NPORT-EX 2 edgar.htm
Schedule of Investments(a)
September 30, 2022
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–61.76%
Aerospace & Defense–2.35%
General Dynamics Corp.      9,189     $1,949,630
Raytheon Technologies Corp.    136,434    11,168,487
Textron, Inc.    188,334    10,972,339
      24,090,456
Apparel Retail–1.19%
TJX Cos., Inc. (The)    197,289    12,255,593
Application Software–0.43%
Splunk, Inc.(b)     59,278     4,457,706
Automobile Manufacturers–1.68%
General Motors Co.    538,045    17,265,864
Building Products–1.09%
Johnson Controls International PLC    228,351    11,239,436
Cable & Satellite–1.25%
Charter Communications, Inc., Class A(b)     18,097     5,489,725
Comcast Corp., Class A(c)    251,013     7,362,211
      12,851,936
Casinos & Gaming–0.68%
Las Vegas Sands Corp.(b)    185,040     6,942,701
Communications Equipment–1.03%
Cisco Systems, Inc.    264,141    10,565,640
Construction & Engineering–0.33%
Quanta Services, Inc.(c)     26,781     3,411,632
Consumer Finance–0.79%
American Express Co.     60,450     8,155,309
Data Processing & Outsourced Services–1.56%
Fiserv, Inc.(b)     77,620     7,262,904
PayPal Holdings, Inc.(b)    101,917     8,771,996
      16,034,900
Distillers & Vintners–0.97%
Diageo PLC (United Kingdom)    236,648     9,919,278
Diversified Banks–4.18%
Bank of America Corp.    573,393    17,316,469
Wells Fargo & Co.    635,469    25,558,563
      42,875,032
Electric Utilities–1.18%
American Electric Power Co., Inc.     65,674     5,677,517
Exelon Corp.     97,473     3,651,339
FirstEnergy Corp.     75,355     2,788,135
      12,116,991
Electrical Components & Equipment–0.55%
Emerson Electric Co.     76,470     5,599,133
  Shares Value
Electronic Manufacturing Services–0.53%
TE Connectivity Ltd. (Switzerland)     49,027     $5,410,620
Fertilizers & Agricultural Chemicals–1.22%
Corteva, Inc.    218,430    12,483,274
Food Distributors–1.12%
Sysco Corp.     93,447     6,607,637
US Foods Holding Corp.(b)    183,427     4,849,810
      11,457,447
Gold–0.43%
Barrick Gold Corp. (Canada)    287,395     4,454,622
Health Care Distributors–0.84%
McKesson Corp.     25,491     8,663,626
Health Care Equipment–1.64%
Medtronic PLC    134,375    10,850,781
Zimmer Biomet Holdings, Inc.(c)     57,386     5,999,707
      16,850,488
Health Care Facilities–0.48%
Universal Health Services, Inc., Class B     56,469     4,979,436
Health Care Services–2.04%
Cigna Corp.     46,570    12,921,778
CVS Health Corp.     84,537     8,062,294
      20,984,072
Hotels, Resorts & Cruise Lines–0.64%
Booking Holdings, Inc.(b)      4,024     6,612,277
Industrial Machinery–1.16%
Parker-Hannifin Corp.     48,986    11,869,798
Insurance Brokers–0.82%
Willis Towers Watson PLC     42,081     8,455,756
Integrated Oil & Gas–2.58%
Chevron Corp.     81,935    11,771,602
Exxon Mobil Corp.    168,368    14,700,210
      26,471,812
Interactive Media & Services–0.57%
Meta Platforms, Inc., Class A(b)     43,018     5,836,682
Internet & Direct Marketing Retail–0.94%
Amazon.com, Inc.(b)     85,070     9,612,910
Investment Banking & Brokerage–3.21%
Charles Schwab Corp. (The)    145,690    10,470,740
Goldman Sachs Group, Inc. (The)     41,735    12,230,442
Morgan Stanley    130,223    10,288,919
      32,990,101
IT Consulting & Other Services–1.52%
Cognizant Technology Solutions Corp., Class A    271,593    15,600,302
 
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Equity and Income Fund
  Shares Value
Managed Health Care–1.42%
Centene Corp.(b)    115,285     $8,970,326
Elevance Health, Inc.     12,283     5,579,430
      14,549,756
Movies & Entertainment–0.92%
Walt Disney Co. (The)(b)    100,141     9,446,301
Multi-line Insurance–1.54%
American International Group, Inc.    333,549    15,836,906
Oil & Gas Exploration & Production–3.99%
ConocoPhillips    209,147    21,404,104
Devon Energy Corp.(c)    171,380    10,305,080
Pioneer Natural Resources Co.(c)     42,663     9,237,819
      40,947,003
Other Diversified Financial Services–0.54%
Voya Financial, Inc.(c)     91,471     5,533,995
Pharmaceuticals–5.14%
Bristol-Myers Squibb Co.    179,361    12,750,773
GSK PLC    300,436     4,382,156
Johnson & Johnson     83,263    13,601,844
Merck & Co., Inc.    167,386    14,415,282
Sanofi (France)     99,552     7,597,837
      52,747,892
Railroads–0.95%
CSX Corp.    367,265     9,783,940
Real Estate Services–1.35%
CBRE Group, Inc., Class A(b)    204,737    13,821,795
Regional Banks–1.61%
Citizens Financial Group, Inc.    329,438    11,319,490
PNC Financial Services Group, Inc. (The)     34,657     5,178,449
      16,497,939
Semiconductor Equipment–0.49%
Lam Research Corp.     13,846     5,067,636
Semiconductors–1.89%
Intel Corp.    186,794     4,813,681
Micron Technology, Inc.     35,457     1,776,396
NXP Semiconductors N.V. (China)     41,321     6,095,261
QUALCOMM, Inc.     59,970     6,775,410
      19,460,748
Tobacco–0.83%
Philip Morris International, Inc. (Switzerland)    103,091     8,557,584
Trading Companies & Distributors–0.77%
Ferguson PLC     76,597     7,884,129
Wireless Telecommunication Services–1.32%
T-Mobile US, Inc.(b)    100,897    13,537,350
Total Common Stocks & Other Equity Interests (Cost $511,261,146) 634,187,804
  Principal
Amount 		Value
U.S. Dollar Denominated Bonds & Notes–21.91%
Advertising–0.05%
Omnicom Group, Inc./Omnicom Capital, Inc., 3.60%, 04/15/2026      $550,000       $521,601
Aerospace & Defense–0.25%
Boeing Co. (The), 5.81%, 05/01/2050    1,625,000     1,415,749
Lockheed Martin Corp., 4.15%, 06/15/2053      643,000       539,747
Precision Castparts Corp., 2.50%, 01/15/2023      333,000       331,449
Raytheon Technologies Corp., 4.45%, 11/16/2038      308,000       268,811
      2,555,756
Agricultural Products–0.02%
Ingredion, Inc., 6.63%, 04/15/2037      232,000       236,005
Air Freight & Logistics–0.05%
FedEx Corp., 4.90%, 01/15/2034      402,000       369,369
United Parcel Service, Inc., 3.40%, 11/15/2046      240,000       179,836
      549,205
Airlines–0.33%
American Airlines Pass-Through Trust, Series 2014-1, Class A, 3.70%, 04/01/2028      261,127       222,816
JetBlue Airways Corp., Conv., 0.50%, 04/01/2026    1,732,000     1,238,380
Spirit Airlines, Inc., Conv., 1.00%, 05/15/2026    1,157,000       990,971
United Airlines Pass-Through Trust,                         
Series 2012-1, Class A, 4.15%, 04/11/2024      259,020       245,338
Series 2014-2, Class A, 3.75%, 09/03/2026      320,381       291,055
Series 2018-1, Class AA, 3.50%, 03/01/2030      414,266       364,368
      3,352,928
Alternative Carriers–0.24%
Liberty Latin America Ltd. (Chile), Conv., 2.00%, 07/15/2024    2,743,000     2,412,232
Application Software–1.21%
Dropbox, Inc., Conv., 0.00%, 03/01/2026(d)    5,339,000     4,668,955
salesforce.com, inc., 2.70%, 07/15/2041    1,413,000       976,330
Splunk, Inc., Conv., 1.13%, 06/15/2027    7,967,000     6,308,083
Workday, Inc., 3.50%, 04/01/2027(c)      528,000       489,167
      12,442,535
Asset Management & Custody Banks–0.46%
Apollo Management Holdings L.P., 4.00%, 05/30/2024(e)    2,755,000     2,679,939
Brookfield Asset Management, Inc. (Canada), 4.00%, 01/15/2025      445,000       434,280
KKR Group Finance Co. III LLC, 5.13%, 06/01/2044(e)      372,000       322,698
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Equity and Income Fund
  Principal
Amount 		Value
Asset Management & Custody Banks–(continued)
KKR Group Finance Co. XII LLC, 4.85%, 05/17/2032(e)    $1,364,000     $1,257,247
      4,694,164
Automobile Manufacturers–0.32%
American Honda Finance Corp., 2.05%, 01/10/2023    1,540,000     1,530,656
General Motors Co., 6.60%, 04/01/2036      377,000       353,310
General Motors Financial Co., Inc., 5.25%, 03/01/2026      480,000       467,663
Honda Motor Co. Ltd. (Japan), 2.97%, 03/10/2032(c)    1,138,000       956,200
      3,307,829
Biotechnology–1.21%
AbbVie, Inc.,                         
4.50%, 05/14/2035      694,000       618,897
4.05%, 11/21/2039    1,322,000     1,067,177
4.85%, 06/15/2044      264,000       229,969
Alnylam Pharmaceuticals, Inc., Conv., 1.00%, 09/15/2027(e)    1,694,000     1,653,344
Halozyme Therapeutics, Inc.,                         
Conv.,
0.25%, 03/01/2027 		   4,655,000     3,962,569
1.00%, 08/15/2028(e)      559,000       524,761
Jazz Investments I Ltd., Conv., 2.00%, 06/15/2026    1,556,000     1,672,700
Neurocrine Biosciences, Inc., Conv., 2.25%, 05/15/2024    1,875,000     2,649,375
      12,378,792
Brewers–0.24%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),                         
4.70%, 02/01/2036      959,000       865,376
4.90%, 02/01/2046      538,000       468,831
Heineken N.V. (Netherlands), 3.50%, 01/29/2028(c)(e)      945,000       874,978
Molson Coors Beverage Co., 4.20%, 07/15/2046      377,000       280,493
      2,489,678
Broadcasting–0.03%
Paramount Global, 4.00%, 01/15/2026      367,000       346,960
Cable & Satellite–1.71%
Cable One, Inc.,                         
Conv.,
0.00%, 03/15/2026(d) 		   5,466,000     4,178,757
1.13%, 03/15/2028    2,850,000     2,066,250
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 4.91%, 07/23/2025      550,000       536,821
Comcast Corp.,                         
3.15%, 03/01/2026    1,101,000     1,038,084
4.15%, 10/15/2028      935,000       883,730
3.90%, 03/01/2038      756,000       618,130
2.89%, 11/01/2051      352,000       221,018
2.94%, 11/01/2056      265,000       158,637
  Principal
Amount 		Value
Cable & Satellite–(continued)
Cox Communications, Inc., 2.95%, 10/01/2050(e)      $202,000       $120,591
DISH Network Corp., Conv., 3.38%, 08/15/2026    7,604,000     5,250,562
Liberty Broadband Corp., Conv., 1.25%, 10/05/2023(e)(f)    2,645,000     2,512,750
      17,585,330
Commodity Chemicals–0.04%
LYB Finance Co. B.V. (Netherlands), 8.10%, 03/15/2027(e)      339,000       368,273
Computer & Electronics Retail–0.22%
Dell International LLC/EMC Corp.,                         
5.45%, 06/15/2023      163,000       163,459
6.02%, 06/15/2026    2,125,000     2,135,706
8.35%, 07/15/2046        4,000         4,326
      2,303,491
Consumer Finance–0.41%
American Express Co.,                         
3.38%, 05/03/2024    2,490,000     2,429,375
3.63%, 12/05/2024      324,000       315,254
Capital One Financial Corp., 3.20%, 01/30/2023      958,000       954,475
Synchrony Financial, 3.95%, 12/01/2027(c)      556,000       483,140
      4,182,244
Data Processing & Outsourced Services–0.51%
Block, Inc., Conv., 0.13%, 03/01/2025    4,256,000     3,878,280
Fiserv, Inc., 3.80%, 10/01/2023(c)    1,412,000     1,399,421
      5,277,701
Diversified Banks–1.40%
Bank of America Corp.,                         
3.25%, 10/21/2027      525,000       471,173
2.57%, 10/20/2032(g)      874,000       669,414
BBVA Bancomer S.A. (Mexico), 4.38%, 04/10/2024(e)      700,000       686,980
Citigroup, Inc.,                         
4.00%, 08/05/2024       60,000        58,729
3.67%, 07/24/2028(g)      511,000       460,679
6.68%, 09/13/2043      741,000       757,148
5.30%, 05/06/2044      228,000       199,391
4.75%, 05/18/2046      356,000       284,783
Discover Bank, 3.35%, 02/06/2023    1,500,000     1,493,865
HSBC Holdings PLC (United Kingdom), 2.63%, 11/07/2025(g)    1,775,000     1,649,056
JPMorgan Chase & Co.,                         
3.20%, 06/15/2026      394,000       366,174
3.51%, 01/23/2029(g)    1,058,000       937,304
4.26%, 02/22/2048(g)      489,000       386,905
3.90%, 01/23/2049(g)    1,058,000       786,480
Series V, 7.06% (3 mo. USD LIBOR + 3.32%)(h)(i)      732,000       732,000
Mizuho Financial Group Cayman 3 Ltd. (Japan), 4.60%, 03/27/2024(e)      200,000       196,923
Societe Generale S.A. (France), 5.00%, 01/17/2024(e)      735,000       725,656
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Equity and Income Fund
  Principal
Amount 		Value
Diversified Banks–(continued)
U.S. Bancorp, Series W, 3.10%, 04/27/2026(c)    $2,097,000     $1,961,839
Wells Fargo & Co.,                         
3.55%, 09/29/2025      626,000       595,849
4.10%, 06/03/2026      505,000       481,005
4.65%, 11/04/2044      647,000       515,886
      14,417,239
Diversified Capital Markets–0.07%
Credit Suisse AG (Switzerland), 6.50%, 08/08/2023(e)      686,000       678,996
Diversified Metals & Mining–0.02%
Rio Tinto Finance (USA) Ltd. (Australia), 7.13%, 07/15/2028      182,000       197,953
Diversified REITs–0.08%
CubeSmart L.P., 2.50%, 02/15/2032    1,063,000       796,996
Diversified Support Services–0.24%
Siemens Financieringsmaatschappij N.V. (Germany), 0.40%, 03/11/2023(e)    2,490,000     2,449,430
Drug Retail–0.08%
CVS Pass-Through Trust, 6.04%, 12/10/2028      469,648       466,549
Walgreens Boots Alliance, Inc., 4.50%, 11/18/2034      428,000       368,821
      835,370
Electric Utilities–0.59%
Electricite de France S.A. (France), 4.88%, 01/22/2044(e)      846,000       656,854
Georgia Power Co., Series B, 3.70%, 01/30/2050      350,000       254,602
National Rural Utilities Cooperative Finance Corp., 2.75%, 04/15/2032(c)    1,227,000       998,494
NextEra Energy Capital Holdings, Inc.,                         
0.65%, 03/01/2023    2,415,000     2,378,531
3.55%, 05/01/2027      530,000       491,023
PPL Electric Utilities Corp., 6.25%, 05/15/2039       46,000        48,253
Xcel Energy, Inc.,                         
0.50%, 10/15/2023      566,000       539,564
3.50%, 12/01/2049      964,000       692,708
      6,060,029
Electrical Components & Equipment–0.02%
Rockwell Automation, Inc., 1.75%, 08/15/2031      307,000       236,123
General Merchandise Stores–0.03%
Dollar General Corp., 3.25%, 04/15/2023      353,000       352,653
Health Care Equipment–0.52%
Becton, Dickinson and Co., 4.88%, 05/15/2044      428,000       359,805
Integra LifeSciences Holdings Corp., Conv., 0.50%, 08/15/2025    4,244,000     3,722,741
Medtronic, Inc., 4.38%, 03/15/2035      249,000       227,548
  Principal
Amount 		Value
Health Care Equipment–(continued)
Tandem Diabetes Care, Inc., Conv., 1.50%, 05/01/2025(e)    $1,157,000     $1,046,506
      5,356,600
Health Care Services–0.15%
Cigna Corp., 4.80%, 08/15/2038      307,000       272,852
CVS Health Corp., 3.38%, 08/12/2024      361,000       351,701
Laboratory Corp. of America Holdings, 4.70%, 02/01/2045      263,000       218,155
NXP B.V./NXP Funding LLC (China), 5.35%, 03/01/2026      676,000       668,547
      1,511,255
Health Care Technology–0.25%
Teladoc Health, Inc., Conv., 1.25%, 06/01/2027    3,430,000     2,525,509
Home Improvement Retail–0.04%
Lowe’s Cos., Inc., 4.25%, 04/01/2052(c)      497,000       381,163
Hotels, Resorts & Cruise Lines–0.44%
Airbnb, Inc., Conv., 0.00%, 03/15/2026(d)    4,881,000     4,065,873
Booking Holdings, Inc., Conv., 0.75%, 05/01/2025      396,000       477,695
      4,543,568
Industrial Machinery–0.26%
John Bean Technologies Corp., Conv., 0.25%, 05/15/2026    3,157,000     2,626,624
Insurance Brokers–0.02%
Willis North America, Inc., 3.60%, 05/15/2024      233,000       226,392
Integrated Oil & Gas–0.40%
BP Capital Markets America, Inc., 2.94%, 06/04/2051      991,000       631,426
Chevron Corp., 2.95%, 05/16/2026      952,000       896,766
Exxon Mobil Corp.,                         
2.71%, 03/06/2025      549,000       525,077
3.04%, 03/01/2026    1,098,000     1,038,544
Shell International Finance B.V. (Netherlands), 3.25%, 05/11/2025    1,098,000     1,055,806
      4,147,619
Integrated Telecommunication Services–0.35%
AT&T, Inc.,                         
4.30%, 02/15/2030      318,000       290,908
3.50%, 09/15/2053      447,000       298,582
3.55%, 09/15/2055      157,000       103,455
3.80%, 12/01/2057      255,000       172,792
Telefonica Emisiones S.A. (Spain),                         
4.67%, 03/06/2038      750,000       581,164
5.21%, 03/08/2047      700,000       534,313
Verizon Communications, Inc.,                         
3.38%, 02/15/2025    1,284,000     1,244,380
3.40%, 03/22/2041      561,000       410,942
      3,636,536
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Equity and Income Fund
  Principal
Amount 		Value
Interactive Home Entertainment–0.03%
Take-Two Interactive Software, Inc., 3.70%, 04/14/2027      $357,000       $331,949
Interactive Media & Services–0.47%
Snap, Inc., Conv., 0.75%, 08/01/2026    3,098,000     2,674,348
TripAdvisor, Inc., Conv., 0.25%, 04/01/2026      338,000       271,752
Twitter, Inc., Conv., 0.00%, 03/15/2026(d)    2,051,000     1,887,790
      4,833,890
Internet & Direct Marketing Retail–0.22%
Amazon.com, Inc.,                         
4.80%, 12/05/2034        9,000         8,896
2.88%, 05/12/2041    2,996,000     2,196,115
      2,205,011
Internet Services & Infrastructure–0.25%
Shopify, Inc. (Canada), Conv., 0.13%, 11/01/2025    3,174,000     2,610,615
Investment Banking & Brokerage–1.35%
Goldman Sachs Group, Inc. (The),                         
4.25%, 10/21/2025      529,000       511,151
2.91%, 07/21/2042(g)      323,000       208,404
GS Finance Corp.,                         
Series 0003, Conv.,
0.00%, 07/19/2029(d)(e) 		   5,880,000     5,404,308
0.00%, 07/30/2029(d)    5,873,000     5,350,890
Match Group Financeco 2, Inc., Conv., 0.88%, 06/15/2026(e)      928,000       824,992
Match Group Financeco 3, Inc., Conv., 2.00%, 01/15/2030(e)    1,085,000       957,512
Morgan Stanley, 4.00%, 07/23/2025      654,000       633,538
      13,890,795
IT Consulting & Other Services–0.14%
International Business Machines Corp., 2.88%, 11/09/2022    1,421,000     1,419,233
Life & Health Insurance–0.64%
American Equity Investment Life Holding Co., 5.00%, 06/15/2027(c)      853,000       810,596
Athene Global Funding, 2.75%, 06/25/2024(e)      260,000       246,491
Athene Holding Ltd., 3.45%, 05/15/2052    1,465,000       914,062
Brighthouse Financial, Inc., 3.85%, 12/22/2051    1,846,000     1,121,362
Delaware Life Global Funding, Series 21-1, 2.66%, 06/29/2026(e)    2,184,000     1,933,342
Guardian Life Global Funding, 2.90%, 05/06/2024(c)(e)      689,000       668,084
Jackson National Life Global Funding, 3.25%, 01/30/2024(e)      453,000       441,252
Nationwide Financial Services, Inc., 5.30%, 11/18/2044(e)      440,000       373,171
Prudential Financial, Inc., 3.91%, 12/07/2047      141,000       107,579
      6,615,939
  Principal
Amount 		Value
Managed Health Care–0.27%
Humana, Inc., 0.65%, 08/03/2023    $2,355,000     $2,274,848
UnitedHealth Group, Inc., 3.50%, 08/15/2039      559,000       440,615
      2,715,463
Movies & Entertainment–0.62%
Discovery Communications LLC, 4.90%, 03/11/2026      367,000       355,514
Liberty Media Corp.-Liberty Formula One, Conv., 2.25%, 08/15/2027(e)      297,000       276,359
Live Nation Entertainment, Inc., Conv., 2.50%, 03/15/2023    2,015,000     2,391,603
TWDC Enterprises 18 Corp., 3.00%, 02/13/2026      367,000       344,471
Warnermedia Holdings, Inc.,                         
3.79%, 03/15/2025(e)    1,720,000     1,625,559
5.05%, 03/15/2042(e)      835,000       626,246
5.14%, 03/15/2052(e)    1,036,000       754,962
      6,374,714
Multi-line Insurance–0.06%
Liberty Mutual Group, Inc., 3.95%, 05/15/2060(e)      887,000       561,946
Multi-Utilities–0.09%
NiSource, Inc., 4.38%, 05/15/2047(c)      571,000       454,575
Sempra Energy, 3.80%, 02/01/2038      559,000       437,101
      891,676
Oil & Gas Exploration & Production–0.07%
Cameron LNG LLC, 3.70%, 01/15/2039(e)      622,000       479,358
ConocoPhillips Co., 4.15%, 11/15/2034      230,000       197,938
      677,296
Oil & Gas Refining & Marketing–0.04%
Valero Energy Corp., 4.00%, 06/01/2052(c)      531,000       384,510
Oil & Gas Storage & Transportation–0.76%
Energy Transfer L.P.,                         
Series 5Y, 4.20%, 09/15/2023    1,724,000     1,706,348
4.90%, 03/15/2035      344,000       289,692
5.30%, 04/01/2044      587,000       471,520
5.00%, 05/15/2050      724,000       567,509
Enterprise Products Operating LLC,                         
6.45%, 09/01/2040       23,000        23,215
4.25%, 02/15/2048      696,000       538,759
Kinder Morgan, Inc.,                         
4.30%, 06/01/2025      878,000       857,161
5.30%, 12/01/2034      407,000       368,406
MPLX L.P.,                         
4.50%, 07/15/2023    1,721,000     1,713,552
4.50%, 04/15/2038      810,000       653,881
Spectra Energy Partners L.P., 4.50%, 03/15/2045      488,000       389,266
Texas Eastern Transmission L.P., 7.00%, 07/15/2032      169,000       179,427
      7,758,736
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Equity and Income Fund
  Principal
Amount 		Value
Other Diversified Financial Services–0.03%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 3.85%, 10/29/2041      $410,000       $273,067
Packaged Foods & Meats–0.01%
Mead Johnson Nutrition Co. (United Kingdom), 4.13%, 11/15/2025       63,000        61,667
Paper Packaging–0.02%
International Paper Co., 6.00%, 11/15/2041      223,000       213,259
Personal Products–0.02%
GSK Consumer Healthcare Capital U.S. LLC, 4.00%, 03/24/2052(e)      315,000       233,775
Pharmaceuticals–0.59%
Bayer US Finance II LLC (Germany), 4.38%, 12/15/2028(e)      985,000       902,242
Bristol-Myers Squibb Co., 4.13%, 06/15/2039      621,000       544,527
GlaxoSmithKline Capital, Inc. (United Kingdom), 6.38%, 05/15/2038       64,000        69,791
Pacira BioSciences, Inc., Conv., 0.75%, 08/01/2025    3,155,000     3,111,619
Supernus Pharmaceuticals, Inc., Conv., 0.63%, 04/01/2023    1,182,000     1,152,450
Zoetis, Inc., 4.70%, 02/01/2043      333,000       292,490
      6,073,119
Property & Casualty Insurance–0.15%
Allstate Corp. (The), 3.28%, 12/15/2026      302,000       283,881
Markel Corp.,                         
5.00%, 03/30/2043      351,000       298,522
5.00%, 05/20/2049      497,000       430,656
Travelers Cos., Inc. (The), 4.60%, 08/01/2043      605,000       529,031
      1,542,090
Railroads–0.32%
Burlington Northern Santa Fe LLC, 3.85%, 09/01/2023      735,000       729,763
Canadian Pacific Railway Co. (Canada), 3.00%, 12/02/2041      399,000       283,594
CSX Corp., 5.50%, 04/15/2041      346,000       335,540
Norfolk Southern Corp., 3.40%, 11/01/2049      461,000       324,339
Union Pacific Corp.,                         
3.65%, 02/15/2024       92,000        90,706
3.20%, 05/20/2041    1,018,000       761,467
4.15%, 01/15/2045      426,000       339,061
3.84%, 03/20/2060      519,000       387,176
      3,251,646
Real Estate Services–0.22%
Redfin Corp., Conv., 0.00%, 10/15/2025(d)    3,783,000     2,239,158
Regional Banks–0.06%
PNC Financial Services Group, Inc. (The), 3.45%, 04/23/2029      689,000       617,434
  Principal
Amount 		Value
Reinsurance–0.08%
PartnerRe Finance B LLC, 3.70%, 07/02/2029      $500,000       $445,551
Reinsurance Group of America, Inc., 4.70%, 09/15/2023      352,000       350,974
      796,525
Renewable Electricity–0.05%
Oglethorpe Power Corp., 4.55%, 06/01/2044      679,000       535,036
Restaurants–0.06%
Starbucks Corp., 3.55%, 08/15/2029      705,000       641,450
Retail REITs–0.20%
Kimco Realty Corp., 3.20%, 04/01/2032(c)    1,500,000     1,220,831
Regency Centers L.P.,                         
2.95%, 09/15/2029      750,000       622,940
4.65%, 03/15/2049      256,000       205,530
      2,049,301
Semiconductors–1.03%
Broadcom, Inc., 3.47%, 04/15/2034(e)      640,000       481,331
Marvell Technology, Inc., 2.45%, 04/15/2028    1,210,000     1,001,191
Microchip Technology, Inc., Conv., 0.13%, 11/15/2024    5,161,000     5,251,580
Micron Technology, Inc.,                         
4.66%, 02/15/2030      680,000       604,247
3.37%, 11/01/2041      179,000       115,432
Texas Instruments, Inc., 2.63%, 05/15/2024      215,000       209,546
Wolfspeed, Inc., Conv., 0.25%, 02/15/2028(e)    2,778,000     2,919,678
      10,583,005
Specialized REITs–0.35%
American Tower Corp., 1.60%, 04/15/2026      852,000       743,614
Crown Castle, Inc.,                         
2.50%, 07/15/2031    1,413,000     1,090,850
4.75%, 05/15/2047       46,000        37,826
EPR Properties, 4.75%, 12/15/2026    1,556,000     1,383,256
LifeStorage L.P., 3.50%, 07/01/2026      404,000       380,889
      3,636,435
Specialty Chemicals–0.01%
Sherwin-Williams Co. (The), 4.50%, 06/01/2047      159,000       129,376
Systems Software–0.39%
Mandiant, Inc., Series A, Conv., 1.00%, 06/01/2025(f)    1,642,000     1,605,055
Microsoft Corp., 3.50%, 02/12/2035(c)      404,000       363,653
Oracle Corp., 3.60%, 04/01/2040      965,000       656,696
VMware, Inc., 1.00%, 08/15/2024    1,509,000     1,397,767
      4,023,171
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Equity and Income Fund
  Principal
Amount 		Value
Technology Distributors–0.06%
Avnet, Inc., 4.63%, 04/15/2026(c)      $671,000       $646,573
Technology Hardware, Storage & Peripherals–0.28%
Apple, Inc., 3.35%, 02/09/2027      315,000       301,111
Western Digital Corp., Conv., 1.50%, 02/01/2024    2,649,000     2,521,831
      2,822,942
Tobacco–0.21%
Altria Group, Inc., 5.80%, 02/14/2039    1,124,000       984,190
Philip Morris International, Inc.,                         
3.60%, 11/15/2023(c)      369,000       365,070
4.88%, 11/15/2043    1,102,000       844,212
      2,193,472
Trading Companies & Distributors–0.12%
Air Lease Corp.,                         
3.00%, 09/15/2023       63,000        61,481
4.25%, 09/15/2024      427,000       415,746
Aircastle Ltd., 4.40%, 09/25/2023(c)      771,000       757,208
      1,234,435
Trucking–0.06%
Aviation Capital Group LLC, 4.88%, 10/01/2025(e)      709,000       659,345
Wireless Telecommunication Services–0.32%
America Movil S.A.B. de C.V. (Mexico), 4.38%, 07/16/2042      600,000       488,938
Rogers Communications, Inc. (Canada),                         
4.50%, 03/15/2043      533,000       422,912
4.30%, 02/15/2048    1,394,000     1,056,629
T-Mobile USA, Inc.,                         
2.70%, 03/15/2032    1,074,000       839,997
3.40%, 10/15/2052      750,000       496,437
      3,304,913
Total U.S. Dollar Denominated Bonds & Notes (Cost $258,120,935) 225,017,746
U.S. Treasury Securities–10.01%
U.S. Treasury Bills–0.00%
1.48% - 2.13%, 11/17/2022(j)(k)       14,000        13,972
U.S. Treasury Bonds–1.02%
4.50%, 02/15/2036    2,636,800     2,853,564
4.50%, 08/15/2039       36,400        39,121
4.38%, 05/15/2040       72,800        76,663
3.38%, 08/15/2042(c)    6,178,800     5,598,572
2.88%, 05/15/2052    2,217,000     1,859,855
      10,427,775
U.S. Treasury Notes–8.99%
3.25%, 08/31/2024(c)   27,335,300    26,844,119
3.50%, 09/15/2025   27,270,500    26,716,568
3.13%, 08/31/2027(c)   14,317,000    13,735,372
3.13%, 08/31/2029   23,837,100    22,628,484
2.75%, 08/15/2032    2,602,800     2,380,342
      92,304,885
Total U.S. Treasury Securities (Cost $106,475,694) 102,746,632
  Shares Value
Preferred Stocks–0.66%
Asset Management & Custody Banks–0.21%
AMG Capital Trust II, 5.15%, Conv. Pfd.     44,432     $2,173,169
Diversified Banks–0.02%
Wells Fargo & Co., 5.85%, Series Q, Pfd.(g)     10,911       244,952
Oil & Gas Storage & Transportation–0.43%
El Paso Energy Capital Trust I, 4.75%, Conv. Pfd.     95,499     4,380,539
Total Preferred Stocks (Cost $5,960,701) 6,798,660
  Principal
Amount 		 
U.S. Government Sponsored Agency Mortgage-Backed Securities–0.08%
Federal Home Loan Mortgage Corp. (FHLMC)–0.08%
6.75%, 03/15/2031      $682,000       806,612
5.50%, 02/01/2037            3             4
      806,616
Federal National Mortgage Association (FNMA)–0.00%
9.50%, 04/01/2030          260           269
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $842,614) 806,885
  Shares  
Money Market Funds–5.31%
Invesco Government & Agency Portfolio, Institutional Class, 2.88%(l)(m) 19,995,430    19,995,430
Invesco Liquid Assets Portfolio, Institutional Class, 2.90%(l)(m) 11,672,678    11,675,013
Invesco Treasury Portfolio, Institutional Class, 2.87%(l)(m) 22,851,920    22,851,920
Total Money Market Funds (Cost $54,518,839) 54,522,363
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.73% (Cost $937,179,929)     1,024,080,090
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–7.23%
Invesco Private Government Fund, 3.01%(l)(m)(n) 20,692,928    20,692,928
Invesco Private Prime Fund, 3.11%(l)(m)(n) 53,531,354    53,531,354
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $74,226,881) 74,224,282
TOTAL INVESTMENTS IN SECURITIES–106.96% (Cost $1,011,406,810) 1,098,304,372
OTHER ASSETS LESS LIABILITIES—(6.96)% (71,502,702)
NET ASSETS–100.00% $1,026,801,670
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Equity and Income Fund
Investment Abbreviations:
Conv. – Convertible
LIBOR – London Interbank Offered Rate
Pfd. – Preferred
REIT – Real Estate Investment Trust
USD – U.S. Dollar
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at September 30, 2022.
(d) Zero coupon bond issued at a discount.
(e) 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 $37,125,879, which represented 3.62% of the Fund’s Net Assets.
(f) Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(g) Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(h) Perpetual bond with no specified maturity date.
(i) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on September 30, 2022.
(j) All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts.
(k) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(l) 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 $18,629,728 $88,707,999 $(87,342,297) $- $- $19,995,430 $134,375
Invesco Liquid Assets Portfolio, Institutional Class 7,883,240 63,362,857 (59,572,787) (1,663) 3,366 11,675,013 77,354
Invesco Treasury Portfolio, Institutional Class 21,291,118 101,380,570 (99,819,768) - - 22,851,920 145,461
Investments Purchased with Cash Collateral from Securities on Loan:              
Invesco Private Government Fund 22,604,761 453,573,994 (455,485,827) - - 20,692,928 102,222*
Invesco Private Prime Fund 52,744,442 985,830,043 (985,036,065) (2,599) (4,467) 53,531,354 296,300*
Total $123,153,289 $1,692,855,463 $(1,687,256,744) $(4,262) $(1,101) $128,746,645 $755,712
    
* 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.
    
(m) The rate shown is the 7-day SEC standardized yield as of September 30, 2022.
(n) 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
Short Futures Contracts Number of
Contracts 		Expiration
Month 		Notional
Value 		Value Unrealized
Appreciation
Interest Rate Risk
U.S. Treasury 5 Year Notes 9 December-2022 $(967,570) $34,664 $34,664
    
Open Forward Foreign Currency Contracts
Settlement
Date 		Counterparty Contract to Unrealized
Appreciation
(Depreciation)
Deliver Receive
Currency Risk            
10/07/2022 Bank of New York Mellon (The) EUR 6,078,396 USD 6,113,833 $155,487
10/07/2022 Bank of New York Mellon (The) GBP 9,932,588 USD 11,621,922 530,981
10/07/2022 State Street Bank & Trust Co. EUR 365,855 USD 364,880 6,251
10/07/2022 State Street Bank & Trust Co. USD 118,292 EUR 123,195 2,469
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Equity and Income Fund
Open Forward Foreign Currency Contracts—(continued)
Settlement
Date 		Counterparty Contract to Unrealized
Appreciation
(Depreciation)
Deliver Receive
10/07/2022 State Street Bank & Trust Co. USD 157,908 GBP 141,421 $6
Subtotal—Appreciation 695,194
Currency Risk            
10/07/2022 State Street Bank & Trust Co. GBP 194,472 USD 208,657 (8,495)
10/07/2022 State Street Bank & Trust Co. USD 442,343 EUR 444,252 (6,864)
10/07/2022 State Street Bank & Trust Co. USD 354,200 GBP 308,266 (9,984)
Subtotal—Depreciation (25,343)
Total Forward Foreign Currency Contracts $669,851
    
Abbreviations:
EUR – Euro
GBP – British Pound Sterling
USD – U.S. Dollar
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Invesco V.I. Equity and Income 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 $612,288,533 $21,899,271 $— $634,187,804
U.S. Dollar Denominated Bonds & Notes — 225,017,746 — 225,017,746
U.S. Treasury Securities — 102,746,632 — 102,746,632
Preferred Stocks 6,798,660 — — 6,798,660
U.S. Government Sponsored Agency Mortgage-Backed Securities — 806,885 — 806,885
Money Market Funds 54,522,363 74,224,282 — 128,746,645
Total Investments in Securities 673,609,556 424,694,816 — 1,098,304,372
Other Investments - Assets*        
Futures Contracts 34,664 — — 34,664
Forward Foreign Currency Contracts — 695,194 — 695,194
  34,664 695,194 — 729,858
Other Investments - Liabilities*        
Forward Foreign Currency Contracts — (25,343) — (25,343)
Total Other Investments 34,664 669,851 — 704,515
Total Investments $673,644,220 $425,364,667 $— $1,099,008,887
    
* Unrealized appreciation (depreciation).
Invesco V.I. Equity and Income Fund