(null)


  
    NPORT-P
    false
    
      
      
        
          0000896435
          XXXXXXXX
        
      
      
      
      
        S000000182
        C000000411
        C000000410
      
      
      
    
  
  
    
      AIM Variable Insurance Funds (Invesco Variable Insurance Funds)
      811-07452
      0000896435
      FC4UULIMJMGKBDUARB13
      11 Greenway Plaza
      Suite 1000
      Houston
      
      77046-1173
      800-959-4246
      Invesco V.I. EQV International Equity Fund
      S000000182
      549300OD9RBN8ENNHU41
      2022-12-31
      2022-03-31
      N
    
    
      1241571923.67
      11966663.01
      1229605260.66
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      2104769.75000000
      
        
      
      N
      
        
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
    
    
      
        Invesco Treasury Portfolio
        5493004B3TM8ZIDDDC39
        Invesco Treasury Portfolio, Institutional Class
        825252406
        
          
        
        21554378.54000000
        NS
        USD
        21554378.54000000
        1.752951067274
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kering S.A.
        549300VGEJKB7SVUZR78
        Kering S.A.
        F5433L103
        
          
        
        20384.00000000
        NS
        
        12876529.81000000
        1.047208418991
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        CSL Ltd.
        529900ECSECK5ZDQTE14
        CSL Ltd.
        N/A
        
          
        
        99341.00000000
        NS
        
        19728821.30000000
        1.604484132526
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Taiwan Semiconductor Manufacturing Co. Ltd.
        549300KB6NK5SBD14S87
        Taiwan Semiconductor Manufacturing Co. Ltd., ADR
        874039100
        
          
        
        299903.00000000
        NS
        USD
        31267886.78000000
        2.542920706375
        Long
        EC
        CORP
        TW
        N
        
        1
        
          N
          N
          N
        
      
      
        FinecoBank Banca Fineco S.p.A.
        549300L7YCATGO57ZE10
        FinecoBank Banca Fineco S.p.A.
        N/A
        
          
        
        1886928.00000000
        NS
        
        28658243.85000000
        2.330686502969
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Koito Manufacturing Co. Ltd.
        N/A
        Koito Manufacturing Co. Ltd.
        N/A
        
          
        
        410900.00000000
        NS
        
        16634964.25000000
        1.352870289532
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Kuehne + Nagel International AG
        529900Q0YED3805QXQ66
        Kuehne + Nagel International AG
        N/A
        
          
        
        71983.00000000
        NS
        
        20396090.03000000
        1.658751038447
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        TIS, Inc.
        35380064HYEZXBQHDF07
        TIS, Inc.
        N/A
        
          
        
        633500.00000000
        NS
        
        14817014.41000000
        1.205022041142
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        FANUC Corp.
        529900QTSW745LOKW705
        FANUC Corp.
        N/A
        
          
        
        97700.00000000
        NS
        
        17181368.05000000
        1.397307623812
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Amadeus IT Group S.A.
        9598004A3FTY3TEHHN09
        Amadeus IT Group S.A.
        N/A
        
          
        
        227127.00000000
        NS
        
        14794145.05000000
        1.203162146692
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Ritchie Bros. Auctioneers, Inc.
        5493002H8U24DJXQ4886
        Ritchie Bros. Auctioneers, Inc.
        767744105
        
          
        
        373610.00000000
        NS
        
        22067241.85000000
        1.794660657043
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        ICON PLC
        6354008SRQGEMC4XFI67
        ICON PLC
        G4705A100
        
          
        
        95637.00000000
        NS
        USD
        23260831.14000000
        1.891731589332
        Long
        EC
        CORP
        IE
        N
        
        1
        
          N
          N
          N
        
      
      
        Magna International, Inc.
        95RWVLFZX6VGDZNNTN43
        Magna International, Inc.
        559222401
        
          
        
        273483.00000000
        NS
        
        17557689.54000000
        1.427912688871
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Novo Nordisk A/S
        549300DAQ1CVT6CXN342
        Novo Nordisk A/S, Class B
        N/A
        
          
        
        216935.00000000
        NS
        
        24024829.70000000
        1.953865233717
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        Bank of Nova Scotia (The)
        L3I9ZG2KFGXZ61BMYR72
        Bank of Nova Scotia (The)
        064149107
        
          
        
        273332.00000000
        NS
        
        19590086.95000000
        1.593201296120
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Invesco Government & Agency Portfolio
        5493007T1J7WZ5QI1A47
        Invesco Government & Agency Portfolio, Institutional Class
        825252885
        
          
        
        18860081.20000000
        NS
        USD
        18860081.20000000
        1.533832182035
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arkema S.A.
        9695000EHMS84KKP2785
        Arkema S.A.
        N/A
        
          
        
        191161.00000000
        NS
        
        22806012.61000000
        1.854742602333
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Air Liquide S.A.
        969500MMPQVHK671GT54
        Air Liquide S.A.
        N/A
        
          
        
        101306.00000000
        NS
        
        17722390.09000000
        1.441307276164
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        WPP PLC
        549300LSGBXPYHXGDT93
        WPP PLC
        N/A
        
          
        
        567821.00000000
        NS
        
        7430635.79000000
        0.604310670077
        Long
        EC
        CORP
        JE
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Ashtead Group PLC
        2138007UTBN8X9K1A235
        Ashtead Group PLC
        N/A
        
          
        
        225405.00000000
        NS
        
        14209104.06000000
        1.155582569024
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        CRH PLC
        549300MIDJNNTH068E74
        CRH PLC
        N/A
        
          
        
        504382.00000000
        NS
        
        20195247.04000000
        1.642417098082
        Long
        EC
        CORP
        IE
        N
        
        2
        
          N
          N
          N
        
      
      
        CGI, Inc.
        549300WSRCZY73ZG3090
        CGI, Inc., Class A
        12532H104
        
          
        
        248526.00000000
        NS
        
        19798187.69000000
        1.610125486887
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Deutsche Boerse AG
        529900G3SW56SHYNPR95
        Deutsche Boerse AG
        N/A
        
          
        
        78005.00000000
        NS
        
        14012719.03000000
        1.139611180784
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Invesco Private Government Fund
        N/A
        Invesco Private Government Fund
        N/A
        
          
        
        3234991.63000000
        NS
        USD
        3234991.63000000
        0.263091882696
        Long
        STIV
        PF
        US
        N
        
        2
        
          
          N
          N
        
      
      
        LVMH Moet Hennessy Louis Vuitton SE
        IOG4E947OATN0KJYSD45
        LVMH Moet Hennessy Louis Vuitton SE
        N/A
        
          
        
        21627.00000000
        NS
        
        15399927.10000000
        1.252428530741
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Hoya Corp.
        353800X4VR3BHEUCJB42
        Hoya Corp.
        N/A
        
          
        
        140100.00000000
        NS
        
        15987049.71000000
        1.300177400137
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sony Group Corp.
        529900R5WX9N2OI2N910
        Sony Group Corp.
        N/A
        
          
        
        173100.00000000
        NS
        
        17865820.53000000
        1.452972031073
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nestle S.A.
        KY37LUS27QQX7BB93L28
        Nestle S.A.
        H57312649
        
          
        
        155801.00000000
        NS
        
        20226212.45000000
        1.644935419285
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Linde PLC
        8945002PAZHZLBGKGF02
        Linde PLC
        G5494J103
        
          
        
        57009.00000000
        NS
        USD
        18210384.87000000
        1.480994385159
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Flutter Entertainment PLC
        635400EG4YIJLJMZJ782
        Flutter Entertainment PLC
        N/A
        
          
        
        156486.00000000
        NS
        
        18112800.29000000
        1.473058132516
        Long
        EC
        CORP
        IE
        N
        
        2
        
          N
          N
          N
        
      
      
        Broadcom, Inc.
        549300WV6GIDOZJTV909
        Broadcom, Inc.
        11135F101
        
          
        
        62730.00000000
        NS
        USD
        39499826.40000000
        3.212398943283
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rede D'Or Sao Luiz S.A.
        N/A
        Rede D'Or Sao Luiz S.A.
        P79942101
        
          
        
        1173900.00000000
        NS
        
        12303506.58000000
        1.000606208645
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        Olympus Corp.
        5299000Y52IFDI1I2A21
        Olympus Corp.
        J61240107
        
          
        
        1438700.00000000
        NS
        
        27332983.87000000
        2.222907199935
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Yum China Holdings, Inc.
        529900DO9BYZ7VA3K502
        Yum China Holdings, Inc.
        98850P109
        
          
        
        490346.00000000
        NS
        USD
        20368972.84000000
        1.656545681096
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Wuliangye Yibin Co. Ltd.
        N/A
        Wuliangye Yibin Co. Ltd., A Shares
        N/A
        
          
        
        433197.00000000
        NS
        
        10525304.14000000
        0.855990493595
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        JD.com, Inc.
        549300HVTWB0GJZ16V92
        JD.com, Inc., A Shares
        N/A
        
          
        
        16752.00000000
        NS
        
        490629.79000000
        0.039901406223
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Logitech International S.A.
        549300SN6PRK6IJJC215
        Logitech International S.A.
        H50430232
        
          
        
        252502.00000000
        NS
        
        18713266.84000000
        1.521892223359
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Invesco Private Prime Fund
        N/A
        Invesco Private Prime Fund
        N/A
        
          
        
        7549068.73000000
        NS
        USD
        7548313.66000000
        0.613881047967
        Long
        STIV
        PF
        US
        N
        
        2
        
          
          N
          N
        
      
      
        SMC Corp.
        353800O40V08DOZ70X62
        SMC Corp.
        N/A
        
          
        
        14400.00000000
        NS
        
        8042591.11000000
        0.654079107117
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        United Overseas Bank Ltd.
        IO66REGK3RCBAMA8HR66
        United Overseas Bank Ltd.
        V96194127
        
          
        
        1193366.00000000
        NS
        
        27991648.72000000
        2.276474378856
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Keyence Corp.
        529900M7PQBS7A89DZ11
        Keyence Corp.
        N/A
        
          
        
        13400.00000000
        NS
        
        6230034.35000000
        0.506669461275
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Komatsu Ltd.
        5493004LQ0B4T7QPQV17
        Komatsu Ltd.
        N/A
        
          
        
        701000.00000000
        NS
        
        16820968.74000000
        1.367997460499
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        China Resources Beer Holdings Co. Ltd.
        N/A
        China Resources Beer Holdings Co. Ltd.
        N/A
        
          
        
        2050000.00000000
        NS
        
        12510042.50000000
        1.017403137433
        Long
        EC
        CORP
        HK
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Sandvik AB
        5299008ZUAXN43LVZF54
        Sandvik AB
        N/A
        
          
        
        1761206.00000000
        NS
        
        37391108.81000000
        3.040903451399
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        HDFC Bank Ltd.
        335800ZQ6I4E2JXENC50
        HDFC Bank Ltd., ADR
        40415F101
        
          
        
        506623.00000000
        NS
        USD
        31071188.59000000
        2.526923849798
        Long
        EC
        CORP
        IN
        N
        
        1
        
          N
          N
          N
        
      
      
        Pernod Ricard S.A.
        52990097YFPX9J0H5D87
        Pernod Ricard S.A.
        N/A
        
          
        
        60966.00000000
        NS
        
        13371187.99000000
        1.087437441738
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Schneider Electric SE
        969500A1YF1XUYYXS284
        Schneider Electric SE
        F86921107
        
          
        
        201053.00000000
        NS
        
        33567094.08000000
        2.729908138322
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Wal-Mart de Mexico S.A.B. de C.V.
        N/A
        Wal-Mart de Mexico S.A.B. de C.V., Series V
        N/A
        
          
        
        5538313.00000000
        NS
        
        22810387.18000000
        1.855098372607
        Long
        EC
        CORP
        MX
        N
        
        1
        
          N
          N
          N
        
      
      
        Samsung Electronics Co. Ltd.
        9884007ER46L6N7EI764
        Samsung Electronics Co. Ltd.
        Y74718100
        
          
        
        488325.00000000
        NS
        
        27896856.39000000
        2.268765211286
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        NAVER Corp.
        988400ULUQYDB2HQYJ61
        NAVER Corp.
        N/A
        
          
        
        84936.00000000
        NS
        
        23750080.07000000
        1.931520694474
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        B3 S.A. - Brasil, Bolsa, Balcao
        4GTK5S46E6H318LMDS44
        B3 S.A. - Brasil, Bolsa, Balcao
        N/A
        
          
        
        7829802.00000000
        NS
        
        25835937.33000000
        2.101157026290
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        Amcor PLC
        549300GSODGFCDQ3DI89
        Amcor PLC
        G0250X123
        
          
        
        810201.00000000
        NS
        
        9221343.84000000
        0.749943427783
        Long
        EC
        CORP
        JE
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Invesco Liquid Assets Portfolio
        549300DC1W0JSX3QRC47
        Invesco Liquid Assets Portfolio, Institutional Class
        825252729
        
          
        
        12967700.74100000
        NS
        USD
        12963810.43000000
        1.054306682377
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DCC PLC
        213800UPS1QEE4TD3T45
        DCC PLC
        N/A
        
          
        
        225228.00000000
        NS
        
        17456272.11000000
        1.419664722370
        Long
        EC
        CORP
        IE
        
        N
        
        2
        
          N
          N
          N
        
      
      
        ASML Holding N.V.
        724500Y6DUVHQD6OXN27
        ASML Holding N.V.
        N07059202
        
          
        
        26398.00000000
        NS
        
        17607449.50000000
        1.431959512807
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        JD.com, Inc.
        549300HVTWB0GJZ16V92
        JD.com, Inc., ADR
        47215P106
        
          
        
        173569.00000000
        NS
        USD
        10044438.03000000
        0.816883137325
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          
        
      
      
        Roche Holding AG
        549300U41AUUVOAAOB37
        Roche Holding AG
        N/A
        
          
        
        35071.00000000
        NS
        
        13869714.74000000
        1.127981083340
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        China Mengniu Dairy Co. Ltd.
        2549005Q343BSJ8RSS21
        China Mengniu Dairy Co. Ltd.
        G21096105
        
          
        
        3625000.00000000
        NS
        
        19465474.40000000
        1.583066942113
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        AIA Group Ltd.
        ZP5ILWVSYE4LJGMMVD57
        AIA Group Ltd.
        N/A
        
          
        
        2307000.00000000
        NS
        
        24152982.37000000
        1.964287494755
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Wolters Kluwer N.V.
        724500TEM53I0U077B74
        Wolters Kluwer N.V.
        N/A
        
          
        
        245319.00000000
        NS
        
        26114083.06000000
        2.123777759862
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Husqvarna AB
        549300GYQIIJ3UXB7655
        Husqvarna AB, Class B
        N/A
        
          
        
        1109861.00000000
        NS
        
        11568061.58000000
        0.940794737149
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Carlsberg A/S
        5299001O0WJQYB5GYZ19
        Carlsberg A/S, Class B
        N/A
        
          
        
        85319.00000000
        NS
        
        10416967.35000000
        0.847179796905
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        Investor AB
        549300VEBQPHRZBKUX38
        Investor AB, Class B
        N/A
        
          
        
        1538961.00000000
        NS
        
        33420108.44000000
        2.717954249972
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Heineken N.V.
        724500K5PTPSST86UQ23
        Heineken N.V.
        N/A
        
          
        
        192398.00000000
        NS
        
        18343014.24000000
        1.491780722388
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Reckitt Benckiser Group PLC
        5493003JFSMOJG48V108
        Reckitt Benckiser Group PLC
        N/A
        
          
        
        308879.00000000
        NS
        
        23609779.66000000
        1.920110495243
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Asahi Group Holdings Ltd.
        353800KAJ02XNHLCJW79
        Asahi Group Holdings Ltd.
        N/A
        
          
        
        393600.00000000
        NS
        
        14289087.89000000
        1.162087407004
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
    
    
      2022-04-30
      AIM Variable Insurance Funds (Invesco Variable Insurance Funds)
      Sheri Morris
      Sheri Morris
      President
    
  
  XXXX

Schedule of Investments

March 31, 2022

(Unaudited)

	Shares		Value
Common Stocks & Other Equity Interests–95.10%
Australia–2.35%
Amcor PLC, CDI		810,201	$9,221,344
CSL Ltd.		99,341	19,728,821
			28,950,165
Brazil–3.10%
B3 S.A. - Brasil, Bolsa, Balcao		7,829,802	25,835,937
Rede D’Or Sao Luiz S.A.^(a)		1,173,900	12,303,507
			38,139,444
Canada–6.42%
Bank of Nova Scotia (The)		273,332	19,590,087
CGI, Inc., Class A^(b)		248,526	19,798,188
Magna International, Inc.		273,483	17,557,689
Ritchie Bros. Auctioneers, Inc.		373,610	22,067,242
			79,013,206
China–5.97%
China Mengniu Dairy Co. Ltd.		3,625,000	19,465,474
China Resources Beer Holdings Co. Ltd.		2,050,000	12,510,043
JD.com, Inc., A Shares^(b)		16,752	490,630
JD.com, Inc., ADR^(b)(c)		173,569	10,044,438
Wuliangye Yibin Co. Ltd., A Shares		433,197	10,525,304
Yum China Holdings, Inc.		490,346	20,368,973
			73,404,862
Denmark–2.80%
Carlsberg A/S, Class B		85,319	10,416,967
Novo Nordisk A/S, Class B		216,935	24,024,830
			34,441,797
France–9.41%
Air Liquide S.A.		101,306	17,722,390
Arkema S.A.		191,161	22,806,013
Kering S.A.		20,384	12,876,530
LVMH Moet Hennessy Louis Vuitton SE		21,627	15,399,927
Pernod Ricard S.A.		60,966	13,371,188
Schneider Electric SE		201,053	33,567,094
			115,743,142
Germany–1.14%
Deutsche Boerse AG		78,005	14,012,719
Hong Kong–1.96%
AIA Group Ltd.		2,307,000	24,152,982
India–2.53%
HDFC Bank Ltd., ADR		506,623	31,071,189
Ireland–5.01%
CRH PLC		504,382	20,195,247
Flutter Entertainment PLC^(b)		156,486	18,112,800
ICON PLC^(b)		95,637	23,260,831
			61,568,878
Italy–2.33%
FinecoBank Banca Fineco S.p.A.		1,886,928	28,658,244

	Shares		Value
Japan–12.62%
Asahi Group Holdings Ltd.		393,600	$14,289,088
FANUC Corp.		97,700	17,181,368
Hoya Corp.		140,100	15,987,050
Keyence Corp.		13,400	6,230,034
Koito Manufacturing Co. Ltd.		410,900	16,634,964
Komatsu Ltd.		701,000	16,820,969
Olympus Corp.		1,438,700	27,332,984
SMC Corp.		14,400	8,042,591
Sony Group Corp.		173,100	17,865,821
TIS, Inc.		633,500	14,817,014
			155,201,883
Mexico–1.75%
Wal-Mart de Mexico S.A.B. de C.V., Series V		5,232,656	21,551,492
Netherlands–5.05%
ASML Holding N.V.		26,398	17,607,450
Heineken N.V.		192,398	18,343,014
Wolters Kluwer N.V.		245,319	26,114,083
			62,064,547
Singapore–2.28%
United Overseas Bank Ltd.		1,193,366	27,991,649
South Korea–4.20%
NAVER Corp.		84,936	23,750,080
Samsung Electronics Co. Ltd.		488,325	27,896,856
			51,646,936
Spain–1.20%
Amadeus IT Group S.A.^(b)		227,127	14,794,145
Sweden–6.70%
Husqvarna AB, Class B		1,109,861	11,568,062
Investor AB, Class B		1,538,961	33,420,108
Sandvik AB		1,761,206	37,391,109
			82,379,279
Switzerland–5.95%
Kuehne + Nagel International AG, Class R		71,983	20,396,090
Logitech International S.A., Class R		252,502	18,713,267
Nestle S.A.		155,801	20,226,212
Roche Holding AG		35,071	13,869,715
			73,205,284
Taiwan–2.54%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		299,903	31,267,887
United Kingdom–6.58%
Ashtead Group PLC		225,405	14,209,104
DCC PLC		225,228	17,456,272
Linde PLC		57,009	18,210,385
Reckitt Benckiser Group PLC		308,879	23,609,780
WPP PLC		567,821	7,430,636
			80,916,177

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

Invesco V.I. EQV International Equity Fund

	Shares		Value
United States–3.21%
Broadcom, Inc.		62,730	$39,499,826
Total Common Stocks & Other Equity Interests (Cost $878,565,870)			1,169,675,733
Money Market Funds–4.34%
Invesco Government & Agency Portfolio, Institutional Class, 0.25%^(d)(e)		18,860,081	18,860,081
Invesco Liquid Assets Portfolio, Institutional Class, 0.25%^(d)(e)		12,967,701	12,963,810
Invesco Treasury Portfolio, Institutional Class, 0.16%^(d)(e)		21,554,379	21,554,379
Total Money Market Funds (Cost $53,377,914)			53,378,270
TOTAL INVESTMENTS IN SECURITIES (excluding Investments purchased with cash collateral from securities on loan)-99.44% (Cost $931,943,784)			1,223,054,003

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–0.88%
Invesco Private Government Fund, 0.31%^(d)(e)(f)		3,234,991	$3,234,991
Invesco Private Prime Fund, 0.34%^(d)(e)(f)		7,549,069	7,548,314
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $10,782,587)			10,783,305
TOTAL INVESTMENTS IN SECURITIES—100.32% (Cost $942,726,371)			1,233,837,308
OTHER ASSETS LESS LIABILITIES–(0.32)%			(3,879,013)
NET ASSETS–100.00%			$1,229,958,295

Investment Abbreviations:

ADR	– American Depositary Receipt
CDI	– CREST Depository Interest

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 value of this security at March 31, 2022 represented 1.00% of the Fund’s Net Assets.
^(b)	Non-income producing security.
^(c)	All or a portion of this security was out on loan at March 31, 2022.
^(d)	Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended March 31, 2022.

	Value December 31, 2021	Purchases at Cost	Proceeds from Sales	Change in Unrealized Appreciation (Depreciation)	Realized Gain (Loss)	Value March 31, 2022	Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$11,153,338	$52,073,436	$(44,366,693)	$-	$-	$18,860,081	$2,308
Invesco Liquid Assets Portfolio, Institutional Class	7,462,045	37,195,311	(31,690,494)	(1,097)	(1,955)	12,963,810	1,225
Invesco Treasury Portfolio, Institutional Class	12,746,672	59,512,498	(50,704,791)	-	-	21,554,379	1,466
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund	-	3,543,506	(308,515)	-	-	3,234,991	221*
Invesco Private Prime Fund	-	8,270,012	(722,455)	718	39	7,548,314	563*
Total	$31,362,055	$160,594,763	$(127,792,948)	$(379)	$(1,916)	$64,161,575	$5,783

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

^(e)	The rate shown is the 7-day SEC standardized yield as of March 31, 2022.
^(f)	The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

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

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

Invesco V.I. EQV International Equity Fund

Notes to Quarterly Schedule of Portfolio Holdings

March 31, 2022

(Unaudited)

NOTE 1—Additional Valuation Information

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

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

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

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect 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, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1	Level 2	Level 3	Total
Investments in Securities
Australia	$—	$28,950,165	$—	$28,950,165
Brazil	38,139,444	—	—	38,139,444
Canada	79,013,206	—	—	79,013,206
China	30,413,411	42,991,451	—	73,404,862
Denmark	—	34,441,797	—	34,441,797
France	—	115,743,142	—	115,743,142
Germany	—	14,012,719	—	14,012,719
Hong Kong	—	24,152,982	—	24,152,982
India	31,071,189	—	—	31,071,189
Ireland	23,260,831	38,308,047	—	61,568,878
Italy	—	28,658,244	—	28,658,244
Japan	—	155,201,883	—	155,201,883
Mexico	21,551,492	—	—	21,551,492
Netherlands	—	62,064,547	—	62,064,547
Singapore	—	27,991,649	—	27,991,649
South Korea	—	51,646,936	—	51,646,936
Spain	—	14,794,145	—	14,794,145
Sweden	—	82,379,279	—	82,379,279
Switzerland	—	73,205,284	—	73,205,284
Taiwan	31,267,887	—	—	31,267,887
United Kingdom	18,210,385	62,705,792	—	80,916,177
United States	39,499,826	—	—	39,499,826
Money Market Funds	53,378,270	10,783,305	—	64,161,575
Total Investments	$365,805,941	$868,031,367	$—	$1,233,837,308

Invesco V.I. EQV International Equity Fund