NPORT-EX 2 VI_International_Growth.htm
Schedule of Investments
March 31, 2021
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–97.91%
Australia–0.55%
CSL Ltd. 39,487     $7,957,184
Brazil–2.16%
B3 S.A. - Brasil, Bolsa, Balcao 3,208,234    31,132,464
Canada–7.21%
Canadian National Railway Co. 269,052    31,223,477
CGI, Inc., Class A(a) 572,218    47,664,343
Magna International, Inc. 149,301    13,149,228
Ritchie Bros. Auctioneers, Inc. 202,317    11,845,695
      103,882,743
China–13.82%
Alibaba Group Holding Ltd., ADR(a) 175,768    39,851,879
China Mengniu Dairy Co. Ltd. 3,615,000    20,752,758
JD.com, Inc., ADR(a) 337,319    28,446,111
Kweichow Moutai Co. Ltd., A Shares 19,787     6,081,790
New Oriental Education & Technology Group, Inc., ADR(a) 860,160    12,042,240
Prosus N.V. 120,528    13,437,710
Tencent Holdings Ltd. 536,300    42,280,269
Wuliangye Yibin Co. Ltd., A Shares 209,897     8,609,020
Yum China Holdings, Inc. 467,121    27,658,235
      199,160,012
Denmark–2.29%
Carlsberg A/S, Class B 109,701    16,873,317
Novo Nordisk A/S, Class B 238,621    16,114,532
      32,987,849
France–5.10%
LVMH Moet Hennessy Louis Vuitton SE 19,733    13,149,902
Pernod Ricard S.A. 58,334    10,950,552
Sanofi 157,160    15,533,367
Schneider Electric SE 221,581    33,854,413
      73,488,234
Germany–2.58%
Deutsche Boerse AG 145,405    24,168,438
Knorr-Bremse AG 104,769    13,068,044
      37,236,482
Hong Kong–1.96%
AIA Group Ltd. 2,323,200    28,262,894
India–2.01%
HDFC Bank Ltd., ADR(a) 373,793    29,039,978
Ireland–3.81%
CRH PLC 419,210    19,664,842
Flutter Entertainment PLC(a) 93,045    19,893,946
ICON PLC(a) 78,168    15,349,850
      54,908,638
Italy–2.10%
FinecoBank Banca Fineco S.p.A.(a) 1,845,608    30,284,160
  Shares Value
Japan–13.00%
Asahi Group Holdings Ltd. 301,700    $12,774,944
FANUC Corp. 39,100     9,305,220
Hoya Corp. 141,700    16,689,546
Keyence Corp. 18,100     8,261,683
Koito Manufacturing Co. Ltd. 304,900    20,556,268
Komatsu Ltd. 796,100    24,595,245
Nidec Corp. 81,300     9,931,226
Olympus Corp. 1,318,900    27,359,772
SMC Corp. 20,200    11,785,757
Sony Group Corp. 337,300    35,511,432
TIS, Inc. 444,500    10,625,986
      187,397,079
Macau–1.83%
Galaxy Entertainment Group Ltd.(a) 2,921,000    26,418,504
Mexico–2.84%
Wal-Mart de Mexico S.A.B. de C.V., Series V 12,988,656    40,968,647
Netherlands–4.31%
ASML Holding N.V. 26,006    15,862,068
Heineken N.V. 131,802    13,544,690
Wolters Kluwer N.V. 376,239    32,705,834
      62,112,592
Singapore–1.04%
United Overseas Bank Ltd. 779,466    15,056,815
South Korea–4.34%
NAVER Corp. 85,036    28,442,405
Samsung Electronics Co. Ltd. 471,391    34,049,103
      62,491,508
Sweden–4.74%
Investor AB, Class B 427,349    34,083,161
Sandvik AB(a) 1,255,515    34,309,622
      68,392,783
Switzerland–6.79%
Alcon, Inc.(a) 153,454    10,744,172
Kuehne + Nagel International AG 100,377    28,641,556
Logitech International S.A., Class R 145,290    15,228,670
Nestle S.A. 225,580    25,142,093
Roche Holding AG 56,054    18,118,870
      97,875,361
Taiwan–2.66%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR 324,023    38,325,440
United Kingdom–4.53%
Ashtead Group PLC 237,317    14,160,252
British American Tobacco PLC 360,159    13,775,761
Linde PLC 88,644    24,832,730
WPP PLC 988,245    12,546,385
      65,315,128
 
See accompanying notes which are an integral part of this schedule.
Invesco V.I. International Growth Fund
  Shares Value
United States–8.24%
Amcor PLC, CDI 1,865,564    $21,861,720
Booking Holdings, Inc.(a) 8,110    18,895,002
Broadcom, Inc. 95,995    44,509,042
Philip Morris International, Inc. 377,812    33,527,037
      118,792,801
Total Common Stocks & Other Equity Interests (Cost $865,402,828) 1,411,487,296
Money Market Funds–2.06%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(b)(c) 10,449,145    10,449,145
  Shares Value
Money Market Funds–(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(b)(c) 7,257,248     $7,260,151
Invesco Treasury Portfolio, Institutional Class, 0.01%(b)(c) 11,941,880    11,941,880
Total Money Market Funds (Cost $29,646,147) 29,651,176
TOTAL INVESTMENTS IN SECURITIES—99.97% (Cost $895,048,975) 1,441,138,472
OTHER ASSETS LESS LIABILITIES–0.03% 403,960
NET ASSETS–100.00% $1,441,542,432
Investment Abbreviations:
ADR – American Depositary Receipt
CDI – CREST Depository Interest
Notes to Schedule of Investments:
(a) Non-income producing security.
(b) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended March 31, 2021.
    
  Value
December 31, 2020 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation 		Realized
Gain 		Value
March 31, 2021 		Dividend Income
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class $11,470,872 $29,964,190 $(30,985,917) $- $- $10,449,145 $896
Invesco Liquid Assets Portfolio, Institutional Class 7,989,157 21,402,993 (22,132,797) 728 70 7,260,151 630
Invesco Treasury Portfolio, Institutional Class 13,109,569 34,244,789 (35,412,478) - - 11,941,880 345
Investments Purchased with Cash Collateral from Securities on Loan:              
Invesco Private Government Fund - 1,136,981 (1,136,981) - - - 5*
Invesco Private Prime Fund - 1,705,464 (1,705,464) - - - 65*
Total $32,569,598 $88,454,417 $(91,373,637) $728 $70 $29,651,176 $1,941
    
* 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.
    
(c) The rate shown is the 7-day SEC standardized yield as of March 31, 2021.
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. International Growth Fund
Notes to Quarterly Schedule of Portfolio Holdings
March 31, 2021
(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 March 31, 2021. 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        
Australia $— $7,957,184 $— $7,957,184
Brazil 31,132,464 — — 31,132,464
Canada 103,882,743 — — 103,882,743
China 107,998,465 91,161,547 — 199,160,012
Denmark — 32,987,849 — 32,987,849
France — 73,488,234 — 73,488,234
Germany — 37,236,482 — 37,236,482
Hong Kong — 28,262,894 — 28,262,894
India 29,039,978 — — 29,039,978
Ireland 15,349,850 39,558,788 — 54,908,638
Italy — 30,284,160 — 30,284,160
Japan — 187,397,079 — 187,397,079
Macau — 26,418,504 — 26,418,504
Mexico 40,968,647 — — 40,968,647
Netherlands — 62,112,592 — 62,112,592
Singapore — 15,056,815 — 15,056,815
South Korea — 62,491,508 — 62,491,508
Sweden — 68,392,783 — 68,392,783
Switzerland — 97,875,361 — 97,875,361
Taiwan 38,325,440 — — 38,325,440
United Kingdom 24,832,730 40,482,398 — 65,315,128
United States 96,931,081 21,861,720 — 118,792,801
Money Market Funds 29,651,176 — — 29,651,176
Total Investments $518,112,574 $923,025,898 $— $1,441,138,472
NOTE 2—Coronavirus (COVID-19) Pandemic
During the first quarter of 2020, the World Health Organization declared COVID-19 to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund’s ability to achieve its investment objective, as stated in the most recent shareholder report. Because of the uncertainties on valuation, the global economy and business operations, values reflected in the Schedule of Investments may materially differ from the value received upon actual sales of those investments.
The extent of the impact on the performance of the Fund and its investments will depend on future developments, including the duration and spread of the COVID-19 outbreak, related restrictions and advisories, and the effects on the financial markets and economy overall, all of which are highly uncertain and cannot be predicted.
Invesco V.I. International Growth Fund