NPORT-EX 2 edgar.htm
Schedule of Investments
September 30, 2022
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–96.97%
Brazil–3.20%
B3 S.A. - Brasil, Bolsa, Balcao 6,166,902  $14,918,956
MercadoLibre, Inc.(a) 7,197   5,957,533
Rede D’Or Sao Luiz S.A.(b) 1,842,700  10,152,297
      31,028,786
Canada–6.50%
Bank of Nova Scotia (The)(c) 192,701   9,165,277
CGI, Inc., Class A(a) 253,173  19,059,225
Magna International, Inc. 278,596  13,216,343
Ritchie Bros. Auctioneers, Inc. 346,206  21,631,766
      63,072,611
China–11.08%
Airtac International Group 549,000  12,559,435
China Mengniu Dairy Co. Ltd. 5,072,000  19,894,152
China Resources Beer Holdings Co. Ltd. 2,828,000  19,589,215
JD.com, Inc., ADR 305,688  15,376,107
Tencent Holdings Ltd. 168,300   5,683,827
Wuliangye Yibin Co. Ltd., A Shares 584,541  13,882,110
Yum China Holdings, Inc. 432,271  20,459,387
      107,444,233
Denmark–3.26%
Carlsberg A/S, Class B 86,915  10,141,200
Novo Nordisk A/S, Class B 215,773  21,506,958
      31,648,158
France–9.32%
Air Liquide S.A. 114,156  12,998,578
Arkema S.A. 155,833  11,365,543
Kering S.A. 15,727   6,954,774
LVMH Moet Hennessy Louis Vuitton SE 26,409  15,524,136
Pernod Ricard S.A. 62,106  11,351,921
Schneider Electric SE 158,963  17,834,204
TotalEnergies SE 304,280  14,322,434
      90,351,590
Germany–1.38%
Deutsche Boerse AG 81,281  13,381,862
Hong Kong–3.13%
AIA Group Ltd. 2,158,800  17,923,559
Techtronic Industries Co. Ltd. 1,311,000  12,385,603
      30,309,162
India–2.51%
HDFC Bank Ltd., ADR 417,113  24,367,741
Ireland–2.92%
CRH PLC 513,811  16,452,880
Flutter Entertainment PLC(a) 107,981  11,834,094
      28,286,974
Italy–2.03%
FinecoBank Banca Fineco S.p.A. 1,597,959  19,640,657
  Shares Value
Japan–11.58%
Asahi Group Holdings Ltd. 299,700   $9,297,093
FANUC Corp. 116,000  16,047,194
Hoya Corp. 136,600  13,133,389
Keyence Corp. 13,900   4,614,841
Koito Manufacturing Co. Ltd. 444,200   6,087,468
Komatsu Ltd. 225,200   4,072,497
Olympus Corp. 1,188,700  22,877,518
SMC Corp. 14,900   6,011,000
Sony Group Corp. 127,800   8,225,504
TIS, Inc. 488,900  12,981,514
Tokyo Electron Ltd. 36,300   8,987,552
      112,335,570
Mexico–2.98%
Wal-Mart de Mexico S.A.B. de C.V., Series V 8,205,823  28,859,626
Netherlands–5.59%
ASML Holding N.V. 29,185  12,105,684
Heineken N.V. 195,995  17,182,197
Shell PLC 309,864   7,709,508
Wolters Kluwer N.V. 177,274  17,259,588
      54,256,977
Singapore–1.96%
United Overseas Bank Ltd. 1,046,066  18,992,884
South Korea–1.82%
NAVER Corp. 24,743   3,297,655
Samsung Electronics Co. Ltd. 389,889  14,325,820
      17,623,475
Spain–1.37%
Amadeus IT Group S.A.(a) 287,886  13,325,942
Sweden–6.16%
Husqvarna AB, Class B 983,489   5,420,363
Investor AB, Class B 1,563,259  22,787,239
Sandvik AB 1,702,312  23,181,216
Svenska Handelsbanken AB, Class A 1,024,845   8,374,574
      59,763,392
Switzerland–1.38%
Kuehne + Nagel International AG, Class R 21,931   4,443,760
Logitech International S.A., Class R(c) 195,827   8,942,120
      13,385,880
Taiwan–1.73%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR 245,062  16,801,451
United Kingdom–6.92%
Ashtead Group PLC 340,163  15,186,873
DCC PLC 286,754  14,918,236
Linde PLC 56,061  15,113,485
Reckitt Benckiser Group PLC 330,806  21,863,433
      67,082,027
 
See accompanying notes which are an integral part of this schedule.
Invesco V.I. EQV International Equity Fund
  Shares Value
United States–10.15%
Broadcom, Inc. 67,937  $30,164,708
CSL Ltd. 109,425  19,841,258
ICON PLC(a)(c) 107,026  19,669,238
Nestle S.A. 157,745  17,080,568
Roche Holding AG 35,727  11,649,111
      98,404,883
Total Common Stocks & Other Equity Interests (Cost $882,842,118) 940,363,881
Money Market Funds–2.56%
Invesco Government & Agency Portfolio, Institutional Class, 2.88%(d)(e) 8,868,730   8,868,730
Invesco Liquid Assets Portfolio, Institutional Class, 2.90%(d)(e) 5,829,413   5,830,579
Invesco Treasury Portfolio, Institutional Class, 2.87%(d)(e) 10,135,692  10,135,692
Total Money Market Funds (Cost $24,832,193) 24,835,001
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.53% (Cost $907,674,311)     965,198,882
  Shares Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–3.44%
Invesco Private Government Fund, 3.01%(d)(e)(f) 9,353,359   $9,353,359
Invesco Private Prime Fund, 3.11%(d)(e)(f) 24,055,717  24,055,717
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $33,410,511) 33,409,076
TOTAL INVESTMENTS IN SECURITIES—102.97% (Cost $941,084,822) 998,607,958
OTHER ASSETS LESS LIABILITIES–(2.97)% (28,827,885)
NET ASSETS–100.00% $969,780,073
Investment Abbreviations:
ADR – American Depositary Receipt
Notes to Schedule of Investments:
(a) Non-income producing security.
(b) 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 value of this security at September 30, 2022 represented 1.05% of the Fund’s Net Assets.
(c) All or a portion of this security was out on loan at September 30, 2022.
(d) 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 nine months ended September 30, 2022.
    
  Value
December 31, 2021 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain
(Loss) 		Value
September 30, 2022 		Dividend Income
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class $11,153,338 $89,823,475 $(92,108,082) $(1) $- $8,868,730 $64,262
Invesco Liquid Assets Portfolio, Institutional Class 7,462,045 64,159,624 (65,791,487) 1,355 (958) 5,830,579 42,740
Invesco Treasury Portfolio, Institutional Class 12,746,672 102,655,400 (105,266,380) - - 10,135,692 68,411
Investments Purchased with Cash Collateral from Securities on Loan:              
Invesco Private Government Fund - 135,680,784 (126,327,425) - - 9,353,359 78,037*
Invesco Private Prime Fund - 240,209,344 (216,158,953) (1,435) 6,761 24,055,717 213,710*
Total $31,362,055 $632,528,627 $(605,652,327) $(81) $5,803 $58,244,077 $467,160
    
* 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 September 30, 2022.
(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. EQV International Equity Fund
Notes to Quarterly Schedule of Portfolio Holdings
September 30, 2022
(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 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 September 30, 2022. 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        
Brazil $31,028,786 $— $— $31,028,786
Canada 63,072,611 — — 63,072,611
China 35,835,494 71,608,739 — 107,444,233
Denmark — 31,648,158 — 31,648,158
France — 90,351,590 — 90,351,590
Germany — 13,381,862 — 13,381,862
Hong Kong — 30,309,162 — 30,309,162
India 24,367,741 — — 24,367,741
Ireland — 28,286,974 — 28,286,974
Italy — 19,640,657 — 19,640,657
Japan — 112,335,570 — 112,335,570
Mexico 28,859,626 — — 28,859,626
Netherlands — 54,256,977 — 54,256,977
Singapore — 18,992,884 — 18,992,884
South Korea — 17,623,475 — 17,623,475
Spain — 13,325,942 — 13,325,942
Sweden — 59,763,392 — 59,763,392
Switzerland — 13,385,880 — 13,385,880
Taiwan 16,801,451 — — 16,801,451
United Kingdom 15,113,485 51,968,542 — 67,082,027
United States 49,833,946 48,570,937 — 98,404,883
Money Market Funds 24,835,001 33,409,076 — 58,244,077
Total Investments $289,748,141 $708,859,817 $— $998,607,958
Invesco V.I. EQV International Equity Fund