37,313
Molson Coors Brewing Co., 4.20%, 07/15/2046      16,000     16,207
      161,644
Broadcasting–1.10%
Liberty Media Corp.,                     
Conv.,
2.25%, 10/05/2021(d) 		     55,000     31,437
1.38%, 10/15/2023     299,000    357,933
Liberty Formula One, Conv., 1.00%, 01/30/2023      20,000     25,096
      414,466
Cable & Satellite–0.87%
Charter Communications Operating, LLC/Charter Communications Operating Capital Corp., 4.46%, 07/23/2022      60,000     63,186
Comcast Corp.,                     
4.15%, 10/15/2028      30,000     33,688
3.90%, 03/01/2038      10,000     11,088
4.60%, 10/15/2038      10,000     12,003
DISH Network Corp., Conv., 3.38%, 08/15/2026     147,000    135,050
Liberty Latin America Ltd. (Chile), Conv., 2.00%, 07/15/2024(c)      74,000     74,084
      329,099
Communications Equipment–0.55%
Finisar Corp., Conv., 0.50%, 12/15/2021(d)      39,000     38,980
Viavi Solutions, Inc.,                     
Conv.,
1.75%, 06/01/2023 		     71,000     85,718
1.00%, 03/01/2024      68,000     83,725
      208,423
  Principal
Amount 		Value
Consumer Finance–0.12%
American Express Co., 3.63%, 12/05/2024      $18,000     $19,063
Capital One Financial Corp., 3.20%, 01/30/2023      15,000     15,406
Synchrony Financial, 3.95%, 12/01/2027      10,000     10,262
      44,731
Data Processing & Outsourced Services–0.10%
Euronet Worldwide, Inc., Conv., 0.75%, 03/15/2025(c)(d)      17,000     19,943
Fiserv, Inc., 3.80%, 10/01/2023      15,000     15,885
      35,828
Diversified Banks–1.88%
Bank of America Corp., 3.25%, 10/21/2027      10,000     10,404
Bank of Montreal (Canada), 2.10%, 12/12/2019      75,000     75,008
Citigroup, Inc.,                     
4.00%, 08/05/2024      60,000     63,696
3.67%, (3 mo. USD LIBOR + 1.39%), 07/24/2028(e)      15,000     15,889
4.75%, 05/18/2046      15,000     17,507
Commonwealth Bank of Australia (Australia), 2.25%, 03/10/2020(c)      40,000     40,042
JPMorgan Chase & Co.,                     
Series V, 5.42%(f)     150,000    150,188
3.20%, 06/15/2026      15,000     15,601
3.51%, (3 mo. USD LIBOR + 0.95%), 01/23/2029(e)      15,000     15,867
4.26%, (3 mo. USD LIBOR + 1.58%), 02/22/2048(e)      10,000     11,690
3.90%, (3 mo. USD LIBOR + 1.22%), 01/23/2049(e)      15,000     16,691
Toronto-Dominion Bank (The) (Canada), 2.65%, 06/12/2024      15,000     15,309
U.S. Bancorp, Series W, 3.10%, 04/27/2026      10,000     10,396
Wells Fargo & Co.,                     
3.55%, 09/29/2025      30,000     31,764
4.10%, 06/03/2026      95,000    101,908
4.65%, 11/04/2044     100,000    115,794
      707,754
Diversified Capital Markets–0.65%
Credit Suisse Group AG (Switzerland), Conv., 0.50%, 06/24/2024(c)     260,000    245,284
Diversified Chemicals–0.03%
Eastman Chemical Co., 2.70%, 01/15/2020      13,000     13,011
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Managed Volatility Fund
  Principal
Amount 		Value
Drug Retail–0.15%
Walgreens Boots Alliance, Inc.,                     
3.30%, 11/18/2021      $32,000     $32,763
4.50%, 11/18/2034      24,000     25,565
      58,328
Electric Utilities–0.12%
Georgia Power Co., 2.00%, 03/30/2020      35,000     34,969
NextEra Energy Capital Holdings, Inc., 3.55%, 05/01/2027      11,000     11,671
      46,640
Environmental & Facilities Services–0.07%
Waste Management, Inc., 3.90%, 03/01/2035      25,000     27,755
Food Retail–0.03%
Kraft Heinz Foods Co., 4.63%, 10/01/2039(c)      10,000     10,070
General Merchandise Stores–0.06%
Dollar General Corp., 3.25%, 04/15/2023      20,000     20,675
Health Care Equipment–1.74%
Becton, Dickinson and Co.,                     
2.68%, 12/15/2019       4,000      4,001
4.88%, 05/15/2044      86,000     96,554
DexCom, Inc.,                     
Conv.,
0.75%, 05/15/2022 		     88,000    140,013
0.75%, 12/01/2023(c)      86,000    101,026
Insulet Corp., Conv., 1.38%, 11/15/2024      13,000     23,949
Medtronic, Inc.,                     
3.15%, 03/15/2022      23,000     23,722
4.38%, 03/15/2035      15,000     18,087
NuVasive, Inc., Conv., 2.25%, 03/15/2021      80,000     94,800
Wright Medical Group N.V., Conv., 2.25%, 11/15/2021      39,000     45,602
Wright Medical Group, Inc., Conv., 1.63%, 06/15/2023     113,000    108,027
      655,781
Health Care REITs–0.07%
HCP, Inc., 3.88%, 08/15/2024      25,000     26,650
Health Care Services–0.28%
Cigna Corp., 4.80%, 08/15/2038       9,000     10,144
CVS Health Corp.,                     
3.38%, 08/12/2024      20,000     20,713
4.10%, 03/25/2025      16,000     17,096
Laboratory Corp. of America Holdings,                     
3.20%, 02/01/2022      33,000     33,683
4.70%, 02/01/2045      22,000     24,548
      106,184
  Principal
Amount 		Value
Home Improvement Retail–0.07%
Home Depot, Inc. (The), 2.00%, 04/01/2021      $27,000     $27,069
Insurance Brokers–0.01%
Willis North America, Inc., 3.60%, 05/15/2024       5,000      5,200
Integrated Oil & Gas–0.11%
Occidental Petroleum Corp.,                     
3.40%, 04/15/2026      15,000     15,248
3.20%, 08/15/2026       7,000      7,058
Suncor Energy, Inc. (Canada), 3.60%, 12/01/2024      18,000     18,989
      41,295
Integrated Telecommunication Services–1.83%
AT&T, Inc.,                     
3.00%, 06/30/2022      28,000     28,603
3.40%, 05/15/2025      15,000     15,675
4.50%, 05/15/2035      25,000     27,485
5.15%, 03/15/2042     150,000    172,860
4.80%, 06/15/2044      40,000     44,429
Orange S.A. (France), 1.63%, 11/03/2019      55,000     54,961
Telefonica Emisiones S.A. (Spain), 7.05%, 06/20/2036     150,000    208,014
Verizon Communications, Inc., 4.40%, 11/01/2034     120,000    136,990
      689,017
Interactive Media & Services–0.42%
IAC Financeco 3, Inc., Conv., 2.00%, 01/15/2030(c)      94,000    101,752
YY, Inc. (China), Conv., 1.38%, 06/15/2024(c)(d)      63,000     57,950
      159,702
Internet & Direct Marketing Retail–0.60%
Amazon.com, Inc.,                     
2.60%, 12/05/2019      50,000     50,023
4.80%, 12/05/2034       9,000     11,263
Ctrip.com International, Ltd. (China), Conv., 1.25%, 09/15/2019(d)     113,000    112,838
QVC, Inc., 5.45%, 08/15/2034      50,000     50,963
      225,087
Investment Banking & Brokerage–0.69%
Goldman Sachs Group, Inc. (The), 4.25%, 10/21/2025      27,000     28,967
GS Finance Corp., Series 0001, Conv., 0.25%, 07/08/2024     198,000    192,003
Morgan Stanley, 4.00%, 07/23/2025      35,000     37,777
      258,747
Life & Health Insurance–0.41%
Athene Global Funding, 4.00%, 01/25/2022(c)      45,000     46,717
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Managed Volatility Fund
  Principal
Amount 		Value
Life & Health Insurance–(continued)
Guardian Life Global Funding, 2.90%, 05/06/2024(c)      $20,000     $20,701
Jackson National Life Global Funding,                     
2.10%, 10/25/2021(c)      10,000      9,974
3.25%, 01/30/2024(c)      15,000     15,610
Nationwide Financial Services, Inc., 5.30%, 11/18/2044(c)      35,000     41,111
Reliance Standard Life Global Funding II, 3.05%, 01/20/2021(c)      20,000     20,206
      154,319
Managed Health Care–0.04%
UnitedHealth Group, Inc., 3.50%, 08/15/2039      16,000     16,701
Movies & Entertainment–0.19%
Live Nation Entertainment, Inc., Conv., 2.50%, 03/15/2023      62,000     72,844
Multi-line Insurance–0.17%
American Financial Group, Inc., 4.50%, 06/15/2047      20,000     21,771
American International Group, Inc., 4.38%, 01/15/2055      40,000     42,849
      64,620
Multi-Utilities–0.05%
NiSource, Inc., 4.38%, 05/15/2047       9,000     10,127
Sempra Energy, 3.80%, 02/01/2038       8,000      8,261
      18,388
Office REITs–0.47%
Highwoods Realty L.P., 3.20%, 06/15/2021     150,000    151,914
Office Properties Income Trust, 4.00%, 07/15/2022      25,000     25,487
      177,401
Oil & Gas Equipment & Services–0.21%
Helix Energy Solutions Group, Inc., Conv., 4.25%, 05/01/2022      40,000     40,475
Oil States International, Inc., Conv., 1.50%, 02/15/2023      46,000     38,663
      79,138
Oil & Gas Exploration & Production–0.10%
Chesapeake Energy Corp., Conv., 5.50%, 09/15/2026      37,000     22,477
ConocoPhillips Co., 4.15%, 11/15/2034      13,000     14,334
      36,811
Oil & Gas Storage & Transportation–0.48%
Energy Transfer Operating L.P.,                     
7.50%, 10/15/2020      20,000     21,023
4.20%, 09/15/2023       2,000      2,105
4.90%, 03/15/2035      19,000     19,658
  Principal
Amount 		Value
Oil & Gas Storage & Transportation–(continued)
Enterprise Products Operating LLC,                     
2.55%, 10/15/2019      $20,000     $20,004
4.25%, 02/15/2048      10,000     10,775
Kinder Morgan, Inc., 5.30%, 12/01/2034      23,000     26,460
MPLX L.P.,                     
4.50%, 07/15/2023      65,000     69,291
4.50%, 04/15/2038      11,000     11,427
      180,743
Other Diversified Financial Services–1.49%
Convertible Trust - Consumer, Series 2018-1, 0.25%, 01/17/2024     160,000    163,424
Convertible Trust - Energy, Series 2019-1, 0.33%, 09/19/2024     168,000    170,940
Convertible Trust - Healthcare, Series 2018-1, 0.25%, 02/05/2024     168,000    176,534
ERAC USA Finance LLC, 2.35%, 10/15/2019(c)      50,000     50,004
      560,902
Packaged Foods & Meats–0.26%
General Mills, Inc., 2.20%, 10/21/2019      45,000     44,999
J. M. Smucker Co. (The), 2.50%, 03/15/2020      50,000     50,055
Mead Johnson Nutrition Co. (United Kingdom), 4.13%, 11/15/2025       3,000      3,286
      98,340
Pharmaceuticals–1.45%
Allergan Funding SCS, 4.85%, 06/15/2044     150,000    160,257
Bayer US Finance LLC (Germany), 3.00%, 10/08/2021(c)     200,000    202,541
Bristol-Myers Squibb Co., 4.13%, 06/15/2039(c)      18,000     20,448
Jazz Investments I Ltd., Conv., 1.88%, 08/15/2021      76,000     76,340
Mylan N.V., 3.15%, 06/15/2021      17,000     17,222
Pacira BioSciences, Inc., Conv., 2.38%, 04/01/2022      39,000     38,550
Supernus Pharmaceuticals, Inc., Conv., 0.63%, 04/01/2023      33,000     30,726
      546,084
Property & Casualty Insurance–0.43%
Allstate Corp. (The), 3.28%, 12/15/2026      10,000     10,683
Liberty Mutual Group, Inc., 4.85%, 08/01/2044(c)     115,000    133,835
Markel Corp., 5.00%, 05/20/2049      15,000     17,441
      161,959
Railroads–0.07%
Union Pacific Corp., 4.15%, 01/15/2045      25,000     27,859
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Managed Volatility Fund
  Principal
Amount 		Value
Regional Banks–0.10%
Citizens Financial Group, Inc., 2.38%, 07/28/2021      $15,000     $15,042
The PNC Financial Services Group, Inc., 3.45%, 04/23/2029      20,000     21,374
      36,416
Reinsurance–0.08%
PartnerRe Finance B LLC, 3.70%, 07/02/2029      30,000     31,330
Renewable Electricity–0.44%
Oglethorpe Power Corp., 4.55%, 06/01/2044     150,000    166,050
Restaurants–0.06%
Starbucks Corp., 3.55%, 08/15/2029      20,000     21,622
Retail REITs–0.01%
Regency Centers, L.P., 2.95%, 09/15/2029       5,000      4,996
Semiconductor Equipment–0.17%
Applied Materials, Inc., 2.63%, 10/01/2020      65,000     65,384
Semiconductors–1.00%
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 01/15/2024      30,000     30,714
Cree, Inc., Conv., 0.88%, 09/01/2023(c)      98,000    107,804
Microchip Technology, Inc., Conv., 1.63%, 02/15/2027      74,000     95,446
NXP B.V./NXP Funding LLC (Netherlands), 5.35%, 03/01/2026(c)      20,000     22,453
ON Semiconductor Corp., Conv., 1.00%, 12/01/2020      76,000     88,902
Silicon Laboratories, Inc., Conv., 1.38%, 03/01/2022      21,000     27,394
Texas Instruments, Inc., 2.63%, 05/15/2024       5,000      5,143
      377,856
Specialty Chemicals–0.01%
Sherwin-Williams Co. (The), 4.50%, 06/01/2047       3,000      3,372
Systems Software–0.50%
FireEye, Inc.,                     
Series A, Conv., 1.00%, 06/01/2020(d)      76,000     75,247
Series B, Conv., 1.63%, 06/01/2022(d)      77,000     73,166
Microsoft Corp., 3.50%, 02/12/2035      37,000     40,974
      189,387
Technology Distributors–0.09%
Avnet, Inc., 4.63%, 04/15/2026      30,000     32,314
  Principal
Amount 		Value
Technology Hardware, Storage & Peripherals–0.70%
Apple, Inc.,                     
2.15%, 02/09/2022      $39,000     $39,310
3.35%, 02/09/2027      10,000     10,710
Dell International LLC/EMC Corp., 5.45%, 06/15/2023(c)      26,000     28,329
SanDisk LLC, Conv., 0.50%, 10/15/2020     140,000    126,136
Western Digital Corp., Conv., 1.50%, 02/01/2024      61,000     58,712
      263,197
Tobacco–0.11%
Altria Group, Inc., 5.80%, 02/14/2039      36,000     41,818
Trading Companies & Distributors–0.13%
Air Lease Corp., 4.25%, 09/15/2024      35,000     37,325
Aircastle Ltd., 4.40%, 09/25/2023      10,000     10,518
      47,843
Trucking–0.12%
Aviation Capital Group LLC, 4.88%, 10/01/2025(c)      40,000     43,382
Wireless Telecommunication Services–0.05%
Rogers Communications, Inc. (Canada), 4.30%, 02/15/2048      15,000     17,191
Total U.S. Dollar Denominated Bonds & Notes (Cost $8,996,638) 9,633,488
U.S. Treasury Securities–7.44%
U.S. Treasury Bonds–0.81%
4.50%, 02/15/2036      75,000    103,456
2.88%, 05/15/2049     173,200    202,211
      305,667
U.S. Treasury Notes–6.63%
1.50%, 09/30/2021   2,128,000  2,123,013
1.50%, 09/15/2022     290,000    289,490
1.50%, 09/30/2024       8,200      8,180
1.63%, 09/30/2026      19,300     19,306
1.63%, 08/15/2029      59,300     59,050
      2,499,039
Total U.S. Treasury Securities (Cost $2,790,747) 2,804,706
  Shares  
Preferred Stocks–0.21%
Asset Management & Custody Banks–0.21%
AMG Capital Trust II, 5.15%, Conv. Pfd.
(Cost $106,269) 		    1,700     79,696
Money Market Funds–7.70%
Invesco Government & Agency Portfolio, Institutional Class, 1.83%(g) 1,015,316  1,015,316
Invesco Liquid Assets Portfolio, Institutional Class, 1.98%(g)   725,255    725,472
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Managed Volatility Fund
  Shares Value
Money Market Funds–(continued)
Invesco Treasury Portfolio, Institutional Class, 1.79%(g) 1,160,362  $1,160,362
Total Money Market Funds (Cost $2,901,151) 2,901,150
TOTAL INVESTMENTS IN SECURITIES–99.93% (Cost $33,816,617) 37,677,519
OTHER ASSETS LESS LIABILITIES—0.07% 26,816
NET ASSETS–100.00% $37,704,335
Investment Abbreviations:
Conv. – Convertible
LIBOR – London Interbank Offered Rate
Pfd. – Preferred
REIT – Real Estate Investment Trust
USD – U.S. Dollar
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) 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 September 30, 2019 was $1,882,713, which represented 4.99% of the Fund’s Net Assets.
(d) Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(e) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on September 30, 2019.
(f) Perpetual bond with no specified maturity date.
(g) The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of September 30, 2019.
    
Open Forward Foreign Currency Contracts
Settlement
Date 		Counterparty Contract to Unrealized
Appreciation
(Depreciation)
Deliver Receive
Currency Risk            
10/11/2019 Bank of New York Mellon (The) CAD 184,588 USD 140,398 $1,047
10/11/2019 Bank of New York Mellon (The) GBP 365,455 USD 451,905 2,392
10/11/2019 State Street Bank & Trust Co. CAD 15,338 USD 11,632 53
10/11/2019 State Street Bank & Trust Co. CHF 282,902 USD 286,431 2,754
10/11/2019 State Street Bank & Trust Co. EUR 203,776 USD 225,542 3,286
10/11/2019 State Street Bank & Trust Co. GBP 403,407 USD 498,739 2,544
10/11/2019 State Street Bank & Trust Co. USD 6,474 CAD 8,586 8
Subtotal—Appreciation 12,084
Currency Risk            
10/11/2019 State Street Bank & Trust Co. CAD 21,437 USD 16,137 (47)
10/11/2019 State Street Bank & Trust Co. USD 2,863 CAD 3,790 (2)
10/11/2019 State Street Bank & Trust Co. USD 4,692 CHF 4,649 (30)
10/11/2019 State Street Bank & Trust Co. USD 4,940 EUR 4,482 (52)
Subtotal—Depreciation (131)
Total Forward Foreign Currency Contracts $11,953
    
Abbreviations:
CAD – Canadian Dollar
CHF – Swiss Franc
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. Managed Volatility Fund
Notes to Quarterly Schedule of Portfolio Holdings
September 30, 2019
(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 or are unreliable. 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.
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 the Fund’s own 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, 2019. 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 $20,351,255 $1,907,224 $— $22,258,479
U.S. Dollar Denominated Bonds & Notes — 9,633,488 — 9,633,488
U.S. Treasury Securities — 2,804,706 — 2,804,706
Preferred Stocks 79,696 — — 79,696
Money Market Funds 2,901,150 — — 2,901,150
Total Investments in Securities 23,332,101 14,345,418 — 37,677,519
Other Investments - Assets*        
Forward Foreign Currency Contracts — 12,084 — 12,084
Other Investments - Liabilities*        
Forward Foreign Currency Contracts — (131) — (131)
Total Other Investments — 11,953 — 11,953
Total Investments $23,332,101 $14,357,371 $— $37,689,472
    
* Unrealized appreciation (depreciation).
Invesco V.I. Managed Volatility Fund