Schedule of Investments(a)
March 31, 2024
(Unaudited)
| Shares | Value | ||
| Common Stocks & Other Equity Interests–99.26% | |||
| Advertising–1.13% | |||
| Trade Desk, Inc. (The), Class A(b) | 105,867 | $9,254,893 | |
| Aerospace & Defense–1.66% | |||
| Airbus SE (France) | 35,265 | 6,496,828 | |
| TransDigm Group, Inc. | 5,765 | 7,100,174 | |
| 13,597,002 | |||
| Application Software–2.70% | |||
| Cadence Design Systems, Inc.(b) | 37,404 | 11,643,117 | |
| HubSpot, Inc.(b) | 16,605 | 10,404,029 | |
| 22,047,146 | |||
| Asset Management & Custody Banks–3.78% | |||
| Blackstone, Inc., Class A(c) | 78,029 | 10,250,670 | |
| KKR & Co., Inc., Class A | 205,723 | 20,691,619 | |
| 30,942,289 | |||
| Automotive Retail–0.72% | |||
| O’Reilly Automotive, Inc.(b) | 5,201 | 5,871,305 | |
| Biotechnology–0.99% | |||
| Regeneron Pharmaceuticals, Inc.(b)(c) | 8,396 | 8,081,066 | |
| Broadline Retail–8.31% | |||
| Amazon.com, Inc.(b) | 349,244 | 62,996,633 | |
| MercadoLibre, Inc. (Brazil)(b) | 3,293 | 4,978,884 | |
| 67,975,517 | |||
| Communications Equipment–1.04% | |||
| Arista Networks, Inc.(b) | 29,415 | 8,529,762 | |
| Construction Machinery & Heavy Transportation Equipment– 0.53% | |||
| Wabtec Corp. | 29,934 | 4,360,785 | |
| Construction Materials–0.85% | |||
| Martin Marietta Materials, Inc. | 11,301 | 6,938,136 | |
| Consumer Staples Merchandise Retail–0.50% | |||
| Costco Wholesale Corp. | 5,521 | 4,044,850 | |
| Diversified Support Services–0.67% | |||
| Cintas Corp. | 7,925 | 5,444,713 | |
| Electrical Components & Equipment–2.20% | |||
| Eaton Corp. PLC | 26,172 | 8,183,461 | |
| Vertiv Holdings Co., Class A(c) | 119,829 | 9,786,434 | |
| 17,969,895 | |||
| Financial Exchanges & Data–2.16% | |||
| MSCI, Inc. | 5,431 | 3,043,803 | |
| S&P Global, Inc. | 34,294 | 14,590,382 | |
| 17,634,185 | |||
| Food Distributors–0.62% | |||
| US Foods Holding Corp.(b)(c) | 94,576 | 5,104,267 | |
| Health Care Equipment–4.52% | |||
| DexCom, Inc.(b) | 55,401 | 7,684,119 | |
| Shares | Value | ||
| Health Care Equipment–(continued) | |||
| Edwards Lifesciences Corp.(b) | 67,916 | $6,490,053 | |
| IDEXX Laboratories, Inc.(b) | 10,686 | 5,769,692 | |
| Intuitive Surgical, Inc.(b) | 42,562 | 16,986,068 | |
| 36,929,932 | |||
| Health Care Technology–0.47% | |||
| Veeva Systems, Inc., Class A(b)(c) | 16,587 | 3,843,042 | |
| Home Improvement Retail–1.39% | |||
| Lowe’s Cos., Inc. | 44,660 | 11,376,242 | |
| Hotels, Resorts & Cruise Lines–1.09% | |||
| Booking Holdings, Inc. | 2,466 | 8,946,352 | |
| Industrial Machinery & Supplies & Components–0.87% | |||
| Parker-Hannifin Corp. | 12,721 | 7,070,205 | |
| Integrated Oil & Gas–1.15% | |||
| Suncor Energy, Inc. (Canada) | 254,799 | 9,404,631 | |
| Interactive Home Entertainment–1.30% | |||
| Nintendo Co. Ltd. (Japan) | 76,400 | 4,168,737 | |
| Take-Two Interactive Software, Inc.(b)(c) | 43,660 | 6,483,073 | |
| 10,651,810 | |||
| Interactive Media & Services–9.25% | |||
| Alphabet, Inc., Class A(b) | 224,692 | 33,912,764 | |
| Meta Platforms, Inc., Class A | 85,963 | 41,741,913 | |
| 75,654,677 | |||
| Internet Services & Infrastructure–2.46% | |||
| MongoDB, Inc.(b)(c) | 23,734 | 8,511,962 | |
| Shopify, Inc., Class A (Canada)(b) | 72,616 | 5,603,777 | |
| Snowflake, Inc., Class A(b)(c) | 37,270 | 6,022,832 | |
| 20,138,571 | |||
| Life Sciences Tools & Services–1.44% | |||
| Danaher Corp. | 26,878 | 6,711,974 | |
| IQVIA Holdings, Inc.(b) | 19,936 | 5,041,615 | |
| 11,753,589 | |||
| Managed Health Care–0.69% | |||
| UnitedHealth Group, Inc. | 11,383 | 5,631,170 | |
| Movies & Entertainment–1.83% | |||
| Netflix, Inc.(b) | 24,601 | 14,940,925 | |
| Oil & Gas Equipment & Services–0.46% | |||
| Schlumberger N.V. | 68,541 | 3,756,732 | |
| Passenger Ground Transportation–1.47% | |||
| Uber Technologies, Inc.(b) | 155,986 | 12,009,362 | |
| Pharmaceuticals–2.76% | |||
| Eli Lilly and Co. | 29,047 | 22,597,404 | |
| Restaurants–0.53% | |||
| DoorDash, Inc., Class A(b) | 31,338 | 4,315,869 | |
See accompanying notes which are an integral part of this schedule.
Invesco V.I. American Franchise Fund
| Shares | Value | ||
| Semiconductor Materials & Equipment–1.83% | |||
| ASML Holding N.V., New York Shares (Netherlands) | 8,545 | $8,292,666 | |
| Lam Research Corp. | 6,871 | 6,675,658 | |
| 14,968,324 | |||
| Semiconductors–14.80% | |||
| Advanced Micro Devices, Inc.(b) | 95,584 | 17,251,956 | |
| Broadcom, Inc. | 15,438 | 20,461,680 | |
| Monolithic Power Systems, Inc. | 13,921 | 9,430,364 | |
| NVIDIA Corp. | 81,793 | 73,904,883 | |
| 121,048,883 | |||
| Soft Drinks & Non-alcoholic Beverages–1.07% | |||
| Monster Beverage Corp.(b) | 148,141 | 8,781,799 | |
| Systems Software–12.06% | |||
| Microsoft Corp. | 202,660 | 85,263,115 | |
| ServiceNow, Inc.(b) | 17,488 | 13,332,851 | |
| 98,595,966 | |||
| Technology Hardware, Storage & Peripherals–4.31% | |||
| Apple, Inc. | 205,436 | 35,228,165 | |
| Trading Companies & Distributors–1.28% | |||
| Fastenal Co. | 40,885 | 3,153,869 | |
| United Rentals, Inc.(c) | 10,158 | 7,325,035 | |
| 10,478,904 | |||
| Transaction & Payment Processing Services–4.37% | |||
| Fiserv, Inc.(b) | 13,350 | 2,133,597 | |
| Visa, Inc., Class A(c) | 120,336 | 33,583,371 | |
| 35,716,968 | |||
| Total Common Stocks & Other Equity Interests (Cost $390,049,256) | 811,635,333 | ||
| Shares | Value | ||
| Money Market Funds–1.05% | |||
| Invesco Government & Agency Portfolio, Institutional Class, 5.24%(d)(e) | 3,014,558 | $3,014,558 | |
| Invesco Liquid Assets Portfolio, Institutional Class, 5.35%(d)(e) | 2,151,220 | 2,152,081 | |
| Invesco Treasury Portfolio, Institutional Class, 5.21%(d)(e) | 3,445,210 | 3,445,210 | |
| Total Money Market Funds (Cost $8,611,810) | 8,611,849 | ||
| TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.31% (Cost $398,661,066) | 820,247,182 | ||
| Investments Purchased with Cash Collateral from Securities on Loan | |||
| Money Market Funds–6.43% | |||
| Invesco Private Government Fund, 7.57%(d)(e)(f) | 17,931,621 | 17,931,621 | |
| Invesco Private Prime Fund, 5.49%(d)(e)(f) | 34,626,996 | 34,644,310 | |
| Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $52,575,931) | 52,575,931 | ||
| TOTAL INVESTMENTS IN SECURITIES–106.74% (Cost $451,236,997) | 872,823,113 | ||
| OTHER ASSETS LESS LIABILITIES—(6.74)% | (55,094,383) | ||
| NET ASSETS–100.00% | $817,728,730 | ||
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 March 31, 2024. |
| (d) | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended March 31, 2024. |
| Value December 31, 2023 | Purchases at Cost | Proceeds from Sales | Change in Unrealized Appreciation (Depreciation) | Realized Gain (Loss) | Value March 31, 2024 | Dividend Income | |
| Investments in Affiliated Money Market Funds: | |||||||
| Invesco Government & Agency Portfolio, Institutional Class | $1,408,120 | $12,668,734 | $(11,062,296) | $- | $- | $3,014,558 | $25,895 |
| Invesco Liquid Assets Portfolio, Institutional Class | 1,005,025 | 9,049,096 | (7,901,640) | (302) | (98) | 2,152,081 | 19,027 |
| Invesco Treasury Portfolio, Institutional Class | 1,609,279 | 14,478,555 | (12,642,624) | - | - | 3,445,210 | 29,513 |
| Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
| Invesco Private Government Fund | 25,289,337 | 90,525,464 | (97,883,180) | - | - | 17,931,621 | 264,313* |
| Invesco Private Prime Fund | 65,029,725 | 182,560,492 | (212,931,657) | (2,994) | (11,256) | 34,644,310 | 704,274* |
| Total | $94,341,486 | $309,282,341 | $(342,421,397) | $(3,296) | $(11,354) | $61,187,780 | $1,043,022 |
| * | 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. |
See accompanying notes which are an integral part of this schedule.
Invesco V.I. American Franchise Fund
| (e) | The rate shown is the 7-day SEC standardized yield as of March 31, 2024. |
| (f) | The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned. |
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Invesco V.I. American Franchise Fund
Notes to Quarterly Schedule of Portfolio Holdings
March 31, 2024
(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. 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 March 31, 2024. 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 | $800,969,768 | $10,665,565 | $— | $811,635,333 |
| Money Market Funds | 8,611,849 | 52,575,931 | — | 61,187,780 |
| Total Investments | $809,581,617 | $63,241,496 | $— | $872,823,113 |
Invesco V.I. American Franchise Fund