Schedule of Investments^(a)  

March 31, 2024

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–43.02%
Aerospace & Defense–0.76%
Howmet Aerospace, Inc.		13,712	$938,312
Huntington Ingalls Industries, Inc.		1,930	562,537
			1,500,849
Air Freight & Logistics–0.38%
United Parcel Service, Inc., Class B		4,995	742,407
Application Software–0.60%
Autodesk, Inc.(b)		2,836	738,551
Tyler Technologies, Inc.(b)		1,046	444,561
			1,183,112
Automobile Manufacturers–0.16%
Tesla, Inc.(b)		1,809	318,004
Automotive Parts & Equipment–0.22%
Aptiv PLC(b)		5,289	421,269
Automotive Retail–0.28%
AutoNation, Inc.(b)(c)		3,271	541,612
Biotechnology–0.69%
Biogen, Inc.(b)		2,454	529,156
Gilead Sciences, Inc.		11,357	831,900
			1,361,056
Broadline Retail–2.22%
Amazon.com, Inc.(b)		24,154	4,356,899
Construction Materials–0.54%
CRH PLC		12,353	1,065,570
Consumer Finance–0.61%
American Express Co.		5,303	1,207,440
Consumer Staples Merchandise Retail–0.57%
Walmart, Inc.		18,675	1,123,675
Distillers & Vintners–0.46%
Constellation Brands, Inc., Class A		3,352	910,940
Distributors–0.27%
LKQ Corp.		10,011	534,688
Diversified Banks–1.31%
JPMorgan Chase & Co.		12,854	2,574,656
Diversified Financial Services–0.34%
Equitable Holdings, Inc.		17,316	658,181
Electric Utilities–0.41%
American Electric Power Co., Inc.		9,423	811,320
Electrical Components & Equipment–1.38%
Emerson Electric Co.		8,928	1,012,614
Hubbell, Inc.		1,663	690,228
Regal Rexnord Corp.(c)		3,421	616,122

	Shares		Value
Electrical Components & Equipment–(continued)
Rockwell Automation, Inc.		1,317	$383,682
			2,702,646
Electronic Equipment & Instruments–0.26%
Keysight Technologies, Inc.(b)		3,286	513,865
Fertilizers & Agricultural Chemicals–0.17%
Mosaic Co. (The)		10,526	341,674
Health Care Equipment–1.42%
Becton, Dickinson and Co.		2,342	579,528
Boston Scientific Corp.(b)		12,885	882,493
DexCom, Inc.(b)		3,334	462,426
Zimmer Biomet Holdings, Inc.		6,594	870,276
			2,794,723
Health Care Facilities–0.30%
Tenet Healthcare Corp.(b)		5,651	593,977
Home Improvement Retail–0.49%
Lowe’s Cos., Inc.		3,800	967,974
Homebuilding–0.29%
D.R. Horton, Inc.		3,494	574,938
Hotels, Resorts & Cruise Lines–0.23%
Wyndham Hotels & Resorts, Inc.		5,899	452,748
Household Products–0.67%
Procter & Gamble Co. (The)		8,096	1,313,576
Human Resource & Employment Services–0.33%
Paylocity Holding Corp.(b)		3,799	652,896
Industrial Machinery & Supplies & Components–0.28%
Lincoln Electric Holdings, Inc.(c)		2,132	544,598
Industrial REITs–0.57%
First Industrial Realty Trust, Inc.		21,445	1,126,720
Insurance Brokers–0.47%
Arthur J. Gallagher & Co.		3,683	920,897
Integrated Oil & Gas–0.93%
Exxon Mobil Corp.		15,633	1,817,180
Integrated Telecommunication Services–0.77%
Verizon Communications, Inc.		35,934	1,507,791
Interactive Media & Services–3.68%
Alphabet, Inc., Class A(b)		27,162	4,099,561
Meta Platforms, Inc., Class A		6,437	3,125,678
			7,225,239
Investment Banking & Brokerage–1.42%
Charles Schwab Corp. (The)		11,603	839,361
Morgan Stanley		10,660	1,003,746
Raymond James Financial, Inc.(c)		7,427	953,775
			2,796,882

 

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

Invesco V.I. Conservative Balanced Fund

	Shares		Value
IT Consulting & Other Services–0.76%
Amdocs Ltd.		7,110	$642,531
International Business Machines Corp.(c)		4,430	845,953
			1,488,484
Life Sciences Tools & Services–0.43%
Lonza Group AG (Switzerland)		1,411	843,211
Managed Health Care–0.72%
UnitedHealth Group, Inc.		2,861	1,415,337
Metal, Glass & Plastic Containers–0.29%
Silgan Holdings, Inc.		11,700	568,152
Movies & Entertainment–0.77%
Walt Disney Co. (The)		12,334	1,509,188
Multi-Family Residential REITs–0.26%
Mid-America Apartment Communities, Inc.		3,839	505,136
Multi-line Insurance–0.64%
American International Group, Inc.		16,066	1,255,879
Multi-Utilities–0.46%
Ameren Corp.		6,370	471,125
CMS Energy Corp.		7,292	439,999
			911,124
Oil & Gas Exploration & Production–0.76%
APA Corp.		11,566	397,639
Chesapeake Energy Corp.		5,418	481,281
Marathon Oil Corp.		21,936	621,666
			1,500,586
Personal Care Products–0.31%
BellRing Brands, Inc.(b)		10,348	610,842
Pharmaceuticals–1.85%
AstraZeneca PLC, ADR (United Kingdom)		8,574	580,889
Eli Lilly and Co.		2,118	1,647,719
Merck & Co., Inc.		10,731	1,415,955
			3,644,563
Property & Casualty Insurance–0.39%
Hartford Financial Services Group, Inc. (The)		7,417	764,322
Rail Transportation–0.43%
Union Pacific Corp.		3,399	835,916
Regional Banks–0.42%
M&T Bank Corp.		5,647	821,300
Restaurants–0.27%
Starbucks Corp.		5,747	525,218
Semiconductor Materials & Equipment–0.64%
Applied Materials, Inc.		6,115	1,261,096
Semiconductors–3.28%
NVIDIA Corp.		5,946	5,372,568
Texas Instruments, Inc.(c)		6,212	1,082,192
			6,454,760
Specialty Chemicals–0.40%
PPG Industries, Inc.		5,453	790,140

	Shares		Value
Systems Software–3.69%
GitLab, Inc., Class A(b)		7,399	$431,510
Microsoft Corp.		16,228	6,827,444
			7,258,954
Technology Hardware, Storage & Peripherals–2.05%
Apple, Inc.		20,975	3,596,793
Dell Technologies, Inc., Class C		3,824	436,357
			4,033,150
Tobacco–0.49%
Philip Morris International, Inc. (Switzerland)		10,470	959,261
Trading Companies & Distributors–0.23%
Air Lease Corp., Class A		8,838	454,627
Total Common Stocks & Other Equity Interests (Cost $53,802,494)			84,571,248
	Principal Amount
U.S. Dollar Denominated Bonds & Notes–25.33%
Advertising–0.00%
Interpublic Group of Cos., Inc. (The), 4.20%, 04/15/2024		$3,000	2,998
WPP Finance 2010 (United Kingdom), 3.75%, 09/19/2024		4,000	3,960
			6,958
Aerospace & Defense–0.52%
BAE Systems Holdings, Inc. (United Kingdom), 3.85%, 12/15/2025(d)		3,000	2,929
BAE Systems PLC (United Kingdom),
5.00%, 03/26/2027(d)		311,000	310,457
5.13%, 03/26/2029(d)		200,000	200,791
5.30%, 03/26/2034(d)		200,000	201,078
L3Harris Technologies, Inc.,
5.40%, 07/31/2033		3,000	3,021
5.60%, 07/31/2053		3,000	3,048
Lockheed Martin Corp.,
5.10%, 11/15/2027		4,000	4,047
4.50%, 02/15/2029		67,000	66,409
4.75%, 02/15/2034		11,000	10,860
4.80%, 08/15/2034		101,000	99,934
5.90%, 11/15/2063		3,000	3,291
Northrop Grumman Corp., 4.95%, 03/15/2053		3,000	2,820
RTX Corp.,
5.00%, 02/27/2026		3,000	2,994
5.75%, 01/15/2029		28,000	28,991
6.00%, 03/15/2031		15,000	15,777
5.15%, 02/27/2033		18,000	18,044
6.10%, 03/15/2034		37,000	39,567
6.40%, 03/15/2054		11,000	12,456
			1,026,514
Agricultural & Farm Machinery–0.07%
AGCO Corp.,
5.45%, 03/21/2027		26,000	26,127
5.80%, 03/21/2034		69,000	69,893
Cargill, Inc., 4.88%, 10/10/2025(d)		3,000	2,992
CNH Industrial Capital LLC, 5.45%, 10/14/2025		3,000	3,007

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

Invesco V.I. Conservative Balanced Fund

	Principal Amount		Value
Agricultural & Farm Machinery–(continued)
John Deere Capital Corp.,
4.55%, 10/11/2024		$7,000	$6,969
4.70%, 06/10/2030		25,000	24,883
			133,871
Agricultural Products & Services–0.00%
Cargill, Inc., 4.75%, 04/24/2033(d)		3,000	2,940
Apparel, Accessories & Luxury Goods–0.02%
Tapestry, Inc., 7.05%, 11/27/2025		39,000	39,820
Application Software–0.06%
Constellation Software, Inc. (Canada), 5.46%, 02/16/2034(d)		52,000	52,365
Intuit, Inc.,
5.20%, 09/15/2033		31,000	31,588
5.50%, 09/15/2053		21,000	21,815
Workday, Inc., 3.70%, 04/01/2029		3,000	2,830
			108,598
Asset Management & Custody Banks–0.35%
Ameriprise Financial, Inc.,
5.70%, 12/15/2028		55,000	56,765
4.50%, 05/13/2032		3,000	2,910
5.15%, 05/15/2033		20,000	20,217
Ares Capital Corp., 5.88%, 03/01/2029		52,000	51,871
Bank of New York Mellon Corp. (The),
4.41%, 07/24/2026(e)		5,000	4,941
4.54%, 02/01/2029(e)		9,000	8,871
4.98%, 03/14/2030(e)		35,000	35,044
5.83%, 10/25/2033(e)		5,000	5,224
4.71%, 02/01/2034(e)		5,000	4,828
5.19%, 03/14/2035(e)		26,000	25,890
Series J, 4.97%, 04/26/2034(e)		12,000	11,785
Series I, 3.75%(e)(f)		5,000	4,596
BlackRock, Inc., 4.75%, 05/25/2033		21,000	20,899
Blackstone Secured Lending Fund, 2.13%, 02/15/2027		89,000	80,309
Brookfield Corp. (Canada), 4.00%, 01/15/2025		3,000	2,962
Northern Trust Corp., 6.13%, 11/02/2032		3,000	3,170
State Street Corp.,
4.99%, 03/18/2027		206,000	206,460
5.68%, 11/21/2029(e)		89,000	91,434
4.82%, 01/26/2034(e)		3,000	2,921
6.12%, 11/21/2034(e)		50,000	52,151
			693,248
Automobile Manufacturers–1.99%
American Honda Finance Corp.,
4.95%, 01/09/2026		213,000	212,587
4.70%, 01/12/2028		7,000	6,975
4.60%, 04/17/2030		3,000	2,955
4.90%, 01/10/2034		46,000	45,316
Daimler Truck Finance North America LLC (Germany), 5.15%, 01/16/2026(d)		150,000	149,515
Ford Motor Credit Co. LLC,
6.80%, 11/07/2028		200,000	208,873
7.12%, 11/07/2033		204,000	219,640

	Principal Amount		Value
Automobile Manufacturers–(continued)
Hyundai Capital America,
5.50%, 03/30/2026(d)		$11,000	$11,022
5.65%, 06/26/2026(d)		19,000	19,067
5.25%, 01/08/2027(d)		120,000	119,926
5.30%, 03/19/2027(d)		187,000	187,082
5.60%, 03/30/2028(d)		16,000	16,189
5.35%, 03/19/2029(d)		37,000	37,155
5.80%, 04/01/2030(d)		3,000	3,072
Mercedes-Benz Finance North America LLC (Germany),
4.90%, 01/09/2026(d)		523,000	521,926
4.80%, 01/11/2027(c)(d)		493,000	491,391
5.10%, 08/03/2028(d)		217,000	217,933
4.85%, 01/11/2029(d)		119,000	118,451
PACCAR Financial Corp.,
4.95%, 10/03/2025		6,000	5,989
4.60%, 01/10/2028		7,000	6,975
Toyota Motor Credit Corp., 4.63%, 01/12/2028		3,000	2,989
Volkswagen Group of America Finance LLC (Germany),
5.40%, 03/20/2026(d)		549,000	549,374
5.30%, 03/22/2027(d)		354,000	354,847
5.25%, 03/22/2029(d)		200,000	200,234
5.60%, 03/22/2034(d)		200,000	202,108
			3,911,591
Automotive Parts & Equipment–0.08%
ERAC USA Finance LLC,
4.60%, 05/01/2028(d)		14,000	13,831
5.00%, 02/15/2029(d)		56,000	56,126
4.90%, 05/01/2033(d)		18,000	17,655
5.20%, 10/30/2034(d)		79,000	78,805
			166,417
Automotive Retail–0.04%
Advance Auto Parts, Inc., 5.95%, 03/09/2028		39,000	39,015
AutoZone, Inc.,
5.05%, 07/15/2026		17,000	17,032
5.20%, 08/01/2033		15,000	15,032
			71,079
Biotechnology–0.49%
AbbVie, Inc.,
4.80%, 03/15/2027		349,000	349,483
4.80%, 03/15/2029		105,000	105,210
5.05%, 03/15/2034		127,000	128,634
5.35%, 03/15/2044		51,000	52,036
5.40%, 03/15/2054		128,000	131,854
5.50%, 03/15/2064		101,000	103,955
Amgen, Inc.,
5.25%, 03/02/2025		25,000	24,931
5.15%, 03/02/2028		15,000	15,103
5.25%, 03/02/2030		3,000	3,047
5.65%, 03/02/2053		12,000	12,236
Gilead Sciences, Inc.,
5.25%, 10/15/2033		30,000	30,632
5.55%, 10/15/2053		11,000	11,394
			968,515

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

Invesco V.I. Conservative Balanced Fund

	Principal Amount		Value
Brewers–0.00%
Anheuser-Busch InBev Worldwide, Inc. (Belgium), 8.20%, 01/15/2039		$3,000	$3,896
Building Products–0.01%
Carrier Global Corp., 5.90%, 03/15/2034		12,000	12,617
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A., 2.00%, 09/16/2031		3,000	2,441
			15,058
Cable & Satellite–0.14%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp.,
4.91%, 07/23/2025		4,000	3,952
6.15%, 11/10/2026		136,000	137,098
6.65%, 02/01/2034		56,000	57,426
Comcast Corp.,
5.50%, 11/15/2032		3,000	3,110
2.65%, 08/15/2062		3,000	1,714
Cox Communications, Inc.,
5.70%, 06/15/2033(d)		3,000	3,037
5.80%, 12/15/2053(d)		61,000	60,511
			266,848
Cargo Ground Transportation–0.14%
Penske Truck Leasing Co. L.P./PTL Finance Corp.,
5.75%, 05/24/2026(d)		3,000	3,023
5.35%, 01/12/2027(d)		9,000	9,011
5.70%, 02/01/2028(d)		3,000	3,042
5.55%, 05/01/2028(d)		12,000	12,135
6.05%, 08/01/2028(d)		20,000	20,591
6.20%, 06/15/2030(d)		3,000	3,121
Ryder System, Inc., 6.60%, 12/01/2033		26,000	28,214
SMBC Aviation Capital Finance DAC (Ireland), 5.30%, 04/03/2029(d)		200,000	199,635
			278,772
Commercial & Residential Mortgage Finance–0.23%
Aviation Capital Group LLC, 6.25%, 04/15/2028(d)		10,000	10,214
Nationwide Building Society (United Kingdom),
6.56%, 10/18/2027(d)(e)		200,000	205,260
3.96%, 07/18/2030(d)(e)		150,000	138,951
Radian Group, Inc., 6.20%, 05/15/2029		95,000	96,475
			450,900
Communications Equipment–0.01%
Cisco Systems, Inc., 5.30%, 02/26/2054		24,000	24,654
Motorola Solutions, Inc., 4.60%, 02/23/2028		3,000	2,960
			27,614
Computer & Electronics Retail–0.00%
Leidos, Inc., 2.30%, 02/15/2031		3,000	2,482

	Principal Amount		Value
Construction Machinery & Heavy Transportation Equipment– 0.18%
Cummins, Inc.,
4.90%, 02/20/2029		$31,000	$31,196
5.15%, 02/20/2034		46,000	46,446
5.45%, 02/20/2054		65,000	66,502
Komatsu Finance America, Inc., 5.50%, 10/06/2027(d)		200,000	202,868
			347,012
Consumer Finance–0.05%
Capital One Financial Corp.,
7.15%, 10/29/2027(e)		31,000	32,270
6.31%, 06/08/2029(e)		16,000	16,455
7.62%, 10/30/2031(e)		26,000	28,735
6.38%, 06/08/2034(e)		13,000	13,509
General Motors Financial Co., Inc.,
6.05%, 10/10/2025		5,000	5,039
5.40%, 04/06/2026		4,000	4,003
Synchrony Financial, 4.25%, 08/15/2024		3,000	2,981
			102,992
Consumer Staples Merchandise Retail–0.01%
Dollar General Corp., 5.50%, 11/01/2052		3,000	2,851
Target Corp.,
4.50%, 09/15/2032		3,000	2,941
4.80%, 01/15/2053		3,000	2,825
Walmart, Inc., 4.50%, 04/15/2053		21,000	19,429
			28,046
Distillers & Vintners–0.00%
Brown-Forman Corp., 4.75%, 04/15/2033		4,000	3,962
Constellation Brands, Inc., 4.90%, 05/01/2033		3,000	2,944
			6,906
Distributors–0.04%
Genuine Parts Co.,
6.50%, 11/01/2028		23,000	24,307
6.88%, 11/01/2033		40,000	44,257
			68,564
Diversified Banks–9.74%
Australia and New Zealand Banking Group Ltd. (Australia),
5.09%, 12/08/2025		250,000	250,119
5.00%, 03/18/2026		551,000	550,870
6.75%(d)(e)(f)		425,000	427,529
Banco Santander S.A. (Spain),
6.53%, 11/07/2027(e)		200,000	205,202
5.55%, 03/14/2028(e)		200,000	200,104
5.54%, 03/14/2030(e)		200,000	200,052
6.35%, 03/14/2034		200,000	200,287
9.63%(e)(f)		200,000	213,986
9.63%(e)(f)		200,000	220,792

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

Invesco V.I. Conservative Balanced Fund

	Principal Amount		Value
Diversified Banks–(continued)
Bank of America Corp.,
3.37%, 01/23/2026(e)		$3,000	$2,946
4.95%, 07/22/2028(e)		3,000	2,978
5.20%, 04/25/2029(e)		24,000	24,030
4.27%, 07/23/2029(e)		2,000	1,929
5.82%, 09/15/2029(e)		47,000	48,208
4.57%, 04/27/2033(e)		3,000	2,851
5.02%, 07/22/2033(e)		3,000	2,954
5.29%, 04/25/2034(e)		23,000	22,939
5.47%, 01/23/2035(e)		37,000	37,255
2.48%, 09/21/2036(e)		3,000	2,401
7.75%, 05/14/2038		115,000	139,627
Bank of America N.A., 5.53%, 08/18/2026		458,000	462,754
Bank of Montreal (Canada),
5.30%, 06/05/2026		10,000	10,030
7.70%, 05/26/2084(c)(e)		299,000	303,261
Bank of Nova Scotia (The) (Canada),
8.63%, 10/27/2082(e)		246,000	256,750
8.00%, 01/27/2084(e)		286,000	291,742
Barclays PLC (United Kingdom), 6.69%, 09/13/2034(e)		200,000	213,170
BBVA Bancomer S.A. (Mexico), 8.13%, 01/08/2039(d)(e)		200,000	207,339
BPCE S.A. (France),
5.92% (SOFR + 0.57%), 01/14/2025(d)(g)		250,000	250,436
4.50%, 03/15/2025(d)		184,000	181,345
5.20%, 01/18/2027(d)		250,000	250,588
5.72%, 01/18/2030(d)(e)		253,000	254,323
6.51%, 01/18/2035(d)(e)		250,000	254,276
Citigroup, Inc.,
5.61%, 09/29/2026(e)		10,000	10,018
4.08%, 04/23/2029(e)		4,000	3,831
5.17%, 02/13/2030(e)		63,000	62,725
6.17%, 05/25/2034(e)		27,000	27,432
5.83%, 02/13/2035(e)		175,000	173,332
7.38%(c)(e)(f)		304,000	316,848
7.63%(e)(f)		287,000	302,029
Series BB, 7.20%(e)(f)		215,000	221,023
Series V, 4.70%(e)(f)		140,000	136,919
Citizens Bank N.A., 6.06%, 10/24/2025(e)		358,000	356,618
Comerica, Inc., 5.98%, 01/30/2030(e)		31,000	30,646
Commonwealth Bank of Australia (Australia), 3.31%, 03/11/2041(d)		200,000	146,206
Credit Agricole S.A. (France),
4.38%, 03/17/2025(d)		304,000	299,407
5.34%, 01/10/2030(d)(e)		267,000	266,321
6.25%, 01/10/2035(d)(e)		250,000	254,284
Danske Bank A/S (Denmark), 1.55%, 09/10/2027(d)(e)		200,000	182,438
Discover Bank, 4.65%, 09/13/2028		122,000	118,142
Federation des caisses Desjardins du Quebec (Canada), 4.55%, 08/23/2027(d)		280,000	276,303

	Principal Amount		Value
Diversified Banks–(continued)
Fifth Third Bancorp,
2.38%, 01/28/2025		$3,000	$2,921
1.71%, 11/01/2027(e)		3,000	2,731
6.34%, 07/27/2029(e)		3,000	3,094
4.77%, 07/28/2030(e)		4,000	3,852
5.63%, 01/29/2032(e)		11,000	11,019
HSBC Holdings PLC (United Kingdom),
2.25%, 11/22/2027(e)		200,000	184,376
4.04%, 03/13/2028(e)		135,000	130,176
5.21%, 08/11/2028(e)		205,000	204,478
4.58%, 06/19/2029(e)		183,000	177,646
6.33%, 03/09/2044(e)		256,000	274,744
4.60%(e)(f)		225,000	190,908
Huntington National Bank (The), 5.70%, 11/18/2025(c)(e)		700,000	696,044
ING Groep N.V. (Netherlands),
5.34%, 03/19/2030(e)		200,000	199,583
5.55%, 03/19/2035(e)		234,000	232,329
JPMorgan Chase & Co.,
5.04%, 01/23/2028(e)		62,000	61,806
3.78%, 02/01/2028(e)		3,000	2,890
3.54%, 05/01/2028(e)		3,000	2,867
4.85%, 07/25/2028(e)		4,000	3,968
5.30%, 07/24/2029(e)		25,000	25,196
6.09%, 10/23/2029(e)		38,000	39,520
5.01%, 01/23/2030(e)		21,000	20,923
4.59%, 04/26/2033(e)		3,000	2,876
5.72%, 09/14/2033(e)		3,000	3,061
6.25%, 10/23/2034(e)		60,000	64,131
5.34%, 01/23/2035(e)		18,000	18,077
Series NN, 6.88%(e)(f)		126,000	130,696
JPMorgan Chase Bank N.A., 5.11%, 12/08/2026		345,000	346,079
KeyCorp, 3.88%, 05/23/2025(e)		15,000	14,933
Manufacturers & Traders Trust Co.,
5.40%, 11/21/2025		359,000	355,913
4.70%, 01/27/2028		189,000	182,211
Mitsubishi UFJ Financial Group, Inc. (Japan),
4.79%, 07/18/2025(e)		593,000	590,970
5.02%, 07/20/2028(e)		200,000	199,365
8.20%(e)(f)		304,000	328,777
Mizuho Financial Group, Inc. (Japan), 5.78%, 07/06/2029(e)		200,000	204,481
Morgan Stanley Bank N.A.,
5.88%, 10/30/2026		250,000	254,881
4.95%, 01/14/2028(e)		399,000	397,471
National Securities Clearing Corp., 5.10%, 11/21/2027(d)		250,000	252,131
PNC Bank N.A., 2.50%, 08/27/2024		252,000	248,719
PNC Financial Services Group, Inc. (The),
5.67%, 10/28/2025(e)		3,000	3,000
6.62%, 10/20/2027(e)		55,000	56,640
5.58%, 06/12/2029(e)		26,000	26,324
4.63%, 06/06/2033(e)		4,000	3,733
6.04%, 10/28/2033(e)		3,000	3,103
5.07%, 01/24/2034(e)		3,000	2,907
6.88%, 10/20/2034(e)		34,000	37,250

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

Invesco V.I. Conservative Balanced Fund

	Principal Amount		Value
Diversified Banks–(continued)
Royal Bank of Canada (Canada),
4.88%, 01/19/2027		$43,000	$42,920
4.95%, 02/01/2029		14,000	14,042
5.00%, 02/01/2033		3,000	2,991
Societe Generale S.A. (France),
6.07%, 01/19/2035(d)(e)		200,000	201,332
7.13%, 01/19/2055(d)(e)		212,000	211,801
Standard Chartered PLC (United Kingdom),
2.68%, 06/29/2032(d)(e)		200,000	164,606
6.30%, 07/06/2034(d)(e)		200,000	209,466
Sumitomo Mitsui Financial Group, Inc. (Japan),
2.14%, 09/23/2030		3,000	2,488
6.60%(e)(f)		234,000	234,882
Sumitomo Mitsui Trust Bank Ltd. (Japan),
5.65%, 09/14/2026(d)		200,000	201,983
5.20%, 03/07/2027(d)		226,000	226,279
5.55%, 09/14/2028(d)		203,000	206,956
5.20%, 03/07/2029(d)		200,000	201,450
5.35%, 03/07/2034(d)		200,000	204,018
Synovus Bank, 5.63%, 02/15/2028		250,000	242,917
Toronto-Dominion Bank (The) (Canada), 8.13%, 10/31/2082(e)		200,000	210,271
U.S. Bancorp,
Series W, 3.10%, 04/27/2026		4,000	3,838
4.55%, 07/22/2028(e)		5,000	4,903
5.78%, 06/12/2029(e)		21,000	21,372
5.38%, 01/23/2030(e)		47,000	47,220
4.97%, 07/22/2033(e)		4,000	3,783
4.84%, 02/01/2034(e)		17,000	16,151
5.84%, 06/12/2034(e)		21,000	21,412
5.68%, 01/23/2035(e)		29,000	29,294
UBS AG (Switzerland), 5.65%, 09/11/2028		200,000	204,830
Wells Fargo & Co.,
3.58%, 05/22/2028(e)		4,000	3,804
5.57%, 07/25/2029(e)		19,000	19,231
6.30%, 10/23/2029(e)		27,000	28,130
5.20%, 01/23/2030(e)		25,000	24,955
5.39%, 04/24/2034(e)		8,000	7,953
5.56%, 07/25/2034(e)		48,000	48,206
6.49%, 10/23/2034(e)		71,000	76,186
5.50%, 01/23/2035(e)		40,000	40,109
4.61%, 04/25/2053(e)		4,000	3,538
7.63%(e)(f)		21,000	22,495
Wells Fargo Bank N.A.,
5.55%, 08/01/2025(c)		506,000	508,535
4.81%, 01/15/2026		250,000	248,813
Westpac Banking Corp. (Australia), 6.82%, 11/17/2033		91,000	98,998
			19,138,553

	Principal Amount		Value
Diversified Capital Markets–0.92%
UBS Group AG (Switzerland),
4.55%, 04/17/2026		$154,000	$151,578
4.75%, 05/12/2028(d)(e)		205,000	200,941
5.43%, 02/08/2030(d)(e)		200,000	200,360
6.30%, 09/22/2034(d)(e)		200,000	209,470
5.70%, 02/08/2035(d)(e)		200,000	201,103
4.38%(d)(e)(f)		200,000	164,964
7.75%(d)(e)(f)		229,000	236,092
9.25%(d)(e)(f)		201,000	227,338
9.25%(d)(e)(f)		200,000	217,195
			1,809,041
Diversified Financial Services–0.41%
Apollo Debt Solutions BDC, 6.90%, 04/13/2029(d)		20,000	20,204
Apollo Global Management, Inc., 6.38%, 11/15/2033		46,000	49,505
Aviation Capital Group LLC, 6.75%, 10/25/2028(d)		46,000	47,996
Avolon Holdings Funding Ltd. (Ireland), 5.75%, 03/01/2029(d)		118,000	117,511
Blue Owl Technology Finance Corp. II, 6.75%, 04/04/2029(d)		377,000	372,557
Corebridge Financial, Inc.,
6.05%, 09/15/2033(d)		26,000	26,808
5.75%, 01/15/2034		58,000	59,213
Macquarie Airfinance Holdings Ltd. (United Kingdom),
6.40%, 03/26/2029(d)		47,000	47,779
6.50%, 03/26/2031(d)		56,000	57,041
			798,614
Diversified Metals & Mining–0.23%
BHP Billiton Finance (USA) Ltd. (Australia),
5.10%, 09/08/2028		42,000	42,495
5.25%, 09/08/2030		26,000	26,454
5.25%, 09/08/2033		48,000	48,584
5.50%, 09/08/2053		15,000	15,513
Glencore Funding LLC (Australia),
5.37%, 04/04/2029(d)		87,000	87,203
5.63%, 04/04/2034(d)		158,000	158,505
5.89%, 04/04/2054(d)		64,000	64,898
			443,652
Diversified REITs–0.03%
CubeSmart L.P.,
2.25%, 12/15/2028		3,000	2,634
2.50%, 02/15/2032		3,000	2,451
VICI Properties L.P.,
5.75%, 04/01/2034		30,000	29,744
6.13%, 04/01/2054		32,000	31,595
			66,424
Diversified Support Services–0.02%
Element Fleet Management Corp. (Canada), 6.32%, 12/04/2028(d)		37,000	38,236
Electric Utilities–1.47%
AEP Texas, Inc., 3.95%, 06/01/2028(d)		172,000	164,265
Alabama Power Co., 5.85%, 11/15/2033		9,000	9,483

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

Invesco V.I. Conservative Balanced Fund

	Principal Amount		Value
Electric Utilities–(continued)
American Electric Power Co., Inc.,
5.75%, 11/01/2027		$4,000	$4,094
5.20%, 01/15/2029		37,000	37,108
Connecticut Light and Power Co. (The), 5.25%, 01/15/2053		3,000	2,983
Consolidated Edison Co. of New York, Inc.,
5.50%, 03/15/2034		21,000	21,702
5.90%, 11/15/2053		26,000	27,769
Constellation Energy Generation LLC,
6.13%, 01/15/2034		9,000	9,510
6.50%, 10/01/2053		5,000	5,505
5.75%, 03/15/2054		91,000	91,217
Dominion Energy South Carolina, Inc., 6.25%, 10/15/2053		11,000	12,324
Duke Energy Carolinas LLC, 5.35%, 01/15/2053		3,000	2,962
Duke Energy Corp.,
5.00%, 12/08/2025		3,000	2,992
4.85%, 01/05/2029		42,000	41,625
5.00%, 08/15/2052		3,000	2,718
3.25%, 01/15/2082(e)		3,000	2,681
Duke Energy Indiana LLC, 5.40%, 04/01/2053		5,000	4,912
Enel Finance America LLC (Italy), 2.88%, 07/12/2041(d)		200,000	135,981
Enel Finance International N.V. (Italy), 6.80%, 10/14/2025(d)		200,000	204,081
Evergy Metro, Inc., 4.95%, 04/15/2033		3,000	2,958
Eversource Energy,
5.00%, 01/01/2027		79,000	78,816
5.50%, 01/01/2034		37,000	37,029
Exelon Corp.,
5.15%, 03/15/2029		51,000	51,137
5.45%, 03/15/2034		49,000	49,350
5.60%, 03/15/2053		50,000	49,948
FirstEnergy Pennsylvania Electric Co., 5.20%, 04/01/2028(d)		3,000	3,005
Florida Power & Light Co., 4.80%, 05/15/2033		3,000	2,956
Georgia Power Co.,
4.65%, 05/16/2028		3,000	2,972
4.95%, 05/17/2033		3,000	2,960
MidAmerican Energy Co.,
5.35%, 01/15/2034		3,000	3,090
5.85%, 09/15/2054		12,000	12,814
5.30%, 02/01/2055		46,000	45,537
National Rural Utilities Cooperative Finance Corp.,
4.80%, 02/05/2027(c)		283,000	283,291
4.85%, 02/07/2029		77,000	77,000
5.00%, 02/07/2031		72,000	71,562
5.80%, 01/15/2033		3,000	3,123
NextEra Energy Capital Holdings, Inc.,
6.05%, 03/01/2025		14,000	14,058
4.95%, 01/29/2026		274,000	272,805
4.63%, 07/15/2027		3,000	2,959
4.90%, 03/15/2029		123,000	122,550
5.25%, 03/15/2034		132,000	131,759
5.55%, 03/15/2054		123,000	122,291

	Principal Amount		Value
Electric Utilities–(continued)
Niagara Mohawk Power Corp.,
5.29%, 01/17/2034(d)		$40,000	$39,383
5.66%, 01/17/2054(d)		17,000	16,928
Oklahoma Gas and Electric Co., 5.60%, 04/01/2053		3,000	3,017
Oncor Electric Delivery Co. LLC, 5.65%, 11/15/2033		37,000	38,513
PacifiCorp,
5.10%, 02/15/2029		42,000	42,335
5.30%, 02/15/2031		35,000	35,124
5.45%, 02/15/2034		52,000	52,194
5.80%, 01/15/2055		39,000	38,496
PECO Energy Co., 4.90%, 06/15/2033		11,000	11,011
Public Service Co. of Colorado, 5.25%, 04/01/2053		3,000	2,851
Public Service Co. of New Hampshire, 5.35%, 10/01/2033		9,000	9,183
Public Service Electric and Gas Co., 5.13%, 03/15/2053		3,000	2,954
San Diego Gas & Electric Co.,
5.35%, 04/01/2053		21,000	20,704
5.55%, 04/15/2054		107,000	108,617
Sierra Pacific Power Co., 5.90%, 03/15/2054(d)		5,000	5,179
Southern Co. (The), 5.70%, 10/15/2032		3,000	3,095
Southwestern Electric Power Co., 5.30%, 04/01/2033		3,000	2,966
Union Electric Co., 5.20%, 04/01/2034		173,000	173,397
Virginia Electric & Power Co.,
5.00%, 04/01/2033		3,000	2,962
5.35%, 01/15/2054		28,000	27,466
Vistra Operations Co. LLC, 6.95%, 10/15/2033(d)		23,000	24,571
Xcel Energy, Inc., 4.60%, 06/01/2032		3,000	2,823
			2,891,651
Electrical Components & Equipment–0.00%
Regal Rexnord Corp., 6.30%, 02/15/2030(d)		3,000	3,074
Environmental & Facilities Services–0.10%
Republic Services, Inc.,
4.88%, 04/01/2029		43,000	43,085
5.00%, 12/15/2033		39,000	38,749
5.00%, 04/01/2034		3,000	2,979
Veralto Corp.,
5.50%, 09/18/2026(d)		51,000	51,218
5.35%, 09/18/2028(d)		40,000	40,542
5.45%, 09/18/2033(d)		21,000	21,272
			197,845
Financial Exchanges & Data–0.01%
Intercontinental Exchange, Inc.,
4.60%, 03/15/2033		3,000	2,908
4.95%, 06/15/2052		3,000	2,855
5.20%, 06/15/2062		3,000	2,949

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

Invesco V.I. Conservative Balanced Fund

	Principal Amount		Value
Financial Exchanges & Data–(continued)
Nasdaq, Inc.,
5.35%, 06/28/2028		$3,000	$3,040
5.55%, 02/15/2034		4,000	4,070
5.95%, 08/15/2053		3,000	3,164
6.10%, 06/28/2063		3,000	3,202
S&P Global, Inc.,
2.90%, 03/01/2032		3,000	2,616
3.90%, 03/01/2062		3,000	2,349
			27,153
Food Retail–0.05%
Alimentation Couche-Tard, Inc. (Canada),
5.27%, 02/12/2034(d)		67,000	66,855
5.62%, 02/12/2054(d)		23,000	23,235
			90,090
Gas Utilities–0.02%
Atmos Energy Corp.,
5.90%, 11/15/2033		12,000	12,739
6.20%, 11/15/2053		7,000	7,894
Piedmont Natural Gas Co., Inc., 5.40%, 06/15/2033		11,000	11,100
Southwest Gas Corp., 5.45%, 03/23/2028		3,000	3,047
			34,780
Health Care Distributors–0.04%
Cardinal Health, Inc., 5.45%, 02/15/2034		37,000	37,422
Cencora, Inc., 5.13%, 02/15/2034		42,000	41,944
McKesson Corp., 5.10%, 07/15/2033		3,000	3,029
			82,395
Health Care Equipment–0.20%
Alcon Finance Corp. (Switzerland), 5.38%, 12/06/2032(d)		200,000	201,851
Smith & Nephew PLC (United Kingdom),
5.15%, 03/20/2027		55,000	55,007
5.40%, 03/20/2034		137,000	136,375
			393,233
Health Care Facilities–0.02%
HCA, Inc., 5.90%, 06/01/2053		16,000	16,101
UPMC,
5.04%, 05/15/2033		17,000	16,927
5.38%, 05/15/2043		8,000	8,079
			41,107
Health Care REITs–0.00%
Healthcare Realty Holdings L.P.,
3.50%, 08/01/2026		3,000	2,865
2.00%, 03/15/2031		3,000	2,387
			5,252
Health Care Services–0.20%
CommonSpirit Health,
5.32%, 12/01/2034		133,000	133,277
5.55%, 12/01/2054		43,000	43,542

	Principal Amount		Value
Health Care Services–(continued)
CVS Health Corp.,
5.00%, 01/30/2029		$10,000	$10,032
5.25%, 01/30/2031		3,000	3,024
5.30%, 06/01/2033		12,000	12,033
6.00%, 06/01/2063		3,000	3,100
Fresenius Medical Care US Finance III, Inc. (Germany), 1.88%, 12/01/2026(d)		150,000	135,752
Piedmont Healthcare, Inc., 2.86%, 01/01/2052		18,000	11,857
Providence St. Joseph Health Obligated Group, Series 21-A, 2.70%, 10/01/2051		21,000	12,883
Quest Diagnostics, Inc., 6.40%, 11/30/2033		21,000	22,698
			388,198
Health Care Supplies–0.45%
Medtronic Global Holdings S.C.A., 4.50%, 03/30/2033		6,000	5,825
Solventum Corp.,
5.45%, 02/25/2027(d)		104,000	104,385
5.40%, 03/01/2029(d)		199,000	199,455
5.60%, 03/23/2034(d)		274,000	275,019
5.90%, 04/30/2054(d)		163,000	162,732
6.00%, 05/15/2064(d)		132,000	130,961
			878,377
Home Improvement Retail–0.04%
Home Depot, Inc. (The), 4.90%, 04/15/2029		44,000	44,452
Lowe’s Cos., Inc.,
3.35%, 04/01/2027		3,000	2,867
5.00%, 04/15/2033		3,000	2,990
5.75%, 07/01/2053		3,000	3,099
5.85%, 04/01/2063		21,000	21,681
			75,089
Hotels, Resorts & Cruise Lines–0.04%
Marriott International, Inc.,
4.88%, 05/15/2029		25,000	24,763
5.30%, 05/15/2034		44,000	43,536
			68,299
Independent Power Producers & Energy Traders–0.13%
National Rural Utilities Cooperative Finance Corp., 7.13%, 09/15/2053(e)		242,000	251,609
Industrial Conglomerates–0.40%
Honeywell International, Inc.,
4.88%, 09/01/2029		120,000	120,872
4.95%, 09/01/2031		135,000	136,085
5.00%, 03/01/2035		93,000	93,390
5.25%, 03/01/2054		241,000	243,400
5.35%, 03/01/2064		181,000	183,542
			777,289
Industrial Machinery & Supplies & Components–0.06%
Caterpillar Financial Services Corp., 5.15%, 08/11/2025		75,000	75,077

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

Invesco V.I. Conservative Balanced Fund

	Principal Amount		Value
Industrial Machinery & Supplies & Components–(continued)
Ingersoll Rand, Inc.,
5.40%, 08/14/2028		$3,000	$3,042
5.70%, 08/14/2033		19,000	19,499
Nordson Corp.,
5.60%, 09/15/2028		3,000	3,058
5.80%, 09/15/2033		12,000	12,533
nVent Finance S.a.r.l. (United Kingdom), 5.65%, 05/15/2033		12,000	12,102
			125,311
Industrial REITs–0.01%
LXP Industrial Trust,
6.75%, 11/15/2028		19,000	19,822
2.38%, 10/01/2031		3,000	2,401
Prologis L.P., 4.63%, 01/15/2033		3,000	2,916
			25,139
Insurance Brokers–0.04%
Arthur J. Gallagher & Co., 6.75%, 02/15/2054		21,000	23,859
Marsh & McLennan Cos., Inc.,
5.40%, 09/15/2033		24,000	24,641
5.45%, 03/15/2053		3,000	3,022
5.70%, 09/15/2053		22,000	22,857
			74,379
Integrated Oil & Gas–0.04%
BP Capital Markets America, Inc.,
4.81%, 02/13/2033		4,000	3,949
4.89%, 09/11/2033		12,000	11,922
Gray Oak Pipeline LLC, 2.60%, 10/15/2025(d)		4,000	3,815
Occidental Petroleum Corp.,
6.45%, 09/15/2036		54,000	57,612
4.63%, 06/15/2045		11,000	8,913
			86,211
Integrated Telecommunication Services–0.02%
AT&T, Inc.,
2.55%, 12/01/2033		3,000	2,404
5.40%, 02/15/2034		15,000	15,202
T-Mobile USA, Inc., 5.65%, 01/15/2053		9,000	9,197
Verizon Communications, Inc., 2.36%, 03/15/2032		3,000	2,467
			29,270
Interactive Home Entertainment–0.00%
Electronic Arts, Inc., 1.85%, 02/15/2031		3,000	2,459
Interactive Media & Services–0.01%
Meta Platforms, Inc.,
4.65%, 08/15/2062		3,000	2,697
5.75%, 05/15/2063		16,000	17,166
			19,863
Investment Banking & Brokerage–0.50%
Blackstone Private Credit Fund, 6.25%, 01/25/2031(d)		32,000	32,169
Brookfield Finance, Inc. (Canada), 5.97%, 03/04/2054		50,000	51,759

	Principal Amount		Value
Investment Banking & Brokerage–(continued)
Charles Schwab Corp. (The),
5.64%, 05/19/2029(e)		$16,000	$16,249
5.85%, 05/19/2034(e)		16,000	16,395
6.14%, 08/24/2034(e)		48,000	50,105
Series K, 5.00%(e)(f)		7,000	6,710
Goldman Sachs Group, Inc. (The),
5.70%, 11/01/2024		5,000	5,003
6.16% (SOFR + 0.79%), 12/09/2026(g)		19,000	19,044
6.18% (SOFR + 0.81%), 03/09/2027(g)		12,000	11,988
6.27% (SOFR + 0.92%), 10/21/2027(g)		15,000	15,016
Series W, 7.50%(c)(e)(f)		437,000	465,117
Morgan Stanley,
5.12%, 02/01/2029(e)		5,000	4,990
5.16%, 04/20/2029(e)		28,000	27,986
5.45%, 07/20/2029(e)		12,000	12,109
6.41%, 11/01/2029(e)		34,000	35,666
5.17%, 01/16/2030(e)		25,000	25,029
5.25%, 04/21/2034(e)		29,000	28,784
5.42%, 07/21/2034(e)		21,000	21,074
5.47%, 01/18/2035(e)		25,000	25,233
5.95%, 01/19/2038(e)		5,000	5,014
5.94%, 02/07/2039(e)		108,000	107,404
			982,844
Leisure Products–0.06%
Brunswick Corp., 5.85%, 03/18/2029		61,000	61,696
Polaris, Inc., 6.95%, 03/15/2029		46,000	48,968
			110,664
Life & Health Insurance–1.41%
American Equity Investment Life Holding Co., 5.00%, 06/15/2027		4,000	3,898
Athene Global Funding,
5.52%, 03/25/2027(d)		180,000	180,258
5.58%, 01/09/2029(d)		85,000	85,613
Athene Holding Ltd., 6.25%, 04/01/2054		82,000	83,319
Corebridge Global Funding,
6.67% (SOFR + 1.30%), 09/25/2026(d)(g)		223,000	224,335
5.90%, 09/19/2028(d)		23,000	23,591
5.20%, 01/12/2029(d)		67,000	67,121
F&G Annuities & Life, Inc., 7.40%, 01/13/2028		10,000	10,395
GA Global Funding Trust, 5.50%, 01/08/2029(c)(d)		356,000	357,602
MAG Mutual Holding Co., 4.75%, 04/30/2041(d)(h)		509,000	443,940
Manulife Financial Corp. (Canada), 4.06%, 02/24/2032(e)		3,000	2,876
MetLife, Inc.,
5.00%, 07/15/2052		3,000	2,827
5.25%, 01/15/2054		11,000	10,844
New York Life Global Funding, 4.55%, 01/28/2033(d)		10,000	9,657
Northwestern Mutual Global Funding,
5.07%, 03/25/2027(d)		169,000	169,751
4.35%, 09/15/2027(d)		3,000	2,938
4.71%, 01/10/2029(d)		169,000	167,357

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

Invesco V.I. Conservative Balanced Fund

	Principal Amount		Value
Life & Health Insurance–(continued)
Pacific Life Global Funding II,
6.18% (SOFR + 0.80%), 03/30/2025(d)(g)		$50,000	$50,219
5.99% (SOFR + 0.62%), 06/04/2026(d)(g)		9,000	9,004
6.41% (SOFR + 1.05%), 07/28/2026(d)(g)		142,000	143,144
4.90%, 01/11/2029(d)		169,000	168,899
Principal Life Global Funding II,
5.00%, 01/16/2027(d)		49,000	49,029
5.10%, 01/25/2029(d)		218,000	217,667
Reliance Standard Life Global Funding II, 2.75%, 01/21/2027(d)		4,000	3,683
Sumitomo Life Insurance Co. (Japan), 5.88%(d)(e)(f)		288,000	287,589
			2,775,556
Managed Health Care–0.05%
Humana, Inc.,
5.75%, 12/01/2028		20,000	20,507
5.95%, 03/15/2034		52,000	54,017
UnitedHealth Group, Inc.,
5.00%, 10/15/2024		3,000	2,994
5.15%, 10/15/2025		4,000	4,006
5.25%, 02/15/2028		3,000	3,056
5.30%, 02/15/2030		3,000	3,073
5.35%, 02/15/2033		3,000	3,087
4.50%, 04/15/2033		3,000	2,905
5.05%, 04/15/2053		3,000	2,916
5.20%, 04/15/2063		3,000	2,921
			99,482
Marine Transportation–0.01%
A.P. Moller - Maersk A/S (Denmark), 5.88%, 09/14/2033(d)		19,000	19,559
Movies & Entertainment–0.00%
Warnermedia Holdings, Inc.,
5.05%, 03/15/2042		3,000	2,580
5.14%, 03/15/2052		3,000	2,492
5.39%, 03/15/2062		3,000	2,492
			7,564
Multi-Family Residential REITs–0.05%
AvalonBay Communities, Inc., 5.30%, 12/07/2033		41,000	41,501
Essex Portfolio, L.P., 5.50%, 04/01/2034		61,000	61,096
			102,597
Multi-line Insurance–0.10%
Aon Corp./Aon Global Holdings PLC, 5.35%, 02/28/2033		3,000	3,018
Metropolitan Life Global Funding I, 5.15%, 03/28/2033(d)		196,000	196,354
			199,372
Multi-Utilities–0.25%
Algonquin Power & Utilities Corp. (Canada), 5.37%, 06/15/2026(i)		76,000	75,611
Ameren Corp., 2.50%, 09/15/2024		3,000	2,957
Ameren Illinois Co., 4.95%, 06/01/2033		4,000	3,962

	Principal Amount		Value
Multi-Utilities–(continued)
Black Hills Corp., 6.15%, 05/15/2034		$31,000	$32,011
Dominion Energy, Inc., 5.38%, 11/15/2032		5,000	5,032
DTE Electric Co., 5.20%, 03/01/2034		42,000	42,217
NiSource, Inc.,
5.25%, 03/30/2028		4,000	4,030
5.40%, 06/30/2033		3,000	3,026
5.35%, 04/01/2034		93,000	92,532
Public Service Enterprise Group, Inc.,
5.88%, 10/15/2028		47,000	48,417
6.13%, 10/15/2033		25,000	26,257
Sempra, 6.88%, 10/01/2054(e)		135,000	136,525
WEC Energy Group, Inc.,
5.00%, 09/27/2025		7,000	6,963
5.15%, 10/01/2027		6,000	6,013
4.75%, 01/15/2028		5,000	4,967
1.80%, 10/15/2030		4,000	3,299
			493,819
Office REITs–0.27%
Alexandria Real Estate Equities, Inc.,
2.95%, 03/15/2034		3,000	2,466
5.25%, 05/15/2036		25,000	24,547
5.63%, 05/15/2054		122,000	120,135
Office Properties Income Trust,
4.50%, 02/01/2025		36,000	29,788
2.65%, 06/15/2026		9,000	5,210
2.40%, 02/01/2027		39,000	19,172
Piedmont Operating Partnership L.P., 9.25%, 07/20/2028		308,000	328,265
			529,583
Oil & Gas Drilling–0.01%
Patterson-UTI Energy, Inc., 7.15%, 10/01/2033		13,000	13,984
Oil & Gas Equipment & Services–0.01%
Northern Natural Gas Co., 5.63%, 02/01/2054(d)		23,000	23,445
Oil & Gas Exploration & Production–0.02%
Canadian Natural Resources Ltd. (Canada), 2.05%, 07/15/2025		3,000	2,871
ConocoPhillips Co.,
5.55%, 03/15/2054		16,000	16,502
5.70%, 09/15/2063		9,000	9,441
Pioneer Natural Resources Co., 5.10%, 03/29/2026		3,000	2,997
			31,811
Oil & Gas Refining & Marketing–0.01%
Phillips 66 Co., 5.30%, 06/30/2033		11,000	11,073
Oil & Gas Storage & Transportation–0.34%
Cheniere Energy Partners L.P., 5.95%, 06/30/2033		12,000	12,278
Cheniere Energy, Inc., 5.65%, 04/15/2034(d)		55,000	55,427
Columbia Pipelines Holding Co. LLC, 6.06%, 08/15/2026(d)		8,000	8,091
Enbridge, Inc. (Canada),
5.70%, 03/08/2033		11,000	11,270
Series NC5, 8.25%, 01/15/2084(e)		42,000	43,810

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

Invesco V.I. Conservative Balanced Fund

	Principal Amount		Value
Oil & Gas Storage & Transportation–(continued)
Energy Transfer L.P.,
6.05%, 12/01/2026		$47,000	$47,957
6.40%, 12/01/2030		3,000	3,169
5.75%, 02/15/2033		3,000	3,050
6.55%, 12/01/2033		7,000	7,519
5.55%, 05/15/2034		36,000	36,132
5.95%, 05/15/2054		28,000	27,960
GreenSaif Pipelines Bidco S.a.r.l. (Saudi Arabia), 6.51%, 02/23/2042(d)		200,000	208,000
Kinder Morgan, Inc.,
4.80%, 02/01/2033		3,000	2,869
5.20%, 06/01/2033		9,000	8,868
5.45%, 08/01/2052		4,000	3,779
MPLX L.P.,
5.00%, 03/01/2033		3,000	2,914
4.95%, 03/14/2052		3,000	2,637
ONEOK, Inc.,
5.65%, 11/01/2028		3,000	3,068
5.80%, 11/01/2030		23,000	23,713
6.10%, 11/15/2032		3,000	3,145
6.05%, 09/01/2033		23,000	23,999
6.63%, 09/01/2053		34,000	37,497
Sabine Pass Liquefaction LLC, 5.90%, 09/15/2037		6,000	6,236
Southern Co. Gas Capital Corp., 5.75%, 09/15/2033		9,000	9,321
Targa Resources Corp., 5.20%, 07/01/2027		3,000	2,997
Western Midstream Operating L.P., 6.15%, 04/01/2033		8,000	8,209
Williams Cos., Inc. (The),
5.30%, 08/15/2028		43,000	43,388
5.65%, 03/15/2033		11,000	11,290
			658,593
Other Specialty Retail–0.00%
Tractor Supply Co., 5.25%, 05/15/2033		4,000	4,032
Packaged Foods & Meats–0.14%
Campbell Soup Co.,
5.30%, 03/20/2026		35,000	35,041
5.20%, 03/19/2027		51,000	51,140
5.20%, 03/21/2029		57,000	57,294
5.40%, 03/21/2034		75,000	75,598
Conagra Brands, Inc., 4.60%, 11/01/2025		3,000	2,963
General Mills, Inc., 2.25%, 10/14/2031		3,000	2,484
J.M. Smucker Co. (The), 6.20%, 11/15/2033		15,000	16,009
Mars, Inc.,
4.55%, 04/20/2028(d)		21,000	20,803
4.65%, 04/20/2031(d)		6,000	5,928
McCormick & Co., Inc., 4.95%, 04/15/2033		3,000	2,969
			270,229

	Principal Amount		Value
Paper & Plastic Packaging Products & Materials–0.15%
Smurfit Kappa Treasury Unlimited Co. (Ireland),
5.20%, 01/15/2030(d)		$100,000	$100,125
5.44%, 04/03/2034(d)		102,000	102,510
5.78%, 04/03/2054(d)		100,000	101,436
			304,071
Passenger Airlines–0.03%
American Airlines Pass-Through Trust,
Series 2021-1, Class B, 3.95%, 07/11/2030		34,600	31,896
Series 2021-1, Class A, 2.88%, 07/11/2034		2,758	2,351
British Airways Pass-Through Trust (United Kingdom), Series 2021-1, Class A, 2.90%, 03/15/2035(d)		10,916	9,454
Delta Air Lines, Inc./SkyMiles IP Ltd.,
4.50%, 10/20/2025(d)		7,617	7,541
4.75%, 10/20/2028(d)		10,309	10,086
United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 10/15/2027		2,995	2,988
			64,316
Personal Care Products–0.02%
Kenvue, Inc.,
5.05%, 03/22/2028		3,000	3,034
5.00%, 03/22/2030		11,000	11,120
4.90%, 03/22/2033		15,000	14,998
5.10%, 03/22/2043		3,000	2,985
5.20%, 03/22/2063		3,000	2,971
			35,108
Pharmaceuticals–1.05%
AstraZeneca Finance LLC (United Kingdom),
4.80%, 02/26/2027		213,000	212,979
4.85%, 02/26/2029		56,000	56,189
4.90%, 02/26/2031		100,000	100,380
5.00%, 02/26/2034		75,000	75,346
Bayer US Finance LLC (Germany),
6.25%, 01/21/2029(d)		200,000	203,589
6.38%, 11/21/2030(d)		200,000	204,610
6.50%, 11/21/2033(d)		200,000	203,600
Bristol-Myers Squibb Co.,
4.95%, 02/20/2026		90,000	90,026
4.90%, 02/22/2027		26,000	26,066
4.90%, 02/22/2029		28,000	28,139
5.75%, 02/01/2031		40,000	41,999
5.90%, 11/15/2033		22,000	23,522
6.25%, 11/15/2053		15,000	16,909
6.40%, 11/15/2063		21,000	24,021
Eli Lilly and Co.,
4.50%, 02/09/2027		243,000	242,378
4.70%, 02/27/2033		6,000	5,987
4.70%, 02/09/2034		175,000	174,109
4.88%, 02/27/2053		6,000	5,864
5.00%, 02/09/2054		56,000	55,727
4.95%, 02/27/2063		3,000	2,921
5.10%, 02/09/2064		66,000	65,739

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

Invesco V.I. Conservative Balanced Fund

	Principal Amount		Value
Pharmaceuticals–(continued)
Merck & Co., Inc.,
4.90%, 05/17/2044		$24,000	$23,334
5.00%, 05/17/2053		3,000	2,940
5.15%, 05/17/2063		3,000	2,974
Pfizer Investment Enterprises Pte. Ltd., 4.75%, 05/19/2033		17,000	16,747
Takeda Pharmaceutical Co. Ltd. (Japan), 5.00%, 11/26/2028		160,000	160,298
			2,066,393
Precious Metals & Minerals–0.04%
Anglo American Capital PLC (South Africa), 3.63%, 09/11/2024(d)		86,000	85,025
Property & Casualty Insurance–0.05%
Fairfax Financial Holdings Ltd. (Canada), 6.35%, 03/22/2054(d)		89,000	90,880
Travelers Cos., Inc. (The), 5.45%, 05/25/2053		3,000	3,110
			93,990
Rail Transportation–0.05%
Norfolk Southern Corp.,
5.05%, 08/01/2030		11,000	11,039
5.55%, 03/15/2034		22,000	22,898
5.35%, 08/01/2054		18,000	17,883
5.95%, 03/15/2064		26,000	27,789
Union Pacific Corp.,
2.15%, 02/05/2027		4,000	3,721
4.50%, 01/20/2033		5,000	4,875
5.15%, 01/20/2063		7,000	6,803
			95,008
Real Estate Development–0.00%
Essential Properties L.P., 2.95%, 07/15/2031		3,000	2,440
Regional Banks–0.17%
Citizens Financial Group, Inc.,
3.25%, 04/30/2030		3,000	2,644
2.64%, 09/30/2032		3,000	2,300
5.64%, 05/21/2037(e)		3,000	2,803
M&T Bank Corp., 5.05%, 01/27/2034(e)		3,000	2,791
Santander Holdings USA, Inc., 3.50%, 06/07/2024		3,000	2,987
Santander UK Group Holdings PLC (United Kingdom), 6.83%, 11/21/2026(e)		221,000	224,745
Truist Financial Corp.,
6.05%, 06/08/2027(e)		19,000	19,261
4.87%, 01/26/2029(e)		3,000	2,952
7.16%, 10/30/2029(e)		23,000	24,535
5.44%, 01/24/2030(e)		26,000	25,977
4.92%, 07/28/2033(e)		3,000	2,796
6.12%, 10/28/2033(e)		3,000	3,103
5.87%, 06/08/2034(e)		15,000	15,189
			332,083
Reinsurance–0.19%
Berkshire Hathaway Finance Corp., 2.85%, 10/15/2050		3,000	2,027

	Principal Amount		Value
Reinsurance–(continued)
Global Atlantic (Fin) Co., 6.75%, 03/15/2054(d)		$174,000	$178,654
Swiss RE Subordinated Finance PLC (United Kingdom), 5.70%, 04/05/2035(d)(e)		200,000	200,189
			380,870
Renewable Electricity–0.00%
NSTAR Electric Co., 4.55%, 06/01/2052		3,000	2,627
Restaurants–0.06%
McDonald’s Corp.,
4.80%, 08/14/2028		61,000	61,208
4.95%, 08/14/2033		45,000	45,085
5.15%, 09/09/2052		5,000	4,844
5.45%, 08/14/2053		14,000	14,218
			125,355
Retail REITs–0.03%
Agree L.P., 2.00%, 06/15/2028		3,000	2,640
Kite Realty Group L.P., 5.50%, 03/01/2034		15,000	14,911
NNN REIT, Inc.,
5.60%, 10/15/2033		6,000	6,078
3.50%, 04/15/2051		3,000	2,183
Realty Income Corp.,
3.20%, 01/15/2027		3,000	2,838
5.63%, 10/13/2032		3,000	3,064
Regency Centers L.P.,
2.95%, 09/15/2029		3,000	2,687
5.25%, 01/15/2034		26,000	25,911
			60,312
Self-Storage REITs–0.17%
Extra Space Storage L.P.,
5.70%, 04/01/2028		3,000	3,056
5.40%, 02/01/2034		58,000	57,767
Prologis L.P.,
4.88%, 06/15/2028		13,000	13,021
4.75%, 06/15/2033		21,000	20,590
5.13%, 01/15/2034		11,000	11,053
5.00%, 03/15/2034		133,000	132,277
5.25%, 06/15/2053		25,000	24,628
5.25%, 03/15/2054		39,000	38,330
Public Storage Operating Co.,
5.13%, 01/15/2029		4,000	4,068
5.10%, 08/01/2033		23,000	23,113
5.35%, 08/01/2053		13,000	13,069
			340,972
Semiconductors–0.16%
Foundry JV Holdco LLC, 5.88%, 01/25/2034(d)		272,000	272,712
Micron Technology, Inc., 5.30%, 01/15/2031		34,000	34,209
Skyworks Solutions, Inc.,
1.80%, 06/01/2026		2,000	1,854
3.00%, 06/01/2031		3,000	2,517
			311,292

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

Invesco V.I. Conservative Balanced Fund

	Principal Amount		Value
Single-Family Residential REITs–0.00%
Sun Communities Operating L.P., 2.70%, 07/15/2031		$3,000	$2,472
Sovereign Debt–0.31%
Saudi Government International Bond (Saudi Arabia),
4.75%, 01/16/2030(d)		200,000	198,701
5.00%, 01/16/2034(d)		200,000	199,102
5.75%, 01/16/2054(d)		220,000	218,350
			616,153
Specialized Finance–0.00%
Blackstone Holdings Finance Co. LLC, 1.60%, 03/30/2031(d)		3,000	2,348
Systems Software–0.01%
Oracle Corp.,
6.25%, 11/09/2032		9,000	9,634
4.90%, 02/06/2033		11,000	10,775
6.90%, 11/09/2052		4,000	4,607
VMware LLC, 3.90%, 08/21/2027		2,000	1,916
			26,932
Technology Hardware, Storage & Peripherals–0.00%
Leidos, Inc., 5.75%, 03/15/2033		3,000	3,077
Tobacco–0.32%
B.A.T Capital Corp. (United Kingdom),
5.83%, 02/20/2031		72,000	72,658
6.00%, 02/20/2034		18,000	18,238
7.08%, 08/02/2043		3,000	3,203
7.08%, 08/02/2053		3,000	3,237
Philip Morris International, Inc.,
4.75%, 02/12/2027		177,000	176,081
5.13%, 11/17/2027		3,000	3,017
4.88%, 02/15/2028		32,000	31,929
5.25%, 09/07/2028		35,000	35,427
4.88%, 02/13/2029		148,000	147,158
5.13%, 02/13/2031		35,000	34,787
5.63%, 09/07/2033		26,000	26,604
5.25%, 02/13/2034		72,000	71,395
			623,734
Trading Companies & Distributors–0.01%
Avolon Holdings Funding Ltd. (Ireland), 6.38%, 05/04/2028(d)		22,000	22,462
Transaction & Payment Processing Services–0.13%
Fiserv, Inc.,
5.38%, 08/21/2028		51,000	51,540
5.63%, 08/21/2033		25,000	25,552
5.45%, 03/15/2034		148,000	149,953
Mastercard, Inc., 4.85%, 03/09/2033		20,000	20,158
			247,203
Wireless Telecommunication Services–0.02%
T-Mobile USA, Inc.,
5.75%, 01/15/2034		31,000	32,300
6.00%, 06/15/2054		5,000	5,348
			37,648
Total U.S. Dollar Denominated Bonds & Notes (Cost $49,610,944)			49,807,332

	Principal Amount		Value
U.S. Government Sponsored Agency Mortgage-Backed Securities–17.23%
Collateralized Mortgage Obligations–0.26%
Fannie Mae Interest STRIPS,
IO, 6.50%, 02/25/2032 to 02/25/2033(j)(k)		$71,944	$10,030
7.00%, 04/25/2032(j)		2,532	424
6.00%, 06/25/2033 to 09/25/2035(j)(k)		60,998	8,754
5.50%, 09/25/2033 to 06/25/2035(j)		121,805	17,991
Fannie Mae REMICs,
IO, 3.00%, 11/25/2027(j)		32,334	1,000
1.67% (7.10% - (30 Day Average SOFR + 0.11%)), 11/25/2030(g)(j)		15,934	801
2.47% (7.90% - (30 Day Average SOFR + 0.11%)), 11/25/2031(g)(j)		26,168	2,178
2.52% (7.95% - (30 Day Average SOFR + 0.11%)), 01/25/2032(g)(j)		5,814	473
2.67% (8.10% - (30 Day Average SOFR + 0.11%)), 03/25/2032(g)(j)		6,978	716
2.57% (8.00% - (30 Day Average SOFR + 0.11%)), 04/25/2032 to 12/25/2032(g)(j)		81,935	8,071
2.67% (8.10% - (30 Day Average SOFR + 0.11%)), 12/18/2032(g)(j)		6,680	353
2.82% (8.25% - (30 Day Average SOFR + 0.11%)), 02/25/2033 to 05/25/2033(g)(j)		38,230	4,939
2.12% (7.55% - (30 Day Average SOFR + 0.11%)), 10/25/2033(g)(j)		5,168	510
0.62% (6.05% - (30 Day Average SOFR + 0.11%)), 03/25/2035 to 07/25/2038(g)(j)		18,581	829
1.32% (6.75% - (30 Day Average SOFR + 0.11%)), 03/25/2035(g)(j)		2,436	156
1.17% (6.60% - (30 Day Average SOFR + 0.11%)), 05/25/2035(g)(j)		129,956	6,904
1.27% (6.70% - (30 Day Average SOFR + 0.11%)), 05/25/2035(g)(j)		51,846	3,609
3.50%, 08/25/2035(j)		170,274	19,398
0.67% (6.10% - (30 Day Average SOFR + 0.11%)), 10/25/2035(g)(j)		15,025	1,128
1.11% (6.54% - (30 Day Average SOFR + 0.11%)), 06/25/2037(g)(j)		24,458	1,791
1.12% (6.55% - (30 Day Average SOFR + 0.11%)), 10/25/2041(g)(j)		32,667	2,130
0.72% (6.15% - (30 Day Average SOFR + 0.11%)), 12/25/2042(g)(j)		115,378	12,017
0.47% (5.90% - (30 Day Average SOFR + 0.11%)), 09/25/2047(g)(j)		301,600	24,111
6.00%, 11/25/2028		8,932	8,942
5.50%, 04/25/2035 to 07/25/2046(j)		139,192	97,994
5.68% (30 Day Average SOFR + 0.36%), 08/25/2035(g)		8,258	8,170
4.64% (24.57% - (3.67 x (30 Day Average SOFR + 0.11%))), 03/25/2036(g)		19,610	22,714
4.27% (24.20% - (3.67 x (30 Day Average SOFR + 0.11%))), 06/25/2036(g)		1,814	1,931

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

Invesco V.I. Conservative Balanced Fund

	Principal Amount		Value
Collateralized Mortgage Obligations–(continued)
4.27% (24.20% - (3.67 x (30 Day Average SOFR + 0.11%))), 06/25/2036(g)		$9,347	$10,150
6.37% (30 Day Average SOFR + 1.05%), 06/25/2037(g)		8,762	8,840
5.00%, 04/25/2040		5,231	5,170
4.00%, 03/25/2041 to 08/25/2047(j)		85,040	15,320
Freddie Mac Multifamily Structured Pass-Through Ctfs.,
Series KC03, Class X1, IO, 0.63%, 11/25/2024(k)		2,382,728	6,416
Series K734, Class X1, IO, 0.64%, 02/25/2026(k)		1,970,939	16,890
Series K735, Class X1, IO, 1.10%, 05/25/2026(k)		1,966,404	30,802
Series K093, Class X1, IO, 0.94%, 05/25/2029(k)		1,588,165	61,419
Freddie Mac REMICs,
IO, 2.22% (7.65% - (30 Day Average SOFR + 0.11%)), 07/15/2026 to 03/15/2029(g)(j)		15,402	410
3.00%, 06/15/2027 to 05/15/2040(j)		107,911	3,588
2.50%, 05/15/2028(j)		25,378	826
1.27% (6.70% - (30 Day Average SOFR + 0.11%)), 01/15/2035(g)(j)		108,865	5,130
1.32% (6.75% - (30 Day Average SOFR + 0.11%)), 02/15/2035(g)(j)		5,577	273
1.29% (6.72% - (30 Day Average SOFR + 0.11%)), 05/15/2035(g)(j)		37,375	1,818
1.57% (7.00% - (30 Day Average SOFR + 0.11%)), 12/15/2037(g)(j)		6,434	568
0.57% (6.00% - (30 Day Average SOFR + 0.11%)), 04/15/2038(g)(j)		3,620	273
0.64% (6.07% - (30 Day Average SOFR + 0.11%)), 05/15/2038(g)(j)		23,271	1,740
0.82% (6.25% - (30 Day Average SOFR + 0.11%)), 12/15/2039(g)(j)		11,108	720
0.67% (6.10% - (30 Day Average SOFR + 0.11%)), 01/15/2044(g)(j)		43,669	3,245
4.00%, 03/15/2045(j)		11,334	289
6.50%, 03/15/2032 to 06/15/2032		32,103	33,049
3.50%, 05/15/2032		7,318	7,056
4.83% (24.75% - (3.67 x (30 Day Average SOFR + 0.11%))), 08/15/2035(g)		3,792	4,443
5.83% (30 Day Average SOFR + 0.51%), 09/15/2035(g)		18,511	18,313
Freddie Mac STRIPS,
IO, 7.00%, 04/01/2027(j)		8,807	597
3.00%, 12/15/2027(j)		40,919	1,675
3.27%, 12/15/2027(k)		10,958	400
6.50%, 02/01/2028(j)		2,257	183
6.00%, 12/15/2032(j)		10,336	1,170
PO, 0.00%, 06/01/2026(l)		1,451	1,387
			510,224

	Principal Amount		Value
Federal Home Loan Mortgage Corp. (FHLMC)–0.23%
9.00%, 01/01/2025 to 05/01/2025		$49	$49
6.50%, 07/01/2028 to 04/01/2034		5,771	5,970
7.00%, 10/01/2031 to 10/01/2037		16,081	16,606
5.00%, 12/01/2034		381	384
5.50%, 09/01/2039 to 06/01/2053		437,987	438,293
			461,302
Federal National Mortgage Association (FNMA)–0.29%
7.50%, 01/01/2033		11,766	11,963
6.00%, 03/01/2037		36,599	37,930
4.00%, 05/01/2052		548,065	513,015
			562,908
Government National Mortgage Association (GNMA)–3.90%
IO, 1.11% (6.55% - (1 mo. Term SOFR + 0.11%)), 04/16/2037(g)(j)		91,915	5,908
1.21% (6.65% - (1 mo. Term SOFR + 0.11%)), 04/16/2041(g)(j)		40,704	2,200
4.50%, 09/16/2047(j)		125,719	18,961
0.76% (6.20% - (1 mo. Term SOFR + 0.11%)), 10/16/2047(g)(j)		107,094	12,845
TBA, 2.50%, 04/01/2054(m)		4,465,000	3,803,515
4.50%, 04/01/2054(m)		2,206,000	2,119,933
5.50%, 04/01/2054(m)		1,715,000	1,713,657
			7,677,019
Uniform Mortgage-Backed Securities–12.55%
TBA, 2.00%, 04/01/2054(m)		7,935,458	6,279,331
3.50%, 04/01/2054(m)		2,800,000	2,506,094
4.00%, 04/01/2054(m)		1,039,000	962,278
4.50%, 04/01/2054(m)		1,039,000	989,521
5.00%, 04/01/2054(m)		5,082,000	4,959,114
5.50%, 04/01/2054(m)		3,800,000	3,781,732
6.00%, 04/01/2054(m)		5,142,936	5,190,561
			24,668,631
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $34,488,071)			33,880,084
Asset-Backed Securities–11.42%
AGL CLO 29 Ltd., Series 2024-29A, Class A1, 6.90% (3 mo. Term SOFR + 1.57%), 04/21/2037(d)(g)		533,000	533,494
Alternative Loan Trust, Series 2005-29CB, Class A4, 5.00%, 07/25/2035		71,637	39,962
AMSR Trust, Series 2021-SFR3, Class B, 1.73%, 10/17/2038(d)		235,000	213,638

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

Invesco V.I. Conservative Balanced Fund

	Principal Amount		Value
Angel Oak Mortgage Trust,
Series 2020-1, Class A1, 2.16%, 12/25/2059(d)(n)		$22,754	$21,591
Series 2020-3, Class A1, 1.69%, 04/25/2065(d)(n)		80,568	74,121
Series 2021-3, Class A1, 1.07%, 05/25/2066(d)(n)		46,414	39,223
Series 2021-7, Class A1, 1.98%, 10/25/2066(d)(n)		117,200	98,404
Series 2022-1, Class A1, 2.88%, 12/25/2066(d)(i)		215,239	193,556
Series 2023-6, Class A1, 6.50%, 12/25/2067(d)(i)		90,303	91,096
Series 2024-2, Class A1, 5.99%, 01/25/2069(d)(i)		329,933	329,102
Apidos CLO XXV, Series 2016-25A, Class A1R2, 6.46% (3 mo. Term SOFR + 1.15%), 10/20/2031(d)(g)		329,000	329,305
Avis Budget Rental Car Funding (AESOP) LLC,
Series 2022-1A, Class A, 3.83%, 08/21/2028(d)		415,000	398,751
Series 2023-1A, Class A, 5.25%, 04/20/2029(d)		100,000	100,113
Series 2023-4A, Class A, 5.49%, 06/20/2029(d)		291,000	293,725
Bain Capital Credit CLO Ltd. (Cayman Islands),
Series 2017-2A, Class AR2, 6.77% (3 mo. Term SOFR + 1.44%), 07/25/2034(d)(g)		424,000	424,406
Series 2021-1A, Class A, 6.62% (3 mo. Term SOFR + 1.32%), 04/18/2034(d)(g)		125,000	125,084
Banc of America Funding Trust,
Series 2007-1, Class 1A3, 6.00%, 01/25/2037		15,929	13,126
Series 2007-C, Class 1A4, 4.38%, 05/20/2036(n)		4,995	4,332
Banc of America Mortgage Trust, Series 2004-E, Class 2A6, 4.99%, 06/25/2034(n)		13,093	12,447
Bank, Series 2019-BNK16, Class XA, IO, 0.94%, 02/15/2052(k)		1,492,623	52,058
Bayview MSR Opportunity Master Fund Trust,
Series 2021-4, Class A3, 3.00%, 10/25/2051(d)(n)		179,927	151,077
Series 2021-4, Class A4, 2.50%, 10/25/2051(d)(n)		179,927	145,021
Series 2021-4, Class A8, 2.50%, 10/25/2051(d)(n)		165,236	144,161
Series 2021-5, Class A1, 3.00%, 11/25/2051(d)(n)		187,705	157,608
Series 2021-5, Class A2, 2.50%, 11/25/2051(d)(n)		229,038	184,605
Bear Stearns Adjustable Rate Mortgage Trust,
Series 2005-9, Class A1, 0.76% (1 yr. U.S. Treasury Yield Curve Rate + 2.30%), 10/25/2035(g)		82,027	76,447
Series 2006-1, Class A1, 0.65% (1 yr. U.S. Treasury Yield Curve Rate + 2.25%), 02/25/2036(g)		26,322	24,466
Benchmark Mortgage Trust, Series 2018-B1, Class XA, IO, 0.52%, 01/15/2051(k)		1,499,016	23,167

	Principal Amount		Value
BRAVO Residential Funding Trust, Series 2021-NQM2, Class A1, 0.97%, 03/25/2060(d)(n)		$34,778	$32,500
BX Commercial Mortgage Trust,
Series 2021-ACNT, Class A, 6.29% (1 mo. Term SOFR + 0.96%), 11/15/2038(d)(g)		108,343	107,349
Series 2021-VOLT, Class A, 6.14% (1 mo. Term SOFR + 0.81%), 09/15/2036(d)(g)		210,000	208,577
Series 2021-VOLT, Class B, 6.39% (1 mo. Term SOFR + 1.06%), 09/15/2036(d)(g)		190,000	188,028
BX Trust,
Series 2022-CLS, Class A, 5.76%, 10/13/2027(d)		105,000	105,449
Series 2022-LBA6, Class A, 6.33% (1 mo. Term SOFR + 1.00%), 01/15/2039(d)(g)		185,000	184,159
Series 2022-LBA6, Class B, 6.63% (1 mo. Term SOFR + 1.30%), 01/15/2039(d)(g)		110,000	109,151
Series 2022-LBA6, Class C, 6.93% (1 mo. Term SOFR + 1.60%), 01/15/2039(d)(g)		100,000	99,125
Carlyle US CLO Ltd., Series 2021-1A, Class A1, 6.72% (3 mo. Term SOFR + 1.40%), 04/15/2034(d)(g)		250,000	250,160
CD Mortgage Trust, Series 2017-CD6, Class XA, IO, 0.87%, 11/13/2050(k)		743,851	15,850
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, 6.56% (3 mo. Term SOFR + 1.24%), 04/20/2031(d)(g)		218,124	218,308
Chase Home Lending Mortgage Trust, Series 2019-ATR1, Class A15, 4.00%, 04/25/2049(d)(n)		3,636	3,370
Chase Mortgage Finance Trust, Series 2005-A2, Class 1A3, 4.84%, 01/25/2036(n)		33,911	30,486
Citigroup Commercial Mortgage Trust, Series 2017-C4, Class XA, IO, 0.98%, 10/12/2050(k)		1,808,560	50,258
Citigroup Mortgage Loan Trust, Inc.,
Series 2006-AR1, Class 1A1, 7.20% (1 yr. U.S. Treasury Yield Curve Rate + 2.40%), 10/25/2035(g)		60,691	57,176
Series 2021-INV3, Class A3, 2.50%, 05/25/2051(d)(n)		181,987	146,682
COLT Mortgage Loan Trust,
Series 2021-5, Class A1, 1.73%, 11/26/2066(d)(n)		82,727	71,061
Series 2022-1, Class A1, 2.28%, 12/27/2066(d)(n)		122,531	107,037
Series 2022-2, Class A1, 2.99%, 02/25/2067(d)(i)		125,553	114,076
Series 2022-3, Class A1, 3.90%, 02/25/2067(d)(n)		214,022	203,258
COMM Mortgage Trust,
Series 2014-CR21, Class AM, 3.99%, 12/10/2047		865,000	829,161
Series 2014-UBS6, Class AM, 4.05%, 12/10/2047		495,000	475,677
Commercial Mortgage Trust, Series 2014-CR20, Class ASB, 3.31%, 11/10/2047		8,040	8,004

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

Invesco V.I. Conservative Balanced Fund

	Principal Amount		Value
Countrywide Home Loans Mortgage Pass-Through Trust,
Series 2005-26, Class 1A8, 5.50%, 11/25/2035		$23,464	$14,356
Series 2006-6, Class A3, 6.00%, 04/25/2036		16,399	8,154
Credit Suisse Mortgage Capital Trust,
Series 2021-NQM1, Class A1, 0.81%, 05/25/2065(d)(n)		31,686	26,991
Series 2021-NQM2, Class A1, 1.18%, 02/25/2066(d)(n)		42,046	36,553
Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067(d)(n)		150,710	140,540
Series 2022-ATH1, Class A1B, 3.35%, 01/25/2067(d)(n)		100,000	86,868
Series 2022-ATH2, Class A1, 4.55%, 05/25/2067(d)(n)		219,082	213,171
Cross Mortgage Trust, Series 2024-H2, Class A1, 6.09%, 04/25/2069(d)(i)		165,000	165,604
CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053		571,000	483,010
CSMC Mortgage-Backed Trust, Series 2006-6, Class 1A4, 6.00%, 07/25/2036		79,860	38,244
DLLST LLC, Series 2024-1A, Class A3, 5.05%, 08/20/2027(d)		180,000	179,277
Dryden 93 CLO Ltd., Series 2021-93A, Class A1A, 6.66% (3 mo. Term SOFR + 1.34%), 01/15/2034(d)(g)		100,056	100,121
Ellington Financial Mortgage Trust,
Series 2020-1, Class A1, 2.01%, 05/25/2065(d)(n)		8,584	8,326
Series 2021-1, Class A1, 0.80%, 02/25/2066(d)(n)		28,014	23,615
Series 2022-1, Class A1, 2.21%, 01/25/2067(d)(n)		112,446	95,899
Series 2022-3, Class A1, 5.00%, 08/25/2067(d)(i)		212,397	209,054
Empower CLO Ltd., Series 2024-1A, Class A1, 6.91% (3 mo. Term SOFR + 1.60%), 04/25/2037(d)(g)		250,000	250,066
Exeter Automobile Receivables Trust, Series 2019-4A, Class D, 2.58%, 09/15/2025(d)		38,245	38,034
Extended Stay America Trust, Series 2021-ESH, Class B, 6.82% (1 mo. Term SOFR + 1.49%), 07/15/2038(d)(g)		95,997	96,091
First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Class 1A6, 5.50% (1 mo. Term SOFR + 0.76%), 11/25/2035(g)		35,199	15,184
Flagstar Mortgage Trust,
Series 2021-11IN, Class A6, 3.70%, 11/25/2051(d)(n)		281,349	244,873
Series 2021-8INV, Class A6, 2.50%, 09/25/2051(d)(n)		74,069	64,652
Frontier Issuer LLC, Series 2023-1, Class A2, 6.60%, 08/20/2053(d)		266,934	270,173
Golub Capital Partners CLO 40(B) Ltd., Series 2019-40A, Class AR, 6.68% (3 mo. Term SOFR + 1.35%), 01/25/2032(d)(g)		275,000	275,190

	Principal Amount		Value
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.38%, 05/12/2053		$225,000	$191,937
GS Mortgage-Backed Securities Trust, Series 2021-INV1, Class A6, 2.50%, 12/25/2051(d)(n)		150,205	131,008
GSR Mortgage Loan Trust, Series 2005-AR4, Class 6A1, 4.56%, 07/25/2035(n)		2,596	2,349
Hertz Vehicle Financing III L.P., Series 2021-2A, Class A, 1.68%, 12/27/2027(d)		113,000	103,253
HPEFS Equipment Trust, Series 2023-2A, Class A2, 6.04%, 01/21/2031(d)		100,000	100,422
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2013-LC11, Class AS, 3.22%, 04/15/2046		21,585	19,988
Series 2014-C20, Class AS, 4.04%, 07/15/2047		245,000	241,245
JP Morgan Mortgage Trust,
Series 2007-A1, Class 5A1, 5.04%, 07/25/2035(n)		16,650	16,247
Series 2021-LTV2, Class A1, 2.52%, 05/25/2052(d)(n)		201,565	166,574
Series 2024-VIS1, Class A1, 5.99%, 07/25/2064(d)(n)		210,000	210,761
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C24, Class B, 4.12%, 11/15/2047(n)		270,000	241,852
Series 2014-C25, Class AS, 4.07%, 11/15/2047		105,000	98,058
Series 2015-C27, Class XA, IO, 1.14%, 02/15/2048(k)		1,860,798	9,488
KKR CLO 27 Ltd., Series 27A, Class AR, 6.59% (3 mo. Term SOFR + 1.28%), 10/15/2032(d)(g)		170,000	170,068
KKR CLO 30 Ltd., Series 30A, Class A1R, 6.60% (3 mo. Term SOFR + 1.28%), 10/17/2031(d)(g)		268,000	268,140
Life Mortgage Trust,
Series 2021-BMR, Class A, 6.14% (1 mo. Term SOFR + 0.81%), 03/15/2038(d)(g)		127,786	126,443
Series 2021-BMR, Class B, 6.32% (1 mo. Term SOFR + 0.99%), 03/15/2038(d)(g)		211,339	208,727
Series 2021-BMR, Class C, 6.54% (1 mo. Term SOFR + 1.21%), 03/15/2038(d)(g)		103,212	101,915
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class A, 6.72% (3 mo. Term SOFR + 1.41%), 04/19/2033(d)(g)		618,000	618,496
Madison Park Funding XXXIII Ltd., Series 2019-33A, Class AR, 6.60% (3 mo. Term SOFR + 1.29%), 10/15/2032(d)(g)		250,000	250,137
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A2, 5.95%, 04/21/2034(n)		7,410	7,113
Med Trust, Series 2021-MDLN, Class A, 6.39% (1 mo. Term SOFR + 1.06%), 11/15/2038(d)(g)		139,331	139,081

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

Invesco V.I. Conservative Balanced Fund

	Principal Amount		Value
Mello Mortgage Capital Acceptance Trust,
Series 2021-INV2, Class A4, 2.50%, 08/25/2051(d)(n)		$117,770	$102,580
Series 2021-INV3, Class A4, 2.50%, 10/25/2051(d)(n)		114,109	99,251
MFA Trust, Series 2021-INV2, Class A1, 1.91%, 11/25/2056(d)(n)		143,137	123,459
MHP Commercial Mortgage Trust,
Series 2021-STOR, Class A, 6.14% (1 mo. Term SOFR + 0.81%), 07/15/2038(d)(g)		105,000	104,309
Series 2021-STOR, Class B, 6.34% (1 mo. Term SOFR + 1.01%), 07/15/2038(d)(g)		105,000	103,903
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class AS, 3.83%, 12/15/2047		720,000	699,301
Morgan Stanley Capital I Trust, Series 2017-HR2, Class XA, IO, 0.85%, 12/15/2050(k)		612,688	16,259
Morgan Stanley Re-REMIC Trust, Series 2012-R3, Class 1B, 6.00%, 11/26/2036(d)(n)		109,905	93,293
Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class AR, 6.59% (3 mo. Term SOFR + 1.28%), 04/19/2030(d)(g)		240,439	240,556
Neuberger Berman Loan Advisers CLO 40 Ltd., Series 2021-40A, Class A, 6.64% (3 mo. Term SOFR + 1.32%), 04/16/2033(d)(g)		250,000	250,226
New Residential Mortgage Loan Trust, Series 2022-NQM2, Class A1, 3.08%, 03/27/2062(d)(n)		138,379	125,751
OBX Trust,
Series 2022-NQM1, Class A1, 2.31%, 11/25/2061(d)(n)		149,424	128,836
Series 2022-NQM2, Class A1, 2.96%, 01/25/2062(d)(n)		180,769	165,840
Series 2022-NQM2, Class A1A, 2.78%, 01/25/2062(d)(i)		107,917	100,221
Series 2022-NQM2, Class A1B, 3.38%, 01/25/2062(d)(i)		110,000	93,752
Series 2022-NQM8, Class A1, 6.10%, 09/25/2062(d)(i)		300,214	299,388
Oceanview Mortgage Trust, Series 2021-3, Class A5, 2.50%, 07/25/2051(d)(n)		130,055	113,642
OCP CLO Ltd. (Cayman Islands),
Series 2017-13A, Class A1AR, 6.54% (3 mo. Term SOFR + 1.22%), 07/15/2030(d)(g)		235,582	235,771
Series 2020-8RA, Class A1, 6.80% (3 mo. Term SOFR + 1.48%), 01/17/2032(d)(g)		366,000	366,256
OHA Loan Funding Ltd., Series 2016-1A, Class AR, 6.84% (3 mo. Term SOFR + 1.52%), 01/20/2033(d)(g)		272,907	273,248
Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.96%, 10/25/2061(d)(n)		177,665	147,511
PRKCM Trust, Series 2023-AFC4, Class A1, 7.23%, 11/25/2058(d)(i)		296,142	301,636

	Principal Amount		Value
Progress Residential Trust,
Series 2021-SFR10, Class A, 2.39%, 12/17/2040(d)		$112,615	$100,070
Series 2022-SFR5, Class A, 4.45%, 06/17/2039(d)		206,943	201,851
Race Point VIII CLO Ltd., Series 2013-8A, Class AR2, 6.62% (3 mo. Term SOFR + 1.30%), 02/20/2030(d)(g)		160,333	160,354
Residential Accredit Loans, Inc. Trust, Series 2006-QS13, Class 1A8, 6.00%, 09/25/2036		3,063	2,292
Residential Mortgage Loan Trust, Series 2020-1, Class A1, 2.38%, 01/26/2060(d)(n)		16,236	15,541
RUN Trust, Series 2022-NQM1, Class A1, 4.00%, 03/25/2067(d)		122,733	117,240
SG Residential Mortgage Trust,
Series 2022-1, Class A1, 3.17%, 03/27/2062(d)(n)		256,596	233,949
Series 2022-1, Class A2, 3.58%, 03/27/2062(d)(n)		113,076	101,766
Sonic Capital LLC,
Series 2021-1A, Class A2I, 2.19%, 08/20/2051(d)		97,500	84,597
Series 2021-1A, Class A2II, 2.64%, 08/20/2051(d)		97,500	79,193
STAR Trust, Series 2021-1, Class A1, 1.22%, 05/25/2065(d)(n)		86,139	75,521
Starwood Mortgage Residential Trust,
Series 2020-1, Class A1, 2.28%, 02/25/2050(d)(n)		5,752	5,402
Series 2021-6, Class A1, 1.92%, 11/25/2066(d)(n)		212,092	178,129
Series 2022-1, Class A1, 2.45%, 12/25/2066(d)(n)		156,113	134,335
Symphony CLO XXII Ltd., Series 2020-22A, Class A1A, 6.85% (3 mo. Term SOFR + 1.55%), 04/18/2033(d)(g)		250,000	250,118
Textainer Marine Containers VII Ltd., Series 2021-2A, Class A, 2.23%, 04/20/2046(d)		145,667	130,741
TICP CLO XV Ltd., Series 2020-15A, Class A, 6.86% (3 mo. Term SOFR + 1.54%), 04/20/2033(d)(g)		256,000	256,320
Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039(d)		236,185	208,082
UBS Commercial Mortgage Trust, Series 2017-C5, Class XA, IO, 1.07%, 11/15/2050(k)		1,159,581	29,075

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

Invesco V.I. Conservative Balanced Fund

	Principal Amount		Value
Verus Securitization Trust,
Series 2020-1, Class A1, 3.42%, 01/25/2060(d)(i)		$33,524	$32,096
Series 2020-1, Class A2, 3.64%, 01/25/2060(d)(i)		44,962	43,112
Series 2020-INV1, Class A1, 0.33%, 03/25/2060(d)(n)		1,790	1,781
Series 2021-1, Class A1B, 1.32%, 01/25/2066(d)(n)		39,010	34,204
Series 2021-7, Class A1, 1.83%, 10/25/2066(d)(n)		172,345	149,912
Series 2021-R1, Class A1, 0.82%, 10/25/2063(d)(n)		54,550	49,558
Series 2022-1, Class A1, 2.72%, 01/25/2067(d)(i)		119,177	107,795
Series 2022-3, Class A1, 4.13%, 02/25/2067(d)(i)		158,424	148,973
Series 2022-7, Class A1, 5.15%, 07/25/2067(d)(i)		85,649	85,081
Series 2022-INV2, Class A1, 6.79%, 10/25/2067(d)(i)		103,721	104,387
Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055(d)		38,253	35,627
WaMu Mortgage Pass-Through Ctfs. Trust,
Series 2003-AR10, Class A7, 5.85%, 10/25/2033(n)		19,267	18,101
Series 2005-AR14, Class 1A4, 4.92%, 12/25/2035(n)		24,170	21,349
Series 2005-AR16, Class 1A1, 4.86%, 12/25/2035(n)		24,610	22,017
Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class XA, IO, 0.86%, 12/15/2050(k)		1,022,645	26,647
WF Card Issuance Trust, Series 2024-A1, Class A, 4.94%, 02/15/2029		421,000	422,070
WFRBS Commercial Mortgage Trust,
Series 2013-C14, Class AS, 3.49%, 06/15/2046		36,091	33,971
Series 2014-C20, Class AS, 4.18%, 05/15/2047		150,000	142,917
Total Asset-Backed Securities (Cost $23,976,058)			22,445,499
U.S. Treasury Securities–9.27%
U.S. Treasury Bonds–2.92%
4.50%, 02/15/2044(c)		789,700	794,265
4.75%, 11/15/2053		4,642,100	4,956,530
			5,750,795
U.S. Treasury Notes–6.35%
4.63%, 02/28/2026		1,142,300	1,141,452
4.25%, 03/15/2027		1,452,000	1,445,421
4.25%, 02/28/2029(c)		3,172,600	3,177,309
4.25%, 02/28/2031		397,000	397,775
4.00%, 02/15/2034		6,419,100	6,313,787
			12,475,744
Total U.S. Treasury Securities (Cost $18,149,609)			18,226,539

	Principal Amount		Value
Agency Credit Risk Transfer Notes–0.32%
Fannie Mae Connecticut Avenue Securities,
Series 2022-R03, Class 1M1, 7.42% (30 Day Average SOFR + 2.10%), 03/25/2042(d)(g)		$191,952	$194,785
Series 2022-R04, Class 1M1, 7.32% (30 Day Average SOFR + 2.00%), 03/25/2042(d)(g)		102,108	103,345
Series 2023-R02, Class 1M1, 7.62% (30 Day Average SOFR + 2.30%), 01/25/2043(d)(g)		71,147	72,883
Freddie Mac,
Series 2022-DNA3, Class M1A, STACR®, 7.32% (30 Day Average SOFR + 2.00%), 04/25/2042(d)(g)		134,949	136,744
Series 2022-DNA6, Class M1, STACR®, 7.47% (30 Day Average SOFR + 2.15%), 09/25/2042(d)(g)		63,887	64,705
Series 2023-DNA1, Class M1, STACR®, 7.42% (30 Day Average SOFR + 2.10%), 03/25/2043(d)(g)		58,706	59,931
Total Agency Credit Risk Transfer Notes (Cost $622,750)			632,393
	Shares
Preferred Stocks–0.26%
Diversified Banks–0.11%
Citigroup, Inc., 5.00%, Series U, Pfd.(e)		209,000	208,231
Diversified Financial Services–0.15%
Apollo Global Management, Inc., 7.63%, Pfd.(e)		11,550	305,498
Total Preferred Stocks (Cost $497,750)			513,729
	Principal Amount
Municipal Obligations–0.19%
California (State of) Health Facilities Financing Authority (Social Bonds),
Series 2022, RB, 4.19%, 06/01/2037		$100,000	93,074
Series 2022, RB, 4.35%, 06/01/2041		75,000	68,810
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB, 3.03%, 08/15/2041		265,000	202,052
Total Municipal Obligations (Cost $437,951)			363,936
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-107.04% (Cost $181,585,627)			210,440,760
	Shares
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–5.82%
Invesco Private Government Fund, 7.57%(o)(p)(q)		3,887,661	3,887,661

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

Invesco V.I. Conservative Balanced Fund

	Shares		Value
Money Market Funds–(continued)
Invesco Private Prime Fund, 5.49%(o)(p)(q)		7,547,282	$7,551,056
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $11,438,772)			11,438,717
TOTAL INVESTMENTS IN SECURITIES–112.86% (Cost $193,024,399)			221,879,477
OTHER ASSETS LESS LIABILITIES—(12.86)%			(25,282,358)
NET ASSETS–100.00%			$196,597,119

Investment Abbreviations:

ADR	– American Depositary Receipt
Ctfs.	– Certificates
IO	– Interest Only
Pfd.	– Preferred
PO	– Principal Only
RB	– Revenue Bonds
Ref.	– Refunding
REIT	– Real Estate Investment Trust
REMICs	– Real Estate Mortgage Investment Conduits
SOFR	– Secured Overnight Financing Rate
STACR®	– Structured Agency Credit Risk
STRIPS	– Separately Traded Registered Interest and Principal Security
TBA	– To Be Announced

Notes to Schedule of Investments:

(a)	Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b)	Non-income producing security.
(c)	All or a portion of this security was out on loan at March 31, 2024.
(d)	Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at March 31, 2024 was $39,237,835, which represented 19.96% of the Fund’s Net Assets.
(e)	Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(f)	Perpetual bond with no specified maturity date.
(g)	Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on March 31, 2024.
(h)	Security valued using significant unobservable inputs (Level 3). See Note 1.
(i)	Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.
(j)	Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security.
(k)	Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on March 31, 2024.
(l)	Zero coupon bond issued at a discount.
(m)	Security purchased on a forward commitment basis. This security is subject to dollar roll transactions.
(n)	Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on March 31, 2024.
(o)	Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended March 31, 2024.

	Value December 31, 2023	Purchases at Cost	Proceeds from Sales	Change in Unrealized Appreciation (Depreciation)	Realized Gain (Loss)	Value March 31, 2024	Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	$1,460,352	$13,325,735	$(10,898,426)	$-	$-	$3,887,661	$21,634*
Invesco Private Prime Fund	3,755,188	24,102,626	(20,305,853)	(729)	(176)	7,551,056	58,091*
Total	$5,215,540	$37,428,361	$(31,204,279)	$(729)	$(176)	$11,438,717	$79,725

* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

(p)	The rate shown is the 7-day SEC standardized yield as of March 31, 2024.
(q)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

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

Invesco V.I. Conservative Balanced Fund

Open Futures Contracts(a)
Long Futures Contracts	Number of Contracts	Expiration Month	Notional Value	Value	Unrealized Appreciation (Depreciation)
Interest Rate Risk
U.S. Treasury 2 Year Notes	4	June-2024	$817,938	$(654)	$(654)
U.S. Treasury 5 Year Notes	42	June-2024	4,494,656	5,566	5,566
U.S. Treasury 10 Year Notes	15	June-2024	1,661,953	(6,061)	(6,061)
U.S. Treasury Long Bonds	20	June-2024	2,408,750	40,268	40,268
U.S. Treasury Ultra Bonds	20	June-2024	2,580,000	47,293	47,293
Subtotal—Long Futures Contracts				86,412	86,412
Short Futures Contracts
Interest Rate Risk
U.S. Treasury 10 Year Ultra Notes	85	June-2024	(9,741,797)	(39,364)	(39,364)
Total Futures Contracts				$47,048	$47,048

^(a) Futures contracts collateralized by $416,935 cash held with Merrill Lynch International, the futures commission merchant.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

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

Invesco V.I. Conservative Balanced Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2024

(Unaudited)

NOTE 1—Additional Valuation Information

Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Advisers, Inc.’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

The following is a summary of the tiered valuation input levels, as of March 31, 2024. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1	Level 2	Level 3	Total
Investments in Securities
Common Stocks & Other Equity Interests	$83,728,037	$843,211	$—	$84,571,248
U.S. Dollar Denominated Bonds & Notes	—	49,363,392	443,940	49,807,332
U.S. Government Sponsored Agency Mortgage-Backed Securities	—	33,880,084	—	33,880,084
Asset-Backed Securities	—	22,445,499	—	22,445,499
U.S. Treasury Securities	—	18,226,539	—	18,226,539
Agency Credit Risk Transfer Notes	—	632,393	—	632,393
Preferred Stocks	305,498	208,231	—	513,729
Municipal Obligations	—	363,936	—	363,936
Money Market Funds	—	11,438,717	—	11,438,717
Total Investments in Securities	84,033,535	137,402,002	443,940	221,879,477
Other Investments - Assets*
Futures Contracts	93,127	—	—	93,127
Other Investments - Liabilities*
Futures Contracts	(46,079)	—	—	(46,079)
Total Other Investments	47,048	—	—	47,048
Total Investments	$84,080,583	$137,402,002	$443,940	$221,926,525

* Unrealized appreciation (depreciation).

Invesco V.I. Conservative Balanced Fund