Schedule of Investments
March 31, 2024
(Unaudited)
Shares | Value | ||
Common Stocks & Other Equity Interests–97.86% | |||
Australia–3.28% | |||
CSL Ltd. | 26,388 | $4,951,112 | |
James Hardie Industries PLC, CDI(a) | 163,571 | 6,574,475 | |
11,525,587 | |||
Canada–4.91% | |||
Alimentation Couche-Tard, Inc. | 136,204 | 7,773,749 | |
Dollarama, Inc. | 124,397 | 9,476,598 | |
17,250,347 | |||
Denmark–5.50% | |||
Novo Nordisk A/S, Class B | 150,593 | 19,317,070 | |
France–16.15% | |||
Airbus SE | 28,800 | 5,305,789 | |
Capgemini SE | 17,273 | 3,974,701 | |
Dassault Systemes SE | 61,582 | 2,726,059 | |
Edenred SE | 86,734 | 4,631,136 | |
EssilorLuxottica S.A. | 18,884 | 4,271,778 | |
Hermes International S.C.A. | 3,751 | 9,586,732 | |
L’Oreal S.A. | 12,296 | 5,823,037 | |
LVMH Moet Hennessy Louis Vuitton SE | 13,670 | 12,300,212 | |
Sartorius Stedim Biotech | 15,484 | 4,416,446 | |
Schneider Electric SE | 16,132 | 3,647,064 | |
56,682,954 | |||
Germany–5.28% | |||
AIXTRON SE | 134,241 | 3,544,374 | |
CTS Eventim AG & Co. KGaA | 55,137 | 4,902,387 | |
HelloFresh SE(a) | 67,627 | 482,371 | |
SAP SE | 12,816 | 2,495,517 | |
Siemens AG | 37,133 | 7,090,133 | |
18,514,782 | |||
India–5.75% | |||
Dr Lal PathLabs Ltd.(b) | 149,423 | 4,062,603 | |
ICICI Bank Ltd. | 299,508 | 3,948,612 | |
Reliance Industries Ltd. | 339,873 | 12,153,237 | |
20,164,452 | |||
Ireland–2.58% | |||
Flutter Entertainment PLC(a) | 45,435 | 9,056,718 | |
Italy–0.85% | |||
Davide Campari-Milano N.V. | 295,246 | 2,967,212 | |
Japan–6.59% | |||
Daikin Industries Ltd. | 34,400 | 4,696,998 | |
Hitachi Ltd. | 58,000 | 5,300,065 | |
Hoya Corp. | 30,393 | 3,801,278 | |
Keyence Corp. | 13,624 | 6,325,090 | |
Kobe Bussan Co. Ltd. | 123,300 | 3,021,250 | |
23,144,681 | |||
Netherlands–7.22% | |||
Aalberts N.V. | 63,993 | 3,076,739 | |
ASM International N.V. | 7,581 | 4,642,621 |
Shares | Value | ||
Netherlands–(continued) | |||
ASML Holding N.V. | 13,249 | $12,844,389 | |
Universal Music Group N.V. | 158,561 | 4,764,811 | |
25,328,560 | |||
New Zealand–0.68% | |||
Xero Ltd.(a) | 27,367 | 2,376,261 | |
Spain–1.93% | |||
Amadeus IT Group S.A. | 105,538 | 6,775,188 | |
Sweden–5.55% | |||
Atlas Copco AB, Class A | 470,110 | 7,939,477 | |
Beijer Ref AB | 173,148 | 2,570,885 | |
Epiroc AB, Class A | 477,369 | 8,961,431 | |
19,471,793 | |||
Switzerland–2.97% | |||
Barry Callebaut AG | 798 | 1,159,175 | |
Lonza Group AG | 3,341 | 1,996,576 | |
Sika AG | 9,947 | 2,959,731 | |
VAT Group AG(b) | 8,369 | 4,323,374 | |
10,438,856 | |||
Taiwan–1.33% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 195,000 | 4,671,459 | |
United Kingdom–20.01% | |||
Ashtead Group PLC | 77,547 | 5,523,608 | |
Auto Trader Group PLC(b) | 534,741 | 4,722,249 | |
Compass Group PLC | 331,878 | 9,734,858 | |
ConvaTec Group PLC(b) | 936,036 | 3,381,478 | |
JD Sports Fashion PLC | 3,736,729 | 6,348,155 | |
Legal & General Group PLC | 975,168 | 3,132,898 | |
London Stock Exchange Group PLC | 85,400 | 10,218,455 | |
Next PLC | 78,855 | 9,191,688 | |
Rentokil Initial PLC | 968,068 | 5,755,658 | |
Rightmove PLC | 559,979 | 3,881,360 | |
RS Group PLC | 336,955 | 3,089,569 | |
Trainline PLC(a)(b) | 1,121,159 | 5,238,836 | |
70,218,812 | |||
United States–7.28% | |||
EPAM Systems, Inc.(a) | 22,162 | 6,120,258 | |
Experian PLC | 73,629 | 3,208,232 | |
Ferguson PLC | 40,360 | 8,830,546 | |
ResMed, Inc.(c) | 37,415 | 7,409,292 | |
25,568,328 | |||
Total Common Stocks & Other Equity Interests (Cost $179,218,630) | 343,473,060 | ||
Money Market Funds–1.53% | |||
Invesco Government & Agency Portfolio, Institutional Class, 5.24%(d)(e) | 1,882,733 | 1,882,733 | |
Invesco Liquid Assets Portfolio, Institutional Class, 5.35%(d)(e) | 1,344,193 | 1,344,730 |
See accompanying notes which are an integral part of this schedule.
Invesco Oppenheimer V.I. International Growth Fund
Shares | Value | ||
Money Market Funds–(continued) | |||
Invesco Treasury Portfolio, Institutional Class, 5.21%(d)(e) | 2,151,695 | $2,151,695 | |
Total Money Market Funds (Cost $5,379,220) | 5,379,158 | ||
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.39% (Cost $184,597,850) | 348,852,218 | ||
Investments Purchased with Cash Collateral from Securities on Loan | |||
Money Market Funds–0.42% | |||
Invesco Private Government Fund, 7.57%(d)(e)(f) | 409,305 | 409,305 |
Shares | Value | ||
Money Market Funds–(continued) | |||
Invesco Private Prime Fund, 5.49%(d)(e)(f) | 1,051,975 | $1,052,501 | |
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,461,883) | 1,461,806 | ||
TOTAL INVESTMENTS IN SECURITIES—99.81% (Cost $186,059,733) | 350,314,024 | ||
OTHER ASSETS LESS LIABILITIES–0.19% | 676,701 | ||
NET ASSETS–100.00% | $350,990,725 |
Investment Abbreviations:
CDI | – CREST Depository Interest |
Notes to Schedule of Investments:
(a) | Non-income producing security. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at March 31, 2024 was $21,728,540, which represented 6.19% of the Fund’s Net Assets. |
(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 | $6 | $3,698,474 | $(1,815,747) | $- | $- | $1,882,733 | $7,183 |
Invesco Liquid Assets Portfolio, Institutional Class | - | 2,641,768 | (1,296,947) | (62) | (29) | 1,344,730 | 5,268 |
Invesco Treasury Portfolio, Institutional Class | 7 | 4,226,827 | (2,075,139) | - | - | 2,151,695 | 8,185 |
Investments Purchased with Cash Collateral from Securities on Loan: | |||||||
Invesco Private Government Fund | - | 4,300,341 | (3,891,036) | - | - | 409,305 | 15,052* |
Invesco Private Prime Fund | - | 10,936,832 | (9,883,430) | (77) | (824) | 1,052,501 | 40,296* |
Total | $13 | $25,804,242 | $(18,962,299) | $(139) | $(853) | $6,840,964 | $75,984 |
* | Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any. |
(e) | The rate shown is the 7-day SEC standardized yield as of 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 Oppenheimer V.I. International Growth 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 | ||||
Australia | $— | $11,525,587 | $— | $11,525,587 |
Canada | 17,250,347 | — | — | 17,250,347 |
Denmark | — | 19,317,070 | — | 19,317,070 |
France | — | 56,682,954 | — | 56,682,954 |
Germany | — | 18,514,782 | — | 18,514,782 |
India | — | 20,164,452 | — | 20,164,452 |
Ireland | — | 9,056,718 | — | 9,056,718 |
Italy | — | 2,967,212 | — | 2,967,212 |
Japan | — | 23,144,681 | — | 23,144,681 |
Netherlands | — | 25,328,560 | — | 25,328,560 |
New Zealand | — | 2,376,261 | — | 2,376,261 |
Spain | — | 6,775,188 | — | 6,775,188 |
Sweden | — | 19,471,793 | — | 19,471,793 |
Switzerland | — | 10,438,856 | — | 10,438,856 |
Taiwan | — | 4,671,459 | — | 4,671,459 |
United Kingdom | — | 70,218,812 | — | 70,218,812 |
United States | 13,529,550 | 12,038,778 | — | 25,568,328 |
Money Market Funds | 5,379,158 | 1,461,806 | — | 6,840,964 |
Total Investments | $36,159,055 | $314,154,969 | $— | $350,314,024 |
Invesco Oppenheimer V.I. International Growth Fund