Invesco V.I. Equally-Weighted S&P 500 Fund Quarterly Schedule Of

Invesco V.I. Equally-Weighted S&P 500 Fund Quarterly Schedule of Portfolio Holdings September 30, 2018

invesco.com/us MS-VIEWSP-QTR-1 11/18 Invesco Advisers, Inc.

Schedule of Investments(a) September 30, 2018 (Unaudited)

______Shares Value ______Shares Value

Common Stocks & Other Equity Interests–99.02% Apparel, Accessories & Luxury Goods–1.43% Hanesbrands, Inc. 32,130 $ 592,156 Advertising–0.40% Michael Kors Holdings Ltd. (b) 7,780 533,397

Interpublic Group of Cos., Inc. (The) 25,028 $ 572,390 PVH Corp. 4,072 587,997

Omnicom Group Inc. 8,239 560,417 Ralph Lauren Corp. 4,313 593,253 ______1,132,807 Tapestry, Inc. 11,381 572,123 Under Armour, Inc. -Class A (b)(c) 15,392 326,618 Aerospace & Defense–2.61% Under Armour, Inc. -Class C (b) 15,588 303,343

Arconic Inc. 25,050 551,351 VF Corp. 6,234 582,567 Boeing Co. (The) 1,579 587,230 ______4,091,454 General Dynamics Corp. 2,834 580,176 Harris Corp. 3,450 583,774 Application Software–1.58%

Huntington Ingalls Industries, Inc. 2,247 575,412 (b) Adobe Systems Inc. 2,068 558,257 L3 Technologies, Inc. 2,628 558,765 (b) Lockheed Martin Corp. 1,684 582,597 ANSYS, Inc. 2,998 559,667 (b) Northrop Grumman Corp. 1,849 586,817 Autodesk, Inc. 3,754 586,037 Raytheon Co. 2,797 578,028 Cadence Design Systems, Inc. (b) 12,286 556,801 Rockwell Collins, Inc. 4,016 564,128 Citrix Systems, Inc. (b) 5,059 562,358 Textron Inc. 8,054 575,619 Intuit Inc. 2,497 567,818 TransDigm Group, Inc. (b) 1,535 571,481 salesforce.com, inc. (b) 3,608 573,780 United Technologies Corp. 4,124 576,576 Synopsys, Inc. (b) 5,532 545,511 ______7,471,954 ______4,510,229 Agricultural & Farm Machinery–0.20% Asset Management & Custody Banks–1.75% Deere & Co. 3,846 578,169 Affiliated Managers Group, Inc. 3,975 543,462

Agricultural Products–0.20% Ameriprise Financial, Inc. 3,851 568,639 Bank of New York Mellon Corp. (The) 11,003 561,043

Archer-Daniels-Midland Co. 11,358 570,967 BlackRock, Inc. 1,193 562,297 Air Freight & Logistics–0.77% Franklin Resources, Inc. 17,806 541,480 (d) C.H. Robinson Worldwide, Inc. 5,678 555,990 Invesco Ltd. 23,932 547,564 Northern Trust Corp. 5,456 557,221 Expeditors International of Washington, Inc. 7,539 554,343 State Street Corp. 6,511 545,492 FedEx Corp. 2,224 535,517 United Parcel Service, Inc. -Class B 4,711 550,009 T. Rowe Price Group Inc. 5,149 562,168 4,989,366 ______2,195,859 ______

Airlines–1.00% Auto Parts & Equipment–0.38%

Aptiv PLC 6,542 548,874 Alaska Air Group, Inc. 8,248 567,957 American Airlines Group Inc. 14,302 591,102 BorgWarner, Inc. 12,667 541,894 Delta Air Lines, Inc. 9,811 567,370 ______1,090,768

Southwest Airlines Co. 9,104 568,545 Automobile Manufacturers–0.39% United Continental Holdings Inc. (b) 6,292 560,365 Ford Motor Co. 60,147 556,360 2,855,339 ______General Motors Co. 16,412 552,592 Alternative Carriers–0.19% ______1,108,952

CenturyLink Inc. 24,995 529,894 Automotive Retail–0.80%

Apparel Retail–1.04% Advance Auto Parts, Inc. 3,434 578,045 Foot Locker, Inc. 12,199 621,905 AutoZone, Inc. (b) 758 587,980 Gap, Inc. (The) 20,460 590,271 CarMax, Inc. (b) 7,058 527,021

L Brands, Inc. 19,619 594,456 O'Reilly Automotive, Inc. (b) 1,677 582,456 Ross Stores, Inc. 5,872 581,915 ______2,275,502 TJX Cos., Inc. (The) 5,224 585,192

2,973,739

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

Invesco V.I. Equally-Weighted S&P 500 Fund

______Shares Value ______Shares Value Biotechnology–1.88% Construction & Engineering–(continued) AbbVie Inc. 5,940 $ 561,805 Quanta Services, Inc. (b) 16,445 $ 548,934 (b) Alexion Pharmaceuticals, Inc. 4,807 668,221 ______1,693,575 Amgen Inc. 2,833 587,252 Biogen Inc. (b) 1,677 592,501 Construction Machinery & Heavy Trucks–0.60% Celgene Corp. (b) 6,520 583,475 Caterpillar Inc. 3,922 598,066 Gilead Sciences, Inc. 7,745 597,991 Cummins Inc. 3,968 579,606

Incyte Corp. (b) 8,347 576,611 PACCAR Inc. 8,080 550,975 Regeneron Pharmaceuticals, Inc. (b) 1,449 585,454 ______1,728,647 (b) Vertex Pharmaceuticals Inc. 3,174 611,757 Construction Materials–0.39% 5,365,067 ______Martin Marietta Materials, Inc. 2,929 532,932 Brewers–0.19% Vulcan Materials Co. 5,110 568,232 Molson Coors Brewing Co. -Class B 9,001 553,561 ______1,101,164 Broadcasting–0.40% Consumer Electronics–0.20% CBS Corp. -Class B 10,176 584,611 Garmin Ltd. 8,270 579,313 (b) Discovery, Inc. -Class A 5,868 187,776 Consumer Finance–0.77% Discovery, Inc. -Class C (b) 12,844 379,926 American Express Co. 5,187 552,364 ______1,152,313 Capital One Financial Corp. 5,800 550,594

Building Products–0.95% Discover Financial Services 7,287 557,091 Synchrony Financial 17,440 542,035 A.O. Smith Corp. 9,574 510,964 ______2,202,084 Allegion PLC 6,472 586,169 Fortune Brands Home & Security, Inc. 10,285 538,523 Copper–0.20% Johnson Controls International PLC 14,957 523,495 Freeport-McMoRan Inc. 41,519 577,944 Masco Corp. 14,882 544,681 ______2,703,832 Data Processing & Outsourced Services–2.58% Alliance Data Systems Corp. 2,353 555,684 Cable & Satellite–0.59% Automatic Data Processing, Inc. 3,853 580,493 Charter Communications, Inc. -Class A (b) 1,786 582,022 Broadridge Financial Solutions, Inc. 4,126 544,426 Comcast Corp. -Class A 15,378 544,535 Fidelity National Information Services, Inc. 5,175 564,437 DISH Network Corp. -Class A(b) 15,623 558,678 Fiserv, Inc. (b) 6,987 575,589 (b) ______1,685,235 FleetCor Technologies Inc. 2,570 585,549 Global Payments Inc. 4,419 562,980

Casinos & Gaming–0.39% Mastercard Inc. -Class A 2,607 580,344 MGM Resorts International 20,534 573,104 Paychex, Inc. 7,641 562,760 Wynn Resorts Ltd. 4,200 533,652 PayPal Holdings, Inc. (b) 6,261 549,966

______1,106,756 Total System Services, Inc. 5,751 567,854 Visa Inc. -Class A 3,844 576,946

Commodity Chemicals–0.19% Western Union Co. (The) 30,346 578,395

Lyondell Chemical Co. , Class A 5,396 553,144 ______7,385,423

Communications Equipment–1.02% Department Stores–0.56% (b) Arista Networks Inc. 2,095 556,977 Kohl's Corp. 7,064 526,621

Cisco Systems, Inc. 11,991 583,362 Macy's, Inc. 15,670 544,219 F5 Networks, Inc. (b) 2,920 582,306 Nordstrom, Inc. 8,677 518,972

Juniper Networks, Inc. 20,394 611,208 ______1,589,812 Motorola Solutions, Inc. 4,483 583,418

______2,917,271 Distillers & Vintners–0.40% Brown-Forman Corp. -Class B 11,395 576,017 Computer & Electronics Retail–0.20% Constellation Brands, Inc. -Class A 2,680 577,862

Best Buy Co., Inc. 7,250 575,360 ______1,153,879 Construction & Engineering–0.59%

Fluor Corp. 9,826 570,891

Jacobs Engineering Group Inc. 7,500 573,750

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

Invesco V.I. Equally-Weighted S&P 500 Fund

______Shares Value ______Shares Value Distributors–0.39% Electronic Equipment & Instruments–0.19% Genuine Parts Co. 5,577 $ 554,354 FLIR Systems, Inc. 9,033 $ 555,258 (b) LKQ Corp. 17,339 549,126 Electronic Manufacturing Services–0.39% ______1,103,480 IPG Photonics Corp. (b) 3,565 556,390 Diversified Banks–0.98% TE Connectivity Ltd. 6,193 544,550 Bank of America Corp. 18,715 551,344 ______1,100,940 Citigroup Inc. 8,023 575,570 Environmental & Facilities Services–0.78% JPMorgan Chase & Co. 5,007 564,990

U.S. Bancorp 10,454 552,076 Republic Services, Inc. 7,585 551,126

Wells Fargo & Co. 10,384 545,783 Rollins, Inc. 9,508 577,041 (b) ______2,789,763 Stericycle, Inc. 9,186 539,034 Waste Management, Inc. 6,176 558,063

Diversified Chemicals–0.38% ______2,225,264 DowDuPont Inc. 8,287 532,937 Fertilizers & Agricultural Chemicals–0.62% Eastman Chemical Co. 5,830 558,048

______1,090,985 CF Industries Holdings, Inc. 11,025 600,201 FMC Corp. 6,654 580,096 Diversified Support Services–0.34% Mosaic Co. (The) 18,460 599,581 Cintas Corp. 2,649 523,999 ______1,779,878 Copart, Inc. (b) 8,767 451,763 Financial Exchanges & Data–1.31% ______975,762 Cboe Global Markets, Inc. 5,453 523,270 Drug Retail–0.21% CME Group Inc. -Class A 3,282 558,629

Walgreens Boots Alliance, Inc. 8,087 589,542 Intercontinental Exchange, Inc. 7,260 543,702 Moody's Corp. 3,130 523,336

Electric Utilities–2.91% MSCI Inc. 3,119 553,342 Alliant Energy Corp. 12,968 552,048 Nasdaq, Inc. 6,264 537,451 American Electric Power Co., Inc. 7,828 554,849 S&P Global Inc. 2,660 519,737

Duke Energy Corp. 6,956 556,619 ______3,759,467 Edison International 8,318 562,962

Entergy Corp. 6,785 550,467 Food Distributors–0.20% Evergy, Inc. 9,840 540,413 Sysco Corp. 7,728 566,076 Eversource Energy 8,946 549,642 Food Retail–0.21% Exelon Corp. 12,894 562,952

FirstEnergy Corp. 15,024 558,442 Kroger Co. (The) 20,445 595,154

NextEra Energy, Inc. 3,272 548,387 Footwear–0.20% PG&E Corp. (b) 12,101 556,767 NIKE, Inc. -Class B 6,807 576,689 Pinnacle West Capital Corp. 7,073 560,040 PPL Corp. 18,845 551,405 General Merchandise Stores–0.59%

Southern Co. (The) 12,947 564,489 Dollar General Corp. 5,218 570,328

Xcel Energy, Inc. 11,743 554,387 Dollar Tree, Inc. (b) 6,749 550,381 ______8,323,869 Target Corp. 6,463 570,101 Electrical Components & Equipment–0.78% ______1,690,810 AMETEK, Inc. 7,031 556,293 Gold–0.20%

Eaton Corp. PLC 6,521 565,566 Newmont Mining Corp. 18,709 565,012 Emerson Electric Co. 7,330 561,332

Rockwell Automation, Inc. 2,966 556,184 Health Care Distributors–0.83% ______2,239,375 AmerisourceBergen Corp. 6,621 610,589 Cardinal Health, Inc. 10,908 589,032 Electronic Components–0.39% Henry Schein, Inc. (b) 6,815 579,479 Amphenol Corp. -Class A 5,870 551,898 McKesson Corp. 4,420 586,313

Corning Inc. 16,114 568,824 ______2,365,413 ______1,120,722

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

Invesco V.I. Equally-Weighted S&P 500 Fund

______Shares Value ______Shares Value Health Care Equipment–3.09% Homebuilding–0.55% Abbott Laboratories 8,307 $ 609,402 D.R. Horton, Inc. 13,218 $ 557,535 ABIOMED, Inc. (b) 1,436 645,841 Lennar Corp. -Class A 10,819 505,139 Baxter International Inc. 7,346 566,303 PulteGroup Inc. 21,035 521,037

Becton, Dickinson and Co. 2,180 568,980 ______1,583,711 Boston Scientific Corp. (b) 15,201 585,238 Hotel & Resort REITs–0.19% Danaher Corp. 5,333 579,484

Edwards Lifesciences Corp. (b) 3,847 669,763 Host Hotels & Resorts Inc. 26,350 555,985 Hologic, Inc. (b) 14,328 587,161 Hotels, Resorts & Cruise Lines–1.01% (b) IDEXX Laboratories, Inc. 2,292 572,221 Carnival Corp. 8,887 566,724 (b) Intuitive Surgical, Inc. 999 573,426 Hilton Worldwide Holdings Inc. 7,099 573,457

Medtronic PLC 5,859 576,350 Marriott International Inc. -Class A 4,357 575,255

ResMed Inc. 4,975 573,817 Norwegian Cruise Line Holdings Ltd. (b) 10,246 588,428

Stryker Corp. 3,333 592,207 Royal Caribbean Cruises Ltd. 4,395 571,086 Varian Medical Systems, Inc. (b) 5,085 569,164 ______2,874,950 Zimmer Biomet Holdings, Inc. 4,369 574,392

______8,843,749 Household Appliances–0.19% Whirlpool Corp. 4,612 547,675 Health Care Facilities–0.41%

HCA Healthcare, Inc. 4,252 591,538 Household Products–0.98% Universal Health Services, Inc. -Class B 4,515 577,198 Church & Dwight Co., Inc. 9,544 566,627

______1,168,736 Clorox Co. (The) 3,754 564,639 Colgate-Palmolive Co. 8,359 559,635

Health Care REITs–0.58% Kimberly-Clark Corp. 4,880 554,563 HCP, Inc. 21,611 568,801 Procter & Gamble Co. (The) 6,798 565,798

Ventas, Inc. 9,823 534,175 ______2,811,262 Welltower Inc. 8,558 550,451 Housewares & Specialties–0.19% ______1,653,427 Newell Brands, Inc. 26,193 531,718 Health Care Services–1.21% Human Resource & Employment Services–0.20% CVS Health Corp. 7,390 581,741 Robert Half International, Inc. 7,927 557,902 DaVita Inc. (b) 8,030 575,189 Envision Healthcare Corp. (b) 12,470 570,253 Hypermarkets & Super Centers–0.40% Express Scripts Holding Co. (b) 6,190 588,112 Costco Wholesale Corp. 2,414 567,000 Laboratory Corp. of America Holdings (b) 3,285 570,539 Walmart Inc. 6,009 564,305

Quest Diagnostics Inc. 5,252 566,743 ______1,131,305 ______3,452,577 Independent Power Producers & Energy Traders–0.41%

Health Care Supplies–0.60% AES Corp. (The) 41,948 587,272 Align Technology, Inc. (b) 1,456 569,616 NRG Energy, Inc. 15,683 586,544 Cooper Cos., Inc. (The) 2,161 598,921 ______1,173,816 DENTSPLY SIRONA Inc. 14,793 558,288 Industrial Conglomerates–0.77% ______1,726,825 3M Co. 2,733 575,871

Health Care Technology–0.20% General Electric Co. 44,825 506,074

Cerner Corp. (b) 8,752 563,716 Honeywell International Inc. 3,441 572,582 Roper Technologies, Inc. 1,828 541,472 Home Furnishings–0.37% ______2,195,999 Leggett & Platt, Inc. 12,249 536,384

Mohawk Industries, Inc. (b) 3,037 532,538 Industrial Gases–0.40%

______1,068,922 Air Products and Chemicals, Inc. 3,370 562,958 Praxair, Inc. 3,619 581,682 Home Improvement Retail–0.40% ______1,144,640

Home Depot, Inc. (The) 2,718 563,034 Lowe's Cos., Inc. 4,989 572,837 ______1,135,871

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

Invesco V.I. Equally-Weighted S&P 500 Fund

______Shares Value ______Shares Value Industrial Machinery–1.96% Internet Services & Infrastructure–0.39% Dover Corp. 6,423 $ 568,628 Akamai Technologies, Inc. (b) 7,498 $ 548,479

Flowserve Corp. 10,227 559,314 VeriSign, Inc. (b) 3,472 555,936 Fortive Corp. 6,534 550,163 ______1,104,415 Illinois Tool Works Inc. 3,922 553,473 Ingersoll-Rand PLC 5,496 562,241 Investment Banking & Brokerage–0.97%

Parker-Hannifin Corp. 3,036 558,411 Charles Schwab Corp. (The) 11,109 546,007 Pentair PLC (United Kingdom) 12,897 559,085 E*TRADE Financial Corp. (b) 10,581 554,339 Snap-on Inc. 3,048 559,613 Goldman Sachs Group, Inc. (The) 2,479 555,891 Stanley Black & Decker Inc. 3,831 561,012 Morgan Stanley 11,794 549,246 Xylem, Inc. 7,023 560,927 Raymond James Financial, Inc. 6,140 565,187 ______5,592,867 ______2,770,670 Industrial REITs–0.40% IT Consulting & Other Services–1.00% Duke Realty Corp. 19,776 561,045 Accenture PLC -Class A 3,311 563,532 Prologis, Inc. 8,454 573,097 Cognizant Technology Solutions Corp. ______1,134,142 -Class A 7,451 574,845

Insurance Brokers–0.78% DXC Technology Co. 6,147 574,867 (b) Gartner, Inc. 3,637 576,464 Aon PLC 3,739 574,983 International Business Machines Corp. 3,831 579,286 Arthur J. Gallagher & Co. 7,589 564,925 2,868,994 Marsh & McLennan Cos., Inc. 6,526 539,831 ______Willis Towers Watson PLC 3,867 545,015 Leisure Products–0.39% ______2,224,754 Hasbro, Inc. 5,382 565,756 Integrated Oil & Gas–0.62% Mattel, Inc. (b)(c) 34,764 545,795 Chevron Corp. 4,841 591,958 ______1,111,551

Exxon Mobil Corp. 6,854 582,727 Life & Health Insurance–1.62% Occidental Petroleum Corp. 7,326 601,977 Aflac, Inc. 12,073 568,276 ______1,776,662 Brighthouse Financial, Inc. (b) 13,542 599,098 Integrated Telecommunication Services–0.39% Lincoln National Corp. 8,452 571,862

MetLife, Inc. 12,215 570,685 AT&T Inc. 16,915 568,006 Verizon Communications Inc. 10,418 556,217 Principal Financial Group, Inc. 9,981 584,787 Prudential Financial, Inc. 5,691 576,612 1,124,223 ______Torchmark Corp. 6,545 567,386 Interactive Home Entertainment–0.62% Unum Group 15,403 601,795 Activision Blizzard, Inc. 6,993 581,748 ______4,640,501 Electronic Arts Inc. (b) 4,973 599,197 Life Sciences Tools & Services–1.41% Take-Two Interactive Software, Inc. (b) 4,237 584,663 Agilent Technologies, Inc. 8,255 582,308 ______1,765,608 Illumina, Inc. (b) 1,609 590,599 Interactive Media & Services–0.59% IQVIA Holdings Inc. (b) 4,489 582,403 Mettler-Toledo International Inc. (b) 931 566,960 Alphabet Inc. -Class A (b) 242 292,113 PerkinElmer, Inc. 5,936 577,395 Alphabet Inc. -Class C (b) 246 293,594 Thermo Fisher Scientific, Inc. 2,348 573,100 Facebook, Inc. -Class A (b) 3,501 575,775 Waters Corp. (b) 2,896 563,793 Twitter, Inc. (b) 18,870 537,040 ______4,036,558 ______1,698,522 Managed Health Care–1.42% Internet & Direct Marketing Retail–1.00% Aetna Inc. 2,802 568,386 (b)(e) Amazon.com, Inc. 288 576,864 Anthem, Inc. 2,098 574,957 (b) Booking Holdings Inc. 296 587,264 Centene Corp. (b) 3,912 566,379 eBay Inc. (b) 16,667 550,344 Cigna Corp. 2,912 606,424 Expedia Group, Inc. 4,380 571,502 Humana Inc. 1,685 570,406 TripAdvisor, Inc. (b) 11,279 576,019 UnitedHealth Group Inc. 2,142 569,858 (b) ______2,861,993 WellCare Health Plans Inc. 1,885 604,123 ______4,060,533

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

Invesco V.I. Equally-Weighted S&P 500 Fund

______Shares Value ______Shares Value Metal & Glass Containers–0.20% Oil & Gas Exploration & Production–2.91% Ball Corp. 12,876 $ 566,415 Anadarko Petroleum Corp. 9,020 $ 608,038 Apache Corp. 12,503 596,018 Motorcycle Manufacturers–0.20% Cabot Oil & Gas Corp. 25,930 583,944

Harley-Davidson, Inc. 12,880 583,464 Cimarex Energy Co. 6,199 576,135 Movies & Entertainment–0.85% Concho Resources Inc. (b) 4,027 615,124 ConocoPhillips 7,732 598,457 Netflix, Inc. (b) 1,558 582,895 Devon Energy Corp. 14,327 572,220 Twenty-First Century Fox, Inc. -Class A 8,976 415,858 EOG Resources, Inc. 4,823 615,270 Twenty-First Century Fox, Inc. -Class B 3,739 171,321 EQT Corp. 11,953 528,681 Viacom Inc. -Class B 19,041 642,824 Hess Corp. 8,610 616,304 Walt Disney Co. (The) 5,183 606,100 Marathon Oil Corp. 27,221 633,705 2,418,998 ______Newfield Exploration Co. (b) 20,888 602,201

Multi-Line Insurance–0.80% Noble Energy, Inc. 19,346 603,402 Pioneer Natural Resources Co. 3,334 580,750 American International Group, Inc. 10,673 568,231 8,330,249 Assurant, Inc. 5,472 590,702 ______Hartford Financial Services Group, Inc. (The) 11,404 569,744 Oil & Gas Refining & Marketing–0.78% Loews Corp. 11,148 559,964 HollyFrontier Corp. 8,074 564,373 2,288,641 ______Marathon Petroleum Corp. 6,739 538,918

Multi-Sector Holdings–0.38% Phillips 66 5,002 563,825 Valero Energy Corp. 4,851 551,801 Berkshire Hathaway Inc. -Class B (b) 2,626 562,253 ______2,218,917 Jefferies Financial Group Inc. 24,331 534,309 ______1,096,562 Oil & Gas Storage & Transportation–0.59%

Multi-Utilities–2.15% Kinder Morgan, Inc. 31,472 557,999 ONEOK, Inc. 8,561 580,350

Ameren Corp. 8,689 549,319 Williams Cos., Inc. (The) 20,234 550,162 CenterPoint Energy, Inc. 19,653 543,405 ______1,688,511 CMS Energy Corp. 11,281 552,769 Consolidated Edison, Inc. 7,079 539,349 Packaged Foods & Meats–2.04% Dominion Energy, Inc. 7,909 555,845 Campbell Soup Co. 13,765 504,212 DTE Energy Co. 5,060 552,198 Conagra Brands, Inc. 14,859 504,760 NiSource Inc. 22,928 571,366 General Mills, Inc. 11,903 510,877 Public Service Enterprise Group Inc. 10,669 563,217 Hershey Co. (The) 5,362 546,924 SCANA Corp. 16,024 623,173 Hormel Foods Corp. (c) 13,565 534,461 Sempra Energy 4,786 544,407 JM Smucker Co. (The) 5,116 524,953 WEC Energy Group, Inc. 8,261 551,504 Kellogg Co. 7,594 531,732 6,146,552 ______Kraft Heinz Co. (The) 9,638 531,150

Office REITs–0.78% McCormick & Co., Inc. 4,295 565,866 Mondelez International, Inc. -Class A 12,976 557,449 Alexandria Real Estate Equities, Inc. 4,475 562,910 Tyson Foods, Inc. -Class A 8,964 533,627 Boston Properties, Inc. 4,511 555,259 5,846,011 SL Green Realty Corp. 5,675 553,483 ______

Vornado Realty Trust 7,572 552,756 Paper Packaging–0.95% 2,224,408 ______Avery Dennison Corp. 5,210 564,504

Oil & Gas Drilling–0.21% International Paper Co. 10,675 524,676 Packaging Corp. of America 4,965 544,611 Helmerich & Payne, Inc. 8,702 598,437 Sealed Air Corp. 13,663 548,569 Oil & Gas Equipment & Services–1.02% WestRock Co. 10,181 544,073 Baker Hughes, a GE Co. 18,010 609,278 ______2,726,433

Halliburton Co. 14,713 596,318 Personal Products–0.41% National Oilwell Varco Inc. 12,801 551,467

Schlumberger Ltd. 9,282 565,460 Coty Inc. -Class A 47,724 599,414

TechnipFMC PLC (United Kingdom) 18,864 589,500 Estee Lauder Cos. Inc. (The) -Class A 4,032 585,930 ______2,912,023 ______1,185,344

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

Invesco V.I. Equally-Weighted S&P 500 Fund

______Shares Value ______Shares Value Pharmaceuticals–2.00% Research & Consulting Services–0.78% Allergan PLC 3,019 $ 575,059 Equifax Inc. 4,157 $ 542,779 Bristol-Myers Squibb Co. 9,365 581,379 IHS Markit Ltd. (b) 10,307 556,166 Eli Lilly and Co. 5,372 576,469 Nielsen Holdings PLC 20,781 574,802

Johnson & Johnson 4,074 562,905 Verisk Analytics, Inc. -Class A (b) 4,672 563,210 Merck & Co., Inc. 8,121 576,104 ______2,236,957 Mylan N.V. (b) 15,164 555,003

Nektar Therapeutics (b) 9,592 584,728 Residential REITs–1.18% Perrigo Co. PLC 7,713 546,080 Apartment Investment & Management Co. Pfizer Inc. 13,230 583,046 -Class A 12,879 568,350 Zoetis Inc. 6,385 584,611 AvalonBay Communities, Inc. 3,100 561,565

______5,725,384 Equity Residential 8,379 555,193 Essex Property Trust, Inc. 2,307 569,160 Property & Casualty Insurance–0.99% Mid-America Apartment Communities, Inc. 5,556 556,600

Allstate Corp. (The) (e) 5,684 561,011 UDR, Inc. 14,138 571,599 Chubb Ltd. 4,114 549,795 ______3,382,467

Cincinnati Financial Corp. 7,308 561,328 Progressive Corp. (The) 8,328 591,621 Restaurants–0.99% Travelers Cos., Inc. (The) 4,371 566,962 Chipotle Mexican Grill, Inc. (b) 1,156 525,425

______2,830,717 Darden Restaurants, Inc. 4,773 530,710 McDonald's Corp. 3,533 591,035

Publishing–0.21% Starbucks Corp. 10,380 589,999 News Corp. -Class A 34,401 453,749 Yum! Brands, Inc. 6,448 586,188

News Corp. -Class B 10,929 148,635 ______2,823,357 ______602,384 Retail REITs–1.18%

Railroads–0.80% Federal Realty Investment Trust 4,384 554,444 CSX Corp. 7,735 572,777 Kimco Realty Corp. 34,056 570,097 Kansas City Southern 4,847 549,068 Macerich Co. (The) 10,057 556,052 Norfolk Southern Corp. 3,167 571,644 Realty Income Corp. 9,857 560,765 Union Pacific Corp. 3,610 587,816 Regency Centers Corp. 8,791 568,514

______2,281,305 Simon Property Group, Inc. 3,113 550,223 ______3,360,095 Real Estate Services–0.19% Semiconductor Equipment–0.59% CBRE Group, Inc. -Class A (b) 12,152 535,903

Applied Materials, Inc. 14,536 561,816 Regional Banks–2.50% KLA-Tencor Corp. 5,439 553,201 BB&T Corp. 11,319 549,424 Lam Research Corp. 3,703 561,745

Citizens Financial Group, Inc. 14,159 546,113 ______1,676,762 Comerica Inc. 6,099 550,130

Fifth Third Bancorp 19,586 546,841 Semiconductors–2.40%

Huntington Bancshares Inc. 36,296 541,536 Advanced Micro Devices, Inc. (b) 17,371 536,590

KeyCorp 28,505 566,964 Analog Devices, Inc. 6,142 567,889

M&T Bank Corp. 3,319 546,108 Broadcom Inc. 2,404 593,139

People's United Financial, Inc. 31,860 545,443 Intel Corp. 12,481 590,227 PNC Financial Services Group, Inc. (The) 4,047 551,161 Microchip Technology Inc. (c) 6,798 536,430 Regions Financial Corp. 29,962 549,803 Micron Technology, Inc. (b) 12,830 580,301 SunTrust Banks, Inc. 8,286 553,422 NVIDIA Corp. 2,052 576,653 SVB Financial Group (b) 1,779 552,967 Qorvo, Inc. (b) 7,504 576,983 Zions Bancorp., N.A. 10,885 545,883 QUALCOMM Inc. 7,569 545,195 ______7,145,795 Skyworks Solutions, Inc. 6,478 587,619

Reinsurance–0.20% Texas Instruments Inc. 5,393 578,615 Xilinx, Inc. 7,327 587,406 Everest Re Group, Ltd. 2,544 581,228 6,857,047 ______

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

Invesco V.I. Equally-Weighted S&P 500 Fund

______Shares Value ______Shares Value Soft Drinks–0.59% Tires & Rubber–0.20% Coca-Cola Co. (The) 12,359 $ 570,862 Goodyear Tire & Rubber Co. (The) 24,043 $ 562,366 (b) Monster Beverage Corp. 9,547 556,399 Tobacco–0.40% PepsiCo, Inc. 4,960 554,528 Altria Group, Inc. 9,156 552,198 ______1,681,789 Philip Morris International Inc. 7,164 584,153 Specialized Consumer Services–0.20% ______1,136,351

H&R Block, Inc. 22,726 585,194 Trading Companies & Distributors–0.59%

Specialized REITs–1.74% Fastenal Co. 9,840 570,917 American Tower Corp. -Class A 3,861 561,003 United Rentals, Inc. (b) 3,363 550,187 Crown Castle International Corp. 5,094 567,115 W.W. Grainger, Inc. 1,598 571,141

Digital Realty Trust, Inc. 4,662 524,382 ______1,692,245 Equinix, Inc. 1,268 548,905

Extra Space Storage Inc. 6,429 557,009 Trucking–0.19% Iron Mountain Inc. 15,974 551,422 J.B. Hunt Transport Services, Inc. 4,562 542,604 Public Storage 2,751 554,684 Water Utilities–0.20% SBA Communications Corp. -Class A (b) 3,559 571,682

Weyerhaeuser Co. 16,687 538,489 American Water Works Co., Inc. 6,369 560,281 ______4,974,691 Total Common Stocks & Other Equity Interests ______(Cost $200,394,008) ______283,074,439 Specialty Chemicals–0.98%

Albemarle Corp. 5,632 561,961 Money Market Funds–0.86% Ecolab Inc. 3,616 566,916 Invesco Government & Agency Portfolio International Flavors & Fragrances Inc. 4,163 579,157 –Institutional Class, 1.97% (f) 1,156,121 1,156,121 PPG Industries, Inc. 5,066 552,853 Invesco Liquid Assets Portfolio Sherwin-Williams Co. (The) 1,214 552,625 –Institutional Class, 2.15% (f) 891,682 891,949 ______2,813,512 Invesco Treasury Portfolio –Institutional Class, 1.97% (f) 404,482 404,482

Specialty Stores–0.61% Total Money Market Funds Tiffany & Co. 4,416 569,532 ______(Cost $2,452,431) ______2,452,552

Tractor Supply Co. 6,502 590,902 TOTAL INVESTMENTS IN SECURITIES Ulta Beauty, Inc. (b) 2,036 574,396 (excluding investments purchased with cash ______1,734,830 collateral from securities on loan)–99.88% ______(Cost $202,846,440) ______285,526,991 Steel–0.20% Nucor Corp. 9,082 576,253 Investments Purchased with Cash Collateral from Securities on Loan Systems Software–1.00%

CA, Inc. 12,903 569,667 Money Market Funds–0.48% Microsoft Corp. 5,012 573,222 Invesco Government & Agency Oracle Corp. 11,541 595,054 Portfolio - Institutional Class, 1.97% (f)(g) Red Hat, Inc. (b) 3,817 520,181 (Cost $1,371,728) 1,371,728 1,371,728 Symantec Corp. 28,377 603,863 TOTAL INVESTMENTS IN SECURITIES–100.36% ______2,861,987 ______(Cost $204,218,167) ______286,898,719

OTHER______ASSETS LESS LIABILITIES–(0.36)%______(1,022,524) Technology Hardware, Storage & Peripherals–1.39% NET ASSETS–100.00% $ 285,876,195 Apple Inc. 2,538 572,928 Hewlett Packard Enterprise Co. 34,315 559,678 Investment Abbreviations: HP Inc. 22,698 584,927 NetApp, Inc. 6,626 569,107 REIT — Real Estate Investment Trust Seagate Technology PLC 11,770 557,310 Western Digital Corp. 9,978 584,112 Xerox Corp. 20,248 546,291

______3,974,353

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

Invesco V.I. Equally-Weighted S&P 500 Fund

Notes to Schedule of Investments:

(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor's. (b) Non-income producing security. (c) All or a portion of this security was out on loan at September 30, 2018. (d) The Fund's Adviser is a subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated with the Fund. The value of this security as of September 30, 2018 represented less than 1% of the Fund's Net Assets. See Note 3. (e) All or a portion of the value was pledged as collateral to cover margin requirements for open futures contracts. See Note 1E. (f) The money market fund and the Fund are affiliated by having the same investment adviser. The rate shown is the 7-day SEC standardized yield as of September 30, 2018. (g) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 1D.

Open Futures Contracts — Equity Risk Number of Expiration Notional Unrealized Long Futures Contracts Contracts Month Value Value Appreciation E-Mini S&P 500 Index 18 December–2018 $ 2,627,100 $ 10,810 $ 10,810

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

Invesco V.I. Equally-Weighted S&P 500 Fund

Notes to Quarterly Schedule of Portfolio Holdings September 30, 2018 (Unaudited)

NOTE 1 -- Significant Accounting Policies

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible securities) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and asked prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and asked prices. For purposes of determining net asset value ("NAV") per share, futures and option contracts generally are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”). Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end-of-day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible securities) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments. Foreign securities' (including foreign exchange contracts) prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that the investment adviser determines are significant and make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards. Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities. The mean between the last bid and asked prices is used to value debt obligations, including corporate loans. Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco V.I. Equally-Weighted S&P 500 Fund

A. Security Valuations – (continued) The Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain Fund investments. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments. B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the investment adviser. The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class. C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. D. Securities Lending – The Fund may lend portfolio securities having a market value up to one-third of the Fund’s total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its sponsored agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds and is shown as such on the Schedule of Investments. The Fund bears the risk of loss with respect to the investment of collateral. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, the Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to the Fund if, and to the extent that, the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or the Fund. Upon termination, the borrower will return to the Fund the securities loaned and the Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. The Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to the Fund. Some of these losses may be indemnified by the lending agent. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. Dividends received on cash collateral investments for securities lending transactions, which are net of compensation to

Invesco V.I. Equally-Weighted S&P 500 Fund

D. Securities Lending – (continued) counterparties, are included in Dividends from affiliated money market funds on the Statement of Operations. The aggregate value of securities out on loan, if any, is shown as a footnote on the Statement of Assets and Liabilities. E. Futures Contracts – The Fund may enter into futures contracts to manage exposure to interest rate, equity and market price movements and/or currency risks. A futures contract is an agreement between two parties (“Counterparties”) to purchase or sell a specified underlying security, currency or commodity (or delivery of a cash settlement price, in the case of an index future) for a fixed price at a future date. The Fund currently invests only in exchange-traded futures and they are standardized as to maturity date and underlying financial instrument. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant (broker). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities. When the contracts are closed or expire, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statement of Operations. The primary risks associated with futures contracts are market risk and the absence of a liquid secondary market. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Futures contracts have minimal Counterparty risk since the exchange’s clearinghouse, as Counterparty to all exchange-traded futures, guarantees the futures against default. Risks may exceed amounts recognized in the Statement of Assets and Liabilities. F. Collateral – To the extent the Fund has pledged or segregated a security as collateral and that security is subsequently sold, it is the Fund’s practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions.

NOTE 2 -- Additional Valuation Information

Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level: Level 1 – Prices are determined using quoted prices in an active market for identical assets. Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. The following is a summary of the tiered valuation input levels, as of September 30, 2018. 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. The Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the nine months ended September 30, 2018, there were no material transfers between valuation levels.

Invesco V.I. Equally-Weighted S&P 500 Fund

Level 1 Level 2 Level 3 Total Investments in Securities Common Stocks & Other Equity Interests $ 283,074,439 $ — $ — $ 283,074,439 Money Market Funds 3,824,280 — — 3,824,280 Total Investments in Securities 286,898,719 — — 286,898,719 Other Investments – Assets* Futures Contracts 10,810 — — 10,810 Total Investments $ 286,909,529 $ — $ — $ 286,909,529 * Unrealized appreciation.

NOTE 3 -- Investments in Affiliates

The Fund's Adviser is a subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated with the Fund. The following is a summary of the transactions in, and earnings from, investments in Invesco Ltd. for the nine months ended September 30, 2018.

Change in Unrealized Realized Value Purchases at Proceeds Appreciation Gain Value Dividend 12/31/17 Cost from Sales (Depreciation) (Loss) 09/30/18 Income Invesco Ltd. $ 467,675 $ 300,961 $ — $ (221,072) $ — $ 547,564 $ 5,644

Invesco V.I. Equally-Weighted S&P 500 Fund