N-Q - AVIF

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number		811-07452

AIM Variable Insurance Funds (Invesco Variable Insurance Funds)
(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000 Houston, Texas 77046
(Address of principal executive offices) (Zip code)

Philip A. Taylor 11 Greenway Plaza, Suite 1000 Houston, Texas 77046
(Name and address of agent for service)


Registrant’s telephone number, including area code: (713) 626-1919

Date of fiscal year end:		12/31

Date of reporting period:		03/31/15

Item 1. Schedule of Investments.

Invesco V.I. American Franchise Fund

Quarterly Schedule of Portfolio Holdings

March 31, 2015

LOGO

invesco.com/us VK-VIAMFR-QTR-1 03/15

Invesco Advisers, Inc.

Schedule of Investments^(a)

March 31, 2015

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–99.66%

Aerospace & Defense–1.97%

Honeywell International Inc.		103,432	$	10,788,992

Raytheon Co.		34,106		3,726,081

				14,515,073


Agricultural Products–0.41%

Archer-Daniels-Midland Co.		63,433		3,006,724


Airlines–0.91%

Southwest Airlines Co.		151,140		6,695,502


Apparel, Accessories & Luxury Goods–1.19%

Michael Kors Holdings Ltd. ^(b)		133,427		8,772,825


Application Software–3.29%

salesforce.com, inc. ^(b)		362,925		24,247,019


Asset Management & Custody Banks–1.64%

Ameriprise Financial, Inc.		92,118		12,052,719


Biotechnology–13.07%

Alkermes PLC ^(b)		262,661		16,014,441

Amgen Inc.		83,591		13,362,022

Biogen Inc. ^(b)		53,393		22,544,660

Celgene Corp. ^(b)		211,454		24,376,417

Gilead Sciences, Inc. ^(b)		167,538		16,440,504

Vertex Pharmaceuticals Inc. ^(b)		30,123		3,553,610

				96,291,654


Cable & Satellite–6.35%

Comcast Corp. -Class A		97,918		5,529,430

DISH Network Corp. -Class A ^(b)		358,558		25,120,573

Time Warner Cable Inc.		107,513		16,114,048

				46,764,051


Communications Equipment–1.63%

Cisco Systems, Inc.		229,033		6,304,134

Palo Alto Networks, Inc. ^(b)		39,155		5,719,762

				12,023,896


Construction & Engineering–0.67%

Quanta Services, Inc. ^(b)		173,133		4,939,484


Construction Materials–0.39%

Martin Marietta Materials, Inc.		20,443		2,857,931


Consumer Electronics–1.49%

Harman International Industries, Inc.		81,987		10,955,923


Data Processing & Outsourced Services–3.83%

MasterCard, Inc. -Class A		326,951		28,245,297


Distillers & Vintners–0.96%

Constellation Brands, Inc. -Class A ^(b)		61,129		7,103,801


	Shares		Value


Diversified Chemicals–0.93%

Dow Chemical Co. (The)		142,878	$	6,855,286


Drug Retail–1.14%

CVS Health Corp.		81,320		8,393,037


Fertilizers & Agricultural Chemicals–1.09%

Monsanto Co.		71,556		8,052,912


General Merchandise Stores–0.92%

Dollar General Corp. ^(b)		89,769		6,766,787


Health Care Distributors–0.90%

McKesson Corp.		29,243		6,614,767


Health Care Equipment–0.65%

Medtronic PLC		61,870		4,825,241


Health Care Facilities–0.44%

HCA Holdings, Inc. ^(b)		42,960		3,231,881


Home Improvement Retail–3.57%

Lowe’s Cos., Inc.		353,653		26,308,247


Hotels, Resorts & Cruise Lines–3.35%

Carnival Corp.		432,379		20,685,011

Royal Caribbean Cruises Ltd.		48,617		3,979,302

				24,664,313


Household Appliances–1.50%

Whirlpool Corp.		54,810		11,074,909


Industrial Conglomerates–1.77%

Danaher Corp.		78,324		6,649,708

Roper Industries, Inc.		37,156		6,390,832

				13,040,540


Insurance Brokers–0.20%

Aon PLC		15,218		1,462,754


Internet Retail–3.11%

Amazon.com, Inc. ^(b)		30,129		11,211,001

Priceline Group Inc. (The) ^(b)		10,033		11,679,917

				22,890,918


Internet Software & Services–10.84%

Alibaba Group Holding Ltd. -ADR (China)^(b)(c)		112,564		9,369,827

Baidu, Inc. -ADR (China)^(b)		17,085		3,560,514

Facebook Inc. -Class A ^(b)		393,439		32,346,588

Google Inc. -Class A ^(b)		43,904		24,353,549

Google Inc. -Class C ^(b)		5,376		2,946,048

LinkedIn Corp. -Class A ^(b)		15,543		3,883,574

Twitter, Inc. ^(b)		67,327		3,371,736

				79,831,836

See accompanying notes which are an integral part of this schedule.

Invesco V.I. American Franchise Fund


	Shares		Value


Investment Banking & Brokerage–1.91%

Charles Schwab Corp. (The)		159,810	$	4,864,616

Morgan Stanley		258,907		9,240,391

				14,105,007


Life Sciences Tools & Services–1.10%

Thermo Fisher Scientific, Inc.		60,184		8,085,119


Movies & Entertainment–1.37%

Twenty-First Century Fox, Inc. -Class A		150,738		5,100,974

Walt Disney Co. (The)		47,958		5,030,315

				10,131,289


Oil & Gas Equipment & Services–0.24%

Baker Hughes Inc.		28,223		1,794,418


Oil & Gas Exploration & Production–2.76%

Anadarko Petroleum Corp.		44,338		3,671,630

Devon Energy Corp.		80,233		4,838,852

Pioneer Natural Resources Co.		38,106		6,230,712

Whiting Petroleum Corp. ^(b)		180,272		5,570,405

				20,311,599


Oil & Gas Storage & Transportation–0.88%

Kinder Morgan Inc.		154,858		6,513,327


Pharmaceuticals–3.77%

Actavis PLC ^(b)		60,007		17,859,283

Bristol-Myers Squibb Co.		153,725		9,915,263

				27,774,546


Railroads–1.17%

Canadian Pacific Railway Ltd. (Canada) 20,637				3,770,380

Union Pacific Corp.		45,005		4,874,492

				8,644,872


Restaurants–0.99%

Starbucks Corp.		76,724		7,265,763


Semiconductor Equipment–1.15%

Applied Materials, Inc.		374,879		8,457,270


Semiconductors–3.20%

Micron Technology, Inc. ^(b)		129,763		3,520,470

NXP Semiconductors N.V. (Netherlands)^(b)		199,752		20,047,111

				23,567,581


Soft Drinks–1.00%

Monster Beverage Corp. ^(b)		53,216		7,364,828


Specialized Finance–0.52%

McGraw Hill Financial, Inc.		37,203		3,846,790


Specialized REIT’s–0.92%

American Tower Corp.		72,100		6,788,215


	Shares		Value


Systems Software–3.01%

Check Point Software Technologies Ltd. (Israel)^(b)		86,594	$	7,098,110

Oracle Corp.		58,064		2,505,462

ServiceNow, Inc. ^(b)		159,226		12,543,824

				22,147,396


Technology Hardware, Storage & Peripherals–5.96%

Apple Inc.		352,894		43,910,600


Tobacco–0.20%

Altria Group, Inc.		29,544		1,477,791


Wireless Telecommunication Services–1.30%

Sprint Corp. ^(b)		2,016,521		9,558,310

Total Common Stocks & Other Equity Interests (Cost $493,091,457)				734,230,048


Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–0.98%

Liquid Assets Portfolio - Institutional Class (Cost $7,239,272)^(d)(e)		7,239,272		7,239,272

TOTAL INVESTMENTS–100.64% (Cost $500,330,729)				741,469,320

OTHER ASSETS LESS LIABILITIES–(0.64)%				(4,744,564)

NET ASSETS–100.00%			$	736,724,756

Investment Abbreviations:

ADR —American Depositary Receipt

REIT —Real Estate Investment Trust

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, 2015.

^(d)	The money market fund and the Fund are affiliated by having the same investment adviser.

^(e)

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. See Note 1D. The following table presents the Fund’s gross and net amount of assets available for offset by the Fund as of March 31, 2015.

Counterparty

Gross

Amount of

Securities

on Loan at

Value

Cash

Collateral

Received for

Securities

Loaned*

Net

Amount

State Street Bank and Trust Co.

$7,027,371

$(7,027,371)

$ --

*Amount does not include excess collateral received.

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, 2015

(Unaudited)

NOTE 1 -- Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities’ (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the Adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities’ prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco V.I. American Franchise Fund

A.	Security Valuations – (continued)

changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. 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.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, is included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan is shown as a footnote on the Statement of Assets and Liabilities, if any.

Invesco V.I. American Franchise Fund

E.	Foreign Currency Translations – (continued)

exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

The Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Fund invests and are shown in the Statement of Operations.

F.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

The Fund may also enter into forward foreign currency contracts for the purchase or sale of a security denominated in a foreign currency in order to “lock in” the U.S. dollar price of that security, or the Fund may also enter into forward foreign currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to daily mark-to-market obligation for forward foreign currency contracts.

A forward foreign currency contract is an obligation between two parties (“Counterparties”) to purchase or sell a specific currency for an agreed-upon price at a future date. The use of forward foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with forward foreign currency contracts include failure of the Counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.

NOTE 2 -- 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 the Fund’s own 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.

As of March 31, 2015, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). 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.

Invesco V.I. American Franchise Fund

NOTE 3 -- Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $122,858,151 and $153,849,899, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	243,634,419
Aggregate unrealized (depreciation) of investment securities		(5,130,831)
Net unrealized appreciation of investment securities	$	238,503,588
Cost of investments for tax purposes is $502,965,732.

Invesco V.I. American Franchise Fund

Invesco V.I. American Value Fund

Quarterly Schedule of Portfolio Holdings

March 31, 2015



invesco.com/us	VK-VIAMVA-QTR-1 03/15	Invesco Advisers, Inc.

Schedule of Investments^(a)

March 31, 2015

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–95.02%

Aerospace & Defense–2.53%

Textron Inc.		247,632	$	10,977,527

Air Freight & Logistics–1.33%

UTi Worldwide, Inc. ^(b)		468,714		5,765,182

Alternative Carriers–2.50%

Level 3 Communications, Inc. ^(b)		201,697		10,859,367

Apparel Retail–1.20%

Ascena Retail Group, Inc. ^(b)		360,667		5,233,278

Apparel, Accessories & Luxury Goods–1.76%

Fossil Group, Inc. ^(b)		92,796		7,651,030

Application Software–5.12%

Cadence Design Systems, Inc. ^(b)		469,742		8,662,042
Citrix Systems, Inc. ^(b)		212,541		13,574,994
				22,237,036

Asset Management & Custody Banks–4.15%

American Capital Ltd. ^(b)		575,371		8,509,737
Northern Trust Corp.		136,713		9,522,061
				18,031,798

Auto Parts & Equipment–5.03%

Dana Holding Corp.		401,209		8,489,582
Johnson Controls, Inc.		264,561		13,344,457
				21,834,039

Automotive Retail–0.10%

Advance Auto Parts, Inc.		2,877		430,658

Building Products–4.99%

Masco Corp.		343,797		9,179,380
Owens Corning Inc.		288,532		12,522,289
				21,701,669

Communications Equipment–2.29%

Ciena Corp. ^(b)		516,126		9,966,393

Construction Materials–0.29%

Eagle Materials Inc.		15,090		1,260,920

Diversified Banks–2.28%

Comerica Inc.		219,955		9,926,569

Diversified Chemicals–1.99%

Eastman Chemical Co.		124,804		8,643,925

Electric Utilities–1.95%

Edison International		135,410		8,459,063

Environmental & Facilities Services–2.00%

Clean Harbors, Inc. ^(b)		152,660		8,668,035


	Shares		Value

Health Care Equipment–0.35%

Becton, Dickinson and Co.		10,691	$	1,535,128

Health Care Facilities–7.97%

Brookdale Senior Living Inc. ^(b)		252,351		9,528,774
HealthSouth Corp.		277,347		12,303,113
Universal Health Services, Inc. -Class B		108,586		12,781,658
				34,613,545

Heavy Electrical Equipment–2.09%

Babcock & Wilcox Co. (The)		283,337		9,092,284

Industrial Machinery–4.58%

Ingersoll-Rand PLC		162,931		11,092,343
Pentair PLC (United Kingdom)		140,189		8,816,486
				19,908,829

Insurance Brokers–4.61%

Arthur J. Gallagher & Co.		130,321		6,092,507
Marsh & McLennan Cos., Inc.		114,144		6,402,337
Willis Group Holdings PLC		156,201		7,525,764
				20,020,608

Investment Banking & Brokerage–2.56%

Stifel Financial Corp. ^(b)		199,679		11,132,104

IT Consulting & Other Services–2.41%

Teradata Corp. ^(b)		237,615		10,488,326

Life Sciences Tools & Services–2.12%

PerkinElmer, Inc.		180,379		9,224,582

Multi-Utilities–0.78%

CenterPoint Energy, Inc.		165,457		3,376,977

Oil & Gas Equipment & Services–3.99%

Amec Foster Wheeler PLC -ADR (United Kingdom)		45,677		610,245
Amec Foster Wheeler PLC (United Kingdom)		580,079		7,778,136
Baker Hughes Inc.		140,863		8,956,069
				17,344,450

Oil & Gas Storage & Transportation–1.89%

Williams Cos., Inc. (The)		162,073		8,199,273

Packaged Foods & Meats–2.60%

ConAgra Foods, Inc.		309,086		11,290,912

Property & Casualty Insurance–3.80%

ACE Ltd.		46,545		5,189,302
FNF Group		307,447		11,301,752
				16,491,054

Publishing–1.56%

Gannett Co., Inc.		183,090		6,788,977

See accompanying notes which are an integral part of this schedule.

Invesco V.I. American Value Fund


	Shares		Value

Real Estate Operating Companies–3.24%

Forest City Enterprises, Inc. -Class A ^(b)		550,767	$	14,055,574

Regional Banks–5.78%

BB&T Corp.		254,208		9,911,570
Wintrust Financial Corp.		195,628		9,327,543
Zions Bancorp.		217,563		5,874,201
				25,113,314

Specialty Chemicals–2.11%

W.R. Grace & Co. ^(b)		92,836		9,178,695

Technology Hardware, Storage & Peripherals–2.49%

Diebold, Inc.		85,445		3,029,880
NetApp, Inc.		219,163		7,771,520
				10,801,400


	Shares		Value

Trucking–0.58%

Swift Transportation Co. ^(b)		96,359	$	2,507,261
Total Common Stocks & Other Equity Interests (Cost $333,238,659)				412,809,782

Money Market Funds–5.13%

Liquid Assets Portfolio –Institutional Class ^(c)		11,148,866		11,148,866
Premier Portfolio –Institutional Class ^(c)		11,148,865		11,148,865
Total Money Market Funds (Cost $22,297,731)				22,297,731
TOTAL INVESTMENTS–100.15% (Cost $355,536,390)				435,107,513
OTHER ASSETS LESS LIABILITIES–(0.15)%				(642,085	)
NET ASSETS–100.00%			$	434,465,428

Investment Abbreviations:


ADR		—American Depositary Receipt

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)	The money market fund and the Fund are affiliated by having the same investment adviser.

See accompanying notes which are an integral part of this schedule.

Invesco V.I. American Value Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of the Fund’s investments.

Invesco V.I. American Value Fund

A.	Security Valuations – (continued)

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

Foreign Currency Translations – Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

E.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

Invesco V.I. American Value Fund

E.	Forward Foreign Currency Contracts – (continued)

upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to daily mark-to-market obligation for forward foreign currency contracts.

NOTE 2 — Additional Valuation Information


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 the Fund’s own 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, 2015. 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
Equity Securities	$	427,329,377	$	7,778,136	$ —	$	435,107,513
Forward Foreign Currency Contracts*				(31,901)	—		(31,901)
Total Investments	$	427,329,377	$	7,746,235	$ —	$	435,075,612

*	Unrealized appreciation (depreciation).

NOTE 3 — Derivative Investments

Open Forward Foreign Currency Contracts

Settlement

Contract to

Notional

Unrealized
Appreciation

Date

Counterparty

Deliver

Receive

Value

(Depreciation)

04/17/15

Bank of New York Mellon (The)

GBP

2,069,858

USD

3,055,286

3,071,028

$ (15,742)

04/17/15

State Street Bank and Trust Co.

GBP

2,071,611

USD

3,057,470

3,073,629

(16,159)

Total Forward Foreign Currency Contracts – Currency Risk

$ (31,901)

Currency Abbreviations:

GBP — British Pound Sterling

USD — U.S. Dollar

Invesco V.I. American Value Fund

NOTE 4 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $27,550,797 and $38,086,598, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	88,584,393
Aggregate unrealized (depreciation) of investment securities		(9,456,703)
Net unrealized appreciation of investment securities	$	79,127,690
Cost of investments for tax purposes is $355,979,823.

Invesco V.I. American Value Fund

Invesco V.I. Balanced Risk Allocation Fund

Quarterly Schedule of Portfolio Holdings

March 31, 2015

LOGO

invesco.com/us VIIBRA-QTR-1 03/15

Invesco Advisers, Inc.

Consolidated Schedule of Investments

March 31, 2015

(Unaudited)


	Interest Rate			Maturity Date		Principal Amount		Value


U.S. Treasury Securities–12.08%

U.S. Treasury Bills–5.68%^(a)

U.S. Treasury Bills ^(b)		0.07	%		06/04/15	$	6,700,000	$	6,699,761

U.S. Treasury Bills ^(b)		0.10	%		06/11/15		21,980,000		21,979,347

U.S. Treasury Bills ^(b)		0.11	%		06/18/15		7,020,000		7,019,847

U.S. Treasury Bills ^(b)		0.08	%		07/09/15		4,000,000		3,999,944

U.S. Treasury Bills ^(b)		0.08	%		07/16/15		6,000,000		5,999,557

U.S. Treasury Bills		0.07	%		07/23/15		5,600,000		5,599,471

U.S. Treasury Bills ^(b)		0.07	%		07/30/15		9,020,000		9,018,946

									60,316,873


U.S. Treasury Notes–6.40%^(c)

U.S. Treasury Notes ^(b)		0.06	%		01/31/16		32,480,000		32,478,960

U.S. Treasury Notes ^(d)		0.08	%		04/30/16		27,725,000		27,728,657

U.S. Treasury Notes		0.09	%		07/31/16		7,750,000		7,750,345

									67,957,962

Total U.S. Treasury Securities (Cost $128,264,981)									128,274,835


				Expiration Date

Commodity-Linked Securities–2.29%

Cargill, Inc., Commodity Linked Notes, one month LIBOR rate minus 0.1% (linked to the Monthly Rebalance Commodity Excess Return Index, multiplied by two) ^(e)					09/17/15		17,100,000		12,836,671

Canadian Imperial Bank of Commerce, Commodity Linked EMTN, U.S. Federal Funds Effective Rate minus 0.04% (linked to the Canadian Imperial Bank of Commerce Custom 2 Agriculture Commodity Index, multiplied by two) ^(e)					09/28/15		10,400,000		7,810,424

RBC Capital Markets, LLC, Commodity Linked Notes, U.S. Federal Funds Effective Rate minus 0.04% (linked to the RBC Enhanced Agricultural Basket 01 Excess Return Index, multiplied by two) ^(e)					08/24/15		5,350,000		3,668,750

Total Commodity-Linked Securities (Cost $32,850,000)									24,315,845


						Shares

Money Market Funds–83.56%

Government & Agency Portfolio—Institutional Class ^(f)							135,851,248		135,851,248

Invesco V.I. Money Market Fund—Series I ^(f)							12,440,310		12,440,310

Liquid Assets Portfolio—Institutional Class ^(f)							181,134,998		181,134,998

Premier Portfolio—Institutional Class ^(f)							150,945,761		150,945,761

STIC (Global Series) PLC – U.S. Dollar Liquidity Portfolio—Institutional Class (Ireland) ^(f)							119,731,986		119,731,986

STIC Prime Portfolio—Institutional Class ^(f)							120,756,665		120,756,665

Treasury Portfolio—Institutional Class ^(f)							166,040,415		166,040,415

Total Money Market Funds (Cost $886,901,383)									886,901,383

TOTAL INVESTMENTS–97.93% (Cost $1,048,016,364)									1,039,492,063

OTHER ASSETS LESS LIABILITIES–2.07%									21,961,466

NET ASSETS–100.00%								$	1,061,453,529

See accompanying notes which are an integral part of this consolidated schedule.

Invesco V.I. Balanced-Risk Allocation Fund


Open Futures Contracts^(g)

Futures Contracts	Type of Contract		Number of Contracts	Expiration Month	Notional Value		Unrealized Appreciation (Depreciation)

Brent Crude	Long		202	May-2015	$	11,132,220	$	(1,338,153)

Gas Oil	Long		117	May-2015		6,130,800		(193,808)

Gasoline Reformulated Blendstock Oxygenate Blending	Long		197	May-2015		14,644,980		206,081

Silver	Long		310	May-2015		25,726,900		286,622

WTI Crude	Long		71	September-2015		3,740,990		(349,533)

Subtotal—Commodity Risk								(1,388,791)

Australia 10 Year Bonds	Long		1,865	June-2015		188,375,159		4,231,997

Canada 10 Year Bonds	Long		1,500	June-2015		169,043,108		451,472

Euro Bonds	Long		531	June-2015		90,641,037		1,129,298

Japan 10 Year Bonds	Long		82	June-2015		100,650,659		116,273

Long Gilt	Long		945	June-2015		169,325,974		3,373,709

U.S. Treasury 20 Year Bonds	Long		639	June-2015		104,716,125		1,364,087

Subtotal—Interest Rate Risk								10,666,836

Dow Jones EURO STOXX 50 Index	Long		2,095	June-2015		81,789,873		848,937

E-Mini S&P 500 Index	Long		590	June-2015		60,793,600		515,107

FTSE 100 Index	Long		830	June-2015		82,852,221		216,592

Hang Seng Index	Long		348	April-2015		55,995,743		916,195

Russell 2000 Index Mini	Long		521	June-2015		65,067,690		1,321,806

Tokyo Stock Price Index	Long		605	June-2015		77,857,054		1,061,529

Subtotal—Market Risk								4,880,166

Total Futures Contracts							$	14,158,211

Open Over-The-Counter Total Return Swap Agreements

Swap Agreements	Type of Contract	Counterparty	Number of Contracts	Termination Date	Notional Value		Unrealized Appreciation (Depreciation)

Receive a return equal to the Barclays Commodity Strategy 1452 Excess Return Index and pay the product of (i) 0.33% of the Notional Amount multiplied by (ii) days in the period divided by 365.	Long	Barclays Bank PLC	44,300	May-2015	$	21,094,610	$	732,558

Receive a return equal to the Single Commodity Gold Excess Return Index and pay the product of (i) 0.12% of the Notional Amount multiplied by (ii) days in the period divided by 365.	Long	Cargill, Inc.	350	January-2016		296,428		0

Receive a return equal to the CIBC Dynamic Roll LME Copper Excess Return Index and pay the product of (i) 0.30% of the Notional Amount multiplied by (ii) days in the period divided by 365.	Long	Canadian Imperial Bank of Commerce	284,000	April-2015		20,707,633		1,159,203

Receive a return equal to the S&P GSCI Gold Index Excess Return and pay the product of (i) 0.09% of the Notional Amount multiplied by (ii) days in the period divided by 365.	Long	JPMorgan Chase Bank, N.A.	138,000	April-2015		13,748,209		(60,154)

Receive a return equal to the MLCX Dynamic Enhanced Copper Excess Return Index and pay the product of (i) 0.25% of the Notional Amount multiplied by (ii) days in the period divided by 365.	Long	Merrill Lynch International	25,900	May-2015		15,427,843		0

Receive a return equal to the Merrill Lynch Gold Excess Return Index and pay the product of (i) 0.14% of the Notional Amount multiplied by (ii) days in the period divided by 365.	Long	Merrill Lynch International	110,000	June-2015		17,099,533		0

Subtotal—Commodity Risk							$	1,831,607

See accompanying notes which are an integral part of this consolidated schedule.

Invesco V.I. Balanced-Risk Allocation Fund

Swap Agreements (continued)

Type of

Contract

Counterparty

Number of

Contracts

Termination

Date

Notional

Value

Unrealized

Appreciation
(Depreciation)

Receive a return equal to the LIFFE Long Gilt Futures multiplied by 0.01% of the Notional Value

Long

Goldman Sachs
International

162

June-2015

$ 29,027,310

554,505

Subtotal—Interest Rate Risk

554,505

Receive a return equal to the Hang Seng Index Futures multiplied by the Notional Value

Long

Goldman Sachs
International

147

April-2015

23,653,374

370,490

Subtotal—Market Risk

370,490

Total Swap Agreements

2,756,602

Investments Abbreviations:


EMTN	—	European Medium-Term Notes
LIBOR	—	London InterBank Offered Rate

Index Information:


Monthly Rebalance Commodity Excess Return Index	—	a commodity index composed of futures contracts on Soybean Meal, Soybeans, Sugar No.11 and Cotton No.2.

Canadian Imperial Bank of Commerce Custom 2 Agriculture Commodity Index	—	a commodity index composed of futures contracts on Sugar, Soybeans, Soybean Meal, and Cotton.

RBC Enhanced Agricultural Basket 01 Excess Return Index	—	a commodity index composed of futures contracts on Cotton, Soybeans, Soybean Meal and Sugar.

Notes to Consolidated Schedule of Investments:

^(a)	Securities traded on a discount basis. The interest rates shown represent the discount rates at the time of purchase by the Fund.

^(b)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1G and Note 3.

^(c)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on March 31, 2015.

^(d)	All or a portion of the value was designated as collateral for swap agreements. See Note 1H and Note 3.

^(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 March 31, 2015 was $24,315,845, which represented 2.29% of the Fund’s Net Assets.

^(f)	The money market fund and the Fund are affiliated by having the same investment adviser.

^(g)	Futures contracts collateralized by $22,341,000 cash held with Goldman Sachs & Co., the futures commission merchant.

See accompanying notes which are an integral part of this consolidated schedule.

Invesco V.I. Balanced-Risk Allocation Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 -- Significant Accounting Policies

Invesco V.I. Balanced-Risk Allocation Fund (the “Fund”) will seek to gain exposure to the commodity markets primarily through investments in the Invesco Cayman Commodity Fund IV Ltd. (the “Subsidiary”), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. The Subsidiary was organized by the Fund to invest in commodity-linked derivatives. The Fund may invest up to 25% of its total assets in the Subsidiary.

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco V.I. Balanced-Risk Allocation Fund

A.	Security Valuations – (continued)

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Consolidated Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Consolidated Statement of Operations and the Consolidated Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Consolidated Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Consolidated Statement of Operations and Consolidated Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Consolidated Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

Country Determination – For the purposes of making investment selection decisions and presentation in the Consolidated Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

Structured Securities – The Fund may invest in structured securities. Structured securities are a type of derivative security whose value is determined by reference to changes in the value of underlying securities, currencies, interest rates, commodities, indices or other financial indicators (“reference instruments”). Most structured securities are fixed-income securities that have maturities of three years or less. Structured securities may be positively or negatively indexed (i.e., their principal value or interest rates may increase or decrease if the underlying reference instrument appreciates) and may have return characteristics similar to direct investments in the underlying reference instrument.

Structured securities may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference instruments. In addition to the credit risk of structured securities and the normal risks of price changes in response to changes in interest rates, the principal amount of structured notes or indexed securities may decrease as a result of changes in the value of the underlying reference instruments. Changes in the daily value of structured securities are recorded as unrealized gains (losses) in the Consolidated Statement of Operations. When the structured securities mature or are sold, the Fund recognizes a realized gain (loss) on the Consolidated Statement of Operations.

Invesco V.I. Balanced-Risk Allocation Fund

E.	Foreign Currency Translations – (continued)

of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

F.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between Counterparties to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Consolidated Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Consolidated Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities.

Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

Invesco V.I. Balanced-Risk Allocation Fund

H.	Swap Agreements – (continued)

Interest rate, total return, index, and currency swap agreements are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a notional amount, i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or return of an underlying asset, in a particular foreign currency, or in a “basket” of securities representing a particular index. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference less a financing rate, if any. As a receiver, the Fund would receive payments based on any positive total return and would owe payments in the event of a negative total return. As the payer, the Fund would owe payments on any net positive total return, and would receive payment in the event of a negative total return.

Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Consolidated Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day.

Payments received or paid at the beginning of the agreement are reflected as such on the Consolidated Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Consolidated Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Consolidated Statement of Operations. The Fund segregates liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements.

I.	Leverage Risk – Leverage exists when a Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

Other Risks – The Fund will seek to gain exposure to commodity markets primarily through an investment in the Subsidiary and through investments in exchange traded funds and commodity-linked derivatives. The Subsidiary, unlike the Fund, may invest without limitation in commodities, commodity-linked derivatives and other securities, such as exchange traded notes, that may provide leverage and non-leveraged exposure to commodity markets. The Fund is indirectly exposed to the risks associated with the Subsidiary’s investments.

The Fund is non-diversified and may invest in securities of fewer issuers than if it were diversified. Thus, the value of the Fund’s shares may vary more widely and the Fund may be subject to greater market and credit risk than if the Fund invested more broadly.

K.	Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2 -- Additional Valuation Information

Invesco V.I. Balanced-Risk Allocation Fund


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 the Fund’s own 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, 2015. 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 consolidated financial statements may materially differ from the value received upon actual sale of those investments.


	Level 1		Level 2		Level 3		Total

Money Market Funds	$	886,901,383	$	--	$	--	$	886,901,383

U.S. Treasury Securities		--		128,274,835		--		128,274,835

Commodity-Linked Securities		--		24,315,845		--		24,315,845

		886,901,383		152,590,680		--		1,039,492,063

Futures Contracts*		14,158,211		--		--		14,158,211

Swap Agreements*		--		2,756,602		--		2,756,602

Total Investments	$	901,059,594	$	155,347,282	$	--	$	1,056,406,876

* Unrealized appreciation.

NOTE 3 -- Derivative Investments

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of March 31, 2015:


	Value


Risk Exposure/ Derivative Type^(a)	Assets		Liabilities

Commodity risk:
Futures contracts		$ 492,703		$(1,881,494)

Swap agreements		1,891,761		(60,154)

Interest rate risk:
Futures contracts		10,666,836		—

Swap agreements		554,505		—

Market risk:
Futures contracts		4,880,166		—

Swap agreements		370,490		—

Total		$18,856,461		$(1,941,648)

^(a)	Includes cumulative appreciation (depreciation) of futures contracts.

Invesco V.I. Balanced-Risk Allocation Fund

Effect of Derivative Investments for the three months ended March 31, 2015

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Consolidated Statement of Operations

	Futures Contracts		Swap Agreements

Realized Gain (Loss):
Commodity risk		$(7,129,419)		$6,386,006

Interest rate risk		25,456,559		226,546

Market risk		24,313,484		92,198

Change in Unrealized Appreciation (Depreciation):
Commodity risk		6,492,740		2,881,592

Interest rate risk		(4,713,952)		30,945

Market risk		(1,101,309)		156,762

Total		$43,318,103		$9,774,049

The table below summarizes the average notional value of futures contracts and swap agreements outstanding during the period.


	Futures Contracts		Swap Agreements

Average notional value		$1,266,007,115		$135,806,561

NOTE 4 -- Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $0 and $0, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis

Aggregate unrealized appreciation of investment securities	$	9,055

Aggregate unrealized (depreciation) of investment securities		(8,533,356)

Net unrealized appreciation (depreciation) of investment securities	$	(8,524,301)

Cost of investments is the same for financial reporting and tax purposes.

Invesco V.I. Balanced-Risk Allocation Fund

Invesco V.I. Comstock Fund

Quarterly Schedule of Portfolio Holdings

March 31, 2015



invesco.com/us	VK-VICOM-QTR-1 03/15	Invesco Advisers, Inc.

Schedule of Investments^(a)

March 31, 2015

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–95.34

Aerospace & Defense–2.21%

Honeywell International Inc.		170,847	$	17,821,051
Textron Inc.		671,237		29,755,936
				47,576,987

Aluminum–0.67%

Alcoa Inc.		1,117,804		14,442,028

Apparel, Accessories & Luxury Goods–0.38%

Fossil Group, Inc. ^(b)		100,357		8,274,435

Application Software–1.47%

Autodesk, Inc. ^(b)		125,092		7,335,395
Citrix Systems, Inc. ^(b)		380,700		24,315,309
				31,650,704

Asset Management & Custody Banks–3.13%

Bank of New York Mellon Corp. (The)		805,076		32,396,258
State Street Corp.		476,118		35,008,957
				67,405,215

Auto Parts & Equipment–1.89%

Johnson Controls, Inc.		808,395		40,775,444

Automobile Manufacturers–1.99%

General Motors Co.		1,146,765		43,003,687

Broadcasting–0.51%

CBS Corp. -Class B		179,747		10,898,061

Cable & Satellite–2.74%

Comcast Corp. -Class A		547,688		30,927,941
Time Warner Cable Inc.		188,138		28,198,124
				59,126,065

Communications Equipment–1.94%

Cisco Systems, Inc.		1,520,490		41,851,487

Department Stores–1.87%

Kohl’s Corp.		516,276		40,398,597

Diversified Banks–12.03%

Bank of America Corp.		2,729,836		42,012,176
Citigroup Inc.		1,878,749		96,793,148
JPMorgan Chase & Co.		1,172,904		71,054,524
U.S. Bancorp		194,062		8,474,688
Wells Fargo & Co.		753,875		41,010,800
				259,345,336

Drug Retail–0.55%

CVS Health Corp.		115,415		11,911,982


	Shares		Value

Electric Utilities–0.47%

FirstEnergy Corp.		290,374	$	10,180,512

Electrical Components & Equipment–1.01%

Emerson Electric Co.		383,072		21,689,537

Electronic Components–0.75%

Corning Inc.		712,576		16,161,224

General Merchandise Stores–1.14%

Target Corp.		299,095		24,546,727

Health Care Equipment–0.71%

Medtronic PLC		197,387		15,394,212

Health Care Services–0.82%

Express Scripts Holding Co. ^(b)		204,220		17,720,169

Hotels, Resorts & Cruise Lines–2.28%

Carnival Corp.		1,028,046		49,181,721

Housewares & Specialties–0.72%

Newell Rubbermaid Inc.		399,981		15,627,258

Hypermarkets & Super Centers–0.64%

Wal-Mart Stores, Inc.		168,604		13,867,679

Industrial Conglomerates–2.52%

General Electric Co.		2,187,783		54,278,896

Industrial Machinery–1.30%

Ingersoll-Rand PLC		410,882		27,972,846

Integrated Oil & Gas–8.49%

BP PLC -ADR (United Kingdom)		987,243		38,611,074
Chevron Corp.		223,190		23,430,486
Hess Corp.		194,415		13,194,946
Occidental Petroleum Corp.		257,471		18,795,383
Royal Dutch Shell PLC -Class A -ADR (United Kingdom)		715,347		42,670,449
Suncor Energy, Inc. (Canada)		1,587,046		46,421,095
				183,123,433

Integrated Telecommunication Services–0.29%

Frontier Communications Corp.		880,802		6,209,654

Internet Software & Services–2.29%

eBay Inc. ^(b)		655,431		37,805,260
Yahoo! Inc. ^(b)		261,214		11,607,044
				49,412,304

Investment Banking & Brokerage–2.65%

Goldman Sachs Group, Inc. (The)		119,888		22,535,347
Morgan Stanley		967,169		34,518,262
				57,053,609

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Comstock Fund


	Shares		Value

Life & Health Insurance–2.40%

Aflac, Inc.		341,975	$	21,889,820
MetLife, Inc.		589,693		29,808,981
				51,698,801

Managed Health Care–1.31%

Anthem, Inc.		183,418		28,321,573

Movies & Entertainment–3.57%

Time Warner Inc.		168,626		14,238,780
Twenty-First Century Fox, Inc. -Class B		805,240		26,476,291
Viacom Inc. -Class B		532,347		36,359,300
				77,074,371

Multi-Utilities–0.40%

PG&E Corp.		160,530		8,519,327

Oil & Gas Drilling–0.56%

Noble Corp. PLC		845,044		12,067,228

Oil & Gas Equipment & Services–2.85%

Halliburton Co.		475,673		20,872,531
Weatherford International PLC ^(b)		3,292,326		40,495,610
				61,368,141

Oil & Gas Exploration & Production–3.14%

Devon Energy Corp.		418,147		25,218,445
Murphy Oil Corp.		507,508		23,649,873
QEP Resources Inc.		903,093		18,829,489
				67,697,807

Packaged Foods & Meats–3.00%

ConAgra Foods, Inc.		988,557		36,111,987
Mondelez International Inc. -Class A		422,847		15,260,548
Unilever N.V. -New York Shares (United Kingdom)		320,868		13,399,448
				64,771,983

Paper Products–0.97%

International Paper Co.		376,079		20,868,624

Pharmaceuticals–9.46%

AbbVie Inc.		290,598		17,011,607
Bristol-Myers Squibb Co.		246,199		15,879,835
GlaxoSmithKline PLC -ADR (United Kingdom)		186,813		8,621,420
Merck & Co., Inc.		732,347		42,095,305
Novartis AG (Switzerland)		377,836		37,383,136
Pfizer Inc.		1,047,683		36,448,892
Roche Holding AG -ADR (Switzerland)		505,271		17,433,214
Sanofi -ADR (France)		586,691		29,006,003
				203,879,412

Property & Casualty Insurance–1.30%

Allstate Corp. (The)		393,792		28,026,177

Regional Banks–3.25%

Citizens Financial Group Inc.		504,773		12,180,173
Fifth Third Bancorp		1,185,311		22,343,112


	Shares		Value

Regional Banks–(continued)

PNC Financial Services Group, Inc. (The)		381,589	$	35,579,358
				70,102,643

Semiconductors–0.95%

Intel Corp.		658,242		20,583,227

Systems Software–2.68%

Microsoft Corp.		645,889		26,258,617
Symantec Corp.		1,346,656		31,464,618
				57,723,235

Technology Hardware, Storage & Peripherals–2.04%

Hewlett-Packard Co.		925,569		28,840,730
NetApp, Inc.		428,243		15,185,497
				44,026,227
Total Common Stocks & Other Equity Interests (Cost $1,730,203,467)				2,055,808,585

Money Market Funds–4.51%
Liquid Assets Portfolio –Institutional Class ^(c)		48,682,176		48,682,176
Premier Portfolio –Institutional Class ^(c)		48,682,176		48,682,176
Total Money Market Funds (Cost $97,364,352)				97,364,352
TOTAL INVESTMENTS–99.85% (Cost $1,827,567,819)				2,153,172,937
OTHER ASSETS LESS LIABILITIES–0.15%				3,128,690
NET ASSETS–100.00%			$	2,156,301,627

Investment Abbreviations:

ADR —American Depositary Receipt

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)	The money market fund and the Fund are affiliated by having the same investment adviser.

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Comstock Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco V.I. Comstock Fund

A.	Security Valuations – (continued)

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

E.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

Invesco V.I. Comstock Fund

E.	Forward Foreign Currency Contracts – (continued)

currency contracts that do not provide for physical settlement of the two currencies, but instead are settled by a single cash payment calculated as the difference between the agreed upon exchange rate and the spot rate at settlement based upon an agreed upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to daily mark-to-market obligation for forward foreign currency contracts.

NOTE 2 — Additional Valuation Information


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 the Fund’s own 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.


		Level 1		Level 2		Level 3		Total
Equity Securities	$	2,135,739,723	$	17,433,214	$	—	$	2,153,172,937
Forward Foreign Currency Contracts*		—		(2,959,763)		—		(2,959,763)
Total Investments	$	2,135,739,723	$	14,473,451	$	—	$	2,150,213,174

*	Unrealized appreciation (depreciation).

Invesco V.I. Comstock Fund

NOTE 3 — Derivative Investments


Open Forward Foreign Currency Contracts
Settlement		Contract to							Notional		Unrealized Appreciation
Date	Counterparty			Deliver			Receive		Value		(Depreciation)
04/13/2015	Barclays Bank PLC		CAD		12,978,279	USD		10,163,061	$	10,244,761		$ (81,700)
04/13/2015	Barclays Bank PLC		CHF		10,873,987	USD		10,797,112		11,195,742		(398,630)
04/13/2015	Barclays Bank PLC		EUR		15,525,172	USD		16,426,501		16,695,982		(269,481)
04/13/2015	Barclays Bank PLC		GBP		6,886,023	USD		10,289,715		10,217,065		72,650
04/13/2015	Barclays Bank PLC		USD		1,931,468	GBP		1,295,743		1,922,545		(8,923)
04/13/2015	Canadian Imperial Bank of Commerce		CAD		12,977,879	USD		10,162,787		10,244,446		(81,659)
04/13/2015	Canadian Imperial Bank of Commerce		CHF		10,874,311	USD		10,801,938		11,196,076		(394,138)
04/13/2015	Canadian Imperial Bank of Commerce		EUR		15,525,406	USD		16,425,957		16,696,233		(270,276)
04/13/2015	Canadian Imperial Bank of Commerce		GBP		6,886,024	USD		10,289,097		10,217,067		72,030
04/13/2015	Canadian Imperial Bank of Commerce		USD		2,779,174	CAD		3,523,881		2,781,672		2,498
04/13/2015	Deutsche Bank Securities Inc.		CAD		12,978,279	USD		10,163,737		10,244,761		(81,024)
04/13/2015	Deutsche Bank Securities Inc.		CHF		12,343,574	USD		12,269,938		12,708,813		(438,875)
04/13/2015	Deutsche Bank Securities Inc.		EUR		15,525,172	USD		16,420,198		16,695,982		(275,784)
04/13/2015	Deutsche Bank Securities Inc.		GBP		6,886,023	USD		10,290,266		10,217,065		73,201
04/13/2015	Goldman Sachs International		CAD		12,978,279	USD		10,162,161		10,244,761		(82,600)
04/13/2015	Goldman Sachs International		CHF		10,873,987	USD		10,801,348		11,195,742		(394,394)
04/13/2015	Goldman Sachs International		EUR		15,525,172	USD		16,418,987		16,695,982		(276,995)
04/13/2015	Goldman Sachs International		GBP		6,886,023	USD		10,288,331		10,217,065		71,266
04/13/2015	Goldman Sachs International		USD		6,350,081	EUR		5,977,672		6,428,470		78,389
04/13/2015	RBC Capital Markets Corp.		EUR		15,525,172	USD		16,420,664		16,695,982		(275,318	)
Total Forward Foreign Currency Contracts – Currency Risk												$ (2,959,763)


Currency Abbreviations:

CAD — Canadian Dollar		GBP — British Pound Sterling

CHF — Swiss Franc		USD — U.S. Dollar

EUR — Euro

NOTE 4 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $105,654,838 and $108,266,654, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	453,184,175
Aggregate unrealized (depreciation) of investment securities		(128,730,214)
Net unrealized appreciation of investment securities	$	324,453,961
Cost of investments for tax purposes is $1,828,718,976.

Invesco V.I. Comstock Fund


		Invesco V.I. Core Equity Fund
		Quarterly Schedule of Portfolio Holdings
		March 31, 2015

LOGO

invesco.com/us

VICEQ-QTR-1

03/15

Invesco Advisers, Inc.

Schedule of Investments^(a)

March 31, 2015

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–90.96%

Advertising–1.16%

Publicis Groupe S.A. (France)		187,822	$	14,505,797


Apparel, Accessories & Luxury Goods–2.03%

LVMH Moet Hennessy Louis Vuitton S.E. (France)		77,377		13,656,582


PVH Corp.		110,505		11,775,413

				25,431,995


Asset Management & Custody Banks–1.51%

Northern Trust Corp.		272,105		18,952,113


Auto Parts & Equipment–1.27%

Johnson Controls, Inc.		315,617		15,919,721


Biotechnology–2.40%

Celgene Corp. ^(b)		184,672		21,288,988


Gilead Sciences, Inc. ^(b)		89,476		8,780,280

				30,069,268


Brewers–1.10%

Molson Coors Brewing Co. -Class B		184,991		13,772,580


Cable & Satellite–1.21%

Comcast Corp. -Class A		269,044		15,192,915


Casinos & Gaming–1.04%

Las Vegas Sands Corp.		236,574		13,021,033


Communications Equipment–4.60%

Cisco Systems, Inc.		584,320		16,083,408

F5 Networks, Inc. ^(b)		134,986		15,515,291

QUALCOMM, Inc.		376,658		26,117,466

				57,716,165


Consumer Finance–2.60%

American Express Co.		416,866		32,565,572


Department Stores–1.52%

Macy’s, Inc.		294,448		19,112,620


Distillers & Vintners–1.14%

Diageo PLC (United Kingdom)		517,521		14,280,019


Diversified Banks–2.93%

Svenska Handelsbanken AB -Class A (Sweden)		329,508		14,871,526

U.S. Bancorp		500,816		21,870,635

				36,742,161


Electric Utilities–1.09%

Duke Energy Corp.		177,824		13,653,327


	Shares		Value


Electrical Components & Equipment–1.21%

Eaton Corp. PLC		224,185	$	15,231,129


Electronic Manufacturing Services–3.02%

TE Connectivity Ltd. (Switzerland)		527,911		37,808,986


Food Retail–0.92%

Kroger Co. (The)		150,696		11,552,355


Health Care Facilities–1.27%

HCA Holdings, Inc. ^(b)		212,080		15,954,778


Health Care Services–1.60%

Express Scripts Holding Co. ^(b)		231,277		20,067,905


Heavy Electrical Equipment–1.30%

ABB Ltd. (Switzerland)		767,274		16,288,190


Home Improvement Retail–1.31%

Lowe’s Cos., Inc.		220,948		16,436,322


Industrial Conglomerates–1.03%

General Electric Co.		520,029		12,901,919


Industrial Machinery–4.41%

FANUC Corp. (Japan)		26,000		5,690,345

Illinois Tool Works Inc.		115,769		11,245,801

SKF AB -Class B (Sweden)		663,728		17,131,829

Stanley Black & Decker Inc.		222,653		21,232,190

				55,300,165


Insurance Brokers–2.21%

Marsh & McLennan Cos., Inc.		493,879		27,701,673


Integrated Oil & Gas–0.69%

Royal Dutch Shell PLC -Class A -ADR (United Kingdom)		145,910		8,703,532


Internet Software & Services–0.77%

Google Inc. -Class C ^(b)		17,696		9,697,408


Investment Banking & Brokerage–1.36%

Charles Schwab Corp. (The)		561,307		17,086,185


IT Consulting & Other Services–1.70%

International Business Machines Corp.		132,589		21,280,534


Life Sciences Tools & Services–1.05%

Thermo Fisher Scientific, Inc.		97,904		13,152,423


Movies & Entertainment–1.24%

Twenty-First Century Fox, Inc. -Class A		459,611		15,553,236


Multi-Sector Holdings–2.15%

Berkshire Hathaway Inc. -Class A ^(b)		124		26,970,000

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Core Equity Fund


	Shares		Value


Oil & Gas Equipment & Services–1.43%
Halliburton Co.		408,355	$	17,918,617


Oil & Gas Exploration & Production–5.28%

Anadarko Petroleum Corp.		177,458		14,695,297

Cabot Oil & Gas Corp.		536,290		15,836,644

Concho Resources Inc. ^(b)		137,356		15,922,307

EOG Resources, Inc.		215,814		19,787,986

				66,242,234


Packaged Foods & Meats–1.09%

Danone (France)		202,978		13,666,311


Paper Products–0.90%

International Paper Co.		203,293		11,280,729


Pharmaceuticals–12.28%

AbbVie Inc.		309,092		18,094,246

Actavis PLC ^(b)		67,254		20,016,136

Bayer AG (Germany)		97,314		14,621,256

GlaxoSmithKline PLC –ADR (United Kingdom)		338,356		15,615,129

Merck & Co., Inc.		328,981		18,909,828

Roche Holding AG (Switzerland)		83,323		22,987,133

Shire PLC -ADR (Ireland)		79,057		18,917,550

Teva Pharmaceutical Industries Ltd. -ADR (Israel)		397,321		24,753,098

				153,914,376


Property & Casualty Insurance–4.11%

Allstate Corp. (The)		225,540		16,051,682

Progressive Corp. (The)		1,304,001		35,468,827

				51,520,509


Railroads–1.72%

Norfolk Southern Corp.		110,365		11,358,766

Union Pacific Corp.		94,340		10,217,965

				21,576,731


	Shares		Value


Semiconductor Equipment–1.38%

Applied Materials, Inc.		766,873	$	17,300,655


Semiconductors–4.61%

Analog Devices, Inc.		471,838		29,725,794

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		6,047,823		28,040,761

		57,766,555


Systems Software–2.23%
Microsoft Corp.		343,026		13,945,722

Oracle Corp.		325,909		14,062,973

		28,008,695


Technology Hardware, Storage & Peripherals–1.86%

EMC Corp.		909,937		23,257,990


Trading Companies & Distributors–0.02%

Veritiv Corp. ^(b)		4,611		203,483


Wireless Telecommunication Services–1.21%
Vodafone Group PLC -ADR (United Kingdom)		463,529		15,148,128

Total Common Stocks & Other Equity Interests (Cost $828,831,394)				1,140,427,039


Money Market Funds–10.32%

Liquid Assets Portfolio –Institutional Class ^(c)		64,694,878		64,694,878

Premier Portfolio –Institutional Class ^(c)		64,694,878		64,694,878

Total Money Market Funds (Cost $129,389,756)				129,389,756

TOTAL INVESTMENTS–101.28% (Cost $958,221,150)				1,269,816,795

OTHER ASSETS LESS LIABILITIES–(1.28)%				(16,019,069	)

NET ASSETS–100.00%		$1,253,797,726

Investment Abbreviations:

ADR—American Depositary Receipt

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)	The money market fund and the Fund are affiliated by having the same investment adviser.

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Core Equity Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco V.I. Core Equity Fund

A.	Security Valuations – (continued)

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

E.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

Invesco V.I. Core Equity Fund

E.	Forward Foreign Currency Contracts – (continued)

NOTE 2 — Additional Valuation Information


		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 the Fund’s own 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.

During the three months ended March 31, 2015, there were transfers from Level 1 to Level 2 of $14,621,256 and from Level 2 to Level 1 of $101,074,377, due to foreign fair value adjustments.


	Level 1		Level 2		Level 3		Total

Equity Securities	$	1,195,151,423	$	74,665,372	$	—	$	1,269,816,795

Invesco V.I. Core Equity Fund

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $185,464,832 and $200,616,166, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis

Aggregate unrealized appreciation of investment securities	$	316,994,400

Aggregate unrealized (depreciation) of investment securities		(9,331,330)

Net unrealized appreciation of investment securities	$	307,663,070

Cost of investments for tax purposes is $962,153,725.

Invesco V.I. Core Equity Fund

Invesco V.I. Core Plus Bond Fund

Effective April 30, 2015, after the close of the reporting

period, Invesco V.I. Diversified Income Fund was renamed

Invesco V.I. Core Plus Bond Fund.

Quarterly Schedule of Portfolio Holdings

March 31, 2015

LOGO


invesco.com/us		VICPB-QTR-1 03/15		Invesco Advisers, Inc.

Schedule of Investments^(a)

March 31, 2015

(Unaudited)


	Principal Amount		Value


Bonds and Notes–97.10%

Advertising–0.03%

Omnicom Group Inc., Sr. Unsec. Gtd. Global Notes, 3.63%, 05/01/22	$	5,000	$	5,255


Aerospace & Defense–1.28%

Bombardier Inc. (Canada), Sr. Unsec. Notes, 7.50%, 03/15/25^(b)		4,000		3,960

7.75%, 03/15/20^(b)		16,000		16,760

Unsec. Notes, 5.50%, 09/15/18^(b)		4,000		4,000

DigitalGlobe Inc., Sr. Unsec. Gtd. Bonds, 5.25%, 02/01/21^(b)		6,000		6,030

GenCorp Inc., Sec. Gtd. Global Notes, 7.13%, 03/15/21		9,000		9,675

L-3 Communications Corp., Sr. Unsec. Gtd. Global Notes, 3.95%, 05/28/24		105,000		107,796

Sr. Unsec. Gtd. Notes, 4.95%, 02/15/21		60,000		66,241

Moog Inc., Sr. Unsec. Gtd. Notes, 5.25%, 12/01/22^(b)		6,000		6,180

TransDigm Inc., Sr. Unsec. Gtd. Sub. Global Notes, 5.50%, 10/15/20		7,000		6,913

				227,555


Agricultural & Farm Machinery–0.03%

Titan International Inc., Sr. Sec. Gtd. Global Notes, 6.88%, 10/01/20		7,000		6,090


Agricultural Products–0.02%

Darling Ingredients, Inc., Sr. Unsec. Gtd. Global Notes, 5.38%, 01/15/22		3,000		3,056


Airlines–1.70%

Air Canada (Canada), Sec. Gtd. Notes, 8.75%, 04/01/20^(b)		4,000		4,461

Sr. Unsec. Gtd. Notes, 7.75%, 04/15/21^(b)		10,000		10,775

Air Canada Pass Through Trust (Canada), Series 2015-1, Class B, Sec. Pass Through Ctfs., 3.88%, 03/15/23^(b)		37,000		37,164

Series 2015-1, Class C, Sr. Sec. Pass Through Ctfs., 5.00%, 03/15/20^(b)		53,000		53,195


	Principal Amount		Value


Airlines–(continued)

Continental Airlines Pass Through Trust, Series 2009-1, Sr. Sec. Pass Through Ctfs., 9.00%, 07/08/16	$	85,769	$	93,595

Series 2009-2, Class B, Sec. Global Pass Through Ctfs., 9.25%, 05/10/17		7,381		8,105

Delta Air Lines Pass Through Trust, Series 2010-2, Class A, Sr. Sec. Pass Through Ctfs., 4.95%, 05/23/19		40,696		43,723

United Airlines Pass Through Trust, Series 2014-2, Class B, Sec. Pass Through Ctfs., 4.63%, 09/03/22		50,000		50,781

US Airways Pass Through Trust, Series 2012-1, Class B, Sec. Pass Through Ctfs., 8.00%, 10/01/19		896		1,019

				302,818


Alternative Carriers–0.16%

Level 3 Communications, Inc., Sr. Unsec. Global Notes, 5.75%, 12/01/22		12,000		12,315

Level 3 Financing, Inc., Sr. Unsec. Gtd. Global Notes, 5.38%, 08/15/22		15,000		15,450

				27,765


Apparel Retail–1.37%

Hot Topic, Inc., Sr. Sec. Gtd. Notes, 9.25%, 06/15/21^(b)		19,000		20,639

Men’s Wearhouse Inc. (The), Sr. Unsec. Gtd. Notes, 7.00%, 07/01/22^(b)		9,000		9,506

Neiman Marcus Group Ltd. LLC, Sr. Unsec. Gtd. Notes, 8.00%, 10/15/21^(b)		4,000		4,250

Ross Stores, Inc., Sr. Unsec. Notes, 3.38%, 09/15/24		204,000		209,316

				243,711


Apparel, Accessories & Luxury Goods–0.04%

William Carter Co. (The), Sr. Unsec. Gtd. Global Notes, 5.25%, 08/15/21		7,000		7,280

See accompanying notes which are an integral part of this schedule.


Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


Application Software–0.04%

Nuance Communications Inc., Sr. Unsec. Gtd. Notes, 5.38%, 08/15/20^(b)	$	7,000	$	7,105


Asset Management & Custody Banks–1.89%

Affiliated Managers Group, Inc., Sr. Unsec. Global Notes, 4.25%, 02/15/24		100,000		107,004

Alphabet Holding Co., Inc., Sr. Unsec. PIK Global Notes, 8.50%, 10/01/21^(c)		5,000		4,938

Apollo Management Holdings L.P., Sr. Unsec. Gtd. Notes, 4.00%, 05/30/24^(b)		25,000		25,827

Blackstone Holdings Finance Co. LLC, Sr. Unsec. Gtd. Notes, 5.00%, 06/15/44^(b)		90,000		97,813

Carlyle Holdings II Finance LLC, Sr. Sec. Gtd. Notes, 5.63%, 03/30/43^(b)		75,000		85,617

KKR Group Finance Co III LLC, Sr. Unsec. Gtd. Bonds, 5.13%, 06/01/44^(b)		15,000		15,604

				336,803


Auto Parts & Equipment–0.35%

CTP Transportation Products LLC/CTP Finance Inc., Sr. Sec. Notes, 8.25%, 12/15/19^(b)		12,000		12,420

Dana Holding Corp., Sr. Unsec. Notes, 5.38%, 09/15/21		2,000		2,095

5.50%, 12/15/24		2,000		2,072

Johnson Controls, Inc., Sr. Unsec. Global Notes, 4.95%, 07/02/64		19,000		20,478

Stackpole International Intermediate Co. S.A./Stackpole International Powder Metal (Canada), Sr. Sec. Gtd. Notes, 7.75%, 10/15/21^(b)		15,000		15,019

Tenneco Inc., Sr. Unsec. Gtd. Global Notes, 5.38%, 12/15/24		9,000		9,405

				61,489


Automobile Manufacturers–0.92%

General Motors Co., Sr. Unsec. Global Notes, 3.50%, 10/02/18		80,000		82,420

General Motors Financial Co., Inc., Sr. Unsec. Gtd. Notes, 3.15%, 01/15/20		54,000		54,629

3.50%, 07/10/19		27,000		27,658

				164,707


Automotive Retail–0.09%

Advance Auto Parts, Inc., Sr. Unsec. Gtd. Notes, 5.75%, 05/01/20		12,000		13,583


	Principal Amount		Value


Automotive Retail–(continued)

CST Brands, Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 05/01/23	$	3,000	$	3,083


				16,666


Biotechnology–0.28%

Celgene Corp., Sr. Unsec. Global Notes, 4.63%, 05/15/44		47,000		50,235


Broadcasting–0.20%

Clear Channel Worldwide Holdings Inc., Series B, Sr. Unsec. Gtd. Global Notes, 6.50%, 11/15/22		4,000		4,240

iHeartCommunications, Inc., Sr. Sec. Gtd. Global Notes, 9.00%, 09/15/22		5,000		4,787

Sr. Sec. Gtd. Notes, 10.63%, 03/15/23^(b)		2,000		2,020

Sr. Unsec. Global Notes, 10.00%, 01/15/18		7,000		5,985

Sinclair Television Group Inc., Sr. Unsec. Gtd. Notes, 5.63%, 08/01/24^(b)		16,000		16,360

Starz LLC/Starz Finance Corp., Sr. Unsec. Gtd. Global Notes, 5.00%, 09/15/19		2,000		2,070

				35,462


Building Products–0.41%

Builders FirstSource Inc., Sr. Sec. Notes, 7.63%, 06/01/21^(b)		15,000		15,300

Building Materials Holding Corp., Sr. Sec. Notes, 9.00%, 09/15/18^(b)		14,000		14,910

Gibraltar Industries Inc., Sr. Unsec. Gtd. Sub. Global Notes, 6.25%, 02/01/21		9,000		9,180

Hardwoods Acquisition, Inc., Sr. Sec. Notes, 7.50%, 08/01/21^(b)		4,000		3,860

NCI Building Systems, Inc., Sr. Unsec. Gtd. Notes, 8.25%, 01/15/23^(b)		2,000		2,125

Norbord Inc. (Canada), Sr. Sec. Notes, 5.38%, 12/01/20^(b)		10,000		9,830

Nortek Inc., Sr. Unsec. Gtd. Global Notes, 8.50%, 04/15/21		15,000		16,125

USG Corp., Sr. Unsec. Gtd. Notes, 5.88%, 11/01/21^(b)		2,000		2,125

				73,455


Cable & Satellite–3.24%

CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsec. Gtd. Global Notes, 5.25%, 03/15/21		6,000		6,172

5.25%, 09/30/22		7,000		7,192

CCOH Safari LLC, Sr. Unsec. Gtd. Notes, 5.50%, 12/01/22		5,000		5,138

Comcast Corp., Sr. Unsec. Gtd. Global Notes, 4.25%, 01/15/33		50,000		54,017

See accompanying notes which are an integral part of this schedule.


Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


Cable & Satellite–(continued)

Cox Communications, Inc., Sr. Unsec. Notes, 8.38%, 03/01/39^(b)	$	75,000	$	107,867

9.38%, 01/15/19^(b)		140,000		176,596

DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., Sr. Unsec. Gtd. Global Notes, 5.15%, 03/15/42		50,000		52,456

Sr. Unsec. Gtd. Notes, 4.45%, 04/01/24		30,000		32,145

DISH DBS Corp., Sr. Unsec. Gtd. Global Notes, 5.13%, 05/01/20		5,000		5,056

5.88%, 11/15/24		10,000		10,075

Intelsat Jackson Holdings S.A. (Luxembourg), Sr. Unsec. Gtd. Global Bonds, 5.50%, 08/01/23		15,000		14,212

Time Warner Cable, Inc., Sr. Unsec. Gtd. Global Notes, 6.75%, 07/01/18		55,000		63,357

Sr. Unsec. Gtd. Notes, 5.00%, 02/01/20		38,000		42,415

				576,698


Casinos & Gaming–0.15%

Boyd Gaming Corp., Sr. Unsec. Gtd. Global Notes, 9.00%, 07/01/20		2,000		2,165

Caesars Entertainment Resort Properties LLC, Sec. Gtd. Global Notes, 11.00%, 10/01/21		4,000		3,530

Sr. Sec. Gtd. Global Notes, 8.00%, 10/01/20		2,000		2,008

MGM Resorts International, Sr. Unsec. Gtd. Global Notes, 6.63%, 12/15/21		5,000		5,356

Sr. Unsec. Gtd. Notes, 7.75%, 03/15/22		12,000		13,605

				26,664


Catalog Retail–1.59%

QVC, Inc., Sr. Sec. Gtd. Global Notes, 4.45%, 02/15/25		80,000		80,727

4.85%, 04/01/24		52,000		54,093

5.45%, 08/15/34		150,000		149,063

				283,883


Commercial Printing–0.04%

Multi-Color Corp., Sr. Unsec. Gtd. Notes, 6.13%, 12/01/22^(b)		6,000		6,278


Communications Equipment–0.08%

Avaya Inc., Sr. Sec. Gtd. Notes, 9.00%, 04/01/19^(b)		13,000		13,406


Computer & Electronics Retail–0.06%

Rent-A-Center, Inc., Sr. Unsec. Gtd. Global Notes, 4.75%, 05/01/21		12,000		10,140


	Principal Amount		Value


Construction & Engineering–0.12%

AECOM, Sr. Unsec. Gtd. Notes, 5.75%, 10/15/22^(b)	$	5,000	$	5,188

Dycom Investments Inc., Sr. Unsec. Gtd. Sub. Global Notes, 7.13%, 01/15/21		15,000		15,863

				21,051


Construction Machinery & Heavy Trucks–0.48%

Allied Specialty Vehicles, Inc., Sr. Sec. Notes, 8.50%, 11/01/19^(b)		18,000		19,035

Commercial Vehicle Group Inc., Sec. Gtd. Global Notes, 7.88%, 04/15/19		20,000		20,850

Meritor Inc., Sr. Unsec. Gtd. Notes, 6.25%, 02/15/24		6,000		6,075

6.75%, 06/15/21		5,000		5,200

Navistar International Corp., Sr. Unsec. Gtd. Notes, 8.25%, 11/01/21		16,000		15,660

Oshkosh Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 03/01/22		15,000		15,600

Sr. Unsec. Gtd. Notes, 5.38%, 03/01/25^(b)		3,000		3,105

				85,525


Construction Materials–0.24%

Building Materials Corp. of America, Sr. Unsec. Notes, 5.38%, 11/15/24^(b)		15,000		15,272

CPG Merger Sub LLC, Sr. Unsec. Gtd. Notes, 8.00%, 10/01/21^(b)		3,000		3,060

Shea Homes L.P./Shea Homes Funding Corp., Sr. Unsec. Notes, 5.88%, 04/01/23^(b)		2,000		2,030

Unifrax I LLC/Unifrax Holding Co., Sr. Unsec. Gtd. Notes, 7.50%, 02/15/19^(b)		3,000		3,045

7.50%, 02/15/19^(b)		12,000		12,180

US Concrete, Inc., Sr. Sec. Gtd. Global Notes, 8.50%, 12/01/18		6,000		6,390

				41,977


Consumer Finance–0.45%

Ally Financial Inc., Sr. Unsec. Global Notes, 5.13%, 09/30/24		3,000		3,105

Navient Corp., Sr. Unsec. Medium- Term Global Notes, 6.25%, 01/25/16		75,000		77,344

				80,449


Data Processing & Outsourced Services–0.32%

Computer Sciences Corp., Sr. Unsec. Global Notes, 4.45%, 09/15/22		30,000		31,322

See accompanying notes which are an integral part of this schedule.


Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


Data Processing & Outsourced Services–(continued)

First Data Corp., Sr. Unsec. Gtd. Sub. Global Notes, 11.75%, 08/15/21	$	22,000	$	25,465

				56,787


Diversified Banks–11.54%

Banco Inbursa S.A. Institucion de Banca Multiple (Mexico), Sr. Unsec. Notes, 4.13%, 06/06/24^(b)		200,000		198,783

Bank of America Corp., Sr. Unsec. Global Notes, 6.50%, 08/01/16		130,000		138,774

Sr. Unsec. Notes, 5.88%, 01/05/21		35,000		40,864

Series AA, Jr. Unsec. Sub. Notes, 6.10% ^(d)		110,000		111,650

Series Z, Jr. Unsec. Sub. Notes, 6.50% ^(d)		85,000		89,888

Bank of China Ltd. (China), Unsec. Sub. Notes, 5.00%, 11/13/24^(b)		200,000		211,474

Citigroup Inc., Unsec. Sub. Global Notes, 3.50%, 05/15/23		95,000		94,897

5.50%, 09/13/25		65,000		73,814

Series A, Jr. Unsec. Sub. Global Notes, 5.95% ^(d)		60,000		60,900

Series N, Jr. Unsec. Sub. Global Notes, 5.80% ^(d)		55,000		55,825

Credit Suisse (Switzerland), Sr. Unsec. Notes, 3.00%, 10/29/21		37,000		37,693

Crédit Agricole S.A. (France), Unsec. Sub. Notes, 4.38%, 03/17/25^(b)		200,000		202,735

HSBC Holdings PLC (United Kingdom), Sr. Unsec. Global Notes, 4.00%, 03/30/22		45,000		48,522

Intesa Sanpaolo SpA (Italy), Sr. Unsec. Gtd. Notes, 3.88%, 01/15/19		200,000		210,951

JPMorgan Chase & Co., Series R, Jr. Unsec. Sub. Global Notes, 6.00% ^(d)		120,000		123,000

Series V, Jr. Unsec. Sub. Global Notes, 5.00% ^(d)		40,000		39,700

PNC Bank, N.A., Unsec. Sub. Global Notes, 3.80%, 07/25/23		45,000		47,900

Royal Bank of Scotland Group PLC (The) (United Kingdom), Unsec. Sub. Yankee Notes, 6.13%, 12/15/22		2,000		2,258


	Principal Amount		Value


Diversified Banks–(continued)

Wells Fargo & Co., Unsec. Sub. Global Notes, 5.38%, 11/02/43	$	170,000	$	202,191

Series U, Jr. Unsec. Sub. Global Notes, 5.88% ^(d)		60,000		63,750


				2,055,569


Diversified Metals & Mining–0.88%

FMG Resources (August 2006) Pty. Ltd. (Australia), Sr. Unsec. Gtd. Notes, 6.00%, 04/01/17^(b)		2,000		2,002

6.88%, 04/01/22^(b)		15,000		11,475

HudBay Minerals, Inc. (Canada), Sr. Unsec. Gtd. Notes, 9.50%, 10/01/20^(b)		2,000		2,095

Rio Tinto Finance USA Ltd. (United Kingdom), Sr. Unsec. Gtd. Global Notes, 7.13%, 07/15/28		20,000		27,120

Southern Copper Corp. (Mexico), Sr. Unsec. Global Notes, 5.25%, 11/08/42		54,000		49,585

Teck Resources Ltd. (Canada), Sr. Unsec. Gtd. Global Notes, 3.75%, 02/01/23		35,000		32,942

5.20%, 03/01/42		35,000		31,607

				156,826


Diversified Real Estate Activities–0.23%

Brookfield Asset Management Inc. (Canada), Sr. Unsec. Yankee Notes, 4.00%, 01/15/25		40,000		40,304


Diversified REIT’s–0.83%

Select Income REIT, Sr. Unsec. Global Notes, 4.50%, 02/01/25		32,000		32,112

W.P. Carey Inc., Sr. Unsec. Notes, 4.00%, 02/01/25		115,000		115,411

				147,523


Drug Retail–1.03%

CVS Pass Through Trust, Sr. Sec. Mortgage Pass Through Ctfs., 5.77%, 01/10/33^(b)		156,390		184,298


Electric Utilities–1.89%

Electricite de France S.A. (France), Jr. Unsec. Sub. Notes, 5.63% ^(b)(d)		100,000		106,296

Sr. Unsec. Notes, 6.00%, 01/22/2114^(b)		145,000		175,163

Potomac Electric Power Co., Sr. Sec. First Mortgage Bonds, 4.15%, 03/15/43		51,000		55,328

				336,787

See accompanying notes which are an integral part of this schedule.


Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


Electrical Components & Equipment–0.03%

Sensata Technologies B.V. (Netherlands), Sr. Unsec. Gtd. Notes, 4.88%, 10/15/23^(b)	$	5,000	$	5,150


Environmental & Facilities Services–0.04%

ADS Waste Holdings, Inc., Sr. Unsec. Gtd. Global Notes, 8.25%, 10/01/20		6,000		6,270


Gas Utilities–0.07%

Ferrellgas L.P./Ferrellgas Finance Corp., Sr. Unsec. Global Notes, 6.75%, 01/15/22		3,000		3,067

Suburban Propane Partners, L.P./Suburban Energy Finance Corp., Sr. Unsec. Global Notes, 5.50%, 06/01/24		5,000		5,144

7.38%, 08/01/21		4,000		4,330

				12,541


General Merchandise Stores–0.48%

Dollar General Corp., Sr. Unsec. Global Notes, 3.25%, 04/15/23		62,000		60,435

Family Tree Escrow LLC, Sr. Sec. Notes, 5.75%, 03/01/23^(b)		23,000		24,323

				84,758


Gold–1.59%

Barrick North America Finance LLC (Canada), Sr. Unsec. Gtd. Global Notes, 4.40%, 05/30/21		130,000		133,397

Kinross Gold Corp. (Canada), Sr. Unsec. Gtd. Global Notes, 5.95%, 03/15/24		75,000		69,617

New Gold Inc. (Canada), Sr. Unsec. Notes, 6.25%, 11/15/22^(b)		4,000		3,975

Newcrest Finance Pty. Ltd. (Australia), Sr. Unsec. Gtd. Notes, 5.75%, 11/15/41^(b)		35,000		31,853

Yamana Gold Inc. (Canada), Sr. Unsec. Global Notes, 4.95%, 07/15/24		45,000		44,160

				283,002


Health Care Distributors–0.52%

AmerisourceBergen Corp., Sr. Unsec. Global Notes, 3.25%, 03/01/25		18,000		18,267

McKesson Corp., Sr. Unsec. Global Notes, 3.80%, 03/15/24		71,000		74,690

				92,957


	Principal Amount		Value


Health Care Equipment–1.94%

CareFusion Corp., Sr. Unsec. Global Notes, 3.88%, 05/15/24	$	40,000	$	41,940

4.88%, 05/15/44		45,000		50,137

Medtronic Inc., Sr. Unsec. Gtd. Notes, 4.63%, 03/15/45^(b)		39,000		44,101

Universal Hospital Services Inc., Sec. Gtd. Global Notes, 7.63%, 08/15/20		3,000		2,640

Zimmer Holdings, Inc., Sr. Unsec. Global Notes, 2.70%, 04/01/20		46,000		46,688

3.55%, 04/01/25		97,000		99,171

4.45%, 08/15/45		58,000		60,351

				345,028


Health Care Facilities–0.66%

Acadia Healthcare Co., Inc., Sr. Unsec. Gtd. Notes, 5.63%, 02/15/23^(b)		10,000		10,263

Community Health Systems, Inc., Sr. Sec. Gtd. Global Notes, 5.13%, 08/01/21		5,000		5,181

Sr. Unsec. Gtd. Global Notes, 6.88%, 02/01/22		6,917		7,418

HCA Holdings, Inc., Sr. Unsec. Notes, 6.25%, 02/15/21		18,000		19,530

HCA, Inc., Sr. Sec. Gtd. Global Notes, 5.88%, 03/15/22		9,000		9,965

6.50%, 02/15/20		19,000		21,411

Sr. Sec. Gtd. Notes, 5.25%, 04/15/25		4,000		4,335

Sr. Unsec. Gtd. Notes, 5.38%, 02/01/25		5,000		5,275

Surgical Care Affiliates, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 04/01/23^(b)		12,000		12,180

Tenet Healthcare Corp., Sr. Sec. Gtd. Global Notes, 6.00%, 10/01/20		4,000		4,265

Sr. Unsec. Global Notes, 6.75%, 02/01/20		10,000		10,600

8.13%, 04/01/22		6,000		6,645

				117,068


Health Care REIT’s–0.69%

HCP, Inc., Sr. Unsec. Global Notes, 4.25%, 11/15/23		45,000		47,403

Senior Housing Properties Trust, Sr. Unsec. Notes, 4.30%, 01/15/16		75,000		76,265

				123,668


Health Care Services–0.88%

Laboratory Corp. of America Holdings, Sr. Unsec. Notes, 3.60%, 02/01/25		83,000		83,509

See accompanying notes which are an integral part of this schedule.


Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


Health Care Services–(continued)

MPH Acquisition Holdings LLC, Sr. Unsec. Gtd. Notes, 6.63%, 04/01/22^(b)	$	15,000	$	15,638

Omnicare Inc., Sr. Unsec. Gtd. Notes, 5.00%, 12/01/24		7,000		7,315

Orlando Lutheran Towers Inc., Unsec. Bonds, 8.00%, 07/01/17		50,000		50,669

				157,131


Home Improvement Retail–0.11%

Hillman Group Inc. (The), Sr. Unsec. Notes, 6.38%, 07/15/22^(b)		19,000		19,095


Homebuilding–1.23%

Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec. Notes, 6.88%, 02/15/21^(b)		23,000		21,074

Beazer Homes USA Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 09/15/21		20,000		19,600

K. Hovnanian Enterprises Inc., Sr. Sec. Gtd. Notes, 7.25%, 10/15/20^(b)		6,000		6,330

Sr. Unsec. Gtd. Notes, 7.00%, 01/15/19^(b)		10,000		9,750

8.00%, 11/01/19^(b)		4,000		3,870

KB Home, Sr. Unsec. Gtd. Notes, 7.00%, 12/15/21		4,000		4,100

Lennar Corp., Sr. Unsec. Gtd. Global Notes, 4.75%, 11/15/22		5,000		5,106

MDC Holdings, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 01/15/43		165,000		139,397

Ryland Group Inc. (The), Sr. Unsec. Gtd. Notes, 5.38%, 10/01/22		10,000		10,025

				219,252


Hotels, Resorts & Cruise Lines–0.38%

Carnival Corp., Sr. Unsec. Gtd. Global Notes, 3.95%, 10/15/20		60,000		63,772

Choice Hotels International, Inc., Sr. Unsec. Gtd. Notes, 5.75%, 07/01/22		4,000		4,380

				68,152


Hypermarkets & Super Centers–1.06%

Cencosud S.A. (Chile), Sr. Unsec. Gtd. Notes, 6.63%, 02/12/45^(b)		200,000		188,625


Independent Power Producers & Energy Traders–0.13%

Calpine Corp., Sr. Sec. Gtd. Notes, 5.88%, 01/15/24^(b)		2,000		2,177

Sr. Unsec. Global Notes, 5.38%, 01/15/23		14,000		14,105

5.50%, 02/01/24		6,000		6,090

				22,372


	Principal Amount		Value


Industrial Machinery–1.26%

Ingersoll-Rand Luxembourg Finance S.A., Sr. Unsec. Gtd. Global Notes, 2.63%, 05/01/20	$	17,000	$	17,165

3.55%, 11/01/24		79,000		80,250

4.65%, 11/01/44		34,000		36,646

Valmont Industries, Inc., Sr. Unsec. Gtd. Global Notes, 5.25%, 10/01/54		75,000		74,232

Waterjet Holdings, Inc., Sr. Sec. Gtd. Notes, 7.63%, 02/01/20^(b)		16,000		16,900

				225,193


Industrial REIT’s–0.30%

Prologis L.P., Sr. Unsec. Gtd. Global Notes, 4.25%, 08/15/23		49,000		52,839


Integrated Oil & Gas–0.92%

BP Capital Markets PLC (United Kingdom), Sr. Unsec. Gtd. Global Bonds, 3.54%, 11/04/24		20,000		20,457

California Resources Corp., Sr. Unsec. Gtd. Notes, 5.50%, 09/15/21^(b)		20,000		17,950

Ecopetrol S.A. (Colombia), Sr. Unsec. Global Notes, 5.88%, 05/28/45		135,000		125,888

				164,295


Integrated Telecommunication Services–4.29%

AT&T Inc., Sr. Unsec. Global Notes, 1.70%, 06/01/17		60,000		60,240

2.95%, 05/15/16		35,000		35,781

Telefonica Emisiones SAU (Spain), Sr. Unsec. Gtd. Global Notes, 5.46%, 02/16/21		90,000		102,786

7.05%, 06/20/36		95,000		130,373

Verizon Communications Inc., Sr. Unsec. Global Notes, 4.75%, 11/01/41		30,000		31,097

5.01%, 08/21/54		58,000		60,456

5.05%, 03/15/34		95,000		103,490

5.15%, 09/15/23		25,000		28,710

6.40%, 09/15/33		13,000		16,313

Sr. Unsec. Notes, 4.52%, 09/15/48^(b)		196,000		194,983

				764,229


Internet Software & Services–3.51%

Alibaba Group Holding Ltd. (China), Sr. Unsec. Gtd. Notes, 3.13%, 11/28/21^(b)		200,000		199,994

3.60%, 11/28/24^(b)		200,000		201,373

4.50%, 11/28/34^(b)		200,000		205,136

See accompanying notes which are an integral part of this schedule.


Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


Internet Software & Services–(continued)

EarthLink Holdings Corp., Sr. Sec. Gtd. Global Notes, 7.38%, 06/01/20	$	5,000	$	5,150

Sr. Unsec. Gtd. Global Notes, 8.88%, 05/15/19		8,000		8,310

Equinix Inc., Sr. Unsec. Notes, 5.38%, 01/01/22		5,000		5,213

				625,176


Investment Banking & Brokerage–2.58%

Charles Schwab Corp. (The), Series A, Jr. Unsec. Sub. Notes, 7.00% ^(d)		45,000		53,213

Goldman Sachs Group, Inc. (The), Sr. Unsec. Medium-Term Notes, 4.80%, 07/08/44		85,000		94,890

Series L, Jr. Unsec. Sub. Notes, 5.70% ^(d)		55,000		56,788

Morgan Stanley, Series F, Sr. Unsec. Medium-Term Global Notes, 5.63%, 09/23/19		130,000		148,405

Series J, Jr. Unsec. Sub. Global Notes, 5.55% ^(d)		70,000		70,963

Raymond James Financial, Inc., Sr. Unsec. Notes, 4.25%, 04/15/16		35,000		36,040

				460,299


Life & Health Insurance–3.21%

MetLife Inc., Sr. Unsec. Global Notes, 4.13%, 08/13/42		110,000		114,905

Sr. Unsec. Notes, 6.75%, 06/01/16		55,000		58,736

Nationwide Financial Services, Inc., Sr. Unsec. Notes, 5.38%, 03/25/21^(b)		165,000		187,463

Prudential Financial, Inc., Jr. Unsec. Sub. Global Notes, 8.88%, 06/15/38		130,000		153,400

TIAA Asset Management Finance Co. LLC, Sr. Unsec. Notes, 4.13%, 11/01/24^(b)		55,000		58,210

				572,714


Managed Health Care–0.28%

Cigna Corp., Sr. Unsec. Notes, 4.50%, 03/15/21		45,000		49,818


Marine–0.12%

Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S. Inc., Sr. Sec. Gtd. Mortgage Notes, 8.13%, 11/15/21^(b)		22,000		22,220


	Principal Amount		Value


Metal & Glass Containers–0.13%

Berry Plastics Corp., Sec. Gtd. Notes, 5.50%, 05/15/22	$	19,000	$	19,617

Owens-Brockway Glass Container Inc., Sr. Unsec. Notes, 5.00%, 01/15/22^(b)		3,000		3,075

				22,692


Movies & Entertainment–0.90%

AMC Entertainment Inc., Sr. Unsec. Gtd. Sub. Global Notes, 5.88%, 02/15/22		4,000		4,180

DreamWorks Animation SKG, Inc., Sr. Unsec. Gtd. Notes, 6.88%, 08/15/20^(b)		7,000		6,868

Time Warner, Inc., Sr. Unsec. Gtd. Global Notes, 5.35%, 12/15/43		75,000		87,738

Viacom Inc., Sr. Unsec. Global Notes, 5.85%, 09/01/43		55,000		61,937

				160,723


Multi-Line Insurance–1.90%

American Financial Group, Inc., Sr. Unsec. Notes, 9.88%, 06/15/19		180,000		229,887

Nationwide Mutual Insurance Co., Unsec. Sub. Notes, 4.95%, 04/22/44^(b)		100,000		108,369

				338,256


Multi-Utilities–0.41%

Enable Midstream Partners L.P., Sr. Unsec. Notes, 3.90%, 05/15/24^(b)		75,000		72,454


Office REIT’s–0.26%

Piedmont Operating Partnership L.P., Sr. Unsec. Gtd. Global Notes, 4.45%, 03/15/24		45,000		46,800


Office Services & Supplies–0.21%

Pitney Bowes Inc., Sr. Unsec. Global Notes, 4.63%, 03/15/24		35,000		36,751


Oil & Gas Drilling–0.44%

Pioneer Energy Services Corp., Sr. Unsec. Gtd. Global Notes, 6.13%, 03/15/22		5,000		3,837

Rowan Cos., Inc., Sr. Unsec. Gtd. Notes, 5.85%, 01/15/44		86,000		74,932


				78,769

See accompanying notes which are an integral part of this schedule.


Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


Oil & Gas Equipment & Services–0.21%

Exterran Partners, L.P./EXLP Finance Corp., Unsec. Gtd. Global Notes, 6.00%, 04/01/21	$	13,000	$	12,155

Petrofac Ltd. (United Kingdom), Sr. Unsec. Gtd. Notes, 3.40%, 10/10/18^(b)		26,000		25,644

				37,799


Oil & Gas Exploration & Production–3.89%

Antero Resources Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 12/01/20		3,000		3,015

Chaparral Energy, Inc., Sr. Unsec. Gtd. Global Notes, 9.88%, 10/01/20		4,000		2,940

Chesapeake Energy Corp., Sr. Unsec. Gtd. Floating Rate Notes, 3.50%, 04/15/19^(e)		19,000		18,430

Sr. Unsec. Gtd. Global Notes, 6.88%, 11/15/20		5,000		5,250

Sr. Unsec. Gtd. Notes, 6.63%, 08/15/20		5,000		5,200

Cimarex Energy Co., Sr. Unsec. Gtd. Notes, 4.38%, 06/01/24		79,000		78,802

5.88%, 05/01/22		5,000		5,325

Concho Resources Inc., Sr. Unsec. Gtd. Global Notes, 5.50%, 10/01/22		2,000		2,025

5.50%, 04/01/23		9,000		9,112

ConocoPhillips Co., Sr. Unsec. Gtd. Global Notes, 3.35%, 11/15/24		97,000		100,182

4.30%, 11/15/44		103,000		109,964

Continental Resources Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 09/15/22		125,000		123,594

Denbury Resources Inc., Sr. Unsec. Gtd. Sub. Notes, 5.50%, 05/01/22		13,000		11,700

Devon Energy Corp., Sr. Unsec. Global Notes, 2.25%, 12/15/18		25,000		25,260

3.25%, 05/15/22		54,000		54,840

Diamondback Energy, Inc., Sr. Unsec. Gtd. Global Notes, 7.63%, 10/01/21		8,000		8,520

Laredo Petroleum, Inc., Sr. Unsec. Gtd. Global Notes, 7.38%, 05/01/22		8,000		8,350

Sr. Unsec. Gtd. Notes, 6.25%, 03/15/23		9,000		9,000

Newfield Exploration Co., Sr. Unsec. Sub. Notes, 6.88%, 02/01/20		6,000		6,203

Noble Energy Inc., Sr. Unsec. Notes, 3.90%, 11/15/24		27,000		27,575

Parsley Energy LLC/Parsley Finance Corp., Sr. Unsec. Notes, 7.50%, 02/15/22^(b)		8,000		8,120

QEP Resources Inc., Sr. Unsec. Notes, 5.38%, 10/01/22		13,000		12,870


	Principal Amount		Value


Oil & Gas Exploration & Production–(continued)

Range Resources Corp., Sr. Unsec. Gtd. Sub. Notes, 5.00%, 08/15/22	$	10,000	$	10,000

Rosetta Resources, Inc., Sr. Unsec. Gtd. Global Notes, 5.63%, 05/01/21		6,000		5,670

SandRidge Energy, Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 03/15/21		8,000		5,000

7.50%, 02/15/23		2,000		1,230

8.75%, 01/15/20		4,000		2,740

SM Energy Co., Sr. Unsec. Global Notes, 6.50%, 11/15/21		11,000		11,220

6.50%, 01/01/23		4,000		4,090

Sr. Unsec. Notes, 6.13%, 11/15/22^(b)		9,000		9,045

Whiting Petroleum Corp., Sr. Unsec. Gtd. Notes, 5.75%, 03/15/21		8,000		7,980

				693,252


Oil & Gas Refining & Marketing–0.12%

Regency Energy Partners L.P./Regency Energy Finance Corp., Sr. Unsec. Gtd. Global Notes, 5.75%, 09/01/20		20,000		21,700


Oil & Gas Storage & Transportation–4.57%

Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 12/15/20		18,000		18,090

Energy Transfer Partners, L.P., Sr. Unsec. Notes, 4.05%, 03/15/25		18,000		18,198

5.15%, 03/15/45		51,000		51,527

Enterprise Products Operating LLC, Sr. Unsec. Gtd. Notes, 3.75%, 02/15/25		74,000		76,434

3.90%, 02/15/24		56,000		58,539

EQT Midstream Partners L.P., Sr. Unsec. Gtd. Notes, 4.00%, 08/01/24		65,000		64,522

Kinder Morgan Energy Partners LP, Sr. Unsec. Gtd. Notes, 4.25%, 09/01/24		85,000		87,421

5.40%, 09/01/44		100,000		104,037

Spectra Energy Partners, L.P., Sr. Unsec. Global Notes, 3.50%, 03/15/25		59,000		59,567

4.50%, 03/15/45		48,000		49,342

Teekay Corp. (Bermuda), Sr. Unsec. Global Notes, 8.50%, 01/15/20		5,000		5,612

See accompanying notes which are an integral part of this schedule.


Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


Oil & Gas Storage & Transportation–(continued)

Teekay Offshore Partners L.P./Teekay Offshore Finance Corp. (Bermuda), Sr. Unsec. Global Notes, 6.00%, 07/30/19	$	3,000	$	2,734

Tesoro Logistics L.P./Tesoro Logistics Finance Corp., Sr. Unsec. Gtd. Notes, 6.25%, 10/15/22^(b)		2,000		2,080

Williams Partners L.P., Sr. Unsec. Global Notes, 4.00%, 09/15/25		105,000		103,191

5.10%, 09/15/45		89,000		86,159

Williams Partners L.P./ACMP Finance Corp., Sr. Unsec. Global Notes, 4.88%, 05/15/23		27,000		27,388

				814,841


Other Diversified Financial Services–0.95%

Football Trust V, Sec. Pass Through Ctfs., 5.35%, 10/05/20^(b)		100,000		112,197

Voya Financial, Inc., Jr. Unsec. Gtd. Sub. Global Notes, 5.65%, 05/15/53		55,000		57,750

				169,947


Packaged Foods & Meats–0.80%

Diamond Foods Inc., Sr. Unsec. Gtd. Notes, 7.00%, 03/15/19^(b)		21,000		21,735

Mead Johnson Nutrition Co., Sr. Unsec. Global Notes, 4.60%, 06/01/44		97,000		102,435

Post Holdings Inc., Sr. Unsec. Gtd. Global Notes, 7.38%, 02/15/22		3,000		3,116

Sr. Unsec. Gtd. Notes, 6.75%, 12/01/21^(b)		3,000		3,041

Smithfield Foods Inc., Sr. Unsec. Notes, 5.88%, 08/01/21^(b)		2,000		2,090

6.63%, 08/15/22		4,000		4,310

WhiteWave Foods Co. (The), Sr. Unsec. Gtd. Notes, 5.38%, 10/01/22		6,000		6,495

				143,222


Paper Packaging–1.18%

Graphic Packaging International Inc., Sr. Unsec. Gtd. Notes, 4.75%, 04/15/21		2,000		2,085

4.88%, 11/15/22		12,000		12,510

Klabin Finance S.A. (Brazil), Sr. Unsec. Gtd. Notes, 5.25%, 07/16/24^(b)		200,000		196,250

				210,845


	Principal Amount		Value


Paper Products–0.10%

Mercer International Inc., Sr. Unsec. Gtd. Global Notes, 7.00%, 12/01/19	$	5,000	$	5,250

PH Glatfelter Co., Sr. Unsec. Gtd. Global Notes, 5.38%, 10/15/20		9,000		9,270

Verso Paper Holdings LLC/Verso Paper Inc., Sr. Sec. Gtd. Bonds., 11.75%, 01/15/19		3,000		2,820

				17,340


Personal Products–0.41%

Estee Lauder Cos. Inc. (The), Sr. Unsec. Global Notes, 3.70%, 08/15/42		60,000		59,061

NBTY Inc., Sr. Unsec. Gtd. Global Notes, 9.00%, 10/01/18		14,000		14,613

				73,674


Pharmaceuticals–3.59%

Actavis Funding SCS, Sr. Unsec. Gtd. Global Notes, 3.00%, 03/12/20		117,000		119,534

3.80%, 03/15/25		51,000		52,651

4.75%, 03/15/45		44,000		46,817

4.85%, 06/15/44		60,000		64,260

Bristol-Myers Squibb Co., Sr. Unsec. Deb., 6.88%, 08/01/97		74,000		109,904

Perrigo Finance PLC, Sr. Unsec. Gtd. Notes, 3.90%, 12/15/24		200,000		206,933

Salix Pharmaceuticals Ltd., Sr. Unsec. Gtd. Notes, 6.50%, 01/15/21^(b)		3,000		3,341

Valeant Pharmaceuticals International, Inc., Sr. Unsec. Gtd. Notes, 5.50%, 03/01/23^(b)		10,000		10,163

5.63%, 12/01/21^(b)		14,000		14,263

7.50%, 07/15/21^(b)		5,000		5,431

VRX Escrow Corp., Sr. Unsec. Notes, 5.88%, 05/15/23^(b)		3,000		3,090

6.13%, 04/15/25^(b)		3,000		3,120

				639,507


Property & Casualty Insurance–3.25%

Allstate Corp. (The), Unsec. Sub. Global Notes, 5.75%, 08/15/53		75,000		81,938

CNA Financial Corp., Sr. Unsec. Notes, 7.35%, 11/15/19		160,000		193,368

Liberty Mutual Group Inc., Jr. Unsec. Gtd. Sub. Bonds, 7.80%, 03/15/37^(b)		45,000		55,181

W.R. Berkley Corp., Sr. Unsec. Notes, 7.38%, 09/15/19		40,000		48,137

XLIT Ltd. (Ireland), Unsec. Sub. Gtd. Yankee Bonds, 4.45%, 03/31/25		50,000		50,300

5.50%, 03/31/45		150,000		149,679

				578,603

See accompanying notes which are an integral part of this schedule.


Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


Railroads–0.30%

Burlington Northern Santa Fe, LLC, Sr. Unsec. Global Notes, 3.00%, 04/01/25	$	52,000	$	52,559


Real Estate Development–0.03%

AV Homes, Inc., Sr. Unsec. Notes, 8.50%, 07/01/19^(b)		5,000		4,788


Real Estate Services–0.02%

Kennedy-Wilson Inc., Sr. Unsec. Gtd. Notes, 5.88%, 04/01/24		4,000		4,060


Regional Banks–2.09%

Citizens Financial Group, Inc., Jr. Unsec. Sub. Notes, 5.50%^(b)(d)		110,000		111,100

Fifth Third Bancorp, Sr. Unsec. Notes, 3.50%, 03/15/22		70,000		73,387

Unsec. Sub. Notes, 4.30%, 01/16/24		55,000		58,986

Series J, Jr. Unsec. Sub. Bonds, 4.90% ^(d)		45,000		43,762

First Niagara Financial Group Inc., Unsec. Sub. Notes, 7.25%, 12/15/21		35,000		39,277

SunTrust Banks, Inc., Jr. Unsec. Sub. Notes, 5.63% ^(d)		5,000		5,113

SVB Financial Group, Sr. Unsec. Global Notes, 3.50%, 01/29/25		30,000		29,814

Synovus Financial Corp., Sr. Unsec. Global Notes, 7.88%, 02/15/19		10,000		11,250

				372,689


Reinsurance–0.37%

Reinsurance Group of America, Inc., Sr. Unsec. Medium-Term Notes, 4.70%, 09/15/23		60,000		65,958


Renewable Electricity–0.26%

Oglethorpe Power Corp., Sr. Sec. First Mortgage Bonds, 4.55%, 06/01/44		36,000		39,308

TerraForm Power Operating, LLC, Sr. Unsec. Gtd. Notes, 5.88%, 02/01/23^(b)		7,000		7,333

				46,641


Residential REIT’s–0.67%

Essex Portfolio L.P., Sr. Unsec. Gtd. Global Notes, 3.63%, 08/15/22		115,000		118,750


Restaurants–0.67%

1011778 BC ULC/ New Red Finance, Inc. (Canada), Sec. Notes, 6.00%, 04/01/22^(b)		115,000		119,600


Security & Alarm Services–0.04%

ADT Corp. (The), Sr. Unsec. Global Notes, 6.25%, 10/15/21		7,000		7,516


	Principal Amount		Value


Semiconductor Equipment–0.08%

Amkor Technology Inc., Sr. Unsec. Global Notes, 6.38%, 10/01/22	$	2,000	$	2,075

Entegris Inc., Sr. Unsec. Gtd. Notes, 6.00%, 04/01/22^(b)		11,000		11,495

				13,570


Semiconductors–0.20%

Freescale Semiconductor Inc., Sr. Sec. Gtd. Notes, 6.00%, 01/15/22^(b)		8,000		8,750

Micron Technology, Inc., Sr. Unsec. Global Bonds, 5.88%, 02/15/22		17,000		17,977

Sr. Unsec. Notes, 5.25%, 08/01/23^(b)		5,000		5,113

5.50%, 02/01/25^(b)		4,000		4,050

				35,890


Specialized Consumer Services–0.06%

ServiceMaster Co., LLC (The), Sr. Unsec. Gtd. Global Notes, 7.00%, 08/15/20		5,000		5,325

Sr. Unsec. Notes, 7.45%, 08/15/27		5,000		5,150

				10,475


Specialized Finance–3.18%

Air Lease Corp., Sr. Unsec. Global Notes, 3.88%, 04/01/21		85,000		87,736

Aircastle Ltd., Sr. Unsec. Notes, 5.13%, 03/15/21		6,000		6,300

CIT Group Inc., Sr. Unsec. Global Notes, 5.00%, 08/15/22		3,000		3,090

CME Group Inc., Sr. Unsec. Global Notes, 5.30%, 09/15/43		45,000		56,245

International Lease Finance Corp., Sr. Unsec. Global Notes, 5.88%, 08/15/22		10,000		11,238

Moody’s Corp., Sr. Unsec. Global Bonds, 5.50%, 09/01/20		110,000		125,860

Sr. Unsec. Global Notes, 2.75%, 07/15/19		45,000		46,041

4.88%, 02/15/24		158,000		175,881

5.25%, 07/15/44		35,000		40,044

MSCI Inc., Sr. Unsec. Gtd. Notes, 5.25%, 11/15/24^(b)		13,000		13,520

				565,955


Specialized REIT’s–2.02%

Crown Castle International Corp., Sr. Unsec. Global Notes, 5.25%, 01/15/23		9,000		9,495

Sr. Unsec. Notes, 4.88%, 04/15/22		9,000		9,360

EPR Properties, Sr. Unsec. Gtd. Global Notes, 4.50%, 04/01/25		43,000		43,883

7.75%, 07/15/20		245,000		296,577

				359,315

See accompanying notes which are an integral part of this schedule.


Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


Specialty Chemicals–0.06%

PolyOne Corp., Sr. Unsec. Global Notes, 5.25%, 03/15/23	$	10,000	$	10,400


Specialty Stores–0.68%

Michaels Stores Inc., Sr. Unsec. Gtd. Sub. Notes, 5.88%, 12/15/20^(b)		23,000		23,776


Tiffany & Co., Sr. Unsec. Notes, 3.80%, 10/01/24^(b)		29,000		29,568

4.90%, 10/01/44^(b)		66,000		68,178

				121,522


Steel–0.61%

ArcelorMittal (Luxembourg), Sr. Unsec. Global Notes, 7.00%, 02/25/22		10,000		11,003

Cliffs Natural Resources Inc., Sec. Notes, 7.75%, 03/31/20^(b)		8,000		4,840

Steel Dynamics, Inc., Sr. Unsec. Gtd. Global Notes, 6.38%, 08/15/22		3,000		3,233

Sr. Unsec. Gtd. Notes, 5.13%, 10/01/21^(b)		2,000		2,020

5.50%, 10/01/24^(b)		9,000		9,180

SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp., Sr. Unsec. Gtd. Notes, 7.38%, 02/01/20^(b)		3,000		3,101

7.38%, 02/01/20^(b)		18,000		18,607

Vale S.A. (Brazil), Sr. Unsec. Global Notes, 5.63%, 09/11/42		65,000		56,317

				108,301


Technology Hardware, Storage & Peripherals–0.78%

Apple Inc., Sr. Unsec. Global Notes, 3.45%, 02/09/45		55,000		51,793

Seagate HDD Cayman, Sr. Unsec. Gtd. Bonds, 4.75%, 01/01/25^(b)		45,000		46,744

Sr. Unsec. Gtd. Notes, 5.75%, 12/01/34^(b)		38,000		40,992

				139,529


Tobacco–0.87%

Altria Group, Inc., Sr. Unsec. Gtd. Global Notes, 4.75%, 05/05/21		55,000		61,413

Philip Morris International Inc., Sr. Unsec. Global Notes, 4.25%, 11/10/44		89,000		93,758

				155,171


Trading Companies & Distributors–0.06%

United Rentals North America Inc., Sr. Unsec. Gtd. Notes, 6.13%, 06/15/23		10,000		10,662


	Principal Amount		Value


Wireless Telecommunication Services–2.47%

Crown Castle Towers LLC, Sr. Sec. Gtd. Notes, 4.88%, 08/15/20^(b)	$	120,000	$	133,373

Rogers Communications Inc. (Canada), Sr. Unsec. Gtd. Global Notes, 3.00%, 03/15/23		50,000		49,877

4.50%, 03/15/43		30,000		30,996

5.00%, 03/15/44		100,000		110,208

SBA Communications Corp., Sr. Unsec. Notes, 4.88%, 07/15/22^(b)		18,000		17,707

Sprint Capital Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 11/15/28		15,000		13,894

Sprint Communications Inc., Sr. Unsec. Global Notes, 6.00%, 11/15/22		12,000		11,445

11.50%, 11/15/21		2,000		2,430

Sr. Unsec. Gtd. Notes, 7.00%, 03/01/20^(b)		27,000		29,970

Sprint Corp., Sr. Unsec. Gtd. Global Notes, 7.25%, 09/15/21		6,000		6,045

7.63%, 02/15/25		10,000		9,975

7.88%, 09/15/23		6,000		6,135

T-Mobile USA, Inc., Sr. Unsec. Gtd. Global Bonds, 6.38%, 03/01/25		18,000		18,607

				440,662

Total Bonds and Notes (Cost $16,396,790)				17,296,657


U.S. Treasury Securities–2.66%

U.S. Treasury Bills–0.22%

0.08%, 08/20/15 ^(f)(g)		25,000		24,994

0.09%, 08/20/15 ^(f)(g)		15,000		14,996

				39,990


U.S. Treasury Notes–2.44%

1.38%, 03/31/20		311,300		311,337

2.00%, 02/15/25		122,300		123,092

				434,429

Total U.S. Treasury Securities (Cost $473,977)				474,419


	Shares

Preferred Stocks–1.09%

Investment Banking & Brokerage–0.77%

Morgan Stanley, Series F, 6.88% Pfd.		5,000		137,550


Reinsurance–0.32%

Reinsurance Group of America, Inc., 6.20% Sr. Unsec. Sub. Pfd.		2,000		57,760

Total Preferred Stocks (Cost $175,000)				195,310

See accompanying notes which are an integral part of this schedule.


Invesco V.I. Core Plus Bond Fund


	Principal Amount		Value


U.S. Government Sponsored Agency Mortgage-Backed Securities–1.07%

Collateralized Mortgage Obligations–0.60%

Ginnie Mae REMICs, 1.60%, 09/20/64, IO	$	349,308	$	39,188

1.69%, 12/20/64, IO		579,627		67,744

				106,932


Federal Home Loan Mortgage Corp. (FHLMC)–0.24%

Pass Through Ctfs., 6.50%, 05/01/16 to 08/01/32		2,722		3,102

6.00%, 05/01/17 to 12/01/31		30,282		34,198

5.50%, 09/01/17		4,528		4,748

				42,048


Federal National Mortgage Association (FNMA)–0.16%

Pass Through Ctfs., 7.00%, 02/01/16 to 09/01/32		12,036		12,819

6.50%, 05/01/16 to 09/01/31		1,949		2,228

5.00%, 11/01/18		8,112		8,599

7.50%, 04/01/29		3,765		4,296

8.00%, 04/01/32		1,247		1,259

				29,201


Government National Mortgage Association (GNMA)–0.07%

Pass Through Ctfs., 7.50%, 06/15/23		3,620		3,969

8.50%, 11/15/24		1,265		1,271

7.00%, 07/15/31 to 08/15/31		1,424		1,710

6.50%, 11/15/31 to 03/15/32		2,904		3,340

6.00%, 11/15/32		1,335		1,539

				11,829

Total U.S. Government Sponsored Agency Mortgage- Backed Securities (Cost $183,769)				190,010


Municipal Obligations–0.92%

Florida Development Finance Corp. (Palm Bay Academy Inc.); Series 2006 B, Taxable RB, 7.50%, 05/15/17^(h)		65,000		41,601

Florida Hurricane Catastrophe Fund Finance Corp.; Series 2013 A, RB, 3.00%, 07/01/20		55,000		56,631

Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4 Project J); Series 2010 A, Taxable Build America RB, 6.64%, 04/01/57		50,000		65,588

Total Municipal Obligations (Cost $169,523)				163,820


Asset-Backed Securities–0.59%

Credit Suisse Mortgage Trust, Series 2009-2R, Class 1A11, Floating Rate Pass Through Ctfs., 2.62%, 09/26/34^(b)(e)		19,566		19,645


	Principal Amount		Value


Asset-Backed Securities–(continued)

Wells Fargo Mortgage Backed Securities Trust, Series 2004-Z, Class 2A1, Floating Rate Pass Through Ctfs., 2.61%, 12/25/34^(e)	$	85,285	$	85,933

Total Asset-Backed Securities (Cost $94,527)				105,578


	Shares

Common Stocks & Other Equity Interests–0.01%

Broadcasting–0.01%

Adelphia Communications Corp. ⁽ⁱ⁾		900		693

Adelphia Recovery Trust -Series ACC-1 ⁽ⁱ⁾		87,412		254

				947


Paper Products–0.00%

Verso Corp. ^(j)		53		95

Total Common Stocks & Other Equity Interests (Cost $22,352)				1,042

TOTAL INVESTMENTS–103.44% (Cost $17,515,938)				18,426,836

OTHER ASSETS LESS LIABILITIES–(3.44)%				(612,715	)

NET ASSETS–100.00%			$	17,814,121

Investment Abbreviations:


Ctfs.		—Certificates
Deb.		—Debentures
Gtd.		—Guaranteed
IO		—Interest Only
Jr.		—Junior
Pfd.		—Preferred
PIK		—Payment in Kind
RB		—Revenue Bonds
REIT		—Real Estate Investment Trust
REMICs		—Real Estate Mortgage Investment Conduits
Sec.		—Secured
Sr.		—Senior
Sub.		—Subordinated
Unsec.		—Unsecured

See accompanying notes which are an integral part of this schedule.


Invesco V.I. Core Plus Bond 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)

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, 2015 was $4,865,878, which represented 27.31% of the Fund’s Net Assets.

^(c)	All or a portion of this security is Payment-in-Kind.


Issuer	Cash Rate	PIK Rate
Alphabet Holding Co., Inc., Sr. Unsec. PIK Global Notes,	—	8.50%

^(d)	Perpetual bond with no specified maturity date.

^(e)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on March 31, 2015.

^(f)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(g)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1E and Note 3.

^(h)	Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The value of this security at March 31, 2015 represented less than 1% of the Fund’s Net Assets.

⁽ⁱ⁾	Non-income producing security acquired as part of the Adelphia Communications bankruptcy reorganization.

^(j)	Non-income producing security.

See accompanying notes which are an integral part of this schedule.


Invesco V.I. Core Plus Bond Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.


Invesco V.I. Core Plus Bond Fund

A.	Security Valuations – (Continued)

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

Lower-Rated Securities – The Fund may invest in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims.

Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk


Invesco V.I. Core Plus Bond Fund

E.	Futures Contracts – (Continued)

with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a predetermined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

A CDS is an agreement between Counterparties to exchange the credit risk of an issuer. A buyer of a CDS is said to buy protection by paying a fixed payment over the life of the agreement and in some situations an upfront payment to the seller of the CDS. If a defined credit event occurs (such as payment default or bankruptcy), the Fund as a protection buyer would cease paying its fixed payment, the Fund would deliver eligible bonds issued by the reference entity to the seller, and the seller would pay the full notional value, or the “par value”, of the referenced obligation to the Fund. A seller of a CDS is said to sell protection and thus would receive a fixed payment over the life of the agreement and an upfront payment, if applicable. If a credit event occurs, the Fund as a protection seller would cease to receive the fixed payment stream, the Fund would pay the buyer “par value” or the full notional value of the referenced obligation, and the Fund would receive the eligible bonds issued by the reference entity. In turn, these bonds may be sold in order to realize a recovery value. Alternatively, the seller of the CDS and its Counterparty may agree to net the notional amount and the market value of the bonds and make a cash payment equal to the difference to the buyer of protection. If no credit event occurs, the Fund receives the fixed payment over the life of the agreement. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the CDS. In connection with these agreements, cash and securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default under the swap agreement or bankruptcy/insolvency of a party to the swap agreement. If a Counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. The Fund’s maximum risk of loss from Counterparty risk, either as the protection seller or as the protection buyer, is the value of the contract. The risk may be mitigated by having a master netting arrangement between the Fund and the Counterparty and by the designation of collateral by the Counterparty to cover the Fund’s exposure to the Counterparty.

Implied credit spreads represent the current level at which protection could be bought or sold given the terms of the existing CDS contract and serve as an indicator of the current status of the payment/performance risk of the CDS. An implied spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets.

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

Changes in the value of swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks


Invesco V.I. Core Plus Bond Fund

F.	Swap Agreements – (Continued)

involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements.

Notional amounts of each individual credit default swap agreement outstanding as of March 31, 2015 for which the Fund is the seller of protection are disclosed in the open swap agreements table. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

G.	Leverage Risk – Leverage exists when a Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

H.	Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2 — Additional Valuation Information


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 the Fund’s own 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.


	Level 1		Level 2		Level 3		Total
Equity Securities	$	195,405	$	254	$	693	$	196,352
U.S. Treasury Securities		—		474,419		—		474,419
Corporate Debt Securities		—		17,296,657		—		17,296,657
U.S. Government Sponsored Agency Securities		—		190,010		—		190,010
Asset-Backed Securities		—		105,578		—		105,578
Municipal Obligations		—		163,820		—		163,820
		195,405		18,230,738		693		18,426,836
Futures Contracts*		(868)		—		—		(868)
Swap Agreements*		—		(12,408)		—		(12,408)
Total Investments	$	194,537	$	18,218,330	$	693	$	18,413,560

*	Unrealized appreciation (depreciation).


Invesco V.I. Core Plus Bond Fund

NOTE 3 — Derivative Investments

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of March 31, 2015:


	Value
Risk Exposure/ Derivative Type	Assets		Liabilities
Credit risk:
Swap agreements	$	—	$	(12,408	)
Interest rate risk:
Futures contracts^(a)		21,528		(22,396	)
Total	$	21,528	$	(34,804	)

^(a)	Includes cumulative appreciation (depreciation) of futures contracts.

Effect of Derivative Investments for the three months ended March 31, 2015

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Statement of Operations
	Futures Contracts			Swap Agreements
Realized Gain (Loss):
Credit risk	$	—		$	(1,583	)
Interest rate risk		(64,724	)		—
Change in Unrealized Appreciation:
Credit risk		—			1,144
Interest rate risk		17,603			—
Total	$	(47,121	)	$	(439	)

The table below summarizes the average notional value of futures contracts and swap agreements outstanding during the period.


	Futures Contracts	Swap Agreements
Average notional value	$7,345,221	$250,000


Open Futures Contracts
Futures Contracts	Type of Contract	Number of Contracts	Expiration Month	Notional Value		Unrealized Appreciation (Depreciation)
U.S. 2 Year Treasury Notes	Long	7	June-2015	$	1,534,094	$	5,563
U.S. 5 Year Treasury Notes	Long	9	June-2015		1,081,898		11,934
U.S. Long Bond	Long	3	June-2015		491,625		4,031
U.S. 10 Year Treasury Notes	Short	24	June-2015		(3,093,750)		(18,427)
U.S. Ultra Bond	Short	5	June-2015		(849,375)		(3,969)
Total—Interest Rate Risk						$	(868)


Invesco V.I. Core Plus Bond Fund

Open Over-The-Counter Credit Default Swap Agreements – Credit Risk

Counterparty

Reference
Entity

Buy/

Sell
Protection

(Pay)/
Receive
Fixed Rate

Expiration
Date

Implied
Credit
Spread^(b)

Notional
Value

Upfront
Payments

Unrealized
Appreciation
(Depreciation)

Bank of

America

Merrill Lynch

Citigroup
Inc.

Buy

(1.00)%

06/20/17

0.37

$250,000

$8,924

$(12,408)

^(b)

Implied credit spreads represent the current level as of March 31, 2015 at which protection could be bought or sold given the terms of the existing credit default swap contract and serve as an indicator of the current status of the payment/performance risk of the credit default swap contract. An implied credit spread that has widened or increased since entry into the initial contract may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

NOTE 4 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $5,771,519 and $5,712,143, respectively. During the same period, purchases and sales of long-term U.S. Treasury obligations were $4,153,190 and $4,238,212, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	1,073,591
Aggregate unrealized (depreciation) of investment securities		(162,770)
Net unrealized appreciation of investment securities	$	910,821
Cost of investments for tax purposes is $17,516,015.


Invesco V.I. Core Plus Bond Fund

Invesco V.I. Diversified Dividend Fund

Quarterly Schedule of Portfolio Holdings

March 31, 2015



invesco.com/us	VIDDI-QTR-1 03/15	Invesco Advisers, Inc.

Schedule of Investments^(a)

March 31, 2015

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–93.40%

Aerospace & Defense–3.59%

General Dynamics Corp.		61,039	$	8,284,823
Raytheon Co.		69,570		7,600,523
				15,885,346

Air Freight & Logistics–0.74%

United Parcel Service, Inc. -Class B		33,824		3,278,899

Apparel Retail–1.01%

Guess?, Inc.		62,569		1,163,158
TJX Cos., Inc. (The)		47,086		3,298,374
				4,461,532

Apparel, Accessories & Luxury Goods–1.95%

Coach, Inc.		111,317		4,611,863
Columbia Sportswear Co.		66,256		4,034,991
				8,646,854

Asset Management & Custody Banks–2.46%

Federated Investors, Inc. -Class B		175,728		5,955,422
Legg Mason, Inc.		89,714		4,952,213
				10,907,635

Auto Parts & Equipment–0.92%

Johnson Controls, Inc.		80,756		4,073,333

Brewers–2.48%

Heineken N.V. (Netherlands)		143,628		10,969,079

Building Products–1.25%

Masco Corp.		206,711		5,519,184

Construction Machinery & Heavy Trucks–0.58%

Joy Global Inc.		65,899		2,581,923

Data Processing & Outsourced Services–1.03%

Automatic Data Processing, Inc.		53,451		4,577,544

Department Stores–0.99%

Marks & Spencer Group PLC (United Kingdom)		553,326		4,392,780

Distillers & Vintners–0.12%

Treasury Wine Estates Ltd. (Australia)		139,192		540,755

Drug Retail–2.16%

Walgreens Boots Alliance, Inc.		113,036		9,571,888

Electric Utilities–8.06%

American Electric Power Co., Inc.		94,250		5,301,562
Duke Energy Corp.		84,106		6,457,659
Entergy Corp.		38,636		2,993,904
Exelon Corp.		220,918		7,425,054
Pepco Holdings, Inc.		240,303		6,447,329


	Shares		Value

Electric Utilities–(continued)

PPL Corp.		209,438	$	7,049,683
				35,675,191

Food Distributors–1.64%

Sysco Corp.		192,642		7,268,383

Gas Utilities–0.86%

AGL Resources Inc.		76,165		3,781,592

General Merchandise Stores–1.99%

Target Corp.		107,243		8,801,433

Health Care Equipment–1.50%

Medtronic PLC (Ireland)		14,169		1,105,040
Stryker Corp.		60,036		5,538,321
				6,643,361

Heavy Electrical Equipment–1.11%

ABB Ltd. (Switzerland)		231,896		4,922,838

Hotels, Resorts & Cruise Lines–2.09%

Accor S.A. (France)		105,010		5,485,010
Marriott International Inc. -Class A		47,015		3,776,245
				9,261,255

Household Products–2.99%

Kimberly-Clark Corp.		59,708		6,395,324
Procter & Gamble Co. (The)		83,491		6,841,252
				13,236,576

Housewares & Specialties–1.82%

Newell Rubbermaid Inc.		206,238		8,057,719

Industrial Machinery–0.78%

Pentair PLC (Ireland)		55,119		3,466,434

Integrated Oil & Gas–2.64%

Royal Dutch Shell PLC -Class B (United Kingdom)		183,336		5,697,444
TOTAL S.A. (France)		120,099		5,975,511
				11,672,955

Integrated Telecommunication Services–3.16%

AT&T Inc.		266,907		8,714,513
Deutsche Telekom AG (Germany)		289,172		5,294,749
				14,009,262

Investment Banking & Brokerage–1.35%

Charles Schwab Corp. (The)		195,842		5,961,430

Life & Health Insurance–1.87%

Lincoln National Corp.		61,728		3,546,891
StanCorp Financial Group, Inc.		69,095		4,739,917
				8,286,808

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Diversified Dividend Fund


	Shares		Value

Motorcycle Manufacturers–0.28%

Harley-Davidson, Inc.		20,390	$	1,238,489

Movies & Entertainment–0.99%

Time Warner Inc.		51,931		4,385,054

Multi-Line Insurance–0.74%

Hartford Financial Services Group, Inc. (The)		78,671		3,290,021

Multi-Utilities–2.94%

Consolidated Edison, Inc.		101,088		6,166,368
Dominion Resources, Inc.		41,300		2,926,931
Sempra Energy		35,996		3,924,284
				13,017,583

Oil & Gas Drilling–1.08%

Nabors Industries Ltd. (Bermuda)		348,645		4,759,004

Oil & Gas Equipment & Services–1.15%

Baker Hughes Inc.		80,187		5,098,289

Packaged Foods & Meats–10.35%

Campbell Soup Co.		245,840		11,443,852
General Mills, Inc.		268,205		15,180,403
Kraft Foods Group, Inc.		128,758		11,216,753
Mead Johnson Nutrition Co.		31,449		3,161,568
Mondelez International Inc. -Class A		133,706		4,825,450
				45,828,026

Paper Packaging–1.30%

Avery Dennison Corp.		49,812		2,635,553
Sonoco Products Co.		68,469		3,112,601
				5,748,154

Paper Products–0.59%

International Paper Co.		46,702		2,591,494

Personal Products–0.78%

L’Oreal S.A. (France)		18,791		3,461,970

Pharmaceuticals–4.43%

Bristol-Myers Squibb Co.		56,484		3,643,218
Eli Lilly and Co.		114,077		8,287,694
Johnson & Johnson		51,981		5,229,288
Novartis AG (Switzerland)		24,866		2,460,245
				19,620,445

Property & Casualty Insurance–0.86%

Travelers Cos., Inc. (The)		34,998		3,784,334

Regional Banks–6.93%

Cullen/Frost Bankers, Inc.		22,086		1,525,701
Fifth Third Bancorp		184,717		3,481,915
KeyCorp		517,214		7,323,750
M&T Bank Corp.		37,753		4,794,631
SunTrust Banks, Inc.		112,810		4,635,363
Zions Bancorp.		330,865		8,933,355
				30,694,715

Restaurants–1.74%

Darden Restaurants, Inc.		111,241		7,713,451


	Shares		Value

Semiconductors–1.58%

Linear Technology Corp.		90,378	$	4,229,691
Texas Instruments Inc.		48,575		2,777,761
				7,007,452

Soft Drinks–2.20%

Coca-Cola Co. (The)		239,716		9,720,484

Specialized REIT’s–0.55%

Weyerhaeuser Co.		72,800		2,413,320

Systems Software–0.40%

Microsoft Corp.		43,403		1,764,549

Thrifts & Mortgage Finance–1.59%

Hudson City Bancorp, Inc.		673,231		7,055,461

Tobacco–1.78%

Altria Group, Inc.		90,788		4,541,216
Philip Morris International Inc.		44,497		3,351,959
				7,893,175

Total Common Stocks & Other Equity Interests (Cost $297,043,020)				413,537,459

Money Market Funds–6.23%

Liquid Assets Portfolio –Institutional Class ^(b)		13,805,061		13,805,061
Premier Portfolio –Institutional Class ^(b)		13,805,061		13,805,061

Total Money Market Funds (Cost $27,610,122)				27,610,122
TOTAL INVESTMENTS–99.63% (Cost $324,653,142)				441,147,581
OTHER ASSETS LESS LIABILITIES–0.37%				1,618,771
NET ASSETS–100.00%			$	442,766,352

Investment Abbreviations:


REIT		—Real Estate Investment Trust

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)	The money market fund and the Fund are affiliated by having the same investment adviser.

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Diversified Dividend Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco V.I. Diversified Dividend Fund

A.	Security Valuations – (continued)

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

E.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

Invesco V.I. Diversified Dividend Fund

E.	Forward Foreign Currency Contracts – (continued)

NOTE 2 — Additional Valuation Information


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 the Fund’s own 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.

During the three months ended March 31, 2015, there were transfers from Level 1 to Level 2 of $5,835,504 and from Level 2 to Level 1 of $37,667,434, due to foreign fair value adjustments.


	Level 1		Level 2		Level 3		Total
Equity Securities	$	429,614,633	$	11,532,948	$	—	$	441,147,581
Forward Foreign Currency Contracts*		—		222,181		—		222,181
Total Investments	$	429,614,633	$	11,755,129	$	—	$	441,369,762

* Unrealized appreciation.

Invesco V.I. Diversified Dividend Fund

NOTE 3 — Derivative Investments

Open Forward Foreign Currency Contracts

Settlement

Contract to

Notional

Unrealized

Date

Counterparty

Deliver

Receive

Value

Appreciation

05/22/2015

Citigroup Global Markets Inc.

EUR

8,099,574

USD

8,847,408

8,715,197

$ 132,211

05/22/2015

Deutsche Bank Securities Inc.

EUR

5,422,144

USD

5,924,234

5,834,264

89,970

Total Forward Foreign Currency Contracts - Currency Risk

$ 222,181

Currency Abbreviations:

EUR — Euro

USD — U.S. Dollar

NOTE 4 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $10,369,286 and $13,971,746, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	123,318,700
Aggregate unrealized (depreciation) of investment securities		(7,445,283)
Net unrealized appreciation of investment securities	$	115,873,417
Cost of investments for tax purposes is $325,274,164.

Invesco V.I. Diversified Dividend Fund

Invesco V.I. Equally-Weighted S&P 500 Fund

Quarterly Schedule of Portfolio Holdings

March 31, 2015

LOGO

invesco.com/us MS-VIEWSP-QTR-1 03/15

Invesco Advisers, Inc.

Schedule of Investments^(a)

March 31, 2015

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–98.44%

Advertising–0.40%

Interpublic Group of Cos., Inc. (The)		6,571	$	145,351

Omnicom Group Inc.		1,835		143,093

				288,444


Aerospace & Defense–2.18%

Boeing Co. (The)		933		140,025

General Dynamics Corp.		1,070		145,231

Honeywell International Inc.		1,398		145,826

L-3 Communications Holdings, Inc.		1,138		143,149

Lockheed Martin Corp.		717		145,522

Northrop Grumman Corp.		897		144,381

Precision Castparts Corp.		691		145,110

Raytheon Co.		1,328		145,084

Rockwell Collins, Inc.		1,517		146,466

Textron Inc.		3,306		146,555

United Technologies Corp.		1,191		139,585

				1,586,934


Agricultural & Farm Machinery–0.19%

Deere & Co.		1,582		138,726


Agricultural Products–0.20%

Archer-Daniels-Midland Co.		3,056		144,854


Air Freight & Logistics–0.76%

C.H. Robinson Worldwide, Inc.		1,927		141,095

Expeditors International of Washington, Inc.		2,945		141,890

FedEx Corp.		816		135,007

United Parcel Service, Inc. -Class B		1,435		139,109

				557,101


Airlines–0.59%

American Airlines Group Inc.		2,875		151,742

Delta Air Lines, Inc.		3,110		139,826

Southwest Airlines Co.		3,179		140,830

				432,398


Alternative Carriers–0.19%

Level 3 Communications, Inc. ^(b)		2,601		140,038


Aluminum–0.18%

Alcoa Inc.		10,430		134,756


Apparel Retail–1.00%

Gap, Inc. (The)		3,428		148,535

L Brands, Inc.		1,555		146,621

Ross Stores, Inc.		1,334		140,550

TJX Cos., Inc. (The)		2,085		146,054

Urban Outfitters, Inc. ^(b)		3,156		144,072

				725,832


	Shares		Value


Apparel, Accessories & Luxury Goods–1.61%

Coach, Inc.		3,431	$	142,146

Fossil Group, Inc. ^(b)		1,764		145,442

Hanesbrands, Inc.		4,340		145,433

Michael Kors Holdings Ltd. ^(b)		2,186		143,730

PVH Corp.		1,454		154,938

Ralph Lauren Corp.		1,088		143,072

Under Armour, Inc. -Class A ^(b)		1,860		150,195

VF Corp.		1,940		146,102

				1,171,058


Application Software–0.97%

Adobe Systems Inc. ^(b)		1,822		134,719

Autodesk, Inc. ^(b)		2,340		137,217

Citrix Systems, Inc. ^(b)		2,348		149,967

Intuit Inc.		1,447		140,301

salesforce.com, inc. ^(b)		2,191		146,381

				708,585


Asset Management & Custody Banks–1.92%

Affiliated Managers Group, Inc. ^(b)		670		143,903

Ameriprise Financial, Inc.		1,060		138,690

Bank of New York Mellon Corp. (The)		3,456		139,069

BlackRock, Inc.		384		140,483

Franklin Resources, Inc.		2,694		138,256

Invesco Ltd. ^(c)		3,505		139,113

Legg Mason, Inc.		2,528		139,546

Northern Trust Corp.		1,997		139,091

State Street Corp.		1,928		141,766

T. Rowe Price Group Inc.		1,721		139,367

				1,399,284


Auto Parts & Equipment–0.60%

BorgWarner, Inc.		2,407		145,576

Delphi Automotive PLC (United Kingdom)		1,842		146,881

Johnson Controls, Inc.		2,898		146,175

				438,632


Automobile Manufacturers–0.38%

Ford Motor Co.		8,737		141,015

General Motors Co.		3,719		139,463

				280,478


Automotive Retail–0.82%

AutoNation, Inc. ^(b)		2,300		147,959

AutoZone, Inc. ^(b)		216		147,347

CarMax, Inc. ^(b)		2,235		154,237

O’Reilly Automotive, Inc. ^(b)		672		145,313

				594,856

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Equally-Weighted S&P 500 Fund


	Shares		Value


Biotechnology–1.36%

Alexion Pharmaceuticals, Inc. ^(b)		799	$	138,467

Amgen Inc.		917		146,582

Biogen Inc. ^(b)		342		144,406

Celgene Corp. ^(b)		1,201		138,451

Gilead Sciences, Inc. ^(b)		1,420		139,345

Regeneron Pharmaceuticals, Inc. ^(b)		328		148,085

Vertex Pharmaceuticals Inc. ^(b)		1,140		134,486

				989,822


Brewers–0.19%

Molson Coors Brewing Co. -Class B		1,890		140,710


Broadcasting–0.56%

CBS Corp. -Class B		2,322		140,783

Discovery Communications, Inc. -Class A ^(b)		1,589		48,878

Discovery Communications, Inc. -Class C ^(b)		2,925		86,214

Scripps Networks Interactive Inc. -Class A		1,968		134,926

				410,801


Building Products–0.40%

Allegion PLC		2,433		148,827

Masco Corp.		5,348		142,791

				291,618


Cable & Satellite–0.77%

Cablevision Systems Corp. -Class A		7,925		145,027

Comcast Corp. -Class A		2,396		135,302

DIRECTV ^(b)		1,660		141,266

Time Warner Cable Inc.		912		136,691

				558,286


Casinos & Gaming–0.19%

Wynn Resorts Ltd.		1,113		140,104


Coal & Consumable Fuels–0.20%

CONSOL Energy Inc.		5,328		148,598


Commodity Chemicals–0.20%

LyondellBasell Industries N.V. -Class A		1,689		148,294


Communications Equipment–1.19%

Cisco Systems, Inc.		5,065		139,414

F5 Networks, Inc. ^(b)		1,259		144,709

Harris Corp.		1,968		155,000

Juniper Networks, Inc.		6,041		136,406

Motorola Solutions, Inc.		2,195		146,341

QUALCOMM, Inc.		2,062		142,979

				864,849


Computer & Electronics Retail–0.36%

Best Buy Co., Inc.		3,491		131,925

GameStop Corp. -Class A		3,477		131,987

				263,912


Construction & Engineering–0.60%

Fluor Corp.		2,506		143,243


	Shares		Value


Construction & Engineering–(continued)

Jacobs Engineering Group, Inc. ^(b)		3,274	$	147,854

Quanta Services, Inc. ^(b)		5,139		146,615

				437,712


Construction Machinery & Heavy Trucks–0.78%

Caterpillar Inc.		1,785		142,854

Cummins Inc.		1,020		141,413

Joy Global Inc.		3,625		142,027

PACCAR Inc.		2,292		144,717

				571,011


Construction Materials–0.38%

Martin Marietta Materials, Inc.		997		139,381

Vulcan Materials Co.		1,672		140,949

				280,330


Consumer Electronics–0.39%

Garmin Ltd.		2,948		140,089

Harman International Industries, Inc.		1,085		144,988

				285,077


Consumer Finance–0.77%

American Express Co.		1,755		137,101

Capital One Financial Corp.		1,768		139,354

Discover Financial Services		2,385		134,395

Navient Corp.		7,341		149,242

				560,092


Data Processing & Outsourced Services–2.16%

Alliance Data Systems Corp. ^(b)		498		147,532

Automatic Data Processing, Inc.		1,647		141,049

Computer Sciences Corp.		2,100		137,088

Fidelity National Information Services, Inc.		2,167		147,486

Fiserv, Inc. ^(b)		1,827		145,064

MasterCard, Inc. -Class A		1,612		139,261

Paychex, Inc.		2,835		140,659

Total System Services, Inc.		3,733		142,414

Visa Inc. -Class A		2,128		139,192

Western Union Co. (The)		7,254		150,956

Xerox Corp.		11,101		142,648

				1,573,349


Department Stores–0.60%

Kohl’s Corp.		1,910		149,458

Macy’s, Inc.		2,233		144,944

Nordstrom, Inc.		1,760		141,363

				435,765


Distillers & Vintners–0.39%

Brown-Forman Corp. -Class B		1,596		144,199

Constellation Brands, Inc. -Class A ^(b)		1,215		141,195

				285,394


Distributors–0.19%

Genuine Parts Co.		1,497		139,505

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Equally-Weighted S&P 500 Fund


	Shares		Value


Diversified Banks–1.14%

Bank of America Corp.		8,796	$	135,370

Citigroup Inc.		2,643		136,167

Comerica Inc.		3,083		139,136

JPMorgan Chase & Co.		2,320		140,546

U.S. Bancorp		3,195		139,526

Wells Fargo & Co.		2,547		138,557

				829,302


Diversified Chemicals–0.75%

Dow Chemical Co. (The)		3,007		144,276

E. I. du Pont de Nemours and Co.		1,757		125,573

Eastman Chemical Co.		2,032		140,736

FMC Corp.		2,349		134,480

				545,065


Diversified Metals & Mining–0.20%

Freeport-McMoRan Inc.		7,803		147,867


Diversified Support Services–0.19%

Cintas Corp.		1,713		139,832


Drug Retail–0.39%

CVS Health Corp.		1,370		141,398

Walgreens Boots Alliance, Inc.		1,689		143,024

				284,422


Electric Utilities–2.58%

American Electric Power Co., Inc.		2,558		143,887

Duke Energy Corp.		1,897		145,652

Edison International		2,252		140,682

Entergy Corp.		1,896		146,921

Eversource Energy		2,880		145,498

Exelon Corp.		4,369		146,842

FirstEnergy Corp.		4,090		143,395

NextEra Energy, Inc.		1,406		146,294

Pepco Holdings, Inc.		5,279		141,636

Pinnacle West Capital Corp.		2,279		145,286

PPL Corp.		4,450		149,787

Southern Co. (The)		3,220		142,582

Xcel Energy, Inc.		4,195		146,028

				1,884,490


Electrical Components & Equipment–0.79%

AMETEK, Inc.		2,715		142,646

Eaton Corp. PLC		2,113		143,557

Emerson Electric Co.		2,561		145,004

Rockwell Automation, Inc.		1,268		147,075

				578,282


Electronic Components–0.39%

Amphenol Corp. -Class A		2,442		143,907

Corning Inc.		6,154		139,573

				283,480


Electronic Equipment & Instruments–0.19%

FLIR Systems, Inc.		4,536		141,886


	Shares		Value


Electronic Manufacturing Services–0.20%

TE Connectivity Ltd. (Switzerland)		1,992	$	142,667


Environmental & Facilities Services–0.59%

Republic Services, Inc.		3,470		140,743

Stericycle, Inc. ^(b)		1,037		145,626

Waste Management, Inc.		2,654		143,926

				430,295


Fertilizers & Agricultural Chemicals–0.57%

CF Industries Holdings, Inc.		483		137,018

Monsanto Co.		1,210		136,173

Mosaic Co. (The)		3,022		139,193

				412,384


Food Distributors–0.19%

Sysco Corp.		3,669		138,431


Food Retail–0.38%

Kroger Co. (The)		1,853		142,051

Whole Foods Market, Inc.		2,610		135,929

				277,980


Footwear–0.20%

NIKE, Inc. -Class B		1,476		148,087


Gas Utilities–0.20%

AGL Resources Inc.		2,987		148,304


General Merchandise Stores–0.78%

Dollar General Corp. ^(b)		1,905		143,599

Dollar Tree, Inc. ^(b)		1,727		140,137

Family Dollar Stores, Inc.		1,784		141,364

Target Corp.		1,786		146,577

				571,677


Gold–0.19%

Newmont Mining Corp.		6,347		137,793


Health Care Distributors–1.00%

AmerisourceBergen Corp.		1,332		151,409

Cardinal Health, Inc.		1,605		144,883

Henry Schein, Inc. ^(b)		1,037		144,786

McKesson Corp.		629		142,280

Patterson Cos. Inc.		2,918		142,369

				725,727


Health Care Equipment–2.37%

Abbott Laboratories		3,018		139,824

Baxter International Inc.		2,101		143,918

Becton, Dickinson and Co.		998		143,303

Boston Scientific Corp. ^(b)		8,521		151,248

C.R. Bard, Inc.		853		142,750

Edwards Lifesciences Corp. ^(b)		1,045		148,871

Intuitive Surgical, Inc. ^(b)		286		144,439

Medtronic PLC		1,850		144,281

St. Jude Medical, Inc.		2,135		139,629

Stryker Corp.		1,549		142,895

Varian Medical Systems, Inc. ^(b)		1,514		142,452

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Equally-Weighted S&P 500 Fund


	Shares		Value


Health Care Equipment–(continued)

Zimmer Holdings, Inc.		1,217	$	143,022

				1,726,632


Health Care Facilities–0.61%

HCA Holdings, Inc. ^(b)		1,971		148,278

Tenet Healthcare Corp. ^(b)		2,992		148,134

Universal Health Services, Inc. -Class B		1,240		145,961

				442,373


Health Care REIT’s–0.61%

HCP, Inc.		3,521		152,143

Health Care REIT, Inc.		1,894		146,520

Ventas, Inc.		2,018		147,354

				446,017


Health Care Services–0.80%

DaVita HealthCare Partners Inc. ^(b)		1,750		142,240

Express Scripts Holding Co. ^(b)		1,738		150,806

Laboratory Corp. of America Holdings ^(b)		1,143		144,121

Quest Diagnostics Inc.		1,934		148,628

				585,795


Health Care Supplies–0.20%

DENTSPLY International Inc.		2,800		142,492


Health Care Technology–0.20%

Cerner Corp. ^(b)		2,011		147,326


Home Entertainment Software–0.21%

Electronic Arts Inc. ^(b)		2,559		150,508


Home Furnishings–0.40%

Leggett & Platt, Inc.		3,112		143,432

Mohawk Industries, Inc. ^(b)		792		147,114

				290,546


Home Improvement Retail–0.39%

Home Depot, Inc. (The)		1,232		139,968

Lowe’s Cos., Inc.		1,908		141,936

				281,904


Homebuilding–0.62%

D.R. Horton, Inc.		5,371		152,966

Lennar Corp. -Class A		2,876		149,006

PulteGroup Inc.		6,723		149,452

				451,424


Homefurnishing Retail–0.20%

Bed Bath & Beyond Inc. ^(b)		1,893		145,335


Hotel and Resort REIT’s–0.19%

Host Hotels & Resorts Inc.		6,804		137,305


Hotels, Resorts & Cruise Lines–1.00%

Carnival Corp.		3,122		149,357

Marriott International Inc. -Class A		1,723		138,391

Royal Caribbean Cruises Ltd.		1,824		149,294

Starwood Hotels & Resorts Worldwide, Inc.		1,751		146,209


	Shares		Value


Hotels, Resorts & Cruise Lines–(continued)

Wyndham Worldwide Corp.		1,579	$	142,852

				726,103


Household Appliances–0.20%

Whirlpool Corp.		715		144,473


Household Products–0.78%

Clorox Co. (The)		1,300		143,507

Colgate-Palmolive Co.		2,067		143,326

Kimberly-Clark Corp.		1,337		143,206

Procter & Gamble Co. (The)		1,728		141,592

				571,631


Housewares & Specialties–0.20%

Newell Rubbermaid Inc.		3,666		143,231


Human Resource & Employment Services–0.19%

Robert Half International, Inc.		2,350		142,222


Hypermarkets & Super Centers–0.39%

Costco Wholesale Corp.		947		143,466

Wal-Mart Stores, Inc.		1,731		142,374

				285,840


Independent Power Producers & Energy Traders–0.42%

AES Corp. (The)		11,874		152,581

NRG Energy, Inc.		6,030		151,896

				304,477


Industrial Conglomerates–0.78%

3M Co.		870		143,507

Danaher Corp.		1,660		140,934

General Electric Co. ^(d)		5,652		140,226

Roper Industries, Inc.		847		145,684

				570,351


Industrial Gases–0.56%

Air Products and Chemicals, Inc.		930		140,690

Airgas, Inc.		1,231		130,622

Praxair, Inc.		1,142		137,885

				409,197


Industrial Machinery–1.94%

Dover Corp.		1,986		137,272

Flowserve Corp.		2,510		141,790

Illinois Tool Works Inc.		1,448		140,659

Ingersoll-Rand PLC		2,104		143,240

Pall Corp.		1,420		142,554

Parker Hannifin Corp.		1,201		142,655

Pentair PLC (United Kingdom)		2,219		139,553

Snap-on Inc.		992		145,883

Stanley Black & Decker Inc.		1,470		140,179

Xylem, Inc.		4,089		143,197

				1,416,982


Industrial REIT’s–0.20%

Prologis, Inc.		3,339		145,447

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Equally-Weighted S&P 500 Fund


	Shares		Value


Insurance Brokers–0.39%

Aon PLC		1,460	$	140,335

Marsh & McLennan Cos., Inc.		2,522		141,459

				281,794


Integrated Oil & Gas–0.78%

Chevron Corp.		1,392		146,132

Exxon Mobil Corp.		1,686		143,310

Hess Corp.		2,056		139,541

Occidental Petroleum Corp.		1,944		141,912

				570,895


Integrated Telecommunication Services–0.96%

AT&T Inc.		4,320		141,048

CenturyLink Inc.		4,112		142,070

Frontier Communications Corp.		19,443		137,073

Verizon Communications Inc.		2,897		140,881

Windstream Holdings Inc.		18,772		138,913

				699,985


Internet Retail–0.97%

Amazon.com, Inc. ^(b)		381		141,770

Expedia, Inc.		1,548		145,713

Netflix Inc. ^(b)		322		134,174

Priceline Group Inc. (The) ^(b)		122		142,026

TripAdvisor Inc. ^(b)		1,714		142,554

				706,237


Internet Software & Services–1.38%

Akamai Technologies, Inc. ^(b)		1,998		141,948

eBay Inc. ^(b)		2,396		138,201

Equinix, Inc.		613		142,737

Facebook Inc. -Class A ^(b)		1,812		148,974

Google Inc. -Class A ^(b)		128		71,002

Google Inc. -Class C ^(b)		128		70,144

VeriSign, Inc. ^(b)		2,224		148,941

Yahoo! Inc. ^(b)		3,301		146,680

				1,008,627


Investment Banking & Brokerage–0.78%

Charles Schwab Corp. (The)		4,658		141,789

E*TRADE Financial Corp. ^(b)		5,059		144,460

Goldman Sachs Group, Inc. (The)		747		140,414

Morgan Stanley		3,894		138,977

				565,640


IT Consulting & Other Services–0.81%

Accenture PLC -Class A		1,610		150,841

Cognizant Technology Solutions Corp. -Class A ^(b)		2,314		144,370

International Business Machines Corp.		917		147,179

Teradata Corp. ^(b)		3,358		148,222

				590,612


	Shares		Value


Leisure Products–0.38%

Hasbro, Inc.		2,330	$	147,349

Mattel, Inc.		5,652		129,148

				276,497


Life & Health Insurance–1.37%

Aflac, Inc.		2,278		145,815

Lincoln National Corp.		2,455		141,064

MetLife, Inc.		2,756		139,316

Principal Financial Group, Inc.		2,805		144,093

Prudential Financial, Inc.		1,743		139,980

Torchmark Corp.		2,641		145,044

Unum Group		4,270		144,027

				999,339


Life Sciences Tools & Services–0.81%

Agilent Technologies, Inc.		3,462		143,846

PerkinElmer, Inc.		2,982		152,500

Thermo Fisher Scientific, Inc.		1,110		149,117

Waters Corp. ^(b)		1,169		145,330

				590,793


Managed Health Care–1.01%

Aetna Inc.		1,359		144,774

Anthem, Inc.		943		145,609

Cigna Corp.		1,151		148,985

Humana Inc.		849		151,139

UnitedHealth Group Inc.		1,227		145,142

				735,649


Metal & Glass Containers–0.40%

Ball Corp.		2,046		144,529

Owens-Illinois, Inc. ^(b)		6,194		144,444

				288,973


Motorcycle Manufacturers–0.20%

Harley-Davidson, Inc.		2,407		146,201


Movies & Entertainment–0.77%

Time Warner Inc.		1,682		142,028

Twenty-First Century Fox, Inc. -Class A		4,160		140,774

Viacom Inc. -Class B		2,077		141,859

Walt Disney Co. (The)		1,329		139,399

				564,060


Multi-Line Insurance–0.97%

American International Group, Inc.		2,559		140,208

Assurant, Inc.		2,311		141,918

Genworth Financial Inc. -Class A ^(b)		19,258		140,776

Hartford Financial Services Group, Inc. (The)		3,365		140,724

Loews Corp.		3,544		144,702

				708,328


Multi-Sector Holdings–0.38%

Berkshire Hathaway Inc. -Class B ^(b)		983		141,867

Leucadia National Corp.		6,000		133,740

				275,607

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Equally-Weighted S&P 500 Fund


	Shares		Value


Multi-Utilities–2.79%

Ameren Corp.		3,440	$	145,168

CenterPoint Energy, Inc.		6,890		140,625

CMS Energy Corp.		4,226		147,530

Consolidated Edison, Inc.		2,326		141,886

Dominion Resources, Inc.		2,052		145,425

DTE Energy Co.		1,820		146,856

Integrys Energy Group, Inc.		1,987		143,104

NiSource Inc.		3,422		151,115

PG&E Corp.		2,732		144,987

Public Service Enterprise Group Inc.		3,489		146,259

SCANA Corp.		2,691		147,978

Sempra Energy		1,330		144,997

TECO Energy, Inc.		7,528		146,043

Wisconsin Energy Corp.		2,935		145,282

				2,037,255


Office REIT’s–0.60%

Boston Properties, Inc.		1,040		146,099

SL Green Realty Corp.		1,110		142,502

Vornado Realty Trust		1,333		149,296

				437,897


Office Services & Supplies–0.20%

Pitney Bowes Inc.		6,307		147,079


Oil & Gas Drilling–1.02%

Diamond Offshore Drilling, Inc.		5,298		141,933

Ensco PLC -Class A		6,917		145,741

Helmerich & Payne, Inc.		2,267		154,315

Noble Corp. PLC		10,438		149,055

Transocean Ltd.		10,407		152,671

				743,715


Oil & Gas Equipment & Services–1.22%

Baker Hughes Inc.		2,404		152,846

Cameron International Corp. ^(b)		3,290		148,445

FMC Technologies, Inc. ^(b)		3,861		142,896

Halliburton Co.		3,507		153,887

National Oilwell Varco Inc.		2,884		144,171

Schlumberger Ltd.		1,759		146,771

				889,016


Oil & Gas Exploration & Production–3.48%

Anadarko Petroleum Corp.		1,804		149,389

Apache Corp.		2,384		143,827

Cabot Oil & Gas Corp.		5,033		148,625

Chesapeake Energy Corp.		10,256		145,225

Cimarex Energy Co.		1,325		152,494

ConocoPhillips		2,296		142,949

Devon Energy Corp.		2,452		147,880

EOG Resources, Inc.		1,656		151,839

EQT Corp.		1,855		153,724

Marathon Oil Corp.		5,489		143,318

Murphy Oil Corp.		3,022		140,825

Newfield Exploration Co. ^(b)		4,513		158,361

Noble Energy, Inc.		3,219		157,409

Pioneer Natural Resources Co.		914		149,448

QEP Resources Inc.		6,934		144,574

Range Resources Corp.		3,124		162,573


	Shares		Value


Oil & Gas Exploration & Production–(continued)

Southwestern Energy Co. ^(b)		6,333	$	146,862

				2,539,322


Oil & Gas Refining & Marketing–0.83%

Marathon Petroleum Corp.		1,470		150,513

Phillips 66		1,896		149,026

Tesoro Corp.		1,640		149,716

Valero Energy Corp.		2,418		153,833

				603,088


Oil & Gas Storage & Transportation–0.83%

Kinder Morgan Inc.		3,545		149,103

ONEOK, Inc.		3,154		152,149

Spectra Energy Corp.		4,187		151,444

Williams Cos., Inc. (The)		3,067		155,159

				607,855


Packaged Foods & Meats–2.68%

Campbell Soup Co.		3,126		145,515

ConAgra Foods, Inc.		4,170		152,330

General Mills, Inc.		2,726		154,292

Hershey Co. (The)		1,416		142,889

Hormel Foods Corp.		2,561		145,593

JM Smucker Co. (The)		1,274		147,440

Kellogg Co.		2,277		150,168

Keurig Green Mountain Inc.		1,134		126,702

Kraft Foods Group, Inc.		2,295		199,929

McCormick & Co., Inc.		1,966		151,598

Mead Johnson Nutrition Co.		1,423		143,054

Mondelez International Inc. -Class A		4,101		148,005

Tyson Foods, Inc. -Class A		3,781		144,812

				1,952,327


Paper Packaging–0.58%

Avery Dennison Corp.		2,728		144,338

MeadWestvaco Corp.		2,779		138,589

Sealed Air Corp.		3,096		141,054

				423,981


Paper Products–0.20%

International Paper Co.		2,587		143,553


Personal Products–0.20%

Estee Lauder Cos. Inc. (The) -Class A		1,756		146,029


Pharmaceuticals–2.54%

AbbVie Inc.		2,440		142,838

Actavis PLC ^(b)		474		140,939

Bristol-Myers Squibb Co.		2,116		136,482

Eli Lilly and Co.		2,025		147,116

Endo International PLC ^(b)		1,620		145,314

Hospira, Inc. ^(b)		1,615		141,862

Johnson & Johnson		1,426		143,456

Mallinckrodt PLC ^(b)		1,139		144,254

Merck & Co., Inc.		2,518		144,735

Mylan N.V. ^(b)		2,368		140,541

Perrigo Co. PLC		850		140,717

Pfizer Inc.		4,163		144,831

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Equally-Weighted S&P 500 Fund


	Shares		Value


Pharmaceuticals–(continued)

Zoetis Inc.		3,046	$	140,999

				1,854,084


Property & Casualty Insurance–1.38%

ACE Ltd.		1,266		141,146

Allstate Corp. (The)		2,029		144,404

Chubb Corp. (The)		1,410		142,551

Cincinnati Financial Corp.		2,664		141,938

Progressive Corp. (The)		5,342		145,303

Travelers Cos., Inc. (The)		1,325		143,272

XL Group PLC		3,911		143,925

				1,002,539


Publishing–0.39%

Gannett Co., Inc.		3,980		147,578

News Corp. -Class A ^(b)		8,475		135,685

				283,263


Railroads–0.73%

CSX Corp.		4,147		137,348

Kansas City Southern		1,236		126,171

Norfolk Southern Corp.		1,302		134,002

Union Pacific Corp.		1,235		133,763

				531,284


Real Estate Services–0.22%

CBRE Group, Inc. -Class A ^(b)		4,098		158,634


Regional Banks–1.72%

BB&T Corp.		3,653		142,431

Fifth Third Bancorp		7,417		139,810

Huntington Bancshares Inc.		12,728		140,644

KeyCorp		9,755		138,131

M&T Bank Corp.		1,129		143,383

PNC Financial Services Group, Inc. (The)		1,478		137,809

Regions Financial Corp.		14,283		134,974

SunTrust Banks, Inc.		3,335		137,035

Zions Bancorp.		5,129		138,483

				1,252,700


Research & Consulting Services–0.59%

Dun & Bradstreet Corp. (The)		1,107		142,094

Equifax Inc.		1,543		143,499

Nielsen N.V.		3,322		148,062

				433,655


Residential REIT’s–0.79%

Apartment Investment & Management Co. -Class A		3,687		145,120

AvalonBay Communities, Inc.		828		144,279

Equity Residential		1,836		142,951

Essex Property Trust, Inc.		619		142,308

				574,658


Restaurants–0.99%

Chipotle Mexican Grill, Inc. ^(b)		209		135,963

Darden Restaurants, Inc.		2,243		155,530

McDonald’s Corp.		1,468		143,042


	Shares		Value


Restaurants–(continued)

Starbucks Corp.		1,516	$	143,565

Yum! Brands, Inc.		1,825		143,664

				721,764


Retail REIT’s–0.77%

General Growth Properties, Inc.		4,773		141,042

Kimco Realty Corp.		5,408		145,205

Macerich Co. (The)		1,498		126,326

Simon Property Group, Inc.		768		150,252

				562,825


Security & Alarm Services–0.41%

ADT Corp. (The) ^(d)		3,686		153,042

Tyco International PLC		3,363		144,811

				297,853


Semiconductor Equipment–0.54%

Applied Materials, Inc.		5,839		131,728

KLA-Tencor Corp.		2,331		135,874

Lam Research Corp.		1,797		126,212

				393,814


Semiconductors–2.58%

Altera Corp.		4,037		173,228

Analog Devices, Inc.		2,460		154,980

Avago Technologies Ltd. (Singapore)		1,131		143,614

Broadcom Corp. -Class A		3,185		137,895

First Solar, Inc. ^(b)		2,335		139,610

Intel Corp. ^(d)		4,576		143,091

Linear Technology Corp.		3,012		140,962

Microchip Technology Inc.		2,857		139,707

Micron Technology, Inc. ^(b)		4,928		133,697

NVIDIA Corp.		6,235		130,467

Skyworks Solutions, Inc.		1,522		149,597

Texas Instruments Inc.		2,475		141,533

Xilinx, Inc.		3,559		150,546

				1,878,927


Soft Drinks–1.00%

Coca-Cola Co. (The)		3,545		143,750

Coca-Cola Enterprises, Inc.		3,381		149,440

Dr Pepper Snapple Group, Inc.		1,844		144,717

Monster Beverage Corp. ^(b)		1,044		144,485

PepsiCo, Inc.		1,499		143,334

				725,726


Specialized Consumer Services–0.20%

H&R Block, Inc.		4,449		142,679


Specialized Finance–0.98%

CME Group Inc. -Class A		1,461		138,371

Intercontinental Exchange, Inc.		617		143,928

McGraw Hill Financial, Inc.		1,356		140,210

Moody’s Corp.		1,463		151,860

NASDAQ OMX Group, Inc. (The)		2,816		143,447

				717,816

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Equally-Weighted S&P 500 Fund


	Shares		Value


Specialized REIT’s–1.17%

American Tower Corp.		1,501	$	141,319

Crown Castle International Corp.		1,666		137,512

Iron Mountain Inc.		3,856		140,667

Plum Creek Timber Co., Inc.		3,363		146,122

Public Storage		750		147,855

Weyerhaeuser Co.		4,281		141,915

				855,390


Specialty Chemicals–0.97%

Ecolab Inc.		1,235		141,259

International Flavors & Fragrances Inc.		1,198		140,645

PPG Industries, Inc.		622		140,286

Sherwin-Williams Co. (The)		495		140,828

Sigma-Aldrich Corp.		1,025		141,706

				704,724


Specialty Stores–0.59%

Staples, Inc.		8,840		143,959

Tiffany & Co.		1,649		145,129

Tractor Supply Co.		1,640		139,498

				428,586


Steel–0.39%

Allegheny Technologies, Inc.		4,755		142,697

Nucor Corp.		3,024		143,731

				286,428


Systems Software–1.01%

CA, Inc.		4,509		147,038

Microsoft Corp.		3,419		138,999

Oracle Corp.		3,324		143,431

Red Hat, Inc. ^(b)		2,139		162,029

Symantec Corp.		6,059		141,569

				733,066


Technology Hardware, Storage & Peripherals–1.28%

Apple Inc.		1,144		142,348

EMC Corp.		5,443		139,123

Hewlett-Packard Co. ^(d)		4,364		135,982

NetApp, Inc.		3,844		136,308

SanDisk Corp.		1,687		107,327

Seagate Technology PLC		2,632		136,943

Western Digital Corp.		1,455		132,420

				930,451


Thrifts & Mortgage Finance–0.39%

Hudson City Bancorp, Inc.		13,863		145,284

People’s United Financial Inc.		9,390		142,728

				288,012


Tires & Rubber–0.21%

Goodyear Tire & Rubber Co. (The)		5,608		151,865


Tobacco–0.76%

Altria Group, Inc.		2,755		137,805

Lorillard, Inc.		2,114		138,150

Philip Morris International Inc.		1,821		137,176


	Shares		Value


Tobacco –(continued)

Reynolds American Inc.		2,025	$	139,543

				552,674


Trading Companies & Distributors–0.60%

Fastenal Co.		3,466		143,614

United Rentals, Inc. ^(b)		1,611		146,859

W.W. Grainger, Inc.		613		144,551

				435,024


Trucking–0.20%

Ryder System, Inc.		1,519		144,138

Total Common Stocks & Other Equity Interests (Cost $29,038,236)				71,765,720


Money Market Funds–1.60%

Liquid Assets Portfolio –Institutional Class ^(e)		581,270		581,270

Premier Portfolio –Institutional Class ^(e)		581,271		581,271

Total Money Market Funds (Cost $1,162,541)				1,162,541

TOTAL INVESTMENTS–100.04% (Cost $30,200,777)				72,928,261

OTHER ASSETS LESS LIABILITIES–(0.04)%				(27,826)

NET ASSETS–100.00%			$	72,900,435

Investment Abbreviations:

REIT —Real Estate Investment Trust

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)	The Fund’s Adviser is a subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated with the Fund. See Note 3.

^(d)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1D and Note 4.

^(e)	The money market fund and the Fund are affiliated by having the same investment adviser.

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Equally-Weighted S&P 500 Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 -- Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco V.I. Equally-Weighted S&P 500 Fund

A.	Security Valuations – (continued)

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

Collateral – To the extent the Fund has pledged or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

Invesco V.I. Equally-Weighted S&P 500 Fund

NOTE 2 -- Additional Valuation Information


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 the Fund’s own 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.


	Level 1		Level 2		Level 3		Total
Equity Securities	$	72,928,261	$	--	$	--	$	72,928,261
Futures Contracts*		(3,767)		--		--		(3,767)
Total Investments	$	72,924,494	$	--	$	--	$	72,924,494

* Unrealized appreciation (depreciation).

NOTE 3 -- Investments in Affiliates

The Fund’s Adviser is a subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated with the Fund. The following is a summary of the transactions in, and earnings from, investments in Invesco Ltd. for the three months ended March 31, 2015.

Value

12/31/14

Purchases
at Cost

Proceeds
from Sales

Change in
Unrealized
Appreciation

Realized
Gain

Value

03/31/15

Dividend Income

Invesco Ltd.

$ 138,004

$ 2,338

$ (1,800)

$ 567

$ 4

$ 139,113

$ 873

NOTE 4 -- Derivative Investments


	Open Futures Contracts - Market Risk
Futures Contracts	Type of Contract	Number of Contracts	Expiration Month	Notional Value	Unrealized Appreciation (Depreciation)
E-Mini S&P 500 Index	Long	11	June-2015	$ 1,133,440	$ (3,767)

Invesco V.I. Equally-Weighted S&P 500 Fund

NOTE 5 -- Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $5,229,932 and $4,155,602, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	42,390,695
Aggregate unrealized (depreciation) of investment securities		(702,989)
Net unrealized appreciation of investment securities	$	41,687,706
Cost of investments for tax purposes is $31,240,555.

Invesco V.I. Equally-Weighted S&P 500 Fund


Invesco V.I. Equity and Income Fund Quarterly Schedule of Portfolio Holdings March 31, 2015




invesco.com/us	VK-VIEQI-QTR-1 03/15	Invesco Advisers, Inc.

Schedule of Investments^(a)

March 31, 2015

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–64.35%

Aerospace & Defense–0.93%

General Dynamics Corp.		94,316	$	12,801,511

Agricultural Products–0.72%

Archer-Daniels-Midland Co.		210,136		9,960,446

Application Software–1.19%

Adobe Systems Inc. ^(b)		110,452		8,166,821
Citrix Systems, Inc. ^(b)		128,641		8,216,301
				16,383,122

Asset Management & Custody Banks–1.63%

Northern Trust Corp.		135,205		9,417,028
State Street Corp.		177,163		13,026,796
				22,443,824

Automobile Manufacturers–0.83%

General Motors Co.		305,221		11,445,787

Biotechnology–0.84%

Amgen Inc.		72,785		11,634,682

Broadcasting–0.18%

CBS Corp. -Class B		41,560		2,519,783

Cable & Satellite–1.77%

Comcast Corp. -Class A		263,888		14,901,756
Time Warner Cable Inc.		63,372		9,498,195
				24,399,951

Communications Equipment–0.92%

Cisco Systems, Inc.		462,206		12,722,220

Construction Machinery & Heavy Trucks–0.48%

Caterpillar Inc.		82,040		6,565,661

Consumer Finance–0.14%

Synchrony Financial ^(b)		62,925		1,909,774

Diversified Banks–7.93%

Bank of America Corp.		1,298,138		19,978,344
Citigroup Inc.		800,114		41,221,873
Comerica Inc.		195,788		8,835,912
JPMorgan Chase & Co.		644,434		39,039,812
				109,075,941

Diversified Chemicals–0.35%

Dow Chemical Co. (The)		99,098		4,754,722

Electric Utilities–0.37%

FirstEnergy Corp.		146,136		5,123,528


	Shares		Value

Electronic Components–0.74%

Corning Inc.		446,606	$	10,129,024

General Merchandise Stores–1.30%

Target Corp.		218,398		17,923,924

Health Care Equipment–1.24%

Baxter International Inc.		71,017		4,864,664
Medtronic PLC		157,035		12,247,160
				17,111,824

Health Care Services–0.54%

Express Scripts Holding Co. ^(b)		85,926		7,455,799

Hotels, Resorts & Cruise Lines–1.12%

Carnival Corp.		322,574		15,431,940

Household Products–0.77%

Procter & Gamble Co. (The)		128,846		10,557,641

Hypermarkets & Super Centers–1.10%

Wal-Mart Stores, Inc.		184,731		15,194,125

Industrial Conglomerates–1.90%

General Electric Co.		1,052,319		26,108,034

Industrial Machinery–0.85%

Ingersoll-Rand PLC		171,951		11,706,424

Insurance Brokers–2.04%

Aon PLC		100,224		9,633,531
Marsh & McLennan Cos., Inc.		177,335		9,946,720
Willis Group Holdings PLC		176,637		8,510,371
				28,090,622

Integrated Oil & Gas–3.40%

Exxon Mobil Corp.		98,031		8,332,635
Occidental Petroleum Corp.		101,150		7,383,950
Royal Dutch Shell PLC -Class A (United Kingdom)		683,934		20,332,582
TOTAL S.A. (France)		217,073		10,800,441
				46,849,608

Integrated Telecommunication Services–1.10%

Koninklijke KPN N.V. (Netherlands)		649,968		2,199,388
Orange S.A. (France)		145,296		2,337,866
Telecom Italia S.p.A. (Italy)^(b)		1,357,396		1,593,744
Telefónica, S.A. (Spain)		98,339		1,399,265
Telefónica, S.A. -Rts. (Spain)^(b)		98,339		15,860
Verizon Communications Inc.		155,411		7,557,637
				15,103,760

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Equity and Income Fund


	Shares		Value

Internet Software & Services–1.09%

eBay Inc. ^(b)		259,961	$	14,994,550

Investment Banking & Brokerage–3.08%

Charles Schwab Corp. (The)		369,579		11,249,985
Goldman Sachs Group, Inc. (The)		52,202		9,812,410
Morgan Stanley		597,545		21,326,381
				42,388,776

IT Consulting & Other Services–0.72%

Amdocs Ltd.		181,901		9,895,414

Managed Health Care–1.54%

Anthem, Inc.		66,199		10,221,788
UnitedHealth Group Inc.		93,195		11,024,036
				21,245,824

Movies & Entertainment–0.89%

Time Warner Inc.		71,742		6,057,895
Viacom Inc. -Class B		90,327		6,169,334
				12,227,229

Multi-Utilities–0.45%

PG&E Corp.		116,033		6,157,871

Oil & Gas Drilling–0.29%

Ensco PLC -Class A		188,652		3,974,898

Oil & Gas Equipment & Services–0.84%

Baker Hughes Inc.		181,332		11,529,089

Oil & Gas Exploration & Production–1.87%

Anadarko Petroleum Corp.		88,545		7,332,412
Apache Corp.		162,206		9,785,888
Canadian Natural Resources Ltd. (Canada)		280,047		8,583,155
				25,701,455

Other Diversified Financial Services–0.96%

Voya Financial, Inc.		305,434		13,167,260

Packaged Foods & Meats–1.34%

Mondelez International Inc. -Class A		296,827		10,712,486
Unilever N.V. -New York Shares (United Kingdom)		183,672		7,670,143
				18,382,629

Pharmaceuticals–5.16%

Eli Lilly and Co.		179,756		13,059,273
Merck & Co., Inc.		239,674		13,776,462
Novartis AG (Switzerland)		130,853		12,946,610
Novartis AG -ADR (Switzerland)		9,822		968,548
Pfizer Inc.		220,562		7,673,352
Sanofi (France)		97,943		9,637,245
Teva Pharmaceutical Industries Ltd. - ADR (Israel)		208,741		13,004,564
				71,066,054


	Shares		Value

Publishing–0.55%

Thomson Reuters Corp.		188,330	$	7,635,201

Railroads–0.73%

CSX Corp.		301,854		9,997,404

Regional Banks–3.57%

BB&T Corp.		200,415		7,814,181
Citizens Financial Group Inc.		436,379		10,529,825
Fifth Third Bancorp		431,098		8,126,197
First Horizon National Corp.		425,184		6,075,879
PNC Financial Services Group, Inc. (The)		177,494		16,549,541
				49,095,623

Security & Alarm Services–0.74%

Tyco International PLC		235,899		10,157,811

Semiconductor Equipment–0.89%

Applied Materials, Inc.		541,226		12,210,059

Semiconductors–1.45%

Broadcom Corp. -Class A		209,918		9,088,400
Intel Corp.		345,549		10,805,317
				19,893,717

Specialized Finance–0.47%

CME Group Inc. -Class A		68,037		6,443,784

Systems Software–1.52%

Microsoft Corp.		236,542		9,616,615
Symantec Corp.		482,916		11,283,332
				20,899,947

Technology Hardware, Storage & Peripherals–0.50%

NetApp, Inc.		195,977		6,949,344

Tobacco–0.70%

Philip Morris International Inc.		128,031		9,644,575

Wireless Telecommunication Services–0.62%

Vodafone Group PLC -ADR (United Kingdom)		260,476		8,512,356
Total Common Stocks & Other Equity Interests (Cost $693,668,165)				885,574,547

	Principal Amount

Bonds and Notes–19.24%

Advertising–0.03%

Interpublic Group of Cos., Inc. (The), Sr. Unsec. Global Notes, 2.25%, 11/15/17	$	370,000		373,653

Aerospace & Defense–0.07%

L-3 Communications Corp., Sr. Unsec. Gtd. Global Notes, 3.95%, 05/28/24		435,000		446,585

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Equity and Income Fund


	Principal Amount		Value

Aerospace & Defense–(continued)

Northrop Grumman Corp., Sr. Unsec. Global Notes, 3.85%, 04/15/45	$	190,000	$	187,566
Precision Castparts Corp., Sr. Unsec. Global Notes, 2.50%, 01/15/23		365,000		360,281
				994,432

Agricultural & Farm Machinery–0.09%

Deere & Co., Sr. Unsec. Notes, 2.60%, 06/08/22		1,275,000		1,282,878

Agricultural Products–0.20%

Bunge Ltd Finance Corp., Sr. Unsec. Gtd. Global Notes, 5.10%, 07/15/15		2,360,000		2,387,666
Ingredion Inc., Sr. Unsec. Notes, 6.63%, 04/15/37		255,000		325,932
				2,713,598

Air Freight & Logistics–0.32%

FedEx Corp., Sr. Unsec. Gtd. Bonds, 4.90%, 01/15/34		440,000		497,393
Sr. Unsec. Gtd. Notes, 5.10%, 01/15/44		910,000		1,060,778
UTi Worldwide Inc., Sr. Unsec. Conv. Bonds, 4.50%, 03/01/19		2,471,000		2,782,964
				4,341,135

Airlines–0.19%

American Airlines Pass Through Trust, Series 2014-1, Class A, Sr. Sec. Pass Through Ctfs., 3.70%, 10/01/26		450,000		466,594
Continental Airlines Pass Through Trust, Series 2010-1, Class A, Sr. Sec. Pass Through Ctfs., 4.75%, 01/12/21		251,775		270,343
Series 2012-1, Class A, Sr. Sec. Pass Through Ctfs., 4.15%, 04/11/24		472,348		502,460
Delta Air Lines Pass Through Trust, Series 2010-1, Class A, Sr. Sec. Pass Through Ctfs., 6.20%, 07/02/18		154,624		169,990
United Airlines Pass Through Trust, Series 2014-2, Class A, Sr. Sec. Pass Through Ctfs., 3.75%, 09/03/26		545,000		571,228
Virgin Australia Pass Through Trust (Australia), Series 2013-1, Class A, Sec. Gtd. Pass Through Ctfs., 5.00%, 10/23/23^(c)		597,041		627,639
				2,608,254

Airport Services–0.04%

Heathrow Funding Ltd. (United Kingdom), Sr. Sec. Notes, 2.50%, 06/25/15^(c)		535,000		528,772


	Principal Amount		Value

Apparel Retail–0.03%

Ross Stores, Inc., Sr. Unsec. Notes, 3.38%, 09/15/24	$	358,000	$	367,328

Application Software–0.37%

Adobe Systems, Inc., Sr. Unsec. Global Notes, 4.75%, 02/01/20		185,000		207,535
Citrix Systems Inc., Sr. Unsec. Conv. Notes, 0.50%, 04/15/19^(c)		4,600,000		4,847,250
				5,054,785

Asset Management & Custody Banks–0.10%

Apollo Management Holdings L.P., Sr. Unsec. Gtd. Notes, 4.00%, 05/30/24^(c)		425,000		439,051
KKR Group Finance Co III LLC, Sr. Unsec. Gtd. Bonds, 5.13%, 06/01/44^(c)		935,000		972,665
				1,411,716

Automobile Manufacturers–0.29%

Daimler Finance North America LLC (Germany), Sr. Unsec. Gtd. Notes, 1.88%, 01/11/18^(c)		555,000		562,545
Ford Motor Co., Sr. Unsec. Global Notes, 4.75%, 01/15/43		1,000,000		1,092,700
Ford Motor Credit Co. LLC, Sr. Unsec. Global Notes, 2.50%, 01/15/16		765,000		773,438
Sr. Unsec. Notes, 2.75%, 05/15/15		1,500,000		1,503,121
				3,931,804

Automotive Retail–0.08%

Advance Auto Parts, Inc., Sr. Unsec. Gtd. Notes, 4.50%, 12/01/23		660,000		709,131
5.75%, 05/01/20		399,000		451,640
				1,160,771

Biotechnology–0.43%

BioMarin Pharmaceutical Inc., Sr. Unsec. Sub. Conv. Notes, 1.50%, 10/15/20		2,182,000		3,315,276
Celgene Corp., Sr. Unsec. Global Notes, 4.00%, 08/15/23		485,000		524,518
4.63%, 05/15/44		1,390,000		1,485,681
Gilead Sciences, Inc., Sr. Unsec. Global Bonds, 2.05%, 04/01/19		645,000		654,914
				5,980,389

Brewers–0.08%

Anheuser-Busch InBev Worldwide, Inc. (Belgium), Sr. Unsec. Gtd. Global Notes, 0.80%, 07/15/15		325,000		325,394
3.63%, 04/15/15		395,000		395,336

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Equity and Income Fund


	Principal Amount		Value

Brewers–(continued)

FBG Finance Pty Ltd. (Australia), Sr. Unsec. Gtd. Notes, 5.13%, 06/15/15^(c)	$	325,000	$	326,771
				1,047,501

Broadcasting–0.47%

Grupo Televisa S.A.B. (Mexico), Sr. Unsec. Global Notes, 5.00%, 05/13/45		350,000		363,086
Liberty Media Corp., Sr. Unsec. Conv. Bonds, 1.38%, 10/15/23		6,063,000		6,081,947
				6,445,033

Cable & Satellite–0.20%

Comcast Corp., Sr. Unsec. Gtd. Global Notes, 4.25%, 01/15/33		115,000		124,239
5.70%, 05/15/18		445,000		502,172
Sr. Unsec. Gtd. Notes, 6.45%, 03/15/37		305,000		413,884
Cox Communications, Inc., Sr. Unsec. Notes, 4.70%, 12/15/42^(c)		440,000		448,754
8.38%, 03/01/39^(c)		80,000		115,058
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., Sr. Unsec. Gtd. Global Notes, 5.15%, 03/15/42		90,000		94,420
NBCUniversal Media LLC, Sr. Unsec. Gtd. Global Notes, 5.15%, 04/30/20		175,000		201,160
5.95%, 04/01/41		215,000		281,435
Time Warner Cable, Inc., Sr. Unsec. Gtd. Deb., 5.88%, 11/15/40		470,000		561,815
				2,742,937

Catalog Retail–0.22%

Liberty Interactive LLC, Sr. Unsec. Conv. Global Bonds, 0.75%, 03/30/23^(d)		1,526,000		2,137,354
QVC, Inc., Sr. Sec. Gtd. Global Notes, 5.45%, 08/15/34		880,000		874,503
				3,011,857

Coal & Consumable Fuels–0.06%

Peabody Energy Corp., Jr. Unsec. Sub. Conv. Deb., 4.75%, 12/15/41		2,167,000		776,057

Commodity Chemicals–0.07%

Montell Finance Co. B.V. (Netherlands), Sr. Unsec. Gtd. Deb., 8.10%, 03/15/27^(c)		745,000		1,028,711

Communications Equipment–0.38%

Ciena Corp., Sr. Unsec. Conv. Notes, 4.00%, 12/15/20^(c)		1,610,000		2,053,756
JDS Uniphase Corp., Sr. Unsec. Conv. Bonds, 0.63%, 08/15/18^(d)		3,098,000		3,219,984
				5,273,740


	Principal Amount		Value

Consumer Finance–0.19%

American Express Co., Unsec. Sub. Global Notes, 3.63%, 12/05/24	$	336,000	$	345,524
American Express Credit Corp., Sr. Unsec. Medium-Term Notes, 2.75%, 09/15/15		2,240,000		2,261,501
				2,607,025

Data Processing & Outsourced Services–0.09%

Computer Sciences Corp., Sr. Unsec. Global Notes, 4.45%, 09/15/22		490,000		511,596
Xerox Corp., Sr. Unsec. Global Notes, 4.80%, 03/01/35		714,000		702,978
				1,214,574

Distillers & Vintners–0.02%

Brown-Forman Corp., Sr. Unsec. Notes, 2.25%, 01/15/23		310,000		300,587

Diversified Banks–1.45%

Banco Inbursa S.A. Institucion de Banca Multiple (Mexico), Sr. Unsec. Notes, 4.13%, 06/06/24^(c)		480,000		477,079
Bank of America Corp., Sr. Unsec. Global Notes, 5.75%, 12/01/17		975,000		1,073,072
Sr. Unsec. Medium-Term Notes, 1.25%, 01/11/16		600,000		601,245
Series L, Sr. Unsec. Medium-Term Global Notes, 5.65%, 05/01/18		350,000		387,989
Barclays Bank PLC (United Kingdom), Sr. Unsec. Global Notes, 6.75%, 05/22/19		510,000		603,949
BBVA Bancomer S.A. (Mexico), Sr. Unsec. Notes, 4.38%, 04/10/24^(c)		700,000		730,192
Bear Stearns Cos., LLC (The), Sr. Unsec. Global Notes, 7.25%, 02/01/18		340,000		392,009
BNP Paribas S.A. (France), Unsec. Sub. Notes, 4.25%, 10/15/24		530,000		549,118
Citigroup Inc., Unsec. Sub. Global Notes, 3.50%, 05/15/23		775,000		774,163
5.30%, 05/06/44		250,000		281,277
6.68%, 09/13/43		815,000		1,090,180
Credit Suisse AG (Switzerland), Unsec. Sub. Notes, 6.50%, 08/08/23^(c)		686,000		786,886
Danske Bank A/S (Denmark), Sr. Unsec. Notes, 3.88%, 04/14/16^(c)		565,000		581,653
HBOS PLC (United Kingdom), Unsec. Sub. Medium-Term Global Notes, 6.75%, 05/21/18^(c)		325,000		363,901
HSBC Finance Corp., Sr. Unsec. Global Notes, 5.50%, 01/19/16		1,655,000		1,715,096

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Equity and Income Fund


	Principal Amount		Value

Diversified Banks–(continued)

ING Bank N.V. (Netherlands), Sr. Unsec. Notes, 3.75%, 03/07/17^(c)	$	755,000	$	789,211
JPMorgan Chase & Co., Sr. Unsec. Global Notes, 4.50%, 01/24/22		80,000		88,286
Series S, Jr. Unsec. Sub. Notes, 6.75%^(e)		195,000		212,550
Series V, Jr. Unsec. Sub. Global Notes, 5.00%^(e)		640,000		635,200
Series X, Jr. Unsec. Sub. Global Notes, 6.10%^(e)		1,080,000		1,117,800
Korea Development Bank (The) (South Korea), Sr. Unsec. Global Notes, 4.38%, 08/10/15		200,000		202,271
Lloyds Bank PLC (United Kingdom), Sr. Unsec. Gtd. Global Notes, 2.30%, 11/27/18		550,000		559,123
Mizuho Financial Group Cayman 3 Ltd. (Japan), Unsec. Gtd. Sub. Notes, 4.60%, 03/27/24^(c)		490,000		527,095
Santander Holdings USA Inc., Sr. Unsec. Global Notes, 3.00%, 09/24/15		1,410,000		1,420,727
Societe Generale S.A. (France), Unsec. Sub. Notes, 5.00%, 01/17/24^(c)		735,000		769,235
Standard Chartered PLC (United Kingdom), Sr. Unsec. Notes, 3.85%, 04/27/15^(c)		255,000		255,461
Unsec. Sub. Notes, 5.70%, 03/26/44^(c)		420,000		470,672
U.S. Bank N.A., Unsec. Sub. Notes, 3.78%, 04/29/20		450,000		452,039
Wells Fargo & Co., Sr. Unsec. Global Notes, 1.50%, 01/16/18		180,000		181,117
3.63%, 04/15/15		50,000		50,040
Unsec. Sub. Medium-Term Notes, 4.10%, 06/03/26		450,000		473,681
4.65%, 11/04/44		1,200,000		1,279,884
				19,892,201

Diversified Capital Markets–0.01%

UBS AG (Switzerland), Sr. Unsec. Medium-Term Global Bank Notes, 5.75%, 04/25/18		103,000		115,450

Diversified Chemicals–0.06%

Eastman Chemical Co., Sr. Unsec. Global Notes, 2.70%, 01/15/20		795,000		807,823

Diversified Metals & Mining–0.13%

Glencore Finance Canada Ltd. (Switzerland), Sr. Unsec. Gtd. Notes, 2.05%, 10/23/15^(c)		420,000		421,818
2.70%, 10/25/17^(c)		420,000		426,945


	Principal Amount		Value

Diversified Metals & Mining–(continued)

Rio Tinto Finance USA Ltd. (United Kingdom), Sr. Unsec. Gtd. Global Notes, 7.13%, 07/15/28	$	200,000	$	271,196
9.00%, 05/01/19		295,000		374,120
Southern Copper Corp. (Mexico), Sr. Unsec. Global Notes, 5.25%, 11/08/42		349,000		320,464
6.75%, 04/16/40		10,000		10,702
				1,825,245

Diversified Real Estate Activities–0.06%

Brookfield Asset Management Inc. (Canada), Sr. Unsec. Notes, 4.00%, 01/15/25		755,000		760,742

Diversified Support Services–0.03%

Cintas Corp. No. 2, Sr. Unsec. Gtd. Notes, 2.85%, 06/01/16		380,000		389,051

Drug Retail–0.19%

CVS Health Corp., Sr. Unsec. Global Notes, 3.38%, 08/12/24		375,000		389,329
CVS Pass Through Trust, Sr. Sec. Global Pass Through Ctfs., 6.04%, 12/10/28		937,133		1,098,625
Walgreens Boots Alliance Inc., Sr. Unsec. Global Notes, 3.30%, 11/18/21		602,000		621,526
4.50%, 11/18/34		444,000		470,711
				2,580,191

Electric Utilities–0.39%

Electricite de France S.A. (France), Jr. Unsec. Sub. Notes, 5.63%^(c)(e)		965,000		1,025,756
Sr. Unsec. Notes, 4.60%, 01/27/20^(c)		150,000		166,989
4.88%, 01/22/44^(c)		930,000		1,071,907
Louisville Gas & Electric Co., Sr. Sec. First Mortgage Global Bonds, 1.63%, 11/15/15		405,000		407,514
NextEra Energy Capital Holdings Inc., Sr. Unsec. Gtd. Notes, 2.60%, 09/01/15		1,305,000		1,313,866
Ohio Power Co., Series M, Sr. Unsec. Notes, 5.38%, 10/01/21		200,000		236,332
PPL Electric Utilities Corp., Sr. Sec. First Mortgage Bonds, 6.25%, 05/15/39		50,000		70,498
Southern Co. (The), Series A, Sr. Unsec. Notes, 2.38%, 09/15/15		980,000		987,723
Virginia Electric & Power Co., Sr. Unsec. Notes, 5.00%, 06/30/19		15,000		16,896
				5,297,481

Electrical Components & Equipment–0.05%

Eaton Corp., Sr. Unsec. Gtd. Global Notes, 0.95%, 11/02/15		740,000		740,534

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Equity and Income Fund


	Principal Amount		Value

Environmental & Facilities Services–0.03%

Waste Management, Inc., Sr. Unsec. Gtd. Global Notes, 3.90%, 03/01/35	$	469,000	$	479,304

Fertilizers & Agricultural Chemicals–0.06%

Monsanto Co., Sr. Unsec. Global Notes, 2.13%, 07/15/19		305,000		309,436
3.38%, 07/15/24		210,000		218,488
3.60%, 07/15/42		365,000		347,749
				875,673

General Merchandise Stores–0.08%

Dollar General Corp., Sr. Unsec. Global Notes, 3.25%, 04/15/23		365,000		355,787
Target Corp., Sr. Unsec. Global Notes, 2.90%, 01/15/22		760,000		783,852
				1,139,639

Gold–0.04%

Newmont Mining Corp., Sr. Unsec. Gtd. Global Notes, 3.50%, 03/15/22		620,000		601,175

Health Care Distributors–0.15%

AmerisourceBergen Corp., Sr. Unsec. Bonds, 3.40%, 05/15/24		940,000		967,100
McKesson Corp., Sr. Unsec. Global Notes, 2.28%, 03/15/19		1,095,000		1,107,141
				2,074,241

Health Care Equipment–0.49%

Becton, Dickinson and Co., Sr. Unsec. Notes, 2.68%, 12/15/19		314,000		321,597
CareFusion Corp., Sr. Unsec. Global Notes, 3.88%, 05/15/24		685,000		718,223
4.88%, 05/15/44		750,000		835,612
Edwards Lifesciences Corp., Sr. Unsec. Global Notes, 2.88%, 10/15/18		731,000		753,102
Medtronic Inc., Sr. Unsec. Gtd. Global Notes, 4.00%, 04/01/43		525,000		546,489
4.63%, 03/15/44		525,000		589,474
Sr. Unsec. Gtd. Notes, 3.15%, 03/15/22^(c)		1,076,000		1,117,168
4.38%, 03/15/35^(c)		382,000		416,876
NuVasive Inc., Sr. Unsec. Conv. Notes, 2.75%, 07/01/17		1,104,000		1,384,140
				6,682,681

Health Care Facilities–0.54%

Brookdale Senior Living Inc., Sr. Unsec. Conv. Notes, 2.75%, 06/15/18		2,241,000		3,120,593
HealthSouth Corp., Sr. Unsec. Sub. Conv. Notes, 2.00%, 12/01/20^(d)		3,465,000		4,287,937
				7,408,530


	Principal Amount		Value

Health Care REIT’s–0.18%

HCP, Inc., Sr. Unsec. Global Notes, 3.88%, 08/15/24	$	505,000	$	517,345
4.20%, 03/01/24		480,000		502,687
Senior Housing Properties Trust, Sr. Unsec. Notes, 4.30%, 01/15/16		495,000		503,353
Ventas Realty L.P., Sr. Unsec. Gtd. Notes, 5.70%, 09/30/43		215,000		265,708
Ventas Realty L.P./Ventas Capital Corp., Sr. Unsec. Gtd. Notes, 2.70%, 04/01/20		430,000		435,421
4.25%, 03/01/22		200,000		214,124
				2,438,638

Health Care Services–0.48%

Express Scripts Holding Co., Sr. Unsec. Gtd. Global Notes, 2.25%, 06/15/19		940,000		946,747
Sr. Unsec. Gtd. Notes, 3.13%, 05/15/16		300,000		307,410
Laboratory Corp. of America Holdings, Sr. Unsec. Notes, 3.20%, 02/01/22		602,000		607,688
4.70%, 02/01/45		264,000		272,949
Medco Health Solutions Inc., Sr. Unsec. Gtd. Notes, 2.75%, 09/15/15		220,000		221,940
Omnicare, Inc., Sr. Unsec. Gtd. Sub. Conv. Notes, 3.50%, 02/15/44		1,903,000		2,325,228
Series OCR, Sr. Unsec. Gtd. Conv. Notes, 3.25%, 01/15/21^(d)		1,625,000		1,910,391
				6,592,353

Homebuilding–0.06%

MDC Holdings, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 01/15/43		1,050,000		887,069

Hotels, Resorts & Cruise Lines–0.02%

Wyndham Worldwide Corp., Sr. Unsec. Notes, 2.95%, 03/01/17		335,000		342,107

Housewares & Specialties–0.09%

Tupperware Brands Corp., Sr. Unsec. Gtd. Global Notes, 4.75%, 06/01/21		1,160,000		1,255,610

Hypermarkets & Super Centers–0.03%

Wal-Mart Stores, Inc., Sr. Unsec. Global Bonds, 3.30%, 04/22/24		360,000		380,487
Sr. Unsec. Global Notes, 6.50%, 08/15/37		50,000		69,954
				450,441

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Equity and Income Fund


	Principal Amount		Value

Industrial Conglomerates–0.09%

General Electric Capital Corp., Sr. Unsec. Medium-Term Global Notes, 6.00%, 08/07/19	$	300,000	$	350,456
Series C, Jr. Unsec. Sub. Global Notes, 5.25%^(e)		900,000		939,510
				1,289,966

Industrial Machinery–0.17%

Pentair Finance S.A., Sr. Unsec. Gtd. Global Notes, 5.00%, 05/15/21		690,000		763,028
Valmont Industries, Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 10/01/44		250,000		245,749
5.25%, 10/01/54		1,321,000		1,307,475
				2,316,252

Insurance Brokers–0.03%

Marsh & McLennan Cos., Inc., Sr. Unsec. Global Notes, 4.05%, 10/15/23		410,000		441,048

Integrated Oil & Gas–0.24%

BP Capital Markets PLC (United Kingdom), Sr. Unsec. Gtd. Global Notes, 2.24%, 05/10/19		552,000		558,057
Chevron Corp., Sr. Unsec. Global Notes, 1.37%, 03/02/18		1,428,000		1,435,446
1.72%, 06/24/18		520,000		526,463
Husky Energy Inc. (Canada), Sr. Unsec. Global Notes, 3.95%, 04/15/22		300,000		305,809
Shell International Finance B.V. (Netherlands), Sr. Unsec. Gtd. Global Notes, 3.10%, 06/28/15		115,000		115,760
Suncor Energy Inc. (Canada), Sr. Unsec. Notes, 3.60%, 12/01/24		334,000		342,352
				3,283,887

Integrated Telecommunication Services–0.42%

AT&T Corp., Sr. Unsec. Gtd. Global Notes, 8.00%, 11/15/31		4,000		5,939
AT&T Inc., Sr. Unsec. Global Notes, 5.35%, 09/01/40		101,000		110,637
6.15%, 09/15/34		140,000		166,035
British Telecommunications PLC (United Kingdom), Sr. Unsec. Global Notes, 1.25%, 02/14/17		550,000		550,332
Telefonica Emisiones SAU (Spain), Sr. Unsec. Gtd. Global Notes, 7.05%, 06/20/36		360,000		494,044
Verizon Communications Inc., Sr. Unsec. Global Notes, 4.40%, 11/01/34		325,000		329,166
5.01%, 08/21/54		694,000		723,392
5.15%, 09/15/23		450,000		516,786
6.40%, 09/15/33		140,000		175,681
6.40%, 02/15/38		300,000		375,257
Sr. Unsec. Notes, 4.52%, 09/15/48^(c)		2,293,000		2,281,096
				5,728,365


	Principal Amount		Value

Investment Banking & Brokerage–1.51%

Charles Schwab Corp. (The), Sr. Unsec. Notes, 4.45%, 07/22/20	$	510,000	$	571,603
Goldman Sachs Group, Inc. (The), Sr. Unsec. Global Notes, 2.63%, 01/31/19		535,000		546,662
5.25%, 07/27/21		400,000		454,395
6.15%, 04/01/18		550,000		619,050
Sr. Unsec. Medium-Term Global Notes, 3.70%, 08/01/15		65,000		65,614
Unsec. Sub. Global Notes, 6.75%, 10/01/37		385,000		508,894
Series 0000, Sr. Unsec. Exchangeable Basket-Linked Conv. Medium-Term Notes, 1.00%, 03/15/17^(c)(f)		3,328,000		4,661,530
1.00%, 09/28/20^(c)(g)		6,230,000		6,764,970
Jefferies Group LLC, Sr. Unsec. Conv. Deb., 3.88%, 11/01/17^(d)		3,060,000		3,103,988
Lazard Group LLC, Sr. Unsec. Global Notes, 3.75%, 02/13/25		1,142,000		1,128,500
Morgan Stanley, Sr. Unsec. Global Notes, 6.38%, 07/24/42		705,000		944,636
Sr. Unsec. Medium-Term Global Notes, 4.00%, 07/24/15		610,000		615,930
Sr. Unsec. Notes, 3.45%, 11/02/15		715,000		725,718
				20,711,490

Life & Health Insurance–0.08%

Aegon N.V. (Netherlands), Sr. Unsec. Global Bonds, 4.63%, 12/01/15		275,000		281,942
Prudential Financial, Inc., Sr. Unsec. Medium-Term Notes, 5.10%, 08/15/43		410,000		462,369
Series D, Sr. Unsec. Disc. Medium-Term Notes, 4.75%, 09/17/15		255,000		259,546
Sr. Unsec. Medium-Term Notes, 6.63%, 12/01/37		110,000		147,468
				1,151,325

Managed Health Care–0.84%

Aetna, Inc., Sr. Unsec. Global Notes, 3.95%, 09/01/20		605,000		656,184
Anthem, Inc., Sr. Unsec. Conv. Bonds, 2.75%, 10/15/42		4,455,000		9,224,634
Sr. Unsec. Global Notes, 1.25%, 09/10/15		1,645,000		1,649,221
				11,530,039

Movies & Entertainment–0.12%

Live Nation Entertainment, Inc., Sr. Unsec. Conv. Notes, 2.50%, 05/15/19^(c)		1,130,000		1,188,619
Time Warner, Inc., Sr. Unsec. Gtd. Notes, 5.88%, 11/15/16		130,000		140,062

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Equity and Income Fund


	Principal Amount		Value

Movies & Entertainment–(continued)

Viacom Inc., Sr. Unsec. Global Notes, 4.85%, 12/15/34	$	347,000	$	359,402
				1,688,083

Multi-Line Insurance–0.23%

American International Group, Inc., Sr. Unsec. Global Notes, 2.30%, 07/16/19		385,000		390,553
4.38%, 01/15/55		720,000		721,371
Farmers Exchange Capital III, Unsec. Sub. Notes, 5.45%, 10/15/54^(c)		930,000		1,010,908
Nationwide Financial Services Inc., Sr. Unsec. Notes, 5.30%, 11/18/44^(c)		910,000		994,524
				3,117,356

Multi-Utilities–0.03%

Enable Midstream Partners L.P., Sr. Unsec. Gtd. Notes, 2.40%, 05/15/19^(c)		440,000		431,531

Office REIT’s–0.07%

Digital Realty Trust L.P., Sr. Unsec. Gtd. Global Notes, 4.50%, 07/15/15		335,000		336,690

Piedmont Operating Partnership L.P., Sr. Unsec. Gtd. Global Notes, 4.45%, 03/15/24		605,000		629,206
				965,896

Office Services & Supplies–0.04%

Pitney Bowes Inc., Sr. Unsec. Global Notes, 4.63%, 03/15/24		500,000		525,011

Oil & Gas Drilling–0.08%

Noble Holding International Ltd., Sr. Unsec. Gtd. Global Notes, 2.50%, 03/15/17		150,000		148,283
Rowan Cos., Inc., Sr. Unsec. Gtd. Notes, 5.40%, 12/01/42		361,000		297,097
5.85%, 01/15/44		804,000		700,523
				1,145,903

Oil & Gas Equipment & Services–0.08%

Helix Energy Solutions Group, Inc., Sr. Unsec. Conv. Notes, 3.25%, 03/15/18^(d)		1,126,000		1,125,296

Oil & Gas Exploration & Production–0.78%

Cobalt International Energy Inc., Sr. Unsec. Conv. Notes, 2.63%, 12/01/19		1,902,000		1,384,894
ConocoPhillips Co., Sr. Unsec. Gtd. Global Notes, 2.88%, 11/15/21		859,000		880,770
4.15%, 11/15/34		921,000		978,105


	Principal Amount		Value

Oil & Gas Exploration & Production–(continued)

Devon Energy Corp., Sr. Unsec. Global Notes, 2.25%, 12/15/18	$	430,000	$	434,463
3.25%, 05/15/22		167,000		169,597
Marathon Oil Corp., Sr. Unsec. Notes, 0.90%, 11/01/15		2,130,000		2,130,443
Noble Energy, Inc., Sr. Unsec. Global Notes, 5.25%, 11/15/43		830,000		872,792
Petroleos Mexicanos (Mexico), Sr. Unsec. Gtd. Global Notes, 4.88%, 01/24/22		570,000		607,128
Southwestern Energy Co., Sr. Unsec. Global Notes, 4.10%, 03/15/22		555,000		549,205
Stone Energy Corp., Sr. Unsec. Gtd. Conv. Notes, 1.75%, 03/01/17		3,053,000		2,766,781
				10,774,178

Oil & Gas Storage & Transportation–0.49%

Energy Transfer Partners, L.P., Sr. Unsec. Notes, 4.90%, 03/15/35		357,000		356,436
Enterprise Products Operating LLC, Sr. Unsec. Gtd. Global Notes, 5.25%, 01/31/20		155,000		175,265
Sr. Unsec. Gtd. Notes, 2.55%, 10/15/19		370,000		375,388
6.45%, 09/01/40		25,000		31,394
Series N, Sr. Unsec. Gtd. Notes, 6.50%, 01/31/19		245,000		283,240
Kinder Morgan Inc., Sr. Unsec. Gtd. Notes, 5.30%, 12/01/34		533,000		555,396
Plains All American Pipeline L.P./ PAA Finance Corp., Sr. Unsec. Global Notes, 3.65%, 06/01/22		355,000		365,932
Spectra Energy Capital LLC, Sr. Unsec. Gtd. Notes, 7.50%, 09/15/38		120,000		146,450
Spectra Energy Partners, L.P., Sr. Unsec. Global Notes, 4.50%, 03/15/45		536,000		550,991
Sunoco Logistics Partners Operations L.P., Sr. Unsec. Gtd. Notes, 5.30%, 04/01/44		645,000		666,183
5.50%, 02/15/20		535,000		598,879
Texas Eastern Transmission L.P., Sr. Unsec. Notes, 7.00%, 07/15/32		185,000		246,195
Western Gas Partners L.P., Sr. Unsec. Notes, 5.45%, 04/01/44		600,000		647,642
Williams Partners L.P., Sr. Unsec. Global Notes, 5.10%, 09/15/45		883,000		854,813
5.40%, 03/04/44		890,000		897,486
				6,751,690

Other Diversified Financial Services–0.07%

ERAC USA Finance LLC, Sr. Unsec. Gtd. Notes, 2.35%, 10/15/19^(c)		935,000		940,740

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Equity and Income Fund


	Principal Amount		Value

Packaged Foods & Meats–0.16%

General Mills, Inc., Sr. Unsec. Global Notes, 2.20%, 10/21/19	$	850,000	$	858,451
Grupo Bimbo S.A.B. de C.V. (Mexico), Sr. Unsec. Gtd. Notes, 3.88%, 06/27/24^(c)		765,000		781,039
Tyson Foods, Inc., Sr. Unsec. Gtd. Global Bonds, 4.88%, 08/15/34		214,000		241,778
5.15%, 08/15/44		220,000		257,452
				2,138,720

Paper Packaging–0.09%

Packaging Corp. of America, Sr. Unsec. Global Notes, 4.50%, 11/01/23		1,139,000		1,228,358

Paper Products–0.02%

International Paper Co., Sr. Unsec. Global Notes, 6.00%, 11/15/41		245,000		291,296

Pharmaceuticals–0.58%

AbbVie Inc., Sr. Unsec. Global Notes, 1.20%, 11/06/15		1,620,000		1,623,058
Actavis Funding SCS, Sr. Unsec. Gtd. Global Notes, 1.85%, 03/01/17		909,000		916,137
4.55%, 03/15/35		488,000		511,264
4.85%, 06/15/44		950,000		1,017,450
Bayer US Finance LLC (Germany), Sr. Unsec. Gtd. Notes, 3.00%, 10/08/21^(c)		590,000		609,620
GlaxoSmithKline Capital Inc. (United Kingdom), Sr. Unsec. Gtd. Global Bonds, 5.65%, 05/15/18		75,000		84,826
6.38%, 05/15/38		70,000		95,507
Jazz Investments I Ltd., Sr. Unsec. Gtd. Conv. Notes, 1.88%, 08/15/21^(c)		1,455,000		1,700,531
Merck & Co., Inc., Sr. Unsec. Global Notes, 3.70%, 02/10/45		347,000		347,159
Merck Sharp & Dohme Corp., Sr. Unsec. Gtd. Global Notes, 5.00%, 06/30/19		280,000		317,580
Perrigo Co. PLC, Sr. Unsec. Global Notes, 2.30%, 11/08/18		405,000		408,763
Zoetis Inc., Sr. Unsec. Global Notes, 4.70%, 02/01/43		365,000		381,716
				8,013,611

Property & Casualty Insurance–0.28%

CNA Financial Corp., Sr. Unsec. Global Bonds, 5.88%, 08/15/20		325,000		376,996
Sr. Unsec. Notes, 7.35%, 11/15/19		25,000		30,214
Liberty Mutual Group Inc., Sr. Unsec. Gtd. Bonds, 4.85%, 08/01/44^(c)		730,000		797,879


	Principal Amount		Value

Property & Casualty Insurance–(continued)

Markel Corp., Sr. Unsec. Notes, 5.00%, 03/30/43	$	385,000	$	425,979
Old Republic International Corp., Sr. Unsec. Conv. Notes, 3.75%, 03/15/18		855,000		1,013,175
Travelers Cos., Inc. (The), Sr. Unsec. Global Notes, 4.60%, 08/01/43		665,000		774,017
WR Berkley Corp., Sr. Unsec. Global Notes, 4.63%, 03/15/22		420,000		455,894
				3,874,154

Railroads–0.31%

Burlington Northern Santa Fe, LLC, Sr. Unsec. Bonds, 5.15%, 09/01/43		1,990,000		2,352,762
CSX Corp., Sr. Unsec. Notes, 5.50%, 04/15/41		380,000		474,355
Union Pacific Corp., Sr. Unsec. Global Notes, 3.65%, 02/15/24		101,000		109,433
Sr. Unsec. Notes, 3.25%, 01/15/25		155,000		162,617
4.15%, 01/15/45		440,000		477,017
4.85%, 06/15/44		570,000		681,537
				4,257,721

Regional Banks–0.10%

PNC Funding Corp., Sr. Unsec. Gtd. Global Notes, 5.13%, 02/08/20		360,000		411,781
Regions Financial Corp., Sr. Unsec. Notes, 5.75%, 06/15/15		1,000,000		1,008,838
				1,420,619

Reinsurance–0.06%

Reinsurance Group of America, Inc., Sr. Unsec. Medium-Term Notes, 4.70%, 09/15/23		780,000		857,459

Renewable Electricity–0.05%

Oglethorpe Power Corp., Sr. Sec. First Mortgage Bonds, 4.55%, 06/01/44		581,000		634,390

Semiconductor Equipment–0.33%

Lam Research Corp., Sr. Unsec. Global Notes, 3.80%, 03/15/25		600,000		604,688
Series B, Sr. Unsec. Conv. Notes, 1.25%, 05/15/18		3,026,000		3,992,429
				4,597,117

Semiconductors–0.77%

Microchip Technology Inc., Sr. Unsec. Sub. Conv. Notes, 1.63%, 02/15/25^(c)		1,803,000		1,880,754

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Equity and Income Fund


	Principal Amount		Value

Semiconductors–(continued)

Micron Technology, Inc., Series G, Sr. Unsec. Conv. Global Bonds, 3.00%, 11/15/28^(d)	$	3,239,000	$	3,597,315
NVIDIA Corp., Sr. Unsec. Conv. Bonds, 1.00%, 12/01/18		4,339,000		5,136,291
				10,614,360

Soft Drinks–0.09%

PepsiCo, Inc., Sr. Unsec. Global Notes, 3.60%, 03/01/24		1,175,000		1,254,802

Sovereign Debt–0.01%

Brazilian Government International Bond (Brazil), Sr. Unsec. Global Bonds, 6.00%, 01/17/17		100,000		107,500

Specialized Finance–0.12%

Air Lease Corp., Sr. Unsec. Global Notes, 4.25%, 09/15/24		430,000		444,512
Moody’s Corp., Sr. Unsec. Global Notes, 4.50%, 09/01/22		935,000		1,018,062
National Rural Utilities Cooperative Finance Corp., Sr. Sec. Collateral Trust Bonds, 3.05%, 02/15/22		195,000		200,413
				1,662,987

Steel–0.16%

ArcelorMittal (Luxembourg), Sr. Unsec. Global Bonds, 10.60%, 06/01/19		446,000		546,350
Sr. Unsec. Global Notes, 4.50%, 08/05/15		585,000		586,024
6.13%, 06/01/18		15,000		16,088
7.50%, 03/01/41		115,000		120,462
Vale Overseas Ltd. (Brazil), Sr. Unsec. Gtd. Global Notes, 5.63%, 09/15/19		660,000		701,852
Vale S.A. (Brazil), Sr. Unsec. Global Notes, 5.63%, 09/11/42		185,000		160,288
				2,131,064

Systems Software–0.25%

Microsoft Corp., Sr. Unsec. Global Notes, 3.50%, 02/12/35		403,000		402,285
NetSuite Inc., Sr. Unsec. Conv. Notes, 0.25%, 06/01/18		2,326,000		2,427,763
Oracle Corp., Sr. Unsec. Global Notes, 4.30%, 07/08/34		600,000		654,252
				3,484,300

Technology Hardware, Storage & Peripherals–0.55%

Apple Inc., Sr. Unsec. Global Notes, 2.15%, 02/09/22		716,000		708,551
SanDisk Corp., Sr. Unsec. Conv. Bonds, 0.50%, 10/15/20		5,776,000		5,826,540


	Principal Amount		Value

Technology Hardware, Storage & Peripherals– (continued)

Seagate HDD Cayman, Sr. Unsec. Gtd. Bonds, 4.75%, 01/01/25^(c)	$	325,000	$	337,594
Sr. Unsec. Gtd. Notes, 5.75%, 12/01/34^(c)		702,000		757,283
				7,629,968

Thrifts & Mortgage Finance–0.88%

MGIC Investment Corp., Sr. Unsec. Conv. Notes, 2.00%, 04/01/20		710,000		1,045,919
5.00%, 05/01/17		6,201,000		6,898,612
Radian Group Inc., Sr. Unsec. Conv. Notes, 2.25%, 03/01/19		412,000		662,548
3.00%, 11/15/17		2,275,000		3,493,547
				12,100,626

Tobacco–0.17%

Altria Group, Inc., Sr. Unsec. Gtd. Global Notes, 4.13%, 09/11/15		470,000		477,236
Philip Morris International Inc., Sr. Unsec. Global Notes, 3.60%, 11/15/23		405,000		429,462
4.88%, 11/15/43		1,210,000		1,382,143
				2,288,841

Trucking–0.05%

Penske Truck Leasing Co., L.P./PTL Finance Corp., Sr. Unsec. Notes, 2.50%, 03/15/16^(c)		670,000		679,646

Wireless Telecommunication Services–0.20%

America Movil S.A.B. de C.V. (Mexico), Sr. Unsec. Global Notes, 4.38%, 07/16/42		600,000		597,242
Sr. Unsec. Gtd. Global Notes, 2.38%, 09/08/16		255,000		259,828
Crown Castle Towers LLC, Sr. Sec. Gtd. Notes, 3.21%, 08/15/15^(c)		370,000		372,734
6.11%, 01/15/20^(c)		770,000		880,687
Rogers Communications Inc. (Canada), Sr. Unsec. Gtd. Global Notes, 4.50%, 03/15/43		585,000		604,432
				2,714,923
Total U.S. Dollar Denominated Bonds and Notes (Cost $243,387,074)				264,734,234

U.S. Treasury Securities–7.63%

U.S. Treasury Bills–0.01%

0.00%, 08/20/15^(h)(i)		15,000		14,996
0.08%, 08/20/15^(h)(i)		130,000		129,967
				144,963

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Equity and Income Fund


	Principal Amount		Value

U.S. Treasury Notes–7.36%

2.13%, 05/31/15	$	680,000	$	682,237
2.25%, 03/31/16		2,000,000		2,038,851
0.50%, 03/31/17		18,393,000		18,374,250
0.63%, 05/31/17		380,000		380,031
0.75%, 06/30/17		9,000,000		9,019,034
0.75%, 02/28/18		6,200,000		6,178,385
1.00%, 03/15/18		22,045,000		22,123,190
1.25%, 01/31/19		8,000,000		8,028,624
3.63%, 08/15/19		1,525,000		1,677,194
3.38%, 11/15/19		300,000		327,551
3.63%, 02/15/20		46,000		50,951
1.38%, 03/31/20		14,014,700		14,016,387
2.63%, 11/15/20		600,000		635,708
2.00%, 02/15/25		17,610,500		17,724,522
				101,256,915

U.S. Treasury Bonds–0.26%

5.38%, 02/15/31		1,720,000		2,441,680
4.50%, 08/15/39		40,000		54,786
4.38%, 05/15/40		80,000		108,173
3.00%, 11/15/44		890,200		975,848
				3,580,487

Total U.S. Treasury Securities (Cost $103,693,481)				104,982,365

	Shares

Preferred Stocks–0.97%

Asset Management & Custody Banks–0.24%

AMG Capital Trust II, $2.58 Jr. Unsec. Gtd. Sub. Conv. Pfd.		43,000		2,631,063
State Street Corp., Series D, 5.90% Pfd.		24,470		667,786
				3,298,849

Diversified Banks–0.02%

Wells Fargo & Co., 5.85% Pfd.		12,000		318,240

Oil & Gas Storage & Transportation–0.42%

El Paso Energy Capital Trust I, $2.38 Jr. Unsec. Gtd. Sub. Conv. Pfd.		95,499		5,729,940

Regional Banks–0.29%

KeyCorp, Series A, $7.75 Conv. Pfd.		30,290		3,967,990
Total Preferred Stocks (Cost $9,346,253)				13,315,019


	Principal Amount		Value

U.S. Government Sponsored Agency Securities–0.42%

Federal Home Loan Mortgage Corp. (FHLMC)–0.29%

Unsec. Global Notes, 5.00%, 04/18/17	$	1,500,000	$	1,632,714
5.50%, 08/23/17		140,000		155,635
4.88%, 06/13/18		1,000,000		1,121,747
6.75%, 03/15/31		750,000		1,147,355
				4,057,451

Federal National Mortgage Association (FNMA)–0.13%

Unsec. Global Notes, 4.38%, 10/15/15		1,700,000		1,738,277
Total U.S. Government Sponsored Agency Securities (Cost $5,443,807)				5,795,728

U.S. Government Sponsored Agency Mortgage-Backed Securities–0.00%

Federal Home Loan Mortgage Corp. (FHLMC)–0.00%

Pass Through Ctfs.,
6.50%, 02/01/26		355		407
5.50%, 02/01/37		100		112
				519

Federal National Mortgage Association (FNMA)–0.00%

Pass Through Ctfs.,
6.00%, 01/01/17		271		278
5.50%, 03/01/21		193		212
8.00%, 08/01/21		1,872		1,994
9.50%, 04/01/30		5,107		6,179
				8,663
Total U.S. Government Sponsored Agency Mortgage- Backed Securities (Cost $8,470)				9,182

	Shares

Money Market Funds–7.19%

Liquid Assets Portfolio –Institutional Class ^(j)		49,473,865		49,473,865
Premier Portfolio –Institutional Class ^(j)		49,473,865		49,473,865
Total Money Market Funds (Cost $98,947,730)				98,947,730
TOTAL INVESTMENTS–99.80% (Cost $1,154,494,980)				1,373,358,805
OTHER ASSETS LESS LIABILITIES–0.20%				2,797,583
NET ASSETS–100.00%			$	1,376,156,388

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Equity and Income Fund

Investment Abbreviations:


ADR	—	American Depositary Receipt

Conv.	—	Convertible

Ctfs.	—	Certificates

Deb.	—	Debentures

Disc.	—	Discounted

Gtd.	—	Guaranteed

Jr.	—	Junior

Pfd.	—	Preferred

REIT	—	Real Estate Investment Trust

Rts.	—	Rights

Sec.	—	Secured


Sr.	—	Senior

Sub.	—	Subordinated

Unsec.	—	Unsecured

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)

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, 2015 was $49,421,501, which represented 3.59% of the Fund’s Net Assets.

^(d)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(e)	Perpetual bond with no specified maturity date.

^(f)	Exchangeable for a basket of four common stocks and one ordinary share.

^(g)	Exchangeable for a basket of five common stocks.

^(h)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1F and Note 3.

⁽ⁱ⁾	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(j)	The money market fund and the Fund are affiliated by having the same investment adviser.

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

March 31, 2015

(Unaudited)

NOTE 1 -- Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco V.I. Equity and Income Fund

A.	Security Valuations – (continued)

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

Invesco V.I. Equity and Income Fund

E.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

G.	Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

Invesco V.I. Equity and Income Fund

NOTE 2 -- Additional Valuation Information

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 the Fund’s own 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.


	Level 1			Level 2			Level 3		Total
Equity Securities	$	961,637,754		$	36,199,542		$	--	$	997,837,296
U.S. Treasury Securities		--			104,982,365			--		104,982,365
U.S. Government Sponsored Agency Securities		--			5,804,910			--		5,804,910
Corporate Debt Securities		--			264,626,734			--		264,626,734
Foreign Sovereign Debt Securities		--			107,500			--		107,500
		961,637,754			411,721,051			--		1,373,358,805
Forward Foreign Currency Contracts*		--			(928,705	)		--		(928,705	)
Futures Contracts*		(81,086	)		--			--		(81,086	)
Total Investments	$	961,556,668		$	410,792,346		$	--	$	1,372,349,014

*	Unrealized appreciation (depreciation).

Invesco V.I. Equity and Income Fund

NOTE 3 -- Derivative Investments


Open Forward Foreign Currency Contracts
Settlement Date		Contract to				Notional Value		Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver		Receive		Notional Value		Unrealized Appreciation (Depreciation)
04/17/15	Bank of New York Mellon (The)	CAD	7,453,439	USD	5,835,080	$	5,883,261	$	(48,181	)
04/17/15	State Street Bank and Trust Co.	CAD	7,453,608	USD	5,834,869		5,883,395		(48,526	)
04/17/15	Bank of New York Mellon (The)	CHF	5,137,020	USD	5,125,590		5,289,925		(164,335	)
04/17/15	State Street Bank and Trust Co.	CHF	5,159,526	USD	5,147,507		5,313,101		(165,594	)
04/17/15	Bank of New York Mellon (The)	EUR	12,318,587	USD	13,090,039		13,248,386		(158,347	)
04/17/15	State Street Bank and Trust Co.	EUR	12,334,810	USD	13,109,929		13,265,833		(155,904	)
04/17/15	Bank of New York Mellon (The)	GBP	7,059,675	USD	10,420,680		10,474,372		(53,692	)
04/17/15	State Street Bank and Trust Co.	GBP	7,065,652	USD	10,428,125		10,483,240		(55,115	)
04/17/15	Bank of New York Mellon (The)	ILS	18,765,355	USD	4,675,326		4,714,947		(39,621	)
04/17/15	State Street Bank and Trust Co.	ILS	18,766,322	USD	4,675,800		4,715,190		(39,390	)
Total Forward Foreign Currency Contracts - Currency Risk								$	(928,705	)


Currency Abbreviations:

CAD -- Canadian Dollar	CHF – Swiss Franc	EUR -- Euro

GBP -- British Pound Sterling	ILS – Israeli Shekel	USD -- U.S. Dollar


Open Futures Contracts
Futures Contracts	Type of Contract	Number of Contracts	Expiration Month	Notional Value			Appreciation (Depreciation)
U.S. Treasury 5 Year Notes	Short	39	June-2015	$	(2,949,750)		$	(28,421)
U.S. Treasury 10 Year Notes	Short	25	June-2015		(4,688,227	)		(21,344	)
U.S. Treasury Long Bond	Short	18	June-2015		(3,222,656	)		(31,321	)
Total Futures Contracts- Interest Rate Risk							$	(81,086	)

Invesco V.I. Equity and Income Fund

NOTE 4 -- Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $104,489,521 and $80,648,043, respectively. During the same period, purchases and sales of long-term U.S. Treasury obligations were $194,943,310 and $191,907,396, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	239,966,327
Aggregate unrealized (depreciation) of investment securities		(24,966,719	)
Net unrealized appreciation of investment securities	$	214,999,608
Cost of investments for tax purposes is $1,158,359,197.

Invesco V.I. Equity and Income Fund

Invesco V.I. Global Core Equity Fund

Quarterly Schedule of Portfolio Holdings

March 31, 2015

LOGO

invesco.com/us VIGCE-QTR-1 03/15

Invesco Advisers, Inc.

Schedule of Investments

March 31, 2015

(Unaudited)


	Shares		Value


Common Stocks & Other Equity Interests–99.89%

Canada–2.55%

Canadian Natural Resources Ltd.		27,454	$	841,437

Toronto-Dominion Bank (The)		12,649		541,373

Vermilion Energy, Inc.		22,122		930,046

				2,312,856


Finland–1.46%

Sampo Oyj -Class A		26,256		1,327,396


France–8.70%

Casino Guichard-Perrachon S.A.		17,219		1,523,153

Danone		34,342		2,312,213

LVMH Moet Hennessy Louis Vuitton S.E.		7,586		1,338,884

Orange S.A.		37,638		605,609

Publicis Groupe S.A.		19,773		1,527,101

Rexel S.A.		31,630		596,666

				7,903,626


Ireland–1.92%

Shire PLC -ADR		7,282		1,742,510


Israel–1.41%

Teva Pharmaceutical Industries Ltd. -ADR		20,514		1,278,022


Italy–0.47%

Prada S.p.A.		70,000		424,374


Japan–7.58%

Asahi Group Holdings, Ltd.		24,500		778,979

FANUC Corp.		2,600		569,035

Hitachi, Ltd.		100,000		683,653

KDDI Corp.		36,000		816,558

Komatsu Ltd.		70,500		1,386,475

Mitsubishi UFJ Financial Group, Inc.		174,900		1,082,856

Sumitomo Corp.		52,300		559,988

Toyota Motor Corp.		14,400		1,004,957

				6,882,501


Netherlands–6.56%

GrandVision N.V. ^(a)(b)		51,170		1,204,618

Heineken N.V.		8,590		656,031

Koninklijke Ahold N.V.		61,808		1,219,467

Koninklijke Philips N.V.		46,649		1,325,399

Randstad Holding N.V.		25,677		1,559,295

				5,964,810


Sweden–0.57%

SKF AB -Class B		20,201		521,419


Switzerland–5.51%

ABB Ltd.		81,160		1,722,917


	Shares		Value


Switzerland–(continued)

Roche Holding AG		5,922	$	1,633,760

Sunrise Communications Group AG ^(a)(b)		8,839		765,841

TE Connectivity Ltd.		12,362		885,366

				5,007,884


Taiwan–1.38%

Taiwan Semiconductor Manufacturing Co. Ltd.		271,000		1,256,493


United Kingdom–11.09%

British American Tobacco PLC		13,305		687,637

Diageo PLC		64,107		1,768,912

GlaxoSmithKline PLC -ADR		11,617		536,124

Kingfisher PLC		184,801		1,043,705

Liberty Global PLC -Series A ^(b)		14,901		766,954

Liberty Global PLC -Series C ^(b)		22,758		1,133,576

Rio Tinto PLC		25,097		1,025,609

Royal Dutch Shell PLC -Class A -ADR		4,247		253,334

Standard Chartered PLC		36,987		599,085

Vodafone Group PLC -ADR		69,207		2,261,685

				10,076,621


United States–50.69%

Aaron’s Inc.		12,565		355,715

ACE Ltd.		7,297		813,542

Actavis PLC ^(b)		5,458		1,624,410

Amazon.com, Inc. ^(b)		958		356,472

American Express Co.		30,147		2,355,084

Amphenol Corp. -Class A		13,981		823,900

Apple Inc.		8,100		1,007,883

Archer-Daniels-Midland Co.		16,816		797,078

Berkshire Hathaway Inc. -Class A ^(b)		11		2,392,500

Cabot Oil & Gas Corp.		32,256		952,520

Celgene Corp. ^(b)		11,227		1,294,248

Cisco Systems, Inc.		19,280		530,682

Coca-Cola Co. (The)		17,386		705,002

Comcast Corp. -Class A		16,224		916,169

Concho Resources Inc. ^(b)		6,204		719,168

Dick’s Sporting Goods, Inc.		12,337		703,086

Eaton Corp. PLC		12,494		848,842

EMC Corp.		51,496		1,316,238

EOG Resources, Inc.		17,324		1,588,437

Express Scripts Holding Co. ^(b)		12,152		1,054,429

First Republic Bank		36,677		2,093,890

GameStop Corp. -Class A		18,370		697,325

General Electric Co.		54,344		1,348,275

Google Inc. -Class C ^(b)		3,310		1,813,880

Halliburton Co.		27,729		1,216,748

HCA Holdings, Inc. ^(b)		10,559		794,354

International Business Machines Corp.		13,180		2,115,390

Johnson Controls, Inc.		10,831		546,316

Kroger Co. (The)		9,113		698,603

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Global Core Equity Fund


	Shares		Value


United States–(continued)

Las Vegas Sands Corp.		8,828	$	485,893

Linear Technology Corp.		15,385		720,018

Macy’s, Inc.		7,129		462,743

Marsh & McLennan Cos., Inc.		21,567		1,209,693

Microsoft Corp.		15,914		646,984

Moody’s Corp.		15,283		1,586,375

Northern Trust Corp.		20,200		1,406,930

Philip Morris International Inc.		10,884		819,892

Priceline Group Inc. (The) ^(b)		599		697,326

Progressive Corp. (The)		64,140		1,744,608

QUALCOMM, Inc.		30,000		2,080,200

ResMed Inc.		10,110		725,696

Rite Aid Corp. ^(b)		113,162		983,378

				46,049,922

Total Common Stocks & Other Equity Interests (Cost $85,767,643)				90,748,434


Money Market Funds–0.62%

Liquid Assets Portfolio –Institutional Class ^(c)		280,959		280,959

Premier Portfolio –Institutional Class ^(c)		280,959		280,959

Total Money Market Funds (Cost $561,918)				561,918

TOTAL INVESTMENTS–100.51% (Cost $86,329,561)				91,310,352

OTHER ASSETS LESS LIABILITIES–(0.51)%				(463,408)

NET ASSETS–100.00%			$	90,846,944

Investment Abbreviations:

ADR —American Depositary Receipt

Notes to Schedule of Investments:

^(a)

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, 2015 was $1,970,459, which represented 2.17% of the Fund’s Net Assets.

^(b)	Non-income producing security.

^(c)	The money market fund and the Fund are affiliated by having the same investment adviser.

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Global Core Equity Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 -- Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco V.I. Global Core Equity Fund

A.	Security Valuations – (continued)

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

Invesco V.I. Global Core Equity Fund

E.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

NOTE 2 -- Additional Valuation Information


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 the Fund’s own 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.

During the three months ended March 31, 2015, there were transfers from Level 1 to Level 2 of $599,085 and from Level 2 to Level 1 of $18,380,185, due to foreign fair value adjustments.

Invesco V.I. Global Core Equity Fund


	Level 1		Level 2		Level 3		Total
Canada	$	2,312,856	$	--	$	--	$	2,312,856
Finland		1,327,396		--		--		1,327,396
France		5,783,807		2,119,819		--		7,903,626
Ireland		1,742,510		--		--		1,742,510
Israel		1,278,022		--		--		1,278,022
Italy		424,374		--		--		424,374
Japan		2,164,572		4,717,929		--		6,882,501
Netherlands		5,964,810		--		--		5,964,810
Sweden		--		521,419		--		521,419
Switzerland		5,007,884		--		--		5,007,884
Taiwan		--		1,256,493		--		1,256,493
United Kingdom		7,764,290		2,312,331		--		10,076,621
United States		46,611,840		--		--		46,611,840
Total Investments	$	80,382,361	$	10,927,991	$	--	$	91,310,352

NOTE 3 -- Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $23,442,540 and $24,524,479, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	8,650,672
Aggregate unrealized (depreciation) of investment securities		(3,715,917)
Net unrealized appreciation of investment securities	$	4,934,755
Cost of investments for tax purposes is $86,375,597.

Invesco V.I. Global Core Equity Fund

Invesco V.I. Global Health Care Fund

Quarterly Schedule of Portfolio Holdings

March 31, 2015



invesco.com/us	I-VIGHC-QTR-1 03/15	Invesco Advisers, Inc.

Schedule of Investments^(a)

March 31, 2015

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–96.21%

Biotechnology–26.31%

ACADIA Pharmaceuticals Inc. ^(b)		50,257	$	1,637,876
Alder Biopharmaceuticals, Inc. ^(b)		62,419		1,801,412
Alexion Pharmaceuticals, Inc. ^(b)		27,580		4,779,614
AMAG Pharmaceuticals, Inc. ^(b)		34,007		1,858,823
Amgen Inc.		30,197		4,826,990
ARIAD Pharmaceuticals, Inc. ^(b)		213,512		1,759,339
Avalanche Biotechnologies, Inc. ^(b)		43,774		1,773,723
Biogen Inc. ^(b)		17,735		7,488,426
BioMarin Pharmaceutical Inc. ^(b)		65,997		8,224,546
Bluebird Bio, Inc. ^(b)		24,590		2,969,734
Celgene Corp. ^(b)		66,481		7,663,930
Celldex Therapeutics Inc. ^(b)		62,415		1,739,506
Dyax Corp. ^(b)		47,895		802,481
Gilead Sciences, Inc. ^(b)		76,980		7,554,047
Incyte Corp. ^(b)		84,334		7,730,054
Keryx Biopharmaceuticals, Inc. ^(b)		99,428		1,265,718
Medivation Inc. ^(b)		42,230		5,450,626
Neurocrine Biosciences, Inc. ^(b)		18,929		751,671
Prothena Corp. PLC (Ireland)^(b)		28,656		1,092,940
Puma Biotechnology, Inc. ^(b)		9,223		2,177,643
Receptos, Inc. ^(b)		11,270		1,858,310
Synergy Pharmaceuticals, Inc. ^(b)		220,767		1,019,944
Tekmira Pharmaceuticals Corp. (Canada)^(b)		33,447		583,985
Vanda Pharmaceuticals Inc. ^(b)		116,244		1,081,069
Vertex Pharmaceuticals Inc. ^(b)		68,289		8,056,053
				85,948,460

Drug Retail–2.39%

CVS Health Corp.		31,331		3,233,673
Raia Drogasil S.A. (Brazil)		148,860		1,332,023
Rite Aid Corp. ^(b)		373,363		3,244,524
				7,810,220

Health Care Distributors–2.90%

Cardinal Health, Inc.		53,803		4,856,797
McKesson Corp.		20,357		4,604,753
				9,461,550

Health Care Equipment–4.71%

DBV Technologies S.A. -ADR (France)^(b)		87,863		2,052,480
Olympus Corp. (Japan)^(b)		98,500		3,660,694
ResMed Inc.		68,936		4,948,226
Wright Medical Group, Inc. ^(b)		182,535		4,709,403
				15,370,803


	Shares		Value

Health Care Facilities–4.35%

Community Health Systems Inc. ^(b)		84,139	$	4,398,787
HCA Holdings, Inc. ^(b)		60,110		4,522,075
Tenet Healthcare Corp. ^(b)		40,856		2,022,781
Universal Health Services, Inc. -Class B		27,711		3,261,862
				14,205,505

Health Care Services–2.34%

Air Methods Corp. ^(b)		46,991		2,189,311
Express Scripts Holding Co. ^(b)		59,956		5,202,382
InnovaCare Inc. (Puerto Rico) ^(b)(c)		122,652		245,304
				7,636,997

Health Care Technology–0.85%

Allscripts Healthcare Solutions, Inc. ^(b)		231,917		2,773,727

Life Sciences Tools & Services–1.94%

Agilent Technologies, Inc.		46,191		1,919,236
Thermo Fisher Scientific, Inc.		32,846		4,412,532
				6,331,768

Managed Health Care–3.60%

Aetna Inc.		49,605		5,284,421
Qualicorp S.A. (Brazil)^(b)		109,000		785,062
UnitedHealth Group Inc.		48,107		5,690,577
				11,760,060

Pharmaceuticals–46.82%

AbbVie Inc.		114,258		6,688,663
Actavis PLC ^(b)		53,272		15,854,813
AstraZeneca PLC -ADR (United Kingdom)		70,464		4,821,851
Bayer AG (Germany)		47,416		7,124,170
Bristol-Myers Squibb Co.		124,580		8,035,410
Cempra Holdings Inc. ^(b)		28,345		972,517
DepoMed, Inc. ^(b)		66,169		1,482,847
Endo International PLC ^(b)		60,096		5,390,611
GlaxoSmithKline PLC -ADR (United Kingdom)		251,828		11,621,862
Hikma Pharmaceuticals PLC (United Kingdom)		90,408		2,849,156
Jazz Pharmaceuticals PLC ^(b)		18,116		3,130,264
Johnson & Johnson		32,975		3,317,285
Medicines Co. (The) ^(b)		60,102		1,684,058
Merck & Co., Inc.		122,358		7,033,138
Mylan N.V. ^(b)		80,761		4,793,165
Nippon Shinyaku Co., Ltd. (Japan)		94,000		3,428,798
Novartis AG -ADR (Switzerland)		123,996		12,227,246
Perrigo Co. PLC		27,129		4,491,206
Pfizer Inc.		241,530		8,402,829
Roche Holding AG (Switzerland)		37,848		10,441,499
Sanofi -ADR (France)		150,275		7,429,596

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Global Health Care Fund


	Shares		Value

Pharmaceuticals–(continued)

Shire PLC -ADR (Ireland)		53,498	$	12,801,536
Teva Pharmaceutical Industries Ltd. -ADR (Israel)		134,566		8,383,462
Xenoport Inc. ^(b)		72,907		519,098
				152,925,080
Total Common Stocks & Other Equity Interests (Cost $209,410,616)				314,224,170

Money Market Funds–3.69%

Liquid Assets Portfolio –Institutional Class ^(d)		6,029,306		6,029,306
Premier Portfolio –Institutional Class (d)		6,029,307		6,029,307
Total Money Market Funds (Cost $12,058,613)				12,058,613
TOTAL INVESTMENTS–99.90% (Cost $221,469,229)				326,282,783
OTHER ASSETS LESS LIABILITIES–0.10%				326,720
NET ASSETS–100.00%			$	326,609,503

Investment Abbreviations:


ADR				—American Depositary Receipt

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)

Security purchased or received in transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at March 31, 2015 represented less than 1% of the Fund’s Net Assets.

^(d)	The money market fund and the Fund are affiliated by having the same investment adviser.

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Global Health Care Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco V.I. Global Health Care Fund

A.	Security Valuations – (continued)

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

E.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

Invesco V.I. Global Health Care Fund

E.	Forward Foreign Currency Contracts – (continued)

F.	Other Risks - The Fund’s performance is vulnerable to factors affecting the health care industry, including government regulation, obsolescence caused by scientific advances and technological innovations.

The Fund has invested in non-publicly traded companies, some of which are in the startup or development stages. These investments are inherently risky, as the market for the technologies or products these companies are developing are typically in the early stages and may never materialize. The Fund could lose its entire investment in these companies. These investments are valued at fair value as determined in good faith in accordance with procedures approved by the Board of Trustees. Investments in privately held venture capital securities are illiquid.

NOTE 2 — Additional Valuation Information


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 the Fund’s own 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.

During the three months ended March 31, 2015, there were transfers from Level 1 to Level 2 of $7,124,170 and from Level 2 to Level 1 of $13,870,297, due to foreign fair value adjustments.


	Level 1		Level 2		Level 3		Total
Equity Securities	$	312,403,459	$	13,634,020	$	245,304	$	326,282,783
Forward Foreign Currency Contracts*		—		21,051		—		21,051
Total Investments	$	312,403,459	$	13,655,071	$	245,304	$	326,303,834

* Unrealized appreciation.

Invesco V.I. Global Health Care Fund

NOTE 3 – Derivative Investments

Open Forward Foreign Currency Contracts

Unrealized

Settlement

Contract to

Notional

Appreciation

Date

Counterparty

Deliver

Receive

Value

(Depreciation)

04/24/2015

Citigroup Global Markets Inc.

CHF

7,962,000

USD

8,170,512

8,201,443

$(30,931)

04/24/2015

Citigroup Global Markets Inc.

EUR

5,515,000

USD

5,983,885

5,931,903

51,982

Total Forward Foreign Currency Contracts – Currency Risk

$ 21,051

Currency Abbreviations:

CHF — Swiss Franc

EUR — Euro

USD — U.S. Dollar

NOTE 4 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $60,551,100 and $36,712,700, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$106,906,736
Aggregate unrealized (depreciation) of investment securities	(2,093,182	)
Net unrealized appreciation of investment securities	$104,813,554
Cost of investments is the same for tax and financial reporting purposes.

Invesco V.I. Global Health Care Fund

Invesco V.I. Global Real Estate Fund

Quarterly Schedule of Portfolio Holdings

March 31, 2015



invesco.com/us	VIGRE-QTR-1 03/15	Invesco Advisers, Inc.

Schedule of Investments

March 31, 2015

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–97.83%

Australia–5.27%

Dexus Property Group		468,430	$	2,695,157
Federation Centres		1,558,227		3,597,793
Goodman Group		809,839		3,900,103
Scentre Group		1,492,831		4,239,540
Stockland		1,355,335		4,629,649
Westfield Corp.		589,834		4,277,013
				23,339,255

Brazil–0.38%

Even Construtora e Incorporadora S.A.		135,300		189,130
EZ Tec Empreendimentos e Participacoes S.A.		53,200		336,648
Helbor Empreendimentos S.A.		136,000		166,238
Iguatemi Empresa de Shopping Centers S.A.		41,200		363,628
Multiplan Empreendimentos Imobiliarios S.A.		36,200		637,295
				1,692,939

Canada–2.41%

Allied Properties REIT		134,000		4,261,424
Canadian REIT		69,800		2,563,081
Chartwell Retirement Residences		135,828		1,325,465
H&R REIT		137,400		2,530,824
				10,680,794

China–3.93%

China Overseas Land & Investment Ltd.		1,816,000		5,867,812
China Resources Land Ltd.		1,460,444		4,116,278
China Vanke Co., Ltd. -Class H ^(a)		622,200		1,476,728
Dalian Wanda Commercial Properties Co. Ltd. -Class H ^(a)(b)		91,300		565,281
Franshion Properties China Ltd.		2,780,000		840,634
KWG Property Holding Ltd.		299,500		212,477
Longfor Properties Co. Ltd.		1,376,000		1,940,979
Shenzhen Investment Ltd.		1,516,000		560,413
Shimao Property Holdings Ltd.		343,500		722,216
Sino-Ocean Land Holdings Ltd.		1,082,000		654,565
Sunac China Holdings Ltd.		530,000		460,091
				17,417,474

Finland–0.27%

Sponda Oyj		278,281		1,193,839

France–3.20%

Gecina S.A.		16,657		2,253,924
ICADE		16,054		1,450,982
Mercialys S.A.		68,869		1,750,123
Unibail-Rodamco S.E.		32,299		8,718,435
				14,173,464


	Shares		Value

Germany–2.27%

Deutsche Annington Immobilien SE		64,350	$	2,172,526
Deutsche Wohnen AG		173,790		4,454,719
LEG Immobilien AG		43,097		3,426,150
				10,053,395

Hong Kong–6.61%

Henderson Land Development Co. Ltd.		281,990		1,977,873
Hongkong Land Holdings Ltd.		596,900		4,506,595
Hysan Development Co. Ltd.		296,000		1,299,769
Kerry Properties Ltd.		211,000		733,490
Link REIT (The)		1,065,000		6,553,802
New World Development Co. Ltd.		1,690,000		1,955,843
Sun Hung Kai Properties Ltd.		664,000		10,222,081
Swire Properties Ltd.		247,600		804,508
Wharf Holdings Ltd. (The)		174,000		1,212,954
				29,266,915

Indonesia–0.61%

PT Bumi Serpong Damai		3,608,300		587,579
PT Ciputra Development Tbk		4,148,800		465,994
PT Lippo Karawaci Tbk		4,123,900		425,019
PT Pakuwon Jati Tbk		6,806,500		267,537
PT Summarecon Agung Tbk		7,203,800		947,724
				2,693,853

Japan–10.59%

Activia Properties, Inc.		245		2,142,780
Daiwa House REIT Investment Corp.		136		596,431
Japan Hotel REIT Investment Corp.		3,143		2,237,887
Japan Prime Realty Investment Corp.		491		1,689,358
Japan Real Estate Investment Corp.		130		611,230
Japan Retail Fund Investment Corp.		1,315		2,615,966
Kenedix Office Investment Corp.		313		1,717,142
Kenedix Retail REIT Corp. ^(a)		412		955,975
Mitsubishi Estate Co. Ltd.		391,000		9,085,518
Mitsui Fudosan Co., Ltd.		465,000		13,665,537
Mori Hills REIT Investment Corp.		1,176		1,656,866
Nippon Prologis REIT Inc.		829		1,827,477
Nomura Real Estate Office Fund, Inc.		220		1,069,368
Sumitomo Realty & Development Co., Ltd.		125,000		4,501,051
Tokyu Fudosan Holdings, Corp.		189,100		1,291,069
United Urban Investment Corp.		789		1,228,810
				46,892,465

Malaysia–0.39%

IGB REIT		1,079,300		387,598
KLCCP Stapled Group		245,200		462,791
Mah Sing Group Berhad		904,890		503,328
Mah Sing Group Berhad -Wts. ^(a)		60,327		3,258
SP Setia Berhad Group		391,500		365,759
				1,722,734

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Global Real Estate Fund


	Shares		Value

Malta–0.00%

BGP Holdings PLC (Acquired 08/06/09; Cost $0)^(a)(b)		3,053,090	$	0

Mexico–0.67%

Fibra Uno Administracion S.A. de C.V.		1,116,200		2,956,414
				2,956,414

Netherlands–0.53%

Wereldhave N.V.		35,086		2,357,779

Philippines–0.81%

Ayala Land, Inc.		1,904,200		1,638,062
Megaworld Corp.		5,009,100		608,488
Robinsons Land Corp.		1,044,300		717,922
SM Prime Holdings Inc.		1,425,900		637,349
				3,601,821

Singapore–2.70%

Ascendas REIT		1,301,900		2,456,952
CapitaCommercial Trust		1,259,400		1,617,433
CapitaLand Ltd.		1,479,000		3,851,877
CapitaMall Trust		475,700		761,443
Global Logistic Properties Ltd.		1,364,900		2,628,974
Mapletree Greater China Commercial Trust		552,900		418,644
Suntec REIT		173,400		234,050
				11,969,373

South Africa–1.24%

Capital Property Fund		581,367		671,114
Growthpoint Properties Ltd.		631,689		1,491,035
Hyprop Investments Ltd.		144,397		1,404,941
Redefine Properties Ltd.		977,479		999,418
Resilient Property Income Fund Ltd.		108,614		929,915
				5,496,423

Sweden–1.15%

Castellum AB		148,795		2,251,171
Fabege AB		103,597		1,485,787
Wihlborgs Fastigheter AB		69,321		1,340,155
				5,077,113

Switzerland–0.83%

Swiss Prime Site AG		42,552		3,697,767

Thailand–0.43%

Central Pattana PCL		542,200		712,106
Land and Houses PCL -NVDR		1,654,400		493,995
Pruksa Real Estate PCL		364,800		325,014
Supalai PCL		535,900		353,417
				1,884,532

Turkey–0.27%

Emlak Konut Gayrimenkul Yatirim Ortakligi A.S.		1,063,558		1,204,398


	Shares		Value

United Arab Emirates–0.89%

Emaar Malls Group PJSC ^(a)		1,077,988	$	857,037
Emaar Properties PJSC		1,735,403		3,099,604
				3,956,641

United Kingdom–5.61%

Big Yellow Group PLC		126,007		1,210,707
Derwent London PLC		54,279		2,752,710
Great Portland Estates PLC		341,942		4,117,614
Hammerson PLC		365,919		3,610,865
Land Securities Group PLC		560,247		10,416,822
Quintain Estates & Development PLC ^(a)		529,637		742,702
UNITE Group PLC (The)		231,523		2,011,526
				24,862,946

United States–46.76%

AvalonBay Communities, Inc.		95,821		16,696,809
Boston Properties, Inc.		78,120		10,974,298
Brixmor Property Group, Inc.		191,000		5,071,050
Cousins Properties, Inc.		372,645		3,950,037
CubeSmart		141,600		3,419,640
DDR Corp.		424,699		7,907,895
EastGroup Properties, Inc.		32,800		1,972,592
Empire State Realty Trust Inc. -Class A		145,800		2,742,498
Essex Property Trust, Inc.		32,045		7,367,146
Federal Realty Investment Trust		67,773		9,976,863
General Growth Properties, Inc.		183,031		5,408,566
Health Care REIT, Inc.		79,727		6,167,681
Healthcare Realty Trust, Inc.		124,348		3,454,387
Healthcare Trust of America, Inc. -Class A		219,902		6,126,470
Hilton Worldwide Holdings Inc. ^(a)		172,941		5,122,512
Host Hotels & Resorts Inc.		288,760		5,827,177
Hudson Pacific Properties Inc.		114,507		3,800,487
Kilroy Realty Corp.		36,300		2,764,971
LaSalle Hotel Properties		145,370		5,649,078
Mid-America Apartment Communities, Inc.		76,707		5,927,150
National Health Investors, Inc.		40,000		2,840,400
National Retail Properties Inc.		100,483		4,116,789
Paramount Group, Inc.		91,119		1,758,597
Piedmont Office Realty Trust Inc. -Class A		190,700		3,548,927
Prologis, Inc.		289,820		12,624,559
Public Storage		47,700		9,403,578
Realty Income Corp.		97,425		5,027,130
Retail Opportunity Investments Corp.		208,084		3,807,937
RLJ Lodging Trust		99,728		3,122,484
Simon Property Group, Inc.		117,706		23,028,002
SL Green Realty Corp.		44,001		5,648,848
UDR, Inc.		158,255		5,385,418
Ventas, Inc.		88,900		6,491,478
				207,131,454
Total Common Stocks & Other Equity Interests (Cost $347,452,486)				433,323,788

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Global Real Estate Fund


	Shares		Value


Money Market Funds–1.70%

Liquid Assets Portfolio –Institutional Class ^(c)		3,760,205	$	3,760,204
Premier Portfolio –Institutional Class ^(c)		3,760,205		3,760,205
Total Money Market Funds (Cost $7,520,409)				7,520,409
TOTAL INVESTMENTS–99.53% (Cost $354,972,895)				440,844,197
OTHER ASSETS LESS LIABILITIES–0.47%				2,092,190
NET ASSETS–100.00%			$	442,936,387

Investment Abbreviations:


NVDR		—Non-Voting Depositary Receipt

REIT		—Real Estate Investment Trust

Wts.		—Warrants

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, 2015 was $565,281, which represented less than 1% of the Fund’s Net Assets.

⁽^c)	The money market fund and the Fund are affiliated by having the same investment adviser.

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Global Real Estate Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 -- Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco V.I. Global Real Estate Fund

A.	Security Valuations – (continued)

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

The Fund recharacterizes distributions received from REIT investments based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The Fund records as dividend income the amount recharacterized as ordinary income and as realized gain the amount recharacterized as capital gain in the Statement of Operations, and the amount recharacterized as return of capital as a reduction to the cost of investments in the Statement of Assets and Liabilities. These recharacterizations are reflected in the accompanying financial statements.

Invesco V.I. Global Real Estate Fund

D.	Foreign Currency Translations – (continued)

E.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

F.	Other Risks - The Fund’s investments are concentrated in a comparatively narrow segment of the economy. Consequently, the Fund may tend to be more volatile than other mutual funds, and the value of the Fund’s investments may tend to rise and fall more rapidly.

Because, the Fund concentrates its assets in the real estate industry, an investment in the Fund will be closely linked to the performance of the real estate markets. Property values may fall due to increasing vacancies or declining rents resulting from economic, legal, cultural or technological developments.

NOTE 2 — Additional Valuation Information


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 the Fund’s own 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.

During the three months ended March 31, 2015, there were transfers from Level 1 to Level 2 of $5,537,578 and from Level 2 to Level 1 of $80,755,220, due to foreign fair value adjustments.

Invesco V.I. Global Real Estate Fund


		Level 1		Level 2		Level 3		Total
Australia	$	—	$	23,339,255	$	—	$	23,339,255
Brazil		1,692,939		—		—		1,692,939
Canada		10,680,794		—		—		10,680,794
China		9,959,170		7,458,304		—		17,417,474
Finland		1,193,839		—		—		1,193,839
France		14,173,464		—		—		14,173,464
Germany		6,627,245		3,426,150		—		10,053,395
Hong Kong		5,240,085		24,026,830		—		29,266,915
Indonesia		947,724		1,746,129		—		2,693,853
Japan		22,248,544		24,643,921		—		46,892,465
Malaysia		1,722,734		—		—		1,722,734
Malta		—		—		0		0
Mexico		2,956,414		—		—		2,956,414
Netherlands		2,357,779		—		—		2,357,779
Philippines		1,245,837		2,355,984		—		3,601,821
Singapore		2,456,952		9,512,421		—		11,969,373
South Africa		3,075,473		2,420,950		—		5,496,423
Sweden		3,591,326		1,485,787		—		5,077,113
Switzerland		—		3,697,767				3,697,767
Thailand		1,037,120		847,412		—		1,884,532
Turkey		—		1,204,398		—		1,204,398
United Arab Emirates		857,037		3,099,604		—		3,956,641
United Kingdom		22,110,236		2,752,710		—		24,862,946
United States		214,651,863		—		—		214,651,863
Total Investments	$	328,826,575	$	112,017,622	$	0	$	440,844,197

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $53,087,546 and $36,172,709, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis


Aggregate unrealized appreciation of investment securities	$	79,183,558
Aggregate unrealized (depreciation) of investment securities		(6,847,553)
Net unrealized appreciation of investment securities	$	72,336,005
Cost of investments for tax purposes is $368,508,192.

Invesco V.I. Global Real Estate Fund


		Invesco V.I. Government Securities Fund
		Quarterly Schedule of Portfolio Holdings
		March 31, 2015

LOGO

invesco.com/us

VIGOV-QTR-1

03/15

Invesco Advisers, Inc.

Schedule of Investments

March 31, 2015

(Unaudited)


	Principal Amount		Value

U.S. Government Sponsored Agency Mortgage-Backed Securities–56.10%

Collateralized Mortgage Obligations–24.61%

Fannie Mae REMICs,
4.00%, 07/25/18 to 07/25/40	$	5,752,399	$	6,112,521
5.00%, 08/25/19 to 04/25/32		1,968,403		2,042,351
4.25%, 12/25/19 to 02/25/37		2,962,358		3,114,659
4.50%, 10/25/22 to 07/25/27		468,600		474,055
3.00%, 10/25/25 to 09/25/36		3,671,712		3,741,747
2.50%, 03/25/26		1,931,213		1,967,730
7.00%, 09/18/27		502,485		566,627
6.50%, 03/25/32		1,346,862		1,551,916
5.75%, 10/25/35		831,043		929,393
0.47%, 05/25/36^(a)		5,286,107		5,296,560
0.67%, 03/25/37 to 05/25/41^(a)		10,139,402		10,203,049
0.57%, 06/25/38^(a)		8,569,099		8,601,477
6.58%, 06/25/39^(a)		5,432,987		6,357,600
0.72%, 02/25/41^(a)		5,978,049		6,027,559
0.69%, 11/25/41^(a)		2,371,027		2,394,670
Federal Home Loan Bank,
5.07%, 10/20/15		663,166		676,889
5.46%, 11/27/15		9,217,660		9,488,751
5.77%, 03/23/18		1,277,386		1,398,505
Freddie Mac REMICs,
4.00%, 12/15/17 to 06/15/39		5,022,948		5,254,395
5.00%, 02/15/18 to 04/15/19		1,818,182		1,895,070
4.50%, 07/15/18		521,707		541,156
3.00%, 10/15/18 to 04/15/26		4,374,611		4,497,442
3.75%, 10/15/18		668,982		673,408
3.50%, 12/15/27		219,530		221,202
0.57%, 04/15/28 to 06/15/37^(a)		6,463,709		6,498,759
0.67%, 12/15/35 to 03/15/40^(a)		8,020,930		8,094,122
0.47%, 03/15/36^(a)		5,112,627		5,138,518
0.52%, 11/15/36^(a)		7,708,172		7,724,436
1.03%, 11/15/39^(a)		1,654,590		1,689,935
0.62%, 03/15/40 to 02/15/42^(a)		18,777,889		18,882,479
Ginnie Mae REMICs,
6.00%, 01/16/25		870,165		971,751
4.75%, 09/20/32		80,952		81,215
4.00%, 04/16/33 to 02/20/38		2,459,339		2,499,087
4.50%, 10/20/33 to 09/16/34		1,763,702		1,806,015
5.74%, 08/20/34^(a)		1,911,576		2,159,435
5.00%, 08/16/35		37,114		37,201
5.86%, 01/20/39^(a)		6,484,231		7,401,571
0.97%, 09/16/39^(a)		2,378,394		2,433,564
4.51%, 07/20/41^(a)		1,540,630		1,650,108
1.63%, 09/20/41^(a)		6,297,700		6,556,034
1.60%, 09/20/64, IO^(a)		11,692,534		1,311,756
1.65%, 11/20/64, IO^(a)		7,716,002		911,453
1.69%, 12/20/64, IO^(a)		19,423,463		2,270,117
				162,146,288


	Principal Amount		Value

Federal Deposit Insurance Co. (FDIC)–0.05%

Series 2010-S1, Class 1A, Floating Rate Notes, 0.73%, 02/25/48 ^(a)(b)	$	304,524	$	304,669

Federal Home Loan Mortgage Corp. (FHLMC)–12.55%

Pass Through Ctfs.,
8.00%, 07/01/15 to 09/01/36		6,749,126		8,301,623
7.00%, 12/01/15 to 12/01/37		5,785,831		6,705,652
6.00%, 02/01/16 to 07/01/38		1,863,217		2,043,296
6.50%, 03/01/16 to 12/01/35		4,902,593		5,638,970
5.00%, 07/01/18 to 01/01/40		2,749,046		3,046,455
10.50%, 08/01/19		333		337
4.50%, 09/01/20 to 08/01/41		15,770,567		17,425,060
8.50%, 09/01/20 to 08/01/31		613,596		708,009
10.00%, 03/01/21		22,830		25,085
9.00%, 06/01/21 to 06/01/22		147,558		159,098
7.50%, 09/01/22 to 08/01/36		1,877,008		2,183,453
5.50%, 12/01/22		836,385		896,661
3.50%, 08/01/26		1,391,550		1,493,430
3.00%, 05/01/27		2,048,982		2,168,190
7.05%, 05/20/27		165,469		190,291
6.03%, 10/20/30		1,209,095		1,413,298
Pass Through Ctfs., ARM,
2.40%, 09/01/35^(a)		8,449,262		9,024,838
2.39%, 07/01/36^(a)		6,467,800		6,918,135
2.05%, 10/01/36^(a)		3,825,471		4,065,060
2.41%, 10/01/36^(a)		278,027		299,271
2.52%, 11/01/37^(a)		2,980,251		3,210,402
2.66%, 01/01/38^(a)		135,276		145,704
2.49%, 06/01/43^(a)		6,284,020		6,591,707
				82,654,025

Federal National Mortgage Association (FNMA)–14.45%

Pass Through Ctfs.,
6.50%, 04/01/15 to 11/01/37		5,366,079		6,043,000
7.00%, 04/01/15 to 06/01/36		7,783,731		8,691,250
8.00%, 06/01/15 to 11/01/37		5,293,694		6,445,467
7.50%, 11/01/15 to 08/01/37		7,483,106		8,868,684
6.00%, 09/01/17 to 10/01/38		4,123,788		4,695,151
5.00%, 11/01/17 to 12/01/33		616,844		663,704
8.50%, 11/01/17 to 08/01/37		2,384,622		2,890,591
4.50%, 04/01/19 to 08/01/41		12,572,658		13,657,451
5.50%, 03/01/21 to 05/01/35		2,689,689		3,077,844
6.75%, 07/01/24		591,206		679,243
6.95%, 10/01/25		22,694		23,733
3.50%, 03/01/27 to 08/01/27		14,937,030		15,900,587
3.00%, 05/01/27 to 08/01/27		7,125,976		7,500,154
Pass Through Ctfs., ARM,
2.49%, 10/01/34^(a)		3,511,927		3,761,763
2.35%, 05/01/35^(a)		633,388		677,168
2.31%, 03/01/38^(a)		157,728		168,465
2.82%, 02/01/42^(a)		2,887,188		3,041,397
2.30%, 06/01/43^(a)		4,250,521		4,325,012
2.26%, 08/01/43^(a)		4,003,375		4,110,595
				95,221,259

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Government Securities Fund


	Principal Amount		Value

Government National Mortgage Association (GNMA)–4.44%
Pass Through Ctfs.,
11.00%, 10/15/15	$	260	$	261
6.50%, 05/20/16 to 01/15/37		5,663,918		6,481,059
7.50%, 03/15/17 to 10/15/35		3,527,753		4,097,865
7.00%, 04/15/17 to 01/15/37		1,804,429		2,006,426
8.00%, 05/15/17 to 01/15/37		1,925,855		2,290,407
10.50%, 09/15/17		340		342
8.50%, 12/15/17 to 01/15/37		225,552		236,548
10.00%, 06/15/19		9,770		10,650
6.00%, 09/15/20 to 08/15/33		898,314		1,009,838
5.00%, 02/15/25		266,252		296,985
6.95%, 08/20/25 to 08/20/27		352,337		364,069
6.38%, 10/20/27 to 04/20/28		389,115		443,481
6.10%, 12/20/33		5,404,469		6,369,167
3.50%, 10/20/42		5,436,615		5,649,532
				29,256,630
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $357,969,375)				369,582,871

U.S. Treasury Securities–17.37%

U.S. Treasury Bills–0.34%^(c)(d)

0.00%, 08/20/15		180,000		179,954
0.07%, 08/20/15		105,000		104,973
0.08%, 08/20/15		1,535,000		1,534,609
0.09%, 08/20/15		100,000		99,974
0.10%, 08/20/15		90,000		89,977
0.11%, 08/20/15		85,000		84,978
0.12%, 08/20/15		120,000		119,970
				2,214,435

U.S. Treasury Notes–12.13%

0.88%, 07/15/17		10,400,000		10,449,638
0.63%, 08/31/17		8,400,000		8,383,689
0.75%, 12/31/17		5,000,000		4,989,570
0.88%, 01/31/18		5,400,000		5,403,941
1.50%, 12/31/18		5,500,000		5,572,948
1.63%, 06/30/19		4,000,000		4,062,291
1.63%, 07/31/19		11,200,000		11,365,687
1.75%, 09/30/19		5,000,000		5,096,644
1.00%, 11/30/19		4,000,000		3,939,197
3.63%, 02/15/20		2,000,000		2,215,250
2.00%, 09/30/20		5,000,000		5,135,042
2.13%, 06/30/21		4,500,000		4,632,864
2.13%, 08/15/21		2,700,000		2,778,883
2.00%, 10/31/21		2,500,000		2,551,174
2.00%, 11/15/21		3,300,000		3,368,584
				79,945,402

U.S. Treasury Bonds–2.84%

8.75%, 05/15/20		3,500,000		4,776,926
7.88%, 02/15/21		1,100,000		1,493,951
5.38%, 02/15/31		3,800,000		5,394,410
3.38%, 05/15/44		6,000,000		7,036,705
				18,701,992


	Principal Amount			Value

U.S. Treasury Inflation-Indexed Bonds–2.06%

0.63%, 01/15/24	$	13,023,010	^(e)	$	13,581,431
Total U.S. Treasury Securities (Cost $110,907,898)					114,443,260

U.S. Government Sponsored Agency Securities–10.82%

Federal Agricultural Mortgage Corp. (FAMC)–2.93%

Sr. Unsec. Medium-Term Notes, 2.00%, 07/27/16		4,000,000			4,081,492
Series 2007-1, Sec. Gtd. Notes, 5.13%, 04/19/17^(b)		14,000,000			15,226,064
					19,307,556

Federal Farm Credit Bank (FFCB)–1.49%

Unsec. Bonds, 1.05%, 03/28/16		7,000,000			7,049,738
Unsec. Medium-Term Notes, 5.75%, 12/07/28		2,100,000			2,796,820
					9,846,558

Federal Home Loan Bank (FHLB)–2.33%

Unsec. Bonds, 1.50%, 10/12/17		4,800,000			4,882,872
3.38%, 06/12/20		6,220,000			6,789,513
2.88%, 09/11/20		3,455,000			3,679,143
					15,351,528

Federal Home Loan Mortgage Corp. (FHLMC)–1.04%

Unsec. Global Notes, 2.38%, 01/13/22		5,000,000			5,178,878
Series 1, Unsec. Global Notes, 0.75%, 01/12/18		1,650,000			1,644,149
					6,823,027

Financing Corp. (FICO)–0.52%

Sec. Bonds, 9.80%, 04/06/18		700,000			874,131
Series E, Sec. Bonds, 9.65%, 11/02/18		1,985,000			2,560,426
					3,434,557

Tennessee Valley Authority (TVA)–2.51%

Sr. Unsec. Global Bonds, 4.88%, 12/15/16		13,553,000			14,548,373
Sr. Unsec. Global Notes, 1.88%, 08/15/22		2,000,000			1,953,037
					16,501,410
Total U.S. Government Sponsored Agency Securities (Cost $69,051,629)					71,264,636

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Government Securities Fund


	Principal Amount		Value

Non-U.S. Government Sponsored Agency Securities–14.92%

Collateralized Mortgage Obligations–9.79%

Citibank Credit Card Issuance Trust, Series 2014-A5, Class A5, Pass Through Ctfs., 2.68%, 06/07/23	$	7,000,000	$	7,190,750
Commercial Mortgage Trust, Series 2013-THL, Class A2, Floating Rate Pass Through Ctfs., 1.23%, 06/08/30^(a)(b)		5,900,000		5,899,971
Credit Suisse Mortgage Capital, Series 2015-TOWN, Class B, Floating Rate Pass Through Ctfs., 2.08%, 03/15/17^(a)(b)		7,100,000		7,100,000
La Hipotecaria El Salvadorian Mortgage Trust (El Salvador), Series 2013-1A, Class A, Pass Through Ctfs., 3.50%, 10/25/41 (Acquired 04/22/13; Cost $11,343,505)^(b)		10,959,908		11,617,502
La Hipotecaria Panamanian Mortgage Trust (El Salvador), Series 2010-1GA, Class A, Floating Rate Pass Through Ctfs., 2.50%, 09/08/39 (Acquired 11/05/10; Cost $19,414,797)^(a)(b)		18,792,302		19,497,014
LB-UBS Commercial Mortgage Trust, Series 2005-C3, Class AJ, Pass Through Ctfs., 4.84%, 07/15/40		2,375,000		2,378,693
Series 2005-C7, Class AJ, Pass Through Ctfs., 5.32%, 11/15/40		775,000		792,827
LSTAR Commercial Mortgage Trust, Series 2014-2, Class A2, Pass Through Ctfs., 2.77%, 01/20/41^(b)		6,300,000		6,436,927
Morgan Stanley Capital I Trust, Series 2005-HQ6, Class AJ, Pass Through Ctfs., 5.07%, 08/13/42		3,575,000		3,588,842
				64,502,526

Bonds & Notes–3.26%
Israel Government Agency for International Development (AID) Bond, Unsec. Gtd. Global Bonds, 5.13%, 11/01/24		3,800,000		4,643,287


	Principal Amount		Value

Private Export Funding Corp.,
Series BB, Sec. Gtd. Notes, 4.30%, 12/15/21	$	1,540,000	$	1,738,116
Series DD, Sec. Gtd. Notes, 2.13%, 07/15/16		5,000,000		5,098,395
Series FF, Sec. Gtd. Notes, 1.38%, 02/15/17		5,000,000		5,062,152
Series HH, Sr. Sec. Gtd. Notes, 1.45%, 08/15/19		5,000,000		4,932,105
				21,474,055

Structured Agency Credit Risk Notes (STACR)–1.87%

Freddie Mac, Series 2014-DN1, Class M2, Floating Rate STACR^® Debt Notes, 2.37%, 02/25/24^(a)(f)		7,300,000		7,395,243
Series 2014-DN4, Class M2, Floating Rate STACR^® Debt Notes, 2.57%, 10/25/24^(a)(f)		1,100,000		1,115,702
Series 2014-HQ2, Class M2, Floating Rate STACR^® Debt Notes, 2.37%, 09/25/24^(a)(f)		3,800,000		3,784,960
				12,295,905
Total Non-U.S. Government Sponsored Agency Securities (Cost $96,425,485)				98,272,486

Options Purchased–0.00%

(Cost $198,756)^(g)				82
TOTAL INVESTMENTS-99.21% (Cost $634,553,143)				653,563,335
OTHER ASSETS LESS LIABILITIES–0.79%				5,199,646
NET ASSETS–100.00%			$	658,762,981

Investment Abbreviations:


ARM		—Adjustable Rate Mortgage
Ctfs.		—Certificates
Gtd.		—Guaranteed
IO		—Interest only
REMICs		—Real Estate Mortgage Investment Conduits
Sec.		—Secured
Sr.		—Senior
Unsec.		—Unsecured

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Government Securities Fund

Notes to Schedule of Investments:

^(a)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on March 31, 2015.

^(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, 2015 was $66,082,147, which represented 10.03% of the Fund’s Net Assets.

^(c)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(d)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1E and Note 3.

^(e)	Principal amount of security and interest payments are adjusted for inflation.

^(f)	Principal payments are determined by the delinquency and principal payment experience on the STACR^® reference pool. Freddie Mac transfers credit risk from the mortgages in the reference pool to credit investors who invest in the STACR^® debt notes.

^(g)	The table below details Options Purchased

Open Over-The-Counter Swaptions Purchased – Interest Rate Risk

Description

Type of
Contract

Counterparty

Exercise
Rate

Premium
Rate

Pay/Receive
Premium
Rate

Floating Rate
Index

Expiration
Date

Notional
Value^(a)

Value

30 Year Interest Rate Swap

Put

Goldman Sachs International

3.45%

1.62%

Pay

3 Month USD LIBOR

05/06/15

$12,250,000

$82

^(a)	Notional Value is calculated by multiplying the Number of Contracts by the multiplier

Abbreviations:

LIBOR — London Interbank Offered Rate

USD — U.S. Dollar

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Government Securities Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco V.I. Government Securities Fund

A.	Security Valuations – (continued)

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

Invesco V.I. Government Securities Fund

Put Options Purchased – The Fund may purchase put options including options on securities indexes, or foreign currency and/or futures contracts. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option’s underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option’s underlying instrument may be a security, securities index, or a futures contract.

Additionally, the Fund may enter into an option on a swap agreement, also called a “swaption”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based premium. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the Counterparties.

Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund’s resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the securities hedged. Realized and unrealized gains and losses on these contracts are included in the Statement of Operations as Net realized gain from Investment securities. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased.

Other Risks – The Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Fund may not be able to recover its investment in such issuer from the U.S. Government. Many securities purchased by the Fund are not guaranteed by the U.S. Government.

G.	Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

NOTE 2 — Additional Valuation Information


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 the Fund’s own 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.

Invesco V.I. Government Securities Fund


	Level 1		Level 2		Level 3		Total
U.S. Treasury Securities	$	—	$	114,443,260	$	—	$	114,443,260
U.S. Government Sponsored Agency Securities		—		440,847,507		—		440,847,507
Structured Agency Credit Risk Notes		—		12,295,905		—		12,295,905
Corporate Debt Securities		—		16,830,768		—		16,830,768
Bonds		—		33,388,010		—		33,388,010
Foreign Debt Securities		—		31,114,516		—		31,114,516
Foreign Sovereign Debt Securities		—		4,643,287		—		4,643,287
Options Purchased		—		82		—		82
		—		653,563,335		—		653,563,335
Futures Contracts*		1,917,678		—		—		1,917,678
Total Investments	$	1,917,678	$	653,563,335	$	—	$	655,481,013

*	Unrealized appreciation.

NOTE 3 — Derivative Investments

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of March 31, 2015:


	Value
Risk Exposure/ Derivative Type	Assets		Liabilities
Interest rate risk:
Futures contracts ^(a)	$	1,980,859	$(63,181)
Options purchased ^(b)		82	—
Total	$	1,980,941	$(63,181)

^(a)	Includes cumulative appreciation (depreciation) of futures contracts.

^(b)	Options purchased at value as reported in the Schedule of Investments.

Effect of Derivative Investments for the three months ended March 31, 2015

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss)
	Futures Contracts	Options Purchased
Realized Gain:
Interest rate risk	$4,160,256	$—
Change in Unrealized Appreciation (Depreciation):
Interest rate risk	(1,237,276)	(25,968)
Total	$2,922,980	$(25,968)

Invesco V.I. Government Securities Fund

The table below summarizes the average notional value of futures contracts and options purchased during the period.


	Futures Contracts	Options Purchased
Average notional value	$151,967,537	$12,250,000


Open Futures Contracts
	Type of Contract	Number of Contracts	Expiration Month		Notional Value			Unrealized Appreciation (Depreciation)
U.S. Treasury 2 Year Notes	Long	41		June-2015		$8,985,406			$32,584
U.S. Treasury 5 Year Notes	Long	430		June-2015		51,690,703			295,281
U.S. Treasury 10 Year Notes	Long	134		June-2015		17,273,438			160,788
U.S. Treasury 30 Year Bonds	Short	35		June-2015		(5,735,625	)		(63,181	)
U.S. Ultra Bonds	Long	411		June-2015		69,818,625			1,492,206
Total Futures Contracts – Interest Rate Risk									$1,917,678

NOTE 4 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $41,881,081 and $68,138,973, respectively. During the same period, purchases and sales of long-term U.S. Treasury obligations were $21,813,453 and $25,392,129, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	19,888,241
Aggregate unrealized (depreciation) of investment securities		(937,027)
Net unrealized appreciation of investment securities	$	18,951,214
Cost of investments for tax purposes is $634,612,121.

Invesco V.I. Government Securities Fund

Invesco V.I. Growth and Income Fund

Quarterly Schedule of Portfolio Holdings

March 31, 2015



invesco.com/us	VK-VIGRI-QTR-1 03/15	Invesco Advisers, Inc.

Schedule of Investments^(a)

March 31, 2015

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–95.57%

Aerospace & Defense–1.33%

General Dynamics Corp.		196,875	$	26,721,844

Agricultural Products–1.01%

Archer-Daniels-Midland Co.		428,049		20,289,523

Application Software–1.70%

Adobe Systems Inc. ^(b)		229,894		16,998,363
Citrix Systems, Inc. ^(b)		267,498		17,085,097
				34,083,460

Asset Management & Custody Banks–2.44%

Northern Trust Corp.		311,576		21,701,269
State Street Corp.		372,257		27,372,057
				49,073,326

Automobile Manufacturers–1.21%

General Motors Co.		647,780		24,291,750

Biotechnology–1.26%

Amgen Inc.		157,978		25,252,783

Broadcasting–0.26%

CBS Corp. -Class B		86,641		5,253,044

Cable & Satellite–2.60%

Comcast Corp. -Class A		569,479		32,158,479
Time Warner Cable Inc.		133,967		20,078,974
				52,237,453

Communications Equipment–1.34%

Cisco Systems, Inc.		978,700		26,938,717

Construction Machinery & Heavy Trucks–0.68%

Caterpillar Inc.		171,226		13,703,217

Consumer Finance–0.20%

Synchrony Financial ^(b)		133,281		4,045,078

Diversified Banks–11.92%

Bank of America Corp.		2,740,119		42,170,431
Citigroup Inc.		1,687,754		86,953,086
Comerica Inc.		437,460		19,742,570
JPMorgan Chase & Co.		1,492,588		90,420,981
				239,287,068

Diversified Chemicals–0.50%

Dow Chemical Co. (The)		209,362		10,045,189

Electric Utilities–0.55%

FirstEnergy Corp.		316,145		11,084,044

Electronic Components–1.06%

Corning Inc.		942,065		21,366,034


	Shares		Value

General Merchandise Stores–1.89%

Target Corp.		462,377	$	37,947,280

Health Care Equipment–1.83%

Baxter International Inc.		149,206		10,220,611
Medtronic PLC		338,839		26,426,054
				36,646,665

Health Care Services–0.79%

Express Scripts Holding Co. ^(b)		181,965		15,789,103

Hotels, Resorts & Cruise Lines–1.80%

Carnival Corp.		754,273		36,084,420

Household Products–1.10%

Procter & Gamble Co. (The)		268,778		22,023,669

Hypermarkets & Super Centers–1.60%

Wal-Mart Stores, Inc.		390,072		32,083,422

Industrial Conglomerates–2.76%

General Electric Co.		2,236,148		55,478,832

Industrial Machinery–1.22%

Ingersoll-Rand PLC		359,980		24,507,438

Insurance Brokers–2.93%

Aon PLC		211,626		20,341,491
Marsh & McLennan Cos., Inc.		371,539		20,839,623
Willis Group Holdings PLC		364,639		17,568,307
				58,749,421

Integrated Oil & Gas–5.25%

Exxon Mobil Corp.		218,184		18,545,640
Occidental Petroleum Corp.		237,444		17,333,412
Royal Dutch Shell PLC -Class A (United Kingdom)		1,527,866		45,421,722
TOTAL S.A. (France)		484,916		24,126,937
				105,427,711

Integrated Telecommunication Services–1.59%

Koninklijke KPN N.V. (Netherlands)		1,400,528		4,739,163
Orange S.A. (France)		301,802		4,856,105
Telecom Italia S.p.A. (Italy)^(b)		2,819,543		3,310,477
Telefónica, S.A. (Spain)		212,736		3,027,019
Telefónica, S.A. -Rts. (Spain)^(b)		212,736		34,310
Verizon Communications Inc.		328,160		15,958,421
				31,925,495

Internet Software & Services–1.58%

eBay Inc. ^(b)		548,482		31,636,442

Investment Banking & Brokerage–4.63%

Charles Schwab Corp. (The)		780,111		23,746,579
Goldman Sachs Group, Inc. (The)		112,645		21,173,880

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Growth and Income Fund


	Shares		Value

Investment Banking & Brokerage–(continued)

Morgan Stanley		1,344,004	$	47,967,503
				92,887,962

IT Consulting & Other Services–1.23%

Amdocs Ltd.		452,780		24,631,232

Managed Health Care–2.33%

Anthem, Inc.		137,600		21,246,816
UnitedHealth Group Inc.		216,186		25,572,642
				46,819,458

Movies & Entertainment–1.35%

Time Warner Inc.		165,867		14,005,809
Viacom Inc. -Class B		191,673		13,091,266
				27,097,075

Multi-Utilities–0.69%

PG&E Corp.		260,585		13,829,246

Oil & Gas Drilling–0.41%

Ensco PLC -Class A		386,385		8,141,132

Oil & Gas Equipment & Services–1.32%

Baker Hughes Inc.		416,324		26,469,880

Oil & Gas Exploration & Production–2.96%

Anadarko Petroleum Corp.		205,858		17,047,101
Apache Corp.		351,988		21,235,436
Canadian Natural Resources Ltd. (Canada)		689,463		21,131,339
				59,413,876

Other Diversified Financial Services–1.38%

Voya Financial, Inc.		644,696		27,792,845

Packaged Foods & Meats–1.95%

Mondelez International Inc. -Class A		646,017		23,314,753
Unilever N.V. -New York Shares (United Kingdom)		377,547		15,766,363
				39,081,116

Pharmaceuticals–7.76%

Eli Lilly and Co.		394,375		28,651,344
Merck & Co., Inc.		521,911		29,999,444
Novartis AG (Switzerland)		311,226		30,792,735
Novartis AG -ADR (Switzerland)		25,163		2,481,323
Pfizer Inc.		478,724		16,654,808
Sanofi (France)		203,016		19,976,056
Teva Pharmaceutical Industries Ltd. -ADR (Israel)		436,651		27,203,357
				155,759,067

Publishing–0.79%

Thomson Reuters Corp.		391,990		15,891,905

Railroads–1.04%

CSX Corp.		630,271		20,874,576

Regional Banks–5.17%

BB&T Corp.		437,033		17,039,917
Citizens Financial Group Inc.		920,291		22,206,622
Fifth Third Bancorp		902,855		17,018,817


	Shares		Value

Regional Banks–(continued)

First Horizon National Corp.		826,073	$	11,804,583
PNC Financial Services Group, Inc. (The)		383,032		35,713,904
				103,783,843

Security & Alarm Services–1.05%

Tyco International PLC		490,533		21,122,351

Semiconductor Equipment–1.29%

Applied Materials, Inc.		1,144,085		25,810,558

Semiconductors–2.11%

Broadcom Corp. -Class A		449,574		19,464,307
Intel Corp.		731,686		22,879,821
				42,344,128

Specialized Finance–0.67%

CME Group Inc. -Class A		142,811		13,525,630

Systems Software–2.43%

Microsoft Corp.		556,170		22,611,091
Symantec Corp.		1,123,677		26,254,713
				48,865,804

Technology Hardware, Storage & Peripherals–0.72%

NetApp, Inc.		405,715		14,386,654

Tobacco–1.01%

Philip Morris International Inc.		270,347		20,365,239

Wireless Telecommunication Services–0.88%

Vodafone Group PLC –ADR (United Kingdom)		541,052		17,681,579
Total Common Stocks & Other Equity Interests (Cost $1,567,723,331)				1,918,547,584

Money Market Funds–3.80%

Liquid Assets Portfolio –Institutional Class ^(c)		38,138,809		38,138,809
Premier Portfolio –Institutional Class ^(c)		38,138,808		38,138,808
Total Money Market Funds (Cost $76,277,617)				76,277,617
TOTAL INVESTMENTS–99.37% (Cost $1,644,000,948)				1,994,825,201
OTHER ASSETS LESS LIABILITIES–0.63%				12,574,352
NET ASSETS–100.00%			$	2,007,399,553

Investment Abbreviations:


ADR				—American Depositary Receipt
Rts.				—Rights

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)	The money market fund and the Fund are affiliated by having the same investment adviser.

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Growth and Income Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco V.I. Growth and Income Fund

A.	Security Valuations – (continued)

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

E.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

Invesco V.I. Growth and Income Fund

E.	Forward Foreign Currency Contracts – (continued)

NOTE 2 — Additional Valuation Information


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 the Fund’s own 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.

During the three months ended March 31, 2015, there were transfers from Level 2 to Level 1 of $63,086,254, due to foreign fair value adjustments.


	Level 1		Level 2		Level 3		Total
Equity Securities	$	1,921,661,241	$	73,163,960	$	—	$	1,994,825,201
Forward Foreign Currency Contracts*		—		(2,087,407)		—		(2,087,407)
Total Investments	$	1,921,661,241	$	71,076,553	$	—	$	1,992,737,794

*	Unrealized appreciation (depreciation).

Invesco V.I. Growth and Income Fund

NOTE 3 — Derivative Investments


Open Forward Foreign Currency Contracts
		Contract to								Unrealized
Settlement Date	Counterparty		Deliver		Receive		Notional Value		Appreciation (Depreciation)
04/17/15	Bank of New York Mellon (The)	CAD		17,046,279	USD	13,345,034	$	13,455,227	$	(110,193	)
04/17/15	Bank of New York Mellon (The)	CHF		12,321,405	USD	12,293,989		12,688,155		(394,166	)
04/17/15	Bank of New York Mellon (The)	EUR		26,272,497	USD	27,917,812		28,255,528		(337,716	)
04/17/15	Bank of New York Mellon (The)	GBP		15,492,105	USD	22,867,664		22,985,487		(117,823	)
04/17/15	Bank of New York Mellon (The)	ILS		39,399,859	USD	9,816,344		9,899,533		(83,189	)
04/17/15	State Street Bank and Trust Co.	CAD		17,046,664	USD	13,344,552		13,455,531		(110,979	)
04/17/15	State Street Bank and Trust Co.	CHF		12,375,386	USD	12,346,557		12,743,743		(397,186	)
04/17/15	State Street Bank and Trust Co.	EUR		26,307,096	USD	27,960,234		28,292,739		(332,505	)
04/17/15	State Street Bank and Trust Co.	GBP		15,505,223	USD	22,884,003		23,004,949		(120,946	)
04/17/15	State Street Bank and Trust Co.	ILS		39,401,890	USD	9,817,339		9,900,043		(82,704	)
Total Forward Foreign Currency Contracts - Currency Risk									$	(2,087,407	)

Currency Abbreviations:


CAD — Canadian Dollar	CHF — Swiss Franc	EUR — Euro

GBP — British Pound Sterling	ILS — Israeli Shekel	USD — U.S. Dollar

NOTE 4 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $131,209,447 and $107,617,565, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	403,826,840
Aggregate unrealized (depreciation) of investment securities		(53,528,637)
Net unrealized appreciation of investment securities	$	350,298,203
Cost of investments for tax purposes is $1,644,526,998.

Invesco V.I. Growth and Income Fund


		Invesco V.I. High Yield Fund
		Quarterly Schedule of Portfolio Holdings
		March 31, 2015

		invesco.com/us VIHYI-QTR-1 03/15		Invesco Advisers, Inc.

Schedule of Investments^(a)

March 31, 2015

(Unaudited)


	Principal Amount		Value


U.S. Dollar Denominated Bonds & Notes–85.74%

Aerospace & Defense–2.24%

Bombardier Inc. (Canada), Sr. Unsec. Notes, 5.50%, 09/15/18^(b)	$	282,000	$	282,000

7.50%, 03/15/18^(b)		515,000		549,119

7.50%, 03/15/25^(b)		432,000		427,680

7.75%, 03/15/20^(b)		927,000		971,032

GenCorp Inc., Sec. Gtd. Global Notes, 7.13%, 03/15/21		766,000		823,450

Moog Inc., Sr. Unsec. Gtd. Notes, 5.25%, 12/01/22^(b)		360,000		370,800

TransDigm Inc., Sr. Unsec. Gtd. Sub. Global Notes, 5.50%, 10/15/20		520,000		513,500

				3,937,581


Agricultural Products–0.30%

Darling Ingredients, Inc., Sr. Unsec. Gtd. Global Notes, 5.38%, 01/15/22		513,000		522,619


Airlines–0.51%

Air Canada (Canada), Sec. Gtd. Notes, 8.75%, 04/01/20^(b)		180,000		200,736

Sr. Unsec. Gtd. Notes, 7.75%, 04/15/21^(b)		590,000		635,725

US Airways Pass Through Trust, Series 1998-1, Class C, Sec. Pass Through Ctfs., 6.82%, 01/30/19		66,109		66,770

				903,231


Alternative Carriers–1.83%

EarthLink Holdings Corp., Sr. Sec. Gtd. Global Notes, 7.38%, 06/01/20		285,000		293,550

Sr. Unsec. Gtd. Global Notes, 8.88%, 05/15/19		654,000		679,342

Level 3 Communications, Inc., Sr. Unsec. Global Notes, 5.75%, 12/01/22		820,000		841,525

Level 3 Financing, Inc., Sr. Unsec. Gtd. Global Notes, 5.38%, 08/15/22		1,355,000		1,395,650

				3,210,067


Apparel Retail–1.37%

Hot Topic, Inc., Sr. Sec. Gtd. Notes, 9.25%, 06/15/21^(b)		1,192,000		1,294,810

L Brands, Inc., Sr. Unsec. Gtd. Global Notes, 5.63%, 02/15/22		160,000		176,600

Sr. Unsec. Gtd. Notes, 6.63%, 04/01/21		80,000		91,700

Men’s Wearhouse Inc. (The), Sr. Unsec. Gtd. Notes, 7.00%, 07/01/22^(b)		613,000		647,481


	Principal Amount		Value


Apparel Retail–(continued)

Neiman Marcus Group Ltd. LLC, Sr. Unsec. Gtd. Notes, 8.00%, 10/15/21^(b)	$	185,000	$	196,563

				2,407,154


Apparel, Accessories & Luxury Goods–0.14%

William Carter Co. (The), Sr. Unsec. Gtd. Global Notes, 5.25%, 08/15/21		244,000		253,760


Application Software–0.18%

Nuance Communications Inc., Sr. Unsec. Gtd. Notes, 5.38%, 08/15/20^(b)		304,000		308,560


Asset Management & Custody Banks–0.18%

Alphabet Holding Co., Inc., Sr. Unsec. PIK Global Notes, 8.50%, 11/01/17^(c)		318,000		314,025


Auto Parts & Equipment–1.81%

CTP Transportation Products LLC/CTP Finance Inc., Sr. Sec. Notes, 8.25%, 12/15/19^(b)		535,000		553,725

Dana Holding Corp., Sr. Unsec. Notes, 5.38%, 09/15/21		503,000		526,892

5.50%, 12/15/24		223,000		231,084

Gestamp Funding Luxembourg S.A. (Spain), Sr. Sec. Gtd. Notes, 5.63%, 05/31/20^(b)		220,000		229,350

Nexteer Automotive Group Ltd., Sr. Unsec. Gtd. Notes, 5.88%, 11/15/21^(b)		150,000		154,125

Schaeffler Finance B.V. (Germany), Sr. Sec. Gtd. Notes, 4.75%, 05/15/23^(b)		200,000		201,500

Stackpole International Intermediate Co. S.A./Stackpole International Powder Metal (Canada), Sr. Sec. Gtd. Notes, 7.75%, 10/15/21^(b)		863,000		864,079

Tenneco Inc., Sr. Unsec. Gtd. Global Notes, 5.38%, 12/15/24		413,000		431,585

				3,192,340


Automobile Manufacturers–0.09%

General Motors Co., Sr. Unsec. Global Notes, 4.88%, 10/02/23		150,000		162,844


Automotive Retail–0.17%

CST Brands, Inc., Sr. Unsec. Gtd. Global Notes, 5.00%, 05/01/23^(b)		291,000		299,003


Biotechnology–0.00%

Savient Pharmaceuticals, Inc., Sr. Unsec. Conv. Notes, 4.75%, 02/01/18^(d)		120,000		0

See accompanying notes which are an integral part of this schedule.

Invesco V.I. High Yield Fund


	Principal Amount		Value


Broadcasting–1.72%

Clear Channel Worldwide Holdings Inc., Series B, Sr. Unsec. Gtd. Global Notes, 6.50%, 11/15/22	$	438,000	$	464,280
iHeartCommunications, Inc., Sr. Sec. Gtd. Global Notes, 9.00%, 09/15/22		317,000		303,528
Sr. Sec. Gtd. Notes, 10.63%, 03/15/23^(b)		462,000		466,620
Sr. Unsec. Global Notes, 10.00%, 01/15/18		429,000		366,795
LIN Television Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 01/15/21		388,000		400,610
Sinclair Television Group Inc., Sr. Unsec. Gtd. Notes, 5.63%, 08/01/24^(b)		945,000		966,262
Starz LLC/Starz Finance Corp., Sr. Unsec. Gtd. Global Notes, 5.00%, 09/15/19		50,000		51,750
				3,019,845

Building Products–3.06%

Builders FirstSource Inc., Sr. Sec. Notes, 7.63%, 06/01/21^(b)		1,210,000		1,234,200
Building Materials Holding Corp., Sr. Sec. Notes, 9.00%, 09/15/18^(b)		742,000		790,230
Gibraltar Industries Inc., Sr. Unsec. Gtd. Sub. Global Notes, 6.25%, 02/01/21		1,010,000		1,030,200
Hardwoods Acquisition, Inc., Sr. Sec. Notes, 7.50%, 08/01/21^(b)		215,000		207,475
Masonite International Corp., Sr. Unsec. Gtd. Notes, 5.63%, 03/15/23^(b)		72,000		74,160
NCI Building Systems, Inc., Sr. Unsec. Gtd. Notes, 8.25%, 01/15/23^(b)		150,000		159,375
Norbord Inc. (Canada), Sr. Sec. Notes, 5.38%, 12/01/20^(b)		449,000		441,367
Nortek Inc., Sr. Unsec. Gtd. Global Notes, 8.50%, 04/15/21		1,240,000		1,333,000
USG Corp., Sr. Unsec. Gtd. Notes, 5.88%, 11/01/21^(b)		101,000		107,312
				5,377,319

Business Equipment & Services–0.18%

ADT Corp. (The), Sr. Unsec. Global Notes, 6.25%, 10/15/21		292,000		313,535

Cable & Satellite–3.65%

CCO Holdings LLC/CCO Holdings Capital Corp., Sr. Unsec. Gtd. Global Notes, 5.25%, 03/15/21		492,000		506,145
5.25%, 09/30/22		410,000		421,275
CCOH Safari LLC, Sr. Unsec. Gtd. Notes, 5.50%, 12/01/22		830,000		852,825
DigitalGlobe Inc., Sr. Unsec. Gtd. Bonds, 5.25%, 02/01/21^(b)		333,000		334,665
DISH DBS Corp., Sr. Unsec. Gtd. Global Notes, 5.13%, 05/01/20		1,077,000		1,089,116
5.88%, 11/15/24		655,000		659,912
Hughes Satellite Systems Corp., Sr. Unsec. Gtd. Global Notes, 7.63%, 06/15/21		237,000		262,774


	Principal Amount		Value


Cable & Satellite–(continued)

Numericable-SFR S.A. (France), Sr. Sec. Gtd. Bonds, 6.00%, 05/15/22^(b)	$	1,370,000	$	1,394,464
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH (Germany), Sr. Sec. Gtd. Bonds, 5.00%, 01/15/25^(b)		490,000		497,350
VTR Finance B.V. (Chile), Sr. Sec. Notes, 6.88%, 01/15/24^(b)		390,000		408,038
				6,426,564

Casinos & Gaming–1.28%

Boyd Gaming Corp., Sr. Unsec. Gtd. Global Notes, 9.00%, 07/01/20		402,000		435,165
Caesars Entertainment Resort Properties LLC, Sec. Gtd. Global Notes, 11.00%, 10/01/21		263,000		232,098
Sr. Sec. Gtd. Global Notes, 8.00%, 10/01/20		125,000		125,469
MGM Resorts International, Sr. Unsec. Gtd. Conv. Notes, 4.25%, 04/15/15		95,000		108,300
Sr. Unsec. Gtd. Global Notes, 6.63%, 12/15/21		180,000		192,825
Sr. Unsec. Gtd. Notes, 6.00%, 03/15/23		630,000		653,625
7.75%, 03/15/22		450,000		510,187
				2,257,669

Coal & Consumable Fuels–0.62%

CONSOL Energy Inc., Sr. Unsec. Gtd. Global Notes, 5.88%, 04/15/22		1,195,000		1,093,425

Commercial Printing–0.22%

Multi-Color Corp., Sr. Unsec. Gtd. Notes, 6.13%, 12/01/22^(b)		376,000		393,390

Communications Equipment–0.52%

Avaya Inc., Sr. Sec. Gtd. Notes, 7.00%, 04/01/19^(b)		400,000		398,500
9.00%, 04/01/19^(b)		498,000		513,563
				912,063

Computer & Electronics Retail–0.37%

Rent-A-Center, Inc., Sr. Unsec. Gtd. Global Notes, 4.75%, 05/01/21		760,000		642,200

Construction & Engineering–0.90%

AECOM, Sr. Unsec. Gtd. Notes, 5.75%, 10/15/22^(b)		780,000		809,370
Dycom Investments Inc., Sr. Unsec. Gtd. Sub. Global Notes, 7.13%, 01/15/21		730,000		771,975
				1,581,345

See accompanying notes which are an integral part of this schedule.

Invesco V.I. High Yield Fund


	Principal Amount		Value


Construction Machinery & Heavy Trucks–3.20%

Allied Specialty Vehicles, Inc., Sr. Sec. Notes, 8.50%, 11/01/19^(b)	$	982,000	$	1,038,465

Commercial Vehicle Group Inc., Sec. Gtd. Global Notes, 7.88%, 04/15/19		1,215,000		1,266,637

Meritor Inc., Sr. Unsec. Gtd. Notes, 6.25%, 02/15/24		299,000		302,738

6.75%, 06/15/21		377,000		392,080

Navistar International Corp., Sr. Unsec. Gtd. Notes, 8.25%, 11/01/21		660,000		645,975

Sr. Unsec. Sub. Conv. Notes, 4.75%, 04/15/19^(b)		455,000		413,197

Oshkosh Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 03/01/22		858,000		892,320

Sr. Unsec. Gtd. Notes, 5.38%, 03/01/25^(b)		179,000		185,265

Titan International Inc., Sr. Sec. Gtd. Global Notes, 6.88%, 10/01/20		564,000		490,680

				5,627,357


Construction Materials–2.10%

Building Materials Corp. of America, Sr. Unsec. Notes, 5.38%, 11/15/24^(b)		925,000		941,766

Cemex S.A.B. de C.V. (Mexico), Sr. Sec. Gtd. Notes, 5.88%, 03/25/19^(b)		630,000		649,687

CPG Merger Sub LLC, Sr. Unsec. Gtd. Notes, 8.00%, 10/01/21^(b)		120,000		122,400

Shea Homes L.P./Shea Homes Funding Corp., Sr. Unsec. Notes, 5.88%, 04/01/23^(b)		143,000		145,145

Unifrax I LLC/Unifrax Holding Co., Sr. Unsec. Gtd. Notes, 7.50%, 02/15/19^(b)		370,000		375,550

7.50%, 02/15/19^(b)		607,000		616,105

US Concrete, Inc., Sr. Sec. Gtd. Global Notes, 8.50%, 12/01/18		783,000		833,895

				3,684,548


Consumer Finance–0.82%

Ally Financial Inc., Sr. Unsec. Global Notes, 4.63%, 03/30/25		724,000		716,760

5.13%, 09/30/24		176,000		182,160

Sr. Unsec. Gtd. Global Notes, 7.50%, 09/15/20		140,000		164,500

Credit Acceptance Corp., Sr. Unsec. Gtd. Notes, 7.38%, 03/15/23^(b)		380,000		378,100

				1,441,520


Data Processing & Outsourced Services–1.60%

CoreLogic, Inc., Sr. Unsec. Gtd. Global Notes, 7.25%, 06/01/21		545,000		583,150

First Data Corp., Sr. Unsec. Gtd. Sub. Global Notes, 11.75%, 08/15/21		1,923,000		2,225,872

				2,809,022


	Principal Amount		Value


Distillers & Vintners–0.14%

Constellation Brands Inc., Sr. Unsec. Gtd. Notes, 4.75%, 11/15/24	$	225,000	$	238,500


Diversified Banks–0.12%

Royal Bank of Scotland Group PLC (The) (United Kingdom), Unsec. Sub. Yankee Notes, 6.13%, 12/15/22		195,000		220,125


Diversified Chemicals–0.29%

Evolution Escrow Issuer LLC, Sr. Unsec. Gtd. Notes, 7.50%, 03/15/22		498,000		505,470


Diversified Metals & Mining–0.93%

Compass Minerals International, Inc., Sr. Unsec. Gtd. Notes, 4.88%, 07/15/24		350,000		353,062

FMG Resources (August 2006) Pty. Ltd. (Australia), Sr. Unsec. Gtd. Notes, 6.00%, 04/01/17^(b)		365,000		365,456

6.88%, 04/01/22^(b)		446,000		341,190

8.25%, 11/01/19^(b)		177,000		157,088

HudBay Minerals, Inc. (Canada), Sr. Unsec. Gtd. Global Notes, 9.50%, 10/01/20		196,000		206,290

Sr. Unsec. Gtd. Notes, 9.50%, 10/01/20^(b)		210,000		219,975

				1,643,061


Electrical Components & Equipment–0.37%

Sensata Technologies B.V. (Netherlands), Sr. Unsec. Gtd. Notes, 4.88%, 10/15/23^(b)		270,000		278,100

5.00%, 10/01/25^(b)		370,000		374,625

				652,725


Electronics & Electrical–0.33%

Freescale Semiconductor Inc., Sr. Sec. Gtd. Notes, 6.00%, 01/15/22^(b)		523,000		572,031


Environmental & Facilities Services–0.16%

ADS Waste Holdings, Inc., Sr. Unsec. Gtd. Global Notes, 8.25%, 10/01/20		271,000		283,195


Food Retail–0.83%

1011778 BC ULC/New Red Finance, Inc. (Canada), Sec. Notes, 6.00%, 04/01/22^(b)		1,411,000		1,467,440


Forest Products–0.00%

Emerald Plantation Holdings Ltd. (Cayman Islands), Sr. Sec. Gtd. Global PIK Notes, 8.00%, 01/30/20^(c)(e)		5,751		5,334

Sino-Forest Corp. (Hong Kong), Sr. Unsec. Gtd. Notes, 6.25%, 10/21/17^(b)(d)(e)		40,000		200

				5,534

See accompanying notes which are an integral part of this schedule.

Invesco V.I. High Yield Fund


	Principal Amount		Value


Gas Utilities–1.00%

Ferrellgas L.P./Ferrellgas Finance Corp., Sr. Unsec. Global Notes, 6.50%, 05/01/21	$	785,000	$	794,812

6.75%, 01/15/22		127,000		129,858

Suburban Propane Partners, L.P./Suburban Energy Finance Corp., Sr. Unsec. Global Notes, 5.50%, 06/01/24		813,000		836,374

				1,761,044


General Merchandise Stores–0.75%

Family Tree Escrow LLC, Sr. Sec. Notes, 5.75%, 03/01/23^(b)		1,244,000		1,315,530


Gold–0.19%

New Gold Inc. (Canada), Sr. Unsec. Notes, 6.25%, 11/15/22^(b)		333,000		330,919


Health Care Equipment–0.11%

Universal Hospital Services Inc., Sec. Gtd. Global Notes, 7.63%, 08/15/20		213,000		187,440


Health Care Facilities–3.89%

Acadia Healthcare Co., Inc., Sr. Unsec. Gtd. Notes, 5.63%, 02/15/23^(b)		561,000		575,726

Community Health Systems, Inc., Sr. Sec. Gtd. Global Notes, 5.13%, 08/01/21		540,000		559,575

Sr. Unsec. Gtd. Global Notes, 6.88%, 02/01/22		437,202		468,899

HCA Holdings, Inc., Sr. Unsec. Notes, 6.25%, 02/15/21		859,000		932,015

HCA, Inc., Sr. Sec. Gtd. Global Notes, 5.88%, 03/15/22		801,000		886,857

Sr. Sec. Gtd. Notes, 5.25%, 04/15/25		288,000		312,120

Sr. Unsec. Gtd. Global Notes, 7.50%, 02/15/22		334,000		390,780

Sr. Unsec. Gtd. Notes, 5.38%, 02/01/25		293,000		309,115

Surgical Care Affiliates, Inc., Sr. Unsec. Gtd. Notes, 6.00%, 04/01/23^(b)		700,000		710,500

Tenet Healthcare Corp., Sr. Sec. Gtd. Global Notes, 6.00%, 10/01/20		395,000		421,169

Sr. Unsec. Global Notes, 6.75%, 02/01/20		360,000		381,600

8.13%, 04/01/22		800,000		886,000

				6,834,356


Health Care Services–0.79%

MPH Acquisition Holdings LLC, Sr. Unsec. Gtd. Notes, 6.63%, 04/01/22^(b)		1,025,000		1,068,563

Omnicare Inc., Sr. Unsec. Gtd. Notes, 5.00%, 12/01/24		305,000		318,725

				1,387,288


	Principal Amount		Value


Home Improvement Retail–0.72%

Hillman Group Inc. (The), Sr. Unsec. Notes, 6.38%, 07/15/22^(b)	$	1,260,000	$	1,266,300


Homebuilding–2.71%

Ashton Woods USA LLC/Ashton Woods Finance Co., Sr. Unsec. Notes, 6.88%, 02/15/21^(b)		1,502,000		1,376,207

AV Homes, Inc., Sr. Unsec. Notes, 8.50%, 07/01/19^(b)		270,000		258,525

Beazer Homes USA Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 09/15/21		1,075,000		1,053,500

K. Hovnanian Enterprises Inc., Sr. Sec. Gtd. Notes, 7.25%, 10/15/20^(b)		92,000		97,060

Sr. Unsec. Gtd. Notes, 7.00%, 01/15/19^(b)		770,000		750,750

8.00%, 11/01/19^(b)		348,000		336,690

KB Home, Sr. Unsec. Gtd. Notes, 7.00%, 12/15/21		181,000		185,525

7.50%, 09/15/22		105,000		108,150

Meritage Homes Corp. Sr. Unsec. Gtd. Global Notes, 7.15%, 04/15/20		110,000		118,800

Ryland Group Inc. (The), Sr. Unsec. Gtd. Notes, 5.38%, 10/01/22		483,000		484,208

				4,769,415


Household Products–1.18%

Reynolds Group Issuer Inc./LLC, Sr. Sec. Gtd. Global Notes, 5.75%, 10/15/20		857,000		888,066

Sr. Unsec. Gtd. Global Notes, 8.25%, 02/15/21		1,118,000		1,194,863

				2,082,929


Independent Power Producers & Energy Traders–1.45%

AES Corp., Sr. Unsec. Global Notes, 7.38%, 07/01/21		754,000		846,365

Calpine Corp., Sr. Sec. Gtd. Notes, 5.88%, 01/15/24^(b)		73,000		79,479

Sr. Unsec. Global Notes, 5.38%, 01/15/23		796,000		801,970

5.50%, 02/01/24		367,000		372,505

NRG Energy Inc., Sr. Unsec. Gtd. Global Notes, 6.25%, 07/15/22		298,000		307,685

Red Oak Power LLC, Series A, Sr. Sec. Bonds, 8.54%, 11/30/19		134,064		145,626

				2,553,630


Industrial Machinery–0.46%

Waterjet Holdings, Inc., Sr. Sec. Gtd. Notes, 7.63%, 02/01/20^(b)		764,000		806,975


Integrated Oil & Gas–0.64%

California Resources Corp., Sr. Unsec. Gtd. Notes, 5.50%, 09/15/21^(b)		1,264,000		1,134,440

See accompanying notes which are an integral part of this schedule.

Invesco V.I. High Yield Fund


	Principal Amount		Value


Integrated Telecommunication Services–0.58%

Telecom Italia S.p.A. (Italy), Sr. Unsec. Notes, 5.30%, 05/30/24^(b)	$	972,000	$	1,023,030


Internet Software & Services–1.19%

CyrusOne L.P./CyrusOne Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.38%, 11/15/22		860,000		918,050

Equinix Inc., Sr. Unsec. Notes, 5.38%, 01/01/22		481,000		501,442

5.38%, 04/01/23		641,000		666,640

				2,086,132


Marine–0.77%

Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S. Inc., Sr. Sec. Gtd. Mortgage Notes, 8.13%, 11/15/21^(b)		1,338,000		1,351,380


Metal & Glass Containers–1.07%

Berry Plastics Corp., Sec. Gtd. Notes, 5.50%, 05/15/22		1,377,000		1,421,752

Coveris Holdings S.A., Sr. Unsec. Gtd. Notes, 7.88%, 11/01/19^(b)		249,000		255,848

Owens-Brockway Glass Container Inc., Sr. Unsec. Notes, 5.00%, 01/15/22^(b)		200,000		205,000

				1,882,600


Movies & Entertainment–0.35%

AMC Entertainment Inc., Sr. Unsec. Gtd. Sub. Global Notes, 5.88%, 02/15/22		235,000		245,575

DreamWorks Animation SKG, Inc., Sr. Unsec. Gtd. Notes, 6.88%, 08/15/20^(b)		375,000		367,969

				613,544


Oil & Gas Drilling–0.25%

Pioneer Energy Services Corp., Sr. Unsec. Gtd. Global Notes, 6.13%, 03/15/22		574,000		440,545


Oil & Gas Equipment & Services–0.74%

Bristow Group, Inc., Sr. Unsec. Gtd. Notes, 6.25%, 10/15/22		443,000		425,280

Exterran Partners, L.P./EXLP Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 04/01/21		657,000		614,295

6.00%, 10/01/22		288,000		267,840

				1,307,415


Oil & Gas Exploration & Production–7.12%

Antero Resources Corp., Sr. Unsec. Gtd. Global Notes, 5.13%, 12/01/22^(b)		650,000		627,250

Antero Resources Finance Corp., Sr. Unsec. Gtd. Global Notes, 5.38%, 11/01/21		416,000		407,680

Approach Resources Inc., Sr. Unsec. Gtd. Global Notes, 7.00%, 06/15/21		583,000		527,615


	Principal Amount		Value


Oil & Gas Exploration & Production–(continued)

Carrizo Oil & Gas, Inc., Sr. Unsec. Gtd. Global Notes, 8.63%, 10/15/18	$	410,000	$	429,475

Sr. Unsec. Gtd. Notes, 7.50%, 09/15/20		662,000		683,515

Chaparral Energy, Inc., Sr. Unsec. Gtd. Global Notes, 9.88%, 10/01/20		236,000		173,460

Chesapeake Energy Corp., Sr. Unsec. Gtd. Notes, 6.63%, 08/15/20		329,000		342,160

Cimarex Energy Co., Sr. Unsec. Gtd. Notes, 4.38%, 06/01/24		440,000		438,900

5.88%, 05/01/22		286,000		304,590

Concho Resources Inc., Sr. Unsec. Gtd. Global Notes, 5.50%, 10/01/22		114,000		115,425

5.50%, 04/01/23		550,000		556,875

Denbury Resources Inc., Sr. Unsec. Gtd. Sub. Notes, 5.50%, 05/01/22		1,225,000		1,102,500

Diamondback Energy, Inc., Sr. Unsec. Gtd. Global Notes, 7.63%, 10/01/21		512,000		545,280

Halcon Resources Corp., Sr. Unsec. Gtd. Global Notes, 9.75%, 07/15/20		200,000		143,000

Laredo Petroleum, Inc., Sr. Unsec. Gtd. Global Notes, 7.38%, 05/01/22		428,000		446,725

Sr. Unsec. Gtd. Notes, 6.25%, 03/15/23		848,000		848,000

Newfield Exploration Co., Sr. Unsec. Sub. Notes, 6.88%, 02/01/20		318,000		328,732

Parsley Energy LLC/Parsley Finance Corp., Sr. Unsec. Notes, 7.50%, 02/15/22^(b)		509,000		516,635

QEP Resources Inc., Sr. Unsec. Global Notes, 5.25%, 05/01/23		215,000		212,313

Sr. Unsec. Notes, 5.38%, 10/01/22		226,000		223,740

Range Resources Corp., Sr. Unsec. Gtd. Sub. Notes, 5.00%, 08/15/22		298,000		298,000

Rice Energy Inc., Sr. Unsec. Gtd. Notes, 7.25%, 05/01/23^(b)		734,000		739,505

Rosetta Resources, Inc., Sr. Unsec. Gtd. Global Notes, 5.63%, 05/01/21		232,000		219,240

SandRidge Energy, Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 03/15/21		515,000		321,875

7.50%, 02/15/23		119,000		73,185

8.75%, 01/15/20		266,000		182,210

SM Energy Co., Sr. Unsec. Global Notes, 6.50%, 01/01/23		143,000		146,218

Sr. Unsec. Notes, 6.13%, 11/15/22^(b)		542,000		544,710

Whiting Petroleum Corp., Sr. Unsec. Gtd. Notes, 5.75%, 03/15/21		490,000		488,775

6.25%, 04/01/23^(b)		535,000		533,662

				12,521,250

See accompanying notes which are an integral part of this schedule.

Invesco V.I. High Yield Fund


	Principal Amount		Value


Oil & Gas Storage & Transportation–2.08%

Access Midstream Partners L.P./ACMP Finance Corp., Sr. Unsec. Global Notes, 4.88%, 05/15/23	$	353,000	$	358,074

Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.00%, 12/15/20		393,000		394,965

Energy Transfer Equity L.P., Sr. Sec. Gtd. Notes, 7.50%, 10/15/20		122,000		136,945

MarkWest Energy Partners, L.P./MarkWest Energy Finance Corp., Sr. Unsec. Gtd. Notes, 5.50%, 02/15/23		413,000		427,455

6.50%, 08/15/21		305,000		321,013

NGL Energy Partners L.P./NGL Energy Finance Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 10/15/21		316,000		331,800

Sabine Pass Liquefaction LLC, Sr. Sec. Global Notes, 5.63%, 04/15/23		375,000		376,875

Teekay Corp. (Bermuda), Sr. Unsec. Global Notes, 8.50%, 01/15/20		316,000		354,710

Teekay Offshore Partners L.P./Teekay Offshore Finance Corp. (Bermuda), Sr. Unsec. Global Notes, 6.00%, 07/30/19		214,000		195,008

Tesoro Logistics L.P./Tesoro Logistics Finance Corp., Sr. Unsec. Gtd. Global Notes, 5.88%, 10/01/20		506,000		522,445

Sr. Unsec. Gtd. Notes, 6.25%, 10/15/22^(b)		62,000		64,480

Williams Partners L.P./ACMP Finance Corp., Sr. Unsec. Notes, 4.88%, 03/15/24		178,000		179,446

				3,663,216


Other Diversified Financial Services–0.12%

Ziggo Bond Finance B.V. (Netherlands), Sr. Unsec. Notes, 5.88%, 01/15/25		200,000		210,020


Packaged Foods & Meats–2.60%

Diamond Foods Inc., Sr. Unsec. Gtd. Notes, 7.00%, 03/15/19^(b)		1,505,000		1,557,675

FAGE Dairy Industry S.A./FAGE USA Dairy Industry, Inc. (Greece), Sr. Unsec. Gtd. Notes, 9.88%, 02/01/20^(b)		350,000		365,750

JBS Investments GmbH (Brazil), Sr. Unsec. Gtd. Notes, 7.25%, 04/03/24^(b)		900,000		927,000

REGS, Sr. Unsec. Gtd. Euro Notes, 7.25%, 04/03/24^(b)		615,000		628,837

Post Holdings Inc., Sr. Unsec. Gtd. Global Notes, 7.38%, 02/15/22		192,000		199,440

Sr. Unsec. Gtd. Notes, 6.75%, 12/01/21^(b)		114,000		115,568


	Principal Amount		Value


Packaged Foods & Meats–(continued)

Smithfield Foods Inc., Sr. Unsec. Notes, 5.88%, 08/01/21^(b)	$	100,000	$	104,500

6.63%, 08/15/22		331,000		356,652

WhiteWave Foods Co. (The), Sr. Unsec. Gtd. Notes, 5.38%, 10/01/22		293,000		317,173

				4,572,595


Paper Packaging–0.61%

Graphic Packaging International Inc., Sr. Unsec. Gtd. Notes, 4.75%, 04/15/21		27,000		28,148

4.88%, 11/15/22		1,009,000		1,051,882

				1,080,030


Paper Products–0.66%

Mercer International Inc., Sr. Unsec. Gtd. Global Notes, 7.00%, 12/01/19		301,000		316,050

PH Glatfelter Co., Sr. Unsec. Gtd. Global Notes, 5.38%, 10/15/20		735,000		757,050

Verso Paper Holdings LLC/Verso Paper Inc., Sr. Sec. Gtd. Bonds., 11.75%, 01/15/19		102,000		95,880

				1,168,980


Personal Products–0.44%

NBTY Inc., Sr. Unsec. Gtd. Global Notes, 9.00%, 10/01/18		748,000		780,725


Pharmaceuticals–2.57%

Endo Finance LLC/ Endo Ltd./Endo Finco Inc., Sr. Unsec. Gtd. Notes, 6.00%, 02/01/25^(b)		970,000		1,001,525

Salix Pharmaceuticals Ltd., Sr. Unsec. Gtd. Notes, 6.50%, 01/15/21^(b)		132,000		147,015

Valeant Pharmaceuticals International, Inc., Sr. Unsec. Gtd. Notes, 5.50%, 03/01/23^(b)		388,000		394,305

5.63%, 12/01/21^(b)		1,456,000		1,483,300

6.38%, 10/15/20^(b)		310,000		323,563

7.50%, 07/15/21^(b)		45,000		48,881

Sr. Unsec. Notes, 5.88%, 05/15/23^(b)		200,000		206,000

6.13%, 04/15/25^(b)		880,000		915,200

				4,519,789


Real Estate Services–0.17%

Kennedy-Wilson Inc., Sr. Unsec. Gtd. Notes, 5.88%, 04/01/24		288,000		292,320


Regional Banks–0.48%

Synovus Financial Corp., Sr. Unsec. Global Notes, 7.88%, 02/15/19		750,000		843,750


Renewable Electricity–0.26%

TerraForm Power Operating, LLC, Sr. Unsec. Gtd. Notes, 5.88%, 02/01/23^(b)		431,000		451,473

See accompanying notes which are an integral part of this schedule.

Invesco V.I. High Yield Fund


	Principal Amount		Value


Semiconductor Equipment–0.73%

Amkor Technology Inc., Sr. Unsec. Global Notes, 6.38%, 10/01/22	$	749,000	$	777,088

Entegris Inc., Sr. Unsec. Gtd. Notes, 6.00%, 04/01/22^(b)		488,000		509,960

				1,287,048


Semiconductors–0.84%

Micron Technology, Inc., Sr. Unsec. Global Bonds, 5.88%, 02/15/22		613,000		648,247

Sr. Unsec. Notes, 5.25%, 08/01/23^(b)		320,000		327,200

5.50%, 02/01/25^(b)		490,000		496,125

				1,471,572


Specialized Consumer Services–0.64%

ServiceMaster Co., LLC (The), Sr. Unsec. Gtd. Global Notes, 7.00%, 08/15/20		320,000		340,800

Sr. Unsec. Notes, 7.45%, 08/15/27		761,000		783,830

				1,124,630


Specialized Finance–2.89%

AerCap Ireland Capital Ltd./AerCap Global Aviation Trust (Netherlands), Sr. Unsec. Gtd. Notes, 5.00%, 10/01/21^(b)		345,000		364,406

Aircastle Ltd., Sr. Unsec. Global Notes, 7.63%, 04/15/20		292,000		337,260

Sr. Unsec. Notes, 5.13%, 03/15/21		555,000		582,750

5.50%, 02/15/22		420,000		449,400

CIT Group Inc., Sr. Unsec. Global Notes, 5.00%, 08/15/22		586,000		603,580

5.00%, 08/01/23		270,000		278,100

Fly Leasing Ltd. (Ireland), Sr. Unsec. Global Notes, 6.75%, 12/15/20		621,000		637,301

International Lease Finance Corp., Sr. Unsec. Global Notes, 5.88%, 08/15/22		850,000		955,188

Sr. Unsec. Notes, 8.25%, 12/15/20		173,000		212,141

MSCI Inc., Sr. Unsec. Gtd. Notes., 5.25%, 11/15/24^(b)		640,000		665,600

				5,085,726


Specialized REIT’s–0.54%

Crown Castle International Corp., Sr. Unsec. Global Notes, 5.25%, 01/15/23		590,000		622,450

Sr. Unsec. Notes, 4.88%, 04/15/22		313,000		325,520

				947,970


Specialty Chemicals–0.37%

PolyOne Corp., Sr. Unsec. Global Notes, 5.25%, 03/15/23		630,000		655,200


	Principal Amount		Value


Specialty Stores–0.90%

Michaels Stores Inc., Sr. Unsec. Gtd. Sub. Notes, 5.88%, 12/15/20^(b)	$	1,524,000	$	1,575,435


Steel–2.17%

AK Steel Corp., Sr. Unsec. Gtd. Notes, 7.63%, 10/01/21		484,000		400,510

ArcelorMittal (Luxembourg), Sr. Unsec. Global Notes, 6.25%, 03/01/21		260,000		277,550

7.00%, 02/25/22		405,000		445,601

Cliffs Natural Resources Inc., Sr. Unsec. Global Notes, 5.90%, 03/15/20		413,000		303,215

Steel Dynamics, Inc., Sr. Unsec. Gtd. Notes, 5.13%, 10/01/21^(b)		291,000		293,910

5.50%, 10/01/24^(b)		788,000		803,760

SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp., Sr. Unsec. Gtd. Notes, 7.38%, 02/01/20^(b)		520,000		537,550

7.38%, 02/01/20^(b)		733,000		757,739

				3,819,835


Trading Companies & Distributors–0.80%

HD Supply, Inc., Sr. Unsec. Gtd. Global Notes, 7.50%, 07/15/20		190,000		204,013

United Rentals North America Inc., Sr. Unsec. Gtd. Global Notes, 5.50%, 07/15/25		406,000		415,642

Sr. Unsec. Gtd. Notes, 6.13%, 06/15/23		740,000		789,025

				1,408,680


Wireless Telecommunication Services–7.68%

Altice S.A. (Luxembourg), Sr. Unsec. Gtd. Notes, 7.75%, 05/15/22^(b)		1,260,000		1,286,775

Digicel Group Ltd. (Jamaica), Sr. Unsec. Notes, 8.25%, 09/30/20^(b)		400,000		401,000

Digicel Ltd. (Jamaica), Sr. Unsec. Gtd. Notes, 6.75%, 03/01/23		500,000		484,065

Sr. Unsec. Notes, 6.00%, 04/15/21^(b)		600,000		574,500

Intelsat Luxembourg S.A. (Luxembourg), Sr. Unsec. Gtd. Global Bonds, 5.50%, 08/01/23		330,000		312,675

7.75%, 06/01/21		735,000		681,713

8.13%, 06/01/23		490,000		455,088

SBA Communications Corp., Sr. Unsec. Notes, 4.88%, 07/15/22^(b)		1,207,000		1,187,386

Sprint Capital Corp., Sr. Unsec. Gtd. Global Notes, 6.88%, 11/15/28		865,000		801,206

Sprint Communications Inc., Sr. Unsec. Global Notes, 6.00%, 11/15/22		591,000		563,666

11.50%, 11/15/21		150,000		182,250

See accompanying notes which are an integral part of this schedule.

Invesco V.I. High Yield Fund


	Principal Amount		Value


Wireless Telecommunication Services–(continued)

Sprint Corp., Sr. Unsec. Gtd. Global Notes, 7.25%, 09/15/21	$	910,000	$	916,825

7.63%, 02/15/25		595,000		593,513

7.88%, 09/15/23		865,000		884,462

T-Mobile USA, Inc., Sr. Unsec. Gtd. Global Bonds, 6.38%, 03/01/25		1,132,000		1,170,205

6.84%, 04/28/23		287,000		303,861

Sr. Unsec. Gtd. Global Notes, 6.63%, 04/01/23		706,000		743,065

Wind Acquisition Finance S.A. (Italy), Sec. Gtd. Notes, 7.38%, 04/23/21^(b)		1,345,000		1,397,959

Sr. Sec. Gtd. Notes, 4.75%, 07/15/20^(b)		350,000		352,625

REGS, Sr. Sec. Gtd. Euro Notes, 6.50%, 04/30/20^(b)		200,000		212,750

				13,505,589

Total U.S. Dollar Denominated Bonds & Notes (Cost $157,397,904)				150,799,812


Non-U.S. Dollar Denominated Bonds & Notes–4.09%^(f)

Aerospace & Defense–0.15%

TA Mfg. Ltd., Sr. Unsec. Gtd. Notes, 3.63%, 04/15/23^(b)	EUR	250,000		272,328


Asset Management & Custody Banks–0.16%

Alize Finco PLC (United Kingdom), Sr. Sec. Gtd. Notes, 6.25%, 12/01/21^(b)	EUR	250,000		280,224


Auto Parts & Equipment–0.23%

Autodis S.A. (France), Sr. Sec. Gtd. Notes, 6.50%, 02/01/19^(b)	EUR	360,000		405,613


Automobile Manufacturers–0.18%

Hydra Dutch Holdings 2 B.V. (Netherlands), Sr. Sec. Gtd. Notes, 8.00%, 04/15/19^(b)	EUR	290,000		314,521


Cable & Satellite–0.13%

Virgin Media Secured Finance PLC (United Kingdom), Sr. Sec. Notes, 4.88%, 01/15/27^(b)	GBP	150,000		220,916


Casinos & Gaming–0.26%

Gala Group Finance PLC (United Kingdom), REGS, Sr. Sec. Gtd. Euro Notes, 8.88%, 09/01/18^(b)	GBP	198,000		309,599

William Hill PLC (United Kingdom), Sr. Unsec. Gtd. Euro Notes, 4.25%, 06/05/20	GBP	100,000		150,245

				459,844


	Principal Amount		Value


Construction & Engineering–0.18%

Abengoa Finance S.A.U. (Spain), REGS, Sr. Unsec. Gtd. Medium-Term Euro Notes, 8.88%, 02/05/18^(b)	EUR	275,000	$	307,877


Construction Materials–0.33%

Grupo Isolux Corsan Finance B.V. (Spain), Sr. Unsec. Gtd. Bonds, 6.63%, 04/15/21^(b)	EUR	300,000		284,659

Manutencoop Facility Management SpA (Italy), Sr. Sec. Gtd. Notes, 8.50%, 08/01/20^(b)	EUR	200,000		202,138

REGS, Sr. Sec. Gtd. Euro Notes, 8.50%, 08/01/20^(b)	EUR	100,000		101,069

				587,866


Diversified Support Services–0.13%

AA Bond Co. Ltd. (United Kingdom), Sec. Notes, 5.50%, 07/31/22^(b)	GBP	150,000		225,234


Environmental & Facilities Services–0.18%

Waste Italia SpA (Italy), Sr. Sec. Gtd. Notes, 10.50%, 11/15/19^(b)	EUR	325,000		320,611


Hotels, Resorts & Cruise Lines–0.33%

Thomas Cook Finance PLC (United Kingdom), Sr. Unsec. Gtd. Bonds, 6.75%, 06/15/21^(b)	EUR	231,000		267,309

Thomas Cook Group PLC (United Kingdom), Sr. Unsec. Gtd. Medium-Term Euro Notes, 7.75%, 06/22/17	GBP	200,000		319,558

				586,867


Industrial Machinery–0.06%

Onex Wizard Acquisition Co. II S.C.A. (Luxembourg), REGS, Sr. Unsec. Euro Bonds, 7.75%, 02/15/23	EUR	100,000		113,864


Internet Software & Services–0.19%

United Group B.V. (Serbia), REGS, Sr. Sec. Gtd. Euro Notes, 7.88%, 11/15/20^(b)	EUR	280,000		325,140


Movies & Entertainment–0.77%

Odeon & UCI Finco PLC (United Kingdom), Sr. Sec. Gtd. Notes, 9.00%, 08/01/18^(b)	GBP	110,000		164,453

REGS, Sr. Sec. Gtd. Medium-Term Euro Notes, 9.00%, 08/01/18^(b)	GBP	795,000		1,188,548

				1,353,001

See accompanying notes which are an integral part of this schedule.

Invesco V.I. High Yield Fund


	Principal Amount		Value


Other Diversified Financial Services–0.60%

Boats Investments Netherlands B.V. (Netherlands), REGS, Series 97, Sr. Sec. Medium-Term Mortgage Euro PIK Notes, 11.00%, 03/31/17^(b)(c)	EUR	112,793	$	35,170

Cabot Financial Luxembourg S.A. (United Kingdom), REGS, Sr. Sec. Gtd. Euro Notes, 10.38%, 10/01/19^(b)	GBP	115,000		188,396

Financiere Gaillon 8 SAS (France), Sr. Sec. Notes, 7.00%, 09/30/19^(b)	EUR	280,000		308,582

Lowell Group Financing PLC (United Kingdom), REGS, Sr. Sec. Gtd. Euro Notes, 10.75%, 04/01/19^(b)	GBP	320,000		517,584

				1,049,732


Paper Products–0.06%

Sappi Papier Holding GmbH (Austria), 3.38%, 04/01/22^(b)	EUR	100,000		106,176


Personal Products–0.07%

Ontex Group N.V. (Belgium), Sr. Sec. Gtd. Notes, 4.75%, 11/15/21^(b)	EUR	100,000		116,202


Publishing–0.08%

Johnston Press Bond PLC (United Kingdom), Sr. Sec. Gtd. Notes, 8.63%, 06/01/19^(b)	GBP	100,000		142,825

Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $8,083,073)				7,188,841


Variable Rate Senior Loan Interests–0.92%^(g)

Application Software–0.23%

SS&C Technologies Holdings, Inc., Term Loan, 0.00%, 02/02/16^(h)	$	405,000		405,000


Diversified Support Services–0.69%

Air Medical Group Holdings, Inc., Term Loan, 0.00%, 03/17/16^(h)		640,000		640,000

Laureate Education, Inc., Sr. Sec. Gtd. Term Loan, 5.00%, 06/16/18		605,382		569,059

				1,209,059

Total Variable Rate Senior Loan Interests (Cost $1,632,662)				1,614,059


	Shares		Value


Common Stocks & Other Equity Interests–0.57%

Automobile Manufacturers–0.46%

General Motors Co.⁽ⁱ⁾		13,101		491,288

General Motors Co.—Wts. expiring 07/10/16^(i)(j)		6,025		167,194

General Motors Co.—Wts. expiring 07/10/19^(i)(j)		6,025		118,391

Motors Liquidation Co. GUC Trust		1,538		26,269

				803,142


Broadcasting–0.00%

Adelphia Communications Corp.^(k)		3,280		2,525

Adelphia Recovery Trust—Series ACC-1^(k)		318,570		924

Adelphia Recovery Trust—Series Arahova^(k)		109,170		1,212

				4,661


Forest Products–0.00%

Emerald Plantation Holdings Ltd. (Cayman Islands)^(e)(j)		6,205		1,799


Integrated Telecommunication Services–0.11%

Hawaiian Telcom Holdco Inc.—Wts. expiring 10/28/15^(l)		1,527		18,630

Largo Ltd.—Class A (Luxembourg)^(j)		17,563		16,674

Largo Ltd.—Class B (Luxembourg)^(j)		158,069		150,071

				185,375


Paper Products–0.00%

Verso Corp.^(j)		2,150		3,870

Total Common Stocks & Other Equity Interests (Cost $1,782,003)				998,847


	Principal Amount

U.S. Treasury Bills–0.25%^(m)(n)

0.06%, 08/20/15	$	20,000		19,995

0.07%, 08/20/15		225,000		224,943

0.08%, 08/20/15		90,000		89,977

0.09%, 08/20/15		100,000		99,974

Total U.S. Treasury Bills (Cost $434,871)				434,889


	Shares

Money Market Funds–7.43%

Liquid Assets Portfolio –Institutional Class^(o)		6,538,816		6,538,816

Premier Portfolio –Institutional Class ^(o)		6,538,816		6,538,816

Total Money Market Funds (Cost $13,077,632)				13,077,632

TOTAL INVESTMENTS–99.00% (Cost $182,408,145)				174,114,080

OTHER ASSETS LESS LIABILITIES–1.00%				1,759,018

NET ASSETS–100.00%			$	175,873,098

See accompanying notes which are an integral part of this schedule.

Invesco V.I. High Yield Fund

Investment Abbreviations:


Conv.		—Convertible
Ctfs.		—Certificates
EUR		—Euro
GBP		—British Pound Sterling
Gtd.		—Guaranteed
PIK		—Payment-in-Kind
REGS		—Regulation S
REIT		—Real Estate Investment Trust
Sec.		—Secured
Sr.		—Senior
Sub.		—Subordinated
Unsec.		—Unsecured
Wts.		—Warrants

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)

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, 2015 was $69,381,993, which represented 39.45% of the Fund’s Net Assets.

^(c)	All or a portion of this security is Payment-in-Kind.


Issuer	Cash Rate			PIK Rate
Alphabet Holding Co., Inc., Sr. Unsec. Global PIK Notes		—	%		8.50	%
Boats Investments Netherlands B.V., REGS, Series 97, Sr. Sec. Medium-Term Mortgage Euro PIK Notes		0.00			11.00
Emerald Plantation Holdings Ltd., Sr. Sec. Gtd. Global PIK Notes		6.00			8.00

^(d)	Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The aggregate value of these securities at March 31, 2015 was $200, which represented less than 1% of the Fund’s Net Assets.

^(e)	Acquired as part of the Sino-Forest Corp. reorganization.

^(f)	Foreign denominated security. Principal amount is denominated in the currency indicated.

^(g)

Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act, and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the London Interbank Offered Rate (“LIBOR”), on set dates, typically every 30 days but not greater than one year; and/or have interest rates that float at a margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.

^(h)	All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding. See Note 4.

⁽ⁱ⁾	Acquired as part of the General Motors reorganization.

^(j)	Non-income producing security.

^(k)	Non-income producing security acquired as part of the Adelphia Communications bankruptcy reorganization.

^(l)	Non-income producing security acquired as part of the Hawaiian Telcom bankruptcy reorganization.

^(m)	Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

⁽ⁿ⁾	All or a portion of the value was pledged as collateral to cover margin requirements for open swap agreements. See Note 1H and Note 3.

^(o)	The money market fund and the Fund are affiliated by having the same investment adviser.

See accompanying notes which are an integral part of this schedule.

Invesco V.I. High Yield Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 -- Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Senior secured floating rate loans and senior secured floating rate debt securities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Invesco V.I. High Yield Fund

A.	Security Valuations – (continued)

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

Lower-Rated Securities – The Fund normally invests at least 80% of its net assets in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims.

Invesco V.I. High Yield Fund

E.	Foreign Currency Translations – (continued)

Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

F.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

Securities Purchased on a When-Issued and Delayed Delivery Basis – The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, they may sell such securities prior to the settlement date.

Swap Agreements – The Fund may enter into various swap transactions, including interest rate, total return, index, currency and credit default swap contracts (“CDS”) for investment purposes or to manage interest rate, currency or credit risk. Such transactions are agreements between Counterparties. A swap agreement may be negotiated bilaterally and traded over-the-counter (OTC) between two parties (‘uncleared/OTC”) or, in some instances, must be transacted through a future commission merchant (FCM) and cleared through a clearinghouse that serves as a central Counterparty (“centrally cleared swap”). These agreements may contain among other conditions, events of default and termination events, and various covenants and representations such as provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund’s NAV over specific periods of time. If the Fund were to trigger such provisions and have open derivative positions at that time, the Counterparty may be able to terminate such agreement and request immediate payment in an amount equal to the net liability positions, if any.

In a centrally cleared swap, the Fund’s ultimate Counterparty is a central clearinghouse. The Fund initially will enter into centrally cleared swaps through an executing broker. When a Fund enters into a centrally cleared swap, it must deliver to the central Counterparty (via the FCM) an amount referred to as “initial margin.”

Invesco V.I. High Yield Fund

H.	Swap Agreements – (continued)

Initial margin requirements are determined by the central Counterparty, but an FCM may require additional initial margin above the amount required by the central Counterparty. Initial margin deposits required upon entering into centrally cleared swaps are satisfied by cash or securities as collateral at the FCM. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is recorded on the Statement of Assets and Liabilities. During the term of a cleared swap agreement, a “variation margin” amount may be required to be paid by the Fund or may be received by the Fund, based on the daily change in price of the underlying reference instrument subject to the swap agreement and is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities until the centrally cleared swap is terminated at which time a realized gain or loss is recorded.

An interest rate swap is an agreement between Counterparties pursuant to which the parties exchange a floating rate payment for a fixed rate payment based on a specified notional amount.

Changes in the value of centrally cleared and OTC swap agreements are recognized as unrealized gains (losses) in the Statement of Operations by “marking to market” on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of the agreement are reflected as such on the Statement of Assets and Liabilities and may be referred to as upfront payments. The Fund accrues for the fixed payment stream and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount, recorded as a component of realized gain (loss) on the Statement of Operations. A liquidation payment received or made at the termination of a swap agreement is recorded as realized gain (loss) on the Statement of Operations. The Fund segregates liquid securities having a value at least equal to the amount of the potential obligation of a Fund under any swap transaction. Entering into these agreements involves, to varying degrees, lack of liquidity and elements of credit, market, and Counterparty risk in excess of amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that a swap is difficult to sell or liquidate; the Counterparty does not honor its obligations under the agreement and unfavorable interest rates and market fluctuations. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund’s ability to terminate existing swap agreements or to realize amounts to be received under such agreements.

Invesco V.I. High Yield Fund

H.	Swap Agreements – (continued)

Bank Loan Risk Disclosures – Although the resale, or secondary market for floating rate loans has grown substantially over the past decade, both in overall size and number of market participants, there is no organized exchange or board of trade on which floating rate loans are traded. Instead, the secondary market for floating rate loans is a private, unregulated interdealer or interbank resale market. Such a market may therefore be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods. Similar to other asset classes, bank loan funds may be exposed to counterparty credit risk, or the risk than an entity with which the Fund has unsettled or open transactions may fail to or be unable to perform on its commitments. The Fund manages counterparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

J.	Leverage Risk – Leverage exists when a Fund can lose more than it originally invests because it purchases or sells an instrument or enters into a transaction without investing an amount equal to the full economic exposure of the instrument or transaction.

Other Risks – The Fund invests in corporate loans from U.S. or non-U.S. companies (the “Borrowers”). The investment of the Fund in a corporate loan may take the form of participation interests or assignments. If the Fund purchases a participation interest from a syndicate of lenders (“Lenders”) or one of the participants in the syndicate (“Participant”), one or more of which administers the loan on behalf of all the Lenders (the “Agent Bank”), the Fund would be required to rely on the Lender that sold the participation interest not only for the enforcement of the Fund’s rights against the Borrower but also for the receipt and processing of payments due to the Fund under the corporate loans. As such, the Fund is subject to the credit risk of the Borrower and the Participant. Lenders and Participants interposed between the Fund and a Borrower, together with Agent Banks, are referred to as “Intermediate Participants”.

NOTE 2 -- Additional Valuation Information


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 the Fund’s own 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.

Invesco V.I. High Yield Fund


	Level 1		Level 2		Level 3		Total
Equity Securities	$	13,886,443	$	187,511	$	2,525	$	14,076,479
U.S. Treasury Securities		—		434,889		—		434,889
Corporate Debt Securities		—		152,413,871		0		152,413,871
Foreign Debt Securities		—		7,188,841		—		7,188,841
		13,886,443		160,225,112		2,525		174,114,080
Forward Foreign Currency Contracts*		—		78,587		—		78,587
Swap Agreements*		—		4,269		—		4,269
Total Investments	$	13,886,443	$	160,307,968	$	2,525	$	174,196,936

*	Unrealized appreciation.

NOTE 3 -- Derivative Investments

Value of Derivative Investments at Period-End

The table below summarizes the value of the Fund’s derivative investments, detailed by primary risk exposure, held as of March 31, 2015:


Risk Exposure/ Derivative Type	Value
Risk Exposure/ Derivative Type		Assets	Liabilities
Credit risk:
Swap agreements ^(a)		$4,269	$—
Currency risk:
Forward foreign currency contracts		78,587	—
Total		$82,856	$—

^(a)	Includes cumulative appreciation of centrally cleared swap agreements.

Effect of Derivative Investments for the three months ended March 31, 2015

The table below summarizes the gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:


	Location of Gain (Loss) on Statement of Operations
	Forward Foreign Currency Contracts	Swap Agreements
Realized Gain (Loss):
Credit risk	$—	$(29,012)
Currency risk	554,560	—
Change in Unrealized Appreciation (Depreciation):
Credit risk	—	34,506
Currency risk	(13,066)	—
Total	$541,494	$5,494

The table below summarizes the average notional value of forward foreign currency contracts and swap agreements outstanding during the period.


	Forward Foreign Currency Contracts	Swap Agreements
Average notional value	$8,159,020	$1,942,760

Invesco V.I. High Yield Fund

Open Forward Foreign Currency Contracts

Settlement

Contract to

Notional

Unrealized

Date

Counterparty

Deliver

Receive

Value

Appreciation

06/12/15

Citigroup Global Markets Inc.

EUR

3,363,612

USD

3,651,580

3,620,364

31,216

06/12/15

Citigroup Global Markets Inc.

GBP

2,272,548

USD

3,417,791

3,370,420

47,371

Total Forward Foreign Currency Contracts - Currency Risk

78,587

Currency Abbreviations:

EUR -- Euro

GBP -- British Pound Sterling

USD -- U.S. Dollar

Open Centrally Cleared Credit Default Swap Agreements - Credit Risk

Counterparty/

Clearinghouse

Reference Entity

Buy/

Sell

Protection

(Pay)/

Receive

Fixed
Rate

Expiration
Date

Implied
Credit
Spread ^(a)

Notional

Value

Upfront
Payments

Unrealized

Appreciation

Credit Suisse

Securities

(USA)

LLC/CME

Markit

CDX North

America

High Yield Index, Series 23

Sell

5.00%

12/20/19

3.06%

$1,848,280

$146,938

$4,269

^(a)

Abbreviations:

CME – Chicago Mercantile Exchange

NOTE 4 -- Unfunded Loan Commitments

As of March 31, 2015, the Fund had unfunded loan commitments, which could be extended at the option of the borrower, pursuant to the following loan agreements with the following borrowers:


Borrower	Type		Principal Amount		Value
Air Medical Group Holdings, Inc.		Term Loan	$	640,000	$	640,000
SS&C Technologies Holdings, Inc.		Term Loan		405,000		405,000
			$	1,045,000	$	1,045,000

NOTE 5 -- Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $47,191,059 and $35,396,856, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	2,863,890
Aggregate unrealized (depreciation) of investment securities		(11,330,796)
Net unrealized appreciation (depreciation) of investment securities	$	(8,466,906)
Cost of investments for tax purposes is $182,580,986.

Invesco V.I. High Yield Fund

NOTE 6 -- Senior Loan Participation Commitments

The Fund invests in participations, assignments, or acts as a party to the primary lending syndicate of a Senior Loan interest to corporations, partnerships, and other entities. When the Fund purchases a participation of a Senior Loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation, but not with the borrower directly. As such, the Fund assumes the credit risk of the borrower, selling participant or other persons interpositioned between the Fund and the borrower.

At the three months ended March 31, 2015, the following sets forth the selling participants with respect to interest in Senior Loans purchased by the Fund on a participation basis.


Selling Participant	Principal Amount		Value
Citibank, N.A.	$	605,382	$	569,059
Morgan Stanley Funding, Inc.		1,045,000		1,045,000
Total	$	1,650,382	$	1,614,059

Invesco V.I. High Yield Fund

Invesco V.I. International Growth Fund

Quarterly Schedule of Portfolio Holdings

March 31, 2015




invesco.com/us	VIIGR-QTR-1	03/15	Invesco Advisers, Inc.

Schedule of Investments

March 31, 2015

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–91.19%

Australia–3.46%

Amcor Ltd.		2,952,002	$	31,482,464
Brambles Ltd.		2,205,903		19,306,305
CSL Ltd.		193,031		13,512,147
				64,300,916

Belgium–1.21%

Anheuser-Busch InBev N.V.		183,243		22,421,203

Brazil–3.80%

Banco Bradesco S.A. -ADR		3,129,817		29,044,704
BM&FBOVESPA S.A.		8,185,734		28,554,886
BRF S.A.		660,048		13,066,079
				70,665,669

Canada–7.21%

Canadian National Railway Co.		249,122		16,682,874
Cenovus Energy Inc.		511,539		8,622,578
CGI Group Inc. -Class A ^(a)		792,536		33,613,638
Encana Corp.		1,567,351		17,497,508
Fairfax Financial Holdings Ltd.		38,702		21,694,631
Great-West Lifeco Inc.		218,232		6,309,534
Suncor Energy, Inc.		1,017,643		29,735,487
				134,156,250

China–4.95%

Baidu, Inc. -ADR^(a)		158,177		32,964,087
CNOOC Ltd.		5,329,000		7,545,855
Great Wall Motor Co. Ltd. -Class H		4,426,500		31,119,523
Industrial & Commercial Bank of China Ltd. -Class H		27,598,000		20,362,273
				91,991,738

Denmark–2.54%

Carlsberg AS -Class B		327,607		27,055,870
Novo Nordisk AS -Class B		378,658		20,266,864
				47,322,734

France–3.13%

Publicis Groupe S.A.		488,381		37,718,454
Schneider Electric S.E.		263,778		20,519,480
				58,237,934

Germany–7.72%

adidas AG		215,941		17,109,327
Allianz S.E.		143,430		24,921,486
Deutsche Boerse AG		397,701		32,523,873
Deutsche Post AG		435,110		13,611,522
ProSiebenSat.1 Media AG		524,950		25,797,101
SAP S.E.		407,759		29,606,670
				143,569,979


	Shares		Value

Hong Kong–3.43%

Galaxy Entertainment Group Ltd.		4,957,000	$	22,476,079
Hutchison Whampoa Ltd.		2,992,000		41,388,078
				63,864,157

Israel–2.51%

Teva Pharmaceutical Industries Ltd. -ADR		750,337		46,745,995

Japan–7.34%

Denso Corp.		280,700		12,814,872
FANUC Corp.		57,000		12,474,987
Japan Tobacco, Inc.		926,100		29,259,755
Keyence Corp.		22,600		12,360,847
Komatsu Ltd.		964,337		18,964,946
Toyota Motor Corp.		404,900		28,257,424
Yahoo Japan Corp.		5,433,000		22,467,634
				136,600,465

Mexico–1.96%

Fomento Economico Mexicano, S.A.B. de C.V. -ADR^(a)		131,950		12,337,325
Grupo Televisa S.A.B. -ADR^(a)		731,139		24,134,898
				36,472,223

Singapore–4.23%

Avago Technologies Ltd.		255,132		32,396,661
Keppel Corp. Ltd.		2,563,161		16,764,295
United Overseas Bank Ltd.		1,759,700		29,457,569
				78,618,525

South Korea–1.70%

Samsung Electronics Co., Ltd.		24,363		31,574,988

Spain–1.09%

Amadeus IT Holding S.A. -Class A		474,887		20,363,015

Sweden–2.77%

Investor AB -Class B		750,166		29,885,964
Telefonaktiebolaget LM Ericsson -Class B		1,717,030		21,547,844
				51,433,808

Switzerland–8.46%

ABB Ltd.		1,142,732		24,258,655
Julius Baer Group Ltd.		493,691		24,770,913
Novartis AG		138,520		13,705,184
Roche Holding AG		99,217		27,371,967
Swatch Group AG (The)		32,277		13,687,335
Syngenta AG		74,140		25,229,572
UBS Group AG		1,503,488		28,343,178
				157,366,804

Taiwan–1.60%

Taiwan Semiconductor Manufacturing Co. Ltd. -ADR		1,264,434		29,688,910

See accompanying notes which are an integral part of this schedule.

Invesco V.I. International Growth Fund


	Shares		Value

Thailand–1.79%

Kasikornbank PCL -NVDR		4,737,900	$	33,266,292

Turkey–0.96%

Akbank T.A.S.		6,070,948		17,826,278

United Kingdom–19.33%

Aberdeen Asset Management PLC		3,064,655		20,900,960
British American Tobacco PLC		728,585		37,655,138
Centrica PLC		2,955,549		11,095,920
Compass Group PLC		1,737,763		30,191,357
Informa PLC		1,819,425		15,240,624
Kingfisher PLC		4,946,134		27,934,397
Next PLC		157,135		16,380,377
Reed Elsevier PLC		2,364,395		40,626,931
Royal Dutch Shell PLC -Class B		687,991		21,380,361
Sky PLC		3,718,115		54,786,897
Smith & Nephew PLC		1,068,683		18,141,766
Unilever N.V.		486,910		20,373,000
WPP PLC		1,977,383		44,858,998
				359,566,726
Total Common Stocks & Other Equity Interests (Cost $1,252,980,407)				1,696,054,609

Money Market Funds–8.32%

Liquid Assets Portfolio –Institutional Class ^(b)		77,325,506		77,325,506
Premier Portfolio –Institutional Class ^(b)		77,325,507		77,325,507
Total Money Market Funds (Cost $154,651,013)				154,651,013
TOTAL INVESTMENTS–99.51% (Cost $1,407,631,420)				1,850,705,622
OTHER ASSETS LESS LIABILITIES–0.49%				9,116,698
NET ASSETS–100.00%			$	1,859,822,320

Investment Abbreviations:


ADR		—American Depositary Receipt
NVDR		—Non-Voting Depositary Receipt

Notes to Schedule of Investments:

^(a)	Non-income producing security.

^(b)	The money market fund and the Fund are affiliated by having the same investment adviser.

See accompanying notes which are an integral part of this schedule.

Invesco V.I. International Growth Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco V.I. International Growth Fund

A.	Security Valuations – (continued)

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

E.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

Invesco V.I. International Growth Fund

E.	Forward Foreign Currency Contracts – (continued)

NOTE 2 — Additional Valuation Information


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 the Fund’s own 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.

During the three months ended March 31, 2015, there were transfers from Level 1 to Level 2 of $46,469,330 and from Level 2 to Level 1 of $505,177,652, due to foreign fair value adjustments.

Invesco V.I. International Growth Fund


	Level 1		Level 2		Level 3	Total
Australia	$	—	$	64,300,916	$—	$	64,300,916
Belgium		22,421,203		—	—		22,421,203
Brazil		70,665,669		—	—		70,665,669
Canada		134,156,250		—	—		134,156,250
China		53,326,360		38,665,378	—		91,991,738
Denmark		47,322,734		—	—		47,322,734
France		58,237,934		—	—		58,237,934
Germany		118,648,493		24,921,486	—		143,569,979
Hong Kong		—		63,864,157	—		63,864,157
Israel		46,745,995		—	—		46,745,995
Japan		47,303,468		89,296,997	—		136,600,465
Mexico		36,472,223		—	—		36,472,223
Singapore		32,396,661		46,221,864	—		78,618,525
South Korea		—		31,574,988	—		31,574,988
Spain		—		20,363,015	—		20,363,015
Sweden		—		51,433,808	—		51,433,808
Switzerland		157,366,804		—	—		157,366,804
Taiwan		29,688,910		—	—		29,688,910
Thailand		—		33,266,292	—		33,266,292
Turkey		—		17,826,278	—		17,826,278
United Kingdom		184,853,941		174,712,785	—		359,566,726
United States		154,651,013		—	—		154,651,013
Total Investments	$	1,194,257,658	$	656,447,964	$—	$	1,850,705,622

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $176,172,314 and $143,545,591, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities			$ 463,809,380
Aggregate unrealized (depreciation) of investment securities			(45,748,131)
Net unrealized appreciation of investment securities			$ 418,061,249
Cost of investments for tax purposes is $1,432,644,373.

Invesco V.I. International Growth Fund


		Invesco V.I. Managed Volatility Fund
		Quarterly Schedule of Portfolio Holdings
		March 31, 2015

LOGO

invesco.com/us

I-VIMGV-QTR-1

03/15

Invesco Advisers, Inc.

Schedule of Investments^(a)

March 31, 2015

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–64.92%

Aerospace & Defense–0.93%

General Dynamics Corp.		4,739	$	643,224

Agricultural Products–0.75%

Archer-Daniels-Midland Co.		10,947		518,888

Application Software–1.18%

Adobe Systems Inc. ^(b)		5,439		402,159
Citrix Systems, Inc. ^(b)		6,487		414,325
				816,484

Asset Management & Custody Banks–1.69%

Northern Trust Corp.		6,895		480,237
State Street Corp.		9,299		683,755
				1,163,992

Automobile Manufacturers–0.85%

General Motors Co.		15,633		586,237

Biotechnology–0.87%

Amgen Inc.		3,747		598,958

Broadcasting–0.19%

CBS Corp. -Class B		2,106		127,687

Cable & Satellite–1.76%

Comcast Corp. -Class A		13,252		748,341
Time Warner Cable Inc.		3,105		465,377
				1,213,718

Communications Equipment–0.94%

Cisco Systems, Inc.		23,571		648,792

Construction Machinery & Heavy Trucks–0.48%

Caterpillar Inc.		4,162		333,085

Diversified Banks–7.92%

Bank of America Corp.		63,773		981,467
Citigroup Inc.		39,212		2,020,202
Comerica Inc.		9,878		445,794
JPMorgan Chase & Co.		33,202		2,011,377
				5,458,840

Diversified Chemicals–0.35%

Dow Chemical Co. (The)		5,058		242,683

Electric Utilities–0.40%

FirstEnergy Corp.		7,917		277,570

Electronic Components–0.70%

Corning Inc.		21,436		486,168


	Shares		Value

General Merchandise Stores–1.33%

Target Corp.		11,144	$	914,588

Health Care Equipment–1.29%

Baxter International Inc.		3,482		238,517
Medtronic PLC		8,383		653,790
				892,307

Health Care Services–0.55%

Express Scripts Holding Co. ^(b)		4,383		380,313

Hotels, Resorts & Cruise Lines–1.14%

Carnival Corp.		16,374		783,332

Household Products–0.78%

Procter & Gamble Co. (The)		6,529		534,986

Hypermarkets & Super Centers–1.07%

Wal-Mart Stores, Inc.		8,954		736,466

Industrial Conglomerates–1.95%

General Electric Co. ^(c)		54,149		1,343,437

Industrial Machinery–0.85%

Ingersoll-Rand PLC		8,659		589,505

Insurance Brokers–2.07%

Aon PLC		5,093		489,539
Marsh & McLennan Cos., Inc.		8,844		496,060
Willis Group Holdings PLC		9,198		443,160
				1,428,759

Integrated Oil & Gas–3.47%

Exxon Mobil Corp.		5,055		429,675
Occidental Petroleum Corp.		5,150		375,950
Royal Dutch Shell PLC -Class A (United Kingdom)		34,899		1,037,508
TOTAL S.A. (France)		11,066		550,587
				2,393,720

Integrated Telecommunication Services–1.09%

Koninklijke KPN N.V. (Netherlands)		32,752		110,827
Orange S.A. (France)		7,345		118,184
Telecom Italia S.p.A. (Italy)^(b)		68,616		80,563
Telefónica, S.A. (Spain)		5,073		72,184
Telefónica, S.A. -Rts. (Spain)^(b)		5,073		818
Verizon Communications Inc.		7,534		366,378
				748,954

Internet Software & Services–1.13%

eBay Inc. ^(b)		13,503		778,853

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Managed Volatility Fund


	Shares		Value

Investment Banking & Brokerage–3.07%

Charles Schwab Corp. (The)		17,783	$	541,315
Goldman Sachs Group, Inc. (The)		2,690		505,639
Morgan Stanley		29,908		1,067,417
				2,114,371

IT Consulting & Other Services–0.82%

Amdocs Ltd.		10,362		563,693

Managed Health Care–1.57%

Anthem, Inc.		3,379		521,752
UnitedHealth Group Inc.		4,766		563,770
				1,085,522

Movies & Entertainment–0.90%

Time Warner Inc.		3,543		299,171
Viacom Inc. -Class B		4,671		319,029
				618,200

Multi-Utilities–0.45%

PG&E Corp.		5,890		312,582

Oil & Gas Drilling–0.29%

Ensco PLC -Class A		9,497		200,102

Oil & Gas Equipment & Services–0.84%

Baker Hughes Inc.		9,131		580,549

Oil & Gas Exploration & Production–1.90%

Anadarko Petroleum Corp.		4,558		377,448
Apache Corp.		8,203		494,887
Canadian Natural Resources Ltd. (Canada)		14,229		436,104
				1,308,439

Other Diversified Financial Services–0.94%

Voya Financial, Inc.		14,999		646,607

Packaged Foods & Meats–1.37%

Mondelez International Inc. -Class A		15,340		553,621
Unilever N.V. -New York Shares (United Kingdom)		9,362		390,957
				944,578

Pharmaceuticals–5.31%

Eli Lilly and Co.		9,257		672,521
Merck & Co., Inc.		12,550		721,374
Novartis AG (Switzerland)		7,234		715,733
Pfizer Inc.		11,363		395,319
Sanofi (France)		5,113		503,101
Teva Pharmaceutical Industries Ltd. -ADR (Israel)		10,524		655,645
				3,663,693

Publishing–0.55%

Thomson Reuters Corp.		9,272		375,902

Railroads–0.73%

CSX Corp.		15,172		502,497


	Shares		Value

Regional Banks–3.56%

BB&T Corp.		10,442	$	407,134
Citizens Financial Group Inc.		20,977		506,175
Fifth Third Bancorp		21,715		409,328
First Horizon National Corp.		19,305		275,868
PNC Financial Services Group, Inc. (The)		9,155		853,612
				2,452,117

Security & Alarm Services–0.74%

Tyco International PLC		11,895		512,199

Semiconductor Equipment–0.87%

Applied Materials, Inc.		26,737		603,187

Semiconductors–1.48%

Broadcom Corp. -Class A		10,842		469,404
Intel Corp.		17,622		551,040
				1,020,444

Specialized Finance–0.44%

CME Group Inc. -Class A		3,225		305,440

Systems Software–1.55%

Microsoft Corp.		12,052		489,974
Symantec Corp.		24,742		578,097
				1,068,071

Technology Hardware, Storage & Peripherals–0.51%

NetApp, Inc.		9,970		353,536

Tobacco–0.68%

Philip Morris International Inc.		6,206		467,498

Wireless Telecommunication Services–0.62%

Vodafone Group PLC -ADR (United Kingdom)		13,169		430,363
Total Common Stocks & Other Equity Interests (Cost $42,580,141)				44,771,136

	Principal Amount

Bonds and Notes–20.70%

Aerospace & Defense–0.24%

L-3 Communications Corp., Sr. Unsec. Gtd. Global Notes, 3.95%, 05/28/24	$	150,000		153,995
Northrop Grumman Corp., Sr. Unsec. Global Notes, 3.85%, 04/15/45		10,000		9,872
				163,867

Agricultural Products–0.22%

Bunge Ltd Finance Corp., Sr. Unsec. Gtd. Global Notes, 5.10%, 07/15/15		150,000		151,758

Air Freight & Logistics–0.28%

UTi Worldwide Inc., Sr. Unsec. Conv. Bonds, 4.50%, 03/01/19		174,000		195,968

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Managed Volatility Fund


	Principal Amount		Value

Airlines–0.11%

American Airlines Pass Through Trust, Series 2014-1, Class A, Sr. Sec. Pass Through Ctfs., 3.70%, 10/01/26	$	25,000	$	25,922
United Airlines Pass Through Trust, Series 2014-2, Class A, Sr. Sec. Pass Through Ctfs., 3.75%, 09/03/26		30,000		31,444
Virgin Australia Pass Through Trust (Australia), Series 2013-1, Class A, Sec. Gtd. Pass Through Ctfs., 5.00%, 10/23/23^(d)		17,181		18,061
				75,427

Apparel Retail–0.03%

Ross Stores, Inc., Sr. Unsec. Notes, 3.38%, 09/15/24		19,000		19,495

Application Software–0.41%

Citrix Systems Inc., Sr. Unsec. Conv. Notes, 0.50%, 04/15/19^(d)		268,000		282,405

Asset Management & Custody Banks–0.60%

Apollo Management Holdings L.P., Sr. Unsec. Gtd. Notes, 4.00%, 05/30/24^(d)		40,000		41,322
Blackstone Holdings Finance Co. LLC, Sr. Unsec. Gtd. Notes, 5.00%, 06/15/44^(d)		150,000		163,022
KKR Group Finance Co III LLC, Sr. Unsec. Gtd. Bonds, 5.13%, 06/01/44^(d)		200,000		208,057
				412,401

Automobile Manufacturers–0.29%

Ford Motor Credit Co. LLC, Sr. Unsec. Notes, 2.75%, 05/15/15		200,000		200,416

Biotechnology–0.41%

BioMarin Pharmaceutical Inc., Sr. Unsec. Sub. Conv. Notes, 1.50%, 10/15/20		115,000		174,728
Celgene Corp., Sr. Unsec. Global Notes, 4.63%, 05/15/44		100,000		106,884
				281,612

Broadcasting–0.77%

Grupo Televisa S.A.B. (Mexico), Sr. Unsec. Global Notes, 5.00%, 05/13/45		200,000		207,478
Liberty Media Corp., Sr. Unsec. Conv. Bonds, 1.38%, 10/15/23		324,000		325,012
				532,490

Cable & Satellite–1.03%

Comcast Corp., Sr. Unsec. Gtd. Global Notes, 5.70%, 05/15/18		150,000		169,272
Cox Communications, Inc., Sr. Unsec. Notes, 8.38%, 03/01/39^(d)		150,000		215,733


	Principal Amount		Value

Cable & Satellite–(continued)

DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., Sr. Unsec. Gtd. Global Notes, 5.15%, 03/15/42	$	150,000	$	157,367
Time Warner Cable, Inc., Sr. Unsec. Gtd. Notes, 5.00%, 02/01/20		150,000		167,428
				709,800

Catalog Retail–0.24%

Liberty Interactive LLC, Sr. Unsec. Conv. Global Bonds, 0.75%, 03/30/23^(e)		81,000		113,450
QVC, Inc., Sr. Sec. Gtd. Global Notes, 5.45%, 08/15/34		50,000		49,688
				163,138

Coal & Consumable Fuels–0.06%

Peabody Energy Corp., Jr. Unsec. Sub. Conv. Deb., 4.75%, 12/15/41		114,000		40,826

Communications Equipment–0.40%

Ciena Corp., Sr. Unsec. Conv. Notes, 4.00%, 12/15/20^(d)		81,000		103,326
JDS Uniphase Corp., Sr. Unsec. Conv. Bonds, 0.63%, 08/15/18^(e)		165,000		171,497
				274,823

Consumer Finance–0.23%

American Express Co., Unsec. Sub. Global Notes, 3.63%, 12/05/24		18,000		18,510
American Express Credit Corp., Sr. Unsec. Medium-Term Notes, 2.75%, 09/15/15		140,000		141,344
				159,854

Data Processing & Outsourced Services–0.05%

Xerox Corp., Sr. Unsec. Global Notes, 4.80%, 03/01/35		38,000		37,413

Diversified Banks–1.89%

Banco Inbursa S.A. Institucion de Banca Multiple (Mexico), Sr. Unsec. Notes, 4.13%, 06/06/24^(d)		150,000		149,087
BNP Paribas S.A. (France), Unsec. Sub. Notes, 4.25%, 10/15/24		200,000		207,215
Citigroup Inc., Unsec. Sub. Notes, 4.00%, 08/05/24		60,000		61,383
HSBC Finance Corp., Sr. Unsec. Global Notes, 5.50%, 01/19/16		100,000		103,631
JPMorgan Chase & Co., Series V, Jr. Unsec. Sub. Global Notes, 5.00%^(f)		150,000		148,875
Series X, Jr. Unsec. Sub. Global Notes, 6.10%^(f)		60,000		62,100

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Managed Volatility Fund


	Principal Amount		Value

Diversified Banks–(continued)

Mizuho Financial Group Cayman 3 Ltd. (Japan), Unsec. Gtd. Sub. Notes, 4.60%, 03/27/24^(d)	$	200,000	$	215,141
Santander Holdings USA Inc., Sr. Unsec. Global Notes, 3.00%, 09/24/15		150,000		151,141
Wells Fargo & Co., Unsec. Sub. Medium-Term Notes, 4.10%, 06/03/26		95,000		99,999
4.65%, 11/04/44		100,000		106,657
				1,305,229

Diversified Chemicals–0.06%

Eastman Chemical Co., Sr. Unsec. Global Notes, 2.70%, 01/15/20		43,000		43,694

Diversified Real Estate Activities–0.06%

Brookfield Asset Management Inc. (Canada), Sr. Unsec. Notes, 4.00%, 01/15/25		40,000		40,304

Drug Retail–0.12%

CVS Health Corp., Sr. Unsec. Global Notes, 3.38%, 08/12/24		20,000		20,764
Walgreens Boots Alliance Inc., Sr. Unsec. Global Notes, 3.30%, 11/18/21		32,000		33,038
4.50%, 11/18/34		24,000		25,444
				79,246

Electric Utilities–0.18%

NextEra Energy Capital Holdings Inc., Sr. Unsec. Gtd. Notes, 2.60%, 09/01/15		70,000		70,476
Southern Co. (The), Series A, Sr. Unsec. Notes, 2.38%, 09/15/15		55,000		55,433
				125,909

Environmental & Facilities Services–0.04%

Waste Management, Inc., Sr. Unsec. Gtd. Global Notes, 3.90%, 03/01/35		25,000		25,549

Fertilizers & Agricultural Chemicals–0.04%

Monsanto Co., Sr. Unsec. Global Notes, 2.13%, 07/15/19		15,000		15,218
3.38%, 07/15/24		10,000		10,404
				25,622

General Merchandise Stores–0.03%

Dollar General Corp., Sr. Unsec. Global Notes, 3.25%, 04/15/23		20,000		19,495

Health Care Distributors–0.07%

AmerisourceBergen Corp., Sr. Unsec. Bonds, 3.40%, 05/15/24		50,000		51,442


	Principal Amount		Value

Health Care Equipment–0.84%

Becton, Dickinson and Co., Sr. Unsec. Notes, 2.68%, 12/15/19	$	17,000	$	17,411
CareFusion Corp., Sr. Unsec. Global Notes, 3.88%, 05/15/24		165,000		173,003
4.88%, 05/15/44		170,000		189,405
Medtronic Inc., Sr. Unsec. Gtd. Notes, 3.15%, 03/15/22^(d)		58,000		60,219
4.38%, 03/15/35^(d)		21,000		22,917
NuVasive Inc., Sr. Unsec. Conv. Notes, 2.75%, 07/01/17		94,000		117,853
				580,808

Health Care Facilities–0.77%

Brookdale Senior Living Inc., Sr. Unsec. Conv. Notes, 2.75%, 06/15/18		174,000		242,295
HealthSouth Corp., Sr. Unsec. Sub. Conv. Notes, 2.00%, 12/01/20^(e)		235,000		290,813
				533,108

Health Care REIT’s–0.04%

HCP, Inc., Sr. Unsec. Global Notes, 3.88%, 08/15/24		25,000		25,611

Health Care Services–0.58%

Express Scripts Holding Co., Sr. Unsec. Gtd. Global Notes, 2.25%, 06/15/19		50,000		50,359
Laboratory Corp. of America Holdings, Sr. Unsec. Notes, 3.20%, 02/01/22		33,000		33,312
4.70%, 02/01/45		22,000		22,746
Omnicare, Inc., Sr. Unsec. Gtd. Sub. Conv. Notes, 3.50%, 02/15/44		128,000		156,400
Series OCR, Sr. Unsec. Gtd. Conv. Notes, 3.25%, 01/15/21^(e)		114,000		134,021
				396,838

Industrial Machinery–0.03%

Valmont Industries, Inc., Sr. Unsec. Gtd. Global Notes, 5.25%, 10/01/54		22,000		21,775

Integrated Oil & Gas–0.14%

Chevron Corp., Sr. Unsec. Global Notes, 1.37%, 03/02/18		77,000		77,402
Suncor Energy Inc. (Canada), Sr. Unsec. Notes, 3.60%, 12/01/24		18,000		18,450
				95,852

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Managed Volatility Fund


	Principal Amount		Value

Integrated Telecommunication Services–0.48%

Telefonica Emisiones SAU (Spain), Sr. Unsec. Gtd. Global Notes, 7.05%, 06/20/36	$	150,000	$	205,852
Verizon Communications, Inc., Sr. Unsec. Global Notes, 4.40%, 11/01/34		120,000		121,538
				327,390

Internet Retail–0.01%

Amazon.com, Inc., Sr. Unsec. Global Notes, 4.80%, 12/05/34		9,000		9,861

Investment Banking & Brokerage–0.58%

Jefferies Group LLC, Sr. Unsec. Conv. Deb., 3.88%, 11/01/17^(e)		163,000		165,343
Lazard Group LLC, Sr. Unsec. Global Notes, 3.75%, 02/13/25		62,000		61,267
Morgan Stanley, Sr. Unsec. Global Medium-Term Notes, 2.38%, 07/23/19		175,000		176,271
				402,881

Managed Health Care–1.00%

Anthem, Inc., Sr. Unsec. Global Notes, 1.25%, 09/10/15		105,000		105,269
Sr. Unsec. Conv. Bonds, 2.75%, 10/15/42		281,000		581,846
				687,115

Movies & Entertainment–0.12%

Live Nation Entertainment, Inc., Sr. Unsec. Conv. Notes, 2.50%, 05/15/19^(d)		61,000		64,164
Viacom Inc., Sr. Unsec. Global Notes, 4.85%, 12/15/34		19,000		19,679
				83,843

Multi-Line Insurance–0.56%

American Financial Group, Inc., Sr. Unsec. Notes, 9.88%, 06/15/19		150,000		191,572
American International Group, Inc., Sr. Unsec. Global Notes, 2.30%, 07/16/19		20,000		20,289
4.38%, 01/15/55		40,000		40,076
Farmers Exchange Capital III, Unsec. Sub. Notes, 5.45%, 10/15/54^(d)		70,000		76,090
Nationwide Financial Services Inc., Sr. Unsec. Notes, 5.30%, 11/18/44^(d)		50,000		54,644
				382,671

Multi-Utilities–0.28%

Enable Midstream Partners L.P., Sr. Unsec. Gtd. Notes, 2.40%, 05/15/19^(d)		200,000		196,150

Office REIT’s–0.22%

Highwoods Realty L.P., Sr. Unsec. Notes, 3.20%, 06/15/21		150,000		153,128


	Principal Amount		Value

Oil & Gas Equipment & Services–0.12%

Helix Energy Solutions Group, Inc., Sr. Unsec. Conv. Notes, 3.25%, 03/15/18^(e)	$	84,000	$	83,948

Oil & Gas Exploration & Production–0.71%

Cobalt International Energy Inc., Sr. Unsec. Conv. Notes, 2.63%, 12/01/19		129,000		93,928
ConocoPhillips Co., Sr. Unsec. Gtd. Global Notes, 2.88%, 11/15/21		46,000		47,166
4.15%, 11/15/34		49,000		52,038
Devon Energy Corp., Sr. Unsec. Global Notes, 2.25%, 12/15/18		25,000		25,260
3.25%, 05/15/22		6,000		6,093
Marathon Oil Corp., Sr. Unsec. Notes, 0.90%, 11/01/15		110,000		110,023
Stone Energy Corp., Sr. Unsec. Gtd. Conv. Notes, 1.75%, 03/01/17		174,000		157,687
				492,195

Oil & Gas Storage & Transportation–0.17%

Energy Transfer Partners, L.P., Sr. Unsec. Notes, 4.90%, 03/15/35		19,000		18,970
Enterprise Products Operating LLC, Sr. Unsec. Gtd. Notes, 2.55%, 10/15/19		20,000		20,291
Kinder Morgan Inc., Sr. Unsec. Gtd. Notes, 5.30%, 12/01/34		28,000		29,177
Williams Partners L.P., Sr. Unsec. Global Notes, 5.10%, 09/15/45		48,000		46,468
				114,906

Other Diversified Financial Services–0.07%

ERAC USA Finance LLC, Sr. Unsec. Gtd. Notes, 2.35%, 10/15/19^(d)		50,000		50,307

Packaged Foods & Meats–0.40%

General Mills, Inc., Sr. Unsec. Global Notes, 2.20%, 10/21/19		45,000		45,447
Grupo Bimbo S.A.B. de C.V. (Mexico), Sr. Unsec. Gtd. Notes, 3.88%, 06/27/24^(d)		200,000		204,193
Tyson Foods, Inc., Sr. Unsec. Gtd. Global Bonds, 4.88%, 08/15/34		11,000		12,428
5.15%, 08/15/44		12,000		14,043
				276,111

Pharmaceuticals–0.80%

Actavis Funding SCS, Sr. Unsec. Gtd. Global Notes, 1.85%, 03/01/17		49,000		49,385
4.55%, 03/15/35		26,000		27,239
4.85%, 06/15/44		150,000		160,650
Bayer US Finance LLC (Germany), Sr. Unsec. Gtd. Notes, 3.00%, 10/08/21^(d)		200,000		206,651

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Managed Volatility Fund


	Principal Amount		Value

Pharmaceuticals–(continued)

Jazz Investments I Ltd., Sr. Unsec. Gtd. Conv. Notes, 1.88%, 08/15/21^(d)	$	76,000	$	88,825
Merck & Co., Inc., Sr. Unsec. Global Notes, 3.70%, 02/10/45		19,000		19,009
				551,759

Property & Casualty Insurance–0.26%

Liberty Mutual Group Inc., Sr. Unsec. Gtd. Bonds, 4.85%, 08/01/44^(d)		100,000		109,298
Old Republic International Corp., Sr. Unsec. Conv. Notes, 3.75%, 03/15/18		57,000		67,545
				176,843

Railroads–0.05%

Union Pacific Corp., Sr. Unsec. Notes, 3.25%, 01/15/25		10,000		10,492
4.15%, 01/15/45		25,000		27,103
				37,595

Regional Banks–0.48%

Regions Financial Corp., Sr. Unsec. Notes, 5.75%, 06/15/15		325,000		327,872

Renewable Electricity–0.24%

Oglethorpe Power Corp., Sr. Sec. First Mortgage Bonds, 4.55%, 06/01/44		150,000		163,784

Retail REIT’s–0.22%

Realty Income Corp., Sr. Unsec. Notes, 2.00%, 01/31/18		150,000		151,461

Semiconductor Equipment–0.43%

Lam Research Corp., Sr. Unsec. Global Notes, 3.80%, 03/15/25		35,000		35,274
Series B, Sr. Unsec. Conv. Notes, 1.25%, 05/15/18		198,000		261,236
				296,510

Semiconductors–1.00%

Microchip Technology Inc., Sr. Unsec. Sub. Conv. Notes, 1.63%, 02/15/25^(d)		94,000		98,054
Micron Technology, Inc., Series G, Sr. Unsec. Conv. Global Bonds, 3.00%, 11/15/28^(e)		219,000		243,227
NVIDIA Corp., Sr. Unsec. Conv. Bonds, 1.00%, 12/01/18		297,000		351,573
				692,854

Specialized Finance–0.24%
Moody’s Corp., Sr. Unsec. Global Notes, 4.88%, 02/15/24		150,000		166,976


	Principal Amount		Value

Systems Software–0.35%

Microsoft Corp., Sr. Unsec. Global Notes, 3.50%, 02/12/35	$	37,000	$	36,934
NetSuite Inc., Sr. Unsec. Conv. Notes, 0.25%, 06/01/18		162,000		169,087
Oracle Corp., Sr. Unsec. Global Notes, 4.30%, 07/08/34		30,000		32,713
				238,734

Technology Hardware, Storage & Peripherals–0.72%

Apple Inc., Sr. Unsec. Global Notes, 2.15%, 02/09/22		39,000		38,594
SanDisk Corp., Sr. Unsec. Conv. Bonds, 0.50%, 10/15/20		348,000		351,045
Seagate HDD Cayman, Sr. Unsec. Gtd. Bonds, 4.75%, 01/01/25^(d)		65,000		67,519
Sr. Unsec. Gtd. Notes, 5.75%, 12/01/34^(d)		37,000		39,914
				497,072

Thrifts & Mortgage Finance–0.60%

MGIC Investment Corp., Sr. Unsec. Conv. Notes, 5.00%, 05/01/17		170,000		189,125
2.00%, 04/01/20		46,000		67,764
Radian Group Inc., Sr. Unsec. Conv. Notes, 3.00%, 11/15/17		72,000		110,565
2.25%, 03/01/19		30,000		48,244
				415,698

Tobacco–0.04%

Altria Group, Inc., Sr. Unsec. Gtd. Global Notes, 4.13%, 09/11/15		25,000		25,385

Trading Companies & Distributors–0.05%

Air Lease Corp., Sr. Unsec. Global Notes, 4.25%, 09/15/24		35,000		36,181

Wireless Telecommunication Services–0.24%

Crown Castle Towers LLC, Sr. Sec. Gtd. Notes, 4.88%, 08/15/20^(d)		150,000		166,716
Total Bonds and Notes (Cost $13,825,201)				14,278,121

U.S. Treasury Securities–8.19%

U.S. Treasury Notes–8.19%

0.50% , 03/31/17		3,000,000		2,996,942
1.38% , 03/31/20		2,244,300		2,244,570
2.00% , 02/15/25		400,900		403,496
				5,645,008

U.S. Treasury Bonds–0.00%

3.00% 11/15/44		2,800		3,069
Total U.S. Treasury Securities (Cost $5,637,826)				5,648,077

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Managed Volatility Fund


	Shares		Value

Preferred Stock–0.17%

Asset Management & Custody Banks–0.17%

AMG Capital Trust II, $2.58 Jr. Unsec. Gtd. Sub. Conv. Pfd. (Cost $118,794)		1,900	$	116,256

Money Market Funds–6.00%

Liquid Assets Portfolio –Institutional Class ^(g)		2,069,727		2,069,727
Premier Portfolio –Institutional Class ^(g)		2,069,727		2,069,727
Total Money Market Funds (Cost $4,139,454)				4,139,454
TOTAL INVESTMENTS–99.98% (Cost $66,301,416)				68,953,044
OTHER ASSETS LESS LIABILITIES–0.02%				14,078
NET ASSETS–100.00%			$	68,967,122

Investment Abbreviations:


ADR		—American Depositary Receipt
Conv.		—Convertible
Ctfs.		—Certificates
Deb.		—Debentures
Gtd.		—Guaranteed
Jr.		—Junior
Pfd.		—Preferred
REIT		—Real Estate Investment Trust
Rts.		—Rights
Sec.		—Secured
Sr.		—Senior
Sub.		—Subordinated
Unsec.		—Unsecured

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 the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1F and Note 3.

^(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 March 31, 2015 was $2,901,815, which represented 4.21% of the Fund’s Net Assets.

^(e)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

^(f)	Perpetual bond with no specified maturity date.

^(g)	The money market fund and the Fund are affiliated by having the same investment adviser.

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Managed Volatility Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco V.I. Managed Volatility Fund

A.	Security Valuations – (continued)

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

E.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

Invesco V.I. Managed Volatility Fund

E.	Forward Foreign Currency Contracts – (continued)

upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to daily mark-to-market obligation for forward foreign currency contracts.

Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

G.	Other Risks – The Fund’s investments are concentrated in a comparatively narrow segment of the economy, which may make the Fund more volatile.

The Fund may invest a large percentage of its assets in a limited number of securities or other instruments, which could negatively affect the value of the Fund.

The following factors may affect the Fund’s investments in the utilities sector: governmental regulation, economic factors, ability of the issuer to obtain financing, prices of natural resources and risks associated with nuclear power.

H.	Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

Invesco V.I. Managed Volatility Fund

NOTE 2 — Additional Valuation Information


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 the Fund’s own 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.


	Level 1		Level 2		Level 3		Total
Equity Securities	$	47,186,970	$	1,839,876	$	—	$	49,026,846
U.S. Treasury Securities		—		5,648,077		—		5,648,077
Corporate Debt Securities		—		14,278,121		—		14,278,121
		47,186,970		21,766,074		—		68,953,044
Forward Foreign Currency Contracts*		—		(49,609)		—		(49,609)
Futures Contracts*		7,659		—		—		7,659
Total Investments	$	47,194,629	$	21,716,465	$	—	$	68,911,094

* Unrealized appreciation (depreciation).

Invesco V.I. Managed Volatility Fund

NOTE 3 — Derivative Investments


Open Forward Foreign Currency Contracts
		Contract to						Unrealized Appreciation (Depreciation)
Settlement Date	Counterparty	Deliver		Receive		Notional Value		Unrealized Appreciation (Depreciation)
04/17/15	Bank of New York Mellon (The)	CAD	390,244	USD	305,511	$	308,034	$	(2,523	)
04/17/15	Bank of New York Mellon (The)	CHF	276,175	USD	275,560		284,395		(8,835	)
04/17/15	Bank of New York Mellon (The)	EUR	660,469	USD	701,831		710,321		(8,490	)
04/17/15	Bank of New York Mellon (The)	GBP	375,791	USD	554,699		557,557		(2,858	)
04/17/15	Bank of New York Mellon (The)	ILS	989,704	USD	246,581		248,671		(2,090	)
04/17/15	State Street Bank and Trust Co.	CAD	390,252	USD	305,499		308,040		(2,541	)
04/17/15	State Street Bank and Trust Co.	CHF	277,385	USD	276,739		285,641		(8,902	)
04/17/15	State Street Bank and Trust Co.	EUR	661,339	USD	702,897		711,256		(8,359	)
04/17/15	State Street Bank and Trust Co.	GBP	376,110	USD	555,097		558,031		(2,934	)
04/17/15	State Street Bank and Trust Co	ILS	989,755	USD	246,607		248,684		(2,077	)
Total Forward Foreign Currency Contracts - Currency Risk								$	(49,609	)

Currency Abbreviations:


CAD	—	Canadian Dollar	GBP	—	British Pound Sterling

CHF	—	Swiss Franc	ILS	—	Israeli Shekel

EUR	—	Euro	USD	—	U.S. Dollar

Open Futures Contracts - Market Risk

Futures Contracts

Type of
Contract

Number of
Contracts

Expiration
Month

Notional
Value

Unrealized
Appreciation

E-Mini S&P 500 Index

Short

June-2015

$ (2,369,920)

$ 7,659

NOTE 4 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $3,955,434 and $6,573,620, respectively. During the same period, purchases and sales of long-term U.S. Treasury obligations were $16,274,469 and $16,138,169, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	4,748,153
Aggregate unrealized (depreciation) of investment securities		(2,171,290)
Net unrealized appreciation of investment securities	$	2,576,863
Cost of investments for tax purposes is $66,376,181.

Invesco V.I. Managed Volatility Fund

Invesco V.I. Mid Cap Core Equity Fund

Quarterly Schedule of Portfolio Holdings

March 31, 2015

LOGO

invesco.com/us VIMCCE-QTR-1 03/15

Invesco Advisers, Inc.

Schedule of Investments^(a)

March 31, 2015

(Unaudited)


	Shares		Value


Common Stocks–82.28%

Apparel, Accessories & Luxury Goods–1.43%

PVH Corp.		50,481	$	5,379,255


Asset Management & Custody Banks–1.96%

Northern Trust Corp.		105,897		7,375,726


Auto Parts & Equipment–1.69%

Dana Holding Corp.		301,728		6,384,565


Brewers–1.47%

Molson Coors Brewing Co. -Class B		74,613		5,554,938


Communications Equipment–3.72%

F5 Networks, Inc. ^(b)		50,974		5,858,951

Juniper Networks, Inc.		181,069		4,088,538

Polycom, Inc. ^(b)		303,384		4,065,346

		14,012,835


Computer & Electronics Retail–0.98%

GameStop Corp. -Class A		97,761		3,711,008


Data Processing & Outsourced Services–1.38%

Jack Henry & Associates, Inc.		74,325		5,194,574


Department Stores–0.62%

Macy’s, Inc.		35,833		2,325,920


Drug Retail–1.36%

Rite Aid Corp. ^(b)		591,494		5,140,083


Electronic Components–2.74%

Amphenol Corp. -Class A		175,111		10,319,291


Environmental & Facilities Services–1.21%

Republic Services, Inc.		112,300		4,554,888


Health Care Distributors–1.22%

Cardinal Health, Inc.		50,835		4,588,875


Health Care Equipment–1.71%

ResMed Inc.		74,034		5,314,161

Wright Medical Group, Inc. ^(b)		43,283		1,116,701

		6,430,862


Health Care Facilities–2.20%

Community Health Systems Inc. ^(b)		92,674		4,844,997

Tenet Healthcare Corp. ^(b)		69,661		3,448,916

		8,293,913


Health Care Services–1.56%

Omnicare, Inc.		76,504		5,895,398


Homebuilding–1.35%

D.R. Horton, Inc.		178,392		5,080,604


	Shares		Value


Homefurnishing Retail–0.96%

Aaron’s Inc.		128,088	$	3,626,171


Hotels, Resorts & Cruise Lines–1.68%

Norwegian Cruise Line Holdings Ltd. ^(b)		117,253		6,332,835


Human Resource & Employment Services–0.87%

ManpowerGroup Inc.		37,891		3,264,310


Industrial Machinery–7.01%

Kennametal Inc.		145,114		4,888,891

Lincoln Electric Holdings, Inc.		52,806		3,452,984

Stanley Black & Decker Inc.		88,379		8,427,821

Timken Co. (The)		116,913		4,926,714

Xylem, Inc.		134,288		4,702,766

		26,399,176


Insurance Brokers–2.17%

Brown & Brown, Inc.		247,235		8,185,951


Life & Health Insurance–3.66%

St. James’s Place PLC (United Kingdom)		501,157		6,936,828

Torchmark Corp.		124,804		6,854,236

		13,791,064


Life Sciences Tools & Services–1.28%

Agilent Technologies, Inc.		116,560		4,843,068


Marine–0.75%

Kirby Corp. ^(b)		37,465		2,811,748


Multi-Utilities–1.72%

CMS Energy Corp.		185,370		6,471,267


Oil & Gas Equipment & Services–1.16%

Dril-Quip, Inc. ^(b)		63,726		4,358,221


Oil & Gas Exploration & Production–3.81%

Cabot Oil & Gas Corp.		176,132		5,201,178

Concho Resources Inc. ^(b)		43,326		5,022,350

Vermilion Energy, Inc. (Canada)		98,308		4,133,034

		14,356,562


Packaged Foods & Meats–2.08%

Hain Celestial Group, Inc. (The) ^(b)		47,693		3,054,737

JM Smucker Co. (The)		41,281		4,777,450

		7,832,187


Paper Packaging–0.77%

Packaging Corp. of America		36,944		2,888,651


Pharmaceuticals–3.17%

Endo International PLC ^(b)		78,440		7,036,068

Perrigo Co. PLC		29,628		4,904,915

		11,940,983

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Mid Cap Core Equity Fund


	Shares		Value


Property & Casualty Insurance–5.12%

Arch Capital Group Ltd. ^(b)		139,220	$	8,575,952

Progressive Corp. (The)		394,088		10,719,194

				19,295,146


Regional Banks–2.75%

First Republic Bank		181,387		10,355,384


Semiconductor Equipment–3.68%

Lam Research Corp.		84,667		5,946,587

Teradyne, Inc.		419,151		7,900,996

				13,847,583


Semiconductors–3.68%

Linear Technology Corp.		187,469		8,773,549

Xilinx, Inc.		119,939		5,073,420

				13,846,969


Specialized Finance–2.34%

Moody’s Corp.		85,062		8,829,436


Specialty Chemicals–2.79%

Cytec Industries Inc.		83,360		4,504,774

International Flavors & Fragrances Inc.		51,197		6,010,528

				10,515,302


	Shares		Value


Specialty Stores–1.45%

Dick’s Sporting Goods, Inc.		95,598	$	5,448,130


Technology Hardware, Storage & Peripherals–1.51%

NetApp, Inc.		160,800		5,701,968


Trading Companies & Distributors–1.27%

WESCO International, Inc. ^(b)		68,329		4,775,514

Total Common Stocks (Cost $231,716,358)				309,960,361


Money Market Funds–18.43%

Liquid Assets Portfolio –Institutional Class ^(c)		34,705,209		34,705,209

Premier Portfolio –Institutional Class ^(c)		34,705,210		34,705,210

Total Money Market Funds (Cost $69,410,419)				69,410,419

TOTAL INVESTMENTS–100.71% (Cost $301,126,777)				379,370,780

OTHER ASSETS LESS LIABILITIES–(0.71)%				(2,656,517)

NET ASSETS–100.00%			$	376,714,263

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)	The money market fund and the Fund are affiliated by having the same investment adviser.

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Mid Cap Core Equity Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 -- Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco V.I. Mid Cap Core Equity Fund

A.	Security Valuations – (continued)

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

E.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

Invesco V.I. Mid Cap Core Equity Fund

E.	Forward Foreign Currency Contracts – (continued)

upon notional amount (non-deliverable forwards). The Fund will set aside liquid assets in an amount equal to daily mark-to-market obligation for forward foreign currency contracts.

NOTE 2 -- Additional Valuation Information


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 the Fund’s own 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.


	Level 1		Level 2		Level 3		Total


Equity Securities	$	372,433,952	$	6,936,828	$	--	$	379,370,780

NOTE 3 -- Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $60,645,183 and $74,105,909, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis


Aggregate unrealized appreciation of investment securities	$	82,797,587

Aggregate unrealized (depreciation) of investment securities		(4,705,675)

Net unrealized appreciation of investment securities	$	78,091,912

Cost of investments for tax purposes is $301,278,868.

Invesco V.I. Mid Cap Core Equity Fund

Invesco V.I. Mid Cap Growth Fund

Quarterly Schedule of Portfolio Holdings

March 31, 2015



invesco.com/us	VK-VIMCG-QTR-1 03/15	Invesco Advisers, Inc.

Schedule of Investments^(a)

March 31, 2015

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–99.03%

Aerospace & Defense–2.32%

B/E Aerospace, Inc.		50,842	$	3,234,568
DigitalGlobe Inc. ^(b)		99,840		3,401,549
				6,636,117

Airlines–2.14%

Delta Air Lines, Inc.		72,389		3,254,609
United Continental Holdings Inc. ^(b)		42,815		2,879,309
				6,133,918

Apparel Retail–1.36%

L Brands, Inc.		41,331		3,897,100

Apparel, Accessories & Luxury Goods–1.27%

Under Armour, Inc. -Class A ^(b)		44,885		3,624,464

Application Software–3.33%

Cadence Design Systems, Inc. ^(b)		213,581		3,938,434
Mobileye N.V. ^(b)(c)		68,556		2,881,409
SolarWinds, Inc. ^(b)		52,847		2,707,880
				9,527,723

Asset Management & Custody Banks–1.64%

Ameriprise Financial, Inc.		35,841		4,689,436

Auto Parts & Equipment–1.34%

Gentherm Inc. ^(b)		76,097		3,843,660

Automobile Manufacturers–0.78%

Tesla Motors, Inc. ^(b)		11,810		2,229,374

Automotive Retail–1.91%

Advance Auto Parts, Inc.		16,604		2,485,453
O’Reilly Automotive, Inc. ^(b)		13,844		2,993,626
				5,479,079

Biotechnology–3.85%

Alexion Pharmaceuticals, Inc. ^(b)		17,867		3,096,351
Medivation Inc. ^(b)		44,404		5,731,224
Synageva BioPharma Corp. ^(b)		22,315		2,176,382
				11,003,957

Building Products–3.51%

A.O. Smith Corp.		67,349		4,422,136
Lennox International Inc.		33,229		3,711,347
Owens Corning Inc.		44,073		1,912,768
				10,046,251

Casinos & Gaming–0.54%

Wynn Resorts Ltd.		12,275		1,545,177

Communications Equipment–2.41%

Palo Alto Networks, Inc. ^(b)		47,278		6,906,370


	Shares		Value

Construction Machinery & Heavy Trucks–1.23%

Manitowoc Co., Inc. (The)		93,705	$	2,020,280
Wabtec Corp.		15,735		1,494,982
				3,515,262

Consumer Electronics–2.00%

Harman International Industries, Inc.		42,888		5,731,123

Data Processing & Outsourced Services–0.97%

Alliance Data Systems Corp. ^(b)		9,382		2,779,418

Distillers & Vintners–2.07%

Constellation Brands, Inc. -Class A ^(b)		51,024		5,929,499

Diversified Support Services–1.06%

KAR Auction Services Inc.		79,680		3,022,262

Electronic Components–1.62%

Amphenol Corp. -Class A		78,915		4,650,461

Electronic Equipment & Instruments–0.54%

Cognex Corp. ^(b)		31,383		1,556,283

Food Retail–1.85%

Kroger Co. (The)		69,188		5,303,952

General Merchandise Stores–1.44%

Burlington Stores, Inc. ^(b)		69,268		4,115,905

Health Care Equipment–1.26%

Boston Scientific Corp. ^(b)		202,526		3,594,837

Health Care Facilities–1.08%

Universal Health Services, Inc. -Class B		26,292		3,094,831

Health Care Services–2.84%

Omnicare, Inc.		63,450		4,889,457
Team Health Holdings, Inc. ^(b)		55,218		3,230,805
				8,120,262

Home Entertainment Software–0.75%

Activision Blizzard, Inc.		94,625		2,150,353

Hotels, Resorts & Cruise Lines–1.27%

Royal Caribbean Cruises Ltd.		44,510		3,643,144

Household Appliances–0.94%

Whirlpool Corp.		13,270		2,681,336

Housewares & Specialties–1.39%

Jarden Corp. ^(b)		75,255		3,980,990

Industrial Conglomerates–1.19%

Carlisle Cos. Inc.		36,635		3,393,500

Industrial Machinery–1.09%

Stanley Black & Decker Inc.		32,678		3,116,174

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Mid Cap Growth Fund


	Shares		Value

Internet Retail–0.60%

Netflix Inc. ^(b)		4,089	$	1,703,845

Internet Software & Services–0.90%

LinkedIn Corp. -Class A ^(b)		10,348		2,585,551

Investment Banking & Brokerage–1.21%

Lazard Ltd. -Class A		65,672		3,453,691

IT Consulting & Other Services–0.72%

Gartner, Inc. ^(b)		24,530		2,056,841

Leisure Products–1.49%

Brunswick Corp.		82,649		4,252,291

Life Sciences Tools & Services–2.85%

Illumina, Inc. ^(b)		27,715		5,145,013
VWR Corp. ^(b)		115,641		3,005,509
				8,150,522

Mortgage REIT’s–0.98%

NorthStar Realty Finance Corp.		154,200		2,794,104

Movies & Entertainment–1.67%

Cinemark Holdings, Inc.		106,164		4,784,812

Oil & Gas Exploration & Production–5.11%

Cimarex Energy Co.		6,223		716,205
Concho Resources Inc. ^(b)		33,167		3,844,719
EQT Corp.		28,620		2,371,739
Laredo Petroleum Inc. ^(b)(c)		152,961		1,994,612
Pioneer Natural Resources Co.		16,857		2,756,288
Whiting Petroleum Corp. ^(b)		95,517		2,951,475
				14,635,038

Oil & Gas Storage & Transportation–0.51%

Cheniere Energy, Inc. ^(b)		18,886		1,461,776

Packaged Foods & Meats–1.55%

Mead Johnson Nutrition Co.		44,046		4,427,944

Pharmaceuticals–4.95%

Actavis PLC ^(b)		19,393		5,771,745
Mylan N.V. ^(b)		70,188		4,165,658
Pacira Pharmaceuticals, Inc. ^(b)		47,503		4,220,641
				14,158,044

Real Estate Services–1.59%

Realogy Holdings Corp. ^(b)		99,920		4,544,362

Regional Banks–1.11%

SVB Financial Group ^(b)		25,034		3,180,319

Research & Consulting Services–0.76%

IHS Inc. -Class A ^(b)		19,116		2,174,636

Semiconductor Equipment–1.16%

Applied Materials, Inc.		147,305		3,323,201

Semiconductors–6.00%

Cavium Inc. ^(b)		65,418		4,632,903
Integrated Device Technology, Inc. ^(b)		85,356		1,708,827


	Shares		Value

Semiconductors–(continued)

NXP Semiconductors N.V. (Netherlands)^(b)		73,829	$	7,409,478
Qorvo, Inc. ^(b)		42,893		3,418,572
				17,169,780

Soft Drinks–0.73%

Monster Beverage Corp. ^(b)		15,093		2,088,796

Specialized Finance–1.11%

Intercontinental Exchange, Inc.		13,569		3,165,241

Specialty Chemicals–2.59%

PPG Industries, Inc.		20,249		4,566,959
Valspar Corp. (The)		33,798		2,840,046
				7,407,005

Specialty Stores–3.65%

Signet Jewelers Ltd.		42,606		5,913,287
Tractor Supply Co.		53,359		4,538,716
				10,452,003

Systems Software–1.75%

ServiceNow, Inc. ^(b)		63,719		5,019,783

Technology Hardware, Storage & Peripherals–0.82%

Western Digital Corp.		25,928		2,359,707

Tires & Rubber–0.85%

Cooper Tire & Rubber Co.		56,981		2,441,066

Trading Companies & Distributors–0.90%

United Rentals, Inc. ^(b)		28,221		2,572,626

Trucking–0.77%

Old Dominion Freight Line, Inc. ^(b)		28,694		2,218,046

Wireless Telecommunication Services–1.71%

SBA Communications Corp. -Class A ^(b)		41,678		4,880,494
Total Common Stocks & Other Equity Interests (Cost $201,102,588)				283,403,742

Money Market Funds–1.06%

Liquid Assets Portfolio –Institutional Class ^(d)		1,518,133		1,518,133
Premier Portfolio –Institutional Class ^(d)		1,518,132		1,518,132
Total Money Market Funds (Cost $3,036,265)				3,036,265
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–100.09% (Cost $204,138,853)				286,440,007

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–0.88%

Liquid Assets Portfolio – Institutional Class (Cost $2,516,450)^(d)(e)		2,516,450		2,516,450

TOTAL INVESTMENTS–100.97% (Cost $206,655,303)				288,956,457
OTHER ASSETS LESS LIABILITIES–(0.97)%				(2,786,178	)
NET ASSETS–100.00%			$	286,170,279

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Mid Cap Growth Fund

Investment Abbreviations:


REIT		—Real Estate Investment Trust

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, 2015

^(d)	The money market fund and the Fund are affiliated by having the same investment adviser.

^(e)

Counterparty

Gross Amount of Securities

on Loan at Value

Cash Collateral Received

for Securities Loaned*

Net
Amount

Brown Brothers Harriman

$2,436,438

$(2,436,438)

$ —

*Amount does not include excess collateral received.

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Mid Cap Growth Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco V.I. Mid Cap Growth Fund

A.	Security Valuations – (continued)

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

Invesco V.I. Mid Cap Growth Fund

NOTE 2 — Additional Valuation Information


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 the Fund’s own 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.

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $47,424,114 and $46,894,059, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	84,380,468
Aggregate unrealized (depreciation) of investment securities		(2,453,159)
Net unrealized appreciation of investment securities	$	81,927,309
Cost of investments for tax purposes is $207,029,148.

Invesco V.I. Mid Cap Growth Fund

Invesco V.I. Money Market Fund

Quarterly Schedule of Portfolio Holdings

March 31, 2015

LOGO


invesco.com/us		VIMKT-QTR-1 03/15		Invesco Advisers, Inc.

Schedule of Investments

March 31, 2015

(Unaudited)


	Interest Rate			Maturity Date		Principal Amount (000)		Value

Commercial Paper–57.60%^(a)

Asset-Backed Securities–Consumer Receivables–8.16%

Old Line Funding, LLC^(b)		0.24	%		05/15/15	$	4,200	$	4,198,768
Old Line Funding, LLC^(b)		0.24	%		06/22/15		1,600		1,599,125
Old Line Funding, LLC^(b)		0.24	%		07/06/15		4,100		4,097,376
Sheffield Receivables Corp.^(b)		0.18	%		04/09/15		10,000		9,999,600
Sheffield Receivables Corp.^(b)		0.18	%		04/10/15		7,500		7,499,663
Thunder Bay Funding, LLC ^(b)		0.25	%		05/07/15		2,700		2,699,324
Thunder Bay Funding, LLC ^(b)		0.27	%		06/09/15		2,000		1,998,965
Thunder Bay Funding, LLC ^(b)		0.24	%		07/10/15		10,000		9,993,333
									42,086,154

Asset-Backed Securities - Fully Supported–0.79%

Kells Funding LLC (CEP-FMS Wertmanagement) ^(b)(c)		0.21	%		06/22/15		1,600		1,599,235
Kells Funding LLC (CEP-FMS Wertmanagement) ^(b)(c)		0.21	%		04/14/15		2,500		2,499,810
									4,099,045

Asset-Backed Securities - Fully Supported Bank–13.65%

Cancara Asset Securitization LLC (CEP-Lloyds Bank PLC) ^(b)(c)		0.17	%		04/02/15		5,000		4,999,976
Cancara Asset Securitization LLC (CEP-Lloyds Bank PLC) ^(b)(c)		0.17	%		04/15/15		10,000		9,999,339
Collateralized Commercial Paper Co., LLC (CEP-JPMorgan Securities LLC)		0.30	%		06/17/15		5,000		4,996,792
Collateralized Commercial Paper Co., LLC (CEP-JPMorgan Securities LLC)		0.30	%		07/17/15		2,000		1,998,217
Collateralized Commercial Paper Co., LLC (CEP-JPMorgan Securities LLC)		0.30	%		08/10/15		2,000		1,997,817
Collateralized Commercial Paper II Co., LLC (CEP-JPMorgan Securities LLC) ^(b)		0.30	%		07/17/15		3,000		2,997,325
Crown Point Capital Co., LLC (Multi-CEP’s-Guggenheim Treasury Services, LLC) ^(b)(c)		0.17	%		04/01/15		5,000		5,000,000
Gotham Funding Corp. (CEP-Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)) ^(b)(c)		0.17	%		04/15/15		3,000		2,999,802
Liberty Street Funding LLC (CEP-Bank of Nova Scotia) ^(b)(c)		0.18	%		06/10/15		1,400		1,399,510
Liberty Street Funding LLC (CEP-Bank of Nova Scotia)^(b)(c)		0.18	%		06/11/15		5,000		4,998,225
Regency Markets No. 1 LLC (CEP-HSBC Bank PLC)^(b)(c)		0.15	%		04/15/15		10,000		9,999,417
Regency Markets No. 1 LLC (CEP-HSBC Bank PLC)^(b)(c)		0.15	%		04/20/15		6,500		6,499,485
Victory Receivables Corp. (CEP–Bank of Tokyo-Mitsubishi UFJ Ltd. (The))^(b)(c)		0.17	%		04/13/15		2,500		2,499,858
Victory Receivables Corp. (CEP–Bank of Tokyo-Mitsubishi UFJ Ltd. (The))^(b)(c)		0.17	%		04/15/15		5,000		4,999,669
Victory Receivables Corp. (CEP–Bank of Tokyo-Mitsubishi UFJ Ltd. (The))^(b)(c)		0.17	%		04/23/15		5,000		4,999,480
									70,384,912

Asset-Backed Securities - Multi-Purpose–2.91%

Chariot Funding, LLC ^(b)		0.21	%		04/16/15		5,000		4,999,563
Jupiter Securitization Co. LLC ^(b)		0.25	%		06/09/15		5,000		4,997,604
Nieuw Amsterdam Receivables Corp.^(b)(c)		0.18	%		06/04/15		5,000		4,998,400
									14,995,567

Consumer Finance–0.25%

Toyota Motor Credit. Corp.^(c)		0.23	%		08/14/15		1,300		1,298,879

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Money Market Fund


	Interest Rate			Maturity Date		Principal Amount (000)		Value

Diversified Banks–20.82%

BNP Paribas Finance, Inc. ^(c)		0.22	%		05/04/15	$	1,500	$	1,499,698
BNP Paribas Finance, Inc. ^(c)		0.23	%		05/18/15		8,500		8,497,448
BNP Paribas Finance, Inc. ^(c)		0.18	%		05/15/15		5,000		4,998,900
BNP Paribas Finance, Inc. ^(c)		0.23	%		06/12/15		2,400		2,398,896
Commonwealth Bank of Australia ^(b)(c)(d)		0.23	%		05/19/15		1,500		1,500,000
Commonwealth Bank of Australia ^(b)(c)(d)		0.23	%		06/04/15		2,200		2,199,978
DBS Bank Ltd. ^(b)(c)		0.19	%		04/08/15		2,000		1,999,926
DBS Bank Ltd. ^(b)(c)		0.19	%		04/21/15		3,800		3,799,609
DBS Bank Ltd. ^(b)(c)		0.20	%		06/05/15		1,500		1,499,458
Dexia Credit Local S.A. ^(c)		0.25	%		04/09/15		5,000		4,999,722
Dexia Credit Local S.A. ^(c)		0.30	%		04/20/15		2,000		1,999,683
Dexia Credit Local S.A. ^(c)		0.25	%		06/19/15		3,000		2,998,354
DNB Bank ASA ^(b)(c)		0.14	%		04/28/15		100		99,990
Oversea-Chinese Banking Corp. Ltd. ^(c)		0.23	%		04/09/15		5,000		4,999,744
Oversea-Chinese Banking Corp. Ltd. ^(c)		0.18	%		06/12/15		10,000		9,996,400
Standard Chartered Bank ^(b)(c)		0.24	%		04/06/15		2,100		2,099,930
Standard Chartered Bank ^(b)(c)		0.22	%		04/02/15		4,400		4,399,973
Standard Chartered Bank ^(b)(c)		0.28	%		05/21/15		5,000		4,998,056
Sumitomo Mitsui Banking Corp. ^(b)(c)		0.25	%		04/10/15		5,000		4,999,688
Sumitomo Mitsui Banking Corp. ^(b)(c)		0.24	%		06/08/15		2,500		2,498,867
Sumitomo Mitsui Banking Corp. ^(b)(c)		0.27	%		07/02/15		10,000		9,993,100
Sumitomo Mitsui Trust Bank Ltd. ^(b)(c)		0.22	%		05/11/15		3,000		2,999,267
Sumitomo Mitsui Trust Bank Ltd. ^(b)(c)		0.23	%		06/16/15		5,000		4,997,572
Toronto-Dominion Holdings Inc. ^(b)(c)		0.13	%		04/13/15		3,000		2,999,870
Toronto-Dominion Holdings Inc. ^(b)(c)		0.18	%		06/08/15		10,000		9,996,600
Toronto-Dominion Holdings Inc. ^(b)(c)		0.16	%		06/16/15		1,200		1,199,595
Toronto-Dominion Holdings Inc. ^(b)(c)		0.20	%		07/17/15		2,700		2,698,395
									107,368,719

Integrated Oil & Gas–0.97%

Chevron Corp.^(b)		0.10	%		05/13/15		5,000		4,999,417

Life & Health Insurance–3.47%

MetLife Short Term Funding LLC ^(b)		0.12	%		04/07/15		1,100		1,099,978
MetLife Short Term Funding LLC ^(b)		0.12	%		04/09/15		5,000		4,999,867
MetLife Short Term Funding LLC ^(b)		0.12	%		04/29/15		6,800		6,799,365
MetLife Short Term Funding LLC ^(b)		0.14	%		04/29/15		5,000		4,999,455
									17,898,665

Other Diversified Financial Services–1.94%

General Electric Capital Corp. ^(d)		0.22	%		07/31/15		5,000		5,000,000
General Electric Capital Corp.		0.26	%		08/26/15		5,000		4,994,692
									9,994,692

Regional Banks–0.66%

Banque et Caisse d’Epargne de l’Etat^(c)		0.15	%		04/02/15		1,200		1,199,995
Banque et Caisse d’Epargne de l’Etat^(c)		0.25	%		07/09/15		1,200		1,199,191
Macquarie Bank Ltd.^(b)(c)		0.26	%		05/08/15		1,000		999,733
									3,398,919

Soft Drinks–0.29%

Coca-Cola Co. (The) ^(b)		0.17	%		06/18/15		1,500		1,499,448

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Money Market Fund


	Interest Rate			Maturity Date		Principal Amount (000)		Value

Specialized Finance–3.30%

Caisse des Depots et Consignations ^(b)(c)		0.18	%		06/08/15	$	1,700	$	1,699,422
CDP Financial Inc. ^(b)(c)		0.20	%		06/09/15		5,300		5,297,968
CDP Financial Inc. ^(b)(c)		0.16	%		06/15/15		10,000		9,996,667
									16,994,057

Systems Software–0.39%

Microsoft. Corp. ^(b)		0.10	%		04/15/15		2,000		1,999,922
Total Commercial Paper (Cost $297,018,396)									297,018,396

Certificates of Deposit–17.88%

Australia & New Zealand Banking Group, Ltd. ^(c)(d)		0.20	%		08/03/15		1,600		1,600,000
Bank of Montreal ^(c)		0.21	%		05/15/15		2,100		2,100,000
Bank of Montreal ^(c)		0.21	%		05/26/15		5,000		5,000,000
Bank of Montreal ^(c)(d)		0.23	%		09/03/15		4,000		4,000,000
Bank of Nova Scotia ^(c)(d)		0.38	%		04/29/16		700		700,000
Bank of Tokyo-Mitsubishi UFJ, Ltd. (The) ^(c)(d)		0.31	%		09/14/15		5,000		5,000,000
DNB Bank ASA ^(c)		0.07	%		04/02/15		5,000		5,000,000
DZ Bank AG Deutsche Zentral Genossenschafts Bank ^(c)		0.21	%		06/23/15		1,700		1,700,000
Mizuho Bank Ltd. ^(c)		0.25	%		06/22/15		5,000		5,000,000
Nordea Bank Finland PLC ^(c)		0.17	%		06/01/15		1,200		1,200,000
Nordea Bank Finland PLC ^(c)		0.17	%		06/02/15		1,300		1,300,000
Nordea Bank Finland PLC ^(c)		0.18	%		06/29/15		2,000		2,000,000
Norinchukin Bank (The) ^(c)		0.23	%		05/14/15		1,500		1,500,000
Norinchukin Bank (The) ^(c)		0.24	%		06/16/15		10,000		10,000,000
Royal Bank of Canada ^(c)(d)		0.38	%		04/01/16		2,000		2,000,000
Standard Chartered Bank ^(c)		0.10	%		04/01/15		7,700		7,700,000
Sumitomo Mitsui Banking Corp. ^(c)		0.16	%		04/17/15		3,000		3,000,000
Sumitomo Mitsui Trust Bank Ltd. ^(c)		0.18	%		04/13/15		5,000		5,000,000
Svenska Handelsbanken AB ^(c)		0.03	%		04/01/15		25,000		25,000,000
Swedbank AB ^(c)		0.10	%		04/01/15		3,400		3,400,000
Total Certificates of Deposit (Cost $92,200,000)									92,200,000

Variable Rate Demand Notes–5.23%^(e)

Credit Enhanced–5.23%

Atlanticare Health Services, Inc.; Series 2003, VRD Taxable Bonds (LOC-Wells Fargo Bank, N.A.) ^(f)		0.17	%		10/01/33		4,500		4,500,000
Benjamin Rose Institute (The) (Kethley House); Series 2005, VRD Taxable Notes (LOC-JPMorgan Chase Bank, N.A.) ^(f)		0.16	%		12/01/28		3,360		3,360,000
Collier (County of), Florida Industrial Development Authority (Allete, Inc.); Series 2006, Ref. VRD IDR (LOC-Wells Fargo Bank, N.A.) ^(f)		0.04	%		10/01/25		1,000		1,000,000
Gary Chicago International Airport Authority (Gary Jet Center) Series 2011, Multi-Modal Special Purpose Facility, VRD RB (LOC-BMO Harris Bank, N.A.) ^(f)		0.10	%		05/01/36		7,510		7,510,000
Hamilton (County of), Ohio (Children’s Hospital Medical Center); Series 1997 A, VRD Hospital Facilities RB (LOC-PNC Bank, N.A.) ^(f)		0.02	%		05/15/17		600		600,000
Keep Memory Alive; Series 2013, VRD Taxable Bonds (LOC-PNC Bank, N.A.) ^(f)		0.12	%		05/01/37		3,720		3,720,000
M3 Realty, LLC; Series 2007, VRD RN (LOC-General Electric Capital Corp.) ^(b)(f)		0.24	%		01/01/33		2,100		2,100,000
Massachusetts (State of) Development Finance Agency (Milton Academy); Series 2009 B, VRD Taxable RB (LOC-TD Bank, N.A.) ^(f)		0.16	%		03/01/39		1,500		1,500,000
Ogden (City of), Utah Redevelopment Agency; Series 2009 B-1, Ref. VRD Taxable RB (LOC-Wells Fargo Bank, N.A.) ^(f)		0.17	%		12/01/27		2,190		2,190,000
Rock Island (County of), Illinois Metropolitan Airport Authority (Quad City International Airport Air Freight); Series 1998 A, VRD Priority RB (LOC-U.S. Bank, N.A.) ^(f)		0.10	%		12/01/18		230		230,000
St. Jean Industries, Inc.; Series 2006, VRD Taxable Notes (LOC-General Electric Capital Corp.) ^(b)(f)		0.13	%		10/01/21		265		265,000
Total Variable Rate Demand Notes (Cost $26,975,000)									26,975,000

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Money Market Fund


	Interest Rate			Maturity Date		Principal Amount (000)		Value

Notes–1.37%

HSBC Bank PLC, Sr. Unsec. Notes ^(b)(c)		3.50	%		06/28/15	$	4,000	$	4,030,980
Wells Fargo Bank, N.A., Unsec. Floating Rate Medium-Term Notes ^(c)(d)		0.39	%		04/19/16		3,000		3,000,000
Total Notes (Cost $7,030,980)									7,030,980

U.S. Government Sponsored Agency Securities–0.97%

Overseas Private Investment Corp. (OPIC) –0.97%

Unsec. Gtd. VRD Bonds ^(e) (Cost $5,000,000)		0.11	%		09/15/20		5,000		5,000,000
TOTAL INVESTMENTS (excluding Repurchase Agreements)–83.05% (Cost $428,224,376)									428,224,376
						Repurchase Amount

Repurchase Agreements–18.29%^(g)

Citigroup Global Markets Inc., Joint agreement dated 03/31/15, aggregate maturing value of $400,001,333 (collateralized by U.S. Treasury obligations valued at $408,000,075; 0%-5.25%, 09/03/15-05/15/34)		0.12	%		04/01/15		25,000,083		25,000,000
ING Financial Markets, LLC, Joint agreement dated 03/31/15, aggregate maturing value of $400,001,556 (collateralized by Agency Mortgage-Backed securities valued at $408,003,034; 1.88%-3.50%, 11/01/25-10/01/44)		0.14	%		04/01/15		25,000,097		25,000,000
Merrill Lynch Pierce Fenner & Smith, Inc., Term agreement dated 03/30/15, maturing value of $10,007,167 (collateralized by Foreign Corporate Obligations valued at $10,500,000; 2.75%-2.95%, 11/08/19-02/19/23) ^(h)		0.43	%		05/29/15		10,007,167		10,000,000
RBC Capital Markets Corp., Term agreement dated 03/30/15, maturing value of $5,003,286 (collateralized by Domestic & Foreign Corporate Obligations valued at $5,250,000; 0%-8.25%, 04/06/16-01/01/49) ^(c)(h)		0.26	%		06/29/15		5,003,286		5,000,000
Wells Fargo Securities, LLC, Joint agreement dated 03/31/15, aggregate maturing value of $200,000,833 (collateralized by Agency Mortgage-backed securities valued at $204,000,293; 0%-8.50%, 01/25/18-04/01/45)		0.15	%		04/01/15		29,297,607		29,297,485
Total Repurchase Agreements (Cost $94,297,485)									94,297,485
TOTAL INVESTMENTS^(i)(j)–101.34% (Cost $522,521,861)									522,521,861
OTHER ASSETS LESS LIABILITIES–(1.34)%									(6,894,629	)
NET ASSETS–100.00%								$	515,627,232

Investment Abbreviations:


CEP		—Credit Enhancement Provider
IDR		—Industrial Development Revenue Bonds
Gtd.		—Guaranteed
LOC		—Letter of Credit
RB		—Revenue Bonds
Ref.		—Refunding
RN		—Revenue Notes
Sr.		—Senior
Unsec.		—Unsecured
VRD		—Variable Rate Demand

Notes to Schedule of Investments:

^(a)	Security may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(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, 2015 was $238,339,948, which represented 46.22% of the Fund’s Net Assets.

^(c)

The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Japan: 13.9%; Canada: 11.1%; United Kingdom: 10.6%; Sweden: 6.4%; other countries less than 5% each: 15.7%.

^(d)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on March 31, 2015.

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Money Market Fund

^(e)	Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on March 31, 2015.

^(f)	Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

^(g)	Principal amount equals value at period end. See Note 1D.

^(h)	The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.

⁽ⁱ⁾	Also represents cost for federal income tax purposes.

^(j)	Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuers obligations. No concentration of any single entity was greater than 5% each.

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Money Market Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

Security Valuations – The Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

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.

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any), adjusted for amortization of premiums and accretion of discounts on investments, is recorded on the accrual basis from settlement date. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser.

The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.

Repurchase Agreements – The Fund may enter into repurchase agreements. Collateral on repurchase agreements, including the Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by the Fund upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. Collateral consisting of nongovernment securities is marked to market daily to ensure its market value is at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”).

Invesco V.I. Money Market Fund

D.	Repurchase Agreements – (continued)

The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Fund might incur expenses in enforcing its rights, and could experience losses, including a decline in the value of the collateral and loss of income.

NOTE 2 — Additional Valuation Information


		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 the Fund’s own 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.

As of March 31, 2015, all of the securities in this Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). 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.

Invesco V.I. Money Market Fund

Invesco V.I. S&P 500 Index Fund

Quarterly Schedule of Portfolio Holdings

March 31, 2015



invesco.com/us	MS-VISPI-QTR-1 03/15	Invesco Advisers, Inc.

Schedule of Investments^(a)

March 31, 2015

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–96.30%

Advertising–0.15%

Interpublic Group of Cos., Inc. (The)		2,161	$	47,801
Omnicom Group Inc.		1,315		102,544
				150,345

Aerospace & Defense–2.66%

Boeing Co. (The)		3,474		521,378
General Dynamics Corp.		1,668		226,398
Honeywell International Inc.		4,150		432,886
L-3 Communications Holdings, Inc.		437		54,970
Lockheed Martin Corp.		1,423		288,812
Northrop Grumman Corp.		1,052		169,330
Precision Castparts Corp.		754		158,340
Raytheon Co.		1,634		178,515
Rockwell Collins, Inc.		704		67,971
Textron Inc.		1,462		64,810
United Technologies Corp.		4,383		513,688
				2,677,098

Agricultural & Farm Machinery–0.16%

Deere & Co.		1,799		157,754

Agricultural Products–0.16%

Archer-Daniels-Midland Co.		3,364		159,454

Air Freight & Logistics–0.69%

C.H. Robinson Worldwide, Inc.		774		56,672
Expeditors International of Washington, Inc.		1,022		49,240
FedEx Corp.		1,395		230,803
United Parcel Service, Inc. -Class B		3,695		358,193
				694,908

Airlines–0.55%

American Airlines Group Inc.		3,805		200,828
Delta Air Lines, Inc.		4,372		196,565
Southwest Airlines Co.		3,598		159,391
				556,784

Alternative Carriers–0.08%

Level 3 Communications, Inc. ^(b)		1,521		81,891

Aluminum–0.08%

Alcoa Inc.		6,483		83,760

Apparel Retail–0.57%

Gap, Inc. (The)		1,414		61,269
L Brands, Inc.		1,302		122,765
Ross Stores, Inc.		1,097		115,580
TJX Cos., Inc. (The)		3,620		253,581
Urban Outfitters, Inc. ^(b)		544		24,834
				578,029


	Shares		Value

Apparel, Accessories & Luxury Goods–0.51%

Coach, Inc.		1,460	$	60,488
Fossil Group, Inc. ^(b)		243		20,035
Hanesbrands, Inc.		2,125		71,209
Michael Kors Holdings Ltd. ^(b)		1,064		69,958
PVH Corp.		435		46,354
Ralph Lauren Corp.		326		42,869
Under Armour, Inc. -Class A ^(b)		882		71,221
VF Corp.		1,815		136,688
				518,822

Application Software–0.66%

Adobe Systems Inc. ^(b)		2,511		185,664
Autodesk, Inc. ^(b)		1,205		70,661
Citrix Systems, Inc. ^(b)		852		54,417
Intuit Inc.		1,467		142,240
salesforce.com, inc. ^(b)		3,210		214,460
				667,442

Asset Management & Custody Banks–1.24%

Affiliated Managers Group, Inc. ^(b)		293		62,931
Ameriprise Financial, Inc.		967		126,522
Bank of New York Mellon Corp. (The)		5,908		237,738
BlackRock, Inc.		674		246,576
Franklin Resources, Inc.		2,078		106,643
Invesco Ltd. ^(c)		2,283		90,612
Legg Mason, Inc.		542		29,918
Northern Trust Corp.		1,172		81,630
State Street Corp.		2,186		160,737
T. Rowe Price Group Inc.		1,374		111,266
				1,254,573

Auto Parts & Equipment–0.37%

BorgWarner, Inc.		1,204		72,818
Delphi Automotive PLC (United Kingdom)		1,539		122,720
Johnson Controls, Inc.		3,486		175,834
				371,372

Automobile Manufacturers–0.60%

Ford Motor Co.		20,985		338,698
General Motors Co.		7,155		268,312
				607,010

Automotive Retail–0.33%

AutoNation, Inc. ^(b)		405		26,054
AutoZone, Inc. ^(b)		168		114,603
CarMax, Inc. ^(b)		1,113		76,808
O’Reilly Automotive, Inc. ^(b)		536		115,904
				333,369

See accompanying notes which are an integral part of this schedule.

Invesco V.I. S&P 500 Index Fund


	Shares		Value

Biotechnology–2.92%

Alexion Pharmaceuticals, Inc. ^(b)		1,072	$	185,778
Amgen Inc.		4,025		643,396
Biogen Inc. ^(b)		1,244		525,267
Celgene Corp. ^(b)		4,247		489,594
Gilead Sciences, Inc. ^(b)		7,899		775,129
Regeneron Pharmaceuticals, Inc. ^(b)		392		176,980
Vertex Pharmaceuticals Inc. ^(b)		1,283		151,355
				2,947,499

Brewers–0.06%

Molson Coors Brewing Co. -Class B		844		62,836

Broadcasting–0.25%

CBS Corp. -Class B		2,426		147,089
Discovery Communications, Inc. -Class A ^(b)		786		24,177
Discovery Communications, Inc. -Class C ^(b)		1,448		42,680
Scripps Networks Interactive Inc. -Class A		516		35,377
				249,323

Building Products–0.08%

Allegion PLC		506		30,952
Masco Corp.		1,826		48,754
				79,706

Cable & Satellite–1.22%

Cablevision Systems Corp. -Class A		1,128		20,642
Comcast Corp. -Class A		13,479		761,159
DIRECTV ^(b)		2,662		226,536
Time Warner Cable Inc.		1,486		222,722
				1,231,059

Casinos & Gaming–0.05%

Wynn Resorts Ltd.		437		55,010

Coal & Consumable Fuels–0.03%

CONSOL Energy Inc.		1,219		33,998

Commodity Chemicals–0.18%

LyondellBasell Industries N.V. -Class A		2,100		184,380

Communications Equipment–1.54%

Cisco Systems, Inc.		27,116		746,368
F5 Networks, Inc. ^(b)		390		44,826
Harris Corp.		553		43,554
Juniper Networks, Inc.		1,919		43,331
Motorola Solutions, Inc.		1,010		67,337
QUALCOMM, Inc.		8,750		606,725
				1,552,141

Computer & Electronics Retail–0.08%

Best Buy Co., Inc.		1,542		58,272
GameStop Corp. -Class A		590		22,397
				80,669

Construction & Engineering–0.11%

Fluor Corp.		782		44,699
Jacobs Engineering Group, Inc. ^(b)		691		31,206
Quanta Services, Inc. ^(b)		1,153		32,895
				108,800


	Shares		Value

Construction Machinery & Heavy Trucks–0.52%

Caterpillar Inc.		3,209	$	256,816
Cummins Inc.		899		124,637
Joy Global Inc.		538		21,079
PACCAR Inc.		1,876		118,451
				520,983

Construction Materials–0.11%

Martin Marietta Materials, Inc.		335		46,833
Vulcan Materials Co.		697		58,757
				105,590

Consumer Electronics–0.08%

Garmin Ltd.		650		30,888
Harman International Industries, Inc.		362		48,374
				79,262

Consumer Finance–0.76%

American Express Co.		4,649		363,180
Capital One Financial Corp.		2,925		230,548
Discover Financial Services		2,371		133,606
Navient Corp.		2,118		43,059
				770,393

Data Processing & Outsourced Services–1.92%

Alliance Data Systems Corp. ^(b)		333		98,651
Automatic Data Processing, Inc.		2,520		215,813
Computer Sciences Corp.		744		48,576
Fidelity National Information Services, Inc.		1,503		102,294
Fiserv, Inc. ^(b)		1,265		100,441
MasterCard, Inc. -Class A		5,178		447,328
Paychex, Inc.		1,730		85,834
Total System Services, Inc.		876		33,420
Visa Inc. -Class A		10,290		673,069
Western Union Co. (The)		2,756		57,352
Xerox Corp.		5,545		71,253
				1,934,031

Department Stores–0.26%

Kohl’s Corp.		1,070		83,728
Macy’s, Inc.		1,806		117,227
Nordstrom, Inc.		745		59,838
				260,793

Distillers & Vintners–0.18%

Brown-Forman Corp. -Class B		828		74,810
Constellation Brands, Inc. -Class A ^(b)		888		103,194
				178,004

Distributors–0.07%

Genuine Parts Co.		809		75,391

Diversified Banks–4.66%

Bank of America Corp.		55,767		858,254
Citigroup Inc.		16,094		829,163
Comerica Inc.		951		42,919
JPMorgan Chase & Co.		19,778		1,198,151
U.S. Bancorp		9,448		412,594
Wells Fargo & Co.		24,872		1,353,037
				4,694,118

See accompanying notes which are an integral part of this schedule.

Invesco V.I. S&P 500 Index Fund


	Shares		Value

Diversified Chemicals–0.71%

Dow Chemical Co. (The)		5,772	$	276,941
E. I. du Pont de Nemours and Co.		4,798		342,913
Eastman Chemical Co.		786		54,438
FMC Corp.		705		40,361
				714,653

Diversified Metals & Mining–0.10%

Freeport-McMoRan Inc.		5,509		104,396

Diversified Support Services–0.04%

Cintas Corp.		513		41,876

Drug Retail–1.00%

CVS Health Corp.		5,968		615,957
Walgreens Boots Alliance, Inc.		4,614		390,714
				1,006,671

Electric Utilities–1.66%

American Electric Power Co., Inc.		2,593		145,856
Duke Energy Corp.		3,749		287,848
Edison International		1,726		107,823
Entergy Corp.		956		74,080
Eversource Energy		1,678		84,773
Exelon Corp.		4,547		152,825
FirstEnergy Corp.		2,230		78,184
NextEra Energy, Inc.		2,351		244,622
Pepco Holdings, Inc.		1,334		35,791
Pinnacle West Capital Corp.		584		37,230
PPL Corp.		3,537		119,055
Southern Co. (The)		4,826		213,695
Xcel Energy, Inc.		2,680		93,291
				1,675,073

Electrical Components & Equipment–0.52%

AMETEK, Inc.		1,278		67,146
Eaton Corp. PLC		2,515		170,869
Emerson Electric Co.		3,634		205,757
Rockwell Automation, Inc.		718		83,281
				527,053

Electronic Components–0.25%

Amphenol Corp. -Class A		1,640		96,645
Corning Inc.		6,743		152,931
				249,576

Electronic Equipment & Instruments–0.02%

FLIR Systems, Inc.		746		23,335

Electronic Manufacturing Services–0.15%

TE Connectivity Ltd. (Switzerland)		2,155		154,341

Environmental & Facilities Services–0.24%

Republic Services, Inc.		1,337		54,229
Stericycle, Inc. ^(b)		449		63,053
Waste Management, Inc.		2,257		122,397
				239,679

Fertilizers & Agricultural Chemicals–0.43%

CF Industries Holdings, Inc.		254		72,055
Monsanto Co.		2,566		288,777


	Shares		Value

Fertilizers & Agricultural Chemicals–(continued)

Mosaic Co. (The)		1,649	$	75,953
				436,785

Food Distributors–0.12%

Sysco Corp.		3,116		117,567

Food Retail–0.30%

Kroger Co. (The)		2,603		199,546
Whole Foods Market, Inc.		1,906		99,264
				298,810

Footwear–0.37%

NIKE, Inc. -Class B		3,711		372,325

Gas Utilities–0.03%

AGL Resources Inc.		650		32,273

General Merchandise Stores–0.52%

Dollar General Corp. ^(b)		1,608		121,211
Dollar Tree, Inc. ^(b)		1,089		88,367
Family Dollar Stores, Inc.		508		40,254
Target Corp.		3,376		277,068
				526,900

Gold–0.06%

Newmont Mining Corp.		2,674		58,053

Health Care Distributors–0.64%

AmerisourceBergen Corp.		1,100		125,037
Cardinal Health, Inc.		1,754		158,334
Henry Schein, Inc. ^(b)		446		62,270
McKesson Corp.		1,234		279,131
Patterson Cos. Inc.		466		22,736
				647,508

Health Care Equipment–2.07%

Abbott Laboratories		7,984		369,899
Baxter International Inc.		2,873		196,800
Becton, Dickinson and Co.		1,107		158,954
Boston Scientific Corp. ^(b)		7,033		124,836
C.R. Bard, Inc.		396		66,271
Edwards Lifesciences Corp. ^(b)		566		80,632
Intuitive Surgical, Inc. ^(b)		194		97,976
Medtronic PLC		7,560		589,604
St. Jude Medical, Inc.		1,491		97,511
Stryker Corp.		1,583		146,032
Varian Medical Systems, Inc. ^(b)		529		49,774
Zimmer Holdings, Inc.		897		105,415
				2,083,704

Health Care Facilities–0.20%

HCA Holdings, Inc. ^(b)		1,561		117,434
Tenet Healthcare Corp. ^(b)		520		25,745
Universal Health Services, Inc. -Class B		491		57,796
				200,975

Health Care REIT’s–0.37%

HCP, Inc.		2,434		105,173
Health Care REIT, Inc.		1,853		143,348

See accompanying notes which are an integral part of this schedule.

Invesco V.I. S&P 500 Index Fund


	Shares		Value

Health Care REIT’s–(continued)

Ventas, Inc.		1,754	$	128,077
				376,598

Health Care Services–0.53%

DaVita HealthCare Partners Inc. ^(b)		910		73,965
Express Scripts Holding Co. ^(b)		3,856		334,585
Laboratory Corp. of America Holdings ^(b)		527		66,450
Quest Diagnostics Inc.		765		58,790
				533,790

Health Care Supplies–0.04%

DENTSPLY International Inc.		749		38,117

Health Care Technology–0.12%

Cerner Corp. ^(b)		1,610		117,949

Home Entertainment Software–0.10%

Electronic Arts Inc. ^(b)		1,647		96,868

Home Furnishings–0.10%

Leggett & Platt, Inc.		752		34,660
Mohawk Industries, Inc. ^(b)		334		62,040
				96,700

Home Improvement Retail–1.17%

Home Depot, Inc. (The)		6,987		793,793
Lowe’s Cos., Inc.		5,158		383,704
				1,177,497

Homebuilding–0.14%

D.R. Horton, Inc.		1,758		50,068
Lennar Corp. -Class A		945		48,961
PulteGroup Inc.		1,793		39,858
				138,887

Homefurnishing Retail–0.07%

Bed Bath & Beyond Inc. ^(b)		981		75,316

Hotel and Resort REIT’s–0.08%

Host Hotels & Resorts Inc.		3,994		80,599

Hotels, Resorts & Cruise Lines–0.41%

Carnival Corp.		2,387		114,194
Marriott International Inc. -Class A		1,100		88,352
Royal Caribbean Cruises Ltd.		884		72,356
Starwood Hotels & Resorts Worldwide, Inc.		910		75,985
Wyndham Worldwide Corp.		639		57,810
				408,697

Household Appliances–0.08%

Whirlpool Corp.		411		83,047

Household Products–1.76%

Clorox Co. (The)		695		76,721
Colgate-Palmolive Co.		4,532		314,249
Kimberly-Clark Corp.		1,938		207,579
Procter & Gamble Co. (The)		14,328		1,174,036
				1,772,585


	Shares		Value

Housewares & Specialties–0.06%

Newell Rubbermaid Inc.		1,436	$	56,105

Human Resource & Employment Services–0.04%

Robert Half International, Inc.		716		43,332

Hypermarkets & Super Centers–1.03%

Costco Wholesale Corp.		2,333		353,438
Wal-Mart Stores, Inc.		8,374		688,761
				1,042,199

Independent Power Producers & Energy Traders–0.09%

AES Corp. (The)		3,446		44,281
NRG Energy, Inc.		1,751		44,108
				88,389

Industrial Conglomerates–2.23%

3M Co.		3,366		555,222
Danaher Corp.		3,256		276,434
General Electric Co. ^(d)		53,394		1,324,705
Roper Industries, Inc.		530		91,160
				2,247,521

Industrial Gases–0.37%

Air Products and Chemicals, Inc.		1,018		154,003
Airgas, Inc.		355		37,669
Praxair, Inc.		1,531		184,853
				376,525

Industrial Machinery–0.74%

Dover Corp.		875		60,480
Flowserve Corp.		721		40,729
Illinois Tool Works Inc.		1,851		179,806
Ingersoll-Rand PLC		1,406		95,720
Pall Corp.		563		56,520
Parker Hannifin Corp.		755		89,679
Pentair PLC (United Kingdom)		967		60,815
Snap-on Inc.		313		46,030
Stanley Black & Decker Inc.		829		79,053
Xylem, Inc.		982		34,390
				743,222

Industrial REIT’s–0.12%

Prologis, Inc.		2,716		118,309

Insurance Brokers–0.30%

Aon PLC		1,486		142,834
Marsh & McLennan Cos., Inc.		2,867		160,810
				303,644

Integrated Oil & Gas–3.30%

Chevron Corp.		9,973		1,046,965
Exxon Mobil Corp.		22,252		1,891,420
Hess Corp.		1,288		87,417
Occidental Petroleum Corp.		4,087		298,351
				3,324,153

Integrated Telecommunication Services–2.12%

AT&T Inc.		27,505		898,038
CenturyLink Inc.		3,025		104,514

See accompanying notes which are an integral part of this schedule.

Invesco V.I. S&P 500 Index Fund


	Shares		Value

Integrated Telecommunication Services–(continued)

Frontier Communications Corp.		5,312	$	37,450
Verizon Communications Inc.		22,043		1,071,951
Windstream Holdings Inc.		3,158		23,369
				2,135,322

Internet Retail–1.29%

Amazon.com, Inc. ^(b)		2,019		751,270
Expedia, Inc.		532		50,077
Netflix Inc. ^(b)		318		132,508
Priceline Group Inc. (The) ^(b)		276		321,305
TripAdvisor Inc. ^(b)		590		49,070
				1,304,230

Internet Software & Services–3.28%

Akamai Technologies, Inc. ^(b)		942		66,924
eBay Inc. ^(b)		5,841		336,909
Equinix, Inc.		299		69,622
Facebook Inc. -Class A ^(b)		11,135		915,464
Google Inc. -Class A ^(b)		1,514		839,816
Google Inc. -Class C ^(b)		1,517		831,316
VeriSign, Inc. ^(b)		557		37,302
Yahoo! Inc. ^(b)		4,618		205,201
				3,302,554

Investment Banking & Brokerage–0.92%

Charles Schwab Corp. (The)		6,092		185,440
E*TRADE Financial Corp. ^(b)		1,530		43,689
Goldman Sachs Group, Inc. (The)		2,146		403,384
Morgan Stanley		8,197		292,551
				925,064

IT Consulting & Other Services–1.32%

Accenture PLC -Class A		3,326		311,613
Cognizant Technology Solutions Corp. -Class A ^(b)		3,228		201,395
International Business Machines Corp.		4,879		783,079
Teradata Corp. ^(b)		769		33,944
				1,330,031

Leisure Products–0.08%

Hasbro, Inc.		593		37,501
Mattel, Inc.		1,831		41,839
				79,340

Life & Health Insurance–0.87%

Aflac, Inc.		2,327		148,951
Lincoln National Corp.		1,376		79,065
MetLife, Inc.		5,923		299,408
Principal Financial Group, Inc.		1,447		74,332
Prudential Financial, Inc.		2,407		193,306
Torchmark Corp.		674		37,016
Unum Group		1,335		45,030
				877,108

Life Sciences Tools & Services–0.44%

Agilent Technologies, Inc.		1,767		73,419
PerkinElmer, Inc.		598		30,582
Thermo Fisher Scientific, Inc.		2,104		282,651


	Shares		Value

Life Sciences Tools & Services–(continued)

Waters Corp. ^(b)		440	$	54,701
				441,353

Managed Health Care–1.32%

Aetna Inc.		1,864		198,572
Anthem, Inc.		1,414		218,335
Cigna Corp.		1,370		177,333
Humana Inc.		793		141,170
UnitedHealth Group Inc.		5,059		598,429
				1,333,839

Metal & Glass Containers–0.07%

Ball Corp.		725		51,214
Owens-Illinois, Inc. ^(b)		891		20,778
				71,992

Motorcycle Manufacturers–0.07%

Harley-Davidson, Inc.		1,135		68,940

Movies & Entertainment–1.69%

Time Warner Inc.		4,405		371,958
Twenty-First Century Fox, Inc. -Class A		9,699		328,214
Viacom Inc. -Class B		1,936		132,229
Walt Disney Co. (The)		8,294		869,958
				1,702,359

Multi-Line Insurance–0.60%

American International Group, Inc.		7,279		398,817
Assurant, Inc.		381		23,397
Genworth Financial Inc. -Class A ^(b)		2,625		19,189
Hartford Financial Services Group, Inc. (The)		2,232		93,342
Loews Corp.		1,586		64,756
				599,501

Multi-Sector Holdings–1.42%

Berkshire Hathaway Inc. -Class B ^(b)		9,669		1,395,430
Leucadia National Corp.		1,680		37,447
				1,432,877

Multi-Utilities–1.14%

Ameren Corp.		1,285		54,227
CenterPoint Energy, Inc.		2,324		47,433
CMS Energy Corp.		1,457		50,864
Consolidated Edison, Inc.		1,552		94,672
Dominion Resources, Inc.		3,119		221,044
DTE Energy Co.		937		75,607
Integrys Energy Group, Inc.		423		30,464
NiSource Inc.		1,673		73,880
PG&E Corp.		2,518		133,630
Public Service Enterprise Group Inc.		2,682		112,429
SCANA Corp.		754		41,462
Sempra Energy		1,224		133,441
TECO Energy, Inc.		1,210		23,474
Wisconsin Energy Corp.		1,194		59,103
				1,151,730

Office REIT’s–0.28%

Boston Properties, Inc.		810		113,789
SL Green Realty Corp.		523		67,143

See accompanying notes which are an integral part of this schedule.

Invesco V.I. S&P 500 Index Fund


	Shares		Value

Office REIT’s–(continued)

Vornado Realty Trust		924	$	103,488
				284,420

Office Services & Supplies–0.02%

Pitney Bowes Inc.		1,069		24,929

Oil & Gas Drilling–0.12%

Diamond Offshore Drilling, Inc.		390		10,448
Ensco PLC -Class A		1,241		26,148
Helmerich & Payne, Inc.		573		39,004
Noble Corp. PLC		1,328		18,964
Transocean Ltd.		1,784		26,171
				120,735

Oil & Gas Equipment & Services–1.10%

Baker Hughes Inc.		2,293		145,789
Cameron International Corp. ^(b)		1,046		47,196
FMC Technologies, Inc. ^(b)		1,227		45,411
Halliburton Co.		4,482		196,670
National Oilwell Varco Inc.		2,174		108,678
Schlumberger Ltd.		6,764		564,388
				1,108,132

Oil & Gas Exploration & Production–1.85%

Anadarko Petroleum Corp.		2,684		222,262
Apache Corp.		1,995		120,358
Cabot Oil & Gas Corp.		2,189		64,641
Chesapeake Energy Corp.		2,701		38,246
Cimarex Energy Co.		461		53,056
ConocoPhillips		6,526		406,309
Devon Energy Corp.		2,038		122,912
EOG Resources, Inc.		2,905		266,359
EQT Corp.		802		66,462
Marathon Oil Corp.		3,548		92,638
Murphy Oil Corp.		883		41,148
Newfield Exploration Co. ^(b)		854		29,967
Noble Energy, Inc.		2,051		100,294
Pioneer Natural Resources Co.		788		128,846
QEP Resources Inc.		817		17,034
Range Resources Corp.		893		46,472
Southwestern Energy Co. ^(b)		2,050		47,540
				1,864,544

Oil & Gas Refining & Marketing–0.60%

Marathon Petroleum Corp.		1,448		148,261
Phillips 66		2,882		226,525
Tesoro Corp.		668		60,982
Valero Energy Corp.		2,730		173,682
				609,450

Oil & Gas Storage & Transportation–0.74%

Kinder Morgan Inc.		9,039		380,180
ONEOK, Inc.		1,125		54,270
Spectra Energy Corp.		3,557		128,657
Williams Cos., Inc. (The)		3,566		180,404
				743,511

Packaged Foods & Meats–1.44%

Campbell Soup Co.		949		44,176
ConAgra Foods, Inc.		2,251		82,229


	Shares		Value

Packaged Foods & Meats–(continued)

General Mills, Inc.		3,200	$	181,120
Hershey Co. (The)		783		79,013
Hormel Foods Corp.		711		40,420
JM Smucker Co. (The)		538		62,263
Kellogg Co.		1,335		88,043
Keurig Green Mountain Inc.		643		71,842
Kraft Foods Group, Inc.		3,121		271,886
McCormick & Co., Inc.		680		52,435
Mead Johnson Nutrition Co.		1,070		107,567
Mondelez International Inc. -Class A		8,750		315,787
Tyson Foods, Inc. -Class A		1,552		59,442
				1,456,223

Paper Packaging–0.12%

Avery Dennison Corp.		479		25,344
MeadWestvaco Corp.		900		44,883
Sealed Air Corp.		1,114		50,754
				120,981

Paper Products–0.12%

International Paper Co.		2,245		124,575

Personal Products–0.10%

Estee Lauder Cos. Inc. (The) -Class A		1,186		98,628

Pharmaceuticals–6.09%

AbbVie Inc.		8,447		494,487
Actavis PLC ^(b)		2,070		616,126
Bristol-Myers Squibb Co.		8,817		568,696
Eli Lilly and Co.		5,194		377,344
Endo International PLC ^(b)		941		84,408
Hospira, Inc. ^(b)		909		79,847
Johnson & Johnson		14,742		1,483,045
Mallinckrodt PLC ^(b)		615		77,890
Merck & Co., Inc.		15,056		865,419
Mylan NV ^(b)		1,976		117,276
Perrigo Co. PLC		745		123,335
Pfizer Inc.		32,513		1,131,127
Zoetis Inc.		2,657		122,992
				6,141,992

Property & Casualty Insurance–0.82%

ACE Ltd.		1,736		193,547
Allstate Corp. (The)		2,223		158,211
Chubb Corp. (The)		1,224		123,746
Cincinnati Financial Corp.		779		41,505
Progressive Corp. (The)		2,835		77,112
Travelers Cos., Inc. (The)		1,704		184,253
XL Group PLC		1,367		50,306
				828,680

Publishing–0.09%

Gannett Co., Inc.		1,220		45,238
News Corp. -Class A ^(b)		2,649		42,410
				87,648

Railroads–0.90%

CSX Corp.		5,277		174,774
Kansas City Southern		584		59,615
Norfolk Southern Corp.		1,639		168,686

See accompanying notes which are an integral part of this schedule.

Invesco V.I. S&P 500 Index Fund


	Shares		Value

Railroads–(continued)

Union Pacific Corp.		4,675	$	506,349
				909,424

Real Estate Services–0.06%

CBRE Group, Inc. -Class A ^(b)		1,481		57,330

Regional Banks–0.89%

BB&T Corp.		3,823		149,059
Fifth Third Bancorp		4,355		82,092
Huntington Bancshares Inc.		4,303		47,548
KeyCorp		4,584		64,909
M&T Bank Corp.		699		88,773
PNC Financial Services Group, Inc. (The)		2,761		257,436
Regions Financial Corp.		7,123		67,312
SunTrust Banks, Inc.		2,764		113,573
Zions Bancorp.		1,104		29,808
				900,510

Research & Consulting Services–0.16%

Dun & Bradstreet Corp. (The)		189		24,260
Equifax Inc.		638		59,334
Nielsen N.V.		1,673		74,566
				158,160

Residential REIT’s–0.38%

Apartment Investment & Management Co. -Class A		817		32,157
AvalonBay Communities, Inc.		699		121,801
Equity Residential		1,920		149,491
Essex Property Trust, Inc.		345		79,316
				382,765

Restaurants–1.20%

Chipotle Mexican Grill, Inc. ^(b)		163		106,038
Darden Restaurants, Inc.		670		46,458
McDonald’s Corp.		5,098		496,749
Starbucks Corp.		3,967		375,675
Yum! Brands, Inc.		2,297		180,820
				1,205,740

Retail REIT’s–0.54%

General Growth Properties, Inc.		3,326		98,283
Kimco Realty Corp.		2,189		58,775
Macerich Co. (The)		744		62,742
Simon Property Group, Inc.		1,647		322,219
				542,019

Security & Alarm Services–0.13%

ADT Corp. (The)		924		38,365
Tyco International PLC		2,218		95,507
				133,872

Semiconductor Equipment–0.26%

Applied Materials, Inc.		6,560		147,993
KLA-Tencor Corp.		862		50,246
Lam Research Corp.		841		59,068
				257,307


	Shares		Value

Semiconductors–2.06%

Altera Corp.		1,615	$	69,300
Analog Devices, Inc.		1,649		103,887
Avago Technologies Ltd. (Singapore)		1,360		172,693
Broadcom Corp. -Class A		2,890		125,123
First Solar, Inc. ^(b)		415		24,813
Intel Corp.		25,123		785,596
Linear Technology Corp.		1,263		59,108
Microchip Technology Inc.		1,064		52,030
Micron Technology, Inc. ^(b)		5,691		154,397
NVIDIA Corp.		2,753		57,606
Skyworks Solutions, Inc.		1,010		99,273
Texas Instruments Inc.		5,554		317,605
Xilinx, Inc.		1,401		59,262
				2,080,693

Soft Drinks–1.82%

Coca-Cola Co. (The)		20,846		845,305
Coca-Cola Enterprises, Inc.		1,150		50,830
Dr Pepper Snapple Group, Inc.		1,029		80,756
Monster Beverage Corp. ^(b)		775		107,256
PepsiCo, Inc.		7,863		751,860
				1,836,007

Specialized Consumer Services–0.05%

H&R Block, Inc.		1,487		47,688

Specialized Finance–0.57%

CME Group Inc. -Class A		1,678		158,923
Intercontinental Exchange, Inc.		596		139,029
McGraw Hill Financial, Inc.		1,450		149,930
Moody’s Corp.		943		97,883
NASDAQ OMX Group, Inc. (The)		621		31,634
				577,399

Specialized REIT’s–0.67%

American Tower Corp.		2,241		210,990
Crown Castle International Corp.		1,769		146,013
Iron Mountain Inc.		1,007		36,735
Plum Creek Timber Co., Inc.		931		40,452
Public Storage		768		151,404
Weyerhaeuser Co.		2,779		92,124
				677,718

Specialty Chemicals–0.58%

Ecolab Inc.		1,431		163,678
International Flavors & Fragrances Inc.		428		50,247
PPG Industries, Inc.		726		163,742
Sherwin-Williams Co. (The)		431		122,619
Sigma-Aldrich Corp.		630		87,098
				587,384

Specialty Stores–0.17%

Staples, Inc.		3,359		54,702
Tiffany & Co.		607		53,422
Tractor Supply Co.		719		61,158
				169,282

See accompanying notes which are an integral part of this schedule.

Invesco V.I. S&P 500 Index Fund


	Shares		Value

Steel–0.10%

Allegheny Technologies, Inc.		575	$	17,256
Nucor Corp.		1,690		80,325
				97,581

Systems Software–2.70%

CA, Inc.		1,697		55,339
Microsoft Corp.		43,520		1,769,306
Oracle Corp.		17,005		733,766
Red Hat, Inc. ^(b)		972		73,629
Symantec Corp.		3,631		84,838
				2,716,878

Technology Hardware, Storage & Peripherals–4.70%

Apple Inc.		30,900		3,844,887
EMC Corp.		10,546		269,556
Hewlett-Packard Co.		9,641		300,413
NetApp, Inc.		1,651		58,544
SanDisk Corp.		1,129		71,827
Seagate Technology PLC		1,734		90,220
Western Digital Corp.		1,156		105,208
				4,740,655

Thrifts & Mortgage Finance–0.05%

Hudson City Bancorp, Inc.		2,601		27,259
People’s United Financial Inc.		1,586		24,107
				51,366

Tires & Rubber–0.04%

Goodyear Tire & Rubber Co. (The)		1,454		39,374


	Shares		Value

Tobacco–1.37%

Altria Group, Inc.		10,446	$	522,509
Lorillard, Inc.		1,908		124,688
Philip Morris International Inc.		8,206		618,158
Reynolds American Inc.		1,633		112,530
				1,377,885

Trading Companies & Distributors–0.18%

Fastenal Co.		1,445		59,874
United Rentals, Inc. ^(b)		511		46,583
W.W. Grainger, Inc.		320		75,459
				181,916

Trucking–0.03%

Ryder System, Inc.		280		26,569
Total Common Stocks & Other Equity Interests(Cost $37,430,392)				97,074,409

Money Market Funds–3.81%
Liquid Assets Portfolio –Institutional Class ^(e)		1,918,444		1,918,444
Premier Portfolio –Institutional Class ^(e)		1,918,444		1,918,444
Total Money Market Funds (Cost $3,836,888)				3,836,888
TOTAL INVESTMENTS–100.11% (Cost $41,267,280)				100,911,297
OTHER ASSETS LESS LIABILITIES–(0.11)%				(113,103)
NET ASSETS–100.00%			$	100,798,194

Investment Abbreviations:


REIT		—Real Estate Investment Trust

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)	The Fund’s Adviser is a subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated with the Fund. See Note 4.

^(d)	All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1D and Note 3.

^(e)	The money market fund and the Fund are affiliated by having the same investment adviser.

See accompanying notes which are an integral part of this schedule.

Invesco V.I. S&P 500 Index Fund

Notes to Quarterly Schedule of Portfolio Holdings

May 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco V.I. S&P 500 Index Fund

A.	Security Valuations – (continued)

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities.

E.	Collateral – To the extent the Fund has designated or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day.

Invesco V.I. S&P 500 Index Fund

NOTE 2 — Additional Valuation Information


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 the Fund’s own 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.


	Level 1		Level 2		Level 3		Total
Equity Securities	$	100,911,297	$	—	$	—	$	100,911,297
Futures Contracts*		19,254		—		—		19,254
Total Investments	$	100,930,551	$	—	$	—	$	100,930,551

* Unrealized appreciation.

NOTE 3 — Derivative Investments

Open Futures Contracts - Market Risk

Futures Contracts

Type of
Contract

Number of
Contracts

Expiration
Month

Notional
Value

Unrealized
Appreciation

E-Mini S&P 500 Index

Long

June-2015

3,812,480

19,254

NOTE 4 — Investments in Affiliates

Value

12/31/14

Purchases at
Cost

Proceeds from
Sales

Change in
Unrealized
Appreciation
(Depreciation)

Realized
Gain

Value

03/31/15

Dividend

Income

Invesco Ltd.

94,729

1,938

(6,312

)

(1,183

)

1,440

90,612

582

Invesco V.I. S&P 500 Index Fund

NOTE 5 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $3,813,352 and $7,719,975, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	56,451,162
Aggregate unrealized (depreciation) of investment securities		(641,557)
Net unrealized appreciation of investment securities	$	55,809,605
Cost of investments for tax purposes is $45,101,692.

Invesco V.I. S&P 500 Index Fund

Invesco V.I. Small Cap Equity Fund

Quarterly Schedule of Portfolio Holdings

March 31, 2015



invesco.com/us	VISCE-QTR-1 03/15	Invesco Advisers, Inc.

Schedule of Investments^(a)

March 31, 2015

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–97.78%

Air Freight & Logistics–1.00%

Forward Air Corp.		65,501	$	3,556,704

Alternative Carriers–1.03%

Iridium Communications Inc. ^(b)(c)		376,415		3,654,990

Apparel Retail–0.96%

ANN Inc. ^(c)		82,670		3,391,950

Apparel, Accessories & Luxury Goods–1.15%

Columbia Sportswear Co.		67,326		4,100,153

Application Software–5.33%

Blackbaud, Inc.		1,959		92,818
Bottomline Technologies (de), Inc. ^(c)		99,096		2,712,258
Cadence Design Systems, Inc. ^(c)		199,175		3,672,787
MicroStrategy Inc. -Class A ^(c)		24,739		4,185,591
SS&C Technologies Holdings, Inc.		73,047		4,550,828
Verint Systems Inc. ^(c)		59,637		3,693,319
				18,907,601

Asset Management & Custody Banks–1.23%

Janus Capital Group Inc.		254,921		4,382,092

Automobile Manufacturers–1.07%

Thor Industries, Inc.		60,319		3,812,764

Automotive Retail–1.00%

Penske Automotive Group, Inc.		68,617		3,533,089

Biotechnology–1.15%

AMAG Pharmaceuticals, Inc. ^(c)		74,372		4,065,174

Broadcasting–0.99%

Nexstar Broadcasting Group, Inc. -ClassA		61,470		3,517,313

Building Products–2.35%

Apogee Enterprises, Inc.		94,786		4,094,755
Trex Co., Inc. ^(c)		78,188		4,263,592
				8,358,347

Communications Equipment–1.69%

ARRIS Group Inc. ^(c)		116,564		3,368,117
Finisar Corp. ^(c)		123,888		2,643,770
				6,011,887

Construction & Engineering–1.89%

Dycom Industries, Inc. ^(c)		95,666		4,672,327
Primoris Services Corp.		118,110		2,030,311
				6,702,638

Construction Materials–0.95%

Eagle Materials Inc.		40,455		3,380,420


	Shares		Value

Data Processing & Outsourced Services–1.34%

DST Systems, Inc.		10,637	$	1,177,622
Jack Henry & Associates, Inc.		51,250		3,581,863
				4,759,485

Diversified REIT’s–0.99%

Cousins Properties, Inc.		330,900		3,507,540

Diversified Support Services–1.06%

Mobile Mini, Inc.		88,042		3,754,111

Electrical Components & Equipment–1.15%

EnerSys		63,514		4,080,139

Electronic Components–1.13%

Belden Inc.		42,932		4,016,718

Electronic Equipment & Instruments–0.82%

Coherent, Inc. ^(c)		44,772		2,908,389

Environmental & Facilities Services–1.85%

Team, Inc. ^(c)		75,283		2,934,531
Waste Connections, Inc.		75,536		3,636,303
				6,570,834

Gas Utilities–0.50%

UGI Corp.		54,152		1,764,814

Health Care Equipment–2.78%

Globus Medical, Inc. -Class A ^(c)		139,781		3,528,072
Hill-Rom Holdings, Inc.		74,782		3,664,318
Wright Medical Group, Inc. ^(c)		103,320		2,665,656
				9,858,046

Health Care Facilities–1.83%

Community Health Systems Inc. ^(c)		56,415		2,949,376
LifePoint Hospitals, Inc. ^(c)		48,403		3,555,201
				6,504,577

Health Care Services–0.97%

Team Health Holdings, Inc. ^(c)		58,569		3,426,872

Health Care Supplies–2.08%

Alere, Inc. ^(c)		96,703		4,728,776
Haemonetics Corp. ^(c)		59,166		2,657,737
				7,386,513

Health Care Technology–0.67%

HMS Holdings Corp. ^(c)		153,335		2,369,026

Home Furnishings–0.92%

La-Z-Boy Inc.		115,761		3,254,042

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Small Cap Equity Fund


	Shares		Value

Homebuilding–0.80%

Beazer Homes USA, Inc. ^(c)		160,552	$	2,844,981

Homefurnishing Retail–0.46%

Pier 1 Imports, Inc.		116,396		1,627,216

Hotel and Resort REIT’s–0.92%

LaSalle Hotel Properties		83,888		3,259,888

Industrial Machinery–2.79%

Albany International Corp. -Class A		93,893		3,732,246
Rexnord Corp. ^(c)		113,207		3,021,495
Watts Water Technologies, Inc. -Class A		57,427		3,160,208
				9,913,949

Internet Software & Services–0.37%

SciQuest, Inc. ^(c)		77,986		1,320,303

Investment Banking & Brokerage–2.23%

E*TRADE Financial Corp. ^(c)		167,957		4,796,012
Evercore Partners Inc. -Class A		60,367		3,118,559
				7,914,571

IT Consulting & Other Services–1.05%

CACI International Inc. -Class A ^(c)		41,361		3,719,181

Life & Health Insurance–0.95%

StanCorp Financial Group, Inc.		48,981		3,360,097

Life Sciences Tools & Services–3.41%

Affymetrix, Inc. ^(c)		381,357		4,789,844
Bio-Techne Corp.		36,558		3,666,402
Charles River Laboratories International, Inc. ^(c)		46,159		3,659,947
				12,116,193

Multi-Line Insurance–1.03%

American Financial Group, Inc.		56,774		3,642,052

Office Services & Supplies–0.93%

Pitney Bowes Inc.		142,301		3,318,459

Oil & Gas Drilling–0.24%

Precision Drilling Corp. (Canada)		133,086		843,765

Oil & Gas Equipment & Services–1.06%

Forum Energy Technologies Inc. ^(c)		97,854		1,917,938
Helix Energy Solutions Group Inc. ^(c)		123,311		1,844,733
				3,762,671

Oil & Gas Exploration & Production–0.85%

Rosetta Resources, Inc. ^(c)		50,528		859,987
Ultra Petroleum Corp. ^(b)(c)		138,745		2,168,584
		3,028,571

Oil & Gas Storage & Transportation–1.98%

Scorpio Tankers Inc. (Monaco)		358,753		3,379,453
SemGroup Corp. -Class A		44,971		3,657,941
				7,037,394


	Shares		Value

Packaged Foods & Meats–1.83%

Pinnacle Foods Inc.		92,042	$	3,756,234
TreeHouse Foods, Inc. ^(c)		32,373		2,752,353
				6,508,587

Paper Packaging–1.53%

Graphic Packaging Holding Co.		373,004		5,423,478

Pharmaceuticals–1.65%

Impax Laboratories, Inc. ^(c)		125,013		5,859,359

Real Estate Services–2.41%

Jones Lang LaSalle Inc.		29,973		5,107,399
Kennedy-Wilson Holdings Inc.		131,778		3,444,677
				8,552,076

Regional Banks–6.93%

East West Bancorp, Inc.		94,177		3,810,402
Glacier Bancorp, Inc.		126,940		3,192,541
IBERIABANK Corp.		50,486		3,182,133
PacWest Bancorp		72,780		3,412,654
PrivateBancorp, Inc.		98,039		3,448,032
Synovus Financial Corp.		123,121		3,448,619
Western Alliance Bancorp ^(c)		138,160		4,095,062
				24,589,443

Restaurants–5.54%

Brinker International, Inc.		61,831		3,806,316
Cracker Barrel Old Country Store, Inc.		25,241		3,840,166
Papa John’s International, Inc.		65,217		4,031,063
Red Robin Gourmet Burgers Inc. ^(c)		45,405		3,950,235
Sonic Corp.		127,404		4,038,707
				19,666,487

Semiconductor Equipment–0.97%

Entegris Inc. ^(c)		251,521		3,443,323

Semiconductors–4.54%

Fairchild Semiconductor International, Inc. ^(c)		170,304		3,096,127
Integrated Device Technology, Inc. ^(c)		162,782		3,258,896
Intersil Corp. -Class A		229,455		3,285,795
Microsemi Corp. ^(c)		102,032		3,611,933
Power Integrations, Inc.		55,156		2,872,524
				16,125,275

Specialized REIT’s–0.99%

Geo Group Inc. (The)		80,285		3,511,666

Specialty Chemicals–3.29%

Minerals Technologies Inc.		58,292		4,261,145
PolyOne Corp.		91,313		3,410,541
Sensient Technologies Corp.		58,157		4,005,854
				11,677,540

Specialty Stores–1.95%

GNC Holdings, Inc. -Class A		58,594		2,875,208

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Small Cap Equity Fund


	Shares		Value

Specialty Stores-(continued)

Michaels Cos., Inc. (The) ^(c)		149,571	$	4,047,391
				6,922,599

Steel–0.84%

Haynes International, Inc.		66,546		2,968,617

Technology Distributors–0.89%

Tech Data Corp. ^(c)		54,650		3,157,131

Technology Hardware, Storage & Peripherals–1.24%

Cray, Inc. ^(c)		157,233		4,415,103

Trucking–4.23%

Celadon Group, Inc.		138,733		3,776,312
Heartland Express, Inc.		142,657		3,389,530
Landstar System, Inc.		50,802		3,368,173
Old Dominion Freight Line, Inc. ^(c)		58,177		4,497,082
				15,031,097
Total Common Stocks & Other Equity Interests (Cost $267,620,785)				347,097,300


	Shares		Value

Money Market Funds–1.83%

Liquid Assets Portfolio –Institutional Class ^(d)		3,248,884	$	3,248,884
Premier Portfolio –Institutional Class ^(d)		3,248,884		3,248,884
Total Money Market Funds (Cost $6,497,768)				6,497,768
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–99.61% (Cost $274,118,553)				353,595,068

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–0.70%

Liquid Assets Portfolio-Institutional Class (Cost $2,501,520)^(d)(e)		2,501,520		2,501,520
TOTAL INVESTMENTS–100.31% (Cost $276,620,073)				356,096,588
OTHER ASSETS LESS LIABILITIES–(0.31)%				(1,108,802	)
NET ASSETS–100.00%			$	354,987,786

Investment

Abbreviations:

REIT	- Real Estate Investment Trust

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 March 31, 2015.

^(c)	Non-income producing security.

^(d)	The money market fund and the Fund are affiliated by having the same investment adviser.

^(e)


Counterparty	Gross Amount of Securities on Loan at Value	Cash Collateral Received for Securities Loaned*	Net Amount
Brown Brothers Harriman	$2,471,261	$(2,471,261)	$ —
*Amount does not include excess collateral received.

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Small Cap Equity Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco V.I. Small Cap Equity Fund

A.	Security Valuation – (continued)

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

Invesco V.I. Small Cap Equity Fund

NOTE 2 — Additional Valuation Information


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 the Fund’s own 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.

As of March 31, 2015, all of the securities in this Fund were valued based on Level 1inputs (see the Schedule of Investments for security categories). 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.

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $30,680,336 and $45,522,367, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	92,927,809
Aggregate unrealized (depreciation) of investment securities		(13,805,935)
Net unrealized appreciation of investment securities	$	79,121,874
Cost of investments for tax purposes is $276,974,714.

Invesco V.I. Small Cap Equity Fund

Invesco V.I. Technology Fund

Quarterly Schedule of Portfolio Holdings

March 31, 2015



invesco.com/us	I-VITEC-QTR-1 03/15	Invesco Advisers, Inc.

Schedule of Investments^(a)

March 31, 2015

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–96.95%

Application Software–5.11%

Monitise PLC (United Kingdom)^(b)(c)		2,906,771	$	560,737
salesforce.com, inc. ^(b)		78,531		5,246,656
				5,807,393

Biotechnology–13.52%

Alkermes PLC ^(b)		62,904		3,835,257
Amgen Inc.		14,721		2,353,152
Biogen Inc. ^(b)		6,808		2,874,610
Celgene Corp. ^(b)		40,102		4,622,958
Gilead Sciences, Inc. ^(b)		16,994		1,667,621
				15,353,598

Cable & Satellite–4.26%

DISH Network Corp. -Class A ^(b)		54,516		3,819,391
Time Warner Cable Inc.		6,807		1,020,233
				4,839,624

Communications Equipment–5.43%

Cisco Systems, Inc.		119,455		3,287,999
Palo Alto Networks, Inc. ^(b)		15,891		2,321,357
QUALCOMM, Inc.		8,095		561,308
				6,170,664

Consumer Electronics–2.59%

Harman International Industries, Inc.		21,978		2,936,920

Data Processing & Outsourced Services–7.72%

Alliance Data Systems Corp. ^(b)		5,190		1,537,537
MasterCard, Inc. -Class A		56,423		4,874,383
Visa Inc. -Class A		36,004		2,355,022
				8,766,942

Fertilizers & Agricultural Chemicals–0.44%

Monsanto Co.		4,450		500,803

Health Care Equipment–1.04%

Medtronic PLC		15,154		1,181,861

Home Entertainment Software–0.16%

Activision Blizzard, Inc.		8,133		184,822

Internet Retail–3.24%

Amazon.com, Inc. ^(b)		4,857		1,807,290
Priceline Group Inc. (The) ^(b)		1,604		1,867,296
				3,674,586

Internet Software & Services–12.79%

Alibaba Group Holding Ltd. -ADR (China)^(b)		29,286		2,437,767
Facebook Inc. -Class A ^(b)		61,134		5,026,132
Google Inc. -Class A ^(b)		8,618		4,780,404
Google Inc. -Class C ^(b)		4,165		2,282,420
				14,526,723


	Shares		Value

Life Sciences Tools & Services–1.91%

Thermo Fisher Scientific, Inc.		16,130	$	2,166,904

Pharmaceuticals–5.21%

Actavis PLC ^(b)		10,653		3,170,546
Bristol-Myers Squibb Co.		42,639		2,750,215
				5,920,761

Semiconductor Equipment–2.40%

Applied Materials, Inc.		120,724		2,723,534

Semiconductors–15.69%

ARM Holdings PLC -ADR (United Kingdom)		11,916		587,459
Avago Technologies Ltd. (Singapore)		36,605		4,648,103
Micron Technology, Inc. ^(b)		20,295		550,603
NXP Semiconductors N.V. (Netherlands)^(b)		58,919		5,913,111
ON Semiconductor Corp. ^(b)		135,267		1,638,083
Skyworks Solutions, Inc.		31,572		3,103,212
Texas Instruments Inc.		24,009		1,372,955
				17,813,526

Systems Software–7.24%

Check Point Software Technologies Ltd. (Israel)^(b)		35,281		2,891,984
Oracle Corp.		40,875		1,763,756
ServiceNow, Inc. ^(b)		45,255		3,565,189
				8,220,929

Technology Hardware, Storage & Peripherals–6.85%

Apple Inc.		62,498		7,776,626

Wireless Telecommunication Services–1.35%

Sprint Corp. ^(b)		322,157		1,527,024
Total Common Stocks & Other Equity Interests (Cost $74,824,736)				110,093,240

Money Market Funds–3.10%

Liquid Assets Portfolio –Institutional Class ^(d)		1,760,504		1,760,504
Premier Portfolio –Institutional Class ^(d)		1,760,504		1,760,504
Total Money Market Funds (Cost $3,521,008)				3,521,008
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–100.05% (Cost $78,345,744)				113,614,248

Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–0.31%

Liquid Assets Portfolio - Institutional Class (Cost $357,520)^(d)(e)		357,520		357,520
TOTAL INVESTMENTS–100.36% (Cost $78,703,264)				113,971,768
OTHER ASSETS LESS LIABILITIES–(0.36)%				(404,828	)
NET ASSETS–100.00%			$	113,566,940

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Technology Fund

Investment Abbreviations:

ADR

—American Depositary Receipt

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, 2015.

^(d)	The money market fund and the Fund are affiliated by having the same investment adviser.

^(e)

Counterparty

Gross Amount of Securities on

Loan at Value

Cash Collateral Received for
Securities Loaned*

Net
Amount

State Street Bank and Trust Co.

$276,012

$(276,012)

$—

*Amount

does not include excess collateral received.

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Technology Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco V.I. Technology Fund

A.	Security Valuations – (continued)

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

E.	Other Risks - The Fund’s investments are concentrated in a comparatively narrow segment of the economy, which may make the Fund more volatile.

Many products and services offered in technology-related industries are subject to rapid obsolescence, which may lower the value of the issuers in this sector.

Invesco V.I. Technology Fund

NOTE 2 — Additional Valuation Information


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 the Fund’s own 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.

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $19,106,393 and $21,092,550, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	38,428,566
Aggregate unrealized (depreciation) of investment securities		(3,327,499	)
Net unrealized appreciation of investment securities	$	35,101,067
Cost of investments for tax purposes is $78,870,701.

Invesco V.I. Technology Fund

Invesco V.I. Value Opportunities Fund

Quarterly Schedule of Portfolio Holdings

March 31, 2015



invesco.com/us	VK-VIVOPP-QTR-1 03/15	Invesco Advisers, Inc.

Schedule of Investments^(a)

March 31, 2015

(Unaudited)


	Shares		Value

Common Stocks & Other Equity Interests–95.58%

Advertising–2.31%

Omnicom Group Inc.		52,415	$	4,087,322

Air Freight & Logistics–1.75%

UTi Worldwide, Inc. ^(b)		251,545		3,094,004

Application Software–1.47%

Synopsys, Inc. ^(b)		56,205		2,603,416

Asset Management & Custody Banks–1.60%

Affiliated Managers Group, Inc. ^(b)		13,200		2,835,096

Auto Parts & Equipment–0.39%

Dana Holding Corp.		32,869		695,508

Automobile Manufacturers–1.74%

Nissan Motor Co., Ltd. (Japan)^(c)		302,600		3,088,064

Building Products–0.98%

Owens Corning Inc.		39,936		1,733,222

Cable & Satellite–1.21%

Time Warner Cable Inc.		14,261		2,137,439

Coal & Consumable Fuels–0.49%

Peabody Energy Corp. ^(c)		175,471		863,317

Communications Equipment–1.71%

Cisco Systems, Inc.		109,897		3,024,915

Construction & Engineering–0.56%

AECOM ^(b)		31,966		985,192

Consumer Finance–2.53%

Synchrony Financial ^(b)		147,832		4,486,701

Department Stores–1.79%

Macy’s, Inc.		48,781		3,166,375

Diversified Banks–18.50%

Bank of America Corp.		288,102		4,433,890
Citigroup Inc.		129,672		6,680,701
Comerica Inc.		61,712		2,785,063
JPMorgan Chase & Co.		148,460		8,993,707
U.S. Bancorp		44,450		1,941,131
Wells Fargo & Co.		146,283		7,957,795
				32,792,287

Diversified Metals & Mining–0.91%

Teck Resources Ltd. -Class B (Canada)		116,876		1,604,708

Electronic Components–1.68%

Belden Inc.		8,507		795,915


	Shares		Value

Electronic Components–(continued)

Corning Inc.		96,535	$	2,189,414
				2,985,329

Electronic Manufacturing Services–0.86%

Flextronics International Ltd. ^(b)		120,571		1,528,237

Food Retail–1.18%

Kroger Co. (The)		27,373		2,098,414

Health Care Supplies–0.14%

Alere, Inc. ^(b)		5,236		256,040

Human Resource & Employment Services–0.44%

ManpowerGroup Inc.		9,112		784,999

Industrial Conglomerates–2.10%

General Electric Co.		150,227		3,727,132

Integrated Oil & Gas–9.54%

Chevron Corp.		41,539		4,360,764
Exxon Mobil Corp.		7,544		641,240
Petroleo Brasileiro S.A. -ADR (Brazil)^(c)		268,359		1,612,838
Royal Dutch Shell PLC -Class A -ADR (United Kingdom)		106,662		6,362,388
TOTAL S.A. -ADR (France)		79,263		3,936,201
				16,913,431

Integrated Telecommunication Services–0.67%

Verizon Communications Inc.		24,343		1,183,800

Internet Software & Services–1.38%

Google Inc. -Class C ^(b)		4,480		2,455,040

Investment Banking & Brokerage–9.77%

E*TRADE Financial Corp. ^(b)		66,941		1,911,500
Goldman Sachs Group, Inc. (The)		17,397		3,270,114
LPL Financial Holdings, Inc.		187,500		8,223,750
Morgan Stanley		109,681		3,914,515
				17,319,879

Life & Health Insurance–6.50%

Aflac, Inc.		43,334		2,773,809
MetLife, Inc.		74,117		3,746,614
Unum Group		148,512		5,009,310
				11,529,733

Managed Health Care–3.01%

Anthem, Inc.		34,569		5,337,799

Marine–1.01%

Diana Shipping Inc. (Greece)^(b)		292,668		1,791,128

Oil & Gas Drilling–0.79%

Noble Corp. PLC ^(c)		98,530		1,407,008

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Value Opportunities Fund


	Shares		Value

Personal Products–0.85%

Nu Skin Enterprises, Inc. -Class A		25,058	$	1,508,742

Pharmaceuticals–5.25%

Bristol-Myers Squibb Co.		45,044		2,905,338
Novartis AG (Switzerland)		37,652		3,725,293
Pfizer Inc.		77,176		2,684,953
				9,315,584

Property & Casualty Insurance–1.14%

Allied World Assurance Co. Holdings AG		19,472		786,669
AmTrust Financial Services, Inc.		21,648		1,233,611
				2,020,280

Regional Banks–2.07%

Investors Bancorp, Inc.		115,737		1,356,438
Zions Bancorp.		85,939		2,320,353
				3,676,791

Semiconductors–2.71%

NXP Semiconductors N.V. (Netherlands)^(b)		30,800		3,091,088
ON Semiconductor Corp. ^(b)		141,505		1,713,626
				4,804,714

Steel–1.34%

Allegheny Technologies, Inc.		23,520		705,835
POSCO -ADR (South Korea)^(c)		30,661		1,675,930
				2,381,765

Systems Software–2.26%

Oracle Corp.		92,695		3,999,789

Technology Distributors–2.03%

CDW Corp.		96,841		3,606,359

Technology Hardware, Storage & Peripherals–0.49%

Hewlett-Packard Co.		27,978		871,795

Wireless Telecommunication Services–0.43%

Vodafone Group PLC –ADR (United Kingdom)		23,084		754,385
Total Common Stocks & Other Equity Interests (Cost $128,789,312)				169,455,739


	Shares		Value

Money Market Funds–1.77%

Liquid Assets Portfolio –Institutional Class ^(d)		1,566,432	$	1,566,432
Premier Portfolio –Institutional Class ^(d)		1,566,432		1,566,432
Total Money Market Funds (Cost $3,132,864)				3,132,864
TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)–97.35% (Cost $131,922,176)				172,588,603
Investments Purchased with Cash Collateral from Securities on Loan

Money Market Funds–3.54%

Liquid Assets Portfolio - Institutional Class (Cost $6,279,399)^(d)(e)		6,279,399		6,279,399
TOTAL INVESTMENTS–100.89% (Cost $138,201,575)				178,868,002
OTHER ASSETS LESS LIABILITIES–(0.89)%				(1,575,318	)
NET ASSETS–100.00%			$	177,292,684

Investment Abbreviations:

ADR —American Depositary Receipt

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, 2015.

^(d)	The money market fund and the Fund are affiliated by having the same investment adviser.

^(e)


Counterparty	Gross Amount of Securities on Loan at Value	Cash Collateral Received for Securities Loaned*	Net Amount
State Street Bank and Trust Co.	$5,967,870	$(5,967,870)	$ —
*Amount does not include excess collateral received.

See accompanying notes which are an integral part of this schedule.

Invesco V.I. Value Opportunities Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2015

(Unaudited)

NOTE 1 — Significant Accounting Policies

A.	Security Valuations – Securities, including restricted securities, are valued according to the following policy.

A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco V.I. Value Opportunities Fund

A.	Security Valuations – (continued)

The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class.

Invesco V.I. Value Opportunities Fund

E.	Foreign Currency Translations – (continued)

F.	Forward Foreign Currency Contracts – The Fund may engage in foreign currency transactions either on a spot (i.e. for prompt delivery and settlement) basis, or through forward foreign currency contracts, to manage or minimize currency or exchange rate risk.

NOTE 2 — Additional Valuation Information


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 the Fund’s own 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.

During the three months ended March 31, 2015, there were transfers from Level 2 to Level 1 of $6,813,357, due to foreign fair value adjustments.

Invesco V.I. Value Opportunities Fund

NOTE 3 — Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended March 31, 2015 was $28,055,013 and $41,367,145, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.


Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	46,714,270
Aggregate unrealized (depreciation) of investment securities		(7,997,094)
Net unrealized appreciation of investment securities	$	38,717,176
Cost of investments for tax purposes is $140,150,826.

Invesco V.I. Value Opportunities Fund

Item 2.

Controls and Procedures.

(a)

As of May 15, 2015, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of May 15, 2015, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3.

Exhibits.

Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: AIM Variable Insurance Funds (Invesco Variable Insurance Funds)


By:		/s/ Philip A. Taylor
		Philip A. Taylor
		Principal Executive Officer

Date:		May 29, 2015

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Philip A. Taylor
		Philip A. Taylor
		Principal Executive Officer

Date:		May 29, 2015


By:		/s/ Sheri Morris
		Sheri Morris
		Principal Financial Officer

Date:		May 29, 2015

EXHIBIT INDEX

Certifications of Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.