NPORT-EX 2 edgar.htm
Schedule of Investments(a)
September 30, 2022
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–38.08%
Aerospace & Defense–0.54%
Raytheon Technologies Corp.    10,517     $860,922
Agricultural & Farm Machinery–0.41%
Deere & Co.(b)     1,943     648,748
Air Freight & Logistics–0.56%
United Parcel Service, Inc., Class B     5,504     889,116
Airlines–0.11%
Spirit Airlines, Inc.(c)     8,980     169,004
Apparel Retail–0.24%
Ross Stores, Inc.     4,540     382,586
Application Software–0.58%
Consensus Cloud Solutions, Inc.(c)       766      36,232
Manhattan Associates, Inc.(c)     1,702     226,417
Paylocity Holding Corp.(c)     1,042     251,726
Synopsys, Inc.(c)     1,349     412,133
      926,508
Automobile Manufacturers–0.57%
General Motors Co.     9,343     299,817
Tesla, Inc.(c)     2,283     605,566
      905,383
Automotive Retail–0.46%
AutoZone, Inc.(c)       344     736,824
Biotechnology–0.23%
Seagen, Inc.(c)     2,675     366,020
Communications Equipment–0.47%
Motorola Solutions, Inc.     3,331     746,044
Construction Materials–0.35%
Vulcan Materials Co.     3,548     559,555
Consumer Finance–0.31%
Capital One Financial Corp.     5,330     491,266
Data Processing & Outsourced Services–1.03%
Mastercard, Inc., Class A     5,795   1,647,750
Diversified Banks–0.94%
JPMorgan Chase & Co.(b)    14,382   1,502,919
Diversified Metals & Mining–0.18%
Compass Minerals International, Inc.(b)     7,603     292,944
Electric Utilities–0.65%
Avangrid, Inc.(b)    15,439     643,806
PPL Corp.(b)    15,411     390,669
      1,034,475
Electrical Components & Equipment–0.77%
Hubbell, Inc.     1,795     400,285
Regal Rexnord Corp.(b)     3,757     527,333
  Shares Value
Electrical Components & Equipment–(continued)
Rockwell Automation, Inc.     1,422     $305,886
      1,233,504
Environmental & Facilities Services–0.24%
Waste Connections, Inc.     2,782     375,932
Financial Exchanges & Data–0.59%
Intercontinental Exchange, Inc.    10,390     938,737
Gas Utilities–0.78%
ONE Gas, Inc.     8,165     574,735
Suburban Propane Partners L.P.    44,185     664,984
      1,239,719
General Merchandise Stores–0.37%
Dollar General Corp.(b)     2,463     590,775
Health Care Equipment–0.51%
Boston Scientific Corp.(c)    13,730     531,763
DexCom, Inc.(c)     3,600     289,944
      821,707
Health Care Facilities–0.42%
HCA Healthcare, Inc.     1,897     348,650
Tenet Healthcare Corp.(c)     6,102     314,741
      663,391
Homebuilding–0.21%
D.R. Horton, Inc.     4,876     328,399
Hotels, Resorts & Cruise Lines–0.35%
Airbnb, Inc., Class A(c)     2,565     269,427
Wyndham Hotels & Resorts, Inc.     4,771     292,701
      562,128
Household Products–0.61%
Procter & Gamble Co. (The)     7,681     969,726
Human Resource & Employment Services–0.26%
Korn Ferry     8,984     421,799
Hypermarkets & Super Centers–0.57%
Walmart, Inc.     7,067     916,590
Industrial Conglomerates–0.31%
Honeywell International, Inc.     2,936     490,224
Industrial Machinery–0.31%
Otis Worldwide Corp.     7,682     490,112
Industrial REITs–0.74%
Prologis, Inc.    11,664   1,185,062
Insurance Brokers–0.43%
Arthur J. Gallagher & Co.     3,977     680,942
Integrated Oil & Gas–0.76%
Exxon Mobil Corp.    13,867   1,210,728
 
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
  Shares Value
Integrated Telecommunication Services–0.53%
Verizon Communications, Inc.    22,184     $842,326
Interactive Home Entertainment–0.37%
Electronic Arts, Inc.     5,053     584,683
Interactive Media & Services–2.20%
Alphabet, Inc., Class A(c)    20,380   1,949,347
Meta Platforms, Inc., Class A(c)    10,358   1,405,373
Ziff Davis, Inc.(b)(c)     2,299     157,436
      3,512,156
Internet & Direct Marketing Retail–1.97%
Amazon.com, Inc.(c)    27,800   3,141,400
Internet Services & Infrastructure–0.08%
MongoDB, Inc.(c)       673     133,631
Investment Banking & Brokerage–0.74%
Charles Schwab Corp. (The)     5,124     368,262
Raymond James Financial, Inc.(b)     8,267     816,945
      1,185,207
IT Consulting & Other Services–0.24%
Amdocs Ltd.     4,719     374,925
Leisure Facilities–0.11%
Cedar Fair L.P.     4,418     181,801
Life Sciences Tools & Services–0.15%
Avantor, Inc.(c)    12,554     246,058
Managed Health Care–1.47%
Molina Healthcare, Inc.(c)     1,224     403,724
UnitedHealth Group, Inc.     3,853   1,945,919
      2,349,643
Metal & Glass Containers–0.33%
Silgan Holdings, Inc.    12,636     531,217
Movies & Entertainment–0.47%
Netflix, Inc.(c)     3,196     752,466
Office REITs–0.16%
Alexandria Real Estate Equities, Inc.     1,859     260,613
Oil & Gas Exploration & Production–1.06%
APA Corp.    12,198     417,050
Chesapeake Energy Corp.(b)     6,524     614,626
CNX Resources Corp.(b)(c)    20,220     314,017
Marathon Oil Corp.    15,356     346,738
      1,692,431
Oil & Gas Storage & Transportation–0.21%
Energy Transfer L.P.    31,034     342,305
Pharmaceuticals–2.29%
AstraZeneca PLC, ADR (United Kingdom)    12,642     693,287
Bayer AG (Germany)    10,285     474,631
Catalent, Inc.(c)     3,807     275,475
Eli Lilly and Co.     3,470   1,122,024
Johnson & Johnson     6,682   1,091,572
      3,656,989
  Shares Value
Property & Casualty Insurance–0.64%
Allstate Corp. (The)     8,226   $1,024,384
Regional Banks–0.71%
East West Bancorp, Inc.     7,053     473,538
First Citizens BancShares, Inc., Class A       823     656,285
      1,129,823
Research & Consulting Services–0.22%
CACI International, Inc., Class A(c)     1,315     343,294
Restaurants–0.32%
Starbucks Corp.     6,097     513,733
Semiconductor Equipment–0.42%
Applied Materials, Inc.     8,251     676,004
Semiconductors–1.39%
Advanced Micro Devices, Inc.(c)    13,552     858,655
NVIDIA Corp.     6,597     800,810
QUALCOMM, Inc.     5,001     565,013
      2,224,478
Soft Drinks–0.62%
Coca-Cola Co. (The)    17,521     981,526
Specialty Chemicals–0.24%
NewMarket Corp.     1,252     376,639
Systems Software–3.32%
Microsoft Corp.    18,135   4,223,641
VMware, Inc., Class A    10,145   1,080,037
      5,303,678
Technology Hardware, Storage & Peripherals–1.96%
Apple, Inc.    22,650   3,130,230
Total Common Stocks & Other Equity Interests (Cost $52,696,883) 60,771,179
  Principal
Amount 		 
U.S. Dollar Denominated Bonds & Notes–29.16%
Advertising–0.02%
Interpublic Group of Cos., Inc. (The), 4.20%, 04/15/2024      $14,000      13,720
WPP Finance 2010 (United Kingdom), 3.75%, 09/19/2024      26,000      25,236
      38,956
Aerospace & Defense–0.26%
BAE Systems Holdings, Inc. (United Kingdom), 3.85%, 12/15/2025(d)      17,000      16,202
Huntington Ingalls Industries, Inc., 3.84%, 05/01/2025     309,000     296,464
Lockheed Martin Corp.,                      
4.15%, 06/15/2053      55,000      46,168
4.30%, 06/15/2062      67,000      56,184
      415,018
Agricultural & Farm Machinery–0.13%
Cargill, Inc.,                      
3.63%, 04/22/2027(d)      76,000      72,301
4.00%, 06/22/2032(d)      94,000      85,720
4.38%, 04/22/2052(d)      67,000      57,736
      215,757
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
  Principal
Amount 		Value
Airlines–0.31%
American Airlines Pass-Through Trust,                      
Series 2021-1, Class B, 3.95%, 07/11/2030     $106,000      $86,276
Series 2021-1, Class A, 2.88%, 07/11/2034      99,000      80,710
British Airways Pass-Through Trust (United Kingdom), Series 2021-1, Class A, 2.90%, 03/15/2035(d)      53,607      43,715
Delta Air Lines, Inc./SkyMiles IP Ltd.,                      
4.50%, 10/20/2025(d)      67,977      66,023
4.75%, 10/20/2028(d)     143,824     134,148
United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 10/15/2027      85,135      82,251
      493,123
Apparel Retail–0.02%
Ross Stores, Inc., 3.38%, 09/15/2024      26,000      25,218
Application Software–0.10%
salesforce.com, inc., 2.90%, 07/15/2051      89,000      58,961
Workday, Inc., 3.70%, 04/01/2029     108,000      96,991
      155,952
Asset Management & Custody Banks–0.47%
Ameriprise Financial, Inc., 4.50%, 05/13/2032      60,000      56,563
Bank of New York Mellon Corp. (The),                      
4.41%, 07/24/2026(e)     188,000     183,831
4.60%, 07/26/2030(e)      45,000      42,699
Series I, 3.75%(e)(f)     184,000     142,600
Blackstone Secured Lending Fund,                      
2.75%, 09/16/2026     112,000      96,276
2.13%, 02/15/2027      89,000      71,897
2.85%, 09/30/2028      55,000      41,769
Brookfield Asset Management, Inc. (Canada), 4.00%, 01/15/2025      18,000      17,566
CI Financial Corp. (Canada), 3.20%, 12/17/2030      44,000      31,952
State Street Corp.,                      
4.42%, 05/13/2033(e)      29,000      26,805
4.16%, 08/04/2033(e)      44,000      39,766
      751,724
Automobile Manufacturers–0.74%
BMW US Capital LLC (Germany),                      
3.89% (SOFR + 0.84%), 04/01/2025(d)(g)      58,000      57,952
3.45%, 04/01/2027(d)      67,000      62,425
3.70%, 04/01/2032(d)      74,000      64,908
General Motors Financial Co., Inc.,                      
4.15%, 06/19/2023      21,000      20,905
3.80%, 04/07/2025      72,000      68,645
5.00%, 04/09/2027     111,000     105,356
Hyundai Capital America,                      
5.75%, 04/06/2023(d)      30,000      30,096
4.13%, 06/08/2023(d)      41,000      40,743
2.00%, 06/15/2028(d)      61,000      48,650
Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026(d)      62,000      50,427
PACCAR Financial Corp., 4.95%, 10/03/2025     237,000     237,923
  Principal
Amount 		Value
Automobile Manufacturers–(continued)
Stellantis Finance US, Inc.,                      
5.63%, 01/12/2028(d)     $245,000     $236,375
6.38%, 09/12/2032(d)      11,000      10,192
Toyota Motor Credit Corp., 4.55%, 09/20/2027     154,000     150,539
      1,185,136
Automotive Retail–0.10%
Advance Auto Parts, Inc., 1.75%, 10/01/2027      93,000      76,843
AutoZone, Inc., 4.75%, 08/01/2032      84,000      78,924
      155,767
Biotechnology–0.29%
AbbVie, Inc.,                      
3.85%, 06/15/2024      50,000      49,126
3.20%, 05/14/2026     287,000     268,630
CSL Finance PLC (Australia),                      
3.85%, 04/27/2027(d)      43,000      40,749
4.05%, 04/27/2029(d)      32,000      29,514
4.63%, 04/27/2042(d)      31,000      27,087
4.75%, 04/27/2052(d)      50,000      43,196
      458,302
Brewers–0.01%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 8.20%, 01/15/2039      11,000      13,316
Building Products–0.02%
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 2.00%, 09/16/2031      20,000      15,126
Masco Corp., 1.50%, 02/15/2028      30,000      24,242
      39,368
Cable & Satellite–0.33%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.,                      
4.43% (3 mo. USD LIBOR + 1.65%), 02/01/2024(g)      68,000      68,374
4.91%, 07/23/2025     287,000     280,123
3.50%, 06/01/2041      37,000      23,722
3.50%, 03/01/2042      78,000      49,669
3.90%, 06/01/2052      60,000      37,289
3.85%, 04/01/2061      55,000      32,251
4.40%, 12/01/2061      28,000      17,907
Comcast Corp., 2.65%, 08/15/2062      30,000      16,199
      525,534
Communications Equipment–0.01%
Motorola Solutions, Inc., 4.60%, 02/23/2028      14,000      13,242
Computer & Electronics Retail–0.02%
Leidos, Inc., 2.30%, 02/15/2031      35,000      25,975
Construction Machinery & Heavy Trucks–0.12%
Komatsu Finance America, Inc., 5.50%, 10/06/2027(d)     200,000     200,182
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
  Principal
Amount 		Value
Consumer Finance–0.18%
American Express Co.,                      
4.99%, 05/26/2033(e)     $101,000      $93,973
4.42%, 08/03/2033(e)     193,000     175,699
Synchrony Financial, 4.25%, 08/15/2024      13,000      12,686
      282,358
Data Processing & Outsourced Services–0.32%
Fidelity National Information Services, Inc.,                      
4.70%, 07/15/2027     221,000     213,057
5.10%, 07/15/2032(b)     221,000     207,968
PayPal Holdings, Inc., 5.05%, 06/01/2052     101,000      90,281
      511,306
Distributors–0.03%
Genuine Parts Co., 2.75%, 02/01/2032      64,000      49,627
Diversified Banks–7.95%
Australia & New Zealand Banking Group Ltd. (Australia), 6.75%(d)(e)(f)     425,000     406,251
Banco Santander S.A. (Spain), 5.29%, 08/18/2027     200,000     188,640
Bank of America Corp.,                      
2.46%, 10/22/2025(e)     502,000     470,231
3.37%, 01/23/2026(e)      19,000      18,015
4.38%, 04/27/2028(e)     178,000     167,010
4.95%, 07/22/2028(b)(e)     130,000     125,043
4.27%, 07/23/2029(e)      11,000      10,046
2.69%, 04/22/2032(e)      91,000      71,152
2.57%, 10/20/2032(e)      51,000      39,062
2.97%, 02/04/2033(e)      71,000      55,593
4.57%, 04/27/2033(e)     149,000     133,657
5.02%, 07/22/2033(e)     175,000     162,572
2.48%, 09/21/2036(e)      72,000      52,113
3.85%, 03/08/2037(e)      28,000      22,628
7.75%, 05/14/2038     115,000     127,893
Series RR, 4.38%(e)(f)     195,000     156,975
Series TT, 6.13%(b)(e)(f)     295,000     279,513
Barclays PLC (United Kingdom), 8.00%(e)(f)     200,000     175,540
BPCE S.A. (France),                      
2.88% (SOFR + 0.57%), 01/14/2025(d)(g)     250,000     246,650
4.50%, 03/15/2025(d)     184,000     174,898
Citigroup, Inc.,                      
5.61%, 09/29/2026(b)(e)     376,000     374,187
4.66%, 05/24/2028(b)(e)      93,000      88,456
4.08%, 04/23/2029(e)      21,000      19,032
4.41%, 03/31/2031(e)      24,000      21,566
2.56%, 05/01/2032(e)      58,000      44,598
2.52%, 11/03/2032(e)      37,000      28,096
3.06%, 01/25/2033(e)      38,000      29,969
3.79%, 03/17/2033(e)     177,000     148,601
4.91%, 05/24/2033(e)     105,000      96,750
2.90%, 11/03/2042(e)      51,000      32,653
Series V, 4.70%(e)(f)     160,000     128,992
Commonwealth Bank of Australia (Australia), 3.31%, 03/11/2041(d)     200,000     133,962
  Principal
Amount 		Value
Diversified Banks–(continued)
Cooperatieve Rabobank U.A. (Netherlands),                      
4.66%, 08/22/2028(d)(e)     $250,000     $236,093
3.76%, 04/06/2033(d)(e)     250,000     206,996
Credit Agricole S.A. (France),                      
4.38%, 03/17/2025(d)     304,000     292,237
4.75%(d)(e)(f)     200,000     138,312
7.88%(d)(e)(f)     200,000     192,356
Danske Bank A/S (Denmark), 1.55%, 09/10/2027(d)(e)     200,000     167,975
Discover Bank, 4.65%, 09/13/2028     122,000     110,807
Federation des Caisses Desjardins du Quebec (Canada), 4.55%, 08/23/2027(d)     280,000     264,988
HSBC Holdings PLC (United Kingdom),                      
3.95%, 05/18/2024(e)     109,000     107,636
2.25%, 11/22/2027(e)     200,000     168,290
4.04%, 03/13/2028(e)     135,000     121,963
5.21%, 08/11/2028(e)     205,000     191,867
4.58%, 06/19/2029(e)     183,000     163,387
4.60%(e)(f)     225,000     156,598
6.25%(e)(f)     203,000     195,296
ING Groep N.V. (Netherlands), 4.06% (SOFR + 1.01%), 04/01/2027(g)     308,000     292,205
JPMorgan Chase & Co.,                      
3.80%, 07/23/2024(e)      33,000      32,561
2.08%, 04/22/2026(e)      37,000      33,733
3.78%, 02/01/2028(e)      23,000      21,114
4.32%, 04/26/2028(e)     174,000     163,205
3.54%, 05/01/2028(e)      14,000      12,688
4.85%, 07/25/2028(e)     137,000     131,686
4.59%, 04/26/2033(e)     105,000      94,635
4.91%, 07/25/2033(e)     211,000     194,855
5.72%, 09/14/2033(e)     333,000     315,376
KeyBank N.A., 4.90%, 08/08/2032     250,000     225,227
Mitsubishi UFJ Financial Group, Inc. (Japan),                      
4.79%, 07/18/2025(e)     593,000     585,427
5.02%, 07/20/2028(e)     200,000     192,197
1.80%, 07/20/2033(e)     200,000     187,117
Mizuho Financial Group, Inc. (Japan),                      
2.56%, 09/13/2031     200,000     147,177
5.67%, 09/13/2033(e)     209,000     201,263
National Australia Bank Ltd. (Australia), 3.93%, 08/02/2034(d)(e)     154,000     130,198
Nordea Bank Abp (Finland),                      
4.75%, 09/22/2025(d)     200,000     196,887
5.38%, 09/22/2027(d)     200,000     195,190
3.75%(d)(e)(f)     210,000     139,158
6.63%(d)(e)(f)     202,000     187,557
PNC Bank N.A., 2.50%, 08/27/2024     252,000     241,823
Royal Bank of Canada (Canada), 3.70%, 10/05/2023      17,000      16,857
Standard Chartered PLC (United Kingdom),                      
2.68%, 06/29/2032(d)(e)     200,000     146,380
7.75%(d)(e)(f)     239,000     216,821
Sumitomo Mitsui Financial Group, Inc. (Japan),                      
2.14%, 09/23/2030      55,000      41,239
2.22%, 09/17/2031     200,000     149,917
Swedbank AB (Sweden), 5.34%, 09/20/2027(d)     206,000     199,860
Truist Bank, 2.64%, 09/17/2029(e)     376,000     350,600
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
  Principal
Amount 		Value
Diversified Banks–(continued)
U.S. Bancorp,                      
Series W, 3.10%, 04/27/2026      $20,000      $18,711
4.55%, 07/22/2028(e)     136,000     131,178
4.97%, 07/22/2033(e)     105,000      98,194
2.49%, 11/03/2036(e)     142,000     106,949
Wells Fargo & Co.,                      
3.53%, 03/24/2028(e)      75,000      68,003
3.58%, 05/22/2028(e)      21,000      19,019
4.81%, 07/25/2028(e)      79,000      75,426
4.90%, 07/25/2033(e)      77,000      71,092
4.61%, 04/25/2053(e)     130,000     105,812
      12,682,482
Diversified Capital Markets–1.13%
Credit Suisse AG (Switzerland),                      
3.63%, 09/09/2024     197,000     188,172
5.00%, 07/09/2027     250,000     230,830
Credit Suisse Group AG (Switzerland),                      
4.55%, 04/17/2026     154,000     141,861
6.44%, 08/11/2028(d)(e)     256,000     238,393
4.19%, 04/01/2031(d)(e)     250,000     196,948
6.54%, 08/12/2033(d)(e)     366,000     329,407
UBS Group AG (Switzerland),                      
4.13%, 04/15/2026(d)     160,000     151,472
4.75%, 05/12/2028(d)(e)     205,000     192,689
4.38%(d)(e)(f)     200,000     131,900
      1,801,672
Diversified Chemicals–0.45%
Celanese US Holdings LLC,                      
5.90%, 07/05/2024     178,000     175,671
6.05%, 03/15/2025     190,000     185,782
6.17%, 07/15/2027     200,000     189,535
6.33%, 07/15/2029      55,000      51,316
6.38%, 07/15/2032     128,000     119,111
      721,415
Diversified REITs–0.57%
CubeSmart L.P.,                      
2.25%, 12/15/2028      15,000      12,195
2.50%, 02/15/2032      34,000      25,492
Roche Holdings, Inc. (Switzerland), 2.31%, 03/10/2027(d)     297,000     267,153
VICI Properties L.P.,                      
4.75%, 02/15/2028     119,000     109,676
4.95%, 02/15/2030     119,000     107,795
5.13%, 05/15/2032      86,000      76,421
5.63%, 05/15/2052      89,000      73,835
VICI Properties L.P./VICI Note Co., Inc., 5.63%, 05/01/2024(d)     242,000     238,134
      910,701
Electric Utilities–1.00%
AEP Texas, Inc.,                      
3.95%, 06/01/2028(d)     172,000     159,047
4.70%, 05/15/2032      50,000      46,120
5.25%, 05/15/2052      73,000      66,843
Duke Energy Corp.,                      
4.30%, 03/15/2028      94,000      88,607
5.00%, 08/15/2052     148,000     126,452
3.25%, 01/15/2082(e)      49,000      35,970
  Principal
Amount 		Value
Electric Utilities–(continued)
EDP Finance B.V. (Portugal), 3.63%, 07/15/2024(d)     $231,000     $223,112
Enel Finance International N.V. (Italy), 2.88%, 07/12/2041(d)     200,000     114,446
National Rural Utilities Cooperative Finance Corp., 2.75%, 04/15/2032      74,000      60,219
NextEra Energy Capital Holdings, Inc.,                      
4.63%, 07/15/2027     188,000     181,994
5.00%, 07/15/2032      59,000      56,414
PacifiCorp, 2.90%, 06/15/2052      53,000      34,069
Southern Co. (The), Series 21-A, 3.75%, 09/15/2051(e)      37,000      30,095
Tampa Electric Co.,                      
3.88%, 07/12/2024     105,000     103,134
5.00%, 07/15/2052      61,000      56,214
Virginia Electric & Power Co.,                      
Series B, 3.75%, 05/15/2027      80,000      75,620
Series C, 4.63%, 05/15/2052      92,000      79,829
Xcel Energy, Inc., 4.60%, 06/01/2032      63,000      58,496
      1,596,681
Electrical Components & Equipment–0.29%
CenterPoint Energy Houston Electric LLC,                      
Series AI, 4.45%, 10/01/2032     245,000     232,496
Series AJ, 4.85%, 10/01/2052     247,000     227,605
      460,101
Electronic Equipment & Instruments–0.04%
Vontier Corp., 2.95%, 04/01/2031      83,000      59,858
Financial Exchanges & Data–0.65%
Cboe Global Markets, Inc., 3.00%, 03/16/2032     218,000     179,570
Intercontinental Exchange, Inc.,                      
4.00%, 09/15/2027     133,000     126,387
4.35%, 06/15/2029     101,000      95,665
4.60%, 03/15/2033      88,000      82,130
4.95%, 06/15/2052     122,000     108,701
5.20%, 06/15/2062      92,000      82,658
Moody’s Corp.,                      
2.00%, 08/19/2031      47,000      35,844
4.25%, 08/08/2032      49,000      44,472
2.75%, 08/19/2041      55,000      36,643
3.75%, 02/25/2052      64,000      47,461
3.10%, 11/29/2061     129,000      78,940
S&P Global, Inc.,                      
2.90%, 03/01/2032(d)      59,000      49,329
3.90%, 03/01/2062(d)      89,000      67,561
      1,035,361
General Merchandise Stores–0.27%
Dollar General Corp.,                      
4.63%, 11/01/2027      71,000      69,133
5.00%, 11/01/2032      63,000      60,678
5.50%, 11/01/2052     125,000     122,732
Target Corp., 4.50%, 09/15/2032     180,000     171,772
      424,315
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
  Principal
Amount 		Value
Health Care REITs–0.02%
Healthcare Realty Holdings L.P.,                      
3.50%, 08/01/2026      $17,000      $15,684
2.00%, 03/15/2031(b)      16,000      11,776
      27,460
Health Care Services–0.23%
Cigna Corp., 4.13%, 11/15/2025      13,000      12,640
Fresenius Medical Care US Finance III, Inc. (Germany), 1.88%, 12/01/2026(d)     150,000     125,506
Piedmont Healthcare, Inc.,                      
Series 2032, 2.04%, 01/01/2032      58,000      44,231
Series 2042, 2.72%, 01/01/2042      56,000      37,800
2.86%, 01/01/2052      65,000      41,439
Providence St. Joseph Health Obligated Group, Series 21-A, 2.70%, 10/01/2051     171,000     103,120
      364,736
Home Improvement Retail–0.65%
Home Depot, Inc. (The),                      
4.50%, 09/15/2032     180,000     172,228
4.95%, 09/15/2052      91,000      85,721
Lowe’s Cos., Inc.,                      
3.35%, 04/01/2027      37,000      34,321
5.00%, 04/15/2033(b)     334,000     315,814
5.63%, 04/15/2053(b)     250,000     231,792
5.80%, 09/15/2062     208,000     191,402
      1,031,278
Homebuilding–0.04%
D.R. Horton, Inc., 4.75%, 02/15/2023      17,000      16,993
M.D.C. Holdings, Inc., 3.97%, 08/06/2061      95,000      50,301
      67,294
Hotels, Resorts & Cruise Lines–0.18%
Expedia Group, Inc.,                      
4.63%, 08/01/2027      13,000      12,229
3.25%, 02/15/2030     208,000     168,964
2.95%, 03/15/2031      27,000      20,983
Marriott International, Inc., 5.00%, 10/15/2027      94,000      90,930
      293,106
Household Products–0.06%
Colgate-Palmolive Co., 3.10%, 08/15/2027      97,000      91,260
Hypermarkets & Super Centers–0.18%
Walmart, Inc.,                      
4.15%, 09/09/2032     172,000     164,941
4.50%, 09/09/2052     134,000     125,921
      290,862
Independent Power Producers & Energy Traders–0.09%
AES Corp. (The), 1.38%, 01/15/2026      16,000      13,799
Deutsche Telekom International Finance B.V. (Germany), 4.38%, 06/21/2028(d)     146,000     137,888
      151,687
  Principal
Amount 		Value
Industrial Machinery–0.01%
Flowserve Corp., 2.80%, 01/15/2032      $15,000      $10,758
Industrial REITs–0.02%
LXP Industrial Trust, 2.38%, 10/01/2031      35,000      25,475
Insurance Brokers–0.05%
Willis North America, Inc., 4.65%, 06/15/2027      90,000      85,601
Integrated Oil & Gas–0.27%
BP Capital Markets America, Inc.,                      
3.06%, 06/17/2041      72,000      51,520
2.94%, 06/04/2051      38,000      24,212
3.00%, 03/17/2052      38,000      24,436
BP Capital Markets PLC (United Kingdom),                      
4.38%(e)(f)      46,000      42,665
4.88%(e)(f)     144,000     124,290
Gray Oak Pipeline LLC, 2.60%, 10/15/2025(d)      28,000      25,125
Shell International Finance B.V. (Netherlands),                      
2.88%, 11/26/2041      97,000      68,150
3.00%, 11/26/2051      97,000      64,496
      424,894
Integrated Telecommunication Services–0.29%
AT&T, Inc.,                      
3.68% (SOFR + 0.64%), 03/25/2024(g)     100,000      99,441
4.30%, 02/15/2030      23,000      21,040
2.55%, 12/01/2033     112,000      83,027
Verizon Communications, Inc.,                      
1.75%, 01/20/2031      15,000      11,274
2.36%, 03/15/2032     205,000     157,402
2.85%, 09/03/2041      81,000      54,234
3.00%, 11/20/2060      19,000      11,088
3.70%, 03/22/2061      33,000      22,472
      459,978
Interactive Home Entertainment–0.02%
Electronic Arts, Inc., 1.85%, 02/15/2031      49,000      37,836
Interactive Media & Services–0.33%
Meta Platforms, Inc.,                      
3.85%, 08/15/2032(d)     231,000     203,291
4.45%, 08/15/2052(d)     238,000     194,631
4.65%, 08/15/2062(d)     165,000     133,325
      531,247
Internet & Direct Marketing Retail–0.12%
Amazon.com, Inc., 2.88%, 05/12/2041      68,000      49,845
Daimler Trucks Finance North America LLC (Germany), 3.65%, 04/07/2027(d)     150,000     137,408
      187,253
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
  Principal
Amount 		Value
Investment Banking & Brokerage–1.13%
Charles Schwab Corp. (The),                      
2.45%, 03/03/2027      $37,000      $33,257
3.92% (SOFR + 1.05%), 03/03/2027(g)     124,000     123,164
2.90%, 03/03/2032      74,000      61,083
5.00%(e)(f)      88,000      79,310
Goldman Sachs Group, Inc. (The),                      
3.49% (SOFR + 0.58%), 03/08/2024(g)     128,000     126,901
3.16% (SOFR + 0.70%), 01/24/2025(g)      84,000      82,520
3.50%, 04/01/2025      19,000      18,170
3.73% (SOFR + 0.81%), 03/09/2027(g)     214,000     205,653
1.95%, 10/21/2027(e)      53,000      45,391
3.35% (SOFR + 0.92%), 10/21/2027(g)     171,000     163,600
3.91% (SOFR + 1.12%), 02/24/2028(g)      43,000      41,207
4.48%, 08/23/2028(e)     122,000     114,608
1.99%, 01/27/2032(e)      38,000      28,147
2.65%, 10/21/2032(e)      60,000      46,059
3.10%, 02/24/2033(e)      48,000      38,182
3.44%, 02/24/2043(e)      62,000      43,080
Series FRN, 3.71%(SOFR + 0.79%), 12/09/2026(g)     285,000     275,670
Morgan Stanley,                      
3.15% (SOFR + 0.63%), 01/24/2025(g)      60,000      58,910
5.00%, 11/24/2025      26,000      25,692
2.19%, 04/28/2026(e)      18,000      16,523
3.62%, 04/01/2031(e)      24,000      20,766
2.24%, 07/21/2032(e)      74,000      55,665
2.51%, 10/20/2032(e)      40,000      30,612
2.48%, 09/16/2036(e)      92,000      66,060
      1,800,230
Leisure Products–0.15%
Brunswick Corp.,                      
4.40%, 09/15/2032     101,000      81,609
5.10%, 04/01/2052     240,000     166,961
      248,570
Life & Health Insurance–1.15%
American Equity Investment Life Holding Co., 5.00%, 06/15/2027      30,000      28,509
Athene Global Funding,                      
1.45%, 01/08/2026(d)      23,000      20,024
2.95%, 11/12/2026(d)      37,000      32,671
F&G Global Funding, 2.00%, 09/20/2028(d)      94,000      76,114
GA Global Funding Trust,                      
2.25%, 01/06/2027(d)     160,000     138,781
1.95%, 09/15/2028(d)     212,000     172,039
2.90%, 01/06/2032(d)     168,000     127,930
MAG Mutual Holding Co., 4.75%, 04/30/2041(h)     509,000     437,175
Manulife Financial Corp. (Canada), 4.06%, 02/24/2032(e)      13,000      11,562
MetLife, Inc., 5.00%, 07/15/2052      59,000      53,924
Northwestern Mutual Global Funding, 4.35%, 09/15/2027(d)     227,000     219,480
  Principal
Amount 		Value
Life & Health Insurance–(continued)
Pacific Life Global Funding II,                      
3.85% (SOFR + 0.80%), 03/30/2025(d)(g)     $253,000     $249,245
3.49% (SOFR + 0.62%), 06/04/2026(d)(g)      76,000      73,641
Prudential Financial, Inc.,                      
5.20%, 03/15/2044(e)      36,000      34,668
6.00%, 09/01/2052(e)     149,000     139,355
Reliance Standard Life Global Funding II, 2.75%, 01/21/2027(d)      27,000      24,252
      1,839,370
Managed Health Care–0.18%
Kaiser Foundation Hospitals,                      
Series 2021,
2.81%, 06/01/2041 		    135,000      94,551
3.00%, 06/01/2051     140,000      93,064
UnitedHealth Group, Inc., 3.70%, 05/15/2027     102,000      97,167
      284,782
Movies & Entertainment–0.35%
Warnermedia Holdings, Inc.,                      
5.05%, 03/15/2042(d)     226,000     169,499
5.14%, 03/15/2052(d)     280,000     204,044
5.39%, 03/15/2062(d)     248,000     180,310
      553,853
Multi-line Insurance–0.15%
Allianz SE (Germany), 3.20%(d)(e)(f)     203,000     131,514
Liberty Mutual Group, Inc., 5.50%, 06/15/2052(d)     117,000     101,213
      232,727
Multi-Utilities–0.26%
Ameren Corp., 2.50%, 09/15/2024      12,000      11,400
Dominion Energy, Inc., Series C, 3.38%, 04/01/2030      15,000      12,923
WEC Energy Group, Inc.,                      
5.00%, 09/27/2025     246,000     245,291
5.15%, 10/01/2027     127,000     126,002
1.80%, 10/15/2030      17,000      12,996
      408,612
Office REITs–0.12%
Alexandria Real Estate Equities, Inc., 2.95%, 03/15/2034      41,000      31,758
Office Properties Income Trust,                      
4.25%, 05/15/2024      93,000      85,626
4.50%, 02/01/2025      39,000      34,705
2.65%, 06/15/2026       9,000       6,757
2.40%, 02/01/2027      42,000      30,299
      189,145
Oil & Gas Exploration & Production–0.24%
Canadian Natural Resources Ltd. (Canada), 2.05%, 07/15/2025      37,000      33,769
Continental Resources, Inc.,                      
2.27%, 11/15/2026(d)      21,000      17,946
2.88%, 04/01/2032(d)      30,000      22,009
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
  Principal
Amount 		Value
Oil & Gas Exploration & Production–(continued)
EQT Corp.,                      
5.68%, 10/01/2025     $238,000     $236,831
5.70%, 04/01/2028      71,000      69,724
      380,279
Oil & Gas Storage & Transportation–0.67%
Boardwalk Pipelines L.P., 3.60%, 09/01/2032      74,000      58,626
El Paso Natural Gas Co. LLC, 8.38%, 06/15/2032      33,000      36,894
Enbridge, Inc. (Canada),                      
3.34% (SOFR + 0.63%), 02/16/2024(g)      27,000      26,718
1.60%, 10/04/2026      33,000      28,512
Energy Transfer L.P.,                      
4.25%, 03/15/2023      16,000      15,961
4.00%, 10/01/2027      13,000      11,810
Kinder Morgan, Inc.,                      
7.75%, 01/15/2032      41,000      44,441
4.80%, 02/01/2033     103,000      92,554
5.45%, 08/01/2052     238,000     206,760
MPLX L.P.,                      
1.75%, 03/01/2026      23,000      20,150
4.25%, 12/01/2027      11,000      10,259
4.95%, 03/14/2052     165,000     129,527
ONEOK, Inc., 6.35%, 01/15/2031      35,000      34,371
Targa Resources Corp.,                      
5.20%, 07/01/2027     111,000     106,947
6.25%, 07/01/2052     127,000     115,717
Williams Cos., Inc. (The),                      
3.70%, 01/15/2023      28,000      27,980
2.60%, 03/15/2031      99,000      77,781
3.50%, 10/15/2051      44,000      29,349
      1,074,357
Other Diversified Financial Services–0.21%
Corebridge Financial, Inc., 6.88%, 12/15/2052(d)(e)     194,000     177,968
Jackson Financial, Inc.,                      
5.17%, 06/08/2027      80,000      77,143
5.67%, 06/08/2032      91,000      83,353
      338,464
Packaged Foods & Meats–0.10%
Conagra Brands, Inc., 4.60%, 11/01/2025      19,000      18,575
General Mills, Inc., 2.25%, 10/14/2031      25,000      19,596
JDE Peet’s N.V. (Netherlands), 1.38%, 01/15/2027(d)     150,000     124,128
      162,299
Paper Packaging–0.13%
Berry Global, Inc., 1.65%, 01/15/2027     188,000     156,135
Packaging Corp. of America, 3.65%, 09/15/2024      15,000      14,645
Sealed Air Corp., 1.57%, 10/15/2026(d)      48,000      40,246
      211,026
Pharmaceuticals–0.36%
Bayer US Finance II LLC (Germany), 3.88%, 12/15/2023(d)     335,000     328,886
  Principal
Amount 		Value
Pharmaceuticals–(continued)
Mayo Clinic, Series 2021, 3.20%, 11/15/2061     $110,000      $71,736
Mylan, Inc., 3.13%, 01/15/2023(d)      26,000      25,866
Takeda Pharmaceutical Co. Ltd. (Japan), 5.00%, 11/26/2028     160,000     155,102
      581,590
Precious Metals & Minerals–0.05%
Anglo American Capital PLC (South Africa), 3.63%, 09/11/2024(d)      86,000      83,239
Property & Casualty Insurance–0.14%
Fairfax Financial Holdings Ltd. (Canada), 5.63%, 08/16/2032(d)     183,000     169,023
Stewart Information Services Corp., 3.60%, 11/15/2031      67,000      51,740
      220,763
Railroads–0.69%
CSX Corp.,                      
4.10%, 11/15/2032     189,000     171,760
4.50%, 11/15/2052     189,000     159,090
Norfolk Southern Corp., 4.55%, 06/01/2053      72,000      61,179
Union Pacific Corp.,                      
2.15%, 02/05/2027      16,000      14,302
4.50%, 01/20/2033     247,000     234,747
4.95%, 09/09/2052     244,000     228,030
5.15%, 01/20/2063     250,000     233,025
      1,102,133
Real Estate Development–0.02%
Essential Properties L.P., 2.95%, 07/15/2031      41,000      30,013
Regional Banks–1.53%
Citizens Financial Group, Inc.,                      
4.30%, 12/03/2025      89,000      85,708
3.25%, 04/30/2030       9,000       7,371
2.64%, 09/30/2032     140,000     102,276
5.64%, 05/21/2037(e)     135,000     124,859
Fifth Third Bancorp,                      
4.06%, 04/25/2028(e)      72,000      67,655
4.77%, 07/28/2030(e)     163,000     152,398
4.34%, 04/25/2033(e)      96,000      85,234
Fifth Third Bank N.A., 3.85%, 03/15/2026     160,000     151,283
Huntington Bancshares, Inc.,                      
4.00%, 05/15/2025      23,000      22,327
4.44%, 08/04/2028(e)      88,000      83,227
2.49%, 08/15/2036(e)      45,000      31,889
KeyCorp, 4.79%, 06/01/2033(e)      63,000      57,854
PNC Financial Services Group, Inc. (The),                      
4.63%, 06/06/2033(e)     223,000     199,225
Series O, 6.46% (3 mo. USD LIBOR + 3.68%)(f)(g)     178,000     177,488
Series U, 6.00%(e)(f)     175,000     162,750
Series V, 6.20%(e)(f)     555,000     525,862
Santander Holdings USA, Inc., 3.50%, 06/07/2024      13,000      12,608
SVB Financial Group, 2.10%, 05/15/2028      30,000      24,341
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
  Principal
Amount 		Value
Regional Banks–(continued)
Truist Financial Corp.,                      
4.12%, 06/06/2028(e)     $124,000     $116,626
4.92%, 07/28/2033(e)     277,000     250,714
      2,441,695
Reinsurance–0.01%
Berkshire Hathaway Finance Corp., 2.85%, 10/15/2050      21,000      13,533
Renewable Electricity–0.04%
NSTAR Electric Co., 4.55%, 06/01/2052      72,000      62,732
Residential REITs–0.12%
American Homes 4 Rent L.P.,                      
3.63%, 04/15/2032     100,000      82,587
4.30%, 04/15/2052      50,000      36,770
Invitation Homes Operating Partnership L.P.,                      
2.30%, 11/15/2028      13,000      10,433
2.70%, 01/15/2034      58,000      41,007
Spirit Realty L.P., 3.20%, 01/15/2027      16,000      14,059
Sun Communities Operating L.P., 2.70%, 07/15/2031      10,000       7,571
      192,427
Restaurants–0.17%
McDonald’s Corp., 5.15%, 09/09/2052     222,000     206,719
Starbucks Corp., 3.00%, 02/14/2032(b)      81,000      67,130
      273,849
Retail REITs–0.25%
Agree L.P.,                      
2.00%, 06/15/2028      19,000      15,335
4.80%, 10/01/2032      87,000      77,701
Kimco Realty Corp.,                      
1.90%, 03/01/2028      30,000      24,745
2.25%, 12/01/2031      51,000      38,329
Kite Realty Group L.P., 4.00%, 10/01/2026      49,000      45,116
Kite Realty Group Trust, 4.75%, 09/15/2030      16,000      13,928
National Retail Properties, Inc., 3.50%, 04/15/2051      36,000      24,171
Realty Income Corp.,                      
2.20%, 06/15/2028      14,000      11,808
3.25%, 01/15/2031      14,000      11,962
2.85%, 12/15/2032      12,000       9,625
Regency Centers L.P., 2.95%, 09/15/2029      15,000      12,459
Scentre Group Trust 2 (Australia), 4.75%, 09/24/2080(d)(e)     133,000     114,386
      399,565
Semiconductor Equipment–0.05%
KLA Corp., 4.95%, 07/15/2052      95,000      86,532
  Principal
Amount 		Value
Semiconductors–0.33%
Broadcom, Inc.,                      
3.46%, 09/15/2026     $309,000     $287,385
3.42%, 04/15/2033(d)      29,000      22,188
3.47%, 04/15/2034(d)      54,000      40,612
3.14%, 11/15/2035(d)     133,000      93,472
4.93%, 05/15/2037(d)      30,000      24,794
QUALCOMM, Inc.,                      
2.15%, 05/20/2030      31,000      25,599
3.25%, 05/20/2050      29,000      20,777
Skyworks Solutions, Inc.,                      
1.80%, 06/01/2026       8,000       6,937
3.00%, 06/01/2031      18,000      13,642
      535,406
Soft Drinks–0.08%
PepsiCo, Inc.,                      
3.60%, 02/18/2028      57,000      53,933
3.90%, 07/18/2032      47,000      43,513
4.20%, 07/18/2052      34,000      30,158
      127,604
Sovereign Debt–0.12%
Bermuda Government International Bond (Bermuda), 5.00%, 07/15/2032(d)     200,000     190,400
Specialized Finance–0.09%
Blackstone Holdings Finance Co. LLC, 1.60%, 03/30/2031(d)      38,000      27,928
Blackstone Private Credit Fund, 7.05%, 09/29/2025(d)     114,000     112,667
      140,595
Specialized REITs–0.79%
American Tower Corp.,                      
3.00%, 06/15/2023      22,000      21,726
3.38%, 10/15/2026     287,000     262,618
2.70%, 04/15/2031      69,000      54,241
4.05%, 03/15/2032      62,000      53,518
Crown Castle, Inc.,                      
4.45%, 02/15/2026     287,000     276,944
2.50%, 07/15/2031      67,000      51,725
EPR Properties,                      
4.75%, 12/15/2026      41,000      36,448
4.95%, 04/15/2028     106,000      91,402
3.60%, 11/15/2031      88,000      62,981
Extra Space Storage L.P.,                      
3.90%, 04/01/2029      35,000      31,204
2.35%, 03/15/2032      57,000      42,090
Life Storage L.P., 2.40%, 10/15/2031      54,000      40,609
Prologis, L.P., 4.63%, 01/15/2033     244,000     232,173
      1,257,679
Systems Software–0.01%
VMware, Inc., 3.90%, 08/21/2027      11,000      10,151
Technology Hardware, Storage & Peripherals–0.19%
Apple, Inc.,                      
3.35%, 08/08/2032     190,000     169,413
4.38%, 05/13/2045      11,000       9,914
2.55%, 08/20/2060      95,000      57,205
2.80%, 02/08/2061      99,000      61,952
      298,484
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
  Principal
Amount 		Value
Thrifts & Mortgage Finance–0.08%
Nationwide Building Society (United Kingdom), 3.96%, 07/18/2030(d)(e)     $150,000     $129,446
Tobacco–0.01%
Altria Group, Inc., 3.70%, 02/04/2051      21,000      12,717
Trucking–0.33%
Penske Truck Leasing Co. L.P./PTL Finance Corp.,                      
4.00%, 07/15/2025(d)      20,000      19,081
3.40%, 11/15/2026(d)      25,000      22,665
4.40%, 07/01/2027(d)      44,000      41,338
Ryder System, Inc.,                      
4.63%, 06/01/2025     319,000     313,275
4.30%, 06/15/2027      65,000      61,587
Triton Container International Ltd. (Bermuda), 2.05%, 04/15/2026(d)      91,000      77,340
      535,286
Wireless Telecommunication Services–0.47%
Rogers Communications, Inc. (Canada), 4.55%, 03/15/2052(d)     325,000     259,870
T-Mobile USA, Inc.,                      
3.50%, 04/15/2025     287,000     274,565
3.40%, 10/15/2052     185,000     122,455
5.65%, 01/15/2053     104,000      98,491
      755,381
Total U.S. Dollar Denominated Bonds & Notes (Cost $52,437,288) 46,534,106
Asset-Backed Securities–16.37%
Alternative Loan Trust, Series 2005-29CB, Class A4, 5.00%, 07/25/2035      82,766      51,871
AmeriCredit Automobile Receivables Trust,                      
Series 2018-3, Class C, 3.74%, 10/18/2024     144,181     144,152
Series 2019-2, Class C, 2.74%, 04/18/2025     100,000      99,124
Series 2019-2, Class D, 2.99%, 06/18/2025     270,000     263,199
Series 2019-3, Class D, 2.58%, 09/18/2025     130,000     126,111
AMSR Trust, Series 2021-SFR3, Class B, 1.73%, 10/17/2038(d)     235,000     200,525
Angel Oak Mortgage Trust,                      
Series 2020-1, Class A1, 2.16%, 12/25/2059(d)(i)      33,555      31,873
Series 2020-3, Class A1, 1.69%, 04/25/2065(d)(i)     109,024     100,545
Series 2021-3, Class A1, 1.07%, 05/25/2066(d)(i)      59,940      51,241
Series 2021-7, Class A1, 1.98%, 10/25/2066(d)(i)     138,566     115,531
Series 2022-1, Class A1, 2.88%, 12/25/2066(d)(j)     239,832     208,341
Avis Budget Rental Car Funding (AESOP) LLC, Series 2022-1A, Class A, 3.83%, 08/21/2028(d)     415,000     392,944
Bain Capital Credit CLO Ltd., Series 2017-2A, Class AR2, 3.96% (3 mo. USD LIBOR + 1.18%), 07/25/2034(d)(g)     424,000     405,058
  Principal
Amount 		Value
Banc of America Funding Trust,                      
Series 2007-1, Class 1A3, 6.00%, 01/25/2037      $17,953      $14,516
Series 2007-C, Class 1A4, 3.08%, 05/20/2036(i)       5,558       5,351
Banc of America Mortgage Trust, Series 2004-E, Class 2A6, 3.59%, 06/25/2034(i)      16,490      15,984
Bank, Series 2019-BNK16, Class XA, IO, 1.10%, 02/15/2052(k)   1,519,034      66,893
Bayview MSR Opportunity Master Fund Trust,                      
Series 2021-4, Class A3, 3.00%, 10/25/2051(d)(i)     197,842     169,981
Series 2021-4, Class A4, 2.50%, 10/25/2051(d)(i)     197,842     158,067
Series 2021-4, Class A8, 2.50%, 10/25/2051(d)(i)     189,123     163,969
Series 2021-5, Class A1, 3.00%, 11/25/2051(d)(i)     209,628     173,901
Series 2021-5, Class A2, 2.50%, 11/25/2051(d)(i)     255,789     204,364
Bear Stearns Adjustable Rate Mortgage Trust,                      
Series 2005-9, Class A1, 0.76% (1 yr. U.S. Treasury Yield Curve Rate + 2.30%), 10/25/2035(g)     103,321      99,509
Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036(g)      30,739      29,891
Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.68%, 01/15/2051(k)   1,760,475      35,782
BRAVO Residential Funding Trust, Series 2021-NQM2, Class A1, 0.97%, 03/25/2060(d)(i)      59,832      56,837
BX Commercial Mortgage Trust,                      
Series 2021-ACNT, Class A, 3.67% (1 mo. USD LIBOR + 0.85%), 11/15/2038(d)(g)     110,000     105,780
Series 2021-VOLT, Class A, 3.52% (1 mo. USD LIBOR + 0.70%), 09/15/2036(d)(g)     210,000     200,818
Series 2021-VOLT, Class B, 3.77% (1 mo. USD LIBOR + 0.95%), 09/15/2036(d)(g)     190,000     178,524
Series 2021-XL2, Class B, 3.82% (1 mo. USD LIBOR + 1.00%), 10/15/2038(d)(g)      98,014      92,818
BX Trust,                      
Series 2022-LBA6, Class A, 3.85% (1.00% + SOFR Term Rate), 01/15/2039(d)(g)     185,000     178,261
Series 2022-LBA6, Class B, 4.15% (1.30% + SOFR Term Rate), 01/15/2039(d)(g)     110,000     105,112
Series 2022-LBA6, Class C, 4.45% (1.60% + SOFR Term Rate), 01/15/2039(d)(g)     100,000      95,610
CCG Receivables Trust,                      
Series 2019-2, Class B, 2.55%, 03/15/2027(d)     105,000     103,641
Series 2019-2, Class C, 2.89%, 03/15/2027(d)     100,000      98,583
CD Mortgage Trust, Series 2017-CD6, Class XA, IO, 1.02%, 11/13/2050(k)     763,130      22,409
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
  Principal
Amount 		Value
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 3.69% (3 mo. USD LIBOR + 0.98%), 04/20/2031(d)(g)     $250,000     $244,292
Chase Home Lending Mortgage Trust, Series 2019-ATR1, Class A15, 4.00%, 04/25/2049(d)(i)       4,414       4,193
Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3, 3.03%, 01/25/2036(i)      42,488      38,165
Citigroup Commercial Mortgage Trust,                      
Series 2013-GC17, Class XA, IO, 1.14%, 11/10/2046(k)     378,596       2,738
Series 2014-GC21, Class AA, 3.48%, 05/10/2047      31,173      30,749
Series 2017-C4, Class XA, IO, 1.22%, 10/12/2050(k)   2,133,949      74,010
Citigroup Mortgage Loan Trust, Inc.,                      
Series 2006-AR1, Class 1A1, 3.15% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035(g)      82,367      80,966
Series 2021-INV3, Class A3, 2.50%, 05/25/2051(d)(i)     199,791     159,625
CNH Equipment Trust, Series 2019-A, Class A4, 3.22%, 01/15/2026     120,000     119,845
COLT Mortgage Loan Trust,                      
Series 2020-2, Class A1, 1.85%, 03/25/2065(d)(i)      11,553      11,339
Series 2021-5, Class A1, 1.73%, 11/26/2066(d)(i)     103,318      87,887
Series 2022-1, Class A1, 2.28%, 12/27/2066(d)(i)     141,941     124,210
Series 2022-2, Class A1, 2.99%, 02/25/2067(d)(j)     147,531     131,179
Series 2022-3, Class A1, 3.90%, 02/25/2067(d)(i)     245,378     224,792
COMM Mortgage Trust,                      
Series 2012-CR5, Class XA, IO, 1.50%, 12/10/2045(k)     124,891           4
Series 2013-CR6, Class AM, 3.15%, 03/10/2046(d)     255,000     253,305
Series 2014-CR20, Class ASB, 3.31%, 11/10/2047      29,130      28,625
Series 2014-CR21, Class AM, 3.99%, 12/10/2047     865,000     826,180
Series 2014-LC15, Class AM, 4.20%, 04/10/2047     140,000     136,243
Series 2014-UBS6, Class AM, 4.05%, 12/10/2047     495,000     473,507
Countrywide Home Loans Mortgage Pass-Through Trust,                      
Series 2005-26, Class 1A8, 5.50%, 11/25/2035      25,765      16,251
Series 2006-6, Class A3, 6.00%, 04/25/2036      18,137      10,396
Credit Suisse Mortgage Capital Trust,                      
Series 2021-NQM1, Class A1, 0.81%, 05/25/2065(d)(i)      40,956      38,183
Series 2021-NQM2, Class A1, 1.18%, 02/25/2066(d)(i)      51,475      44,884
Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067(d)(i)     178,467     166,060
Series 2022-ATH1, Class A1B, 3.35%, 01/25/2067(d)(i)     100,000      85,495
Series 2022-ATH2, Class A1, 4.55%, 05/25/2067(d)(i)     252,513     242,505
  Principal
Amount 		Value
CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053     $571,000     $472,736
CSMC Mortgage-Backed Trust, Series 2006-6, Class 1A4, 6.00%, 07/25/2036      84,842      47,104
Drive Auto Receivables Trust, Series 2018-3, Class D, 4.30%, 09/16/2024      13,219      13,237
Dryden 93 CLO Ltd., Series 2021-93A, Class A1A, 3.59% (3 mo. USD LIBOR + 1.08%), 01/15/2034(d)(g)     100,056      96,248
Ellington Financial Mortgage Trust,                      
Series 2020-1, Class A1, 2.01%, 05/25/2065(d)(i)      16,606      16,054
Series 2021-1, Class A1, 0.80%, 02/25/2066(d)(i)      39,218      33,213
Series 2022-1, Class A1, 2.21%, 01/25/2067(d)(i)     127,780     108,199
Series 2022-3, Class A1, 5.00%, 08/25/2067(d)(j)     242,379     233,533
Exeter Automobile Receivables Trust, Series 2019-4A, Class D, 2.58%, 09/15/2025(d)     226,642     223,665
Extended Stay America Trust, Series 2021-ESH, Class B, 4.20% (1 mo. USD LIBOR + 1.38%), 07/15/2038(d)(g)     104,358     100,643
First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Class 1A6, 3.73% (1 mo. USD LIBOR + 0.65%), 11/25/2035(g)      37,251      17,444
Flagstar Mortgage Trust,                      
Series 2021-11IN, Class A6, 3.70%, 11/25/2051(d)(i)     320,337     276,905
Series 2021-8INV, Class A6, 2.50%, 09/25/2051(d)(i)      85,394      73,726
FREMF Mortgage Trust,                      
Series 2013-K25, Class C, 3.75%, 11/25/2045(d)(i)      60,000      59,780
Series 2013-K26, Class C, 3.69%, 12/25/2045(d)(i)      40,000      39,841
Series 2013-K27, Class C, 3.61%, 01/25/2046(d)(i)     110,000     109,260
Series 2013-K28, Class C, 3.60%, 06/25/2046(d)(i)     450,000     440,818
Golub Capital Partners CLO 40(A) Ltd., Series 2019-40A, Class AR, 3.87% (3 mo. USD LIBOR + 1.09%), 01/25/2032(d)(g)     275,000     265,387
GS Mortgage Securities Corp. Trust, Series 2022-SHIP, Class A, 3.58% (1 mo. Term SOFR + 0.73%), 08/15/2036(d)(g)     100,000      98,400
GS Mortgage Securities Trust,                      
Series 2013-GC16, Class AS, 4.65%, 11/10/2046      65,000      64,086
Series 2013-GCJ12, Class AAB, 2.68%, 06/10/2046         752         752
Series 2014-GC18, Class AAB, 3.65%, 01/10/2047      23,993      23,776
Series 2020-GC47, Class A5, 2.38%, 05/12/2053     225,000     184,438
GS Mortgage-Backed Securities Trust, Series 2021-INV1, Class A6, 2.50%, 12/25/2051(d)(i)     171,222     148,692
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
  Principal
Amount 		Value
GSR Mortgage Loan Trust, Series 2005-AR, Class 6A1, 3.65%, 07/25/2035(i)       $3,874       $3,704
Hertz Vehicle Financing III L.P., Series 2021-2A, Class A, 1.68%, 12/27/2027(d)     113,000      96,847
Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 1.21%, 12/26/2025(d)     104,000      95,284
JP Morgan Chase Commercial Mortgage Securities Trust,                      
Series 2013-C10, Class AS, 3.37%, 12/15/2047     325,000     322,099
Series 2013-C16, Class AS, 4.52%, 12/15/2046     330,000     324,944
Series 2013-LC11, Class AS, 3.22%, 04/15/2046      78,000      76,695
Series 2014-C20, Class AS, 4.04%, 07/15/2047     245,000     236,919
Series 2016-JP3, Class A2, 2.43%, 08/15/2049      26,399      26,357
JP Morgan Mortgage Trust,                      
Series 2007-A1, Class 5A1, 2.61%, 07/25/2035(i)      21,694      21,230
Series 2021-LTV2, Class A1, 2.52%, 05/25/2052(d)(i)     231,723     188,560
JPMBB Commercial Mortgage Securities Trust,                      
Series 2014-C24, Class B, 4.12%, 11/15/2047(i)     270,000     251,747
Series 2014-C25, Class AS, 4.07%, 11/15/2047     105,000     100,372
Series 2015-C27, Class XA, IO, 1.29%, 02/15/2048(k)   1,972,369      41,716
KKR CLO 30 Ltd., Series 30A, Class A1R, 3.76% (3 mo. USD LIBOR + 1.02%), 10/17/2031(d)(g)     268,000     260,562
Life Mortgage Trust,                      
Series 2021-BMR, Class A, 3.52% (1 mo. USD LIBOR + 0.70%), 03/15/2038(d)(g)     127,786     123,008
Series 2021-BMR, Class B, 3.70% (1 mo. USD LIBOR + 0.88%), 03/15/2038(d)(g)     211,339     202,165
Series 2021-BMR, Class C, 3.92% (1 mo. USD LIBOR + 1.10%), 03/15/2038(d)(g)     103,212      98,494
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class A, 3.89% (3 mo. USD LIBOR + 1.15%), 04/19/2033(d)(g)     618,000     602,355
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A2, 3.21%, 04/21/2034(i)       9,751       9,494
Med Trust,                      
Series 2021-MDLN, Class A, 3.77% (1 mo. USD LIBOR + 0.95%), 11/15/2038(d)(g)     140,000     134,639
Series 2021-MDLN, Class B, 4.27% (1 mo. USD LIBOR + 1.45%), 11/15/2038(d)(g)     222,000     212,496
Mello Mortgage Capital Acceptance Trust,                      
Series 2021-INV2, Class A4, 2.50%, 08/25/2051(d)(i)     130,950     113,196
Series 2021-INV3, Class A4, 2.50%, 10/25/2051(d)(i)     129,906     112,293
  Principal
Amount 		Value
MFA Trust,                      
Series 2021-AEI1, Class A3, 2.50%, 08/25/2051(d)(i)     $140,002     $111,856
Series 2021-AEI1, Class A4, 2.50%, 08/25/2051(d)(i)     174,198     151,147
Series 2021-INV2, Class A1, 1.91%, 11/25/2056(d)(i)     169,633     146,751
MHP Commercial Mortgage Trust,                      
Series 2021-STOR, Class A, 3.52% (1 mo. USD LIBOR + 0.70%), 07/15/2038(d)(g)     105,000     100,598
Series 2021-STOR, Class B, 3.72% (1 mo. USD LIBOR + 0.90%), 07/15/2038(d)(g)     105,000      99,679
Morgan Stanley Bank of America Merrill Lynch Trust,                      
Series 2013-C9, Class AS, 3.46%, 05/15/2046     240,000     236,038
Series 2014-C19, Class AS, 3.83%, 12/15/2047     720,000     686,397
Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 1.01%, 12/15/2050(k)     631,963      22,334
Morgan Stanley Re-REMIC Trust, Series 2012-R3, Class 1B, 6.00%, 11/26/2036(d)(i)     125,514     115,071
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class AR, 3.76% (3 mo. USD LIBOR + 1.02%), 04/19/2030(d)(g)     276,000     270,875
Neuberger Berman Loan Advisers CLO 40 Ltd., Series 2021-40A, Class A, 3.80% (3 mo. USD LIBOR + 1.06%), 04/16/2033(d)(g)     250,000     243,191
New Residential Mortgage Loan Trust, Series 2022-NQM2, Class A1, 3.08%, 03/27/2062(d)(i)     156,452     138,181
OBX Trust,                      
Series 2022-NQM1, Class A1, 2.31%, 11/25/2061(d)(i)     169,323     146,207
Series 2022-NQM2, Class A1, 2.94%, 01/25/2062(d)(i)     203,105     180,067
Series 2022-NQM2, Class A1A, 2.78%, 01/25/2062(d)(j)     126,894     114,850
Series 2022-NQM2, Class A1B, 3.38%, 01/25/2062(d)(j)     110,000      90,613
Series 2022-NQM8, Class A1, 6.10%, 09/25/2062(d)(j)     357,000     356,139
Oceanview Mortgage Trust, Series 2021-3, Class A5, 2.50%, 07/25/2051(d)(i)     149,849     130,113
OCP CLO Ltd. (Cayman Islands),                      
Series 2017-13A, Class A1AR, 3.47% (3 mo. USD LIBOR + 0.96%), 07/15/2030(d)(g)     250,000     243,788
Series 2020-8RA, Class A1, 3.96% (3 mo. USD LIBOR + 1.22%), 01/17/2032(d)(g)     366,000     356,995
Octagon Investment Partners 31 LLC, Series 2017-1A, Class AR, 3.76% (3 mo. USD LIBOR + 1.05%), 07/20/2030(d)(g)     250,000     245,068
Octagon Investment Partners 49 Ltd., Series 2020-5A, Class A1, 3.73% (3 mo. USD LIBOR + 1.22%), 01/15/2033(d)(g)     339,000     331,110
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
  Principal
Amount 		Value
OHA Loan Funding Ltd., Series 2016-1A, Class AR, 3.97% (3 mo. USD LIBOR + 1.26%), 01/20/2033(d)(g)     $272,907     $264,684
Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.96%, 10/25/2061(d)(i)     202,418     166,960
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70%, 10/15/2024(d)      65,561      65,400
Progress Residential Trust,                      
Series 2020-SFR1, Class A, 1.73%, 04/17/2037(d)     359,651     333,219
Series 2021-SFR10, Class A, 2.39%, 12/17/2040(d)     115,000      96,767
Series 2022-SFR5, Class A, 4.45%, 06/17/2039(d)     209,444     199,946
Race Point VIII CLO Ltd., Series 2013-8A, Class AR2, 4.02% (3 mo. USD LIBOR + 1.04%), 02/20/2030(d)(g)     237,352     233,711
Residential Accredit Loans, Inc. Trust, Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036       3,551       2,774
Residential Mortgage Loan Trust, Series 2020-1, Class A1, 2.38%, 01/26/2060(d)(i)      32,602      30,831
RUN Trust, Series 2022-NQM1, Class A1, 4.00%, 03/25/2067(d)     138,276     128,378
Santander Drive Auto Receivables Trust,                      
Series 2019-2, Class D, 3.22%, 07/15/2025     138,016     137,272
Series 2019-3, Class D, 2.68%, 10/15/2025     120,642     119,986
SG Residential Mortgage Trust,                      
Series 2022-1, Class A1, 3.17%, 03/27/2062(d)(i)     283,234     255,478
Series 2022-1, Class A2, 3.58%, 03/27/2062(d)(i)     124,815     111,830
Sonic Capital LLC,                      
Series 2021-1A, Class A2I, 2.19%, 08/20/2051(d)      99,000      79,175
Series 2021-1A, Class A2II, 2.64%, 08/20/2051(d)      99,000      71,241
STAR Trust,                      
Series 2021-1, Class A1, 1.22%, 05/25/2065(d)(i)     117,201     109,375
Series 2021-SFR1, Class A, 3.59% (1 mo. USD LIBOR + 0.60%), 04/17/2038(d)(g)     652,884     636,197
Starwood Mortgage Residential Trust,                      
Series 2020-1, Class A1, 2.28%, 02/25/2050(d)(i)       7,516       7,479
Series 2021-6, Class A1, 1.92%, 11/25/2066(d)(i)     246,075     202,872
Series 2022-1, Class A1, 2.45%, 12/25/2066(d)(i)     178,767     157,415
Symphony CLO XXII Ltd., Series 2020-22A, Class A1A, 4.03% (3 mo. USD LIBOR + 1.29%), 04/18/2033(d)(g)     250,000     242,957
Synchrony Card Funding LLC, Series 2022-A2, Class A, 3.86%, 07/15/2028     354,000     344,920
Textainer Marine Containers VII Ltd., Series 2021-2A, Class A, 2.23%, 04/20/2046(d)     257,133     221,193
  Principal
Amount 		Value
TICP CLO XV Ltd., Series 2020-15A, Class A, 3.99% (3 mo. USD LIBOR + 1.28%), 04/20/2033(d)(g)     $256,000     $248,647
Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039(d)     268,484     221,806
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.19%, 11/15/2050(k)   1,191,019      41,180
Verus Securitization Trust,                      
Series 2020-1, Class A1, 2.42%, 01/25/2060(d)(j)      48,622      47,087
Series 2020-1, Class A2, 2.64%, 01/25/2060(d)(j)      64,940      62,901
Series 2020-INV1, Class A1, 0.33%, 03/25/2060(d)(i)      19,334      18,938
Series 2021-1, Class A1B, 1.32%, 01/25/2066(d)(i)      53,448      46,370
Series 2021-7, Class A1, 1.83%, 10/25/2066(d)(i)     198,822     169,205
Series 2021-R1, Class A1, 0.82%, 10/25/2063(d)(i)      82,028      75,225
Series 2022-1, Class A1, 2.72%, 01/25/2067(d)(j)     133,770     118,444
Series 2022-3, Class A1, 4.13%, 02/25/2067(d)(j)     185,376     170,708
Series 2022-7, Class A1, 5.15%, 07/25/2067(d)(j)      97,517      94,966
Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055(d)      58,157      54,949
WaMu Mortgage Pass-Through Ctfs. Trust,                      
Series 2003-AR10, Class A7, 3.02%, 10/25/2033(i)      25,464      24,312
Series 2005-AR14, Class 1A4, 2.99%, 12/25/2035(i)      29,817      28,546
Series 2005-AR16, Class 1A1, 2.76%, 12/25/2035(i)      29,317      27,378
Wells Fargo Commercial Mortgage Trust,                      
Series 2015-NXS1, Class ASB, 2.93%, 05/15/2048     133,648     131,513
Series 2017-C42, Class XA, IO, 1.01%, 12/15/2050(k)   1,042,136      37,236
Westlake Automobile Receivables Trust, Series 2019-3A, Class C, 2.49%, 10/15/2024(d)         459         459
WFRBS Commercial Mortgage Trust,                      
Series 2013-C14, Class AS, 3.49%, 06/15/2046     155,000     152,338
Series 2014-C20, Class AS, 4.18%, 05/15/2047     150,000     145,152
Series 2014-LC14, Class AS, 4.35%, 03/15/2047(i)     165,000     161,214
Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051(d)     346,500     284,643
Total Asset-Backed Securities (Cost $28,495,190) 26,126,202
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
  Principal
Amount 		Value
U.S. Government Sponsored Agency Mortgage-Backed Securities–8.65%
Collateralized Mortgage Obligations–0.51%
Fannie Mae Interest STRIPS,                      
IO,
7.00%, 06/25/2023 to 04/25/2032(l) 		      $7,969         $756
7.50%, 08/25/2023 to 11/25/2023(l)       5,422         120
6.50%, 02/25/2032 to 02/25/2033(k)(l)      97,326      16,430
6.00%, 06/25/2033 to 09/25/2035(k)(l)      80,559      13,658
5.50%, 09/25/2033 to 06/25/2035(l)     159,814      27,371
Fannie Mae REMICs,                      
IO,
5.50%, 06/25/2023 to 07/25/2046(l) 		    212,916     157,060
3.62% (6.70% - (1.00 x 1 mo. USD LIBOR)), 02/25/2024 to 05/25/2035(g)(l)      69,892       5,452
3.00%, 11/25/2027(l)      63,597       3,085
4.02% (7.10% - (1.00 x 1 mo. USD LIBOR)), 11/25/2030(g)(l)      23,324       1,655
4.82% (7.90% - (1.00 x 1 mo. USD LIBOR)), 11/25/2031(g)(l)      34,700       3,536
4.87% (7.95% - (1.00 x 1 mo. USD LIBOR)), 01/25/2032(g)(l)       7,691         786
5.02% (8.10% - (1.00 x 1 mo. USD LIBOR)), 03/25/2032(g)(l)       9,115       1,054
4.92% (8.00% - (1.00 x 1 mo. USD LIBOR)), 04/25/2032 to 12/25/2032(g)(l)     110,438      13,041
5.11% (8.10% - (1.00 x 1 mo. USD LIBOR)), 12/18/2032(g)(l)      10,217         674
5.17% (8.25% - (1.00 x 1 mo. USD LIBOR)), 02/25/2033 to 05/25/2033(g)(l)      52,028       7,320
4.47% (7.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2033(g)(l)       6,765         775
2.97% (6.05% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035 to 07/25/2038(g)(l)      22,718       1,114
3.67% (6.75% - (1.00 x 1 mo. USD LIBOR)), 03/25/2035(g)(l)       3,554         257
3.52% (6.60% - (1.00 x 1 mo. USD LIBOR)), 05/25/2035(g)(l)     180,960      11,587
3.50%, 08/25/2035(l)     220,915      28,123
3.02% (6.10% - (1.00 x 1 mo. USD LIBOR)), 10/25/2035(g)(l)      18,263       1,507
3.46% (6.54% - (1.00 x 1 mo. USD LIBOR)), 06/25/2037(g)(l)      32,296       2,583
3.47% (6.55% - (1.00 x 1 mo. USD LIBOR)), 10/25/2041(g)(l)      43,150       3,097
3.07% (6.15% - (1.00 x 1 mo. USD LIBOR)), 12/25/2042(g)(l)     134,471      13,745
2.82% (5.90% - (1.00 x 1 mo. USD LIBOR)), 09/25/2047(g)(l)     350,229      25,202
PO,
0.00%, 09/25/2023(m) 		      2,040       2,002
4.00%, 08/25/2026 to 08/25/2047(l)     113,618      19,896
6.00%, 11/25/2028      13,406      13,709
  Principal
Amount 		Value
Collateralized Mortgage Obligations–(continued)
3.33% (1 mo. USD LIBOR + 0.25%), 08/25/2035(g)      $13,926      $13,812
13.26% (24.57% - (3.67 x 1 mo. USD LIBOR)), 03/25/2036(g)      23,069      27,342
12.89% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036(g)       2,395       2,925
12.89% (24.20% - (3.67 x 1 mo. USD LIBOR)), 06/25/2036(g)      12,905      14,466
4.02% (1 mo. USD LIBOR + 0.94%), 06/25/2037(g)      11,217      11,241
5.00%, 04/25/2040      16,694      16,656
Freddie Mac Multifamily Structured Pass-Through Ctfs.,                      
Series KC02, Class X1, IO,
1.91%, 03/25/2024(k) 		  4,164,900      20,972
Series KC03, Class X1, IO,
0.63%, 11/25/2024(k) 		  2,585,698      28,209
Series K734, Class X1, IO,
0.79%, 02/25/2026(k) 		  2,040,104      35,397
Series K735, Class X1, IO,
1.10%, 05/25/2026(k) 		  2,010,793      56,343
Series K093, Class X1, IO,
1.09%, 05/25/2029(k) 		  1,643,285      81,434
Freddie Mac REMICs,                      
IO,
4.83% (7.65% - (1.00 x 1 mo. USD LIBOR)), 07/15/2026 to 03/15/2029(g)(l) 		     30,544       1,130
3.00%, 06/15/2027 to 05/15/2040(l)     210,251      10,958
2.50%, 05/15/2028(l)      42,838       1,971
3.88% (6.70% - (1.00 x 1 mo. USD LIBOR)), 01/15/2035(g)(l)     141,496       7,837
3.93% (6.75% - (1.00 x 1 mo. USD LIBOR)), 02/15/2035(g)(l)       7,659         449
3.90% (6.72% - (1.00 x 1 mo. USD LIBOR)), 05/15/2035(g)(l)      56,281       3,436
4.18% (7.00% - (1.00 x 1 mo. USD LIBOR)), 12/15/2037(g)(l)       8,533         891
3.18% (6.00% - (1.00 x 1 mo. USD LIBOR)), 04/15/2038(g)(l)       4,662         387
3.25% (6.07% - (1.00 x 1 mo. USD LIBOR)), 05/15/2038(g)(l)      29,643       2,295
3.43% (6.25% - (1.00 x 1 mo. USD LIBOR)), 12/15/2039(g)(l)      14,777       1,028
3.28% (6.10% - (1.00 x 1 mo. USD LIBOR)), 01/15/2044(g)(l)      52,557       5,495
4.00%, 03/15/2045(l)      26,679       2,282
6.50%, 03/15/2032 to 06/15/2032      41,464      43,325
3.50%, 05/15/2032      10,632      10,203
14.42% (24.75% - (3.67 x 1 mo. USD LIBOR)), 08/15/2035(g)       4,788       5,723
3.22% (1 mo. USD LIBOR + 0.40%), 09/15/2035(g)      25,335      25,031
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
  Principal
Amount 		Value
Collateralized Mortgage Obligations–(continued)
Freddie Mac STRIPS,                      
IO,
7.00%, 04/01/2027(l) 		     $16,020       $1,581
3.00%, 12/15/2027(l)      80,154       4,483
3.27%, 12/15/2027(k)      20,198         981
6.50%, 02/01/2028(l)       3,814         421
6.00%, 12/15/2032(l)      14,671       1,946
PO,
0.00%, 06/01/2026(m) 		      3,718       3,468
      819,713
Federal Home Loan Mortgage Corp. (FHLMC)–0.07%
9.00%, 01/01/2025 to 05/01/2025         196         200
6.50%, 07/01/2028 to 04/01/2034       7,600       7,849
7.00%, 10/01/2031 to 10/01/2037      22,869      23,825
5.00%, 12/01/2034         447         437
5.50%, 09/01/2039      75,077      77,391
      109,702
Federal National Mortgage Association (FNMA)–0.38%
7.50%, 01/01/2033      18,586      19,539
6.00%, 03/01/2037      44,771      47,088
4.00%, 05/01/2052     580,711     542,006
      608,633
Government National Mortgage Association (GNMA)–2.44%
7.50%, 01/15/2023 to 06/15/2024       1,570       1,572
8.00%, 04/15/2023         226         226
IO,
4.56% (7.50% - (1.00 x 1 mo. USD LIBOR)), 02/16/2032(g)(l) 		      9,834           4
3.61% (6.55% - (1.00 x 1 mo. USD LIBOR)), 04/16/2037(g)(l)     123,960       9,600
3.71% (6.65% - (1.00 x 1 mo. USD LIBOR)), 04/16/2041(g)(l)      58,076       3,723
4.50%, 09/16/2047(l)     149,504      25,552
3.26% (6.20% - (1.00 x 1 mo. USD LIBOR)), 10/16/2047(g)(l)     124,578      11,280
TBA,
2.50%, 10/01/2052(n) 		  4,465,000   3,838,069
      3,890,026
Uniform Mortgage-Backed Securities–5.25%
TBA,
2.00%, 10/01/2052(n) 		  7,935,458   6,427,101
4.00%, 10/01/2052(n)   1,039,000     964,363
4.50%, 10/01/2052(n)   1,039,000     990,053
      8,381,517
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $15,065,439) 13,809,591
U.S. Treasury Securities–4.62%
U.S. Treasury Bonds–1.65%
3.38%, 08/15/2042   1,689,200   1,530,574
2.88%, 05/15/2052   1,310,600   1,099,470
      2,630,044
  Principal
Amount 		Value
U.S. Treasury Notes–2.97%
3.25%, 08/31/2024   $1,184,400   $1,163,118
3.13%, 08/31/2027     224,200     215,092
3.13%, 08/31/2029   1,738,300   1,650,163
2.75%, 08/15/2032   1,873,900   1,713,740
      4,742,113
Total U.S. Treasury Securities (Cost $7,814,858) 7,372,157
Agency Credit Risk Transfer Notes–0.52%
Fannie Mae Connecticut Avenue Securities,                      
Series 2014-C04, Class 2M2, 8.08% (1 mo. USD LIBOR + 5.00%), 11/25/2024(g)      21,227      21,363
Series 2016-C02, Class 1M2, 9.08% (1 mo. USD LIBOR + 6.00%), 09/25/2028(g)      69,747      72,258
Series 2022-R03, Class 1M1, 4.38% (30 Day Average SOFR + 2.10%), 03/25/2042(d)(g)     264,682     261,696
Series 2022-R04, Class 1M1, 4.28% (30 Day Average SOFR + 2.00%), 03/25/2042(d)(g)     144,947     143,345
Freddie Mac,                      
Series 2014-DN3, Class M3, STACR®, 7.08% (1 mo. USD LIBOR + 4.00%), 08/25/2024(g)      35,175      35,502
Series 2022-DNA3, Class M1A, STACR®, 4.28% (30 Day Average SOFR + 2.00%), 04/25/2042(d)(g)     194,842     192,995
Series 2022-DNA6, Class M1, STACR®, 4.44% (30 Day Average SOFR + 2.15%), 09/25/2042(d)(g)     100,000      99,445
Total Agency Credit Risk Transfer Notes (Cost $838,659) 826,604
  Shares  
Preferred Stocks–0.38%
Asset Management & Custody Banks–0.02%
Bank of New York Mellon Corp. (The), 4.70%, Series G, Pfd.(e)    35,000      33,600
Diversified Banks–0.32%
Citigroup, Inc., 5.00%, Series U, Pfd.(e)   240,000     214,170
JPMorgan Chase & Co., 6.28% (3 mo. USD LIBOR + 3.47%), Series I, Pfd.(b)(g)   303,000     302,998
      517,168
Investment Banking & Brokerage–0.04%
Charles Schwab Corp. (The), 4.00%, Series H, Pfd.(e)    75,000      55,188
Total Preferred Stocks (Cost $652,705) 605,956
  Principal
Amount 		 
Municipal Obligations–0.30%
California (State of) Health Facilities Financing Authority (Social Bonds),                      
Series 2022, RB, 4.19%, 06/01/2037     $100,000      87,388
Series 2022, RB, 4.35%, 06/01/2041      75,000      66,533
California State University,                      
Series 2021 B, Ref. RB, 2.72%, 11/01/2052      90,000      57,018
Series 2021 B, Ref. RB, 2.94%, 11/01/2052     140,000      92,906
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced Fund
  Principal
Amount 		Value
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB, 3.03%, 08/15/2041     $265,000     $181,449
Total Municipal Obligations (Cost $670,000) 485,294
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.08% (Cost $158,671,022)     156,531,089
  Shares  
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–4.41%
Invesco Private Government Fund, 3.01%(o)(p)(q) 1,973,086   1,973,086
  Shares Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 3.11%(o)(p)(q) 5,074,599   $5,074,599
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $7,047,890) 7,047,685
TOTAL INVESTMENTS IN SECURITIES–102.49% (Cost $165,718,912) 163,578,774
OTHER ASSETS LESS LIABILITIES—(2.49)% (3,977,210)
NET ASSETS–100.00% $159,601,564
Investment Abbreviations:
ADR – American Depositary Receipt
Ctfs. – Certificates
IO – Interest Only
LIBOR – London Interbank Offered Rate
Pfd. – Preferred
PO – Principal Only
RB – Revenue Bonds
Ref. – Refunding
REIT – Real Estate Investment Trust
REMICs – Real Estate Mortgage Investment Conduits
SOFR – Secured Overnight Financing Rate
STACR® – Structured Agency Credit Risk
STRIPS – Separately Traded Registered Interest and Principal Security
TBA – To Be Announced
USD – U.S. Dollar
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Conservative Balanced 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 September 30, 2022.
(c) Non-income producing security.
(d) 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, 2022 was $32,167,902, which represented 20.16% of the Fund’s Net Assets.
(e) Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(f) Perpetual bond with no specified maturity date.
(g) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on September 30, 2022.
(h) Security valued using significant unobservable inputs (Level 3). See Note 1.
(i) Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on September 30, 2022.
(j) Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.
(k) Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on September 30, 2022.
(l) Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.
(m) Zero coupon bond issued at a discount.
(n) Security purchased on a forward commitment basis. This security is subject to dollar roll transactions.
(o) 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 Purchased with Cash Collateral from Securities on Loan:              
Invesco Private Government Fund $307,302 $22,830,160 $(21,164,376) $- $- $1,973,086 $9,766*
Invesco Private Prime Fund 717,037 36,293,449 (31,935,437) (161) (289) 5,074,599 23,943*
Total $1,024,339 $59,123,609 $(53,099,813) $(161) $(289) $7,047,685 $33,709
    
* 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.
    
(p) The rate shown is the 7-day SEC standardized yield as of September 30, 2022.
(q) 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 Futures Contracts(a)
Long Futures Contracts Number of
Contracts 		Expiration
Month 		Notional
Value 		Value Unrealized
Appreciation
(Depreciation)
Interest Rate Risk
U.S. Treasury 2 Year Notes 12 December-2022 $2,464,688 $(40,071) $(40,071)
U.S. Treasury 5 Year Notes 52 December-2022 5,590,406 (146,344) (146,344)
U.S. Treasury 10 Year Notes 71 December-2022 7,956,438 (344,578) (344,578)
U.S. Treasury Long Bonds 19 December-2022 2,401,719 (182,875) (182,875)
U.S. Treasury Ultra Bonds 2 December-2022 274,000 (21,750) (21,750)
Subtotal—Long Futures Contracts (735,618) (735,618)
Short Futures Contracts          
Interest Rate Risk
U.S. Treasury 10 Year Ultra Notes 20 December-2022 (2,369,688) 137,188 137,188
Total Futures Contracts $(598,430) $(598,430)
    
(a) Futures contracts collateralized by $938,362 cash held with Merrill Lynch International, the futures commission merchant.
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. Conservative Balanced 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        
Common Stocks & Other Equity Interests $60,296,548 $474,631 $— $60,771,179
U.S. Dollar Denominated Bonds & Notes — 46,096,931 437,175 46,534,106
Asset-Backed Securities — 26,126,202 — 26,126,202
U.S. Government Sponsored Agency Mortgage-Backed Securities — 13,809,591 — 13,809,591
U.S. Treasury Securities — 7,372,157 — 7,372,157
Agency Credit Risk Transfer Notes — 826,604 — 826,604
Preferred Stocks — 605,956 — 605,956
Municipal Obligations — 485,294 — 485,294
Money Market Funds — 7,047,685 — 7,047,685
Total Investments in Securities 60,296,548 102,845,051 437,175 163,578,774
Other Investments - Assets*        
Futures Contracts 137,188 — — 137,188
Other Investments - Liabilities*        
Futures Contracts (735,618) — — (735,618)
Total Other Investments (598,430) — — (598,430)
Total Investments $59,698,118 $102,845,051 $437,175 $162,980,344
    
* Unrealized appreciation (depreciation).
Invesco V.I. Conservative Balanced Fund