Schedule of Investments
September 30, 2022
(Unaudited)
  Shares Value
Money Market Funds–2.73%
Invesco Government & Agency Portfolio, Institutional Class, 2.88%(a)(b) 43,481    $43,481
Invesco Liquid Assets Portfolio, Institutional Class, 2.90%(a)(b) 30,980    30,986
Invesco Treasury Portfolio, Institutional Class, 2.87%(a)(b) 44,670    44,670
TOTAL INVESTMENTS IN SECURITIES–2.73% (Cost $119,134) 119,137
OTHER ASSETS LESS LIABILITIES—97.27% 4,250,671
NET ASSETS–100.00% $4,369,808
Notes to Schedule of Investments:
(a) 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 nine months ended September 30, 2022.
    
  Value
December 31, 2021 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation 		Realized
Gain
(Loss) 		Value
September 30, 2022 		Dividend Income
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class $50,251 $887,848 $(894,618) $- $- $43,481 $339
Invesco Liquid Assets Portfolio, Institutional Class 35,819 634,177 (639,012) 6 (4) 30,986 291
Invesco Treasury Portfolio, Institutional Class 28,748 1,014,684 (998,762) - - 44,670 349
Total $114,818 $2,536,709 $(2,532,392) $6 $(4) $119,137 $979
    
(b) The rate shown is the 7-day SEC standardized yield as of September 30, 2022.
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. Nasdaq 100 Buffer Fund - September
Notes to Quarterly Schedule of Portfolio Holdings
September 30, 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 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.
As of September 30, 2022, all of the securities in this Fund were valued based on Level 1 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Invesco® V.I. Nasdaq 100 Buffer Fund - September